/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150909.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, September 9, 2015, Vol. 16, No. 178 Headlines A N T I G U A & B A R B U D A ANTIGUA & BARBUDA: Gov't. Called Out for Not Lowering Fuel Prices A R G E N T I N A FIDEICOMISO FINANCIERO: Moody's Assigns B1 Global Rating on A Sec. B A H A M A S BAHA MAR: Wants CEXIM Exhibits Stricken BAHA MAR: Judge Appoints Liquidator with Limited Power BAHA MAR: Judge Presents Alternatives to Case Dismissal B R A Z I L BRAZIL: Rousseff Denies Levy Is Isolated and Worn Out BRAZIL: President Vows New Measures to Deal With Deficit CORRETORA SOUZA: Closes Operations Due to Economic Crisis PETROLEO BRASILEIRO: Oil Workers Declare Strike in Brazil C A Y M A N I S L A N D S AZIND HOLDINGS: Commences Liquidation Proceedings AZPRO HOLDINGS: Commences Liquidation Proceedings CQS CREDIT: Shareholders Receive Wind-Up Report FARADAY ADVISORS: Placed Under Voluntary Wind-Up FRAMMA INTERNATIONAL: Shareholders' Final Meeting Set for Sept. 14 GROVE CREDIT: Placed Under Voluntary Wind-Up KRUNCH LIMITED: Shareholders Receive Wind-Up Report OC 527: Placed Under Voluntary Wind-Up RIVERCREST GLOBAL: Members' Final Meeting Set for Sept. 11 SUNRISE MARINE: Placed Under Voluntary Wind-Up TREMBLANT SELECT: Placed Under Voluntary Wind-Up TURCHIA SECONDA: Shareholders' Final Meeting Set for Sept. 14 WEST GATE: Shareholders' Final Meeting Set for Sept. 11 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Non-Oil Imports Boost Customs Aug. Revenue P U E R T O R I C O TEMSCO INC: Sept. 14 Hearing on Bid to Dismiss Ch. 11 Case Set S T. K I T T S & N E V I S * ST. KITTS & NEVIS: To Use US Foreign Account Tax Compliance Act T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: March Deadline to End London Service - - - - - =============================== A N T I G U A & B A R B U D A =============================== ANTIGUA & BARBUDA: Gov't. Called Out for Not Lowering Fuel Prices ----------------------------------------------------------------- The Daily Observer reports that as oil prices continued to drop on the world market, former minister of finance and political leader of the opposition United Progressive Party (UPP) Harold Lovell is criticizing the government for not passing on the savings to residents. Mr. Lovell said the UPP is monitoring the situation as he calls on government to drop the price of fuel, according to The Daily Observer. "It is unconscionable what the government is doing. Based on the price they are paying, the agreed tax return that we would get from consumption tax on gasoline is between EC$2.50 and EC$3 per gallon and today they are getting two and three times that amount," the report quoted Mr. Lovell as saying. "That cannot be right and that cannot be fair to the people of this country," Mr. Lovell told the Snake Pit, the report notes. The UPP leader said even if the government does not want to cut back as much as the previous administration did, it is making enough to give more of the benefits to consumers, the report relays. "Even if they wanted to take a little bit more because they felt things were tight and they maybe wanted to take EC$4 on the gallon -- which would represent an increase from EC$2.50 -- but to bringing in EC$7 and EC$8, I think that is unconscionable," Mr. Lovell said, the report notes. Last year, Minister of State in the Ministry of Finance Lennox Weston said that local gas prices are not tied to price fluctuations on the global market, but are instead based on government's projections, the report relays. Mr. Weston said that the government examines the longevity of trends in the global oil market every six months and uses that to predict price changes here, the report notes. Long-term changes result in changes in the local market, while short-term changes have no effect on prices, the report says. Oil prices worldwide have dropped from over US$100 per barrel in August last year to just about US$40 per barrel this August, the report discloses. Between that time, fuel prices were dropped only once in Antigua, the report relays. In February this year consumers started seeing savings at the pump when gas prices fell from E$14.99 to E$13.50 per gallon, the report notes. Diesel went down by E$2 from E$15.20 and petrol prices here are said to be the highest in the region, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on September 23, 2014, The Daily Observer said that Antigua & Barbuda could soon find itself in the company of Japan, Zimbabwe, and Greece, the countries with the highest national debts. In the January 2014 budget presentation, the former administration indicated that the nation's debt was 87 per cent of GDP, according to The Daily Observer. However, Prime Minister Gaston Browne has disputed the figure, deeming it to be as high as 130 per cent, the report noted. Minister Browne said while his government's increased borrowing is pushing up the nation's debt-to-GDP ratio, it is necessary to solve the country's problems, the report related. ================= A R G E N T I N A ================= FIDEICOMISO FINANCIERO: Moody's Assigns B1 Global Rating on A Sec. ------------------------------------------------------------------ Moody's rates Fideicomiso Financiero Pvcred Serie XXIV, a securitization of personal loans in Argentina Global Credit Research - 07 Sep 2015 Approximately ARS 123,089,000 of debt securities rated Buenos Aires City, September 07, 2015 Moody's Latin America Agente de Calificacion de Riesgo has rated Fideicomiso Financiero Pvcred Serie XXIV. This transaction will be issued by TMF Trust Company (Argentina) S.A.- acting solely in its capacity as issuer and trustee. As of Sept. 7, 2015, the securities for this transaction have not yet been placed in the market. The transaction is pending approval from the Comision Nacional de Valores, if any assumption or factor Moody's considers when assigning the ratings change before closing, the ratings may also change. -- ARS 81,239,000 in Class A Floating Rate Debt Securities (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXIV", rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local Currency) -- ARS 2,462,000 in Class B Floating Rate Debt Securities (VRDB TV) of "Fideicomiso Financiero Pvcred Serie XXIV", rated Baa2.ar (sf) (Argentine National Scale) and Caa1 (sf) (Global Scale, Local Currency) -- ARS 39,388,000 in Certificates (CP) of "Fideicomiso Financiero Pvcred Serie XXIV", rated Caa1.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale, Local Currency). RATINGS RATIONALE The rated securities are payable from the cashflow coming from the assets of the trust, which is an amortizing pool of approximately 6,376 eligible personal loans denominated in Argentine pesos, bearing fixed interest rate, originated by Pvcred, a financial company owned by Comafi's Group in Argentina. Only the installments due after October 31, 2015 will be assigned to the trust. The VRDA TV will bear a floating interest rate (BADLAR plus 400bps). The VRDA TV's interest rate will never be higher than 32% or lower than 20%. The VRDB will also bear a floating interest rate (BADLAR plus 500bps). The VRDB TV's interest rate will never be higher than 34% or lower than 22%. Overall credit enhancement is comprised of subordination, various reserve funds and excess spread. The transaction has initial subordination levels of 24.76% for the VRDA TV and 22.48% for the VRDB TV, calculated over the pool's principal balance as of Oct. 31, 2015. The subordination levels will increase overtime due to the turbo sequential payment structure. The transaction will have a grace period for principal and interest payment until December 2015. The transaction also benefits from an estimated 46.07% annual excess spread, before considering losses, taxes or prepayments and calculated at the caps of 32% for the VRDA TV and 34% for the VRDB TV. Factors that would lead to an upgrade or downgrade of the rating: Factors that may lead to a downgrade of the ratings include an increase in delinquency levels beyond the level Moody's assumed when rating this transaction. Although Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred, the actual performance of the securitized pool may be affected, among others, by the economic activity, high inflation rates compared with nominal salaries increases and the unemployment rate in Argentina. Factors that may lead to an upgrade of the ratings include the building of credit enhancement over time due to the turbo sequential payment structure, when compared with the level of projected losses in the securitized pool. Loss and Cash Flow Analysis: Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of Pvcred portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred, ranging from January 2013 to April 2015. Moody's has observed a weaker performance of recent vintages with delinquencies of more than 180 days, as well as prior recent securitized pool of assets. As a result, Moody's has increased some of the default assumptions in the securitized pools. Moody's notes that there is significant uncertainty around key macroeconomic variables in Argentina, including inflation rates, salary increases compared to inflation, and economic activity, which have an impact on future performance of this transaction. In assigning the rating to this transaction, Moody's assumed a lognormal distribution of losses for each one of the different securitized subpools: for the PVCred loans, a mean of 20% and a coefficient of variation of 60% and for the "Refinanciados" loans, a mean of 41% and a coefficient of variation of 60%. Also, Moody's assumed a lognormal distribution for prepayments with a mean of 35% and a coefficient of variation of 70%. Servicer default was modeled by simulating the default of Banco Comafi as the servicer consistent with its current rating of Caa1/Baa1.ar. In the scenarios where the servicer defaults, Moody's assumed that the defaults on the pool would increase by 20 percentage points. The model results showed 1.69% expected loss for Class A Floating Rate Debt Securities, a 12.91% for the Class B Floating Rate Debt Securities and 32.84% for the Certificates. Moody's also evaluated the back-up servicing arrangements in the transaction. If Pvcred is removed as collection agent, Banco Comafi will be appointed as the back-up collection agent. Stress Scenarios: Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 6% from the base case scenario, the ratings of the Class A Floating Rate Securities, the Class B Floating Rate Securities and of the Certificates would likely be downgraded to B2 (sf), Caa3 (sf) and Ca (sf) respectively. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in January 2015. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. ============= B A H A M A S ============= BAHA MAR: Wants CEXIM Exhibits Stricken --------------------------------------- Northshore Mainland Services Inc., et al., requested that the U.S. Bankruptcy Court for the District of Delaware strike and not consider purported evidence that is the subject of the Debtors' evidentiary objection to the CEXIM reply to objections to CEXIM's motion to dismiss the Chapter 11 cases of the Debtors: Exhibit A -- Appeal Summons in the Matter of an application made under the inherent jurisdiction of the Court, alternatively pursuant to Section 254 of the Companies (Winding Up Amendment) Act 2011. On Aug. 25, CCA Bahamas, Ltd., submitted a reply in support of its motion to dismiss the Debtors' cases, stating that the Debtors filed their petitions in bad faith, coupled with their inability to adequately fund their cases, the strong Bahamian interests at stake, the viability of alternative insolvency proceedings in the Bahamas, and the lack of connections with the United States, compel dismissal of the cases. In a separate Aug. 25 filing, the Debtor made evidentiary objections to the exhibits filed in support of reply of CCA's motion to dismiss. The Debtors requested that the Court strike and not consider any of the purported evidence that is the subject of the Debtors' evidentiary objections nor any statement relying on such purported evidence: Exhibit C -- Address by Prime Minister, Right Honourable Perry G. Christie, M.P. to Nation on Baha Mar Negotiations and Proceedings. Exhibit D -- Petitions In the Matter of the Companies Act, 1992 Chapter 308 and the Companies (Wind Up amendment) Act 2011. Exhibit E -- Applications In the Matter of the Companies Act, 1992 (Chapter 308) and the Companies (Wind Up amendment) Act 2011 The Debtors filed on Aug. 24, a status report regarding Bahamian Proceedings (Winding Up Petitions and Provisional Liquidator Summons) pending before the Supreme Court of The Bahamas, disclosing, among other things: 1. On Aug. 19, the Bahamian Court commenced a hearing to consider certain aspects of the Bahamian Proceedings. During the course of such hearing, the Bahamian Court indicated that it would dismiss the Winding Up Petitions filed in respect of these Debtor entities upon the request of the respondents (and without any objection) because the Attorney General of the Commonwealth of The Bahamas, petitioning in a representative capacity, did not allege on behalf of those parties for whom she was petitioning, that they were creditors of the entities: a. BML Properties Ltd.; b. Baha Mar Operating Company Ltd.; c. Riviera Golf Ventures Ltd.; d. Baha Mar Entertainment Ltd.; e. Baha Mar Support Services Ltd.; f. Baha Mar Leasing Company Ltd.; and g. Baha Mar Sales Company Ltd. As a result, the Provisional Liquidator Summonses relating to the dismissed entities would be dismissed as well. As reported in the Troubled Company Reporter on Sept. 1, 2015, Stephanie Gleason, writing for The Wall Street Journal, reported that the bankruptcy judge for Baha Mar Ltd. on Aug. 28 outlined two possible middle-ground rulings on whether to dismiss the resort developer's bankruptcy case and said he would present his decision as soon as possible, likely in September. According to the report, Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del., heard arguments on motions from two Chinese national companies -- its lender, the Export-Import Bank of China, and its contractor, a China State Engineering Corp. subsidiary called China Construction America -- that want the case decided in Bahamian court. Judge Carey presented two possible alternatives to a simple confirmation or denial during the hearing: allowing the case to continue but requiring the Bahamian court to approve the bankruptcy plan as a stipulation for its confirmation, and suspending the proceeding rather than dismissing it outright, the report related. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The case is assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq., and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counselare Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. The Committee tapped Cooley LLP as its lead counsel, and Whiteford, Taylor & Preston LLC as its Delaware counsel. BAHA MAR: Judge Appoints Liquidator with Limited Power ------------------------------------------------------ Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review, reported that a judge in the Bahamas said a liquidator could take control of the stalled Baha Mar resort project to a liquidator, but limited the official's powers. According to the report, the Bahamian judge took the middle ground in a ruling, read in court on Sept. 4, that appoints a liquidator specifically for the purpose of preserving the assets of the $3.5 billion project, rather than authorizing the liquidator to develop a plan for completion of the project. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The case is assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq., and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counselare Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. The Committee tapped Cooley LLP as its lead counsel, and Whiteford, Taylor & Preston LLC as its Delaware counsel. BAHA MAR: Judge Presents Alternatives to Case Dismissal ------------------------------------------------------- Stephanie Gleason, writing for The Wall Street Journal, reported that the bankruptcy judge for Baha Mar Ltd. on Aug. 28 outlined two middle-ground rulings on whether to dismiss the resort developer's bankruptcy case and said he would present his decision as soon as possible, likely in September. According to the report, Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del., heard arguments on motions from two Chinese national companies -- its lender, the Export-Import Bank of China, and its contractor, a China State Engineering Corp. subsidiary called China Construction America -- that want the case decided in Bahamian court. Judge Carey presented two possible alternatives to a simple confirmation or denial during the hearing: allowing the case to continue but requiring the Bahamian court to approve the bankruptcy plan as a stipulation for its confirmation, and suspending the proceeding rather than dismissing it outright, the report related. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The case is assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq., and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counselare Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. The Committee tapped Cooley LLP as its lead counsel, and Whiteford, Taylor & Preston LLC as its Delaware counsel. =========== B R A Z I L =========== BRAZIL: Rousseff Denies Levy Is Isolated and Worn Out ----------------------------------------------------- Matthew Malinowski at Bloomberg News reports that Brazil's President Dilma Rousseff said her Finance Minister Joaquim Levy is not isolated and worn out, even after several of his recent proposals aimed at avoiding a sovereign credit rating downgrade were blocked. "This process of distorting and saying that Minister Levy is isolated and worn out is a disservice to the country," President Rousseff told reporters in Brasilia, Bloomberg News notes. "He is not at all. Within our government, he is not. We have the utmost respect for the minister, and for all the ministers in our economic area," President Rousseff added. Bloomberg News relays that the government is looking to reduce the budget deficit and overcome economic difficulties, President Rousseff said. While Brazil is maintaining its social programs, it is impossible to create new expenditures in this situation, she said, Bloomberg News notes. Bloomberg News says that Brazil's Congress has redoubled its opposition to Mr. Levy's austerity proposals as Latin America's biggest economy heads to its first two-year recession since 1931. The government reduced its estimate for budget savings for the second time this year amid political resistance to tax increases and budget cuts, together with a drop in tax revenue, Bloomberg News notes. Standard & Poor's has warned that backtracking on fiscal commitments would prompt a downgrade to junk. Officials scrapped efforts to revive the so-called CPMF tax on financial transactions, Bloomberg News discloses. Mr. Levy had said as recently as Aug. 29 that reintroducing that tax "would be good if it were used as a source of revenue for the health area for a few years," Bloomberg News notes. The government foresees a deficit next year excluding interest payments of BRL30.5 billion ($8.1 billion), or about 0.5 percent of gross domestic product, Planning Minister Nelson Barbosa said on Aug. 31, Bloomberg News notes. That compares with a target of 2 percent at the beginning of the year and a revised objective of 0.7 percent announced in July, Bloomberg News says. Moody's on Aug. 11 cut Brazil's credit rating by one level to Baa3, with a stable outlook, citing weak economic performance, rising debt and a lack of political consensus on reforms. Brazil is rated BBB- by S&P, which on July 28 changed the outlook to negative, indicating that a downgrade is more likely than an upgrade. BRAZIL: President Vows New Measures to Deal With Deficit -------------------------------------------------------- EFE News reports that Brazil President Dilma Rousseff vowed to take new measures to reduce the deficit her administration is projecting for 2016, without ruling out more spending cuts and additional taxes in Brazil. The 2016 budget unveiled projected Brazil's first-ever primary fiscal deficit, before payment of interest on the national debt, sparking controversy, according to EFE News. The administration presented a budget with a deficit with the idea of being "transparent" and showing that the economy "clearly has problems," Rousseff told reporters at a ceremony welcoming participants in the WorldSkills professional training competition, EFE News notes. The report notes that President Rousseff denied rumors that Finance Minister Joaquim Levy was leaving the Cabinet and said he was not unhappy with the government despite differences over the budget. The administration estimates that Brazil will post a budget deficit of BRL30.5 billion (about $8.4 billion), the equivalent of 0.50 percent of the gross domestic product, in 2016, the report relays. The report discloses that some opposition members have called on Congress to reject the budget and economists warned that credit rating agencies could downgrade Brazil's debt because of the budget shortfall. President Rousseff refused to rule out any measures to balance the budget, which posted a deficit in 2014 and is running below the administration's projections this year, the report notes. "No source of revenues" has been ruled out, President Rousseff said, the report relays. The budget adjustment measures already taken by the government "already had an effect" on the economy, which is in recession, President Rousseff said, the report notes. The government released a report showing that the GDP contracted 1.9 percent in the second quarter on top of a decline of 0.70 percent in the first quarter, meeting the technical definition of a recession, the report relays. Economists define a recession as six consecutive months of negative GDP, the report adds. CORRETORA SOUZA: Closes Operations Due to Economic Crisis --------------------------------------------------------- Denyse Godoy at Bloomberg News reports that Corretora Souza Barros Cambio e Titulos SA survived three coups, a sovereign default and hyperinflation that doubled prices every other month. But Brazil's second-oldest brokerage couldn't withstand today's crisis. After almost nine decades, only a few of the once 150-strong workforce remain at the company's mid-century offices in downtown Sao Paulo to tie up loose ends before closing its doors for good, according to Bloomberg News. In the end, the straw that broke Souza Barros' back and brokerages like it wasn't so dramatic as a military coup -- competition and a market that never quite lived up to its potential was enough to do the job, Bloomberg News discloses. In a note to clients and employees posted on its website, Souza Barros thanked "everyone who participated in these past 87 years," saying "we wouldn't have gotten here" without them, Bloomberg News says. Half of Brazil's 10 biggest brokerages have posted losses every year since 2012, even as the head of the BM&FBovespa SA declared that Latin America's biggest exchange was on course to lure 4.5 million new investors by 2015, Bloomberg News discloses. Instead, the bourse attracted fewer than 6,000. "The exchange is out of touch," Raymundo Magliano Filho, director of brokerage Magliano Corretora and former chief executive officer of the BM&FBovespa, Bloomberg News relays. "Instead of moving forward, we're going backward," Mr. Filho added. The BM&FBovespa's press office said in an e-mailed response to questions that the estimate to boost individual investors by 10- fold to 5 million by 2015 was based on "extraordinary" prospects for Brazil's economy in 2009, Bloomberg News notes. A worsening domestic outlook contributed to "a frustration of expectations," the response added. Overly Optimistic As BM&FBovespa CEO Edemir Pinto reiterated the 5 million target as recently as September 2014, it was becoming more and more obvious the goal was unobtainable, Bloomberg News notes. A BM&FBovespa study, conducted by the Getulio Vargas Foundation in 2010, placed the number closer to 1.19 million by December 2020 -- which would be twice the 558,000 investors the market has now. Even that is turning out to be overly optimistic: The estimate was based on average economic growth of 4.1 percent a year between 2010 and 2020, Bloomberg News relays. Instead, growth in Brazil has plummeted. Latin America's largest economy slid into a recession in the second quarter -- shrinking 2.6 percent -- and economists in a weekly Central Bank survey are forecasting the longest contraction since the 1930s, Bloomberg News discloses. A plunge in commodities prices and an emerging- market selloff coincided with a corruption scandal that has crippled Brazilian builders and left President Dilma Rousseff fighting for her political survival, Bloomberg News says. Bloomberg News notes that Magliano Corretora has fired two-thirds of its 105 brokerage employees in recent years, the firm's director said. SLW Corretora sold its portfolio to Guide Investimentos in March, joining more than 30 other firms that have exited the business since 2011, according to the Central Bank. Others are merging to weather the downturn, Bloomberg News relays. Sao Paulo-based Rico and the Brazilian unit of Caixa Geral de Depositos combined operations in July 2014, the same month that XP Investimentos bought Clear Corretora, Bloomberg News notes. Fearing the End For months, Souza Barros traders swapped whispers that the end was near, but it wasn't until the firm started selling its furniture that the worst was confirmed, said one former employee who asked not to be identified, Bloomberg News relays. "We see a bad scenario, with products sold in mass and price wars," the company's CEO, Carlos Alberto de Souza Barros, the grandson of the founder, told Valor Economico newspaper in May when announcing the decision to close. "That's not the way Souza Barros operates," Mr. Barros added. Today, investors are more likely to pull out of Brazil's market than jump in, notes the report. The Ibovespa stock index, which tumbled 2.5 percent Sept. 1, has lost 22 percent from its peak in May, Bloomberg News notes. The $888 million outflow from the iShares MSCI Brazil Capped ETF this year is the most from any exchange-traded fund in New York, Bloomberg News relays. "It's a huge challenge that the sector is facing now," Caio Villares, director of the brokerage Concordia Corretora and president of Ancord, the sector association, said from Sao Paulo, Bloomberg News relays. "The exchange has to work with brokerages on financial education to make the stock market more popular," Villares added. PETROLEO BRASILEIRO: Oil Workers Declare Strike in Brazil --------------------------------------------------------- EFE News reports that workers at Petroleo Brasileiro S.A., which accounts for nearly 12 percent of Brazil's gross domestic product, have declared an indefinite strike that was scheduled to start Sept. 4. The oil workers union said the strike was being staged to protest Petrobras's new business plan, which has resulted in "thousands of firings" at contractors and represents a "real dismantling of the company," according to EFE News The report notes that the union is also questioning Petrobras management's decision to sell "strategic assets," including a 25 percent stake in BR Distribuidora, a fuel distributor. The strike will affect administrative and operating units at Petrobras, which has about 86,000 employees in Brazil, and facilities belonging to the Transpetro subsidiary, union leaders said, the report relays. Petrobras, Brazil's largest corporation, is mired in a financial crisis caused by slumping oil prices, the government's price control policy and a wide-ranging corruption scandal that has led to the arrests of several former executives, the report notes. Petrobras's business plan calls for selling up to $15.1 billion in assets this year and in 2016, the report says. The company is trimming its operations, leading to large layoffs at suppliers and contractors in recent months, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 13, 2015, Moody's Investors Service affirmed all ratings for Petroleo Brasileiro S.A. (Petrobras) and ratings based on Petrobras' guarantee. This includes the affirmation of Petrobras' Ba2 senior unsecured debt rating. The company's b2 baseline credit assessment (BCA) is unchanged. The outlook is stable for Petrobras and its guaranteed debt. ========================== C A Y M A N I S L A N D S ========================== AZIND HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------- On July 23, 2015, the shareholders of Azind Holdings resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Aug. 3, 2015, will be included in the company's dividend distribution. The company's liquidator is: Harry J. Thompson P.O. Box 32315 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 946-4111 Facsimile: (345) 946-4222 AZPRO HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------- On July 23, 2015, the shareholders of Azpro Holdings resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Aug. 3, 2015, will be included in the company's dividend distribution. The company's liquidator is: Harry J. Thompson P.O. Box 32315 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 946-4111 Facsimile: (345) 946-4222 CQS CREDIT: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of CQS Credit Long Short Feeder Fund Limited received on Sept. 8, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Citco Trustees (Cayman) Limited 89 Nexus Way, Camana Bay Grand Cayman Cayman Islands FARADAY ADVISORS: Placed Under Voluntary Wind-Up ------------------------------------------------ On Aug. 7, 2015, the shareholders of Faraday Advisors Ltd 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: Amicorp Cayman Fiduciary Ltd c/o Daniella Skotnicki Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands FRAMMA INTERNATIONAL: Shareholders' Final Meeting Set for Sept. 14 ------------------------------------------------------------------ The shareholders of Framma International Ltd. will hold their final meeting on Sept. 14, 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 GROVE CREDIT: Placed Under Voluntary Wind-Up -------------------------------------------- On Aug. 7, 2015, the shareholders of Grove Credit Investments 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: Grove Services International Limited c/o Daniella Skotnicki Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands KRUNCH LIMITED: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Krunch Limited received on Sept. 8, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands OC 527: Placed Under Voluntary Wind-Up -------------------------------------- On Aug. 7, 2015, the sole shareholder of OC 527 Offshore Fund Ltd. 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: Nicola Cowan DMS Corporate Services Ltd. Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands RIVERCREST GLOBAL: Members' Final Meeting Set for Sept. 11 ---------------------------------------------------------- The members of Rivercrest Global Equity Fund Limited will hold their final meeting on Sept. 11, 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: Avalon Ltd. Landmark Square, 1st Floor, 64 Earth Close P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 SUNRISE MARINE: Placed Under Voluntary Wind-Up ---------------------------------------------- On Aug. 7, 2015, the shareholders of Sunrise Marine Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Ian Slack 26 New Street, St. Helier Jersey JE2 3RA Telephone: + 44 (0) 1534 814814 Facsimile: + 44 (0) 1534 814815 TREMBLANT SELECT: Placed Under Voluntary Wind-Up ------------------------------------------------ On Aug. 7, 2015, the sole shareholder of Tremblant Select Ltd 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: Tremblant Select Capital LP c/o Daniella Skotnicki Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands TURCHIA SECONDA: Shareholders' Final Meeting Set for Sept. 14 ------------------------------------------------------------- The shareholders of Turchia Seconda Inv. Ltd. will hold their final meeting on Sept. 14, 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 WEST GATE: Shareholders' Final Meeting Set for Sept. 11 ------------------------------------------------------- The shareholders of West Gate Strategic Income Fund I Master Fund, Ltd. will hold their final meeting on Sept. 11, 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: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher Telephone: (345) 814 9255 Facsimile: (345) 949 4647 94 Solaris Avenue Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Non-Oil Imports Boost Customs Aug. Revenue -------------------------------------------------------------- Dominican Today reports that the Customs Agency said August revenue was RD$7.66 billion(US$170.3 million), a 14.5% jump or RD$970.7 million, compared with the same month a year ago. Customs said August revenue was also 4.7% more than consigned in the Budget, or RD$7.3 billion, a RD$342.5 million windfall, mostly on non-oil imports, which grew 6.9% from January to July, according to Dominican Today. It said January to August revenue was RD$58.7 billion, a 15.4% increase, or RD$7.8 billion, compared to the same period last year, the report notes. ====================== P U E R T O R I C O ====================== TEMSCO INC: Sept. 14 Hearing on Bid to Dismiss Ch. 11 Case Set -------------------------------------------------------------- Judge Enrique S. Lamoutte Inclan of the United States Bankruptcy Court for the District of Puerto Rico, in an order dated Aug. 26, 2015, will convene a hearing on Sept. 14, 2015 at 10:00 A.M., if a timely opposition to the United States Attorney's Motion to Dismiss or Convert Temsco NC Inc.'s Chapter 11 case. The bankruptcy case is IN RE: TEMSCO NC INC., XX-XX7349, Chapter 11, Debtor(s), CASE NO. 13-06907 ESL (D.P.R.). A full-text copy of Judge Lamoutte Inclan's Decision is available at http://is.gd/uLpHLGfrom Leagle.com Temsco NC Inc. sought protection under Chapter 11 of the Bankruptcy Code on Aug. 24, 2013 (Bankr. D.P.R., Case No. 13- 06907). The case is assigned to Judge Enrique S. Lamoutte Inclan. The Debtor's counsel is Hector Eduardo Pedrosa Luna, Esq., at The Law Offices of Hector Eduardo Pedrosa Luna, in San Juan, Puerto Rico. =============================== S T. K I T T S & N E V I S =============================== * ST. KITTS & NEVIS: To Use US Foreign Account Tax Compliance Act ----------------------------------------------------------------- Caribbean360.com reports that government has signed the agreement with the United States of America to implement the Foreign Account Tax Compliance Act (FATCA) which will see St. Kitts and Nevis handing over information to the American government about citizens with bank accounts in the twin-island federation. Enacted by the US Congress in 2010, FATCA targets non-compliance by US taxpayers using foreign accounts, according to Caribbean360.com. It requires foreign financial institutions to report to the Internal Revenue Service information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest, the report notes. US Ambassador to Barbados, the Eastern Caribbean, and the Organization of Eastern Caribbean States Larry Palmer welcomed St. Kitts and Nevis' "commitment to enhancing global financial transparency by improving international tax compliance", noting that every year, tax evasion deprives governments of all sizes of much-needed resources to fund public services and investments, the report relates. "Today's signing marks a significant development in our nations' collaborative efforts to combat offshore tax evasion- an objective that mutually benefits our two countries," the report quoted Mr. Palmer as saying. "FATCA is yet one more example of the deep and substantial ways in which the economies of St. Kitts and Nevis and the United States are linked," Mr. Palmer said, the report notes. A statement from the US government said this kind of information exchange is a top priority, as access to information from international financial institutions is critically important to the full and fair enforcement of American laws, Mr. Palmer added. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: March Deadline to End London Service -------------------------------------------------------- RJR News reports that the end of March 2016 has reportedly been set as the deadline for Caribbean Airlines to discontinue its London service. A report in an issue of Trinidad & Tobago's Newsday says, although the company is insisting that a decision on the route has not been finalized, well-placed sources at Caribbean Airline's headquarters say it is a done deal, according to RJR News. Last month, reports surfaced about the possibility of the airline ending its Trans-Atlantic services for the second time, the report notes. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on March 19, 2015, RJR News said that Caribbean Airlines Limited is still facing an acute shortage of pilots. Trinidad's Newsday newspaper said the airline is still reeling from the loss of close to a dozen pilots from its Jamaican operations last year, forcing it to send Trinidadian pilots to operate some of the Jamaican routes to US destinations, according to RJR News. The TCRLA reported on Sept. 24, 2014, that Trinidad Express said Caribbean Airlines Limited will get a total of TT$1.8 billion support from the Government during the period 2013 and 2015. Finance Minister Larry Howai stated that the Caribbean Airlines management had informed him that the company expects to break-even in three years time. Mr. Howai, however, said that government would have to provide funds for CAL in 2015, 2016 and 2017. On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday, said that Caribbean Airlines is facing a loss. Minister Howai was hopeful the loss could be narrowed down to less than TT$100 million. Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million, the TCRLA reported on May 20, 2013. *********** 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 * * *