/raid1/www/Hosts/bankrupt/TCRLA_Public/151117.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
Tuesday, November 17, 2015, Vol. 16, No. 227
Headlines
A R G E N T I N A
ARGENTINA: Now Open for Business and Foreigners Are Piling In
B R A Z I L
BRAZIL: Rousseff Says Levy Will Stay as Finance Minister
MILLS ESTRUTURAS: Moody's Lowers Rating to B1; Outlook Negative
C A Y M A N I S L A N D S
AK RECEIVABLES: Creditors' Proofs of Debt Due Nov. 26
DEMER INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
EGYPTAIR CAPITAL: Creditors' Proofs of Debt Due Nov. 26
ERMINIO INVESTMENT: Creditors' Proofs of Debt Due Nov. 23
FIORENTINA FINANCE: Creditors' Proofs of Debt Due Nov. 26
GAGA INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
LONDON PROPERTIES: Creditors' Proofs of Debt Due Nov. 23
MIDDLE EAST: Creditors' Proofs of Debt Due Nov. 26
PARMIGIANO LTD: Creditors' Proofs of Debt Due Nov. 23
SERENA INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
STEEL PARTNERS: Creditors' Proofs of Debt Due Nov. 16
SUNDAY ROSE: Creditors' Proofs of Debt Due Nov. 23
ZERO PROPERTIES: Creditors' Proofs of Debt Due Nov. 23
D O M I N I C A N R E P U B L I C
* DOMINICAN REP: Gas Falls to RD$25.58PQM, Others Unchanged
* DOMINICAN REPUBLIC: Tourism's 'Greatest Moment' at 10% Growth
M E X I C O
EMPRESAS ICA: Release Earnings Result; Miss Estimates by $1.09 EPS
EMPRESAS ICA: S&P Lowers CCR to 'CCC+'; Outlook Remains Negative
P E R U
INKIA ENERGY: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
P U E R T O R I C O
MORGANS HOTEL: Pine River Reports 9.1% Stake as of Nov. 4
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Now Open for Business and Foreigners Are Piling In
-------------------------------------------------------------
Carolina Millan at Bloomberg News reports that for the first time
in two decades, the U.S. Chamber of Commerce is bringing business
leaders to Argentina. Global hedge funds are snapping up the
country's assets.
Farmers across the fertile pampas are getting ready to empty silo
bags of corn and soybeans after years of withholding part of their
crop in anger over tax policies, according to Bloomberg News.
Nine days before a closely-watched presidential election in
Argentina, it would be hard to overstate the level of expectation
in the business world, Bloomberg News relates. BRF SA, Brazil's
largest food company, is expanding two factories and planning
acquisitions. BayWa AG, the Munich-based grain trader, is
building its first office in South America's second-largest
economy. Arca Continental SAB, Latin America's No.2 Coca-Cola
bottler, talks of "tremendous opportunity."
"There are many, many opportunities in that country," Chief
Executive Officer Francisco Garza Egloff of Arca Continental said
on a conference call with investors Oct. 23, Bloomberg News
discloses. "Well-located, well-positioned in terms of energy,
commodity and so on, no debt. It's a tremendous opportunity to
work with a well-educated and prepared population," Mr. Egloff
added.
Bloomberg News notes that the turnaround in attitude is stark.
For years, doing business in Argentina has been enormously
frustrating, with 30 percent inflation, currency controls that
make it costly to get money out of the country, sub-par economic
growth and unpredictable government policies, Bloomberg News
relays.
The reward has never seemed closer for foreign companies that
stuck it out, betting a country that's home to an educated
workforce, the world's second-largest shale gas reserves and the
third-largest source of soybean exports would eventually
normalize, Bloomberg News notes.
On Nov. 22, Argentines will choose between two presidential
candidates who have promised change from the past dozen years of
leftist populism led by the Kirchner family, Bloomberg News says.
"We're getting the right overtures right now that this election
may represent a renewed relationship with the U.S. and the U.S.
business community," said Jodi Hanson Bond, the vice president for
the Americas at the U.S. Chamber of Commerce, Bloomberg News
discloses.
Bloomberg News relays that the optimistic notes from foreign
companies follow moves by hedge funds and other investors who say
the departure of President Cristina Fernandez de Kirchner will
bring a windfall.
Hedge-fund firms including Soros Fund Management LLC, Third Point
LLC and Perry Capital LLC have seen their investments soar amid
speculation the next government will settle a lawsuit with
creditors, return to international capital markets and undertake
reforms designed to bolster growth, Bloomberg News says.
Unacknowledged in all the enthusiasm is that the turnaround may
not be swift or easy in Argentina, and there's no shortage of
pessimism on the region as a whole with several European banks
shrinking their operations in Latin America, Bloomberg News
relays.
Argentina is engaged in an epic legal battle with hedge funds
fighting for full repayment on debt the country stopped paying in
2001, Bloomberg News notes. Its economic data is viewed with
skepticism by the International Monetary Fund. Its currency is so
overvalued, and limits on buying and selling the dollar are so
strict, that the country has developed several parallel exchange
rates used by individuals and businesses when they can't get
dollars through official channels, Bloomberg News discloses.
The report notes that both leading presidential candidates
advocate the need for change, even if they have different
approaches. The opposition's Mauricio Macri has promised to lift
capital controls and let the peso float, while Daniel Scioli of
the ruling party vows to make gradual reforms while initially
preserving currency controls.
Either way, the change of government will have repercussions for
more than 70 companies listed in the S&P 500 Index that have
currency exposure in Argentina, according to data compiled by
Bloomberg. The country also hosts some of the world's largest
energy producers, including BP Plc, Total SA and Petroleo
Brasileiro SA, Bloomberg News notes.
"In terms of opportunities going forward, Argentina would be at
the top into 2016," James Harbilas, the chief executive officer of
Calgary-based Enerflex Ltd., said when asked by an investor where
he saw the biggest opportunity in Latin America for the oil and
gas field services provider, reports Bloomberg News.
The upbeat tone has been especially widespread among companies
with ties to agriculture, one of the sectors hardest hit by
Fernandez's tax policies, Bloomberg News discloses. Argentine
farmers have protested what they consider unfair treatment for
several years, in part by holding back crops and storing them in
bags that can be seen dotted along rural roads, as they wait for a
new government and policy, Bloomberg News relays.
Both Scioli and Macri have pledged to scrap the 23 percent levy on
corn exports and to reduce the 35 percent tax on soybean exports.
That's good news to Soren Schroder, the chief executive officer of
White Plains, New York-based Bunge Ltd., the world's largest
oilseed processor, Bloomberg News relates. He told analysts and
investors on Oct. 29 that after years of isolation, he sees
Argentina opening up no matter who wins the elections.
"We all believe that starting sometime in the first quarter, the
Argentine farmer will start letting loose on some of the soybeans
that are accumulating," Bloomberg News quoted Mr. Schroder as
saying. "They'll be sitting on over 10 million tons of beans as
it looks right now as we move into the new crop, and some of that
should come out in the first quarter prior to their new crop
harvest."
Bloomberg News notes that Archer-Daniels-Midland Co., the world's
largest corn processor said on a conference call that it expects
more exports out of Argentina, while BayWa executives told
analysts and investors on Nov. 5 that they found the Argentine soy
industry to be "very impressive."
Jorge Becerra, a managing director for Latin America at the Boston
Consulting Group, said businesses are seeing opportunities to
bolster investments in Argentina no matter who wins the election,
Bloomberg News relays.
Companies focused on infrastructure, energy and financial services
are among those looking for opportunities in the country,
according to Mr. Becerra, reports Bloomberg News.
"There's a renewed interest in understanding how to harness,
monetize and promote growth in the country," Mr. Becerra said from
Santiago, the report relates.
* * *
The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment. Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001. A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.
As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.
The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.
Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.
On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.
The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD). The short-term foreign
currency rating has been downgraded to Default (D), from R-5. The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively. The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.
On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30. According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'. In addition, Fitch
has affirmed:
-- Foreign Currency Issuer Default Rating (IDR) at 'RD';
-- Local Currency IDR at 'CCC';
-- Short-term Foreign Currency IDR at 'RD';
-- Country Ceiling at 'CCC'.
-- Performing Foreign Law Exchanged Securities (Global 17) at
'C';
-- Local Currency exchanged bonds under Argentine Law at 'CCC';
-- Foreign and Local Currency non-exchanged securities under
Argentine Law at 'CCC';
-- Discount Bonds issued under Foreign Law at 'D'.
On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina. Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.
===========
B R A Z I L
===========
BRAZIL: Rousseff Says Levy Will Stay as Finance Minister
--------------------------------------------------------
Raymond Colitt at Bloomberg News reports that Brazil's President
Dilma Rousseff said Joaquim Levy will remain as her finance
minister, allaying rumors he would step down because he is losing
support for his plan to shore up public accounts.
According to the report, Rousseff said she disagreed with her
mentor and predecessor Luiz Inacio Lula da Silva over Levy's
effectiveness. Lula, according to local reports, has criticized
Levy in closed meetings, saying he puts too much emphasis on the
austerity plan and ignores the need of pro-growth measures.
"I think it's extremely harmful and negative to the country the
speculations about minister Joaquim Levy that happen now and
then," Rousseff told reporters Monday in Antalya, Turkey, where
she is attending the G-20 summit, notes Bloomberg News. The
speculations "force me to systematically come out and reinforce
that minister Joaquim Levy is staying where he is," said the
president.
Rousseff also urged Congress to approve the creation of a
financial transaction tax, and said she now has the backing of the
majority in Congress to move ahead with her economic plan, the
report relates.
Brazilian media have repeatedly reported in recent months that
Levy will be dismissed, even as the president says he has her full
support, notes Bloomberg News. The speculation comes as
Rousseff's allies express frustration with the lack of policies to
fuel economic growth amid a recession. The minister has complained
to Rousseff about the lack of support from within her ruling
coalition, according to officials with direct knowledge of his
meetings.
"I'm staying until further notice. I think I have the support of
President Dilma," Levy told reporters on Nov. 16, Bloomberg News
relays. He traveled to Antalya to accompany Rousseff.
According to Bloomberg News, Levy said that Congress had recently
advanced on important bills to help cap spending and boost
revenue. Increased fiscal discipline will help set the stage for
economic recovery, he said.
Rousseff is resisting pressure from politicians in the ruling
coalition and Lula to remove Levy from office, a government
official with knowledge of the discussions said Nov. 13, says
Bloomberg News. Earlier that day, wire service Valor Pro reported
that Rousseff was considering whether to replace Levy with former
central bank chief Henrique Meirelles.
Asked whether Mr. Levy felt threatened in his job or could be
replaced, Levy said, "I'm sailing along," notes the report.
MILLS ESTRUTURAS: Moody's Lowers Rating to B1; Outlook Negative
---------------------------------------------------------------
Moody's America Latina downgraded Mills Estruturas e Servicos de
Engenharia S.A.'s global scale ratings to B1 from Ba3. At the
same time its national scale ratings were downgraded to Baa3.br
from A3.br. The outlook for the ratings remains negative.
Ratings downgraded:
Issuer: Mills Estruturas e Servi‡os de Engenharia S.A.
-- Corporate Family Rating: to B1 from Ba3 (global scale); to
Baa3.br from A3.br (national scale)
-- BRL 270.00 million senior unsecured debentures due 2016: to
B1 from Ba3 (global scale); to Baa3.br from A3.br (national
scale)
-- BRL 160.94 million senior unsecured debentures due 2017: to
B1 from Ba3 (global scale); to Baa3.br from A3.br (national
scale)
-- BRL 200.00 million 5-year senior unsecured debentures due
2019: to B1 from Ba3 (global scale); to Baa3.br from A3.br
(national scale)
-- BRL 109.06 million senior unsecured debentures due 2020: to
B1 from Ba3 (global scale); to Baa3.br from A3.br (national
scale)
The outlook for all ratings remains negative.
RATINGS RATIONALE
The downgrade in Mills' ratings and negative outlook reflect the
worse than expected impact on the company's operating performance
as a consequence of its exposure to the Brazilian heavy
construction and Homebuilding industries, and the likelihood that
the negative scenario will persist for an uncertain period of
time. More specifically, the action accounts for the further
deterioration in the heavy construction sector fundamentals on the
back of corruption scandals and macroeconomic uncertainties in
Brazil. It also reflects the persistent slowdown in the
homebuilding industry due to the challenging macroeconomic
environment that will continue to put negative pressure on
launches, construction rhythm, and sales speed. Moody's has a
negative outlook for the Brazilian homebuilding industry as well
as for the rated heavy construction companies.
Mills' B1 CFR incorporates its leading position in the Brazilian
concrete formwork and tubular structures sector backed by its
longstanding relationship with the major local construction
companies engaged in complex infrastructure, commercial,
industrial and residential projects, supported by the offering of
innovative solutions and updated technology. With the divestiture
of its industrial services division in 2013, Mills has increased
its focus in the core, higher-margin, businesses that includes
construction (infrastructure and homebuilding) and equipment
rental, at the same time it improved the company's liquidity.
The rating is also supported by Mills' flexibility and ability to
reduce CAPEX and sell assets in periods of lower capacity
utilization, prudent financial management, moderate dividend
payout policy, and currently adequate liquidity that will help the
company navigate the down cycle in its target industries. Mills
is run by professional executives with long experience in the
industry, which potentially reduces the company's execution risk,
and has a good level of disclosure.
Mills' small and decreasing size relative to global peers, and its
high dependence on the cyclical construction industry are
constraining factors to the rating. Notwithstanding, the short
cycle of its investments provides flexibility to efficiently react
to potential slowdowns in the construction industry selling assets
to adequate the company's size to weaker demand periods, but
unsustainable if the downturn persists for a long period of time.
During the LTM ended September 2015, Mills' net revenues declined
by 23% reflecting its 51% concentration its heavy construction and
real estate divisions, while the remaining 49% where generated by
its rental division -- which is 72% exposed to construction -
evidencing a high dependence on these segments. Moody's
anticipates that Mills' exposure to the construction sector will
remain high over the medium term. Also, Mills' operations are
geographically concentrated in Brazil where it generates all of
its revenues and cash flows, evidencing the narrow geographic
focus and consequently its vulnerability to the vagaries of a
single country.
Mills has estimated a severe reduction in CAPEX for 2015 that
could reach as low as BRL 30 million and even lower in 2016 and
2017, as compared to BRL 41 million in the LTM ended September
2015 and BRL 215 million in 2014. At such lower levels, CAPEX can
be easily funded with internal cash generation as the company's
cash flow from operations was BRL 150 million for the last twelve
months ended in September 2015, somewhat reducing the pressure on
the company's liquidity. Cash position increased to BRL 193
million in the end of September 2015 from BRL 138 million in the
end of June 2015, reflecting the positive free cash flow
generation of BRL 26 million in the quarter, as a result from the
lower CAPEX required during a stiff slowdown in the company's
activities and no dividend payout. Cash position was also
reinforced by the sale of assets in the order of BRL 7 million
during the quarter and the and by BRL 18.6 million received in
July from the sale of the Industrial Services business unit in
July 2013. Currently, Mills' cash on balance sheet is sufficient
to cover more than 100% of its debt amortizations in 2016 and part
of 2017. Historically, Mills has enjoyed good relationship with
large banks and has regular access to bank lines and the capital
markets. Moody's views all measures taken by the company to
preserve liquidity as positive, but unsustainable if the downturn
persists for a long period of time.
The negative outlook considers further negative impact on the
company's future operating performance given its exposure to the
heavy construction industry and the slowdown in the homebuilding
industry, another important source of the company's revenues.
Neither are showing signs of recovery.
The ratings outlook could be stabilized if there are clear signs
of recovery in the construction segment while Mills is successful
in prudently managing dividends and CAPEX investments, and
consequently leverage based on its long term target of Net Debt to
EBITDA of 1.0x while maintaining solid liquidity position during
the downturn scenario. Mills is expected to maintain its
leadership position, ensure healthy operating margins and debt
protection metrics even during the down cycle.
The ratings could suffer further downward pressure if the effects
from the economic downturn are larger than anticipated combined
with no clear signs of recovery in the construction industry, if
the company is not able to generate positive FCF during down cycle
or to sell assets in order to raise cash and properly adjust its
asset size to the existing demand. Quantitatively if revenues
decline in by more than 10% in 2016, if FCF turns negative or if
total adjusted debt to EBITDA increases significantly. Further
downgrade pressure may arise in case Mills cannot sustain its lead
market position across key lines of business. Also, a significant
increase in the level of secured debt could cause a downgrade of
the rated unsecured debentures.
Founded in 1952, Mills Estruturas e Servicos de Engenharia S.A.,
headquartered in Rio de Janeiro, is a leading provider of concrete
formwork and tubular structures services to construction
companies, industrial services and rental of motorized access
equipment in Brazil, having reported BRL 630 million (USD 213
million) in net revenues in the last twelve months ended September
2015.
==========================
C A Y M A N I S L A N D S
==========================
AK RECEIVABLES: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------
The creditors of AK Receivables Corporation are required to file
their proofs of debt by Nov. 26, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 12, 2015.
The company's liquidator is:
Ellen J. Christian
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road, George Town
P.O. Box 10632 Grand Cayman KY1-1006
Cayman Islands
DEMER INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------------
The creditors of Demer International Ltd. are required to file
their proofs of debt by Nov. 23, 2015, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
EGYPTAIR CAPITAL: Creditors' Proofs of Debt Due Nov. 26
-------------------------------------------------------
The creditors of Egyptair Capital Services are required to file
their proofs of debt by Nov. 26, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 12, 2015.
The company's liquidator is:
Ellen J. Christian
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road, George Town
P.O. Box 10632 Grand Cayman KY1-1006
Cayman Islands
ERMINIO INVESTMENT: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------------
The creditors of Erminio Investment Ltd. are required to file
their proofs of debt by Nov. 23, 2015, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
FIORENTINA FINANCE: Creditors' Proofs of Debt Due Nov. 26
---------------------------------------------------------
The creditors of Fiorentina Finance Limited are required to file
their proofs of debt by Nov. 26, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 12, 2015.
The company's liquidator is:
Ellen J. Christian
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road, George Town
P.O. Box 10632 Grand Cayman KY1-1006
Cayman Islands
GAGA INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------------
The creditors of Gaga International Ltd. are required to file
their proofs of debt by Nov. 23, 2015, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
LONDON PROPERTIES: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------
The creditors of London Properties Ltd. are required to file their
proofs of debt by Nov. 23, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 1, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
MIDDLE EAST: Creditors' Proofs of Debt Due Nov. 26
--------------------------------------------------
The creditors of Middle East Opportunities For Structured Finance,
Ltd. are required to file their proofs of debt by Nov. 26, 2015,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Oct. 12, 2015.
The company's liquidator is:
Ellen J. Christian
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road, George Town
P.O. Box 10632 Grand Cayman KY1-1006
Cayman Islands
PARMIGIANO LTD: Creditors' Proofs of Debt Due Nov. 23
-----------------------------------------------------
The creditors of Parmigiano Ltd. are required to file their proofs
of debt by Nov. 23, 2015, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
SERENA INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
-----------------------------------------------------------
The creditors of Serena International Ltd. are required to file
their proofs of debt by Nov. 23, 2015, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Appleby Tower, 4th Floor
71 Fort Street, George Town
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
Telephone: +1 (345) 949-9808
STEEL PARTNERS: Creditors' Proofs of Debt Due Nov. 16
-----------------------------------------------------
The creditors of Steel Partners II (Offshore) Ltd. are required to
file their proofs of debt by Nov. 16, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 7, 2015.
The company's liquidator is:
Mourant Ozannes Avalon Ltd.
c/o Jo-Anne Maher
Telephone: (345) 814-9255
Facsimile: (345) 949-4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
SUNDAY ROSE: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------
The creditors of Sunday Rose Ltd. are required to file their
proofs of debt by Nov. 23, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
ZERO PROPERTIES: Creditors' Proofs of Debt Due Nov. 23
------------------------------------------------------
The creditors of Zero Properties Ltd. are required to file their
proofs of debt by Nov. 23, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
P.O. Box 30622 Grand Cayman KY1-1203
Appleby Tower, 4th Floor
71 Fort Street, George Town
Cayman Islands
Telephone: +1 (345) 949-9808
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REP: Gas Falls to RD$25.58PQM, Others Unchanged
-----------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted a lower price for natural gas for the week from November 14
to 20, when other fuels will remain unchanged.
Premium gasoline will remain at RD$191.20; regular gasoline will
continue at RD$173.70; optimum diesel continues at RD$153.40,
while regular diesel continues at RD$144.90 per gallon, according
to Dominican Today.
The report notes that avtur continues at RD$101.70; kerosene
remains at RD$125.50 and fuel oil will remain at RD$77.51.
Propane gas will remain at RD$83.00 per gallon while, natural gas
goes to RD$25.58, a drop of RD$2.86 per cubic meter, the report
relates.
The Central Bank's average exchange rate of RD$45.43 per dollar
was used to calculate all fuel prices, the report adds.
* * *
As reported in Troubled Company Reporter-Latin America on May 22,
2015, Standard & Poor's Ratings Services raised its long-term
sovereign credit ratings on the Dominican Republic (DR) to 'BB-'
from 'B+'.
The outlook is stable. At the same time, S&P affirmed the 'B'
short-term rating. S&P also raised its transfer and
convertibility (T&C) assessment to 'BB+' from 'BB'.
* DOMINICAN REPUBLIC: Tourism's 'Greatest Moment' at 10% Growth
---------------------------------------------------------------
Dominican Today reports that tourism minister Francisco Javier
Garcia said the sector grew 17% in September and predicts a 10%
jump by year end, and affirmed that investors are poised to
announce several major tourism projects in the next few months.
Mr. Garcia said Dominican Republic's tourism is at its greatest
moment in history.
The official said the sector's growth was 9.2% in September last
year, but climbed to 17.4% in the same month this year, according
to Dominican Today.
Mr. Garcia said it grew 15% in October, and the sector "carries a
cumulative of nine and we'll end with a growth of 10 percent," the
report relays.
The report adds that Mr. Garcia spoke after receiving a
recognition together with president Danilo Medina during the
opening of the 5th annual Dominican Tourism Forum, titled
"Nautical Tourism and the Coastal and Marine Environment."
* * *
As reported in Troubled Company Reporter-Latin America on May 22,
2015, Standard & Poor's Ratings Services raised its long-term
sovereign credit ratings on the Dominican Republic (DR) to 'BB-'
from 'B+'.
The outlook is stable. At the same time, S&P affirmed the 'B'
short-term rating. S&P also raised its transfer and
convertibility (T&C) assessment to 'BB+' from 'BB'.
===========
M E X I C O
===========
EMPRESAS ICA: Release Earnings Result; Miss Estimates by $1.09 EPS
------------------------------------------------------------------
Empresas ICA SAB de CV disclosed its earnings results. The
company reported ($0.96) earnings per share for the quarter,
missing analysts' consensus estimates of $0.13 by $1.09.
Empresas ICA SAB de CV (NYSE:ICA) traded down 7.78% during trading
on October 30, reaching $1.54. The company had a trading volume of
737,722 shares. The firm's 50 day moving average price is $1.91
and its 200 day moving average price is $2.70. Empresas ICA SAB
de CV has a 12-month low of $1.30 and a 12-month high of $7.21.
The firm's market capitalization is $236.76 million.
Separately, Zacks downgraded Empresas ICA SAB de CV from a "hold"
rating to a "sell" rating in a research note on July 31.
Empresas ICA, S.A.B. de C.V. is a holding company. The Company,
through its subsidiary companies, is engaged in a variety of
construction and related activities, including housing, urban and
industrial building, for both Mexican public and private sectors,
along with the building of infrastructure facilities. ICA runs in
five segments: Civil construction, Industrial Building,
Concessions, Airports, and Corporate and other. ICA's subsidiary
companies are also involved in operation, upkeep and the building
of tunnels, bridges and highways granted by the Mexican Government
and foreign Governments under concessions. Additionally, it
manages and operates airports and municipal services. Moreover,
some of ICA's subsidiaries are engaged in housing development and
property. ICA is also engaged in supplying mining related
services, including exploration and exploitation of deposits for
other mining, transport along with other-related actions.
EMPRESAS ICA: S&P Lowers CCR to 'CCC+'; Outlook Remains Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Empresas ICA S.A.B. de C.V. to 'CCC+'
from 'B' and its national scale rating to 'mxB-' from 'mxBBB-'.
At the same time, S&P lowered its issue-level rating to 'CCC' from
'B-'. The '5' recovery rating on the company's senior unsecured
notes due 2017, 2021, and 2024 remains unchanged, which indicates
a "modest" (10% to 30%) expectation for recovery in the event of a
payment default. The outlook remains negative.
S&P downgraded ICA because S&P believes its liquidity position has
deteriorated due to low cash flow generation amid depressed
operating results at the company's civil construction segment.
Also, ICA continues to face significant short-term debt
maturities, while the weakening Mexican peso has increased the
burden of dollar-denominated debt. Therefore, S&P considers that
ICA is dependent on favorable market conditions to meet its
financial commitments. Absent an improvement in operating
performance or significant debt reduction, its capital structure
appears unsustainable in the intermediate term.
S&P's assessment of ICA's business risk profile as "fair" reflects
its status as the largest infrastructure and construction firm in
Mexico, with a long track record among its various business
divisions. This assessment incorporates the company's diversified
portfolio mix--with investments in large projects with complex
designs and heavy construction -- and participation in road and
water concessions and airports. The inherent cyclicality of the
construction industry, the geographic concentration of ICA's
markets, and its substantial dependence on the Mexican
government's spending mitigate these strengths.
S&P's assessment of ICA's financial risk profile is "highly
leveraged." Although S&P don't expect ICA to engage in large-
scale projects that will increase its debt, S&P still estimates
debt to EBITDA above 10x and funds from operations (FFO) to debt
of less than 5% for the next two years, which is consistent with
S&P's current financial risk profile assessment.
S&P revised its assessment of ICA's liquidity to "weak" from "less
than adequate" because, in S&P's view, its liquidity sources are
materially short of the projected uses for the next 12 months.
Also, in S&P's view, the company's credit standing in the capital
market may be impaired due to weak prospects of a recovery in its
operations.
Additionally, S&P considers that ICA's cash reserves are limited
as of Sept. 30, 2015. Although the company reported MXN6.782
billion in cash, approximately MXN2.991 billion is restricted and
most of the remaining balance remains at the airports segment,
which is not accessible to the company.
=======
P E R U
=======
INKIA ENERGY: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Inkia Energy Ltd. S&P also affirmed its 'BB'
rating on the company's senior unsecured notes due 2021. The
outlook remains stable.
The affirmation reflects S&P's view that Inkia will continue to
generate relatively stable and sufficient cash flows in the next
two years such as to maintain its main credit metrics at least at
the current levels.
"We continue to consider the company's business risk profile as
"satisfactory." This assessment reflects our view of Inkia's
adequate competitive position in Peru, where it's a leading energy
producer, and our expectation of increasing market share in the
next two years once the Cerro del Aguila and Samay projects are
fully operational. Moreover, its operating subsidiaries in Peru,
which generate approximately 70% of Inkia's EBITDA as of June
2015, benefit from long-term power purchasing agreements (PPAs)
with creditworthy counterparties, with variable-price formulas
that allow passing on cost increases. Also, Inkia benefits from
thermal generation whose cost is lower and profits higher in Peru
than in other countries of the region," S&P said.
S&P assess Inkia's financial risk profile as "aggressive," mainly
based on the relatively high leverage and ambitious investment.
Inkia has sharply increased its consolidated debt in the past
three years due to the financing of new nonrecourse power projects
including Cerro del Aguila and Samay. However, this debt is
nonrecourse to Inkia. For analytical purposes, S&P decided to
deconsolidate debt from these two projects and their EBITDA
because it expects that the company won't support them under a
stress situation.
======================
P U E R T O R I C O
======================
MORGANS HOTEL: Pine River Reports 9.1% Stake as of Nov. 4
----------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Pine River Capital Management L.P. and Brian Taylor
disclosed that as of Nov. 4, 2015, they beneficially own
3,139,668 shares of common stock of Morgans Hotel Group Co.,
representing 9.1 percent of the shares outstanding. A copy of the
regulatory filing is available for free at http://is.gd/j1Lpit
About Morgans Hotel Group
Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector. Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London. Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico. Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.
Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.
As of Sept. 30, 2015, the Company had $515 million in total
assets, $774 million in total liabilities and a $259 million total
deficit.
***********
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 * * *