/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150626.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, June 26, 2015, Vol. 16, No. 125 Headlines A R G E N T I N A CONVEXITY RENTA: Moody's Confirms B-bf Global Scale Rating B R A Z I L BRAZIL: Central Bank Sees Inflation Hitting 9% MARFRIG GLOBAL: Moody's Retains B2 Rating on Sale of Moy Park C A Y M A N I S L A N D S DAISY CONSULTING: Members' Final Meeting Set for July 8 DALRYMPLE GLOBAL: Shareholders' Final Meeting Set for June 30 DIAM ENHANCED: Shareholder to Hear Wind-Up Report on July 2 ENTERPRISE DATA: Shareholder to Hear Wind-Up Report on July 9 HELPSAUDE HOLDING: Shareholders' Final Meeting Set for June 29 MERCURIUS INTERNATIONAL: Shareholders' Meeting Set for July 10 SJK ABSOLUTE: Members' Final Meeting Set for July 23 STAMFORD INSURANCE: Members' Final Meeting Set for June 29 ZENITH LIFE: Members' Final Meeting Set for July 7 J A M A I C A * JAMAICA: "Lead by Example!" New JMA President Urges M E X I C O BANCO INTERACCIONES: Fitch Raises IDR to 'BB+'; Outlook Stable BANCO INTERACCIONES: Fitch Raises Viability Rating to 'bb+' COLIMA MUNICIPALITY: Moody's Withdraws Ba2/A2.mx Issuer Ratings P U E R T O R I C O CENTRO IMAGENES: Case Summary & 20 Largest Unsecured Creditors STANDARD REGISTER: Posts $13.90 Million Net Loss in March 2015 STANDARD REGISTER: Sale to Taylor to Close in Up to 60 Days STANDARD REGISTER: 400 Jobs Eliminated in Six Months TRITON EMISSION: Reports $25K Net Income in First Quarter TRITON EMISSION: Has Going Concern Doubt Due to Lack of Funding T R I N I D A D & T O B A G O FIRST CITIZENS: Signs New Collective Deal With Union RUBY TUESDAY: Reopens in Grand Bazaar TRINIDAD & TOBAGO: Budget in Challenging Times U R U G U A Y * URUGUAY: Looks at Having Venezuela Settle $70MM Debt With Oil - - - - - ================= A R G E N T I N A ================= CONVEXITY RENTA: Moody's Confirms B-bf Global Scale Rating ---------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo confirmed the bond fund ratings of Convexity Renta Fija Argentina. The fund has been under review for downgrade since last December due to the deterioration of the average credit quality of its portfolios. The confirmation of Convexity Renta Fija ArgentinaFCI bond fund ratings follows the improvement of the adjusted average credit quality of the fund and the expectation that it will remain at this level. Moody's confirmed the global scale rating and national scale rating of the following bond fund: Convexity Renta Fija Argentina -- Global scale rating B-bf -- National scale ratings to A-bf.ar RATINGS RATIONALE The rating confirmation at current level of B-bf in the Global Scale and A-bf.ar in the National Scale of the Convexity Renta Fija Argentina follows the improvement of the credit quality of the fund in the last five months. Moody's expects the asset manager to keep the fund's credit quality in line with the confirmed rating level. Convexity SGFCI S.A., the asset management arm of Advanced Capital Securities, a local brokerage group, is a small independent asset manager in the Argentinean mutual fund Industry with a 0.4% market share. As of May 2015, Convexity AM manages assets of approximately AR$604 million (US$67.3 million). =========== B R A Z I L =========== BRAZIL: Central Bank Sees Inflation Hitting 9% ---------------------------------------------- http://latino.foxnews.com/latino/news/2015/06/24/central-bank- sees-inflation-hitting-pct-in-brazil/ (rousel/revise) EFE News reports that the Brazilian Central Bank raised its inflation estimate for 2015 to 9 percent, or almost double the midpoint in the official range and well above the 6.5 percent top end target, and said the economy may contract by 1.1 percent this year, marking the worst performance since 1990. The quarterly Central Bank report estimated that the inflation rate would be 4.8 percent in 2016, a figure closer to the midpoint in the official range and below the 4.9 percent projected in the previous report, according to EFE News. The report notes that the first-quarter projections called for an inflation rate of 7.9 percent and a drop in the GDP of 0.50 percent. The Central Bank's Monetary Policy Committee will meet in late July to adjust the benchmark interest rate, currently at 13.75 percent, as the financial markets push for a halt in the interest rate hikes that officials justified as a tool for fighting inflation, the report relates. "The ongoing macroeconomic adjustment process, necessary and essential to consolidate the fundamentals favoring a convergence of inflation with the goal for late 2016, is associated with the consequences of non-economic events that have had a negative impact on short-term dynamics," the Central Bank said, the report relays. MARFRIG GLOBAL: Moody's Retains B2 Rating on Sale of Moy Park ------------------------------------------------------------- Moody's commented that the sale of Moy Park Holdings (Europe) Limited (B1 stable) by Marfrig Global Foods S.A. (B2 stable) to JBS S.A. (Ba2 stable) for USD 1.5 billion (BRL 4.65 billion) is credit positive for Marfrig, but it does not alter the company's ratings. Proceeds will be largely directed for debt reduction. As for JBS the acquisition is credit neutral given the company's sizeable cash position and the limited impact it will have on leverage ratios, even if it is entirely funded with debt. ========================== C A Y M A N I S L A N D S ========================== DAISY CONSULTING: Members' Final Meeting Set for July 8 ------------------------------------------------------- The members of Daisy Consulting Ltd. will hold their final meeting on July 8, 2015, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman Ky1-1203 Cayman Islands DALRYMPLE GLOBAL: Shareholders' Final Meeting Set for June 30 ------------------------------------------------------------- The shareholders of The Dalrymple Global Resources Offshore Fund, Ltd. will hold their final meeting on June 30, 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: Jerry Vane Swank 3300 Oak Lawn Avenue Suite 560, Dallas TX 75219 USA c/o Niall Hanna Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +1 (345) 914 4201 DIAM ENHANCED: Shareholder to Hear Wind-Up Report on July 2 ----------------------------------------------------------- The sole shareholder of Diam Enhanced Active Fund Limited will hear on July 2, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 ENTERPRISE DATA: Shareholder to Hear Wind-Up Report on July 9 ------------------------------------------------------------- The sole shareholder of Enterprise Data Services Limited will hear on July 9, 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: Cathlin Rossiter c/o Genesis Trust & Corporate Services Ltd. Midtown Plaza, 2nd Floor Elgin Avenue, George Town Grand Cayman Cayman Islands KY1-1106 c/o Neil Montgomery Telephone: (345) 945 3466 Facsimile: (345) 945 3470 HELPSAUDE HOLDING: Shareholders' Final Meeting Set for June 29 -------------------------------------------------------------- The shareholders of Helpsaude Holding Co. will hold their final meeting on June 29, 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: Hernan Kazah Aguada Park, Paraguay 2141 Floor 17, Office 18 Montevideo, CP 11800 Uruguay Telephone: +598 2927 2418 Facsimile: +54 11 4789 0373 ext. 7 MERCURIUS INTERNATIONAL: Shareholders' Meeting Set for July 10 -------------------------------------------------------------- The shareholders of Mercurius International Fund Ltd will hold their meeting on July 10, 2015, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David A.K. Walker c/o Prue Lawson Telephone: (345) 914 8662 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands SJK ABSOLUTE: Members' Final Meeting Set for July 23 ---------------------------------------------------- The members of SJK Absolute Return Fund, Ltd. will hold their final meeting on July 23, 2015, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands STAMFORD INSURANCE: Members' Final Meeting Set for June 29 ---------------------------------------------------------- The members of Stamford Insurance Company, Ltd. will hold their final meeting on June 29, 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: Stuart Jessop Regatta Office Park, 5th Floor P.O. Box 2185 Grand Cayman KY1-1105 Cayman Islands ZENITH LIFE: Members' Final Meeting Set for July 7 -------------------------------------------------- The members of Zenith Life Reinsurance Company, SPC will hold their final meeting on July 7, 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: Stuart Jessop Regatta Office Park, 5th Floor P.O. Box 2185 Grand Cayman KY1-1105 Cayman Islands ============= J A M A I C A ============= * JAMAICA: "Lead by Example!" New JMA President Urges ----------------------------------------------------- http://rjrnewsonline.com/business/lead-by-example-new-jma- president-urges-government (rousel/revise) RJR News reports that Metry Seaga, the newly elected president of the Jamaica Manufacturers Association (JMA), urged the government to lead by example in buying Jamaican products. Mr. Seaga, who was elected president, unopposed, of the lobby group at it's Annual General Meeting, said he will make it his mandate to get the government to buy local, according to RJR News. The report notes that the government, Mr. Seaga asserted, "must buy Jamaican when it is spending our money!" Elaborating, Mr. Seaga insisted that the State, "as the largest purchaser of goods and services... is bound to lead by example and buy locally made products," the report notes. It is only then, Mr. Seaga said, that local companies will grow significantly, employment increase, "and our economy grow from strength to strength," the report relates. Mr. Seaga says other areas of focus during his term as JMA President will be crime and violence, energy costs, and continued tax reform, the report adds. Mr. Seaga succeeds Brian Pengelley. * * * As reported in the Troubled Company Reporter-Latin America on June 5, 2015, Standard & Poor's Ratings Services raised its long- term foreign and local currency sovereign credit ratings on Jamaica to 'B' from 'B-'. In addition, S&P affirmed the 'B' short-term ratings on Jamaica. The outlook on the long-term ratings is stable. S&P also raised the transfer and convertibility assessment to 'B+' from 'B'. =========== M E X I C O =========== BANCO INTERACCIONES: Fitch Raises IDR to 'BB+'; Outlook Stable -------------------------------------------------------------- Fitch Ratings has upgraded Banco Interacciones' (Interacciones) Viability Rating (VR) to 'bb+' from 'bb', and its long-term foreign and local currency Issuer Default Ratings (IDRs) to 'BB+' from 'BB'. The short-term foreign and local currency ratings are affirmed at 'B'. The long-term national scale ratings of Interacciones and Interacciones Casa de Bolsa, S.A de C.V., Grupo Financiero Interacciones (ICB), a non-bank subsidiary of Grupo Financiero Interacciones (GFI), are upgraded to 'A+(mex)' from 'A(mex)' and their short-term national scale ratings are affirmed at 'F1(mex)'. Fitch revised the Rating Outlook of Interacciones' IDRs and national scale ratings of both entities to Stable from Positive. Interacciones' Support Rating is affirmed at '5' and Support Rating Floor at 'NF'. The bank's local issuances of subordinated securities are upgraded to 'BBB+(mex)' from 'BBB(mex)', and the local senior unsecured issues are upgraded to 'A+(mex)' from 'A(mex)'. The upgrade of Interacciones' IDRs and VR are driven by Fitch's expectation of sustained strengths of the bank's profitability and loss absorption capacity, which partially offsets Interacciones' concentrated loan portfolio and pressured maturities mismatches. Interacciones' upgrade factors in its consistent and good profitability over the last five years and the continued advances in terms of ALM. In addition, the upgrade considers its enhanced loss absorption capacity reflected in the further improved capitalization metrics and ample cushion of reserves, together with a historically very low level of loan impairments (0.15% as of March 2015). KEY RATING DRIVERS IDRS, NATIONAL RATINGS AND SENIOR DEBT The bank's ratings consider its strong franchise in its core market, as it stands as the third largest provider of government lending in the Mexican banking system; and the willingness of the bank to diversify its business lines by introducing new products associated to the government sector, exploiting its competitive position. The bank's good financial performance benefits by its steady and recurrent income, low funding costs and exceptionally low operating efficiency, aided by the lack of branches. Its operating ROAA stood at 1.8% in the first quarter of 2015 (1Q15) and at 1.6% on average from 2011-2014 and an important component of the bank's income stream are net fees and commissions, which Fitch considers stable. The bank's impairment ratios are outstanding compared to the banking system given that government lending's source of payment is guaranteed by government budgetary resources, but Fitch recalls the bank's loan portfolio exhibits high borrower concentrations of its main creditors (largest 20th loan exposures were 5.9 times the bank's FCC as of March 2015). A lower dependence on a limited number of debtors could occur gradually as the bank's new business lines start to weight on its portfolio. Fitch recognizes the bank's funding profile has been improving recently in view of its efforts to diversify its funding sources by increasing its customer deposit base (although it is mainly institutional) and accessing longer tenor sources. However, there are still significant asset-liabilities mismatches, driven by the long-term nature of its loans and the notably high concentrations that are also present at the customer deposits of the bank. The bank's capital position was strengthened relatively recently as a result of its recurring and high profits, a relatively conservative dividend pay-out policy and the IPO of the Group in 2013. The bank's FCC stood above 14% by year-end 2014 (YE14) and 1Q15, and its FEC stands above those levels, aided by hybrid securities. The bank has local senior unsecured certificates (long term), which were also upgraded to the same level as its national scale rating given Fitch's appreciation that the likelihood of default of any given senior unsecured obligation is the same as the likelihood of default of the bank. SUPPORT RATING AND SUPPORT RATING FLOOR Interacciones' Support Rating and Support Rating Floor are affirmed at '5' and 'NF', respectively, in view of the bank's low systemic importance. In Fitch's view, external support cannot be relied upon. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The local subordinated hybrids of Interacciones were upgraded to 'BBB+(mex)' from 'BBB(mex)', three notches below the applicable anchor rating, the bank's long-term national scale rating of 'A+(mex)', in order to maintain the relativity. The issue's rating is notched down reflecting the loss severity and non- performance risk. The notching for non-performance risk (-2) is typical for hybrids issued by Mexican banks, since Fitch considers that the triggers for coupon deferrals or cancellations are relatively high, according to applicable local regulations. In turn, the notching for loss severity (-1) reflects that these securities are plain-vanilla subordinated debt (subordinated preferred, under the local terminology). AFFILIATED COMPANY The ratings of ICB are driven by Fitch's view that its importance for GFI's is high, given that ICB's activities are core for the group's strategy and business model; especially given its position as funding mechanism for the bank. The ratings also consider the legal obligation of GFI to support its subsidiaries, according to local regulations. The credit profile of GFI is associated with that of its main subsidiary, Interacciones. RATING SENSITIVITIES IDRS, NATIONAL RATINGS AND SENIOR DEBT A downgrade of Interacciones' ratings will be given by any deterioration or deviation of its loss absorption capacity and stable profitability, as a FCC below 14%; together with higher concentrations or in an event of a material deterioration of its impairment loans. An upgrade for Interacciones' ratings is hardly conceivable at present, as Fitch considers significant declines on its concentrations at the loan portfolio and customer deposit base, and a material reduction of its assets and liabilities maturity mismatches, are not foreseeable over the rating horizon. The bank's senior debt ratings would mirror any change in the bank's national scale ratings. SUPPORT RATING AND SUPPORT RATING FLOOR A potential upgrade of Interacciones' Support Rating and Support Rating Floor is limited at present, since external support cannot be relied upon, although it is possible. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The bank's subordinated debt ratings will likely mirror any change in the bank national scale ratings, as these are expected to maintain the same relevance to Interacciones' credit rating. SUBSIDIARY AND AFFILIATED COMPANIES Any potential changes of ICB's ratings will be driven by any changes in Interacciones' ratings or in the legal framework that could alter the propensity of the group to support them, an unlikely scenario at present. A modification on the entity's strategic importance to GFI could also, lead to changes of its ratings. Fitch has taken these rating actions: Banco Interacciones, S.A.: -- Long-term foreign and local currency IDRs upgraded to 'BB+' from 'BB', Outlook revised to Stable from Positive; -- Short-term foreign and local currency IDRs affirmed at 'B'; -- Viability rating upgraded to 'bb+' from 'bb'; -- Support rating affirmed at '5'; -- Support rating floor affirmed at 'NF'; -- National scale long-term rating upgraded to 'A+(mex)' from 'A(mex)', Outlook revised to Stable from Positive; -- National scale short-term rating affirmed at 'F1(mex)'; -- National scale long-term rating for local senior unsecured debt issues upgraded to 'A+(mex)' from 'A(mex)'; -- National scale long-term rating for local subordinated debt issues upgraded to 'BBB+(mex) from 'BBB(mex)'. Interacciones Casa de Bolsa, S.A. de C.V.: -- National scale long-term rating upgraded to 'A+' from 'A(mex)', Outlook revised to Stable from Positive; -- National scale short-term rating affirmed at 'F1(mex)'. BANCO INTERACCIONES: Fitch Raises Viability Rating to 'bb+' ----------------------------------------------------------- Following its peer review of three Mexican Midsized banks, Fitch Ratings has upgraded these ratings for these banks: Banco Interacciones, S.A.: -- Long-term foreign and local currency IDRs to 'BB+' from 'BB'; Outlook revised to Stable from Positive; -- Viability rating to 'bb+' from 'bb'; -- National scale long-term rating to 'A+(mex)' from 'A(mex)'; Outlook revised to Stable from Positive; -- National scale long-term rating for local senior unsecured debt issues to 'A+(mex)' from 'A(mex)'; -- National scale long-term rating for local subordinated debt issues to 'BBB+(mex) from 'BBB(mex)'. Fitch has also affirmed these ratings for these banks: Banco Interacciones, S.A.: -- Short-term foreign and local currency IDRs at 'B'; -- Support rating at '5'; -- Support rating floor at 'NF'; -- National scale short-term rating at 'F1(mex)'. Banco del Bajio, S.A.: -- Long-term foreign and local currency IDRs at 'BBB-'; Outlook Stable; -- Short-term foreign and local currency IDRs at 'F3'; -- Viability rating at 'bbb-'; -- Support Rating at '4'; -- Support Rating Floor at 'BB-'; -- National scale long-term rating at 'AA-(mex)'; Outlook Stable; -- National scale short-term rating at 'F1+(mex)'. Banco Regional de Monterrey, S.A.: -- National-scale long-term rating at 'AA(mex)'; Outlook Stable; -- National-scale short-term rating at 'F1+(mex)'. COLIMA MUNICIPALITY: Moody's Withdraws Ba2/A2.mx Issuer Ratings --------------------------------------------------------------- Moody's de Mexico has withdrawn the municipality of Colima's Ba2/A2.mx issuer ratings. Prior to withdrawal, the ratings had a negative outlook. ====================== P U E R T O R I C O ====================== CENTRO IMAGENES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Centro Imagenes Del Noreste, Inc. PO Box 20160 San Juan, PR 00928 Case No.: 15-04746 Nature of Business: Health Care Chapter 11 Petition Date: June 26, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Luis D Flores Gonzalez, Esq. LUIS D FLORES GONZALEZ LAW OFFICE 80 Calle Georgetti Suite 202 San Juan, PR 00925-3624 Tel: 787 758-3606 Fax: 787-753-5317 Email: ldfglaw@coqui.net Total Assets: $1 million Total Liabilities: $5.7 million The petition was signed by Rafael Emilio Torres Requena, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-04746.pdf STANDARD REGISTER: Posts $13.90 Million Net Loss in March 2015 -------------------------------------------------------------- The Standard Register Company, et al., on May 19, 2015, filed an operating report for the period March 12 to 29, 2015. The Debtors incurred a net loss of $13.90 million for the current reporting period. At March 29, the Debtors had $453.67 million in total assets, $224.01 million in total liabilities, and $229.66 million in total shareholders' deficit. The Debtors listed $2.12 million in total cash inflow and $30.11 million for March. A copy of the monthly operating report is available at: http://is.gd/Cpot01 About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. STANDARD REGISTER: Sale to Taylor to Close in Up to 60 Days ----------------------------------------------------------- Standard Register Co.'s sale to Taylor Corp. for more than $307 million is expected to close in 45 to 60 days, after the deal received U.S. Bankruptcy Judge Brendan Shannon's approval, David Phelps at Star Tribune reports. Court documents show that Taylor negotiated a deal with Silver Point Capital, the previous top bidder for the Company, to pay $2 million over its bid. According to Asicentral.com, the Company's official creditors committee said that Silver Point and Taylor were the only bidders at the auction. Star Tribune relates that final approval of the sale is subject to resolution of outstanding objections by various creditors and the settlement of a complaint filed against Silver Point by the Committee. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. STANDARD REGISTER: 400 Jobs Eliminated in Six Months ---------------------------------------------------- Joe Cogliano at Dayton Business Journal reports that in the last six months, Standard Register Co. let go of more than 80 of its Dayton workers and 400 of its workers company wide. Business Journal says that as of June 22, 2015, the Company has 765 workers in Dayton and 3,200 workers company wide. According to Business Journal, officials say the decline in employment from last year is mostly a result of attrition. The report states that the Company implemented a hiring freeze prior to its bankruptcy filing in March and has not filled some vacant positions. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. TRITON EMISSION: Reports $25K Net Income in First Quarter --------------------------------------------------------- Triton Emission Solutions, Inc., filed its quarterly report on Form 10-Q, disclosing net income of $25,000 on $15,200 of revenues for the three months ended March 31, 2015, compared with a net loss of $10.6 million on $24,900 of revenues for the same period last year. The Company's balance sheet at March 31, 2015, showed $1.64 million in total assets, $5.13 million in total liabilities, and a stockholders' deficit of $3.48 million. A copy of the Form 10-Q is available at: http://is.gd/sMqRfI Triton Emission Solutions, Inc., develops and markets environmental and pollution emission control solutions such as the DSOX-15 and DSOX-20 fuel purification systems. The company was founded on March 2, 2000 and is headquartered in San Juan, Puerto Rico. Dale Matheson Carr-Hilton Labonte LLP expressed substantial doubt about the Company's ability to continue as a going concern citing that the Company has incurred losses and further losses are anticipated. The Company requires additional funds to meet its obligations and the costs of its operations. The Company reported a net loss of $61.8 million on $39,300 in revenue for the year ended Dec. 31, 2014, compared with a net loss of $2.19 million on $321,000 of revenue in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $2.22 million in total assets, $6 million in total liabilities, and stockholders' deficit of $3.78 million. TRITON EMISSION: Has Going Concern Doubt Due to Lack of Funding --------------------------------------------------------------- Triton Emission Solutions, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014. Dale Matheson Carr-Hilton Labonte LLP expressed substantial doubt about the Company's ability to continue as a going concern citing that the Company has incurred losses and further losses are anticipated. The Company requires additional funds to meet its obligations and the costs of its operations. The Company reported a net loss of $61.8 million on $39,300 in revenue for the year ended Dec. 31, 2014, compared with a net loss of $2.19 million on $321,000 of revenue in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $2.22 million in total assets, $6 million in total liabilities, and stockholders' deficit of $3.78 million. A copy of the Form 10-K is available at: http://is.gd/YoGPhZ Triton Emission Solutions, Inc., develops and markets environmental and pollution emission control solutions such as the DSOX-15 and DSOX-20 fuel purification systems. The company was founded on March 2, 2000 and is headquartered in San Juan, Puerto Rico. =============================== T R I N I D A D & T O B A G O =============================== FIRST CITIZENS: Signs New Collective Deal With Union ---------------------------------------------------- http://www.newsday.co.tt/business/0,213153.html (rousel/revise) Trinidad and Tobago Newsday reports that First Citizens Bank and the Banking, Insurance and General Workers Union have signed new collective agreements for the period January 1, 2012 to December 31, 2014 and for the period January 1, 2015 to December 31, 2017. The agreement of 2012-2014 grants payments to employees that also include a Capital Sum based on the Bank's salary proposal of a 3- 3-5 percentage over the period and, an additional one-off lump sum payment will be made only to employees within Bargaining Unit 2, according to Trinidad and Tobago Newsday. The report notes that the agreement for 2015-2017 provides for percentage salary increases of 5-5-4 over the three year period. The Bank also introduced a Profit Sharing Scheme to take effect from the financial year ending September 30, 2015, the report relates. In a release, First Citizens said, the signing of these agreements brought to fruition almost (3) three years of negotiations between the bank and the union, which commenced initially in July 2012 for the negotiating period of 2012-2014, the report says. The signing ceremony for the two collective agreements took place at the First Citizens Corporate Centre, 9 Queen's Park East, Port- of-Spain recently, the report notes. Signatories to the Agreements included Dr. Shafeek Sultan-Khan -- Legal/Management Consultant, Sharon Christopher -- First Citizens Deputy Chief Executive Officer, Corporate Administration and other officials on the Bank's negotiating team as well as the Deputy President of the Union, Mario Als and 1st Vice President, Mr. Don Devenish and other members on the Union's negotiating team, the report adds. About First Citizens Bank First Citizens Bank Limited is headquartered in Port of Spain, Trinidad and Tobago, and is 82.64% owned by the Republic. The bank reported total consolidated assets of TT$ 35.8 billion (US$ 5.6 billion) and shareholders' equity of TT$6 billion (US$ 945 million) as of March 31, 2014. * * * As reported in the Troubled Company Reporter-Latin America on May 27, 2014, Moody's Investors Service has downgraded First Citizens Bank Limited (FCBL) standalone bank financial strength rating (BFSR) to D+ from C-, lowering the baseline credit assessment (BCA) to baa3 from baa1. The outlook has been revised to stable from negative. RUBY TUESDAY: Reopens in Grand Bazaar ------------------------------------- http://www.newsday.co.tt/business/0,213200.html (rousel/revise) * One time reporting. Thanks. Trinidad and Tobago Newsday reports that eight months after a fire closed its doors, Ruby Tuesday at Grand Bazaar, Valsayn has re- opened. DaChin Group of Companies chairman, Derek Chin speaking at the restaurant said they hoped it would have re-opened in six months, but it took longer than expected, according to Trinidad and Tobago Newsday. "We lost all the potential revenue as we were closed down for eight months, it should have been six months, but we took longer than we had planned so basically we opened last week and it cost under TT$6 million to get it up and running," the report quoted Mr. Chin as saying. The report relates that Mr. Chin noted that while the restaurant was being rebuilt, its staff was absorbed in their other restaurants. The report notes that Mr. Chin disclosed that because the US based franchise has been experiencing financial difficulties, they were able to design the new restaurant the way they wanted. "The franchise in the US is not doing very well, primarily I think it's about competition and they have run into some financial difficulty so a lot of us on the outside have been given a free slate to do what we think once it complies within reason," Mr. Chin said, the report relays. The Grand Bazaar restaurant was designed with a musical theme with musical notes around the restaurant and guitars on the walls. Mr. Chin revealed that there were plans to open a Ruby Tuesday restaurant at the Piarco International Airport, which will have the theme of "things that fly," the report notes. Mr. Chin said it took three months of negotiating, but all that was left was to sign the documents and they can begin building a "world class restaurant," the report adds. TRINIDAD & TOBAGO: Budget in Challenging Times ---------------------------------------------- http://www.newsday.co.tt/business/0,213097.html (rousel/revise) Kinnesha George at Trinidad and Tobago Newsday reports that under the theme "Continued delivery in challenging times", Tobago House of Assembly (THA) Finance Secretary Assemblyman Joel Jack presented a TT$5.8 billion budget for the financial year 2016 at the THA Assembly Legislature, Scarborough, Tobago. With a total of TT$3.36 billion requested for recurrent estimates, the THA has also requested a further TT$2.31 billion for the 2016 development program, according to Trinidad and Tobago Newsday. The report notes that in response to the budget presentation, THA Chief Secretary Orville London said, "There is hope and if we work together as Tobagonians, I think we would be able to surmount the challenges." "This budget is being delivered in a very challenging period; a period where both politically and economically, we're not certain what the situation is, but I think that it was a very balanced presentation and it gave a very clear idea as to what the Assembly was able to achieve despite the limitations and the challenges," Mr. London responded, the report discloses. The report relates that Shamfa Cudjoe, the People's National Movement candidate for the Tobago West seat in the September 7 general election, told Newsday the budget presentation was "a balanced and reasonable request." "The presentation was in fact a balanced and reasonable request. It is in keeping with the aspirations of the people of Tobago and in keeping also with the plans that the Tobago House of Assembly has for Tobago's development. Whether or not the Central Government grants Tobago what is requested that's another story, but plans that are made are based upon what is necessary or the development of Tobago," the report quoted Mr. Cudjoe as saying. The PNM controls the THA with all 12 seats after a heavy defeat of the Tobago Organization of the People (TOP) By in the 2013 THA elections, the report relates. Meanwhile, political leader of Tobago Forwards, attorney Christlyn Moore commended the Finance Secretary for two issues, the report notes. "I must commend the Finance Secretary on two particular matters. The recognition and commitment to supporting the elderly on the island. The assembly certainly has an excellent track record in that vein and the secretary has signaled his intention to continue and additionally, Central Government's continued promise of reconstructing Tobago's only airport; that matter is long outstanding, it is a burning issue and he is quite right to have highlighted it and commented on what we now have, which is a renovation rather than a rebuild," the report quoted Ms. Moore as saying. Newsday contacted Tobago Hospitality and Tourism Association president Chris James and president of the Tobago chapter of the Trinidad and Tobago Chamber of Industry and Commerce, Dianne Hadad, who asked to refer their comment to a later date as they did not have a chance to listen to the presentation. TOP political leader Ashworth Jack is expected to address the issue at a press conference scheduled for June 23. ============= U R U G U A Y ============= * URUGUAY: Looks at Having Venezuela Settle $70MM Debt With Oil --------------------------------------------------------------- http://latino.foxnews.com/latino/politics/2015/06/24/uruguay- looks-at-having-venezuela-settle-70-mn-debt-with-oil/ (rousel/revise) EFE News reports that the government is working to settle a $70 million debt Venezuela owes to Uruguayan exporters via an exchange for oil, Foreign Minister Rodolfo Nin Novoa said. "This pertains, basically, to dairy products and other products, such as chemicals and textiles," the report quoted Nin Novoa as saying. "The government has an inter-ministerial commission working to find options to settle the debt through some compensation in our purchases of oil from Venezuela," Mr. Nin Novoa added. The foreign minister spoke with reporters about the issue after attending a conference on Uruguay's global strategy at the Spanish Chamber of Commerce in Montevideo, according to EFE News. The report notes that the situation with Venezuela is the "result of trade competition" with New Zealand, a country that has returned as a dairy products supplier to Venezuela, Mr. Nin Novoa said. "Venezuela traditionally imported dairy products from New Zealand," the foreign minister said, the report relays. "When Venezuela joined Mercosur, it didn't have to pay tariffs anymore. Uruguay and Argentina became its main suppliers of dairy products and we pushed New Zealand a bit aside," the minister added. "Now, Venezuela is bringing products from New Zealand in again," Mr. Nin Novoa said, the report notes. "It is a matter of trade competition," he added. Uruguayan Exporters Union, or UEU, economist Maria Laura Rodriguez, for her part, said the problem worsened last year when oil prices fell, but the situation predates the drop in the price of Venezuela's main export commodity, the report says. "Uruguayan exporters have had problems for many years getting paid by Venezuela," Ms. Rodriguez said, the report relays. "Venezuelan importers face difficulties in obtaining the dollars they need to pay for overseas purchases and it has become more difficult for Uruguayan exporters to collect on debts," the report adds. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *