/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150923.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 23, 2015, Vol. 16, No. 188 Headlines B R A Z I L BANCO FIBRA: Moody's Lowers Deposit Ratings to B3; Outlook Neg. INVESTIMENTOS E PARTICIPACOES: Fitch Affirms 'BB-' IDRs C A Y M A N I S L A N D S AES ANDRES: Fitch Affirms 'B+' Rating on USD284MM Bond ALPHA STAR: S&P Assigns Prelim. 'BB' Rating to Proposed US$ Cert. ASIA DORSET: Shareholders' Final Meeting Set for Sept. 28 FB TOP: Shareholders' Final Meeting Set for Oct. 5 GEGIAN INVESTMENT: Shareholders Receive Wind-Up Report GEMSTV HOLDINGS: Shareholders' Final Meeting Set for Sept. 30 GLS GLOBAL: Shareholders' Final Meeting Set for Sept. 24 GUANGCHENG FUND: Shareholders Receive Wind-Up Report HONUA REAL: Shareholders Receive Wind-Up Report JABCAP EVENT: Shareholders' Final Meeting Set for Oct. 26 JABCAP EVENT MASTER: Shareholders' Final Meeting Set for Oct. 26 PANTIL SECURITIES: Shareholders Receive Wind-Up Report RFC AIRCRAFT: Shareholder to Hear Wind-Up Report on Sept. 25 ROARING FORK: Shareholders' Final Meeting Set for Oct. 15 TWO OCEAN: Shareholders' Final Meeting Set for Sept. 28 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Haiti Trade Row Splits Big Business DOMINICAN REPUBLIC: Haiti Ban to Cost Exporters US$500MM in 1Yr EMPRESA GENERADORA: Fitch Affirms 'B+' Issuer Default Ratings J A M A I C A JAMAICA: Minister Dismisses Opposition's Criticism P E R U PETROPERU: Ombud Calls for Negotiated Solution to Oil Protests P U E R T O R I C O JOSE LUIS CRESPO LORENZO: Atty's Bid for Fees Payment Denied PUERTO RICO ELECTRIC: Pushes Off Bondholders Amid Talks - - - - - =========== B R A Z I L =========== BANCO FIBRA: Moody's Lowers Deposit Ratings to B3; Outlook Neg. --------------------------------------------------------------- Moody's Investors Service has downgraded Banco Fibra S.A.'s baseline credit assessment (BCA) to b3 from b1; long-term global local and foreign currency deposit ratings to B3 from B1; the long-term foreign-currency senior unsecured debt rating to B3 from B1; the senior unsecured medium term note (MTN) program (foreign currency) rating to (P)B3 from (P)B1; the long-term foreign- currency subordinated debt rating to Caa1 from B2; the long-term Brazilian national scale deposit rating to B1.br from Baa2.br; and the short-term Brazilian national scale deposit rating to BR-4 from BR-2. The outlook for its ratings remains negative. These ratings of Banco Fibra S.A. were downgraded: -- Long-term global local-currency deposit ratings to B3 from B1; negative outlook -- Long-term foreign-currency deposit rating to B3 from B1; negative outlook -- Long-term foreign-currency senior unsecured debt rating to B3 from B1; negative outlook -- Senior unsecured MTN program (foreign currency) rating to (P)B3 from (P)B1 -- Long-term foreign-currency subordinated debt rating to Caa1 from B2 -- Long-term Brazilian national scale deposit rating to B1.br from Baa2.br -- Short-term Brazilian national scale deposit rating to BR-4 from BR-2 These ratings and (CR) assessment were affirmed: -- Short-term global local-currency deposit ratings of Not Prime -- Short-term foreign-currency deposit rating of Not Prime -- Short-term MTN program (foreign currency) rating of (P) Not Prime -- Short-term counterparty risk (CR) assessment of Not Prime(cr) These assessments were downgraded: -- Baseline credit assessment to b3 from b1 -- Adjusted baseline credit assessment to b3 from b1 -- Long-term counterparty risk (CR) assessment to B2(cr) from Ba3(cr) RATINGS RATIONALE Fibra's b3 BCA reflects the continuity of high net losses. In the first half of 2015, the bank incurred negative results totaling BRL195 million, equivalent to 6.3% of its tangible banking assets. The losses are mainly attributed to the high levels of loan loss provisions, as well as the fact that the bank lacks sufficient scale to cover its operating expenses. In the context of adverse economic environment, Fibra's ability to achieve the break even in the next 12 to 18 months is very unlikely given the ongoing weight from loan loss provisions as well as the bank's limited capacity to increase the size of its balance sheet while maintaining an adequate risk profile. The negative asset risk pressures arising from Fibra's non-core running off legacy loans have steadily decreased in the past year. In the first half of 2015, these loans represented 12.5% of the bank's total loans, down from 35% in the prior year. However, the bank has continued to post mounting problem loans in its core corporate loan book. Moody's believes that this exerts additional pressure to asset risk and puts Fibra's ability to successfully execute its strategic realignment plan at risk. Recurring net losses have consistently reduced Fibra's capitalization, which however, has been only partially offset by recurring capital injections. As a result, the tangible common equity measured as a percentage of risk-weighted assets fell to just 2.8%, down from 6.0% in December 2014. In the absence of further capital injections, and assuming credit losses do not abate, Fibra's capitalization will likely be further consumed by negative results over the next 12 to 18 months. In terms of liquidity, Fibra has been employing efforts to improve its funding profile by accessing granular deposits and extending its funding duration. The bank also maintains an adequate amount of liquid resources, but will have to accumulate additional cash in advance of its upcoming USD150 million cross border bond maturity, in April 2016. In light of current adverse market conditions, a refinancing of the debt may be challenging. The B3 deposit and senior unsecured debt ratings are in line with Fibra's b3 BCA, and do not benefit from government support uplift because of the bank's very modest market share of domestic deposits. NEGATIVE OUTLOOK MAINTAINED The negative outlook incorporates the limited capacity for Fibra to deliver a profitability turnaround in the next 12 to 18 months and the likelihood that the bank will, therefore, incur in further capital pressures. The negative outlook also captures the risk that Fibra's weakening financial flexibility will affect its liquidity position and ability to attract deposits in light of a predominantly market-based funding. WHAT COULD MAKE THE RATING GO DOWN Fibra's BCA and ratings would face downward pressure should the bank be unable to reduce net losses and demonstrate the sustainability of its current business model. The rating would also be negatively weighted by a significant capital deterioration and failure of the bank to appropriately manage its liquidity. WHAT COULD MAKE THE RATING GO UP Earlier-than-expected capacity to generate positive results and stabilization of Fibra's capital ratios at appropriate levels would place positive pressures on its BCA and ratings. LAST RATING ACTION The last rating action on Banco Fibra S.A. was on June 12, 2015, when Moody's affirmed the bank's BCA of b1; the long-term local and foreign currency deposit ratings of B1; the long-term foreign- currency senior unsecured debt rating of B1; the foreign-currency senior unsecured debt MTN program rating of (P)B1; the long-term foreign currency subordinate debt rating of B2; the local and foreign-currency short-term ratings of Not Prime; the long-term Brazilian national scale deposit rating of Baa2.br; short-term Brazilian national scale deposit rating of BR-2. At the same time, the outlook on its ratings was changed to negative from stable. 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. Banco Fibra S.A. is headquartered in Sao Paulo, Brazil, and had total consolidated assets of BRL6.2 billion (USD2.0 billion) and shareholders' equity of BRL848 million (USD273 million), as of June 30, 2015. INVESTIMENTOS E PARTICIPACOES: Fitch Affirms 'BB-' IDRs ------------------------------------------------------- Fitch Ratings has affirmed Investimentos e Participacoes em Infraestrutura S.A. 0 Invepar's (Invepar) foreign- and local- currency Issuer Default Ratings (IDRs) at 'BB-' and Long-term National Scale rating at 'A(bra)'. The Rating Outlook is Stable. The ratings remain based on Invepar's strong portfolio of diversified assets in low-risk industries within Brazil's transportation infrastructure sector. These businesses enjoy strong long-term fundamentals, including higher resilience than industry peers during economic downturns, moderate- to high- profitability, and consequently, positive trends in dividend distribution as Invepar's subsidiaries mature. The ratings also take into consideration that Invepar will continue to be supported by its shareholders, which reduces the holding company's (holdco) current pressure related to short-term debt refinancing and equity requirements for the next two years. The proven financial support from its main shareholders supports this assumption, with about BRL3.2 billion in support since 2009. This explicit financial support is a key element of Invepar's capital structure, while the company receives an incipient amount of dividends at least for the next three years. The ratings are constrained by the company's highly leveraged capital structure at the holdco level and, on a consolidated basis, mostly through project finance debt at the operating project subsidiaries. KEY RATING DRIVERS HoldCo Debt High; Cash Flow Tight As of June 2015, the holdco had high debt of BRL1.1 billion to be served up to August 2016. New equity investment into its projects are expected, which should materially increase holdco debt by 2015. Fitch's base case scenario estimates that Invepar's current debt service will not be covered by dividends and should be supported by the shareholders. The dividends received by Invepar up to 2018 will come primarily from Linha Amarela S.A. (Lamsa, rated 'A(bra)'; Stable Outlook), Concessionaria Rio-Teresopolis (CRT, rated 'AA-(bra)'; Stable Outlook) and Concessao Metroviaria do Rio de Janeiro S.A (Metro Rio; from 2016 onwards). Fitch's projections estimate Invepar should receive BRL50 million-BRL100 million during 2015, increasing to about BRL100 million-BRL150 million in 2016, benefitting from the start of dividends from MetroRio. In 2014, Invepar received BRL102 million of dividends, BRL96 million from Lamsa and BRL6 million from CRT. Financial Flexibility Provided by Shareholders The support of these shareholders is a key rating consideration. Invepar put in place a significant expansion plan over the last three years, with relevant support from three of its four shareholders (corresponding to 75% of Invepar's capital). Between 2009 and 2012, these entities jointly provided Invepar with around BRL3 billion of cash to fund its growth. Fitch understands that potential support of shareholders is likely, based on the track record of capital injections since 2009. It mitigates the higher leverage at the holdco level and should result in a reduction in current refinancing risks, with long-term capital structure improvements. In addition to the three pension funds that are shareholders, Group OAS currently owns 25% of Invepar's stake. Fitch does not see material contamination from OAS's Chapter 11 process to Invepar's credity quality. Besides being a minority shareholder, Invepar has never depended on OAS's support. The sale of OAS's 25% shares of Invepar is likely to bring more flexibility to the other shareholders to continue its strategy of supporting Invepar. Low Business Risk and Growing EBITDA Invepar's ratings continue to reflect the group's diversified portfolio within Brazil's transportation infrastructure sector. The 15 subsidiaries owned by Invepar are well distributed in the toll road, airport, and mass transit segments, which generally provide stable and predictable cash flow generation. As of June 2015, 12 out of a total of 15 subsidiaries were operational. Invepar has reported significant increases in its consolidated EBITDA generation, resulting from the maturing of recent projects and the start-up of pre-operational assets. As of June 2015 LTM, pro forma EBITDA, which takes into account the proportional stakes of Invepar in its subsidiaries, more than doubled when compared to 2012, as a result of the development of some businesses, including Concessionaria Auto Raposo Tavares (CART), MetroRio, GRU Airport and VPR. During this period, pro forma EBITDA reached BRL1 billion, compared to BRL826 million in 2013 and BRL265 million in 2012, according to Fitch's calculation. Fitch expects Invepar's subsidiaries to generate BRL2 billion in net revenue, BRL1.3 billion EBITDAR, and BRL200 million of dividends by 2018. High Leverage Should Decline Gradually According to Fitch's base case scenario, Invepar's pro forma net adjusted debt-to-EBITDAR ratio is expected to remain high, close to 12x by the end of 2015. The high leverage levels are partially mitigated by the potential cash generation from the projects under development, which should bring net leverage to below 8.0x, by 2018. On June 30, 2015, on a pro forma basis, considering the proportional stake of Invepar in its assets, the company had total debt of BRL15.2 billion (including BRL6.01 billion in concession obligations) and cash and marketable securities of BRL 1.5 billion. The holdco's debt was BRL1.1 billion due in 2016, and had cash of BRL41 million. KEY ASSUMPTIONS -- Success in the company's strategy to refinance the BRL1 billion of holdco debt and the BRL2 billion of project bridge loans, over the next six to nine months; -- Brazil's GDP variation of -1.5%, in 2015 and +0.7% in 2016; -- Inflation rates of 7.4% in 2015 and 6.5% in 2016; -- Pro forma EBITDA margin on net revenues (excluding construction revenues) of 40% in 2015, increasing to 50% in 2016, according to Fitch's calculation. -- Pro forma net leverage-to-EBITDAR of 11.5x by 2015. RATING SENSITIVITIES Rating upgrades are unlikely in the medium term due to the challenges Invepar faces to improve its capital structure. Invepar's ratings could be downgraded if Invepar is not able to refinance its short-term debt over the next few quarters and if there should be evidence that shareholders' support weakened. Negative rating actions could occur if there is a significant deterioration in the group's operating performance, mainly from Lamsa and Metro RioAcquisitions, and investments financed by additional holding company debt could also trigger a negative rating action. LIQUIDITY Invepar's current liquidity is low. On a pro forma basis, as of June 30, 2015, Invepar had BRL3.1 billion of debt to be repaid over the next 12 months, including about BRL664 million at the holdco level and BRL1.8 billion of bridge loans on its projects. An additional BRL470 million at the holdco level will be due in August 2016. Invepar's pro forma cash on hand of BRL1.9 billion is committed, with future mandatory capex. Fitch foresees that Invepar's projects will be able to issue long- term debt in order to refinance the bridge loans, supported by their expected improving cash generation. Besides this, Fitch believes the holdco is likely to succeed in its plan to achieve a more conservative capital structure, lengthening its debt amortization schedule and cushioning its short-term pressures based on additional support from shareholders. FULL LIST OF RATING ACTIONS Fitch affirms the following ratings: -- Foreign- and local-currency Issuer Default Ratings (IDRs) at 'BB-'; -- Long-term national scale rating at 'A(bra)'. ========================== C A Y M A N I S L A N D S ========================== AES ANDRES: Fitch Affirms 'B+' Rating on USD284MM Bond ------------------------------------------------------ Fitch Ratings has affirmed the Foreign Currency Issuer Default Rating (FC IDR) of AES Andres Dominicana SPV (AES Dominicana) and its USD284 million bond due 2020 at 'B+'. The 'RR4' Recovery Rating assigned to the 2020 notes reflects the recovery rating cap of companies domiciled in the Dominican Republic. Additionally, Fitch has assigned an FC IDR of 'B+' to AES Andres B.V (AES Andres), and affirmed its National Scale rating at 'A+(dom)'. The Rating Outlook on both IDRs is Stable. KEY RATING DRIVERS AES Dominicana and AES Andres's ratings reflect the Dominican Republic's (DR) electricity sector's high dependency on transfers from the central government to service their financial obligations, a condition that links the credit quality of the distribution companies and generation companies to that of the sovereign. Low collections from end-users, high electricity losses and subsidies have undermined distribution companies' cash generation capacity, exacerbating generation companies' dependence on public funds to cover the gap produced by insufficient payments received from distribution companies. The ratings also consider the companies' solid asset portfolio, strong balance sheet, and well-structured purchase power agreements (PPAs). AES Dominicana SPV represents the combined operating assets of AES Andres and Dominican Power Partners (DPP), which jointly guarantee AES Dominicana's USD166 million notes due 2020. These notes are attached to Itabo Dominicana SPV's USD116 million notes, also rated 'B+'. DPP currently contributes only about 10% of combined AES Dominicana EBITDA, further tying AES Dominicana's operational rating drivers to Andres. In 2017, DPP is expected to complete a significant capacity expansion in the form of conversion to a combined-cycle plant, substantially increasing its proportional revenue and EBITDA contribution to the combined results of AES Dominicana. Sector's Dependence on Government Transfers High energy distribution losses (above 30% in last five years), low level of collections and important subsidies for end-users have created a strong dependence on government transfers. This dependence has been exacerbated by the country's exposure to fluctuations in fossil-fuel prices and energy demand growth (3.8% CAGR in 2009-2014). The regular delays in government transfers pressure working capital needs of generators and add volatility to their cash flows. This situation increases the risk of the sector, especially at a time of rising fiscal vulnerabilities affecting the Central Government's finances. High-Quality Asset Base AES Andres has the DR's most efficient power plant, and ranks among the lowest-cost electricity generators in the country. Andres' combined-cycle plant burns natural gas and is expected to be fully dispatched as a base-load unit as long as the liquefied natural gas (LNG) price is not more than 15% higher than the price of imported fuel oil No. 6. Moreover, AES Andres operates the country's sole LNG port, offering regasification, storage, and transportation infrastructure. In the medium term, the company is also looking to expand its transportation network and processing capacity for its LNG operations. By 2017, the aggregate capacity of AES Dominicana will increase by approximately 114MW as result of the development of a combined cycle facility in DPP's power plant. The construction of this project would start by the end of the year. Strong Credit Metrics AES Andres presents strong credit metrics for the rating category. At June 2015, total debt-to-LTM EBITDA was 1.1x, while total net debt-to-EBITDA stood at 0.7x as of 2Q15. Major maintenance in the first half of 2015 (1H15), and lower gas prices have pressured LTM EBITDA down to USD159 million in 2Q15 from USD187 million at year- end 2014. With the completion of major maintenance, Fitch expects moderate recovery in EBITDA at the Andres level in 2016. For AES Dominicana, total debt-to-LTM EBITDA was 1.3x as of 2Q15, while total net debt-to-EBITDA stood at 0.7x, versus 0.7x leverage and 0.2x net leverage for the same period last year. The weaker leverage is primarily due to a USD260 million credit facility that is being gradually drawn upon for capex at DPP. The company expects to have fully drawn down the facility by the end of 2016. Combined results at AES Dominicana will likely remain low in 2016 reflecting downtimes for the closing of DPP's cycle and the effect of lower gas prices on PPA indexation. Cash Flow Volatility Persists The sector's collections deficit and delays in government transfers continue to pressure company cash flow. For the LTM June 2015, AES Dominicana generated USD136 million of cash flow from operations (CFFO), above the USD66 million posted in the same period last year. This increase is mainly explained by inflows from accounts receivables and inventory reduction. Weaker EBITDA of USD172 million (versus USD226 million last year) primarily reflects lower spot sale revenues at AES Andres and DPP, as well as longer than expected maintenance downtime at AES Andres. RATING SENSITIVITIES A negative rating action to AES Andres and/or AES Dominicana would follow if the DR's sovereign ratings are downgraded, if there is sustained deterioration in the reliability of government transfers, and financial performance deteriorates to the point of increasing the combined Andres/DPP ratio of debt-to-EBITDA to 4.5x for a sustained period. A positive rating action could follow if the DR's sovereign ratings are upgraded or if the electricity sector achieves financial sustainability through proper policy implementation. LIQUIDITY AND DEBT STRUCTURE Higher Leverage in the Medium Term As of June 30, 2015, AES Dominicana had cash and marketable security holdings of USD109 million. Fitch is expecting gross leverage to peak briefly at over 3.5x during the next 18 months, as project-related debt is fully recognized. Incremental EBITDA related to these projects should bring leverage quickly back down to the 2.5x level thereafter. Fitch further expects AES Dominicana to maintain or extend its healthy maturity profile. KEY ASSUMPTIONS -- Major maintenance in 1Q15 at AES Andres -- Downtime of 45 days at DPP in 2016 as it converts to combined cycle with around 100MW of additional capacity effective January 2017 -- Lower natural gas prices and revenues related to NG sales in the near term -- Lower energy prices tied to NG price effects on PPA indexation -- Higher volume sales of NG in the medium term. FULL LIST OF RATING ACTIONS AES Andres B.V. -- Foreign Currency Issuer Default Ratings (IDRs) assigned at 'B+'; -- National Scale rating affirmed at 'A+(dom)'. The Rating Outlook is Stable AES Andres Dominicana SPV -- Foreign currency Issuer Default Ratings (IDRs) affirmed at 'B+' -- Senior unsecured notes rating affirmed at 'B+/RR4'. The Rating Outlook is Stable ALPHA STAR: S&P Assigns Prelim. 'BB' Rating to Proposed US$ Cert. ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary 'BB' issue rating to the proposed U.S. dollar-denominated sukuk trust certificates to be issued by Alpha Star Holding II Limited. Alpha Star Holding II Limited (the issuer) is a special purpose vehicle incorporated in Cayman Islands, which will enter into a $100 million sale and purchase agreement with group operating companies of Damac Real Estate Development Ltd. (Damac; BB/Stable/--), a Dubai-based residential property developer. On the closing date, 41% of the proceeds of the sukuk notes will be put toward a portfolio of Ijara (lease financing) agreements and the rest toward a Murabaha agreement. While the sukuk notes remain outstanding, at least 33% of the notes' outstanding face value shall be held in the Ijara portfolio. Under the guarantee undertaking, Damac is required, among other obligations, to make up any shortfall between the distribution amount (profit and principal) and the principal collections from the underlying assets, in case of a dissolution event, at a sufficient price to repay the sukuk holders. This price will be equivalent to the aggregate face amount of the certificates outstanding, plus any accrued but unpaid periodic distributions and any other amount payable by the trustee under the transaction documents. The preliminary rating on the sukuk reflects S&P's rating on Damac, since the proposed transaction fulfills the five conditions of S&P's criteria for rating sukuk: -- Damac will provide sufficient and timely contractual obligations for the repayment of the principal amount as well as the accrued but unpaid periodic distributions on the scheduled dissolution date or in case an early dissolution event occurs. Under the sukuk's terms and conditions, failure to pay any of the periodic profit distribution amounts constitutes an early dissolution event. This will trigger the guarantee, thereby accelerating payment of the sukuk if supported by at least 25% of the sukuk holders. -- Damac's obligations under the sukuk's terms and conditions are irrevocable. -- These obligations will rank pari passu with Damac's other senior unsecured financial obligations. -- Damac will undertake to cover all the costs related to the transaction through the servicing agency agreement and the guarantee undertaking for the benefit of Alpha Star Holding II Limited. -- S&P assess as remote the risk that a total loss event (TLE) could jeopardize the full and timely repayment of the sukuk. S&P's opinion is based on the fact that any TLE would typically be mitigated by the guarantee undertaking provided by Damac to provide full payment of principal and accrued profit upon such an event. In S&P's view, the proposed sukuk show limited structural subordination to the consolidated priority liabilities thanks to upstream irrevocable payment undertakings granted by certain operating companies to their holding company and the notes' guarantor, Damac. The documentation provides sukuk holders with a degree of stability in respect of the business of the operating companies that provide a guarantee, such that it restricts the obligors from representing less than 75% of the trade and other payables attributed to Damac on a consolidated basis. This should result in a ratio of priority liabilities to total assets sustainably below our 15% threshold for lowering S&P's issue ratings below the corporate credit rating on speculative-grade companies. Under S&P's criteria, it therefore equalizes the preliminary rating on the sukuk with S&P's long-term foreign currency issuer credit rating on Damac. The rating on the sukuk transaction is preliminary and based on draft documentation. Should the final documentation differ substantially from the draft, the rating on the sukuk could be changed. This report does not constitute a recommendation to buy, hold, or sell the certificates. Standard & Poor's neither structures sukuk transactions nor provides opinions with regards to compliance of the proposed transaction with Sharia. S&P's assessment is based on information as of Sept. 7, 2015. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating. The final rating will depend upon receipt and satisfactory review of all final transaction documentation, including legal opinions. Accordingly, the preliminary rating should not be construed as evidence of the final rating. If Standard & Poor's does not receive final documentation within a reasonable time frame, or if final documentation departs from materials reviewed, Standard & Poor's reserves the right to withdraw or revise its rating. ASIA DORSET: Shareholders' Final Meeting Set for Sept. 28 --------------------------------------------------------- The shareholders of Asia Dorset Fund will hold their final meeting on Sept. 28, 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: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands c/o Victor Murray Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 FB TOP: Shareholders' Final Meeting Set for Oct. 5 -------------------------------------------------- The shareholders of FB Top Select China Columbus Fund will hold their final meeting on Oct, 5, 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: Gonzalo Jalles Telephone: (345) 949 8599 Harneys, Harbour Place 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands GEGIAN INVESTMENT: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Gegian Investment Ltd. received on Sept. 21, 2015, 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 GEMSTV HOLDINGS: Shareholders' Final Meeting Set for Sept. 30 ------------------------------------------------------------- The shareholders of Gemstv Holdings Limited will hold their final meeting on Sept. 30, 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: Margot Macinnis c/o Christopher Smith Telephone: +1 (345) 815 8414 Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237, KY-1205 Cayman Islands GLS GLOBAL: Shareholders' Final Meeting Set for Sept. 24 -------------------------------------------------------- The shareholders of GLS Global Opportunities Master Fund, Ltd. will hold their final meeting on Sept. 24, 2015, at 10:15 a.m. (London time), to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Geoff Symonds 30 Chelsea Park Gardens London SW3 6AA United Kingdom Telephone: +44 2076593131 e-mail: gsymonds@glscapital.com GUANGCHENG FUND: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Guangcheng Fund Management Co., Ltd. received on Sept. 22, 2015, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HONUA REAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Honua Real Estate Holdings Limited received on Sept. 22, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands JABCAP EVENT: Shareholders' Final Meeting Set for Oct. 26 --------------------------------------------------------- The shareholders of Jabcap Event Driven Fund Limited will hold their final meeting on Oct, 26, 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: Highwater Limited c/o Nicole Gagliano Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman, KY1-1207 Cayman Islands JABCAP EVENT MASTER: Shareholders' Final Meeting Set for Oct. 26 ---------------------------------------------------------------- The shareholders of Jabcap Event Driven Master Fund Limited will hold their final meeting on Oct. 26, 2015, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman, KY1-1207 Cayman Islands PANTIL SECURITIES: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Pantil Securities Ltd. received on Sept. 21, 2015, 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 RFC AIRCRAFT: Shareholder to Hear Wind-Up Report on Sept. 25 ------------------------------------------------------------ The sole shareholder of RFC Aircraft Leasing 7 (Cayman) Ltd. will receive on Sept. 25, 2015, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Padraig Hoare 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815 1415 Facsimile: (345) 949-9876 ROARING FORK: Shareholders' Final Meeting Set for Oct. 15 --------------------------------------------------------- The shareholders of Roaring Fork Offshore Fund, Ltd will hold their final meeting on Oct. 15, 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: 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 TWO OCEAN: Shareholders' Final Meeting Set for Sept. 28 ------------------------------------------------------- The shareholders of Two Ocean Global Equities Ltd. will hold their final meeting on Sept. 28, 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: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Haiti Trade Row Splits Big Business ------------------------------------------------------- Dominican Today reports that the latest dispute over trade between the Dominican Republic and Haiti has spurred a rift within the country's National Business Council (Conep), where its president Rafael Blanco said they'll not negotiate over imports to that country in exchange for talks over the issue of illegal immigration while its first vice president called for the dialogue to resume to ease the deadlock. Conep Vice President Ligia Bonetti said she favors a continued dialogue between Santo Domingo and Port-au-Prince and urged the Binational Council to talks to end the recent difficulties over trade, according to Dominican Today. The report notes that Ms. Bonetti said the Haiti government's ban on 23 Dominican-made products transported by land in effect since October last year, significantly harm trade, specifically the sectors which sell those goods. "We've always talked about keeping an open dialogue, respect the agreements that we've reached and in this case was an agreement between Haiti and Dominican Republic. We urge the Quisqueya Binational Council, which is composed of business leasers from both countries to again sit to dialogue because they definitely have violated the agreements and we haven't been informed of this legislation or this new decree. We hope that this is resolved, because (it) ultimately affects the two countries," Ms. Bonetti said, the report relates. The business leader spoke during a press conference by CONEP to state its position on Public Notaries Law 140-15, which Bonetti said the business sector expects it will be repealed, the report adds. DOMINICAN REPUBLIC: Haiti Ban to Cost Exporters US$500MM in 1Yr --------------------------------------------------------------- Dominican Today reports that Dominican Exporters Association (Adoexpo) president Sadala Khoury warned that if Haiti's ban on domestic products lasts one year, the country would lose out on around US$500.0 million in exports to that country. Mr. Khoury made the statement during a meeting with the World Bank over the Haitian government's measure, which he called arbitrary, and will jeopardize the neighboring country's consumers, according to Dominican Today. The report notes that Mr. Khoury said that the World Bank will provide technical and financial assistance to promote exports to other countries such as Jamaica. EMPRESA GENERADORA: Fitch Affirms 'B+' Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed the local and foreign currency Issuer Default Ratings (IDR) for Empresa Generadora de Electricidad Itabo at 'B+'. The rating Outlook is Stable. The rating action includes the affirmation of the 'B+/RR4' rating on the associated bond due in 2020 from Itabo Dominicana SPV. KEY RATING DRIVERS Itabo's ratings reflect the electricity sector's high dependency on transfers from the central government to service its financial obligations, a condition that links the credit quality of the distribution companies (EDEs) and generation companies to that of the sovereign. Low collections from end-users, high electricity losses and subsidies have undermined distribution companies' cash generation capacity, exacerbating generation companies' dependence on public funds to cover the gap produced by insufficient payments received from distribution companies. Itabo's ratings also consider its low cost generation portfolio, strong balance sheet and well-structured PPAs, which contribute to strong cash flow generation and bolster liquidity. Sector's Dependence on Government Transfers High energy distribution losses (above 30% in last five years), low level of collections and important subsidies for end users have created a strong dependence on government transfers. This dependence has been exacerbated by country's exposure to fluctuations in fossil-fuel prices and a robust energy demand growth (3.8% CAGR in 2009 - 2014). The regular delays in government transfers pressure working capital needs of generators and add volatility to their cash flows. This situation increases the risk of the sector, especially at a time of rising fiscal vulnerabilities affecting the Central Government's finances. Continued Working Capital Pressure For the LTM ended in June 2015, Itabo generated negative USD3.8 million of CFFO, compared to USD51.5 million at year-end 2014. Like other generators in the country, the company struggles to collect receivables from distribution companies, and the weaker cash flow metrics reflect significant working capital outflows related to lags in government transfers. At the end of 2Q15, receivable days stood at 191 days (vs. 175 in December 2013). Fitch expects the continuation of arrears accumulation to add further volatility to Itabo's cash flow generation in the future. Low Cost Asset Portfolio Itabo's ratings incorporate its strong competitive position as one of the lower cost thermoelectric generators in the country, ensuring the company's consistent dispatch of its generation units. The company operates two low cost coal fired thermal generating units and a third peaking plant that runs on Fuel Oil #2 (San Lorenzo) and sells electricity to three distribution companies in the country through long term U.S. dollar denominated PPAs. The company expects to remain as a base load generator even after a 700 MW coal generation project, sponsored by the government, starts operations by 2017. Adequate Credit Metrics The company presents strong credit metrics for the rating category. LTM Leverage, measured as total debt to EBITDA, increased to 1.6x at June 2015 from 1.4x at December 2014. In the same period, EBITDA decreased to USD 74.6 million from USD 81.5 million while the EBITDA margin fell slightly to 35.3% from 36.9%. The decrease reflects lower coal prices, to which prices on contract sales are linked, and lower overall generation in the first half of 2015. RATING SENSITIVITIES A negative rating action would follow if the DR's sovereign ratings are downgraded, if there is sustained deterioration in the reliability of government transfers, and if financial performance deteriorates to the point of increasing the ratio of Debt-to- EBITDA to 4.5x for a sustained amount of time. A positive rating action could follow if the DR's sovereign ratings are upgraded or if the electricity sector achieves financial sustainability through proper policy implementation. LIQUIDITY AND DEBT STRUCTURE Debt Structure Adds Flexibility The company's debt structure is quite manageable with a six year average life which properly contributes to the reduction of liquidity risk. As of June 30, 201, Itabo's cash and marketable security holdings stood at of USD29 million providing sufficient liquidity to meet operational and financial needs. KEY ASSUMPTIONS -- No material unplanned stoppages in 2H15; possibility of continued climatological impacts on an annual basis -- Demand growth of approx. 3% -- Fuel prices to remain low in the near- to medium-term -- Factoring agreements result in working capital inflows in the near term FULL LIST OF RATING ACTIONS Fitch affirms the following ratings: Empresa Generadora de Electricidad Itabo -- Foreign and local currency IDRs at 'B+'. The Rating Outlook is Stable. Itabo Dominicana SPV -- 2020 Senior Unsecured Notes rating at 'B+/RR4'. ============= J A M A I C A ============= JAMAICA: Minister Dismisses Opposition's Criticism -------------------------------------------------- RJR News reports that Jamaica Finance Minister Dr. Peter Phillips has scoffed at criticism by the Parliamentary Opposition that the Jamaican economy is not performing up to par. He contends that this critique is without basis. "Things are moving in the right direction, on all counts," he asserted in an interview with RJR News, contrasting that with what he said was the opposite situation when the Jamaica Labor Party was last in government, according to RJR News. "So, I expect them to say everything negative that they can about the country," the report quoted Dr. Phillips as saying. According to Dr. Phillips, the economy is heading in the right direction, the report notes. "We have now the platform for sustained growth and job creation; what we really have to do is built on the foundation that we have laid, and to achieve the greater gains," Dr. Phillips said, the report relates. Dr. Phillips admitted that "it has been very, very difficult to achieve the stabilization of the economy," the report adds. * * * 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. ======= P E R U ======= PETROPERU: Ombud Calls for Negotiated Solution to Oil Protests -------------------------------------------------------------- EFE News reports that the Peruvian Ombud's Office called on the national government to immediately form a commission tasked with negotiating with indigenous leaders in the northern Amazon region of Loreto, where protesters have halted operations at oil block 192 -- the country's largest -- and shut down a nearby airfield. In a statement, it said that commission needs to reach agreement with the Indians on the basic conditions for "a dialogue process" involving Cabinet ministers overseeing areas pertaining to items on the indigenous agenda, the regional government and representatives of local communities, according to EFE News. The national ombud's office also called on indigenous organizations to refrain from actions that could lead to confrontations among native peoples, the report notes. Hundreds of Peruvian Indians have shut down operations at block 192 and the nearby Andoas airfield since Saturday to press demands that the government address their environmental and territorial concerns, an indigenous leader, Carlos Sandi, confirmed in remarks to EFE. That block, which yields some 11,000 barrels of crude per day, accounts for 17 percent of domestic oil output. Indians do not oppose oil drilling but they want to "live a healthy life, with water suitable for human consumption, health and education," Mr. Sandi said, the report relates. EFE News says that the government called on indigenous leaders to end their occupation and reiterated that state-owned oil company Petroperu lacks the financial and technical means to operate the block, despite native communities' calls for it to do so. Argentine oil company Pluspetrol operated the block from 2001 until July of this year and was periodically accused by local Indians of polluting their territories and not living up to their environmental remediation obligations, the report relays. Peru's Congress passed a bill earlier this month authorizing Petroperu to develop block 192 despite the vehement opposition of President Ollanta Humala's administration, which objects to canceling a two-year concession contract awarded in August to Canada's Pacific Stratus Energy, the report adds. ====================== P U E R T O R I C O ====================== JOSE LUIS CRESPO LORENZO: Atty's Bid for Fees Payment Denied ------------------------------------------------------------ Judge Edward A. Godoy of the United States Bankruptcy Court for the District of Puerto Rico, in an opinion and order dated Aug. 31, 2015, denied the motion filed by Jose Miguel Perez Villanueva, an attorney who represented debtor Jose Luis Crespo Lorenzo and his non-filing companion in a prepetition expropriation suit in local court, seeking to withdraw funds consigned with the bankruptcy court as payment for attorney's fees owed to him for work performed on the expropriation case. The case is IN RE: JOSE LUIS CRESPO LORENZO, Chapter 11 Debtor, CASE NO. 14-04720 EAG (Bankr. D.P.R.). A full-text copy of Judge Godoy's Decision is available at http://tinyurl.com/nq4a6x4from Leagle.com. Jose Luis Crespo Lorenzo, Debtor, represented by Jose Ramon Cintron. PUERTO RICO ELECTRIC: Pushes Off Bondholders Amid Talks ------------------------------------------------------ Pete Brush at Law360.com reports that Puerto Rico's public power utility said it has been able to extend a forbearance agreement with certain bondholders through Oct. 1 and has a separate forbearance extension with fuel line lenders that lasts through Sept. 25, but it appeared to be struggling to hold increasingly impatient bond insurers at bay. Monoline insurers were not parties to the extension agreements, the Puerto Rico Electric Power Authority said, though it said it was working with those investors as well, according to Law360.com. * * * The Troubled Company Reporter on Feb. 4, 2015 reported that Standard & Poor's Ratings Services said it maintained its 'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA) power revenue bonds on CreditWatch with negative implications. S&P originally placed the rating on CreditWatch on June 18, 2014. On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the $8.6 billion of Puerto Rico Electric Power Authority (PREPA) power revenue bonds on Negative Rating Watch. The bonds are currently rated 'CC'. As reported in the Troubled Company Reporter on Sept. 19, 2014, Moody's Investors Service has downgraded the rating for Puerto Rico Electric Power Authority's (PREPA) $8.8 billion of Power Revenue Bonds to Caa3 from Caa2. This rating action concludes the rating review that Moody's initiated on July 1, 2014. PREPA's rating outlook is negative. *********** 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 * * *