/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150812.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, August 12, 2015, Vol. 16, No. 158 Headlines B A H A M A S ULTRAPETROL (BAHAMAS): Appoints Sotomayor to Board Of Directors B R A Z I L BROOKFIELD INCORPORACOES: Taps Freitas as Chief Executive Officer COMPANHIA DE SANEAMENTO: Moody's Rates BRL350M Sr. Debentures Ba1 JBS USA: S&P Assigns 'BB+' Rating to Proposed $1.2BB Term Loan B LIGHT ENERGIA: Moody's Affirms Ba2 Rating; Outlook Now Stable LIGHT SERVICOS: Moody's Affirms Ba2 Domestic Curr. Issuer Rating PETROLEO BRASILEIRO: Posts Sharply Lower 1st-Half Net Income C A Y M A N I S L A N D S APOLLO GROWTH: Members' Final Meeting Set for Aug. 25 BALTRA LIMITED: Members' Final Meeting Set for Aug. 20 BUCKINGHAM GROUP: Placed Under Voluntary Wind-Up DIA MALLORCA: Sole Member to Hear Wind-Up Report on Aug. 19 DIA VALENCIA: Sole Member to Hear Wind-Up Report on Aug. 19 DRAYTON CAPITAL: Shareholders' Final Meeting Set for Aug. 20 JUVE LIMITED: Shareholders' Final Meeting Set for Aug. 17 LONGACRE INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20 PLATINUM NAVIGATOR: Shareholder to Hear Wind-Up Report on Aug. 14 SMART CAPITAL: Shareholders' Final Meeting Set for Aug. 20 D O M I N I C A N R E P U B L I C DOMINICAN REP: Produce Scare on Drought & 'Mismanaged Forests' J A M A I C A DIGICEL GROUP: Explains Use of Funds to be Raised Through IPO JAMAICA: NIR Rebounds at End of July, BOJ Says UC RUSAL: To Discuss Jamaican Energy Options M E X I C O MINERA FRISCO: Moody's Assigns B1 CFR; Outlook Stable P U E R T O R I C O COCO BEACH GOLF: U.S. Trustee Objects to Golf Course Sale DORAL FINANCIAL: Files Bankruptcy Rule 2015.3 Report PMC MARKETING: San Sebastian's Bid to Dismiss Suit Granted STANDARD REGISTER: Changes Corporate Name After Sale STANDARD REGISTER: Taylor Completes Acquisition of Assets - - - - - ============= B A H A M A S ============= ULTRAPETROL (BAHAMAS): Appoints Sotomayor to Board Of Directors --------------------------------------------------------------- Ultrapetrol (Bahamas) Limited appointed Raul Sotomayor to the Company's Board of Directors. Mr. Sotomayor will fill a position vacated by Mr. Rodrigo Lowndes, a fellow partner of Southern Cross Group. Mr. Sotomayor is a Senior Partner of Southern Cross and a Member of the Executive Committee of the firm and serves as a board member at Brinox and SMU S.A., as well as the non-profit organizations Techo and Fundacion Alimenta. He previously served as a board member at Essbio S.A., Quintec S.A., Supermercados del Sur S.A., and Gas Atacama. Prior to joining Southern Cross, Mr. Sotomayor was a consultant with the Boston Consulting Group at its San Francisco and Buenos Aires offices, served in a managerial position at leading Chilean industrial group Grupo Elecmetal, and began his career at Fintec, a Chilean private equity fund. Mr. Sotomayor holds dual degrees in Economics and Business Administration from the Universidad Cat¢lica de Chile, as well as an MBA from UCLA. He is a Member of the Carnegie Endowment for International Peace's Group of Fifty (G50). * * * As reported in the Troubled Company Reporter-Latin America on May 12, 2015, Standard & Poor's Ratings Services revised its outlook on Ultrapetrol (Bahamas) Ltd. to negative from stable. S&P also affirmed its ratings, including the 'B' corporate credit and issue-level ratings. The outlook revision reflects S&P's concerns that continued weakness in commodity prices, amid high costs of keeping a big share of fleet idle, will maintain metrics in line with a "highly leveraged" financial risk profile for at least the next two years. Despite Ultrapetrol's efforts to strengthen its long-term contracted position, with more favorable terms that allow for cost pass-through and higher rates, market conditions remain challenging given lower-than-expected general volumes of cargo and greater competition in the Paraguay River area. =========== B R A Z I L =========== BROOKFIELD INCORPORACOES: Taps Freitas as Chief Executive Officer ----------------------------------------------------------------- Guillermo Parra-Bernal at Reuters reports that Brookfield Incorporacoes SA, a hard-pressed Brazilian homebuilder controlled by Canada's Brookfield Asset Management Inc, named a new chief executive officer. Holding company Brookfield Brasil said in a statement that industry veteran Ubirajara Spessotto de Camargo Freitas will take over as CEO, replacing Nicholas Reade, who will become the company's chairman, according to Reuters. The report notes that the appointment of Freitas still must be ratified by the board of Brookfield Incorporacoes. Mr. Freitas, known by his nickname of "Bira", worked previously for Cyrela Brazil Realty SA and has more than 30 years' experience in the homebuilding industry, the report relates. Mr. Reade, who will turn 70 this month, had asked to step down as CEO, the statement said, the report notes. Brookfield bought full control of Brookfield Incorporacoes last year in an effort to turn around a company grappling with cost overruns, project delays and canceled contracts, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on March 30, 2015, Fitch Ratings affirmed the long-term Foreign Currency Issuer Default Ratings (IDRs) of Brookfield Incorporacoes S.A. (Brookfield Incorporacoes) at 'B' and its long-term National Rating, at 'BBB+(bra)'. The Rating Outlook for the corporate ratings has been revised to Negative from Stable. COMPANHIA DE SANEAMENTO: Moody's Rates BRL350M Sr. Debentures Ba1 ----------------------------------------------------------------- Moody's America Latina Ltda. assigned a Ba1 rating on the global scale (domestic currency), and an Aa2.br national scale rating (domestic currency) to the BRL350 million senior unsecured, non- convertible debentures that Companhia de Saneamento de Minas Gerais S.A. ("Copasa") plans to issue in August 2015. The outlook of the debentures' ratings is negative. RATINGS RATIONALE The Ba1 and Aa2.br ratings assigned to Copasa's new planned debenture issuance reflect the company's relatively stable and predictable operating cash flows derived from: (i) long-term concession contracts executed with 74% of the municipalities in the State of Minas Gerais (Baa3 negative); (ii) above average operating efficiency as compared to domestic peers; (iii) low delinquency rates; (iv) diversified customer base; and (v) the evolving sector regulatory framework in the State. The ratings also take into account the expected support from the State given Copasa's role as provider of essential services. Notwithstanding, the ratings are constrained by the fact that the company has been facing a severe drought where it operates with decreasing water reservoir levels and ongoing unfavorable rainfall conditions. In order to mitigate the effect of the drought, in early January 2015 the company asked its consumers to voluntarily cut consumption by 30%. In the first half of 2015, there was a decrease in 8.2% in consumption, compared to the same period of the previous year, which has materially impacted the company's operating revenues and cash flows. The ratings are also constrained by the company's high dependence on the State of Minas Gerais due to the exposure of common credit risks, such as shared industry exposure as well as by its ambitious annual CAPEX investment program. The potential for political interference, given the importance of the services provided by COPASA to a very large portion of the State's population, also constrains the ratings. The ratings' negative outlook reflects our expectation that the severe ongoing regional drought will continue in the short to medium term, thus increasing the risk of water rationing which could drastically affect the company's operating revenues and cash flows. In an effort to address the severe ongoing drought scenario in the largest service area in the State, the Belo Horizonte metropolitan area, COPASA has entered into the Rio Manso Public-Private Partnership (PPP) project, which aims at increasing treated water reservoir capacity in a material way, thus mitigating the risk of a potential water rationing program. The Rio Manso PPP construction is, according to the Company, on schedule and slated to begin operations in December 2015 when the rainy season is expected to start. Proceeds of the new issuance will be used to pay BRL140mm outstanding promissory notes that were issued by Copasa in 4Q2014, and to finance the restructuring of its operations , including a voluntary employee dismissal program. The debentures are expected to contain leverage and interest coverage financial covenants. The State of Minas Gerais controls COPASA by holding 51.1% of its voting shares. Consequently, COPASA is considered a Government- Related Issuer (GRI) in accordance with Moody's rating methodology entitled "Government-Related Issuers". Moody's methodology for GRIs incorporates the Company's stand-alone credit risk profile or Baseline Credit Assessment (BCA) as well as the likelihood that the government would provide support to the Company to help meet its debt obligations if and when needed. WHAT COULD CHANGE THE RATING - UP A stabilization of the outlook would require: (i) a relevant increase in the water reservoir levels that would normalize the company's operations on a sustained basis; (ii) the timely implementation of the Rio Manso PPP project; and (iii) a stronger perceived support from the State of Minas Gerais, given that COPASA is a GRI. While an upgrade is highly unlikely given the current drought and hydrology conditions, upgrade pressure could develop with (i) the implementation of a market-based tariff review methodology, combined with a positive track record of the water sector regulator in administering the water and sewage regulatory framework in the State; (ii) the perceived absence of political interference in the sector's legal and regulatory framework; (iii) the continued access to sources of financing in line with the long-term nature of COPASA's business at adequate terms; and (iv) credit metrics in line with the Baa3 rating category, according to our Global Regulated Water Utilities methodology. WHAT COULD CHANGE THE RATING - DOWN Conversely, downward rating pressure could result from the following factors: (i) the company's failure to implement the Rio Manso PPP project on a timely and cost efficient basis; (ii) further deterioration in rainfall conditions that would drastically impact COPASA's future operating revenues and cash flows; (iii) the failure to timely implement a program of water consumption reduction, as needed, to avoid a potential water rationing; (iv) tariff adjustments that do not reflect, at a minimum, official inflation; (v) political interference, which could affect COPASA's operating and financial performance; (vi) weaker perceived support from the State of Minas Gerais as a result of a rating downgrade of the State; (vii) deteriorating liquidity; (viii) deteriorating metrics as a result of increased leverage to finance CAPEX and/or high dividend payouts, and/or lower cash generation, which would result in an FFO/Net Debt ratio below 10%, and FFO Interest Coverage below 2.0 times for an extended period.; and (ix) the breach of the financial covenants due to deteriorating financial and operating performance. Companhia de Saneamento de Minas Gerais S.A. -- COPASA was founded in 1963. Today it is the second largest state water and sewage company in Brazil, serving 74% of the municipalities in the State of Minas Gerais through its 48,805 km water distribution and 23.526 km sewerage collection networks (as of March 2015). COPASA is controlled by the Government of Minas Gerais (Baa3/NEG), which owns 51.1% of COPASA's shares (as of December 2014), the remaining are listed on BM&FBOVESPA's stock exchange (Symbol: CSMG3). In the last twelve months (LTM) ended on March 31, 2015, COPASA had net operating revenues (excluding construction revenues) from water and sewage services of about BRL3.1 billion, a decrease of 0.5% over net operating revenues in 2014 (BRL 3.15 billion). According to our standard adjustments, EBITDA and net income had a decrease in the LTM ended on March 31, 2015 to BRL 1.06 billion from BRL 1.14 billion in FY 2014, and to BRL 226 million from BRL 325 million in FY 2014, respectively. JBS USA: S&P Assigns 'BB+' Rating to Proposed $1.2BB Term Loan B ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' issue-level rating to JBS USA LLC's proposed $1.2 billion term loan B due 2022. S&P has also assigned a '3H' recovery rating to this issuance. The issue-level rating reflects the credit quality of JBS USA's parent company, JBS S.A. (JBS; BB+/Stable/--) because it and its wholly owned subsidiary, JBS USA, unconditionally guarantee the debts. JBS will use the proceeds to fund the recent acquisition of Cargill's pork business. The recovery of '3' indicates S&P's expectation of meaningful recovery (50%-70%; the high end of the band) in the event of a payment default. This recovery rating is the same as on the company's other secured term loans and higher than '4H' on its senior unsecured debts. The term loans are guaranteed by real assets in the U.S., which will increase after the Cargill pork unit acquisition. RATINGS LIST JBS S.A. JBS USA LLC Corporate credit rating BB+/Stable/-- Rating Assigned JBS USA LLC $1.2B term loan B due 2022 BB+ Recovery rating 3H LIGHT ENERGIA: Moody's Affirms Ba2 Rating; Outlook Now Stable ------------------------------------------------------------- Moody's America Latina Ltda. changed the outlook to stable from negative for Light Energia S.A. and affirmed the domestic currency issuer as well as senior unsecured ratings (backed) at Ba2 on the global scale and Aa3.br on the national scale rating ("NSR"). In a related action on 8/10/2015, Moody's downgraded the domestic currency Corporate Family Rating (CFR) of Light S.A., the parent company and guarantor of Light Energia's rated debt securities, to Ba2 from Ba1 on the global scale, and to Aa3.br from Aa2.br on the NSR. The outlook of Light remains stable. RATINGS RATIONALE Despite the ongoing challenging hydrology conditions that have existed in the last 12-24 months, new generation capacity from greenfield projects coming on stream starting later in 2015 will help the company to offset in a material way the ongoing challenging hydrology conditions, which we expect will continue to exert pressure on the company's operating cash flows in the next 12 to 18 months. The ratings are supported by (i) the company's capital structure, characterized by its relatively low level of indebtedness with a Total Debt-to-EBITDA of 2.2x in the last twelve months (LTM) ended on 3/31/2015 as per Moody's standard adjustments (ii) healthy debt maturity profile with a majority of debt maturing in the long term (iii) relatively stable operating cash flows mainly due to its long-term concession contracts, which allow the company to operate its generating fleet until 2026 and (iv) ultimate shareholders' financial strength, which further supports the ratings. On the other hand, the ratings continue to be constrained by (i) the uncertainties in the sector due to the ongoing challenging hydrology conditions (ii) high expected dividend distributions (based on current dividend pay-out policy and track record), and (iii) the impact of potential corporate acquisitions by Light on Light Energia's cash flow and leverage. Nevertheless, leverage on a consolidated basis is limited by financial covenants in the indentures of outstanding debt issued by Light Energia as well as Light Servi‡os de Eletricidade S.A. ("Light SESA"), Light's electricity distribution subsidiary. Dividend payments are also conditioned to the compliance with these covenants. Light Energia's covenants require that: (i) Light's (consolidated) Total Net Debt-to-EBITDA (including regulatory assets and liabilities) shall not exceed 3.75 times, and (ii) Light's (consolidated) EBITDA-to-Adjusted and Consolidated Gross Interest Expense shall not be less than 2.5 times. According to the March 31, 2015 audited financial statements, these covenants were met. At the same time, Moody's is downgrading Light's corporate family ratings to Ba2/Aa3.br on the global and national scales (local currency), respectively, to align them with Light Energia and Light SESA's ratings. Light is the guarantor of Light SESA's and Light Energia's rated debt. As of the LTM ended on March 31, 2015, Light SESA and Light Energia represented 87% and 6% of the consolidated operating revenues, and 60% and 40% of the consolidated EBITDA, respectively. Presently, there is no outstanding debt that has been incurred by the parent, and Moody's assumes that this will remain so in our projections. Although Light has strong consolidated credit metrics for its rating category with relatively stable cash flows that are now expected to continue given the actions taken by the government over the past nine months, the ratings are somewhat constrained by a sizeable consolidated capital expenditure program, relatively high dividend distributions, the impact of potential corporate acquisitions as well as high levels of energy losses and delinquency rates at its main operating subsidiary, Light SESA. In FY2014, 5% of Light Energia's electricity was sold in the short-term (spot) market; there were no sales in the regulated market (ACR) as the last contracts expired in December 2013. According to Moody's standard adjustments, in the LTM ending on March 31, 2015 (LTM 03/31/2015), Light Energia had net operating revenues of BRL527 million and EBITDA of BRL491 million, an increase of 12.7% and of 4.6%, respectively, over the LTM ended on March 31, 2014. In Moody's forward looking perspective, Moody's expects a recovery of Light Energia's operational cash flows from 2017 onward, as a result of more normalized hydrology conditions coupled with its increasing generation capacity. According to Moody's standard adjustments, we expect that interest coverage, as measured by (CFO pre-WC plus interest)-to-interest will remain relatively stable at 4.0x in 2015 from 3.8x in the LTM ending on 03/31/2015, improving somewhat to 5.2x in 2016; in the same period Retained Cash Flow (RCF)-to-Total Debt is expected to average at 18.8% from 6.6% in the LTM ended on 03/31/2015, as Moody's project lower dividend distributions in the short-term so that the company will maintain an adequate liquidity level. Even assuming a significantly lower generation scaling factor (GSF) in 2016 (85%), 2017 (90%) and in 2018 (95%), in Moody's 12-24 month (2015-2016) forward view Light Energia's rating maps to a Ba2, whereas in the longer term (2015 to 2018) it maps to a Ba1. WHAT COULD CHANGE THE RATING - UP The ratings or outlook could be upgraded if the company's Retained Cash Flow (RCF) over Total Debt were to exceed 15%, and interest coverage (i.e. CFO pre-WC plus interest-to-cash interest) were to exceed 4.2 times on a sustainable basis, as a result of hydropower reservoir levels returning to more normal conditions in the next rainy season (starting in December 2015) combined with new generating capacity coming on-line, thus reducing the company's exposure to the spot market. WHAT COULD CHANGE THE RATING - DOWN The ratings could be downgraded as a result of continuing adverse hydrology conditions beyond 2016 combined with significant delays in the commissioning of the new generating capacity, which would exert significant downward pressure on Light Energia's credit metrics. A rating downgrade could also be triggered by a deterioration of the company's liquidity as well as by a breach in Light Energia's financial covenants. Quantitatively, a rating downgrade could be triggered if Light Energia's RCF-to-Total Debt ratio fell below 8%, and interest coverage fell below 2.8 times, remaining below these trigger thresholds for an extended period of time. A negative change in the perceived supportiveness of the Brazilian regulatory environment could also trigger a rating action. Headquartered in Rio de Janeiro - Brazil, Light S.A. is an integrated utility company with activities in generation, distribution and commercialization of electricity. Light's generation subsidiary, Light Energia operates 5 hydroelectric power plants (HPPs) with 855 MW of combined installed capacity pursuant to a 30-year concession, which ends in June 2026. The Company has also direct (full) or shared control of several other entities dedicated to renewable energy production, such as Renova Energia S.A. (with a 15.9% stake), Guanhaes Energia S.A. (51% stake), Sao Judas Tadeu as well as Fontainha wind parks and Lajes Energia S.A. (with 100% ownership in each). Companhia Energetica de Minas Gerais ("CEMIG"), rated Ba1/Aa2.br with negative outlook, is a major shareholder of LIGHT, holding directly and indirectly, a 26.1% and 32.5% stake, respectively, in Light S.A. Light's electricity distribution subsidiary, Light SESA, holds a thirty-year concession, which was granted by the Brazilian Federal Government on June 4, 1996, expiring in July 2026. LIGHT SESA's concession covers thirty one (31) municipalities in the State of Rio de Janeiro (not rated), including the municipality of Rio de Janeiro serving a population of approximately ten (10) million. LIGHT SESA distributes 70% of the electricity consumed in the State of Rio de Janeiro, which is the second wealthiest in Brazil. According to Moody's standard adjustments, in the last twelve months ended on March 31, 2015 (LTM ended on 03/31/2015) Light, on a consolidated basis, reported net operating revenues (net of construction revenues) of BRL9,144 million, EBITDA of BRL2,210 million; Cash Flow from Operations (CFO) reached BRL2,255 million, a 20.2% increase over the LTM ended on 12/31/2014 driven mainly by (i) the new methodology calculation for regulatory assets defined on December 09, 2014 by Deliberation 732 from CVM (ii) the implementation of the tariff flag mechanism in January 2015 and (iii) the extraordinary tariff increase approved by Aneel (the "Regulator") which went into effect in March 2015 to offset the impacts of higher electricity acquisition costs due to ongoing abnormally adverse hydrology conditions. LIGHT SERVICOS: Moody's Affirms Ba2 Domestic Curr. Issuer Rating ---------------------------------------------------------------- Moody's America Latina Ltda. changed Light Servicos de Eletricidade S.A.'s ("Light SESA" or the "company") outlook to stable from negative and affirmed the domestic currency issuer as well as the senior unsecured ratings (backed) at Ba2 on the global scale and Aa3.br on the national scale. At the same time, Moody's downgraded the domestic currency Corporate Family Rating (CFR) of Light S.A., the parent company and guarantor of Light SESA's rated debt securities to Ba2 from Ba1 on the global scale, and to Aa3.br from Aa2.br on the NSR. The outlook of Light remains stable. RATINGS RATIONALE Despite the ongoing challenging hydrology conditions that have existed in the last 12-24 months, Light SESA continues to generate relatively stable operating cash flows from its regulated distribution business which has benefited from the significant tariff adjustments implemented in November 2014 and March 2015 that have materially improved the company's liquidity position. In addition, the implementation of the "tariff flags" mechanism in the beginning of 2015 should help to protect the company from any further material increases in the cost of power. The ratings continue to be somewhat constrained by the high level of electricity losses, a sizeable CAPEX program, high dividend distributions (based on current dividend pay-out policy and track record), and the impact of potential corporate acquisitions by its parent and guarantor, Light S.A., on Light SESA's operating cash flows and leverage. Nevertheless, leverage on a consolidated basis is limited by financial covenants in the indentures of outstanding debt issued by Light Energia S.A., the electricity generation affiliate, as well as Light SESA. Light SESA's covenants require that: (i) Light's (consolidated) Total Net Debt- to-EBITDA (including regulatory assets and liabilities) shall not exceed 3.75 times, and (ii) Light's (consolidated) EBITDA-to- Adjusted and Consolidated Gross Interest Expense shall not be less than 2.5 times. According to the March 31, 2015 audited financial statements, these covenants were met. At the same time, we are downgrading Light's corporate family ratings to Ba2/Aa3.br on the global and national scales (local currency), respectively, to align them with Light Energia and Light SESA's ratings. Light is the guarantor of Light SESA's and Light Energia's rated debt. As of the LTM ended on March 31, 2015, Light SESA and Light Energia represented 87% and 6% of the consolidated operating revenues, and 60% and 40% of the consolidated EBITDA, respectively. Presently, there is no outstanding debt that has been incurred by the parent, and Moody's assume that this will remain so in its projections. Although Light has strong consolidated credit metrics for its rating category with relatively stable cash flows that are now expected to continue given the actions taken by the government over the past nine months, the ratings are somewhat constrained by a sizeable consolidated capital expenditure program, relatively high dividend distributions, the impact of potential corporate acquisitions as well as high levels of energy losses and delinquency rates at its main operating subsidiary, Light SESA. In 2013 and 2014, the Federal Government provided relief to electricity distribution companies from the higher-cost thermal electricity by transferring sector funds to prevent those increased electricity prices from being passed through to consumers, and has approved higher annual tariff adjustments that distribution companies are entitled to receive in order to offset the continued tight electricity supply conditions given the challenging hydrology conditions. In FY2014, Light SESA received transfers of BRL1,669 million from the CDE, a federally-managed sector fund, which compares to approximately BRL801 million in 2013. In January 2015, ANEEL, the regulator, approved the procedures to implement the tariff flag mechanism, which is an automatic tariff adjustment system for consumers according to the electricity generation conditions. The flag is defined monthly by ANEEL. The green flag means that conditions are favorable for the energy generation and the tariff does not increase. The yellow flag indicated less favorable conditions so that the tariffs would increase by BRL1.50 for every 100 kWh consumed. In turn, the red flag signals the worst electricity generation scenario, raising the energy tariff by BRL3.00 for every 100 kWh consumed. The flag system took place on Jan/15 and has been indicating red flag ever since. Light SESA's credit metrics have materially benefited from the tariff flag mechanism, as well as the extraordinary tariff adjustment in March 2015, which has provided more stable operating cash flows by significantly decreasing the time lag in the recovery of increased electricity costs to one month from previous one year as regular annual tariff adjustments for Light SESA take place every November. This has had a credit positive effect on Light SESA's credit metrics and liquidity. WHAT COULD CHANGE THE RATING - UP An upgrade in the ratings or outlook could occur if Light SESA's [Pre-WC -- Dividends]/Total Debt becomes higher than 14% and interest coverage (i.e. CFO pre-WC plus interest-to-cash interest) remains higher than 3.5x, on a sustained basis as a result of the hydropower reservoir levels returning to more normal conditions in the rainy season starting in December 2015, which would significantly improve the company's margins and liquidity given lower electricity acquisition costs. WHAT COULD CHANGE THE RATING - DOWN The ratings or outlook could be downgraded as a result of continuing adverse hydrology conditions well into 2016, which would exert significant downward pressure on Light SESA's operating margins and credit metrics. Material cash outlays related to existing contingent liabilities could also result in a downgrade in the ratings or outlook. A rating downgrade could also be triggered by a deterioration of the company's liquidity as well as by a breach in the aforementioned financial covenants. Quantitatively, a downgrade in our ratings could be triggered if Light SESA's [CFO pre-WC -- Dividends]/Total Debt fell below 9%, and interest coverage fell below 2.5x for an extended period of time. Moody's perception of a weaker degree of supportiveness from the Brazilian regulatory environment could also trigger a downward rating action. Headquartered in Rio de Janeiro - Brazil, Light is an integrated electricity utility with activities in generation, distribution and commercialization of electricity. Light SESA holds a thirty- year concession, which was granted by the Brazilian Federal Government on June 4, 1996, expiring in July 2026. LIGHT SESA's concession covers thirty one (31) municipalities in the State of Rio de Janeiro (not rated), including the municipality of Rio de Janeiro serving a population of approximately ten (10) million. LIGHT SESA distributes 70% of the electricity consumed in the State of Rio de Janeiro, which is the second wealthiest in Brazil. Companhia Energetica de Minas Gerais ("CEMIG"), rated Ba1/Aa2.br with a negative outlook, is a major shareholder of Light S.A, holding directly and indirectly a 26.1% and a 32.47% stake, respectively, in Light S.A. Light's electricity generation subsidiary, Light Energia S.A., operates 5 (five) hydroelectric power plants (HPPs) with 855 MW of combined installed capacity pursuant to a 30-year concession, which ends in June 2026. The company has also direct (full) or shared control of several other entities dedicated to renewable energy production, such as Renova Energia S.A. (with a 15.9% stake), Guanhaes Energia S.A. (51% stake), Sao Judas Tadeu as well as Fontainha wind parks and Lajes Energia S.A. (with 100% ownership in each). According to Moody's standard adjustments, in the last twelve months ended on March 31, 2015 (LTM ended on 03/31/2015) Light, on a consolidated basis, reported net operating revenues (net of construction revenues) of BRL9,144 million, EBITDA of BRL2,210 million; Cash Flow from Operations (CFO) reached BRL2,255 million, a 20.2% increase over the LTM ended on 12/31/2014 driven mainly by (i) the new methodology calculation for regulatory assets defined on December 09, 2014 by Deliberation 732 from CVM (ii) the implementation of the tariff flag mechanism in January 2015 and (iii) the extraordinary tariff increase approved by Aneel (the "Regulator") which went into effect in March 2015 to offset the impacts of higher electricity acquisition costs due to ongoing abnormally adverse hydrology conditions. PETROLEO BRASILEIRO: Posts Sharply Lower 1st-Half Net Income ------------------------------------------------------------ EFE News reports that Petroleo Brasileiro S.A. (Petrobras), which is currently embroiled in a major corruption scandal, posted net income of BRL5.86 billion ($1.67 billion) in the first half, down 43 percent from the same period of last year. Brazil's largest company attributed the profit drop to the sharp depreciation of the real relative to the dollar and a nearly 47 percent decline in global oil prices, according to EFE News. The report notes that the company's finance charges soared due to the depreciation of the real because most of its debt is dollar- denominated. Its bottom line also was adversely affected by a large tax settlement with Brazilian authorities. The result is a new setback for the company, which in 2014 posted a net loss of BRL21.59 billion (some $6.17 billion), its first year in the red since 1991, the report relates. Despite the drop in net income, Petrobras said its operating profit, which excludes financial items such as interest and taxes, rose 39 percent in the first six months to BRL22.82 billion (some $6.52 billion) and earnings before interest, taxes, depreciation and amortization, or EBITDA, climbed 35 percent, the report says. The improved operating results were attributed to a 9 percent increase in crude and natural gas output, which rose to a daily average of 2.78 million barrels of oil equivalent in the first half, the report discloses. The company's derivatives production also rose 7 percent to 2.18 million barrels per day, the report says. Petrobras, which has lost access to capital markets financing amid a massive corruption scandal, announced plans earlier this year to slash its investment budget and divest assets, the report notes. The company has already written off nearly $2 billion in corruption-related losses from the period between 2004 and 2014, the report discloses. The wide-ranging scandal involves allegations that leading domestic engineering and construction groups overcharged the oil giant for contracts, splitting the extra money with corrupt Petrobras officials while setting aside some of the loot to pay off politicians who provided cover for the graft, the report adds. About Petroleo Brasileiro Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and it produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. * * * As reported in the Troubled Company Reporter-Latin America on March 12, 2015, Moody's Investors Service said the corruption investigation into Petroleo Brasileiro S.A. (Petrobras) will negatively affect parts of the public and private sectors, but government support for the company is likely to help contain the credit-negative impact. On March 6, 2015, the TCLRA reported that the deepening investigation into the alleged kickback scheme at Petrobras has triggered concerns for the Brazilian banks with exposures not only to the state-controlled oil company, but also to its large base of suppliers, as well as the broader oil and gas (O&G) and construction industries, says Moody's Investors Service. Moody's Investors Service downgraded all ratings for Petrobras, including a downgrade of the company's senior unsecured debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the company, the TCRLA reported on Feb. 27, 2015. Its failure to estimate its losses from the alleged corruption scheme and produce audited third-quarter results prompted Moody's to cut its rating to junk, the report said. Rival agency Standard & Poor's delivered a further blow on March 23 when it revised its outlook on the company from stable to negative, the TCRLA reported on March 26, 2015. On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the foreign and local currency Issuer Default Ratings (IDRs) and outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'. Concurrently, Fitch has placed all of Petrobras' international and national scale ratings on Rating Watch Negative. ========================== C A Y M A N I S L A N D S ========================== APOLLO GROWTH: Members' Final Meeting Set for Aug. 25 ----------------------------------------------------- The members of Apollo Growth Opportunities Fund L.P. will hold their final meeting on Aug. 25, 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: Maria Kannava 3 Markou Botsari 3040 Limassol Cyprus Telephone: 00357 25585583 Facsimile: 00357 25585582 BALTRA LIMITED: Members' Final Meeting Set for Aug. 20 ------------------------------------------------------ The members of Baltra Limited will hold their final meeting on Aug. 20, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kent Limited c/o Michelle R. Bodden-Moxam Telephone: 345-946-6145 Facsimile: 345-946-6146 Bridge Street Services Limited The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 30691 Grand Cayman KY1-1203 Cayman Islands BUCKINGHAM GROUP: Placed Under Voluntary Wind-Up ------------------------------------------------ On July 13, the sole shareholder of The Buckingham Group 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 PO Box 715, Grand Cayman KY1-1107 Cayman Islands DIA MALLORCA: Sole Member to Hear Wind-Up Report on Aug. 19 ----------------------------------------------------------- The sole member of Dia Mallorca Leasing Ltd. will receive on Aug. 19, 2015, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Benjamin Booker Marguerite Britton Sterling Trust (Cayman) Limited 69 Dr. Roy's Drive, George Town c/o P.O. Box 1043 Grand Cayman KY1-1102 Cayman Islands DIA VALENCIA: Sole Member to Hear Wind-Up Report on Aug. 19 ----------------------------------------------------------- The sole member of Dia Valencia Leasing Ltd. will receive on Aug. 19, 2015, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Benjamin Booker Marguerite Britton Sterling Trust (Cayman) Limited 69 Dr. Roy's Drive, George Town c/o P.O. Box 1043 Grand Cayman KY1-1102 Cayman Islands DRAYTON CAPITAL: Shareholders' Final Meeting Set for Aug. 20 ------------------------------------------------------------ The shareholders of Drayton Capital Limited will hold their final meeting on Aug. 20, 2015, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alric Lindsay Telephone: (345)-926-1688 Artillery Court Shedden Road P.O. Box 11371 George Town Grand Cayman KY1-1008 Cayman Islands JUVE LIMITED: Shareholders' Final Meeting Set for Aug. 17 --------------------------------------------------------- The shareholders of Juve Limited will hold their final meeting on Aug. 17, 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 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 LONGACRE INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 20 ------------------------------------------------------------- The creditors of Longacre International II, Ltd. are required to file their proofs of debt by Aug. 20, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 2, 2015. The company's liquidator is: Peter Goulden Mourant Ozannes Cayman Liquidators Limited c/o Mourant Ozannes Attorneys-at-Law for the Company Reference: NDL Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 94 Solaris Avenue Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands PLATINUM NAVIGATOR: Shareholder to Hear Wind-Up Report on Aug. 14 ----------------------------------------------------------------- The shareholder of Platinum Navigator Fund Limited will hear on Aug. 14, 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: Platinum Trading Management Ltd. c/o Piers Dryden Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 SMART CAPITAL: Shareholders' Final Meeting Set for Aug. 20 ---------------------------------------------------------- The shareholders of Smart Capital Investment will hold their final meeting on Aug. 20, 2015, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alric Lindsay Telephone: (345)-926-1688 Artillery Court Shedden Road P.O. Box 11371 George Town Grand Cayman KY1-1008 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Produce Scare on Drought & 'Mismanaged Forests' -------------------------------------------------------------- Dominican Today reports that several farm products including tubers and vegetables cost more while others are becoming scarce from the nationwide drought now into several months, as vendors worry about what will occur in the next three months. Banana and plantain grower Luis Bonilla warned that plantain crops fell 40%, banana 20% and rice 30%, according to Dominican Today. "The plantain (green banana) is selling for as much as 17 and 20 pesos, but cassava (yucca), sweet potatoes and bananas are also more expensive," the report quoted Mr. Bonilla as saying. Quoted by eldia.com.do by phone the farmer who hails from the Northwest said the drought isn't just from the lack of rain but also abandoned irrigation systems and mismanaged Dominican forests, the report relates. ============= J A M A I C A ============= DIGICEL GROUP: Explains Use of Funds to be Raised Through IPO ------------------------------------------------------------- RJR News reports that Digicel Group has updated its filings with the U.S. Securities and Exchange Commission, making it clear what the proceeds of funds raised in an initial public offering will be used for. Digicel Group said the funds will be used to finance its establishment of fiber broadband throughout the region, according to RJR News. The telecoms firm is trying to raise US$200 million in an IPO, which is believed will not be issued until about November this year, the report relays. * * * As reported in the Troubled Company Reporter-Latin America on May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and Digicel International Finance Limited (DIFL), collectively referred to as 'Digicel' as follows. DGL -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable Outlook; -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at 'B-/RR5'; -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B -/RR5'. DL -- Long-term IDR at 'B' with a Stable Outlook; -- USD 250 million 7% senior notes due 2020 at 'B/RR4'; -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'; -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4'; DIFL -- Long-term IDR at 'B' with a Stable Outlook; -- Senior secured credit facility at 'B+/RR3'. JAMAICA: NIR Rebounds at End of July, BOJ Says ---------------------------------------------- RJR News reports that the Bank of Jamaica disclosed that the country's Net International Reserves (NIR) at the end of July was US$2.36 billion. The reserves increased by more than US$247 million, to recover most of June's decline, according to RJR News. At current levels, the reserves are able to purchase 21 weeks of imported goods, the report notes. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. UC RUSAL: To Discuss Jamaican Energy Options --------------------------------------------- RJR News reports that Phillip Paulwell, Jamaica's Mining Minister, has disclosed that UC Rusal will soon be meeting with the Electricity Sector Enterprise Team (ESET) to give a report on energy projects it is contemplating for its alumina refineries in Jamaica. UC Rusal is considering a number of options to generate electricity for ALPART, its alumina refinery at Nain in St. Elizabeth, with a view to selling extra power to the national grid, according to RJR News. The report notes that it had initially considered LNG and coal as fuel sources, but is believed to be reconsidering those options, given the current low price of oil. "They will be in Jamaica at the end of this month," Mr. Paulwell told RJR News, adding that the fuel source issue will be a key feature of the discussions. The Jamaican Government will also be getting "an updated timetable on the refinery project," Mr. Paulwell added. According to the Minister, UC Rusal is "sticking with the schedule, which is that next year December the refinery will be up and running," the report relates. The report discloses that UC Rusal recently resumed bauxite mining in St Elizabeth and will be exporting the commodity before the end of this year. It has committed to restarting alumina processing at ALPART by next year December, but the future of its Kirkvine Alumina plant in Manchester remains uncertain, the report notes. The Windalco plant at Ewarton in St. Catherine is the third alumina facility owned by the Russian company, and is the only one that is currently in operation, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on June 24, 2015, RJR News said Jamaica Mining Minister Phillip Paulwell, who returned to Jamaica from his trip to Russia, has declared that all is well with the arrangements that have been made for full restoration of operations at the Alumina Partners of Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth. After being closed for six years, work resumed at the plant earlier this year, but only in respect of mining of the ore for shipment to Russia, in the first instance, according to RJR News. The phased resumption plan should see the resumption of alumina refining towards the end of 2016, the report said. TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal has re-ignited its war of words with the London Metal Exchange, saying it has allowed financial speculators to distort prices. Vladislav Soloviev, Chief Executive Officer of the heavily indebted Russian group, said the price of aluminum traded on the LME has been depressed by as much as 30 per cent by the actions of money-market players, according to RJR News. UC Rusal has been involved in a bitter legal wrangle with the LME over plans to reform the exchange's warehousing system and introduce rules to tackle long queues that built up in the aftermath of the global financial crisis, the report said. =========== M E X I C O =========== MINERA FRISCO: Moody's Assigns B1 CFR; Outlook Stable ----------------------------------------------------- Moody's de Mexico assigned a B1 global scale and a Baa2.mx national scale corporate family ratings to Minera Frisco, S.A.B. De C.V.. At the same time, Moody's assigned a long term (P)B1/ Baa2.mx rating and a short term MX-2 rating to Minera Frisco's proposed dual senior unsecured debt program of Certificados Bursatiles (local notes) for a total combined amount of up to MXN20 billion. The outlook on the ratings is stable. This is the first time Moody's rates Minera Frisco. Assignments: Issuer: Minera Frisco, S.A.B. De C.V. Issuer Rating, Assigned B1/Baa2.mx Corporate Family Rating, Assigned B1/Baa2.mx Senior Unsecured Medium-Term Note Program, Assigned (P)B1/Baa2.mx/MX-2 Senior Unsecured Regular Bond/Debenture, Assigned B1/Baa2.mx Outlook Actions: Issuer: Minera Frisco, S.A.B. De C.V. Outlook, Assigned Stable RATINGS RATIONALE Minera's Frisco B1 and Baa2.mx ratings reflect its limited geographical diversification and modest size, as well as the relative modest reserve life in some of its key mines. The rating also captures modest credit metrics, although improving, as a result of completion of projects and the resolution of strikes in 2013 in some mines, which resulted in lower profitability. Nevertheless, the ratings are supported by Minera Frisco's good mine diversification and expected further metal diversification by 2017 once Tayahua mine duplicates its copper production. The ratings also incorporate the expectations of improved liquidity. Minera Frisco plans to refinance its coming maturities with the proceeds from the proposed program and other instruments. The rating also considers that, pro-forma for the new issuances, and repayment of existing secured syndicated facilities, the structural subordination will be eliminated from company's capital structure, with all existing debt instruments ranking pari passu with each other. The company properties include 9 mines. El Coronel in Zacatecas; San Felipe in Baja California; El Porvenir in Aguascalientes; and Ocampo and Concheno in Chihuahua are gold and silver mines. Asientos in Aguascalientes; San Francisco del Oro in Chihuahua; and Tayahua (in expansion) produce gold, silver, zinc, lead and copper concentrates, while Maria is a pure-copper mine to be phased out at the end of 2016. Minera Frisco is also initiating works - such as geological, metallurgical and environment permits -- in Durango, through Guanacevi gold, silver, zinc, lead and copper mine. Minera Frisco currently generates about 73% of its total revenues out of four mines. Concheno and El Coronel represent 23% each, followed by San Felipe, with about 16%, and Tayahua, with about 11%. In addition, Asientos and San Francisco represent 8% of revenues each, and the balance is related to the remaining three mines. The ratings consider low execution risks now that most of the expansion projects have been completed and the potential for positive effects coming from increased reserves; restrained exploration spending going forward; and cost improvements due to the phase out of Maria. The ratings also reflect Moody's expectation that the company will gradually continue to increase output with its new projects, improving cost and operating efficiency and reducing leverage. Moody's estimates that, by the end of 2015, output could increase to about 877 thousands of gold equivalent ounces (GEOs), generating USD 917 million in revenues and USD 260 million of EBITDA as adjusted by Moody's, based on a gold price assumption of $1,160 per ounce. These figures does not take into consideration existing hedges. Pro forma for the issuance of the notes and the other instruments, Minera Frisco will have the bulk of its maturities after 2018, improving its debt profile with an estimated leverage ratio ranging from 5.5x to 4.2x, as adjusted by Moody's, between 2015 and 2016. Pro forma for the new proposed transactions, Minera Frisco will have adequate liquidity, considering an estimated free cash flow of about USD 170 million, after paying capex of about USD 90 million, almost 50% less than capex paid in 2014. No payment of dividends is considered by the company over the next years. The stable outlook reflects our expectation that Minera Frisco will improve its production profile with commensurate cost improvements that will lead to reasonable cash flow generation, as well as our expectation that, excluding the two new development projects, the company will devote most of expected cash generation to deleverage over the next few years. An upgrade would require further improvements in liquidity and credit metrics. Quantitatively, an upgrade could be triggered if leverage reduces to below 3.5 times and EBIT/interest expense increases to above 3 times on a sustained basis, both as adjusted by Moody's. The ratings could be lowered if Minera Frisco experiences any significant operational difficulties, substantial increase in operating costs, or material deterioration in liquidity position. A downgrade would also be considered should debt/ EBITDA increase to above 5.0x as adjusted by Moody's on a sustained basis and if the company is not able to execute its liability management strategy. In addition, the ratings on the local notes could be revised down if the company proves unable to repay its secured syndicated loan and therefore eliminate structural subordination from its capital structure. ====================== P U E R T O R I C O ====================== COCO BEACH GOLF: U.S. Trustee Objects to Golf Course Sale --------------------------------------------------------- Kirk O'Neil, writing for The Deal, reported that Guy G. Gebhardt, Acting U.S. Trustee for Region 21, objected to a proposed sale of Coco Beach Golf & Country Club SE, a bankrupt Puerto Rico golf course that licenses the Trump brand, on grounds that include concerns that the $2.04 million purchase price may be too low. According to the report, the U.S. Trustee asserted that the Debtor's assets, which include two 18-hole championship golf courses and a luxury clubhouse, were originally transferred to the debtor by an insider and valued at $16.6 million. The property now allegedly has a value of $1 million and the stalking-horse bidder OHorizons Global LLC has offered to buy the assets for $2.04 million, the report said, citing court papers. Coco Beach Golf & Country Club, S.E., owner of a first class golf and country club in Rio Grande, Puerto Rico, currently operating under the name of Trump International Golf Club Puerto Rico, sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-05312) in Old San Juan, Puerto Rico, on July 13, 2015, and immediately filed a motion seeking to sell most of the assets for $2.04 million in cash to OHorizons Global, LLC, subject to higher and better offers. Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law Office, serves as counsel to the Debtor. The case is assigned to Judge Enrique S. Lamoutte Inclan. DORAL FINANCIAL: Files Bankruptcy Rule 2015.3 Report ---------------------------------------------------- Doral Financial Corp. filed a report with the U.S. Bankruptcy Court for the Southern District of New York, disclosing that it holds 100% interest in these companies: Companies Interest of Estate --------- ------------------ Doral Insurance Agency LLC 100% Doral Properties Inc. 100% Doral Recovery Inc. 100% The company filed the report pursuant to Bankruptcy Rule 2015.3. The report dated June 19, 2015, is available for free at http://is.gd/nlkJpj About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The U.S. trustee overseeing the Chapter 11 case of Doral Financial Corp. appointed five creditors of the company to serve on the official committee of unsecured creditors. PMC MARKETING: San Sebastian's Bid to Dismiss Suit Granted ---------------------------------------------------------- Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico granted the Municipality of San Sebastian's motion to dismiss a complaint filed by Noreen Wiscovitch Rentas, as Chapter 7 Trustee for PMC Marketing Corp. The Chapter 7 Trustee filed the complaint to recover monies pursuant to Section 547 of the Bankruptcy Code. The complaint alleged that the Debtor was insolvent at the time of the alleged transfer and that said transfer was made within 90 days of March 18, 2009, the date of filing of the Debtor's voluntary chapter 11 bankruptcy petition. The defendant filed a Motion to Dismiss. It argued that the complaint alleged that the debtor was insolvent at the time of the alleged transfer and that said transfer was made within 90 days of March 18, 2009, the date of filing of the debtor's voluntary chapter 11 bankruptcy petition, but the Trustee provided no facts to form the basis of her allegations. The defendant contended that no information was provided as to the debtor's economic conditions prior to the order for relief, nor are any dates given as to when the alleged transfers took place. Judge Tester held that the complaint does not state a claim upon which relief can be granted. The judge explained that while the complaint recites the statutory language of Section 547 and incorporates that "Debtor made a transfer of funds which were part of its property to the herein Defendant, a creditor of the Debtor. The transfer of funds was for the amount of $9,157.51." the complaint contains no information as to the form of payment or the dates such payments were made. The case is IN RE: PMC MARKETING CORP, Chapter 7, Debtor(s), CASE NO. 09-02048 (Bankr. D.P.R.). The adversary proceeding is NOREEN WISCOVITCH RENTAS, CHAPTER 7 TRUSTEE Plaintiff(s), v. MUNICIPALITY OF SAN SEBASTIAN Defendant(s), ADVERSARY NO. 12-00113 (Bankr. D.P.R.). A copy of the Judge Tester's July 27, 2015 opinion and order is available at http://is.gd/LU5ro7at Leagle.com. PMC Marketing Corp. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 09-02048) on March 18, 2009. The case was converted into a Chapter 7 proceeding on May 19, 2010. On May 20, 2010, Noreen Wiscovitch-Rentas was appointed the Chapter 7 trustee. STANDARD REGISTER: Changes Corporate Name After Sale ---------------------------------------------------- The Standard Register Company, et al., requested that the U.S. Bankruptcy Court for the District of Delaware approve the change of (i) their corporate names; and case caption used in these chapter 11 cases. The changes will reflect: Old Company Name New Company Name ---------------- ---------------- The Standard Register Company SRC Liquidation Company Standard Register Holding Company SR Liquidation Holding Company Standard Register Technologies, SR Liquidation Technologies, Inc. Inc. Standard Register International, SR Liquidation Inc. International, Inc. iMedConsent, LLC iMLiquidation, LLC Standard Register of Puerto Rico SR Liquidation of Puerto Inc. Rico Inc. Standard Register Mexico Holding SR Liquidation Mexico Company Holding Company Standard Register Holding, S. SR Liquidation Holding, S. de R.L. de C.V. de R.L. de C.V. Standard Register de Mexico, SR Liquidation de Mexico, S. S. de R.L. de C.V. de R.L. de C.V. Standard Register Servicios, SR Liquidation Servicios, S. S. de R.L. de C.V. de R.L. de C.V. Standard Register Technologies SR Liquidation Technologies Canada ULC Canada ULC As reported in the Troubled Company Reporter on July 30, 2015, the Debtor said in court documents that the sale of its assets to Taylor Corp. is expected to close by July 31. The Company filed a motion with to change its corporate and business names, as required under the asset purchase agreement between Standard Register and Taylor Corp., to become SRC Liquidation Co. According to Dave Larsen at Dayton Daily News, a hearing on the name change is set for Aug. 18, 2015. Dayton Daily related that the Court extended, at the behest of the Company, the 120-day period for the Company to file a plan by an additional 90 days to Oct. 8, 2015, from the July 10, 2015. The report added that the Court extended Company's period to solicit acceptance of the plan to Dec. 7, 2015, from Sept. 8, 2015. About Standard Register Standard Register 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. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. STANDARD REGISTER: Taylor Completes Acquisition of Assets --------------------------------------------------------- Taylor Corp., one of the U.S.'s largest privately held companies, on Aug. 3 disclosed that it completed its acquisition of the assets of Standard Register. The combined company has more than 12,000 employees working in more than 80 companies with operations in 32 states and nine countries. "The successful close officially turns the page for Standard Register's customers and employees and moves us into a new chapter that we believe is strengthened as a combined organization," said Deb Taylor, chief executive officer of Taylor Corp. "Moving forward together, we have an even broader range of communications services, products and technologies, and an experienced team dedicated to providing the highest quality customer service in the industry. As we integrate the two companies, we are finding even more ways to provide value to our customers." Taylor Corp. was the successful bidder for Standard Register through a bankruptcy auction held June 19, 2015. Standard Register's Chapter 11 case will conclude when all claims are settled. About Taylor Corp. Leveraging the diverse capabilities of its more than 80 companies around the world, Taylor Corporation -- http://www.taylorcorp.com -- one of the largest privately held companies in the U.S., helps millions of consumers celebrate events and milestones and enables businesses -- including more than half of the Fortune 500 -- to express their brands and differentiate themselves in the marketplace. Headquartered in North Mankato, Minn., Taylor Corp. owns world-class companies in the U.S., Canada, Mexico, the United Kingdom, France, India, China, Bulgaria and the Philippines. About Standard Register Standard Register 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. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. *********** 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 * * *