/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/151021.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, October 21, 2015, Vol. 16, No. 208 Headlines A R G E N T I N A YPF SA: Won't Overpay for Petrobras Argentina Assets, CFO Says B R A Z I L HYPERMARCAS SA: Mulls Spin-Off of Consumer Units, Paper Says JBS SA: Seen Gaining $3.6 Billion With Collapse of Brazil's Real C A Y M A N I S L A N D S ASPEN AMBROSE: Shareholders' Final Meeting Set for Oct. 30 COPELLA INVESTMENT: Shareholders' Final Meeting Set for Oct. 29 COPELLA MASTER: Shareholders' Final Meeting Set for Oct. 29 FASANARA CAPITAL: Shareholders' Final Meeting Set for Oct. 29 KSYRIUM II: Shareholders' Final Meeting Set for Oct. 30 KSYRIUM III: Shareholders' Final Meeting Set for Oct. 30 KSYRIUM IV: Shareholders' Final Meeting Set for Oct. 30 PHOENIX CDO: Shareholders' Final Meeting Set for Oct. 30 SIGNUM 80%: Shareholders' Final Meeting Set for Oct. 30 SIGNUM PLATINUM: Shareholders' Final Meeting Set for Oct. 30 SNAP LIMITED: Shareholders' Final Meeting Set for Oct. 30 SOUTH STREET: Shareholders' Final Meeting Set for Oct. 30 STRAWBERRY FIELDS: Shareholders' Final Meeting Set for Oct. 30 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Exporters Need to Look to Other Markets E C U A D O R BANCO DE LA PRODUCCION: Fitch Affirms 'B' LT Issuer Default Rating BANCO PICHINCHA: Fitch Affirms 'B' Long-term Issuer Default Rating N I C A R A G U A B2GOLD: Resumes Mining Operations in Nicaragua After Protests P U E R T O R I C O ARITEL INC: Objection to Claim No. 17 Sustained DIAZ ROMERO & SON: Case Summary & 2 Largest Unsecured Creditors PINEYRO Y LARA: Case Summary & 20 Largest Unsecured Creditors X X X X X X X X X LATAM: Foreign Investment Falls -21% Despite Growth Forecasts - - - - - ================= A R G E N T I N A ================= YPF SA: Won't Overpay for Petrobras Argentina Assets, CFO Says -------------------------------------------------------------- Rakteem Katakey and Daniel Cancel at Bloomberg News report that YPF SA knows the fair value of Petroleo Brasileiro SA's local assets and will only proceed with an acquisition if the price meets its criteria, Chief Financial Officer Daniel Gonzalez said. The executive declined to confirm or deny an article published in La Nacion newspaper that said YPF SA abandoned a bid after Petrobras Argentina asked it to raise its reported $900 million offer for a 67 percent stake, according to Bloomberg News. "We know what the real value is and we're very disciplined about what price we will pay," Mr. Gonzalez said in an interview at the Oil & Money conference in London, Bloomberg News notes. Bloomberg News says that Petrobras Argentina, which has a market value of $1.2 billion, is focusing mostly on unconventional exploration and production and has started drilling at the vast Vaca Muerta shale gas and oil deposit in Neuquen province, where YPF SA has sunk 400 wells. YPF SA, which last year purchased natural-gas assets from Apache Corp. for $800 million, is concentrating on gas projects, Gonzalez said at the conference, Bloomberg News relays. Petrobras Argentina has pumped about 6.5 percent of the country's total gas output this year, according to the Energy Secretariat. Petrobras's press department didn't immediately reply to an e- mailed request for comment. Petrobras sold more than 20 oil and gas fields to Argentine energy producer Cia. General de Combustibles in March for $101 million, Bloomberg News discloses. * * * As reported in the Troubled Company Reporter-Latin America on July 22, 2015, Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings (IDRs) of YPF S.A. (YPF) at 'CCC' and 'B-', respectively. Fitch affirms the company's long-term international bond ratings at 'CCC' and assigns an 'RR4' recovery rating to the company's international senior unsecured bonds. The 'RR4' Recovery Rating for the company's senior unsecured notes outstanding reflects an average expected recovery given default and is in line with the RR soft cap established for Argentina. =========== B R A Z I L =========== HYPERMARCAS SA: Mulls Spin-Off of Consumer Units, Paper Says ------------------------------------------------------------ Silvio Cascione at Reuters reports that Brazilian health and hygiene company Hypermarcas SA is considering adding more consumer good operations to its planned spin-off of its diaper unit, in an effort to reduce debt and sharpen the company's focus on healthcare, newspaper O Estado de S. Paulo reported. Hypermarcas, the largest Brazilian producer of personal care goods, hired financial advisors in May to find alternatives for the diaper unit and has already reached out to several potential buyers, according to Estado, notes Reuters. Adding other consumer goods units would potentially make the deal more attractive, the report relates. The diaper unit has revenue of BRL858 million ($216 million) last year, Hypermarcas said in May, accounting for about 40 percent of the company's revenues of consumer goods, according to Estado, Reuters notes. It said Hypermarcas was considering adding most of its consumer goods units to the spin-off but was excluding those producing condoms and sweeteners, Reuters adds. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 17, 2015, Fitch Ratings has affirmed the Foreign and Local Currency Issuer Default Ratings (IDRs) of Hypermarcas S.A. at 'BB+' and its National Scale Long-term ratings at 'AA(bra)'. The Rating Outlook remains Positive. JBS SA: Seen Gaining $3.6 Billion With Collapse of Brazil's Real ---------------------------------------------------------------- Gerson Freitas Jr. at Bloomberg News reports that JBS SA will probably post financial gains of BRL15 billion ($3.6 billion) from derivatives contracts betting against Brazil's real, according to Viccenzo Paternostro, an equity analyst at Credit Suisse. The Brazilian meatpacker held a nominal value of about $12 billion in contracts that short the real at the end of June, a 50 percent increase since December, as the company moved to fully hedge its debt and that of its units, according to Bloomberg News. That could lead to gains of as much as BRL11 billion just for this quarter, Mr. Paternostro said in an interview. The real has tumbled 25 percent this quarter and is down 36 percent for the year, the worst drop among the world's 31 most- traded tenders, as the economy heads to the longest recession since the 1930s, Bloomberg News notes. The real fell as much as 1.7 percent Sept. 25 to a record low of 4.2478 per dollar. Bloomberg News relays that Mr. Paternostro expects the currency to trade about 4.25 at the end of the year. The real's depreciation accelerated after Standard & Poor's cut the credit rating on Brazil's foreign debt to junk this month. The ratings company cited political gridlock amid calls to impeach President Dilma Rousseff, growing opposition in Congress to her fiscal austerity measures and widening fallout from a bribery scandal at Brazil's largest state-run company, Bloomberg News notes. Brazil's real has also been hit by a collapse in commodity prices and the prospect of the first increase in U.S. interest rates since 2006, Bloomberg News adds. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 2, 2015, 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)'. ========================== C A Y M A N I S L A N D S ========================== ASPEN AMBROSE: Shareholders' Final Meeting Set for Oct. 30 ---------------------------------------------------------- The shareholders of Aspen Ambrose, Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 COPELLA INVESTMENT: Shareholders' Final Meeting Set for Oct. 29 --------------------------------------------------------------- The shareholders of Copella Investment Management (Cayman) Limited will hold their final meeting on Oct. 29, 2015, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 COPELLA MASTER: Shareholders' Final Meeting Set for Oct. 29 ----------------------------------------------------------- The shareholders of Copella Master Fund SPC will hold their final meeting on Oct. 29, 2015, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 FASANARA CAPITAL: Shareholders' Final Meeting Set for Oct. 29 ------------------------------------------------------------- The shareholders of Fasanara Capital Credit Strategies Fund will hold their final meeting on Oct. 29, 2015, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 KSYRIUM II: Shareholders' Final Meeting Set for Oct. 30 ------------------------------------------------------- The shareholders of Ksyrium II Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 KSYRIUM III: Shareholders' Final Meeting Set for Oct. 30 -------------------------------------------------------- The shareholders of Ksyrium III Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 KSYRIUM IV: Shareholders' Final Meeting Set for Oct. 30 ------------------------------------------------------- The shareholders of Ksyrium IV Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 PHOENIX CDO: Shareholders' Final Meeting Set for Oct. 30 -------------------------------------------------------- The shareholders of Phoenix CDO Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SIGNUM 80%: Shareholders' Final Meeting Set for Oct. 30 ------------------------------------------------------- The shareholders of Signum 80% Protection Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SIGNUM PLATINUM: Shareholders' Final Meeting Set for Oct. 30 ------------------------------------------------------------ The shareholders of Signum Platinum I Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SNAP LIMITED: Shareholders' Final Meeting Set for Oct. 30 --------------------------------------------------------- The shareholders of Snap Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SOUTH STREET: Shareholders' Final Meeting Set for Oct. 30 --------------------------------------------------------- The shareholders of South Street CBO 1999-1 Ltd. will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 STRAWBERRY FIELDS: Shareholders' Final Meeting Set for Oct. 30 -------------------------------------------------------------- The shareholders of Strawberry Fields Aviation Limited will hold their final meeting on Oct. 30, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Exporters Need to Look to Other Markets ----------------------------------------------------------- Dominican Today reports that Dominican Exporters Association (ADOEXPO) president Sadala Khoury called for joint action between the private and public sectors to diversify export markets, and called trade with Haiti uncertain. Mr. Khoury said he has reports that powerful groups are behind Port-au-Prince's ban on 23 Dominicans products, aimed at in his view promoting trade with US producers, specifically in Miami, according to Dominican Today. The report notes that Mr. Khoury said it's not the first time Haitian authorities impose bans on Dominican products, "without any justification," and violate treaties and national and international agreements that regulate business activities. Interviewed on Telesistema Channel 11, the export leader noted Haiti's ban on chickens and eggs in addition to Port-au-Prince's restrictions on the import of plastics, the report says. ============= E C U A D O R ============= BANCO DE LA PRODUCCION: Fitch Affirms 'B' LT Issuer Default Rating ------------------------------------------------------------------ Fitch Ratings has affirmed Banco de la Produccion, S.A. y Subsidiarias'(Produbanco, commercially known as Produbanco Grupo Promerica) long-term Issuer Default Rating (IDR) at 'B' and its Viability Rating (VR) at 'b'. The Rating Outlook is Stable. All other ratings have also been affirmed. A full list of rating actions follows at the end of this press release. KEY RATING DRIVERS KEY RATING DRIVERS - IDR and VR Produbanco's VR drives its long-term IDR. Ecuador's challenging operating environment with low expected growth and rising political risks along with a significant regulatory uncertainty have a high influence on the bank's VR. Produbanco's moderate capital position also has a high influence on its VR. The rating also factors in the bank's ample liquidity, good asset quality and pressured profitability. Produbanco's Fitch core capital (FCC) ratio, of 10.82% at end June, compares below similarly rated peers. The FCC ratio decreased after the merge with Promerica, pressured by higher risk weighted assets and the goodwill created by the transaction. In Fitch's view, the ratio will remain stable as year-end figures should benefit from a slowdown in lending, despite the expected decrease in profits. Lower profitability was driven by the bank's transition period, after the merge with Banco Promerica and the sale of its subsidiary in Panama. As of June 2015, Produbanco's ROAA decreased and compared below market average due to increased operating costs, higher loan loss impairment charges and lower income diversification. In Fitch's opinion, profitability metrics will continue under pressure in 2015 given Ecuador's economic conditions. Produbanco's liquidity is ample and compares well with banks in similarly rated countries. Ecuador's conservative liquid assets requirements exceed those of similarly rated countries. Produbanco's investment practices benefit lower risk exposure and high liquidity. The bank maintains adequate risk controls and conservative underwriting standards. Fitch forecasts some deterioration in non- performing loans ratios as economic growth weakens. However, asset quality will continue comparing well with industry averages, underpinned by the low delinquency levels of Produbanco's seasoned corporate loan portfolio. The Stable Outlook reflects limited upside potential of Produbanco's VR under current economic conditions SUPPORT RATING AND SUPPORT RATING FLOOR The bank's Support Rating of 'NF' and Support Rating Floor of '5' reflect Fitch's belief that external support cannot be relied upon due to Ecuador's limited funding flexibility as well as the lack of a lender of last resort RATING SENSITIVITIES IDR and VR Produbanco's VR and IDRs have limited upside potential under current economic conditions. A downgrade of the bank's VR and IDRs would reflect significant reduction in Produbanco's internal capital generation that leads to a decrease in the bank's FCC metrics consistently below 9%. SUPPORT RATING AND SUPPORT RATING FLOOR Ecuador's propensity or ability to provide timely support to these banks is not likely to change given the sovereign's low speculative grade IDR. As such, the SR and SRF have no upgrade potential. Fitch has affirmed the following ratings: -- Foreign currency long-term IDR at 'B'; Outlook Stable; -- Foreign currency short-term IDR at 'B'; -- Viability rating at 'b'; -- Support rating at '5'; -- Support Floor at 'NF'. BANCO PICHINCHA: Fitch Affirms 'B' Long-term Issuer Default Rating ------------------------------------------------------------------ Fitch Ratings affirmed Banco Pichincha C.A. y Subsidiarias' (Pichincha) Long-term Issuer Default Rating (IDR) at 'B' with a Stable Outlook and its Viability rating (VR) at 'b'. KEY RATING DRIVERS - IDRS and VR Pichincha's VR, which measures the intrinsic creditworthiness of a financial institution, drives its Long-term IDR. The bank's operating environment highly influence its VR. The bank's VR also factors in a tight but stable capitalization, pressured asset quality, weak profitability, ample liquidity and a strong franchise. Ecuador's challenging operating environment - low expected growth and rising political risks - along with significant regulatory uncertainty limit the bank's potential growth, profitability and internal capital-generation capacity. Compared with international peers, Pichincha has limited capital cushion to absorb unexpected losses. However, in Fitch's view, this is mitigated by conservative reserve coverage, moderate asset growth and a strong risk profile. Hindered by low profitability, Fitch Core Capital-to-risk weighted assets stood at 9.6% at first- half 20015 (1H15). Fitch expects that this capital ratio will not improve in the near term, given the unfavorable operating environment which will limit internal capital generation. Pichincha's impaired loans-to-gross loans ratio continued to compare unfavorably with both the domestic industry average and similarly rated international peers (emerging market commercial banks with a VR of 'b-', 'b', or 'b+'), reflecting loan portfolio seasoning following a period of rapid expansion of the microcredit and consumer portfolios. However, loan loss reserve coverage of non-performing loans (NPLs) exceeds that of peers. Fitch projects that asset quality will continue to deteriorate over the next year in a weak economic environment. Pichincha's financial performance is weak compared with local and international peers. In Fitch's view, profitability is unlikely to improve in 2015 as a result of the deteriorating economic conditions, which will also hinder credit growth and increase credit costs. Pichincha's funding structure has benefited from its solid franchise and a wide distribution network, which have allowed the bank to enjoy a well-diversified, stable and relatively low-cost funding base. Fitch expects Pichincha's stable and diversified deposit base to grow at a moderate pace over the medium term while maintaining a sizable amount of liquid assets. Similar to domestic peers, liquidity is conservative and higher than international peers. KEY RATING DRIVERS - SUPPORT RATINGS Pichincha's Support Rating (SR) of '5' and Support Rating Floor (SRF) of 'NF', indicates that Fitch believes external support cannot be relied upon due to Ecuador's limited funding flexibility as well as the lack of a lender of last resort. RATING SENSITIVITIES IDRS, VR Pichincha's VR and IDRs have limited upside potential under current economic conditions. However, the bank's ratings could be pressured downward if changes in the operating environment or government intervention result in operating losses or a Fitch Core Capital ratio consistently below 9%, in conjunction with a material decline in excess loan loss reserves. SUPPORT RATINGS Ecuador's propensity or ability to provide timely support to these banks is not likely to change given the sovereign's low speculative-grade IDR. As such, the SR and SRF have no upgrade potential. Fitch has affirmed the following ratings: Banco Pichincha C.A. y Subsidiarias -- Foreign currency long-term IDR at 'B'; Stable Outlook; -- Foreign currency short-term IDR at 'B'; -- Viability Rating at 'b'; -- Support at '5'; -- Support Floor at 'NF'. ================= N I C A R A G U A ================= B2GOLD: Resumes Mining Operations in Nicaragua After Protests ------------------------------------------------------------- Latin American Herald Tribune reports that Canada's B2Gold has resumed operations at the Mina El Limon mine in Nicaragua after weeks of labor strife, a company spokesperson said. Workers reported on Oct. 19 as normal, B2Gold's Anne Perez told EFE, adding that operations had already resumed over the weekend, according to Latin American Herald Tribune. The report notes that the protests at Mina El Limon, 140 kilometers (87 miles) northwest of Managua, took a violent turn early in October, when a police officer was killed and several other people were wounded amid food shortages in the town. The conflict was spurred by management's refusal to reinstate three fired union activists, the report relays. B2Gold, which employs some 800 at Mina El Limon, said the firings were justified and had been carried out according to established guidelines, the report discloses. Police announced over the weekend that public order had been restored in Mina El Limon, where women and children clad in black marched on Sunday to protest the violence and the isolation of their community as a result of authorities' efforts to contain the labor dispute, the report notes. In 2014, gold was Nicaragua's No. 3 export, with sales of $385.9 million, behind beef and coffee, the report adds. ====================== P U E R T O R I C O ====================== ARITEL INC: Objection to Claim No. 17 Sustained ----------------------------------------------- Judge Edward A. Godoy of the United States Bankruptcy Court for the District of Puerto Rico granted Aritel Inc. and Cheneliz Convention Center, Inc.'s objection and ruled that the surcharges in the amount of $6,022 in proof of claim number 17-1 by the Puerto Rico Tourism Company are not entitled to priority status pursuant to the Bankruptcy Code. As such, only the amount of $55,111 in proof of claim number 17-1 is entitled to priority status and the remaining amount of $6,022 is allowed as general unsecured, Judge Godoy ruled. The Tourism Company filed claim number 17 for unpaid room taxes owed by substantively consolidated debtor Cheneliz Convention totaling $61,133, with breakdown as follows: $41,024 for principal, $14,087 for interest, and $6,022 for surcharges. The Debtors objected to the Tourism Company's claim arguing that the surcharges should not be entitled to priority status. The Tourism Company opposed the Debtors' objection. The case is IN RE: ARITEL, INC., and CHENELIZ CONVENTION CENTER, INC., CHAPTER 11, DEBTORS, CASE NO. 14-03727 (EAG), CONSOLIDATED WITH 14-03729 (EAG)(Bankr. D.P.R.). A full-text copy of Judge Godoy's opinion and order dated September 23, 2015, is available at http://is.gd/Dydxo6from Leagle.com. Aritel, Inc., Cheneliz Convention Center, Inc., and F.C. Development, Inc., sought protection under Chapter 11 of the Bankruptcy Code on May 6, 2014. The cases are jointly administered under Case No. 14-03727 (Bankr. D.P.R.). The Debtor's counsel is Antonio Fiol Matta, Esq., at Antonio Fiol Matta Law Offices, in San Juan, Puerto Rico. The petition was signed by Franco Caban Valentin, president. A list of Aritel's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb14-03727.pdf DIAZ ROMERO & SON: Case Summary & 2 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Diaz, Romero & Son Enterprises, Inc. URB. Gonzalez Seijo 1021 General Del Valle San Juan, PR 00924 Case No.: 15-08127 Chapter 11 Petition Date: October 16, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Mildred Caban Flores Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq. LOZADA AND LAW & ASSOCIATES, LLC PO BOX 9023888 San Juan, PR 00902 Tel: 787 520 6002 Fax: 787 520 6003 Email: lcdamslozada@gmail.com msl@lozadalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Porfirio Diaz Torres, president. A list of the Debtor's two largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-08127.pdf PINEYRO Y LARA: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Pineyro Y Lara of Puerto Rico, Inc. Building A-3C Central Plaza Industrial Park Catao, PR 00962 Case No.: 15-08152 Chapter 11 Petition Date: October 17, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Mildred Caban Flores Debtor's Counsel: Carlos Rodriguez Quesada, Esq. LAW OFFICE OF CARLOS RODRIGUEZ QUESADA P O BOX 9023115 San Juan, PR 00902-3115 Tel: 787 724-2867 Email: cerqlaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Frank Pineyro, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-08152.pdf ================= X X X X X X X X X ================= LATAM: Foreign Investment Falls -21% Despite Growth Forecasts ------------------------------------------------------------- Dominican Today reports that direct foreign investment (FDI) into 16 Latin America and Caribbean countries fell 21% in the first half of 2015 compared with the same period last year, with a total of US$88.7 billion, the UN Economic Commission for Latin America and the Caribbean (ECLAC) said. The regional economic entity said FDI into Republica Dominicana (- 21%) among the factors behind the decline in FDI figure falling investments in mining and hydrocarbons on lower global prices, a slumping China economy and the decline of the region, according to Dominican Today. The report notes that the data released are from the ECLAC's yearly update of the main figures in the report: "Foreign direct investment in Latin America and the Caribbean," whose last edition was launched in May. While nearly all countries evaluated have reduced FDI, the most significant drop in the region was Brazil's, where a significant portion of foreign investment has traditionally been aimed at developing activities for the domestic market, the report relates. The fall in domestic demand and negative growth prospects determined Brazil's outcome in the first half, the ECLAC said in a statement, the report adds. *********** 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 * * *