/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/151002.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, October 2, 2015, Vol. 16, No. 195 Headlines A R G E N T I N A BNB SAFI: Moody's Assigns B-bf Global Scale Bond Fund Rating CRESUD SACIF: Fitch Affirms Then Withdraws 'CCC' IDR FORTALEZA LEASING: Moody's Assigns '(P)B2' Global Scale Rating VTR FINANCE: S&P Affirms 'B+' CCR, Outlook Stable B R A Z I L JBS SA: Fitch Raises IDR to 'BB', Outlook Stable RIO OIL: Fitch Lowers Rating on USD2BB Notes to 'BB+' MARFRIG GLOBAL: Could Buy Back Up to $701.3 Million in Global Debt MARFRIG GLOBAL: S&P Affirms 'B+' CCR, Outlook Stable C A Y M A N I S L A N D S AMOIXA LIMITED: Shareholders' Final Meeting Set for Oct. 23 BRUNSWICK PARTNERS: Shareholders' Final Meeting Set for Oct. 12 COLONIAL INVESTMENTS: Shareholders' Final Meeting Set for Oct. 13 FIRST STATE: Shareholders' Final Meeting Set for Oct. 7 FIRST STATE DIVERSIFIED: Members' Final Meeting Set for Oct. 7 LEILI HOLDINGS: Sole Shareholder to Hear Wind-Up Report on Nov. 13 MMI INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 7 NET PUBLISHING: Shareholders' Final Meeting Set for Oct. 7 SWINTON LIMITED: Shareholders' Final Meeting Set for Oct. 15 TRISKELE CHINA: Shareholder to Hear Wind-Up Report on Oct. 12 C H I L E CHILE: Sets 70% Non-Conventional Renewable Energy Target for 2050 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Haitian Migration by The Numbers J A M A I C A JAMAICA: Fast, But Not Quite on Target, IMF on Debt Decline M E X I C O OFFICE DEPOT: S&P Affirms 'BB' CCR, Outlook Stable P E R U BPZ RESOURCES: Court Approves Ferrero Abogados as Peruvian Counsel P U E R T O R I C O IGLESIA EPISCOPAL: S&P Raises Rating to 'CCC+', Outlook Stable PUERTO RICO: Demands Same Bankruptcy Help That States Get T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Economist Not Surprised at Contraction TRINIDAD & TOBAGO: Concerns Raised on "Stagnant" Position X X X X X X X X LATAM: Downward Trend Continues for Corporates, Fitch Says - - - - - ================= A R G E N T I N A ================= BNB SAFI: Moody's Assigns B-bf Global Scale Bond Fund Rating ------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo has assigned bond fund ratings to Futuro Asegurado Fondo de Inversion Abierto Largo Plazo (FIA LP), a soon-to-be launched Bolivian fund that will be managed by local asset manager BNB SAFI. The ratings assigned are as follows: -- Global scale bond fund rating: B-bf -- National scale bond fund rating: A-bf.bo Rating Rationale "The fund ratings are based on Moody's expectation that Futuro Asegurado will maintain more than 50% of its invested assets in local currency corporate bonds and treasury bonds issued by the Bolivian Central Bank that have an average rating of B/Aa.bo- A.bo. The remainder of the fund's assets are expected to be allocated to similarly rated time deposits and other highly liquid investments. The ratings are further supported by Moody's expectation that the fund manager will maintain a long-term portfolio duration above five years," said Moody's lead analyst Carlos de Nevares. The rating agency noted that the fund will target a return on par with the average yield for 5-year time deposits. In addition, the fund prospectus stipulates that redemptions within the first three years of the fund's life will carry a 10% penalty on accrued interest. All fund redemptions are monthly. The new fund expects key shareholders to be individuals (mainly young families) seeking protection against local inflation. BNB SAFI, the asset management arm of the BNB financial group, has been among the top asset gathers in the local mutual fund industry. As of August 2015, BNB SAFI managed approximately UD$251 million, making it the largest asset manager of local open ended funds in Bolivia with a 24% market share. CRESUD SACIF: Fitch Affirms Then Withdraws 'CCC' IDR ---------------------------------------------------- Fitch Ratings has affirmed and withdrawn the ratings for Cresud S.A.C.I.F. y A. The Rating Outlook for the local currency Issuer Default Rating (IDR) was Negative at the time of the withdrawal. Fitch has chosen to withdraw Cresud's ratings for commercial reasons. KEY RATING DRIVERS Fitch will no longer provide rating or analytical coverage of this issuer. RATING SENSITIVITIES No longer relevant as the ratings have been withdrawn. FULL LIST OF RATING ACTIONS Fitch has affirmed and withdrawn these ratings: Cresud S.A.C.I.F. y A. (Cresud). -- Foreign currency long-term IDR at 'CCC'; -- Local currency long-term IDR at 'B-' FORTALEZA LEASING: Moody's Assigns '(P)B2' Global Scale Rating -------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned a B2 global scale and a Aa3.bo national scale corporate family ratings to Fortaleza Leasing S.A. (LFO). Moody's has also assigned a (P)B2 global scale and a Aa3.bo national scale debt ratings to LFO multicurrency MTN program. In addition, Moody's has assigned a B2 global scale and a Aa3.bo national scale debt ratings to the first two takedowns under the program as well as a (P) Not Prime global scale and a BO-1 national scale short term debt ratings to LFO's short term debt program. All the ratings carry a stable outlook. The following assessments and ratings were assigned to Fortaleza Leasing S.A.: Standalone Baseline Credit Assessment: b3 Adjusted Baseline Credit Assessment: b2 Global Corporate Family Ratings: B2 Bolivian National Scale Corporate Family Ratings: Aa3.bo Global Local and Foreign Currency MTN Debt Ratings: (P)B2 Bolivian National Scale Local and Foreign Currency MTN Debt Ratings: Aa3.bo Global Local Currency Debt Rating: B2 Bolivian National Scale Local Currency Debt Rating: Aa3.bo Global Short Term Local and Foreign Currency Debt Ratings: (P) Not Prime Bolivian National Scale Short Term Local and Foreign Currency Debt Ratings: BO-1 RATINGS RATIONALE Fortaleza Leasing's B2 Corporate Family Rating derives from the company's b3 baseline credit assessment and incorporates a one notch uplift as a result of Moody's assumptions about affiliate potential support to be provided by its parent, Banco Fortaleza S.A. (rated B2). The assessments and the ratings reflect the company's low income diversification as a result of its monoline business model, which constrains earnings generation capacity, and incorporate the risks associated with a liability structure mainly reliant on market funds. They also consider the company's well-established franchise and positioning in the small and developing leasing industry in Bolivia, its sound capitalization, manageable asset quality indicators and experienced management team. Moody's noted that as a part of Grupo Fortaleza, LFO benefits from Banco Fortaleza's franchise recognition in the small and medium enterprises (SME) segment in which it specializes, as well as from its shared risk management practices. Capital levels have remained adequate despite double digit growth evidenced in the past as the company continues to reinvest a high proportion of earnings to support its expansion plans. As of June 2015, tangible common equity represented 12.9% of total assets. The company's non-performing loan (NPL) ratio is the highest among leasing companies in Bolivia, although it remains manageable at 2.8% as of June 2015. NPLs are mostly explained by delinquencies in the microfinance segment, to which other leasing companies are less exposed. LFO's portfolio is well diversified by industry and benefits from relatively high granularity; the company has been reducing its exposure to microfinance in recent years as it shifts towards the SME market. Profitability has been weak, as reflected in LFO's return on average assets of 0.89% as of June 2015. In spite of the fact that LFO's interest margins have been shrinking slightly in recent years, they remain high -- at 8.4% as of June 2015 - because lending rates in the leasing industry are not subject to regulatory caps as opposed to those applicable to banking loans. However, bottom-line net income has been affected by high operating expenses, at levels of 69% of income as of June 2015. Fortaleza Leasing's funding structure is mainly reliant on credit lines from financial institutions and debt issuances in the local market, which exposes the company to refinancing and interest rate risk. The company's liquidity metrics are moderate as reflected in its liquid assets to total assets ratio of 5% as of June 2015. However, LFO shows a balance sheet with limited mismatches in its term structure. The ratings could face downward pressure if the operating environment deteriorates, affecting the entities' business prospects, asset quality, profitability or capitalization and/or if Banco Fortaleza's ratings, which is the affiliate support provider, are downgraded. LFO's ratings could face upward pressure if Banco Fortaleza's ratings are upgraded. Headquartered in La Paz, Fortaleza Leasing is Bolivia's third largest leasing company in terms of loans, with assets of Bs130 million and shareholders' equity of Bs16 million as of June 30, 2015. VTR FINANCE: S&P Affirms 'B+' CCR, Outlook Stable ------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'B+' corporate credit rating on Chilean telecom and cable company VTR Finance B.V. The outlook is stable. S&P also affirmed its 'B+' issue rating on VTR's $1.4 billion senior notes due 2024. The ratings affirmation reflects S&P's view of the company's revenue and cash flow predictability, given its proven ability to maintain a consistent customer base, resulting in decreasing customer turnover. S&P's affirmation also incorporates its expectation that VTR's debt to EBITDA will remain below 4.5x in the next two years, a level consistent with S&P's "aggressive" financial risk assessment. The rating on VTR's senior notes is the same as the corporate credit rating. At this time, S&P do not believe that the investors in the senior notes face a material disadvantage as creditors of the non-operating holding company. These investors have a junior claim to the notes (they would only receive the residual value of the subsidiaries' assets -- after the subsidiaries' direct liabilities have been satisfied). S&P currently estimates priority liabilities of close to 15% of net tangible assets. If VTR withdraws additional amounts from its revolving credit facility or incurs any other material priority liabilities -- leading to a ratio of priority obligations to net tangible assets consistently above 15% -- S&P would view the notes as structurally subordinated and would lower the issue rating by one notch. The outlook is stable. Given its current market position in the cable business in Chile and its new product bundling packages-- with relatively high broadband speed-- S&P believes that the company will continue to show modest revenue and EBITDA growth while maintaining leverage metrics similar to current levels for the next-two years. S&P could lower the ratings if VTR's credit metrics were to weaken over the next two years, specifically if debt to EBITDA increases above 4.5x and FFO to debt is below 20%. This could occur if the company increases debt in order to pay dividends or if weaker operating performance -- as a result of increased competition -- translates into higher subscriber churn or a reduction in the customer base or revenue generating units (RGU). Although unlikely in the near term, given S&P's low free cash flow expectations, it could upgrade the company if its debt to EBITDA is less than 3.5x and FFO to debt improves to more than 25% on a continued basis. This could occur if the company strengthens its business risk profile by further increasing its scale and product diversity while maintaining a strong share of the pay TV segment. =========== B R A Z I L =========== JBS SA: Fitch Raises IDR to 'BB', Outlook Stable ------------------------------------------------ Fitch Ratings has upgraded JBS S.A.'s foreign and local currency Issuer Default Ratings and senior unsecured notes to 'BB+' from 'BB'. The National Scale rating was upgraded to 'AA (bra)' from 'A+(bra)'. KEY RATING DRIVERS The Rating Outlook is Stable. The upgrades reflect JBS S.A.'s strong product and geographic diversification, as well as the successful integration of several acquired businesses over the past few years. It also factors in the strengthening of its business profile due to the recent acquisitions in the U.S., Europe and Australia. Fitch estimates that these acquisitions will contribute to about 10% of total EBITDA by 2016. Furthermore, Fitch expects the company to report strong performance in all of its divisions in 2015 and 2016. JBS's ratings are tempered by management's acquisitive nature and appetite for growth. Strong Business Profile: JBS S.A.'s ratings are supported by its strong business profile as the world's largest beef and leather producer and its overall product diversification into poultry, beef, pork and other prepared foods. The company's product and geographic diversification help mitigate risks related to disease and trade restrictions as about 70% of net revenues are generated from JBS's operations outside of Brazil (most notably the U.S.); exports represent about 30% of group sales. Fitch expects the acquisitions of Moy Park, Primo Smallgoods Group, Tyson Mexico and Cargill Pork (still pending) to further enhance JBS's business profile by increasing its product portfolio and adding to geographic diversification. Industry Fundamentals: Fitch expects 2015 to be a more difficult year for the Brazilian protein sector due to the weak economic environment, high inflation, increased interest and unemployment rates, and declining consumer confidence. The industry is responding to these challenges by reducing its processing capacity in the country. Brazilian exporters are benefitting from the depreciation of the real and the growing demand for beef worldwide. Asia and the Middle East remain the positive growth drivers. In the U.S., JBS' beef segment is experiencing a recovery due to higher demand although beef margins are expected to remain challenged as cattle inventories build. Low grain prices should continue to support profitability in JBS' U.S. chicken segment. Moderate Leverage: Fitch expects JBS's net debt/EBITDA ratio to increase to about 3.0x by the end of 2015 from 2.3x in 2014 as a result of the acquisitions made in 2015 and the devaluation of the real against the U.S. dollar (87% of JBS debt is in USDs as of June 2015). This is mitigated by the fact that 84% of JBS net revenues are in USDs and 100% of its debt was hedged as of June 2015. Fitch considers JBS' balance sheet hedging strategy is aggressive and adds to its overall risk profile despite having a recent positive impact on the company's net leverage. Fitch expects JBS to report double-digit EBITDA growth and positive free cash flow (FCF) generation in 2015 fuelled by the devaluation of the real against the U.S. dollar, the integration of assets acquired and the group's focus on operating efficiency. JBS reported strong sales and EBITDA growth in the second quarter of 2015 (2Q15). EBITDA reached BRL3.6 billion, an increase of 47% compared with 2Q14. Acquisition Risk: Fitch believes the company will continue to pursue growth opportunities to strengthen its business profile in the medium term. In March 2015, the group acquired Primo Group, Australia's biggest ham and bacon producer, for USD1.125 billion. In June 2015, JBS agreed to buy Moy Park Ltd from Marfrig Global Foods S.A. for USD1.5 billion. Finally, the group also announced that it has entered into an agreement with Cargill to acquire the company's U.S.-based pork business for USD1.45 billion which will increase JBS presence in the U.S. The latter deal is subject to the regulatory approvals, including U.S. antitrust authorities. KEY ASSUMPTIONS -- Double-digit revenue growth driven by acquisitions and devaluation of the real against the U.S. dollar -- Slight compression of EBITDA margin, notably for JBS Mercosul -- Positive group FCF -- Net debt/EBITDA to about 3.0x by FYE2015 RATING SENSITIVITIES A downgrade could be precipitated by an increase in JBS' net leverage ratio to above 3.5x on a sustained basis due to a sharp contraction in its operating margins, negative FCF generation, and/or significant debt-funded acquisitions. An upgrade is unlikely over the next 24 months as the company further displays consistent financial discipline to meet stated financial targets and objectives. An upgrade could result from the company showing consistent positive FCF generation and resilient operating margins, while maintaining its solid business profile, leading to its net leverage ratio falling toward or below 2.5x on a sustained basis. LIQUIDITY JBS' liquidity is supported by its cash balance, positive FCF and committed undrawn bank lines. As of June 30, 2015, the company had BRL13.9 billion of cash and marketable securities and short- term debt of BRL15.9 billion (mostly trade finance debt). In addition, JBS USA LLC had USD1.6 billion in fully committed available lines. The group has also satisfactory access to the capital markets. FULL LIST OF RATING ACTIONS Fitch has upgraded the ratings: JBS S.A.: -- Foreign & local currency IDR to 'BB+' from 'BB'; -- National Scale rating to 'AA (bra)' from 'A+(bra)'; -- Notes due 2016 to 'BB+' from 'BB'. JBS USA LLC: -- Foreign and local currency IDR to 'BB+' from 'BB'; -- Term loan B facility due in 2018 to 'BBB-' from 'BB+'; -- Notes due 2020, 2021 to 'BB+' from 'BB'. JBS USA Finance, Inc: -- Notes due 2020, 2021 upgraded to 'BB+' from 'BB'. JBS Investments GmbH -- Notes due 2020, 2023, 2024 to 'BB+' from 'BB'. RIO OIL: Fitch Lowers Rating on USD2BB Notes to 'BB+' ----------------------------------------------------- Fitch Ratings has downgraded Rio Oil Finance Trust's issuances as: -- USD2 billion series 2014-1 notes to 'BB+' from 'BBB-'; -- BRL 2.4 billion series 2014-2 special indebtedness interests to 'AAsf(bra)' from 'AAAsf(bra)'; -- USD1.1 billion series 2014-3 notes to 'BB+' from 'BBB-'. Fitch has assigned a Negative Outlook to all of the issuances, which were on Rating Watch Negative prior to today's downgrades. The downgrades are a result of the continued downturn in oil prices and the impact on debt service coverage levels. The Negative Outlook reflects the impact lower oil prices may have on future production levels that would in turn further impact debt service coverage levels. The ratings on all series are ultimately supported by the structural features in place including the DSCR triggers and six-month reserve account. The ratings address timely payment of interest and principal on a quarterly basis. The issuances are backed by the royalty flows owed by oil concessionaires, predominantly operated by Petroleo Brasileiro S.A. (Petrobras), to the government of the state of Rio de Janeiro (RJS), who assigned 100% of the flows to RioPrevidencia (RP), the state's pension fund. KEY RATING DRIVERS Transaction Performance Impacted by Depressed Oil Prices: Depressed oil prices have translated into lower than expected coverage ratios, minimizing the transaction's ability to absorb further stress levels. The actual DSCR reported for 2015 Q3 was 3.8x and the annualized DSCR was 5.0x. Going forward, these numbers are expected to further decrease as senior tranches start amortizing in 2016 and government debt obligations remain substantial until 2018. Breach of Forward Looking DSCR Trigger: The company's quarterly surveillance report released on Sept. 24, 2015 presented a breach of the forward looking DSCR trigger at 1.2x, from a minimum required of 1.5x. Breach could lead to the commencement of an Early Amortization Period that calls for 60% of excess cash to be used to prepay notes on a monthly basis. While the DSCR trigger provides additional protections, the trigger does not fully reflect the cash flows generated from the transaction. This calculation assumes the Law 12734 has been fully implemented and it does not incorporate any increases in production over the initial estimations. The actual DSCR for 2016 would be closer to 2.0x's. Future Expected Production Increases at Risk: The impact of Petrobras' revised production plan on the Rio de Janeiro fields is yet to be assessed. However, continued depressed oil prices may further impact production expectations as Petrobras' investment plan released on June 29, 2015 was based on an oil price of USD60, translating into lower than expected DSCR levels. Nevertheless Fitch does not expect this to have a large impact on short-term production levels. Potential Increase in Political Risk: Retention of part of the excess cash flows in combination of the state's weaker credit profile decreases the incentive of the sponsor to support the transaction and increases the exposure of the transaction to political risk. RATING SENSITIVITIES The ratings are capped by the credit quality of Petrobras as the main obligor of the flows backing this transaction and to Brazil's sovereign and country ceiling ratings. The transaction is exposed to price and volume risk related to oil production. Further declines in prices or production levels significantly below expectations may trigger downgrades. Although the transaction rating is not directly linked to the originator's rating, in case of considerable downgrade of the state's rating, the rating of the transaction may be impacted negatively. Additionally, the ratings are sensitive to the rating of Banco do Brasil as a direct counterparty to the transaction. DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action. MARFRIG GLOBAL: Could Buy Back Up to $701.3 Million in Global Debt ------------------------------------------------------------------ Reuters reports that the board of Marfrig Global Foods SA, Brazil's No. 2 meatpacker, approved the repurchase of up to $701.3 million in global bonds due between 2018 and 2021, the latest effort by a Brazilian company to buy back debt in the wake of a slumping currency and rising borrowing costs. The Sao Paulo-based company's board authorized management to make an all-cash tender for the outstanding $51.3 million worth of 11.25 percent senior bonds issued by a European subsidiary and maturing in September 2021, according to a securities filing, Reuters says. The board also approved the repurchase of $500 million worth of global debt maturing in 2018, 2019 and 2020, which could be increased by an additional $150 million under undisclosed conditions. Coupon rates for these senior, dollar-denominated bonds range from 6.875 percent to 9.50 percent, the filing said, according to Reuters. The report notes that for many Brazilian banks and companies, long-term dollar-denominated funding has turned expensive after a 35 percent drop in the real this year stoked hedging costs. Brazilian markets are going through their worst rout in 13 years on concerns that slowing Chinese growth and escalating political turmoil may lead the country to lose its investment-grade rating by next year, the report relays. Marfrig, which has struggled in recent years with a heavy debt burden despite robust beef and processed food sales, hired the investment banking units of Banco do Brasil SA, Banco Bradesco SA, HSBC Holdings Plc and Morgan Stanley & Co to manage the debt buyback, the report adds. MARFRIG GLOBAL: S&P Affirms 'B+' CCR, Outlook Stable ---------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'B+' global scale and 'brBBB' national scale corporate credit ratings on Marfrig Global Foods S.A. At the same time, S&P has affirmed the 'B+' issue level rating on the company's senior unsecured debt. The outlook on the corporate credit ratings is stable. The rating affirmation reflects S&P's view that the company's recently announced tender offer to repurchase the senior unsecured notes is an opportunistic transaction. S&P believes the repurchase is a part of the company's liability management efforts. The company is attempting to tender up to $701 million in several bonds outstanding that are due in 2018, 2019, 2020, and 2021. At the time of the announcement, the tender of the bonds includes cash payment at market value, plus a $30 premium per note for the early acceptance of the offer. No other changes to the terms and conditions are proposed. Although final tender values are typically below the face value of the notes, the final tender prices are, in this case, above market value. The maturities of all tendered notes are long-term bullet payments, and the notes that are not tendered will continue to be honored according to the original terms and conditions. In addition, while the offer is not mandatory, S&P do not foresee a bankruptcy or insolvency risk for Marfrig if the offer is not accepted. The company will carry out the cash payments of the tendered notes using the proceeds from the recently concluded sale of the entire ownership interest held by Marfrig in Moy Park Holdings Europe (B+/Watch Pos/--) to JBS S.A. (BB+/Stable/--). The final transaction includes a $1.2 billion cash payment, plus Moy Park's net debt transference of GBP193 million to JBS. Marfrig will primarily use the proceeds of the sale to reduce leverage, which S&P already anticipated. The company will use the remainder of the proceeds, after the payment of the tender, to repay other high bank debts and to strengthen its cash position. ========================== C A Y M A N I S L A N D S ========================== AMOIXA LIMITED: Shareholders' Final Meeting Set for Oct. 23 ----------------------------------------------------------- The shareholders of Amoixa Limited will hold their final meeting on Oct. 23, 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: Maricorp Services Ltd. Roger L. Nelson Telephone: (345) 949 9710 P.O. Box 2075 Grand Cayman, KY1-1105 Cayman Islands BRUNSWICK PARTNERS: Shareholders' Final Meeting Set for Oct. 12 --------------------------------------------------------------- The shareholders of Brunswick Partners Two Limited will hold their final meeting on Oct. 12, 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: Edward Allanby c/o Maples and Calder, Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands COLONIAL INVESTMENTS: Shareholders' Final Meeting Set for Oct. 13 ----------------------------------------------------------------- The shareholders of Colonial Investments Ltd will hold their final meeting on Oct. 13, 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: Campbells Directors Limited Willow House, Floor 4, Cricket Square P.O. Box 268 Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 861 FIRST STATE: Shareholders' Final Meeting Set for Oct. 7 ------------------------------------------------------- The shareholders of First State Hedge Funds SPC Ltd will hold their final meeting on Oct. 7, 2015, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Hall Chadwick Blair Pleash Robert Elliott Hall Chadwick, Level 40, 2 Park Street Sydney NSW 2000 Australia FIRST STATE DIVERSIFIED: Members' Final Meeting Set for Oct. 7 -------------------------------------------------------------- The members of First State Diversified Hedge Fund Ltd will hold their final meeting on Oct. 7, 2015, at 8:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Hall Chadwick Blair Pleash Robert Elliott Hall Chadwick, Level 40, 2 Park Street Sydney NSW 2000 Australia LEILI HOLDINGS: Sole Shareholder to Hear Wind-Up Report on Nov. 13 ------------------------------------------------------------------ The sole shareholder of Leili Holdings Limited will hear on Nov. 13, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Su, Jianguo c/o Michelle R. Bodden-Moxam Telephone: (345) 946-6145 Facsimile: (345) 946-6145 Portcullis TrustNet (Cayman) Ltd. The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 32052 Grand Cayman KY1-1208 Cayman Islands MMI INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 7 ------------------------------------------------------------- The shareholders of MMI International (Cayman) Limited will hold their final meeting on Oct. 7, 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: Terence P. Gallagher Kohlberg Kravis Roberts & Co. 9 West 57th Street, Suite 4200 New York New York, 10019 United States of America NET PUBLISHING: Shareholders' Final Meeting Set for Oct. 7 ---------------------------------------------------------- The shareholders of Net Publishing Co., Ltd. will hold their final meeting on Oct. 7, 2015, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chung-Min Tseng 4th Floor No 4, 6th Alley Lane 137 Section 5, Min Sheng East Rd Taipei, Taiwan, Republic of China SWINTON LIMITED: Shareholders' Final Meeting Set for Oct. 15 ------------------------------------------------------------ The shareholders of Swinton Limited will hold their final meeting on Oct. 15, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Helier Pirouet David Le Roux Citron 2004 Limited Telephone: + 44 1534 282276 Facsimile: + 44 1534 282400 23-25 Broad Street St Helier, Jersey JE4 8ND TRISKELE CHINA: Shareholder to Hear Wind-Up Report on Oct. 12 ------------------------------------------------------------- The shareholder of Triskele China Fund will hear on Oct. 12, 2015, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Otto Chun Shing Chan Ventris Place Flat 6, 25/F, Block C Happy Valley Telephone: (852) 90950672 Facsimile: (852) 21171160 ========= C H I L E ========= CHILE: Sets 70% Non-Conventional Renewable Energy Target for 2050 ----------------------------------------------------------------- EFE News reports that Chile's government says that as part of its push for a low-emission and cost-competitive energy future, it has set a goal of lifting non-conventional renewables' share of the country's energy matrix to 70 percent by 2050. That target, which would represent a 58-percentage-point gain with respect to the current level, was announced, a day after President Michelle Bachelet pledged before the U.N. General Assembly that Chile would reduce carbon-dioxide emissions between now and 2030 by 30 percent if it receives international support, according to EFE News. The report notes that Energy Minister Maximo Pacheco announced the new target as part of his presentation of Chile's "Roadmap to 2050: Toward a Sustainable and Inclusive Energy Future." The government is proposing that non-conventional renewable sources account for at least 70 percent of Chile's energy matrix in 2050, a plan in which solar and wind energy will be the focus, complimented by new small hydroelectric projects as well as biomass, geothermal energy and marine energy, the report relates. The report discloses that Chile's Energy Ministry says that in the South American country the term "non-conventional renewable energy" is used to exclude large hydropower (greater than 20 MW) projects from the "renewable energy" category. In the transportation sphere, the roadmap calls for reversing the upward trend in private vehicle use by creating a quality public transport system and offering more non-motorized options and intermodal systems, the report notes. It also places a priority on clean fuels, stating that all cars and cargo vehicles, as well as 100 percent of buses in areas with anti-pollution plans, will be low- or zero-emission vehicles by 2050, the report says. Non-conventional renewables account for 11.7 percent of the energy fed into Chile's grid system, according to the National Center for Renewable Energy Innovation and Development, or Cifes, meaning that Tuesday's target would entail a 58.3-percentage-point increase in 34 years, the report adds. =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Haitian Migration by The Numbers ------------------------------------------------------ Dominican Today reports that around 192,000 people entered the Dominican Republic through the various border crossings in 2014, according to Immigration Agency data published in a report of the Dominican Republic, prepared by Natalia Riveros for the Caribbean Migratory Observation and Social Development Center (OBMICA). The document published by acento.com.do highlights that most people who came across the border did so at Jimani (52%) and Dajabon (36%), Elias Pi§a (9.9%) and Pedernales, 1.7%, according to Dominican Today. The report notes that it said 135,060 people left Dominican Republic through those crossings. Report guest author Eddy Tejada said 45,090 fewer people entered the country in 2014 than in 2013, with 237,147 entering that year, while 163,382 left the territory, the report relays. Visas Citing Foreign Ministry figures in June 2015, the OBMICA report says 82,778 visas were issued to Haitian citizens to enter the Dominican Republic, the report relays. OBMICA report, again citing Foreign Ministry figures, shows that despite that Haitian immigration for the most part is considered irregular, there are many people entering formally, mostly tourists, the report adds. ============= J A M A I C A ============= JAMAICA: Fast, But Not Quite on Target, IMF on Debt Decline ----------------------------------------------------------- RJR News reports that the International Monetary Fund has conceded that, despite the projection that Jamaica's debt will decline faster than previously expected, it is still not fast enough to reach the marker set at the start of the four year Extended Fund Facility. Jamaica had set a marker to reduce the debt to 96 percent of GDP by 2020, according to RJR News. The report notes that IMF has revealed, however, that a revised projection shows the decline will be to 98.5 per cent. Jamaica started the program with a debt-to-GDP ratio of 146.5%, the report relays. With the recent deal in which PetroCaribe debt was re-financed in Jamaica's favor, the public debt is projected to reach 125 percent of GDP at the end of this fiscal year, which is a faster decline that previously projected, 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. =========== M E X I C O =========== OFFICE DEPOT: S&P Affirms 'BB' CCR, Outlook Stable --------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' global scale corporate credit on Office Depot de Mexico S.A. de C.V. (ODM). S&P also affirmed its 'BB' issue rating on the company's $350 million senior unsecured notes, with a recovery rating of '3L'. The outlook on the corporate credit rating is stable. "The 'BB' rating affirmation is supported by the company's continued positive cash flow generation despite its acquisitions of Radio Shack in Mexico and Grupo Prisa in Chile during the second quarter of 2015, and dividends of MXN140 million during the same period," said Standard & Poor's credit analyst Sandra Tinoco. "In our view, the company's solid market position coupled with the recovery of consumption trends in Mexico have been supporting ODM's revenue growth in the low-to-mid single digits in the last four quarters," she added. Also, S&P factors in the company's ability to preserve its capital structure by funding its recent acquisitions and organic growth initiatives without incurring additional debt; therefore, S&P expects the company to continue funding its accelerated expansion program and possible small acquisitions with its own cash in the next few years. S&P has revised ODM's liquidity to "strong" from "adequate," which reflects the company's incremental sources of cash mainly because there are no short-term debt maturities. In S&P's view, the company's strong liquidity and the existing hedges of its debt coupons mitigate the exchange rate exposure related to its dollar-denominated debt, provide good comfort that the company has the flexibility to meet all its debt service payments, even under a scenario of further depreciation of the Mexican peso. Despite the company's exposure to dollar denominated debt and the adverse impact on leverage stemming from the depreciation of the Mexican peso, debt to EBITDA for the last 12 months ended June 30, 2015, was slightly below 4x, which S&P expects will remain during the second half of 2015. These metrics still correspond to a "significant" financial risk profile. ======= P E R U ======= BPZ RESOURCES: Court Approves Ferrero Abogados as Peruvian Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors for BPZ Resources Inc. obtained authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ferrero Abogados as Peruvian Counsel effective from May 14, 2015. The firm will provide, among other things, legal services in areas unique to Peruvian law as required in the Debtor's Chapter 11 case. The firm is entitled to receive compensation at these hourly rates: Billing Category Hourly Rate ---------------- ----------- Partners $250 Senior Associates $200 Associates $150 Guillermo Ferrero, Esq., attorney at the firm, assured the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Ferrero can be reached at: Guillermo Ferrero, Esq. Ferrero Abogados Av. Victor Andres Belaunde 395, San Isidro Lima, Peru Tel: (511) 513-7200 Email: gferrero@ferrero.com.pe About BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru, and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. The U.S. trustee overseeing the Chapter 11 case of BPZ Resources Inc. appointed five creditors of the company to serve on the official committee of unsecured creditors. Counsel for the Committee are Charles R. Gibbs, Esq., at Akin Gump Strauss Hauer & Feld LLP; and Michael S. Stamer, Esq., and Meredith A. Lahaie, Esq. ====================== P U E R T O R I C O ====================== IGLESIA EPISCOPAL: S&P Raises Rating to 'CCC+', Outlook Stable -------------------------------------------------------------- Standard & Poor's Ratings Services has raised its long-term rating on Puerto Rico Industrial Medical & Higher Education & Environmental Pollution Control Facilities Financial Authority's bonds, issued for Iglesia Episcopal Puertorriquena Inc. (IEP), to 'CCC+' from 'CCC'. The outlook is stable. "The upgrade to 'CCC+' reflects IEP's ability to refinance its outstanding $68 million bank debt effective May 29, 2015," said Standard & Poor's credit analyst Stephen Infranco. The original loan had had a bullet maturity of less than one year and was causing a potential liquidity shortfall and vulnerability to nonpayment absent a refinancing. The payment due was continually extended for short three month intervals while management negotiated a longer term deal. Under the current refinancing, two banks--Santander Bank and First Bank agreed to refinance the entire debt outstanding and provide an additional $17 million for working capital ($10 million line of credit) and equipment loan ($7 million). While IEP still maintains a weak financial profile, the refinancing of the bank debt extends the maturity five years, and mitigates the near-term vulnerability to nonpayment of the entire principal. The stable outlook reflects S&P's assessment of IEP's improved credit profile given the ability to refinance the bank debt and extend the maturity for five years. Furthermore, operations, while weaker than prior years, are still break-even, and management is offsetting weaker revenue with cost containment initiatives. Given IEP's interim results and potential for continued operating stress, S&P could lower the rating if financial performance deteriorates and IEP breaches its financial covenants, potentially causing an acceleration of the bank debt. Furthermore, given the uncertainty surrounding the Puerto Rico economy, including significant budgetary stress, there could be macro level events that are out of management control, such as delayed payments or non-payment for health care services that could pressure the rating. S&P would consider a positive outlook or higher rating if financial performance improves and is sustained such that there is no need to access the line of credit for cash flow purposes. Furthermore, given the fragile state of the Puerto Rico economy and the high reliance IEP has on governmental reimbursement, S&P would want to see some resolution or stabilization of the budgetary pressures currently affecting the commonwealth before raising the rating to the 'B' category. PUERTO RICO: Demands Same Bankruptcy Help That States Get --------------------------------------------------------- Maya Rajamani at Law360.com reports that Puerto Rican officials testifying at a Senate Committee on Finance hearing Tuesday urged U.S. lawmakers to provide Puerto Rico with the same access to Chapter 9 of the federal bankruptcy code that U.S. states receive as the territory struggles under a $73 billion debt cloud. While Melba Acosta, president of the Government Development Bank for Puerto Rico, said the financial crisis has "passed the tipping point" and called on Congress to take immediate action, Puerto Rico's representative in the U.S. Congress, Pedro R. Pierluisi, said disparities under federal programs have played a large role in the current situation, according to Law360.com. "Congress cannot in good conscience criticize Puerto Rico without acknowledging the fact that Congress shares culpability for the territory's problems," Mr. Pierluisi said, the report relates. "If the crisis has taught us a single lesson, it is that a 'business as usual' approach in San Juan and Washington D.C. will fail," Mr. Pierluisi added. The report notes that Puerto Rico, currently facing $73 billion in debt, is not permitted under U.S. law to access Chapter 9 of the Bankruptcy Code, the provision that gives financially distressed municipalities and public utilities the ability to restructure their debt through the courts. Chapter 9 is the same provision Detroit and other struggling U.S. cities have used to adjust their debts, but Puerto Rico, unlike states, is specifically barred from invoking the bankruptcy lifeline, the report relays. Puerto Rico officials confirmed the commonwealth would be unable to make a $58 million bond payment that was due Aug. 1, marking the first time the territory has defaulted on its obligations as it attempts to restructure its debt, the report discloses. In his testimony, Mr. Pierluisi supported legislation introduced by Senate Democrats in July that would give Puerto Rico the ability to authorize its municipalities to enter Chapter 9, saying he felt that Puerto Rico's status as a territory has given Congress a license to treat the country worse than the states when it comes to federal spending and tax credit programs, the report relays. The U.S. government provides about $1 billion to Puerto Rico each year for Medicaid funding, compared with the $3.6 billion it provides to Mississippi and the $5 billion it gives to Oregon, which is similar in population size, Mr. Pierluisi said, the report notes. Disparities under programs including but not limited to Medicaid, Supplemental Security Income and the Child Tax Credit have led the government to spend or borrow to compensate for the shortfalls, which increases debt and deficits and spurts Puerto Ricans to move to the states rather than stay in Puerto Rico, Mr. Pierluisi added, the report relays. "If Chapter 9 is appropriate for the states, it is appropriate for the U.S. territory of Puerto Rico," Mr. Pierluisi said, the report discloses. The chairman of the Finance Committee, Sen. Orrin Hatch, however, was dubious about bailing Puerto Rico out with federal funding aid, the report relays. The report notes that the Utah Republican pointed out that the country's debt has more than doubled since 2000, "despite the billions of dollars infused into its coffers from the federal stimulus enacted in 2009 and from health care funding increases included in the Affordable Care Act." "Even with those boosts in federal funding and the related increases in Commonwealth spending, all we see is added Commonwealth debt," Hatch said, the report relays. The report notes that though Acosta praised Puerto Rican Gov. Alejandro Garcia Padilla for his handling of the crisis, saying he has "forcefully responded" to "unprecedented" challenges, Mr. Pierluisi said Garcia Padilla's treatment of Puerto Rico's death as "monolithic" was "unwise" and called on him to consider each facet on a case-by-case basis. "The government's recent actions have badly tarnished Puerto Rico's credibility and standing among investors, and it must take great care not to pursue a strategy going forward that will make permanent adversaries of those whose capital it will one day require," Mr. Pierluisi said, the report relays. On Sept. 17, the U.S. Department of the Treasury also called on U.S. lawmakers to take action to open bankruptcy protections to Puerto Rico, saying addressing the territory's financial difficulties will be difficult without federal legislation, the report notes. Earlier in September, a group of Democratic Latino lawmakers sent a letter urging the Treasury to help the commonwealth by bringing creditors and debtors to the table, the report discloses. The Treasury also threw its support behind Padilla's proposed five-year plan, which encourages Puerto Rico policymakers to amend the corporate tax regime, stimulate the labor force, revamp welfare programs and cut government spending, the report notes. The report accompanying the plan found that if Puerto Rico fails to take action, it would likely see a $27.8 billion financing gap between fiscal 2016 and fiscal 2020, Law360.com notes. However, even if all the suggested changes are implemented, the report expects Puerto Rico to still see a $14 billion gap, the report relays. The report comes after Puerto Rico in late 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 the justices that the situation is dire and that the territory cannot depend on Congress for help. The petition seeks review of a First Circuit decision that Puerto Rico's legislation to establish a restructuring regime was unconstitutional, the report adds. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Economist Not Surprised at Contraction --------------------------------------------------------- Trinidad and Tobago News reports that news that Trinidad and Tobago's economy contracted by almost two percent during the first six months of 2015, was not surprising to senior economist, Dr. Ronald Ramkissoon. Dr. Ramkissoon did not however, expect the Central Bank's (CBTT) latest Monetary Policy Announcement (MPA) to include data about a contraction in construction, manufacturing and distribution, according to Trinidad and Tobago News. "The decline in the first half, and possibly for the year, is not surprising given the fall in the price of our major export commodities (oil and gas) and no significant increase in output," Dr. Ramkissoon told Newsday, the report relays. "It is, of course, the kind of situation which economists have been warning about for the past six months. We were heading into a more difficult period and therefore we needed to first be careful about ramping up expenditure because this was going to put pressure on the country's reserves," Dr. Ramkissoon added. So that what we see happening now; with respect to the near two percent decline, is really something that we could have foreseen," Dr. Ramkissoon stated, the report notes. The report discloses that regarding the decline in the construction and distribution sectors, he found this surprising given certain on-going projects such as the Point Fortin Highway. On the matter of the distribution contraction, Dr. Ramkissoon said this was unexpected because "one got the impression people were still spending and lending was still relatively strong," the report relays. The standard definition of a recession is two consecutive quarters of negative growth but former CBTT Governor, Ewart Williams, once said a more suitable indicator for developing countries like TT is five consecutive quarters of negative growth, the report discloses. Asked if it was therefore too soon to say TT is in a recession, Dr. Ramkissoon told Newsday there was no need to "get caught up in the technical definition of a recession" because the country is "in a difficult place." Dr. Ramkissoon said this had to do with the fact that "our revenues are very weak while expenditure remains particularly high", citing the various wage increases received by public servants following settlement of their collective bargaining agreements over the past year or so, the report says. "Given that oil and gas prices are about half where they were, we are in a difficult place, there's no doubt about that, and that is the backdrop against which the forthcoming budget has to be cast," Dr. Ramkissoon stated, the report adds. TRINIDAD & TOBAGO: Concerns Raised on "Stagnant" Position --------------------------------------------------------- Trinidad Express reports that concerns have been raised about Trinidad and Tobago's "stagnant" position on the Global Competitiveness Index (GCI). For another year, the country remained at position 89 out of 144 countries on the index, a ranking Planning and Development Minister Camille Robinson-Regis said this country must not simply accept, according to Trinidad Express. "Unfortunately, the indices over the last few years seem to indicate that, as a country, our level of competitiveness has been stagnant. We appear to have become firmly attached to position number 89 out of the 144 countries surveyed and a score of 4.0, though this figure has declined slightly to 3.9 for 2015," Ms. Robinson-Regis said, the report notes. "Before the rigor mortis of our competitiveness sets in then, we must act with determination and with alacrity," Ms. Robinson-Regis added, the report relays. =============== X X X X X X X X =============== LATAM: Downward Trend Continues for Corporates, Fitch Says ---------------------------------------------------------- The recent downward cash flow trend for Latin American Corporates is likely to continue, according to a new Fitch Ratings report. 'Weakness in cash flow metrics have been on a downward trend for Investment Grade and Speculative Grade issuers across Latin America the last four years with little relief in sight,' said Phillip Wrenn, an Associate Director at Fitch. 'Capex is being cut dramatically across the region, which has improved the FCF generation in the investment-grade categories and has reduced the negative ratio in the high-yield categories.' In its new report, Fitch analyzed 93 investment grade issuers and 85 speculative grade issuers across five cash flow metrics, growth in funds from operations (FFO), growth in cash flow from operations (CFFO), growth in free cash flow (FCF) and growth in revenues, as well as EBITDA margin expansion. Only 22% of the 93 investment grade companies analyzed exhibited year-over-year improvement in cash flow metrics across either four out of five or all five criteria in 2014 compared to 38% of the investment-grade portfolio in 2011. Among the 22 issuers that had sharp upward trends, four have been upgraded in the past year: BRF, Braskem, Sigma and TGI. Similar to the investment-grade issuers, approximately 32% of the speculative-grade credits analyzed were four- and five-star performers in 2014 vs. 38% in 2011. Among these issuers, 21 were rated in the 'BB' category. Of the 25 issuers that showed broad- based cash flow improvement, six were upgraded during the past 12 months: Cemex, Cementos de Chihuahua, InRetail Real Estate, JBS, Marfrig and Suzano. *********** 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 * * *