/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160111.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 Monday, January 11, 2016, Vol. 17, No. 6 Headlines A N T I G U A & B A R B U D A LIAT: Launches New Routes With Helicopter Charter Agreement C A Y M A N I S L A N D S AQUA HOLDINGS: Shareholders Receive Wind-Up Report BELLE AIMEE: Shareholders Receive Wind-Up Report CIBC ISRAEL: Shareholders Receive Wind-Up Report FABBRICA OPPORTUNITIES: Shareholders Receive Wind-Up Report GREENE BIRCH: Shareholders Receive Wind-Up Report KICO FINANCING: Shareholders Receive Wind-Up Report LUNA ROSSA: Shareholders Receive Wind-Up Report OPTIMAL AUSTRALIA: Shareholders Receive Wind-Up Report SAPIC-98 REFERENCE (55): Shareholders Receive Wind-Up Report SAPIC-98 REFERENCE (56): Shareholders Receive Wind-Up Report SEASHORE ENTERPRISES: Shareholders Receive Wind-Up Report SILVER STAR: Shareholders Receive Wind-Up Report SOFAER CAPITAL: Shareholders Receive Wind-Up Report SOFAER CAPITAL ASIA: Shareholders Receive Wind-Up Report WR MASTER: Shareholders Receive Wind-Up Report C O L O M B I A COLOMBIA: Court OKs Temporary Resumption of Ops at El Quimbo Dam D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: US Lifts Ban on Crops 'Effective Immediately' DOMINICAN REP: Exporters Hail US Lifts Ban on Fruits & Veggies P U E R T O R I C O ALCO CORP: Court Issues Final Decree Closing Ch. 11 Case CARIB EL PALACIO: Case Summary & 6 Largest Unsecured Creditors DESARROLLADORA LCP: Case Summary & 20 Largest Unsecured Creditors DORAL FINANCIAL: Jan. 14 Hearing on Bid for Exclusivity Extensions PUERTO RICO: Gov't. to Make 30% of Purchases From Local SMEs SPANISH BROADCASTING: FCC OKs Exchange Stations in Puerto Rico V I R G I N I S L A N D S HOVENSA LLC: To Seek Confirmation of Plan on Jan. 19 HOVENSA LLC: U.S. Trustee Balks at Dentons' Fee Defense Provisions HOVENSA LLC: U.S. Trustee Balks at Berkeley's Terms of Fee Defense HOVENSA LLC: U.S. Trustee Balks at Fee Application for Hamm Eckard X X X X X X X X X * BOND PRICING: For the Week From Jan. 4 to Jan. 8, 2016 - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Launches New Routes With Helicopter Charter Agreement ----------------------------------------------------------- Caribbean360.com reports that LIAT, operating as Leeward Islands Air Transport, has entered into a bespoke charter agreement with the Antigua and Barbuda-based Caribbean Helicopters that will see the regional carrier launching new routes. Caribbean Helicopters will provide LIAT with charter flights into specific markets in the region, according to Caribbean360.com. Starting January 22, Caribbean Helicopters will operate new services into Dominica Canefield and also to Nevis, on a daily basis, the report notes. Caribbean Helicopters operates a fleet of Piper Navajo Chieftain PA31-350 and Britten Norman BN2 aircraft, which LIAT said are ideal for services into some of the smaller Caribbean islands where demand is limited and smaller planes are required, the report relays. "We are pleased to be working with Caribbean Helicopters, as this new arrangement allows us to extend our network, open up new markets, and offer more choice to our customers. It is also an example of how locally based airlines can come together to improve connectivity throughout the region," David Evans, LIAT's CEO said, the report notes. Managing Director of Caribbean Helicopters Neil Dickinson says the agreement allows his company to support LIAT in the expansion of services, the report discloses. LIAT said it will shortly announce the commencement of further services between Antigua and Guadeloupe, the report adds. About LIAT LIAT, operating as Leeward Islands Air Transport, is an airline headquartered on the grounds of V. C. Bird International Airport in Antigua. It operates high-frequency inter-island scheduled services serving 21 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. * * * As reported in the Troubled Company Reporter-Latin America on May 8, 2015, the Daily Observer reports that LIAT, operating as Leeward Islands Air Transport, is attempting to lose excess baggage as part of measures to make the carrier "a smaller airline in 2015." In a document, signed by Director of Human Resources Ilean Ramsey, eligible employees were asked to opt to apply for voluntary separation or early retirement packages to avoid being made redundant, according to The Daily Observer. TCRLA reported on Dec. 2, 2014, Caribbean360.com said that chairman of the shareholder governments of the financially troubled regional airline LIAT, Dr. Ralph Gonsalves said while he is unaware of the details regarding any possible retrenchment of employees, the airline needs to deal with its high cost of operations. The TCR-LA on March 10, 2014, citing Caribbean360.com, reported that LIAT said it will take "decisive action" to deal with unprofitable routes as the Antigua-based airline seeks to make its operations financially viable. On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday, reported that there's much upheaval at the highest levels of LIAT -- the Board and the Executive. Following the sudden resignation of Chief Executive Officer Captain Ian Brunton, David Evans replaced Mr. Brunton as chief executive officer ========================== C A Y M A N I S L A N D S ========================== AQUA HOLDINGS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Aqua Holdings Limited received on Nov. 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Tan Liat Chew Richard Telephone: +65 6835 9232 Facsimile: +65 6835 9672 Temasek Boulevard #16-02 Suntec Tower Four Singapore 038986 BELLE AIMEE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Belle Aimee Limited received on Dec. 29, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nishant Roy 560 Broadway Suite 301 New York, NY, 1001 USA Telephone: +1 (914) 751 7102 CIBC ISRAEL: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of CIBC Israel Management I, LDC received on Dec. 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CIBC World Markets Corp. c/o Barnaby Gowrie 425 Lexington Avenue New York, NY 10017 USA Telephone: +1 (345) 914 6365 FABBRICA OPPORTUNITIES: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Fabbrica Opportunities Ltd. received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands GREENE BIRCH: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Greene Birch Ltd. received on Dec. 26, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven Horowitz Commerzbank AG 225 Liberty Street New York New York 10281 United States of America Telephone: +1 (212) 895 6350 KICO FINANCING: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Kico Financing Ltd. received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands LUNA ROSSA: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Luna Rossa International Ltd. received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands OPTIMAL AUSTRALIA: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Optimal Australia Absolute Fund received on Dec. 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: George Colman Optimal Australia, Level 2 121 Flinders Lane Melbourne VIC 3000 Australia SAPIC-98 REFERENCE (55): Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Sapic-98 Reference Fund (55) Limited received on Dec. 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Grand Cayman KY1-1103 Regatta Office Park Cayman Islands SAPIC-98 REFERENCE (56): Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Sapic-98 Reference Fund (56) Limited received on Dec. 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Grand Cayman KY1-1103 Regatta Office Park Cayman Islands SEASHORE ENTERPRISES: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Seashore Enterprises Inc. received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands SILVER STAR: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Silver Star Enterprises Ltd. received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands SOFAER CAPITAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Sofaer Capital Global Private Equity Fund received on Dec. 14, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Winnie Leung Telephone: +011 852 2521 8882 13th Floor LKF 29 29 Wyndham Street Central, Hong Kong SOFAER CAPITAL ASIA: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Sofaer Capital Asia Private Equity Fund received on Dec. 14, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Winnie Leung Telephone: +011 852 2521 8882 13th Floor LKF 29 29 Wyndham Street Central, Hong Kong WR MASTER: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of WR Master Fund SPV #1, Ltd received on Dec. 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Grand Cayman KY1-1103 Regatta Office Park Cayman Islands =============== C O L O M B I A =============== COLOMBIA: Court OKs Temporary Resumption of Ops at El Quimbo Dam ----------------------------------------------------------------- EFE News reports that a Colombian court authorized the temporary resumption of operations at El Quimbo dam, South America's second- largest hydroelectric power plant, which was halted last month by order of the Constitutional Court. A court in the southwestern province of Huila, where the dam is located, handed down the ruling in response to a federal government motion, according to EFE News. "A court heeded our call and ordered the reopening of El Quimbo. The decision will help avoid an environmental disaster and a shortfall of water and electricity," President Juan Manuel Santos wrote on Twitter, the report notes. But the court said its decision was "provisional" and that Huila's Administrative Dispute Tribunal still must rule on whether or not to lift a November court order suspending the operations of the 400 MW dam, located on the Magdalena River, Colombia's largest, the report relays. That lower-court ruling was issued on the basis of technical studies conducted by the Regional Autonomous Corporation of the Upper Magdalena. That did not stop the federal government from issuing a decree on Nov. 17 authorizing the filling of the dam's reservoir, but on Dec. 10 the Constitutional Court struck down the decree, ruling that the dam's operator -- Emgesa, a unit of Italian energy giant Enel -- had not fulfilled its obligation to remove wood, bamboo and biomass from the dam's reservoir, the report notes. The government and other public authorities, including Colombia's ombud's office, petitioned for the case to be reviewed, citing possible environmental damage from the dam closure and arguing that the power plant would help mitigate the impact of the country's severe, El Nino-triggered drought, the report relays. Huila's Administrative Dispute Tribunal appears to accept those arguments, saying the temporary reopening would allow "oxygen-rich turbined water" to enter the reservoir of the Betania dam, located downstream from El Quimbo, and thus provide benefits to the region's ecosystem, the report says. El Quimbo, a project that required an investment outlay of more than $1.2 billion, was awarded in March 2008 to Bogota-based Emgesa and accounts for 5 percent of Colombia's electricity output, the report adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: US Lifts Ban on Crops 'Effective Immediately' ----------------------------------------------------------------- Dominican Today reports that the US government disclosed the amendment of a federal order to allow the import into the US of crops that host the Medfly from 23 provinces within the Dominican Republic, "effective immediately." The US Animal and Plant Health Inspection Service (APHIS) said, however, that noncommercial shipments of Medfly host material are still barred entry, noting that the list of approved provinces is included in the amended Dept. of Agriculture FO-2016-03, according to Dominican Today. "Medfly host material for export must be transported in a sealed or tarped container from the production site to the packinghouse, and from the packinghouse to the port of export to safeguard against the introduction of quarantine pests during transport," APHIS said in a statement released by the US Embassy in Santo Doming, the report notes. It said the shipment must be inspected and issued a phytosanitary certificate by MAG indicating the province of origin in the Dominican Republic, the report relays. "We are also pleased to inform you that this FO authorizes the use of irradiation upon entry into the United States as an approved treatment for mangoes from the Dominican Republic. Green tomatoes and Hass avocados, as well as mangoes treated via the hot water treatment program, remain enterable from all provinces following the requirements of 7 CFR 319.56-3," the statement said, the report discloses. In the missive to Agriculture Ministry Animal and Vegetable Health Dept. director Emigdio Gomez, APHIS Acting Assistant Deputy Administrator Michael A. Guidicipietro thanked his Dominican counterpart "for providing us with weekly and summary progress reports, such as the report included in your December 29, 2015, letter," the report relays. "We applaud your surveillance and eradication efforts, as well as your sterile insect release program in the original outbreak areas. We look forward to MAG reaching its goal of eradicating Medfly from the Dominican Republic," Mr. Guidicipietro added. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. DOMINICAN REP: Exporters Hail US Lifts Ban on Fruits & Veggies -------------------------------------------------------------- Dominican Today reports that Dominican Exporters Association (ADOEXPO) President Sadhala Khoury hailed the US Dept. of Agriculture's decision to lift the ban on domestic fruit and vegetables resulting from the presence of the Medfly. He called the measure good news for exporters and predicts an increase, according to Dominican Today. Dominican Today notes that Mr. Khoury said the lifting of the ban was a result of joint efforts by the Dominican Agriculture Ministry and ADOEXPO, "which will ensure that in this new year the country will receive a US$40 million from exports of fruits and vegetables." Mr. Khoury also asked the government to bolster efforts so the Haitian government also lifts its ban on Dominican products into its territory, the report notes. The report relays that Mr. Khoury said Dominican exports fell 5% in 2015 when it was partly influenced by the ban, for which the percentage will significantly change in 2016. "We encourage and promote the diversification of new markets and added value to our primary production, to avert a significant impact on future problems that may arise with similar restrictions," Mr. Khoury added. "If we're fair, we have to recognize that we were instrumental in lifting the ban on ADOEXPO's requests. The business sector as a whole and especially the strong positions taken by Agriculture minister Angel Estevez," he said, the report notes. In a statement, Mr. Khoury said they have more than enough reasons to feel satisfied, happy and with renewed hopes for new jobs, increased foreign currency and a boost for the economy as a whole, the report discloses. Mr. Khoury added that exporters agree that the Agriculture Ministry must provide greater protection for farm products and issued a phytosanitary certificate to specify where they originate, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. ====================== P U E R T O R I C O ====================== ALCO CORP: Court Issues Final Decree Closing Ch. 11 Case -------------------------------------------------------- The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico entered a final decree closing the Chapter 11 case of Alco Corporation. The order stated that the Post Confirmation Modification Plan under Chapter 11 of the Bankruptcy Code was filed by the Debtor on Jan. 20, 2015, and the Court confirmed the Plan on Feb. 18, 2015. The Court determined that: 1. the transfer or other disposition of all or substantially all of the property dealt with by the Plan pursuant to the provisions of the Plan has occurred; 2. the Debtor or the successor to the Debtor has assumed the operation of the business and management of all or substantially all of the property dealt with by the Plan; 3. the deposit required by the plan has been distributed; 4. the payments under the plan have commenced; 5. all contested matters and adversary proceedings have been resolved; and 6. the estate of the debtor has been fully administered. About Alco Corporation Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 12-00139) on Jan. 12, 2012. Carmen D. Conde Torres, Esq., and C. Conde & Associates represent the Debtor in its restructuring effort. Alco tapped Jimenez Vasquez & Associates, PSC, as accountants. The Debtor scheduled $11.2 million in assets and $7.76 million in debts. The petition was signed by Alfonso Rodriguez, president. Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an opinion and order on March 11, 2013, confirming the Amended Chapter 11 Plan of Reorganization filed by Alco Corporation. The Plan considers the full payment of all administrative, secured creditors and priority claims and a 50% dividend to the general unsecured creditors on monthly installments within 5 years from the effective date. CARIB EL PALACIO: Case Summary & 6 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Carib El Palacio De Los Ebanistas Inc. PO Box 193249 San Juan, PR 00919 Case No.: 15-10369 Chapter 11 Petition Date: December 30, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Luis D Flores Gonzalez, Esq. LUIS D FLORES GONZALEZ LAW OFFICE 80 Calle Georgetti Suite 202 San Juan, PR 00925-3624 Tel: 787 758-3606 Fax: 787-753-5317 Email: ldfglaw@coqui.net Total Assets: $816,200 Total Liabilities: $1.11 million The petition was signed by Victor Robles Marin, president. A list of the Debtor's six largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-10369.pdf DESARROLLADORA LCP: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Desarrolladora LCP, Corp. c/o Charles A. Cuprill, PSC, Law Offices 356 Fortaleza St., Second Floor, San Juan, PR 00901 Case No.: 15-10349 Chapter 11 Petition Date: December 30, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Charles Alfred Cuprill-Hernandez, Esq. CHARLES A CUPRILL, PSC LAW OFFICE 356 Calle Fortaleza Second Floor San Juan, PR 00901 Tel: 787 977-0515 Email: ccuprill@cuprill.com Total Assets: $4.55 million Total Liabilities: $3.79 million The petition was signed by Manuel Morales Lopez, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-10349.pdf DORAL FINANCIAL: Jan. 14 Hearing on Bid for Exclusivity Extensions ------------------------------------------------------------------ BankruptcyData reported that Doral Financial filed with the Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof until Feb. 29, 2016, and May 9, respectively. The motion explains, "The Second Extension enabled the Debtor to continue to evaluate its financial options with a full understanding of the amount and nature of claims filed against it and to liquidate valuable assets for distribution to creditors. Since the Second Extension, the Debtor has (a) obtained court approval of and consummated the sale of a substantial portion of the Debtor's performing and non-performing loan and real estate- owned asset portfolio; (b) sought court approval of bidding procedures for a public auction of Doral Financial Plaza, through a chapter 11 filing of its wholly-owned subsidiary, Doral Properties, and continued to work with the property manager for Doral Properties to market and pursue the sale of Doral Financial Plaza; and (c) continued to consensually resolve disputes and potential disputes with parties in interest . . . . Most notably, the Debtor and the UCC have continued to investigate the large potential tax asset under Puerto Rico law and explore available options to unlock its value, which will likely be a key component of its chapter 11 plan. While the Debtor has continued to make substantial progress in the case, including with respect to the liquidation of its assets, the Debtor requires additional time to finalize the liquidation of certain remaining assets, including Doral Financial Plaza, and to complete negotiations regarding a chapter 11 plan that will best maximize value for creditors." The Court scheduled a Jan. 14 hearing to consider the motion. About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The U.S. trustee overseeing the Chapter 11 case of Doral Financial Corp. appointed five creditors of the company to serve on the official committee of unsecured creditors. The Committee is represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at Schulte Roth & Zabel LLP. On Nov. 25, 2015, Doral Properties filed a voluntary petition with the Court for relief under Chapter 11 of the Bankruptcy Code. PUERTO RICO: Gov't. to Make 30% of Purchases From Local SMEs ------------------------------------------------------------ EFE News reports that Puerto Rico's government will make 30 percent of its purchases from local SMEs following the enactment of the Micro, Small-and Medium-Sized Enterprise Promotion Act. The speaker of the House of Representatives of Puerto Rico, Jaime Perello Borras, said in a statement that Gov. Alejandro Garcia Padilla signed into law a bill that establishes an increase in SMEs' share of the government procurement budget to 40 percent by 2020, according to EFE News. Based on figures from the Micro, Small-and Medium-Sized Enterprise Promotion Board's 1st annual report, government purchases from that sector doubled relative to 2013, amounting to $157 million, the legislative leader said, the report notes. "We declared 2015 the year of the local business leader and statistics bore it out. Today we have the highest level of SMEs of the last eight years," the report quoted Mr. Perello as saying. Mr. Perello added that SMEs accounted for 90 percent of new job creation in Puerto Rico, which has been in a recession for nearly a decade and has experienced a large increase in migration to the mainland United States in recent years, the report notes. SMEs have proven to be a successful regional economic development model, and the House of Representatives has therefore passed legislation to promote that sector's development and stability, Mr. Perello said, the report relays. As reported in the Troubled Company Reporter-Latin America on Dec. 28, 2015, Moody's Investors Service has downgraded $1.09 billion of Puerto Rico appropriation bonds issued by the Public Finance Corporation (PFC) to C from Ca, while maintaining other ratings assigned to the US territory's debt. SPANISH BROADCASTING: FCC OKs Exchange Stations in Puerto Rico -------------------------------------------------------------- Spanish Broadcasting System, Inc., announced FCC approval to exchange stations in Puerto Rico. "As we have previously disclosed, we exercised our option to swap three of our radio stations in Puerto Rico, WIOA-FM, WZET-FM and WIOC-FM, plus $1.9 million for three full power television stations in Puerto Rico, WTCV-DT - Channel 32, WVEO-DT - Channel 17 and WVOZ-DT - Channel 47, with International Broadcast Corp., subject to obtaining approval from the Federal Communications Commission. "We have now received FCC approval for the assignment of the licenses and we expect to close this transaction shortly. The transaction will qualify as a like-kind exchange under Section 1031 of the Internal Revenue Code. "Upon closing of this transaction, we intend to participate in the FCC's television spectrum incentive auction with all three of the acquired licenses to monetize the potential excess value of the station swap option and maximize the potential cash proceeds that are expected to be created by the auction process. There can be no assurance that the FCC's television spectrum incentive auction will be successfully completed or any potential excess value and/or cash proceeds will be subsequently realized." About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. Spanish Broadcasting reported a net loss of $20.0 million on $146 million of net revenue for the year ended Dec. 31, 2014, compared with a net loss of $88.6 million on $154 million of net revenue in 2013. As of Sept. 30, 2015, the Company had $457 million in total assets, $551 million in total liabilities and a total stockholders' deficit of $94.0 million. * * * In November 2010, Moody's Investors Service upgraded the corporate family and probability of default ratings for Spanish Broadcasting System, Inc., to 'Caa1' from 'Caa3' based on improved free cash flow prospects due to better than anticipated cost cutting and the expiration of an unprofitable interest rate swap agreement. Moody's said Spanish Broadcasting's 'Caa1' corporate family rating incorporates its weak capital structure, operational pressure in the still cyclically weak economic climate, generally narrow growth prospects (though Spanish language is the strongest growth prospect) given the maturity and competitive pressures in the radio industry, and the June 2012 maturity of its term loan magnify this challenge. In July 2010, Standard & Poor's Ratings Services raised its corporate credit rating on Miami, Fla.-based Spanish Broadcasting System Inc. to 'B-' from 'CCC+', based on continued improvement in the company's liquidity position. The rating outlook is stable. "The rating action reflects S&P's expectation that, despite very high leverage, SBS will have adequate liquidity over the intermediate term to meet debt maturities, potential swap settlements, and operating needs until its term loan matures on June 11, 2012," said Standard & Poor's credit analyst Michael Altberg. ========================== V I R G I N I S L A N D S ========================== HOVENSA LLC: To Seek Confirmation of Plan on Jan. 19 ---------------------------------------------------- Hovensa, L.L.C., which has agreed to sell most of its assets to Limetree Bay Holdings, LLC for $220 million, will seek confirmation of its liquidating plan on Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time). The Honorable Mary F. Walrath on Dec. 17, 2015, entered an order conditionally approving the Disclosure Statement and setting these dates in connection with the confirmation of the Plan: Event Date ----- ---- Voting Record Date 12/17/2015 Solicitation Commencement 12/18/2015 Solicitation Deadline 12/21/2015 Deadline to Send Notice to Assume Contracts 12/24/2015 Disclosure Statement Objection Deadline 01/08/2016 Plan Objection Deadline 01/08/2016 Deadline for Objections to Assumption of Contracts 01/08/2016 Deadline for Filing Bankruptcy Rule 3018 Motions 01/08/2016 Plan Supplement Date 01/11/2016 Voting Deadline 01/12/2016 Deadline to File Voting Report 01/13/2016 Deadline to File Confirmation Brief 01/13/2016 The combined hearing to consider final approval of the Disclosure Statement and confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time), according to the order. Lee J. Rohn, Esq., who claimed to represent virtually 98% of the tort litigants, opposed a voting deadline and a plan hearing on the first week of January, and instead proposed a voting deadline on the second week. The Liquidating Plan Hovensa, L.L.C., filed a liquidating plan that contemplates allocating $30 million of the sale proceeds for holders of allowed non-priority general unsecured claims. The projected recoveries under the Plan are: Projected Estimated Class Claim/Interest Plan Treatment Allowed Amount Recovery ---- ------------- -------------- -------------- -------- 1 Other Priority Claims Unimpaired $22,000 100% 2 Other Secured Claims Unimpaired $0 100% 3 GVI Claims Impaired Undetermined N/A 4 Tort Claims Impaired $26,440,000 49% 5 Other Non-Govt. and Non-Tort General Unsecured Claims Impaired $30,935,000 49% 6 Other Governmental General Unsecured Claims Impaired $3,500,000 49% 7 Interests Impaired N/A 0% The Debtor said that in a Chapter 7 liquidation, all holders of unclassified claims and claims in Classes 1, 2, 3, 4, 5, and 6 would receive no recovery. On the Petition Date, the Debtor disclosed a deal to sell its crude oil and product storage and terminalling business to Limetree Bay Holdings, LLC, an affiliate of ArcLight Capital Partners, LLC, for $184 million, absent higher and better offers. The Debtor received a rival offer from Buckeye Partners, L.P. for $198.6 million by the Nov. 5 bid deadline, as well as nine bids from parties interested in purchasing and liquidating the Debtor's refinery assets, and proposals from Capswell Energy Co. and Monarch Energy Partners, Inc. Following an auction on Nov. 10, 11 and 16, Limetree submitted a final bid of $220 million, including $100 million in cash, and Buckeye submitted a final bid of $365 million, which includes $345 million in cash. The Debtor, however, selected Limetree Bay as the winning bidder due to the greater conditionality in the Buckeye bid. Limetree Bay's final offer provides: i. purchase price of $220 million consisting of: (a) $100 million of cash to the Government of the Virgin Islands (the "GVI") in satisfaction of certain of its claims and as a concession fee, (b) $90 million to the Debtor's estate, and (c) up to $30 million of reimbursement of post-closing wind-down costs and expenses; ii. an agreement to provide the Debtor with free power after the closing to the extent that the minimum turndown amount of power exceeds the power generation load used by Limetree Bay to operate its business, and the first $15 million of additional power for which the Debtor would have otherwise paid free of charge under a power supply services agreement to be entered into at closing; and iii. an agreement with the Governor on a concession agreement to be taken to the Legislature, which agreement contains additional payments and other financial consideration to be paid by Limetree Bay to the GVI. In an effort to obtain the Committee's support for a sale transaction to Limetree Bay, the parties agreed that HOVIC or one of its affiliates will assume the Debtor's ongoing pension obligations, which will materially reduce the amount of the Debtor's projected unsecured claims pool, in exchange for the Committee's support for estate releases. In advance of the Nov. 30 sale hearing, the Debtor, the JV Parties, and the Committee engaged in further negotiations over the form of order approving the sale. Ultimately, the sale order was further revised to include a paragraph that requires $30 million of the sale proceeds to be placed in a separate interest bearing account for the sole benefit of holders of allowed non- priority general unsecured claims other than: (1) claims held by HOVIC or PDV-VI; (2) any claims of the GVI; and (3) any claim of any governmental entity, unless otherwise agreed in writing by the Committee, the Debtor, and any liquidating trustee, as appropriate. On Dec. 1, 2015, the Bankruptcy Court entered the Sale Order. The Purchase Agreement provides for the Debtor's estate to receive approximately $90 million from the sale proceeds. Pursuant to the Sale Order, the Debtor is required to repay in full in cash to the DIP Lenders all accrued but unpaid DIP Obligations upon the Closing. In addition, based upon the Debtor's claims estimates, the sale proceeds will permit the Debtor to cover its remaining pre-closing administrative obligations and make the best possible distribution to unsecured creditors under the circumstances. In addition, the Sale Order and the Purchase Agreement provide that, at the Closing, Limetree Bay will pay the USVI Government the USVI Concession Fee in the amount of $100 million. In addition to this fee, the GVI also will receive several monetary and non-monetary benefits directly from Limetree Bay pursuant to a separate agreement reached among the Governor and Limetree Bay dated Nov. 9, 2015. On Dec. 1, 2015, the Governor held a press conference to announce the terms of the Operating Agreement, which includes among other things: * $220 million in an upfront payment to the GVI; * A commitment from Limetree Bay to operate the oil storage facility for at least 25 years and up to 40 years; * A commitment from Limetree Bay to employ a minimum of 80 full-time workers, at least 80% of whom must be long-term USVI residents; * An agreement from Limetree Bay to potentially restart the refinery and dismantle any part that is not being used; * A donation of 330 acres of land and 130 units of housing along with a vocational school and a community center to the GVI; and * Payment of $150,000 annually as rent for the submerged lands that are part of the Debtor's property, which is an increase from the current $1 per year rent. The Governor also stated that he believes the Operating Agreement represents a total value to the GVI and the people of the USVI of more than $800 million. The Governor also announced that he called the 31st Legislature of the Virgin Islands of the United States into special session to be held on Dec. 17, 2015 to consider approval of the Operating Agreement. * * * On Dec. 9, 2015, the Debtor filed draft forms of the Disclosure Statement the Plan of Liquidation. On Dec. 16, 2015, the Debtor filed revised versions of the Disclosure Statement and the Plan. On Dec. 17, 2015, the Debtor filed a solicitation version of the Disclosure Statement following the Court's conditional approval of the Disclosure Statement. A copy of the solicitation version of the Disclosure Statement filed Dec. 17, 2015, is available for free at: http://bankrupt.com/misc/Hovensa_LLC_467_DS.pdf The Debtors' attorneys: Richard H. Dollison LAW OFFICES OF RICHARD H. DOLLISON, P.C. 48 Dronningens Gade, Suite 2C St. Thomas, U.S. Virgin Islands 00802 Telephone: (340) 774-7044 Facsimile: (340) 774-7045 - and - Lorenzo Marinuzzi, Esq. Jennifer L. Marines, Esq. Samantha Martinm Esq. Daniel J. Harris, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 About Hovensa Hovensa, L.L.C, owns an oil refinery and an oil storage facility business, both located on the island of St. Croix, U.S. Virgin Islands, and both of which are currently idled. The refinery and storage facilities span approximately 2,000 acres of land located on the south shore of St. Croix, including approximately 300 acres of undeveloped land to the east of the refinery and storage. Hovensa currently maintains its headquarters at 1 Estate Hope, Christiansted, St. Croix, USVI. Hovensa was formed in June 1998 and, through a series of agreements dated October 30, 1998, became a joint venture between Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national oil company of Venezuela. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell most of the assets. Judge Mary F. Walrath is assigned to the case. The Debtor estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel; The Law Offices of Richard H. Dollison as local bankruptcy counsel; Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; White & Case LLP as special mergers and acquisitions counsel; and Prime Clerk LLC as claims and noticing agent and as administrative agent. The Official Committee of Unsecured Creditors tapped Dentons US LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley Research Group, LLC as its financial advisor. The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP financing in an amount not to exceed $40 million. The DIP facility requires the Debtors to achieve certain milestones, including closing of the sale by Dec. 31, 2015. * * * Hovensa, L.L.C., has reached a deal to sell most of its assets to Limetree Bay Holdings, LLC for $220 million. The Debtor has filed a liquidating plan. The combined hearing to consider final approval of the Disclosure Statement and confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time). HOVENSA LLC: U.S. Trustee Balks at Dentons' Fee Defense Provisions ------------------------------------------------------------------ Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, objected to the retention of Dentons US LLP as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 case of Hovensa L.L.C. According to the Trustee, the fee defense provisions violate the Code and the American Rule, ignore the express directives of the United States Supreme Court. The firm sought to be indemnified and entitled to payment from the Debtor's estate. About Hovensa Hovensa, L.L.C, owns an oil refinery and an oil storage facility business, both located on the island of St. Croix, U.S. Virgin Islands, and both of which are currently idled. The refinery and storage facilities span approximately 2,000 acres of land located on the south shore of St. Croix, including approximately 300 acres of undeveloped land to the east of the refinery and storage. Hovensa currently maintains its headquarters at 1 Estate Hope, Christiansted, St. Croix, USVI. Hovensa was formed in June 1998 and, through a series of agreements dated October 30, 1998, became a joint venture between Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national oil company of Venezuela. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell most of the assets. Judge Mary F. Walrath is assigned to the case. The Debtor estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel; The Law Offices of Richard H. Dollison as local bankruptcy counsel; Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; White & Case LLP as special mergers and acquisitions counsel; and Prime Clerk LLC as claims and noticing agent and as administrative agent. The Official Committee of Unsecured Creditors tapped Dentons US LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley Research Group, LLC as its financial advisor. The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP financing in an amount not to exceed $40 million. The DIP facility requires the Debtors to achieve certain milestones, including closing of the sale by Dec. 31, 2015. * * * Hovensa, L.L.C., has reached a deal to sell most of its assets to Limetree Bay Holdings, LLC for $220 million. The Debtor has filed a liquidating plan. The combined hearing to consider final approval of the Disclosure Statement and confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time). HOVENSA LLC: U.S. Trustee Balks at Berkeley's Terms of Fee Defense ------------------------------------------------------------------ Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, objected to the retention of Berkeley Research Group, LLC, as financial advisor to the Official Committee of Unsecured Creditors in the Chapter 11 case of Hovensa L.L.C. According to the Trustee, the Court must deny the retention application unless the fee defense provisions and the request for nunc pro tunc relief are removed or stricken. The firm sought to be indemnified and be entitled to payment from the Debtor's estate, subject to approval by the Court. The fee defense provisions violate the Code and the American Rule, ignore the express directives of the United States Supreme Court, and are otherwise unreasonable. About Hovensa Hovensa, L.L.C, owns an oil refinery and an oil storage facility business, both located on the island of St. Croix, U.S. Virgin Islands, and both of which are currently idled. The refinery and storage facilities span approximately 2,000 acres of land located on the south shore of St. Croix, including approximately 300 acres of undeveloped land to the east of the refinery and storage. Hovensa currently maintains its headquarters at 1 Estate Hope, Christiansted, St. Croix, USVI. Hovensa was formed in June 1998 and, through a series of agreements dated October 30, 1998, became a joint venture between Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national oil company of Venezuela. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell most of the assets. Judge Mary F. Walrath is assigned to the case. The Debtor estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel; The Law Offices of Richard H. Dollison as local bankruptcy counsel; Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; White & Case LLP as special mergers and acquisitions counsel; and Prime Clerk LLC as claims and noticing agent and as administrative agent. The Official Committee of Unsecured Creditors tapped Dentons US LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley Research Group, LLC as its financial advisor. The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP financing in an amount not to exceed $40 million. The DIP facility requires the Debtors to achieve certain milestones, including closing of the sale by Dec. 31, 2015. * * * Hovensa, L.L.C., has reached a deal to sell most of its assets to Limetree Bay Holdings, LLC for $220 million. The Debtor has filed a liquidating plan. The combined hearing to consider final approval of the Disclosure Statement and confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time). HOVENSA LLC: U.S. Trustee Balks at Fee Application for Hamm Eckard ------------------------------------------------------------------ Guy G. Gebhardt, the Acting U.S. Trustee for Region 2, objected to the retention of Hamm Eckard, LLP, as local/co-counsel to the Official Committee of Unsecured Creditors in the Chapter 11 case of Hovensa L.L.C. According to the Trustee, the fee defense provisions of Hamm Eckard, LLP, violate the Code and the American Rule, and ignore the express directives of the United States Supreme Court. The firm sought to be indemnified and entitled to payment from the Debtor's estate, subject to approval by the Court. About Hovensa Hovensa, L.L.C, owns an oil refinery and an oil storage facility business, both located on the island of St. Croix, U.S. Virgin Islands, and both of which are currently idled. The refinery and storage facilities span approximately 2,000 acres of land located on the south shore of St. Croix, including approximately 300 acres of undeveloped land to the east of the refinery and storage. Hovensa currently maintains its headquarters at 1 Estate Hope, Christiansted, St. Croix, USVI. Hovensa was formed in June 1998 and, through a series of agreements dated October 30, 1998, became a joint venture between Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national oil company of Venezuela. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell most of the assets. Judge Mary F. Walrath is assigned to the case. The Debtor estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel; The Law Offices of Richard H. Dollison as local bankruptcy counsel; Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; White & Case LLP as special mergers and acquisitions counsel; and Prime Clerk LLC as claims and noticing agent and as administrative agent. The Official Committee of Unsecured Creditors tapped Dentons US LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley Research Group, LLC as its financial advisor. The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP financing in an amount not to exceed $40 million. The DIP facility requires the Debtors to achieve certain milestones, including closing of the sale by Dec. 31, 2015. * * * Hovensa, L.L.C., has reached a deal to sell most of its assets to Limetree Bay Holdings, LLC for $220 million. The Debtor has filed a liquidating plan. The combined hearing to consider final approval of the Disclosure Statement and confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m. (prevailing Eastern Time). ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Jan. 4 to Jan. 8, 2016 -------------------------------------------------------- Issuer Name Cpn Bid Maturity Country Currency ----------- --- ---- -------- ---- ---- Anton Oilfiel 7.5 24 11/6/2018 CN USD Anton Oilfiel 7.5 32 11/6/2018 CN USD Automotores G 6.75 37.5 1/15/2023 CL USD Automotores G 6.75 37.375 1/15/2023 CL USD Avianca Holdi 8.375 71.75 5/10/2020 PA USD Avianca Holdi 8.375 64.75 5/10/2020 PA USD BA-CA Finance 0.69 54.5 KY EUR BA-CA Finance 0.99 54.5 KY EUR Banco Bilbao 6.75 102.256 11/5/2021 PY USD Banco BTG Pac 4 74.25 1/16/2020 KY USD Banco BTG Pac 5.75 70 9/28/2022 KY USD Banco BTG Pac 4 73.5 1/16/2020 KY USD Banco BTG Pac 5.75 70 9/28/2022 KY USD Banco BTG Pac 8.75 72 LU USD Banco BTG Pac 8.75 49.516 LU USD Banco do Bras 9 67.02 KY USD Banco do Bras 6.25 51 KY USD Banco do Bras 9.25 74.97 KY USD Banco do Bras 9 67.5 KY USD Banco do Bras 6.25 46.5 KY USD Banco do Bras 9.25 74.5 KY USD Banco Mercant 9.625 69 7/16/2020 BR USD Banco Mercant 9.625 68.125 7/16/2020 BR USD BCP Finance C 1.957 57.5 KY EUR Brazilian Gov 5 67.875 1/27/2045 BR USD Brazilian Gov 5.625 73.75 1/7/2041 BR USD CA La Electri 8.5 38 4/10/2018 VE USD Caixa Economi 7.25 80.5 7/23/2024 BR USD Caja de Compe 6 57.96 11/15/201 8 CL CLP Camposol SA 9.875 74.5 2/2/2017 PE USD CFG Investmen 9.75 62.25 7/30/2019 PE USD CFG Investmen 9.75 40.5 7/30/2019 PE USD China Preciou 7.25 69.75 2/4/2018 HK HKD China Shanshu 8.5 82.5 5/25/2016 CN USD Corp Nacional 4.25 75.35 7/17/2042 CL USD Costa Rica Go 5.625 71.563 4/30/2043 CR USD Costa Rica Go 5.625 71.969 4/30/2043 CR USD Costa Rica Ti 5.06 85.109 11/25/203 3 CR USD CSN Islands X 6.875 53.625 9/21/2019 KY USD CSN Islands X 6.875 52.616 9/21/2019 KY USD CSN Islands X 7 35.75 BR USD CSN Islands X 7 43.5 BR USD Decimo Primer 6 65.125 10/25/204 1 PA USD Decimo Primer 4.54 53.875 10/25/204 1 PA USD Ecopetrol SA 5.875 71 5/28/2045 CO USD Ecuador Gover 6.5 62.794 11/25/202 4 EC USD Ecuador Gover 5.07 67.443 7/30/2019 EC USD Ecuador Gover 5.36 62.619 12/30/202 0 EC USD Ecuador Gover 6.21 64.981 9/5/2020 EC USD Ecuador Gover 6.21 61.052 1/1/2023 EC USD Ecuador Gover 6.21 61.711 11/25/202 3 EC USD Ecuador Gover 6.21 61.298 11/1/2022 EC USD Ecuador Gover 6.4 62.515 6/12/2024 EC USD Ecuador Gover 5.07 65.833 11/25/201 9 EC USD Ecuador Gover 5.07 68.512 5/26/2019 EC USD Ecuador Gover 5.07 68.596 5/21/2019 EC USD Ecuador Gover 5.36 61.922 11/25/202 0 EC USD Ecuador Gover 6.21 60.843 12/30/202 3 EC USD Ecuador Gover 5.64 59.226 11/25/202 1 EC USD Ecuador Gover 5.93 60.956 11/25/202 2 EC USD Ecuador Gover 5.93 62.098 12/30/202 2 EC USD Ecuador Gover 5.64 60.394 12/30/202 1 EC USD Ecuador Gover 5.07 66.844 12/30/201 9 EC USD Ecuador Gover 5.36 67.508 10/1/2019 EC USD Ecuador Gover 5.64 64.533 10/1/2020 EC USD Ecuador Gover 5.93 62.059 10/1/2021 EC USD Ecuador Gover 5.36 67.012 11/1/2019 EC USD Ecuador Gover 5.64 64.153 11/1/2020 EC USD Ecuador Gover 5.93 61.836 11/1/2021 EC USD Ecuador Gover 6.5 62.083 11/1/2023 EC USD Ecuador Gover 5.36 66.526 12/1/2019 EC USD Ecuador Gover 5.64 63.8 12/1/2020 EC USD Ecuador Gover 7 70.662 3/6/2024 EC USD Ecuador Gover 5.07 70.55 1/29/2019 EC USD Ecuador Gover 4.3 71.11 10/4/2018 EC USD Ecuador Gover 4.3 70.541 10/29/201 8 EC USD Ecuador Gover 5.36 67.948 9/5/2019 EC USD Ecuador Gover 5.64 63.27 9/5/2020 EC USD Ecuador Gover 5.93 64.14 9/5/2020 EC USD Ecuador Gover 7 70.529 5/20/2022 EC USD Ecuador Gover 5.93 61.634 12/1/2021 EC USD Ecuador Gover 5.61 58.638 12/1/2022 EC USD Ecuador Gover 6.5 62.009 12/1/2023 EC USD Ecuador Gover 5.36 66.049 1/1/2020 EC USD Ecuador Gover 5.93 61.426 1/1/2022 EC USD Ecuador Gover 6.5 62.121 1/1/2024 EC USD Ecuador Gover 7.95 69.442 6/20/2024 EC USD Empresa Gener 5.75 74 6/11/2025 DO USD Empresa Gener 5.75 74 6/11/2025 DO USD ESFG Internat 5.753 0.794 KY EUR General Explo 11.5 42.875 11/13/201 8 CA USD General Shopp 10 60 KY USD General Shopp 10 51.375 KY USD Gol Finance I 9.25 61.9 7/20/2020 BR USD Gol Finance I 8.75 29.5 BR USD Gol Finance I 7.5 64.9 4/3/2017 BR USD Gol Finance I 9.25 55.5 7/20/2020 BR USD Gol Finance I 8.75 28.125 BR USD Golden Eagle 4.625 75 5/21/2023 CN USD Greenfields P 9 3.08 5/31/2017 US CAD HC Internatio 5 78.474 11/27/201 9 CN HKD Honghua Group 7.45 40.054 9/25/2019 CN USD Honghua Group 7.45 39.5 9/25/2019 CN USD Instituto Cos 6.375 74.915 5/15/2043 CR USD Inversora Ele 6.5 56.25 9/26/2017 AR USD Kaisa Group H 6.875 65.625 4/22/2016 CN CNY Kaisa Group H 10.25 68.285 1/8/2020 CN USD Kaisa Group H 8 69.388 12/20/204 9 CN CNY Kaisa Group H 9 68.136 6/6/2019 CN USD MIE Holdings 6.875 45 2/6/2018 HK USD MIE Holdings 7.5 39 4/25/2019 HK USD MIE Holdings 7.5 43.99 4/25/2019 HK USD Mongolian Min 8.875 30 3/29/2017 MN USD Mongolian Min 8.875 31 3/29/2017 MN USD NB Finance Lt 3 68.094 2/7/2035 KY EUR Newland Inter 9.5 20 7/3/2017 PA USD Newland Inter 9.5 21.75 7/3/2017 PA USD Noble Holding 4.9 74 8/1/2020 KY USD Noble Holding 5.95 63.99 4/1/2025 KY USD Noble Holding 4.625 70.065 3/1/2021 KY USD Noble Holding 3.95 66.5 3/15/2022 KY USD Noble Holding 6.95 59.012 4/1/2045 KY USD Noble Holding 5.25 53.458 3/15/2042 KY USD Noble Holding 6.05 61 3/1/2041 KY USD Noble Holding 6.2 60.864 8/1/2040 KY USD NQ Mobile Inc 4 66.947 10/15/201 8 CN USD Odebrecht Dri 6.35 37.25 6/30/2021 KY USD Odebrecht Dri 6.35 36 6/30/2021 KY USD Odebrecht Fin 7.5 53.75 KY USD Odebrecht Fin 7.125 52.25 6/26/2042 KY USD Odebrecht Fin 4.375 51.75 4/25/2025 KY USD Odebrecht Fin 8.25 54.875 4/25/2018 KY BRL Odebrecht Fin 5.125 59 6/26/2022 KY USD Odebrecht Fin 5.25 48.1 6/27/2029 KY USD Odebrecht Fin 7 62.89 4/21/2020 KY USD Odebrecht Fin 6 59.75 4/5/2023 KY USD Odebrecht Fin 8.25 54.875 4/25/2018 KY BRL Odebrecht Fin 7.125 52 6/26/2042 KY USD Odebrecht Fin 5.25 48.375 6/27/2029 KY USD Odebrecht Fin 4.375 52 4/25/2025 KY USD Odebrecht Fin 7.5 52.844 KY USD Odebrecht Fin 5.125 58.429 6/26/2022 KY USD Odebrecht Fin 7 56.303 4/21/2020 KY USD Odebrecht Fin 6 59.02 4/5/2023 KY USD Odebrecht Off 6.75 25.375 10/1/2022 KY USD Odebrecht Off 6.625 25.5 10/1/2022 KY USD Odebrecht Off 6.75 24.5 10/1/2022 KY USD Odebrecht Off 6.625 22.25 10/1/2022 KY USD Odebrecht Oil 7 18 KY USD Odebrecht Oil 7 29.5 KY USD Pesquera Exal 7.375 61.1 1/31/2020 PE USD Pesquera Exal 7.375 61.25 1/31/2020 PE USD Petroleos de 8.5 50.55 11/2/2017 VE USD Petroleos de 5.25 48 4/12/2017 VE USD Petroleos de 12.75 43.95 2/17/2022 VE USD Petroleos de 5.125 67 10/28/201 6 VE USD Petroleos de 9.75 39.4 5/17/2035 VE USD Petroleos de 9 38.59 11/17/202 1 VE USD Petroleos de 6 35.5 5/16/2024 VE USD Petroleos de 5.375 34.75 4/12/2027 VE USD Petroleos de 6 35.24 11/15/202 6 VE USD Petroleos de 5.5 32.75 4/12/2037 VE USD Petroleos de 8.5 50.15 11/2/2017 VE USD Petroleos de 6 35.28 5/16/2024 VE USD Petroleos de 6 35.5 11/15/202 6 VE USD Petroleos de 12.75 43.75 2/17/2022 VE USD Petroleos de 9.75 39.25 5/17/2035 VE USD Petroleos de 9 45.1 11/17/202 1 VE USD Polarcus Ltd 5.6 19 4/27/2018 AE USD Polarcus Ltd 8.37 11.875 7/8/2019 AE NOK Provincia del 4 72.366 12/4/2026 AR USD Republic of E 7.75 69.672 4/25/2028 EC USD Republic of E 7.75 70.444 8/1/2028 EC USD Republic of E 6.4 61.139 6/12/2024 EC USD Republic of E 7.75 70.385 7/24/2028 EC USD Republic of E 6.5 67.486 5/20/2020 EC USD Republic of E 7.75 70.157 6/25/2028 EC USD Republic of E 6.4 61.139 6/12/2024 EC USD Republic of E 7.75 69.672 4/25/2028 EC USD Republic of E 7.75 70.157 6/25/2028 EC USD Republic of E 7.75 70.385 7/24/2028 EC USD Republic of E 7.75 70.444 8/1/2028 EC USD Samarco Miner 4.125 34 11/1/2022 BR USD Samarco Miner 5.375 35 9/26/2024 BR USD Samarco Miner 5.75 35 10/24/202 3 BR USD Samarco Miner 4.125 32 11/1/2022 BR USD Samarco Miner 5.75 31.5 10/24/202 3 BR USD Samarco Miner 5.375 34 9/26/2024 BR USD Seagate HDD C 5.75 70.25 12/1/2034 KY USD Seagate HDD C 5.75 70.05 12/1/2034 KY USD Siem Offshore 5.63 69 3/28/2019 NO NOK Siem Offshore 5.85 72 1/30/2018 NO NOK Sylph Ltd 3.349 106.108 6/22/2035 KY USD Telemar Norte 5.5 60.875 10/23/202 0 BR USD Telemar Norte 5.125 60.601 12/15/201 7 BR EUR Telemar Norte 5.5 58.5 10/23/202 0 BR USD Telemar Norte 5.125 60.75 12/15/201 7 BR EUR Telemar Norte 5.5 58.375 10/23/202 0 BR USD Transocean In 7.125 64.235 12/15/202 1 KY USD Transocean In 6.5 66.504 11/15/202 0 KY USD Transocean In 6.8 53 3/15/2038 KY USD Transocean In 4.3 53.5 10/15/202 2 KY USD Transocean In 7.5 58.448 4/15/2031 KY USD Transocean In 8.1 57 12/15/204 1 KY USD Transocean In 7.45 57.06 4/15/2027 KY USD Transocean In 8 59.349 4/15/2027 KY USD Usiminas Comm 7.25 63 1/18/2018 KY USD USJ Acucar e 9.875 35 11/9/2019 BR USD USJ Acucar e 9.875 38.5 11/9/2019 BR USD Vale Overseas 6.875 71.6 11/21/203 6 BR USD Vale Overseas 6.875 70.313 11/10/203 9 BR USD Vale SA 5.625 66 9/11/2042 BR USD Venezuela Gov 12.75 42 8/23/2022 VE USD Venezuela Gov 11.95 41.25 8/5/2031 VE USD Venezuela Gov 11.75 41.25 10/21/202 6 VE USD Venezuela Gov 13.625 60 8/15/2018 VE USD Venezuela Gov 9.375 36.75 1/13/2034 VE USD Venezuela Gov 8.25 35.5 10/13/202 4 VE USD Venezuela Gov 9.25 36.5 5/7/2028 VE USD Venezuela Gov 7 42.75 12/1/2018 VE USD Venezuela Gov 13.625 54 8/15/2018 VE USD Venezuela Gov 13.625 59.17 8/15/2018 VE USD Venezuela Gov 7.75 38.75 10/13/201 9 VE USD Venezuela Gov 7 35.25 3/31/2038 VE USD Venezuela Gov 9.25 38.25 9/15/2027 VE USD Venezuela Gov 9 36.75 5/7/2023 VE USD Venezuela Gov 7.65 34.75 4/21/2025 VE USD Venezuela Gov 6 35.75 12/9/2020 VE USD Venezuela Gov 6.25 71.736 4/6/2017 VE USD Venezuela Gov 5.25 44.684 3/21/2019 VE USD Venezuela Gov 9.125 68.166 9/15/2017 VE USD Volcan Cia Mi 5.375 64.375 2/2/2022 PE USD Volcan Cia Mi 5.375 65 2/2/2022 PE USD Votorantim Ci 3.25 69.073 4/25/2021 BR EUR Votorantim Ci 3.5 67.494 7/13/2022 BR EUR Votorantim Ci 7.25 74.47 4/5/2041 BR USD Votorantim Ci 7.25 74.25 4/5/2041 BR USD Votorantim Ci 3.5 67.648 7/13/2022 BR EUR Votorantim Ci 3.25 68.952 4/25/2021 BR EUR VRG Linhas Ae 10.75 48 2/12/2023 BR USD VRG Linhas Ae 10.75 48 2/12/2023 BR USD XLIT Ltd 6.5 72.537 IE USD *********** 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 2016. 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 * * *