/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/151016.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 16, 2015, Vol. 16, No. 205 Headlines B A H A M A S BAHA MAR: Liquidators Talk With Stakeholders on Project B R A Z I L COMPANHIA DE SANEAMENTO: S&P Lowers CCR to 'BB'; Outlook Stable PETROLEO BRASILEIRO: Wraps up Negotiations on New Chinese Loan C A Y M A N I S L A N D S A.V.K.T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9 AG CIP GP: Shareholders' Final Meeting Set for Oct. 30 ASHFORD INVESTMENTS: Sole Member to Hear Wind-Up Report on Nov. 10 FIC SUKUK: Shareholders' Final Meeting Set for Oct. 20 HARBOR BRIDGE: Shareholders' Final Meeting Set for Nov. 12 INVICTA OFFSHORE: Shareholders' Final Meeting Set for Nov. 12 INVITA MASTER: Shareholders' Final Meeting Set for Nov. 12 KING'S WAY: Creditors' Proofs of Debt Due Nov. 10 LB INC: Shareholder Receives Wind-Up Report MF EUROPA: Shareholders' Final Meeting Set for Oct. 21 PRESTO VENTURES: Shareholders' Final Meeting Set for Oct. 20 SMILING HOLDINGS: Shareholders' Final Meeting Set for Oct. 29 T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9 C O L O M B I A COLOMBIA TELECOMUNICACIONES: S&P Affirms 'BB' CCR; Outlook Stable PACIFIC RUBIALES: S&P Lowers LT CCR to 'BB-'; Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Unheeded Warning Brought Trade Deficit DOMINICAN REPUBLIC: Look to Business to Ease Friction With Haiti M E X I C O STATE OF MORELOS: Moody's Withdraws Ba3/A3.mx Issuer Ratings P U E R T O R I C O ALONSO & CARUS: Creditors' Panel Opposes Payment Bid PUERTO RICO: Says Fin'l. Control Board Bill to be Filed This Week T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: 'Trouble Ahead' for Yachting Industry - - - - - ============= B A H A M A S ============= BAHA MAR: Liquidators Talk With Stakeholders on Project ------------------------------------------------------- The Daily Observer reports that the liquidators appointed to oversee the controversial multi-billion dollar Baha Mar tourism project say they remain optimistic even though "there is still work to be done" regarding the opening of the project. The Joint Provisional Liquidators (JPLs) held talks with the stakeholders on the US$3.5 billion project including government officials, financial sponsors Export-Import Bank of China, the construction company CCA Bahamas Ltd. and parent company, China State Construction Engineering Corp. Ltd., as well as the resort's founder and investor, Sarkis Izmirlian, according to The Daily Observer. The report notes that the JPLs described the talks as "another important step on the road to resolution." "We would like to thank all parties for their good faith participation in and constructive approach during the meetings. Whilst there is still work to be done, it is clear that all involved are focused on quickly reaching a viable solution to ensure that the Baha Mar resort is able to open for business for the benefit of all stakeholders, including the Bahamian people," JPLs said. "We will continue to work with all stakeholders as we explore the best route forward and will issue further updates as talks continue," the JPLs said in the brief statement obtained by the news agency. Earlier this year, Mr. Izmirlian, chairman and chief executive officer of Baha Mar Ltd, said in order to complete construction and open the project as soon as practicable, Baha Mar Ltd, and entities associated with it, were voluntarily undertaking the process of Chapter 11 under the US Bankruptcy Code, the report notes. But the move was criticized by the Perry Christie government that took the matter to the courts here and sought to re-assure Bahamians that the multi-billion dollar resort project will not only open soon but will fulfill its promise as an important new dimension in Bahamian and regional tourism and one that will represent a major contributor to Bahamian employment," the report adds. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The bankruptcy cases are assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counsel are Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. * * * In September 2015, Judge Carey dismissed the Chapter 11 Proceedings filed in the Delaware court by Baha Mar chief executive officer Sarkis Izmirlian, ruling in favor of the contractor on the project, China Construction America (CCA), and its financier, the China Export-Import Bank (CEXIM); but denied the motion to dismiss Northshore Mainland Services, Inc.'s bankruptcy case. =========== B R A Z I L =========== COMPANHIA DE SANEAMENTO: S&P Lowers CCR to 'BB'; Outlook Stable --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale corporate credit and issue-level ratings on Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) to 'BB' from 'BB+'. At the same time, S&P lowered its Brazilian national scale corporate credit rating on the company to 'brAA-' from 'brAA+'. The outlook on both scales is stable. The downgrade reflects SABESP's weaker liquidity because the measures to preserve water reservoirs--as a result of the severe drought in the region -- and the severe depreciation of the Brazilian currency during 2015 have taken a toll on the company's operating and financial performance. S&P applies its criteria for government-related entities (GREs) in its analysis of SABESP, because the state of Sao Paulo owns 50.3% of the company. The remaining shares are publicly traded in the BOVESPA and the NYSE through American depository receipts. S&P's belief of a "moderately high" likelihood of extraordinary support stems from S&P's view of SABESP's "important" role because it provides essential services to the state's population. The likelihood of support also reflects that the utility has a "strong" link with the state based on its majority equity stake in the company. The ratings on entities that S&P views as benefiting from supportive government policies, possibly through direct assistance or extraordinary intervention--but the likelihood of the latter is lower--are usually more closely aligned with the stand-alone credit profile. S&P continues to view SABESP's business risk profile as "satisfactory" based on adequate regulatory advantage and position as the largest water utility in Latin America. S&P still views SABESP's financial risk profile as "significant." PETROLEO BRASILEIRO: Wraps up Negotiations on New Chinese Loan -------------------------------------------------------------- EFE News reports that Brazilian state-controlled oil company Petrobras says it has concluded negotiations for a $2 billion loan from the leasing unit of the Industrial and Commercial Bank of China. The agreement is the product of a "cooperation agreement to create a long-term relationship between Petrobras and ICBC, entered into during the visit of Chinese Premier Li Keqiang to Brazil in May 2015," Petrobras said in a statement, according to EFE News. It said the 10-year financing arrangement involves the sale and leaseback of two offshore oil production platforms -- the P-52 and P-57 -- operated by the Rio de Janeiro-based company, the report relays. "The funds will be available for disbursement after the internal approvals of both institutions," the statement added, the report notes. "This transaction is part of Petrobras' strategy to diversify its financing sources and represents an anticipation of the financing activities planned for 2016," the report discloses. Although Petrobras has secured the financing needed to fund its operations in 2015, it has had difficulty securing new loans in recent months due to a giant contract-rigging and kickback scandal, a massive debt load and losses stemming from the steep drop in oil prices and the sharp depreciation of the real against the dollar, the report notes. Petrobras has benefited in recent months from agreements between Brazil and China at the bilateral level and at the BRICS Forum, an organization that also comprises Russia, India and South Africa, to access Chinese bank loans, the report relays. Besides the arrangement with the ICBC, the world's largest bank by total assets, Petrobras also signed a $5 billion funding agreement with the China Development Bank and a $2 billion financing deal with the Export-Import Bank of China during Li's visit, the report adds. About Petroleo Brasileiro Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and it produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. The Troubled Company Reporter-Latin America reported on March 6, 2015, that the deepening investigation into the alleged kickback scheme at Petrobras has triggered concerns for the Brazilian banks with exposures not only to the state-controlled oil company, but also to its large base of suppliers, as well as the broader oil and gas (O&G) and construction industries, says Moody's Investors Service. On March 12, 2015, the TCR-LA reported that Moody's Investors Service said the corruption investigation into Petrobras will negatively affect parts of the public and private sectors, but government support for the company is likely to help contain the credit-negative impact. Moody's Investors Service has downgraded all ratings for Petrobras, including a downgrade of the company's senior unsecured debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the company, the TCRLA reported on Feb. 27, 2015. Its failure to estimate its losses from the alleged corruption scheme and produce audited third-quarter results prompted Moody's to cut its rating to junk, the report said. Rival agency Standard & Poor's delivered a further blow on March 23 when it revised its outlook on the company from stable to negative, the TCRLA reported on March 26, 2015. On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the foreign and local currency Issuer Default Ratings (IDRs) and outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'. Concurrently, Fitch has placed all of Petrobras' international and national scale ratings on Rating Watch Negative. ========================== C A Y M A N I S L A N D S ========================== A.V.K.T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9 ------------------------------------------------------------------ The sole member of A.V.K.T.D.S. Limited will hear on Nov. 9, 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: Lion International Management Limited Craigmuir Chambers Road Town, Tortola VG1110 British Virgin Islands AG CIP GP: Shareholders' Final Meeting Set for Oct. 30 ------------------------------------------------------ The shareholders of AG CIP GP will hold their final meeting on Oct. 30, 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: Joost Schellens c/o Atlas Global Investment Management Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands ASHFORD INVESTMENTS: Sole Member to Hear Wind-Up Report on Nov. 10 ------------------------------------------------------------------ The sole member of Ashford Investments One Limited will hear on Nov. 10, 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: Lion International Management Limited Craigmuir Chambers Road Town, Tortola VG1110 British Virgin Islands FIC SUKUK: Shareholders' Final Meeting Set for Oct. 20 ------------------------------------------------------ The shareholders of FIC Sukuk Company Limited will hold their final meeting on Oct. 20, 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: Appleby Trust (Cayman) Ltd. c/o Richard Gordon Telephone: +1 345 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands HARBOR BRIDGE: Shareholders' Final Meeting Set for Nov. 12 ---------------------------------------------------------- The shareholders of Harbor Bridge Emerging Markets Ltd. will hold their final meeting on Nov. 12, 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. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 INVICTA OFFSHORE: Shareholders' Final Meeting Set for Nov. 12 ------------------------------------------------------------- The shareholders of Invicta Offshore Fund, Ltd. will hold their final meeting on Nov. 12, 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. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 INVITA MASTER: Shareholders' Final Meeting Set for Nov. 12 ---------------------------------------------------------- The shareholders of Invita Master Fund, LP will hold their final meeting on Nov. 12, 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. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 KING'S WAY: Creditors' Proofs of Debt Due Nov. 10 ------------------------------------------------- The creditors of King's Way Company Limited are required to file their proofs of debt by Nov. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 14, 2015. The company's liquidator is: SCTS Capital Pte. Ltd. c/o Ian Phillips Telephone: (345) 749-3340 Facsimile: (345) 749-2230 Canella Court, Suite 4210, 2nd Floor 48 Market Street, Camana Bay P.O. Box 32203 Grand Cayman KY1-1208 Cayman Islands LB INC: Shareholder Receives Wind-Up Report ------------------------------------------- The shareholder of LB Inc. received on Oct. 15, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fides Limited c/o Dwight Dube Telephone (345) 949 7232 The Grand Pavilion, 2nd Floor Commercial Centre P.O. Box 10338 Grand Cayman Cayman Islands KY1-1003 MF EUROPA: Shareholders' Final Meeting Set for Oct. 21 ------------------------------------------------------ The shareholders of MF Europa Ltd. will hold their final meeting on Oct. 21, 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: Europa Capital Partners LLP c/o John O'Driscoll Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +44 (0)20 7220 4987 PRESTO VENTURES: Shareholders' Final Meeting Set for Oct. 20 ------------------------------------------------------------ The shareholders of Presto Ventures will hold their final meeting on Oct. 20, 2015, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Pedro Paulo Magalhaes c/o Maples and Calder, Attorneys-at-law Ugland House P.O. Box 309, Grand Cayman KY1-1104 Cayman Islands SMILING HOLDINGS: Shareholders' Final Meeting Set for Oct. 29 ------------------------------------------------------------- The shareholders of Smiling Holdings Limited will hold their final meeting on Oct. 29, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Mark Bouteloup Fiona Whitehead Citron 2004 Limited Telephone: + 44 1534 282276 Facsimile: + 44 1534 282400 23-25 Broad Street St. Helier, Jersey JE4 8ND T.D.S. LIMITED: Sole Member to Hear Wind-Up Report on Nov. 9 ------------------------------------------------------------ The sole member of T.D.S. Limited will hear on Nov. 9, 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: Lion International Management Limited Craigmuir Chambers Road Town, Tortola VG1110 British Virgin Islands =============== C O L O M B I A =============== COLOMBIA TELECOMUNICACIONES: S&P Affirms 'BB' CCR; Outlook Stable ----------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB' corporate credit and issue-level ratings on Colombia Telecomunicaciones S.A. E.S.P. (Coltel). At the same time, S&P affirmed its 'B' issue-level rating on the company's hybrid capital securities. The outlook on the corporate credit rating remains stable. The affirmation reflects S&P's view that, despite the company's weaker financial ratios as a result of the migration to IFRS, S&P believes Coltel's operations and finances will remain in line with its current rating. Under IFRS, the company reports its payments to Patrimonio Autonomo de Activos y Pasivos de Telecom (PARAPAT) as debt, but S&P considers this change only an accounting issue. The 'BB' rating reflects S&P's expectation that the company will maintain its position as the second-largest mobile player and the third-largest fixed-line operator in the Colombian market. S&P also takes into account its strong brand recognition and efficient operations in S&P's assessment. However, its strengths are tempered by its narrow geographic diversification compared to its higher-rated global peers because it only operates in Colombia. The stable outlook on Coltel reflects S&P's expectation that the company will be able to keep its debt to EBITDA ratio below 5.0x over time because of EBITDA growth, even after the recognition of PARAPAT as a debt under IFRS reporting in 2015. S&P could lower the ratings on Coltel if the company posts a debt to EBITDA ratio of more than 5.0x on a consistent basis as a result of lower EBITDA generation, pushed by an increase in access-line losses and stiffer competition or higher debt levels. S&P could also lower the rating if liquidity weakens further or if the company's capex increases more than expected, eroding its cash position and increasing its debt levels to finance these investments. An upgrade is possible in the long term if the company is able to post a debt to EBITDA ratio below 3.0x and FFO to debt above 30% or if it is able to improve its liquidity position. PACIFIC RUBIALES: S&P Lowers LT CCR to 'BB-'; Outlook Stable ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit and issue-level ratings on Pacific Rubiales Energy Corp. (PRE) to 'BB-' from 'BB'. The outlook on the corporate credit rating is stable. The downgrade reflects S&P's expectation that PRE's financial credit metrics will weaken further in the next 12-18 months due the recent revision of S&P's hydrocarbon price assumptions. S&P now expects the company's debt to EBITDA to average 4.5x and FFO to debt will remain below 20%, which has prompted S&P to revise its assessment of PRE's financial risk profile to "aggressive" from "significant". Additionally, S&P expects the company to improve its liquidity in the next 12 months due to potential non- core assets sales. Otherwise, S&P could take another negative rating action. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Unheeded Warning Brought Trade Deficit ---------------------------------------------------------- Dominican Today reports that from the moment of the hampered negotiation for the Central America-US (DR-CAFTA) free trade agreement emerged and the Dominican Republic failed to take appropriate action after it was signed, the country lost a great opportunity to become more competitive, said former National Business Council (Conep) President Lisandro Macarrulla. Mr. Macarrulla also noted that all the warnings over the agreement made by the business organization at the time, "we are living them," according to Dominican Today. "Actually our experience in trade with all Central American countries has been quite negative and even with the United States itself. I think that Dominican Republic lost a great opportunity to be more competitive from the moment the country failed to negotiate well, and from the moment that having negotiated, didn't do the proper job for exports to increase and improve the trade balance," Mr. Macarrulla said, the report relays. Participating in the panel "Role of free enterprise in Dominican Republic's future," Mr. Macarrulla said despite that the country''s current trade balance is "a bit more balanced" due to low oil prices, "which is a temporary situation," the country will have a balance of payments deficit "probably soon," which in his view is "is truly alarming and unsustainable," notes the report. Balance of Trade With the US The country's imports from the US reached US$7.9 billion last year, while exports topped US$3.4 billion, a difference of nearly US$4.5 billion, the report notes. DOMINICAN REPUBLIC: Look to Business to Ease Friction With Haiti ---------------------------------------------------------------- Dominican Today reports that the governments and business leaders of the Dominican Republic and Haiti will work together to surmount frictions, according to a list of agreements reached in the more than four hour meeting between Dominican president Danilo Medina and Haiti's Michel Martelly. After the meeting at Maria Montez Airport in Barahona, Dominican foreign minister Andres Navarro and Haiti counterpart Stephanie Balmir Villedrouin, read the document with the agreements, including improving trade and normalize freight transport between the two countries, for which a meeting in Port-au-Prince will be held in the next 15 days, according to Dominican Today. Business Initiative Other points agreed included a working visit by Medina to Port au Prince, support for the Quisqueya initiative involving the private sectors of the two countries and maintaining constant communication and coordination to harmonize the repatriation of undocumented people, the report relates. Moreover, the appointment of a new Haitian ambassador to the Dominican Republic and the return of the Dominican envoy in Haiti, as well as resuming the work of the Joint Bilateral Commission, the report discloses. Dominican Chief of staff Gustavo Montalvo and Haiti Tourism minister and acting Foreign affairs minister Stephanie B. Villedrouin were designated to follow up on the points and ensure coordination of ties between the two countries, the report notes. =========== M E X I C O =========== STATE OF MORELOS: Moody's Withdraws Ba3/A3.mx Issuer Ratings ------------------------------------------------------------ Moody's de Mexico has withdrawn the State of Morelos' Ba3/A3.mx issuer ratings. Prior to withdrawal, the ratings had a negative outlook. RATINGS RATIONALE Moody's has withdrawn the ratings of the State of Morelos for its own business reasons. The principal methodology used in these ratings was Regional and Local Governments published in January 2013. The period of time covered in the financial information used to determine State of Morelos' rating is between 01/01/2010 and 31/12/2014. ====================== P U E R T O R I C O ====================== ALONSO & CARUS: Creditors' Panel Opposes Payment Bid ---------------------------------------------------- The Official Committee of Unsecured Creditors in the Chapter 11 case of Alonso & Carus Iron Works, Inc., challenged a request by the Debtor to pay a pre-petition claim of Induchem Services, Inc. The Committee said the Debtor filed the Payment Motion under the guise that the relief sought in the motion was time sensitive. The purported urgency for the relief sought in the Payment Motion is "disingenuous," according to the Committee, because, as by the Debtor's own admission, the Debtor received a letter on May 8, 2015, from United Surety and Indemnity Company -- a company that provides the Debtor with bonds for its construction projects -- advising the Debtor it received a claim from Induchem Services for payment under a bond in the amount of $61,436, and requesting that the Debtor pay the claim. According to the Debtor, if it does not pay Induchem, USIC will no longer provide bonds for the Debtor's future construction projects, which will adversely affect the feasibility of the Debtor's proposed plan of reorganization. In its "URGENT MOTION TO PAY PRE-PETITION CLAIM OF INDUCHEM SERVICES, INC.," the Debtor told the Court it must pay Induchem to prevent the adverse effects to its operations and be able to obtain the required payment and bonds from USIC, without which Debtor will not have a feasible plan. The Debtor pointed out that the Induchem situation is very similar to Debtor's request to pay the Puerto Rico Power and Electric Power Authority's pre-petition claim to avoid for USIC not issuing payment and performance bonds in the future to Debtor, which was granted by the Court on an emergency basis, resulting in the Debtor been able to bid and be awarded a contract for $286,000 by PREPA for the rehabilitation of a NPDS tank at Palo Seco Thermoelectric plant, Toa Baja, Puerto Rico. "Debtor has carefully examined the matters set forth herein and has concluded that there is a true need for the dispositions on an expedited basis, considering its pending submission of bids for different projects, that Debtor has not created the urgency through any lack of due diligence and has made a bona fide effort to resolve the matter without a hearing," the Debtor's court filing said. The Committee, however, argued that what the Debtor fails to explain is why -- if the payment of Induchem's claim was so urgent -- it took the Debtor more than four months after it received the May 8 Letter to file the Payment Motion. The Committee said its counsel has contacted the Debtor's professionals to verify certain information related to the Payment Motion, including, but not limited to, obtaining a copy of the May 8 Letter. The Debtor's professionals have not responded to the Committee's request for this information as of the filing of the Committee's objection. The Committee said the Debtor must first demonstrate that: -- it has sufficient cash to make the Payment, -- the Payment will not impact the Debtor's ability to make all other payments required under the Plan, which, in turn, would adversely impact the feasibility of the Plan, and -- it faces the risk of losing all bonding if the Payment is not made. The Debtor also must confirm whether there are other parties similarly situated to Induchem that could call on, or have called on, the obligations under the bond provided by USIC or any other bonding provider. The Committee also noted that the Debtor has pretended that the Committee does not exist since the Committee's appointment on July 14, 2015. While the Debtor has provided the Committee with certain documents and information related to the feasibility of the Plan, obtaining such documents and information has been a constant struggle. The Debtor's professionals have refused to communicate with the Committee's proposed lead counsel, Lowenstein Sandler LLP, and financial advisor, GlassRatner Advisory & Capital Group LLC, on the purported ground that the Court has not yet approved the Committee's retention of Lowenstein and GlassRatner. Puerto Rico Counsel to the Committee: Javier Vilarino, Esq. VILARINO & ASSOCIATES LLC PO Box 9022515 San Juan, PR 00902-2515 Telephone: 787-565-9894 E-mail: jvilarino@vilarinolaw.com Proposed Counsel to the Committee: Jeffrey D. Prol, Esq. LOWENSTEIN SANDLER LLP 65 Livingston Avenue Roseland, NJ 07068 Telephone: 973-597-2500 Facsimile: 973-597-2400 E-mail: jprol@lowenstein.com About Alonso & Carus Alonso & Carus Iron Works, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debts. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. The Official Committee of Unsecured Creditors appointed in the Debtor's case has tapped Vilarino & Associates LLC as Puerto Rico counsel, and Lowenstein Sandler LLP as lead counsel. The Committee also retained GlassRatner Advisory & Capital Group LLC, as financial advisors. Information Overload on Mangroves, Sea Grass, and Sea horses. I guess it is true that more you learn the less you know. It is good when I get to read about these fascinating things but it is better when an expert, who dedicated their lives for the preservations of our sea creatures, took the time to share their field experiences and knowledge. Thank you, more please. :D PUERTO RICO: Says Fin'l. Control Board Bill to be Filed This Week ------------------------------------------------------------------ Megan Davies at Reuters reports that legislation to create a financial control board for heavily indebted Puerto Rico was scheduled to be filed Oct. 15 or Oct. 16, the U.S. territory's government affairs secretary Jesus Manuel Ortiz said. The financial control board, a key recommendation from a plan released in September to try and solve the U.S. territory's pressing debt problems, would have oversight over most government entities, according to Reuters. "This week, the fiscal control board bill will be filed," said Mr. Ortiz, the report notes. "As you know, it seeks the establishment of an independent, nonpartisan entity, which will ensure the implementation of the fiscal adjustment plan that will address and stabilize the finances and grow the Puerto Rico economy." Puerto Rico has seen its debt balloon to $72 billion, while the number of taxpayers shouldering the burden has dwindled, with thousands moving to the U.S. mainland each year, the report relates. The U.S. territory defaulted on debt in August by paying only a fraction of what was due on some bonds. Some legislators in Washington have also been contemplating imposing a financial control board on Puerto Rico, the report says. The idea was debated during a recent Senate Finance Committee hearing, the report discloses. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: 'Trouble Ahead' for Yachting Industry -------------------------------------------------------- Trinidad Express reports that the yachting industry in Trinidad and Tobago is in trouble, with fewer vessels coming into port for repair and maintenance, which threatens the jobs of 10,000 people. This according to the Yacht Services Association of Trinidad and Tobago (YSATT), which is asking that incentives for the marine sector be provided in the 2015/2016 budget, according to Trinidad Express. In a statement, the Association said Government and citizens needed to understand the vital role the industry plays in diversifying the economy and earning foreign exchange, the report relates. The Association stated that hundreds of yachts visit Trinidad yearly to avoid hurricanes and to repair and maintain their boats, utilizing a wide range of maritime facilities and services, the report relays. "Unfortunately there has been a major decline from a high of 2,654 yacht arrivals in 2000 and to only 1,060 in 2014. Factors for this include our failure to adopt the single harmonized entry form used by all the other Caribbean Islands. Yacht owners and crew members are also drawn to the country for eco-tourism, cultural tourism and medical tourism," YSATT added. *********** 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 * * *