/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150916.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 16, 2015, Vol. 16, No. 183 Headlines A R G E N T I N A ARGENTINA: Creditors Want Access to $539MM Held at BoNY Mellon B A H A M A S BAHA MAR: Objects to Rosewood Hotels's Bid to Modify Stay ULTRAPETROL (BAHAMAS): S&P Lowers Rating to 'B-', Outlook Neg. B A R D B A D O S BARBADOS: S&P Affirms 'B' Sovereign Credit Rating; Outlook Neg. B R A Z I L SAMARCO MINERACAO: S&P Corrects Sr. Unsec. Notes Rating to BB+ C A Y M A N I S L A N D S AMG HOLDINGS: Creditors' Proofs of Debt Due Sept. 30 ASIA DORSET: Creditors' Proofs of Debt Due Sept. 28 DC HOLDINGS: Placed Under Voluntary Wind-Up GEGIAN INVESTMENT: Creditors' Proofs of Debt Due Sept. 21 GLS 193: Commences Liquidation Proceedings GLS GLOBAL: Commences Liquidation Proceedings HONUA REAL: Creditors' Proofs of Debt Due Sept. 21 OAKWOOD INVESTMENTS: Creditors' Proofs of Debt Due Sept. 23 PANTIL SECURITIES: Creditors' Proofs of Debt Due Sept. 21 RX PROPERTIES: Commences Liquidation Proceedings SKYSTREET INVESTMENT: Placed Under Voluntary Wind-Up SM TOPCO: Placed Under Voluntary Wind-Up YIELD STRATEGIES: Creditors' Proofs of Debt Due Sept. 21 C H I L E SOCIEDAD DE INVERSIONES: S&P Affirms 'B' Rating, Outlook Neg. P U E R T O R I C O PUERTO RICO: Help Country Access Bankruptcy, Treasury Told PUERTO RICO: Calls For Tax Changes, Spending Cuts in Debt Plan - - - - - ================= A R G E N T I N A ================= ARGENTINA: Creditors Want Access to $539MM Held at BoNY Mellon -------------------------------------------------------------- Jonathan Randles at Bankruptcy Law360 reported that attorneys representing bondholders who have obtained court judgments on defaulted Argentine debt urged the Second Circuit on September 11 to allow them to tap into $539 million held by Bank of New York Mellon Corp., arguing they should be afforded priority status over the country's other creditors. During a hearing in Manhattan, notes the report, counsel representing two groups of bondholders told a three-judge panel that it should overturn a 2014 order by U.S. Judge Thomas P. Griesa blocking them from tapping a substantial portion of the funds in the BNY Mellon account to satisfy the judgments. The appeal is part of a slew of litigation over Argentina's 2001 default on billions in investment bonds. Bankruptcy Law360 says creditors involved in the appeal are among a group that declined Argentina's previous exchange offers, which would have returned a fraction of their original investment, according to court papers. Most creditors agreed to the deal, though, and BNY Mellon serves as an indenture trustee to these so- called exchange bondholders. In June 2014, the report recalls, Argentina made a $539 million payment into BNY Mellon's accounts in the country's central bank to cover payments due on the exchanged bonds. However, the payments violated previous court orders requiring the country to make payments to major creditor NML Capital Ltd., giving rise to the current dispute. Throughout the hearing, the judges questioned the bondholders' position that they should be given a favored status over the exchange bondholders, the report relates. Judge Gerard Lynch repeatedly suggested that there was no evidence presented on the record to suggest the appealing bondholders should have a "superior interest" over other creditors who may be entitled to funds. According to the report, Anthony J. Costantini of Duane Morris LLP, who is representing a group of mostly Italian bondholders, suggested at the hearing that the distinction between the two groups of creditors is a matter of timing: Argentina's obligations to bondholders who obtained court judgments against the country came years before its obligations to the exchange bondholders. Meanwhile, Mirim Skolnik of Herzfeld & Rubin PC, who is representing another group of bondholders, argued that the entire transfer of funds to Bank of New York Mellon is illegal, and therefore the terms of the indenture trustee agreement don't apply to the funds, as the bank has indicated, says the report. "The transfer itself was illegal," the report quoted Skolnik as saying. The Second Circuit reserved judgment. The arguments come after the Second Circuit said creditors couldn't pin Argentina's failure to pay billions in defaulted debt and judgments on the country's central bank, adds the report. The Applestein plaintiffs are represented by Anthony J. Costantini and Suzan Jo of Duane Morris LLP. The Dussault plaintiffs are represented by Miriam Skolnik and David Hamm of Herzfeld & Rubin PC. Argentina is represented by Carmine D. Boccuzzi Jr. and Daniel Northrop of Cleary Gottlieb Steen & Hamilton LLP. * * * The Troubled Company Reporter-Latin America on June 9, 2015, reported that EFE News said U.S. District Judge Thomas Griesa has handed down a new decision against Argentina in a long-running debt case, ruling that the country must pay $5.4 billion to a group of "me-too" creditors based on an equal-treatment provision in their bond contracts. The more than 500 plaintiffs hold debt that Argentina defaulted on in 2001 and refused to join the vast majority of creditors in accepting steep haircuts in 2005 and 2010 restructurings. Judge Griesa ruled in 2012 in favor of another group of holdout bondholders led by two hedge funds -- NML Capital Ltd., a unit of Paul Singer's Elliott Management Corp., and Aurelius Capital Management -- ordering Argentina to pay them $1.3 billion plus interest. The TCR-LA, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court-appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, on Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. On Nov. 3, 2014, the TCR-LA related that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. On April 22, 2015, Moody's Investors Service expanded the portion of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating reflects the higher risk of default for both Argentina's restructured foreign legislation debt (as before) and, additionally now, its restructured local legislation foreign currency obligations, as compared with the risk of default on other debt instruments issued by Argentina. Argentina's local currency debt and its non-restructured foreign currency debt are rated Caa1. The debt that remains in default since Argentina's 2001 default is rated Ca. ============= B A H A M A S ============= BAHA MAR: Objects to Rosewood Hotels's Bid to Modify Stay --------------------------------------------------------- Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., et al., filed with the United States Bankruptcy Court for the District of Delaware, an objection to the motion of Rosewood Hotels and Resorts International Limited for an order modifying the automatic stay to allow termination of license agreement and related agreements with the Debtor Baha Mar Ltd. The Debtors said that as a matter of law, alleged non-monetary defaults may be cured if the default is not material or did not cause substantial economic harm. According to the Debtors, Rosewood's assertion that such defaults are "incurable," however, is incorrect as a matter of both fact and law. Notwithstanding Rosewood's conclusory and unsupported statements to the contrary, the Debtors said they either have the ability to cure the purported defaults, or are not required to cure them because they are neither material nor have caused substantial economic harm to Rosewood. In either event, these alleged defaults do not serve as a bar to the Debtors' potential assumption of the Rosewood Hotel Agreements. Any purported defaults under the Rosewood Hotel Agreements are capable of cure, or are not required to be cured to be assumed or assigned. Land ownership can be cured and Rosewood has suffered no demonstrable harm as a result of the technical default. The Debtors also said the technical default is capable of being cured upon assumption: Baha Mar Ltd. could cause its wholly owned subsidiaries to transfer the Land to Baha Mar Ltd. upon receipt of certain approvals by, among other third parties, the Government of The Bahamas. The Debtors also argued that modifying the stay will cause great prejudice to the Debtors. Rosewood fails to cite even a single fact to support its hollow assertion that the Debtors will not be "greatly prejudiced" by a modification of the automatic stay to allow Rosewood to terminate the Rosewood Hotel Agreements. To the contrary, lifting the automatic stay to allow Rosewood to terminate the Rosewood Hotel Agreements will cause significant harm to the Debtors. With the Project approximately 97% complete, keeping the various brand agreements, including Rosewood's, is critical. They are an integral part of what Baha Mar will be -- a 3.3 million square foot world-class resort complex consisting of many first-class amenities, four premier hotels, a convention center, golf course, spa and racquet club. Any potential acquirer of the Debtors' assets (or financier of the chapter 11 cases) would discount the value of the Debtors' estates (to the detriment of all creditors and parties in interest) if the Rosewood Hotel Agreements were terminated. The Official Committee of Unsecured Creditors filed its Joinder to the Debtors' objection to motion of Rosewood Hotels for an order modifying the automatic stay to allow termination of license agreement and related agreements with Debtor Baha Mar. The Committee said the request should be denied. Northshore Mainland Services Inc., et al. are represented by: Laura Davis Jones, Esq. James E. O'Neill, Esq. Colin R. Robinson, Esq. Peter J. Keane, Esq. 919 North Market Street, 17th Floor Wilmington, DE 19801 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com joneill@pszjlaw.com crobinson@pszjlaw.com pkeane@pszjlaw.com - and - Paul S. Aronzon, Esq. Mark Shinderman, Esq. MILBANK, TWEED, HADLEY & McCLOY LLP 601 S. Figueroa Street, 30th Floor Los Angeles, CA 90017 Tel: (213) 892-4000 Fax: (213) 629-5063 Email: paronzon@milbank.com mshinderman@milbank.com - and - Tyson M. Lomazow, Esq. Thomas J. Matz, Esq. Steven Z. Szanzer, Esq. MILBANK, TWEED, HADLEY & McCLOY LLP 28 Liberty Street New York, NY 10005 Tel: (212) 530-5000 Fax: (212) 530-5219 Email: tlomazow@milbank.com tmatz@milbank.com sszanzer@milbank.com The Official Committee of Unsecured Creditors is represented by: Christopher M. Samis, Esq. L. Katherine Good, Esq. WHITEFORD, TAYLOR & PRESTON LLC The Renaissance Centre, Suite 500 405 North King Street Wilmington, DE 19801 Tel: (302) 353-4144 Email: csamis@wtplaw.com kgood@wtplaw.com - and - Lawrence C. Gottlieb, Esq. Jeffrey L. Cohen, Esq. Richelle Kalnit, Esq. Jeremy Rothstein, Esq. COOLEY LLP 1114 Avenue of the Americas New York, NY 10036 Tel: (212) 479-6000 Email: lgottlieb@cooley.com jcohen@cooley.com rkalnit@cooley.com jrothstein@cooley.com 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 bankruptcy cases are 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 counsel are 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. ULTRAPETROL (BAHAMAS): S&P Lowers Rating to 'B-', Outlook Neg. -------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its ratings on Ultrapetrol (Bahamas) Ltd. to 'B-' from 'B'. At the same time, S&P lowered the issue-level rating on the company's senior secured notes to 'B-' from 'B'. The outlook on the issuer credit rating remains negative. The downgrade on Ultrapetrol's ratings mainly reflects S&P's expectation that it will continue to post free cash flow deficits for the next several quarters due to weak market conditions, while short term debt and capex, although reduced, will further weaken the company's liquidity position. The combination of lackluster performance and cash flow pressures from debt coming due will increase the company's refinancing risks over the next 18 months. The negative outlooks reflects S&P's view that ongoing weak performance driven by soft demand and challenging market conditions, coupled with Ultrapetrol's debt amortization schedule, will continue to deteriorate the company's liquidity position over the next few quarters. S&P could downgrade Ultrapetrol's ratings over the next six months if the company's debt refinancing plan does not unfold as expected in terms of improving liquidity. Although an upgrade is unlikely at this point, S&P could revise Ultrapetrol's outlook to stable if the company is able to present sustainably stronger liquidity, either because of improved market conditions that can drive stronger cash generation, or because the company finds adequate resources to offset the pressures of its short term obligations. ================= B A R D B A D O S ================= BARBADOS: S&P Affirms 'B' Sovereign Credit Rating; Outlook Neg. --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term sovereign credit ratings on Barbados. The outlook remains negative. S&P also affirmed its 'B' short-term sovereign credit ratings. The transfer and convertibility (T&C) assessment is unchanged at 'B'. RATIONALE Large fiscal deficits, a high debt burden that continues to rise, and narrower financing options constrain Standard & Poor's ratings on Barbados. Financing the government deficit continues to rely on official and central bank funding given a reduced appetite in both local and external capital markets. The government did, however, issue a small amount of savings bonds in the local market in June 2015. The National Insurance Scheme (NIS) is less able to finance the government than in the past because of its declining surpluses. Financing from local banks is increasingly based on shorter tenors and higher interest rates. The last government issuance in global capital markets was in 2013. The government succeeded in lowering the central government deficit to 7.3% of GDP by the end of March 2015, from 12.2% of GDP in the previous fiscal year ended March 2014. This is a significant reduction, reflecting the government's commitment. However, the government didn't fully meet its planned target of reducing transfers to public institutions--a critical, albeit difficult adjustment--by 2% of GDP. In general, budgetary supplementals -- or requests for additional spending at fiscal year-end by public institutions--have been a key source of slippage in recent years. S&P expected some slippage from official fiscal targets given the risks associated with this component. Moreover, S&P expected the weak economy would continue to weigh on revenue performance. Planned additional deficit reduction this year, toward an official central government deficit target of 4% of GDP, relies mostly on additional revenue measures, such as higher property and excise taxes and widening the value-added tax base, as well as further austerity at public institutions. S&P expects the general government deficit, which incorporates NIS surpluses that it estimated at about 2.5% of GDP in 2014-2015, to decline below 5% of GDP in fiscal 2015 and fiscal 2016, from 5% of GDP in fiscal 2014 and 9.8% in 2013. This decline reflects the government's ongoing fiscal consolidation plan. However, risks remain from a slow pickup in the economy, high unemployment, and potential spending pressures, such as the recent setback with labor unions. S&P expects the net general government debt burden to rise a bit further and stabilize at 88%-90% of GDP in 2015-2018 from 85% in 2014 and 78% in 2013. Barbados uses more than 15% of general government revenues to pay interest on its debt (excluding the interest that the government pays on government debt, which the NIS holds). Barbados has a stable, predictable, and mature political system, which has traditionally benefited from consensus on major economic and social issues. While consensus supports and acknowledges the need for adjustment, private-sector confidence in the government's ability to deliver has been mixed. This is reflected in delays in putting forth a comprehensive adjustment plan. Sharp fiscal deterioration and a decline in international reserves in 2013 prompted the government to take corrective actions. In August and December 2013, the government announced a series of adjustment measures that included tax increases (for the municipal tax, bank- assets tax, and consolidation tax), as well as spending cuts. About 3,000 public-sector employees, essentially at government agencies and state-owned enterprises (SOEs), were to be laid off. Cuts centered on the agencies and SOEs because control over their finances had been lax. To end this pattern, the government established a Special Oversight Committee on SOEs in 2014 to monitor and control their spending. This committee complements monitoring by the Management Accounting Unit of the Ministry of Finance and receives monthly status reports from the agencies and SOEs. S&P views this as a positive development, but ongoing execution is key. Given that arrears continued to build last year, with an incomplete stock outstanding of at least 4% of GDP, according to the International Monetary Fund, additional efforts to contain agencies' spending is important. Barbados' economic fundamentals remain weak, reflecting not only subdued global economic conditions, but also competitiveness and other structural shortcomings. Its narrow and open economy has continued to suffer since the 2008 global financial crisis. Real GDP growth declined, on average, 0.2% per year during 2010-2014. This year, S&P expects the economy to grow by about 1%, after growth of 0.2% in 2014. So far, growth is about 0.5% in the first half of the year, with tourism arrivals up 14%. Tourism from the U.S. and Canada (which, combined, are just under 40% of tourists) increased by 24% in the first six months of 2015, while tourism from the U.K. (the single largest market, making up more than one- third of total tourists) has showed strong growth. A reduction in airlifts to Barbados earlier in 2014 evened out, and tourism from the U.S. and Canada picked up since last year. Real GDP growth should increase somewhat this year to 1.2% and move toward 2% in 2016-2017. Although S&P expects investment in the tourism sector to pick up, uncertainty about the timing and extent of new projects remains. The most concrete project is a Sandals resort, which opened at the end of January 2015 and is currently planning a further expansion. The government extended the tax concessions it awarded to Sandals to other projects as well. A Hyatt hotel could start construction in October, delayed from earlier this year, and the same developer is looking to set up a Park Hyatt as well. Some, but not all, of the other villa and high-end residence projects appear set to advance as well. OUTLOOK The negative rating outlook reflects the potential for a downgrade if the government doesn't succeed in lowering its high fiscal deficit, if growth resulting from key investment projects fails to materialize, or if external pressures of persistent current account deficits mount. This scenario would likely lead to further deterioration in the availability of financing for large fiscal deficits. S&P could revise the outlook to stable if the government succeeds in reining in the deficit in line with its targets and maintains access to financing, especially from private creditors. This, in turn, would help improve government debt and interest burdens. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee agreed that key rating factors were unchanged. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. RATINGS LIST Ratings Affirmed Barbados Sovereign Credit Rating B/Negative/B Transfer & Convertibility Assessment B Senior Unsecured B =========== B R A Z I L =========== SAMARCO MINERACAO: S&P Corrects Sr. Unsec. Notes Rating to BB+ -------------------------------------------------------------- Standard & Poor's Ratings Services corrected its rating on Samarco Mineracao S.A.'s senior unsecured notes by lowering it to 'BB+' from 'BBB-'. The rating error occurred on Sept. 10, 2015, when S&P lowered its corporate credit ratings on Samarco following a downgrade of Brazil. The issue-level rating should have been lowered to mirror the new corporate credit rating because S&P rates the senior unsecured debt at the same level of the credit rating on Samarco. S&P expects to assign recovery ratings to Samarco's rated debt within 90 days from the date of the rating action on the issuer. ========================== C A Y M A N I S L A N D S ========================== AMG HOLDINGS: Creditors' Proofs of Debt Due Sept. 30 ---------------------------------------------------- The creditors of AMG Holdings Limited are required to file their proofs of debt by Sept. 30, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 14, 2015. The company's liquidator is: Peter Goulden Mourant Ozannes Cayman Liquidators Limited c/o Mourant Ozannes Attorneys-at-Law for the Company 94 Solaris Avenue Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Reference: NDL Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or ASIA DORSET: Creditors' Proofs of Debt Due Sept. 28 --------------------------------------------------- The creditors of Asia Dorset Fund are required to file their proofs of debt by Sept. 28, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 18, 2015. The company's liquidator is: Victor Murray P.O. Box 30116 Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 DC HOLDINGS: Placed Under Voluntary Wind-Up ------------------------------------------- On July 29, 2015, the shareholders of DC Holdings resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Ltd. Reference: GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square, 1st Floor, 64 Earth Close P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands GEGIAN INVESTMENT: Creditors' Proofs of Debt Due Sept. 21 --------------------------------------------------------- The creditors of Gegian Investment Ltd. are required to file their proofs of debt by Sept. 21, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 18, 2015. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand CaymanKY1-1203 Cayman Islands GLS 193: Commences Liquidation Proceedings ------------------------------------------ On Aug. 10, 2015, the sole shareholder of GLS 193 Fund, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Geoff Symonds 30 Chelsea Park Gardens London SW3 6AA United Kingdom Telephone: +44 2076593131 e-mail: gsymonds@glscapital.com GLS GLOBAL: Commences Liquidation Proceedings --------------------------------------------- On Aug. 7, 2015, the sole shareholder of GLS Global Opportunities Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Geoff Symonds 30 Chelsea Park Gardens London SW3 6AA United Kingdom Telephone: +44 2076593131 HONUA REAL: Creditors' Proofs of Debt Due Sept. 21 -------------------------------------------------- The creditors of Honua Real Estate Holdings Limited are required to file their proofs of debt by Sept. 21, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 17, 2015. The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman Ky1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 OAKWOOD INVESTMENTS: Creditors' Proofs of Debt Due Sept. 23 ----------------------------------------------------------- The creditors of Oakwood Investments Ltd are required to file their proofs of debt by Sept. 23, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 10, 2015. 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 PANTIL SECURITIES: Creditors' Proofs of Debt Due Sept. 21 --------------------------------------------------------- The creditors of Pantil Securities Ltd. are required to file their proofs of debt by Sept. 21, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 17, 2015. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand CaymanKY1-1203 Cayman Islands RX PROPERTIES: Commences Liquidation Proceedings ------------------------------------------------ On Aug. 18, 2015, the sole shareholder of RX Properties Fund Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Julien Leonard c/o Sophie Kassam Walkers (Dubai) LLP The Exchange Building, Fifth Floor Dubai International Financial Centre P.O. Box 506513 Dubai United Arab Emirates Telephone: +971 4 363 7919 SKYSTREET INVESTMENT: Placed Under Voluntary Wind-Up ---------------------------------------------------- On July 31, 2015, the sole member of Skystreet Investment Fund SPC 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: Kirsten Le Pape Turners Management Ltd. Strathvale House 90 North Church Street P.O. Box 2636 Grand Cayman, KY1-1102 Cayman Islands Telephone: +1 (345) 814 0721 SM TOPCO: Placed Under Voluntary Wind-Up ---------------------------------------- On July 29, 2015, the sole shareholder of SM Topco resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Ltd. Reference: GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square, 1st Floor, 64 Earth Close P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands YIELD STRATEGIES: Creditors' Proofs of Debt Due Sept. 21 -------------------------------------------------------- The creditors of Yield Strategies Fund II Master Fund, Ltd. are required to file their proofs of debt by Sept. 21, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 12, 2015. 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 ========= C H I L E ========= SOCIEDAD DE INVERSIONES: S&P Affirms 'B' Rating, Outlook Neg. ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' ratings on Sociedad de Inversiones Pampa Calichera S.A.. The outlook remains negative. The rating affirmation follows Pampa's announcement of a cash tender for up to $70 million of its outstanding $250 million senior secured notes that amortizes between 2018 and 2022. In accordance with S&P's criteria for distressed exchange and offers, it views the proposed cash tender offer as opportunistic. Although the company is offering less value than the original promise ($980 for each $1,000 of principal amount), S&P don't expect a conventional default in the near term, in case the investors don't accept the proposed offer. After the recent bank loan refinancing for approximately $84 million, the company will face only marginal maturities in the next 18 months. In addition, the transaction would help to improve Pampa's covenant cushion on its need to maintain a 3 times collateral on its bonds with a pledge of its Sociedad Quimica y Minera de Chile S.A.'s (SQM, BBB/Negative/--) shares, which is currently about 15%. ==================== P U E R T O R I C O ==================== PUERTO RICO: Help Country Access Bankruptcy, Treasury Told ---------------------------------------------------------- Maya Rajamani at Bankruptcy Law360 reports that Latino U.S. lawmakers urged the U.S. Department of the Treasury to help prevent an "economic catastrophe" in Puerto Rico, saying on Sept. 14 the agency must move beyond providing "technical assistance" and work to open bankruptcy protections to the commonwealth. In a letter penned by Rep. Nydia M. Velazquez, D-N.Y., eight Democratic legislators implored the Treasury to help resolve Puerto Rico's $73 billion in outstanding debt obligations by bringing creditors and debtors to the table, "as it did in the financial crisis of 2008," says the report. PUERTO RICO: Calls For Tax Changes, Spending Cuts in Debt Plan -------------------------------------------------------------- Chelsea Naso, writing for Law360, reports that Puerto Rico released a restructuring plan on Sept. 9 calling for spending cuts and sweeping corporate tax changes as the territory continues to grapple with $73 billion in debt. The five-year Fiscal and Economic Growth Plan, prepared by the Working Group for the Fiscal and Economic Recovery of Puerto Rico, encourages policymakers to amend the corporate tax regime, stimulate the labor force, revamp welfare programs and cut government spending, among other things, says Bankruptcy Law360. The report found that if Puerto Rico fails to take action, it will likely see a $27.8 billion financing gap between the 2016 and 2020 fiscal years. However, even if all the suggested changes are implemented, the report expects Puerto Rico to still see a $14 billion gap. Puerto Rico Gov. Alejandro Garcia Padilla highlighted the actions the territory has taken since the financial crisis, including raising tuition at the University of Puerto Rico, raising utility rates, raising taxes and implementing a sales tax for the first time, the report relates. Garcia also called on U.S. lawmakers to take action. "As in any jurisdiction, Washington also has a role in this effort," the report quotes Mr. Garcia as saying. "They have to hear the call that Puerto Ricans need to receive fair allocations of Medicaid and Medicare, that the decision of the IRS regarding contributions paid by foreign companies under Act 154 becomes permanent and that we must have a legal framework to meet the commonwealth's obligations in an orderly manner." He also cautioned creditors that if they don't willingly come to the table to discuss the territory's crippling debt, Puerto Rico will have to move forward without their input, Bankruptcy Law360 says. "If creditors are not willing to partake in this process, Puerto Rico will have no alternative but to proceed without them," he said, notes the report. "That path doesn't suit us, nor them, and will result in years of litigation and defaults and a major humanitarian crisis." The report comes after Puerto Rico in August urged the U.S. Supreme Court to take up an appeal seeking to revive legislation that would have allowed the territory's utilities to restructure $20 billion in debt, telling justices the situation is dire and it can't depend on Congress for help. The territory's petition seeks review of a First Circuit decision that held legislation passed by lawmakers in the territory to establish a restructuring regime was unconstitutional. Puerto Rican officials have said that if the legislation were blocked by the courts, it could force public utilities to cut back services and require more extreme austerity measures, notes the report. Puerto Rico's quest to implement its own restructuring regime has put a spotlight on the unusual way the U.S. has treated the territory, the report further notes. It passed legislation to create its own restructuring regime because unlike U.S. states, Puerto Rico is precluded from accessing Chapter 9 of the Bankruptcy Code, the same provision that Detroit and a handful of other cities have used to restructure their debts. However, adds Bankruptcy Law360, the First Circuit ruled this year that Puerto Rico -- although unable to access Chapter 9 -- is also preempted by a provision of the code from enacting its Recovery Act. Puerto Rico said that decision has put it in an untenable "no man's land" because the territory lacks any legal mechanism to restructure its debts, notes the report. *********** 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 * * *