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/raid1/www/Hosts/bankrupt/TCRLA_Public/160115.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, January 15, 2016, Vol. 17, No. 10 Headlines A R G E N T I N A GOAL CORP: Moody's Assigns Caa-bf Rating to Global Scale Bond Fund YPF SA: Extend Exploration Deal in Patagonia C A Y M A N I S L A N D S EXTERNAL CORPORATION: Members Receive Wind-Up Report INKOSI CORPORATION: Shareholder Receives Wind-Up Report MAZU ASIA: Shareholder Receives Wind-Up Report MAZU CAPITAL: Shareholder Receives Wind-Up Report MBAM ACTIVE: Shareholder Receives Wind-Up Report MBAM ACTIVE MASTER: Shareholder Receives Wind-Up Report MONACO CAYMAN: Shareholder Receives Wind-Up Report MONTFORT INVESTMENT: Shareholders Receive Wind-Up Report MSPEA CROWN: Members Receive Wind-Up Report SOL MELIA: Members Receive Wind-Up Report SOL MELIA FINANCE: Members Receive Wind-Up Report TRANSNATIONAL ADVISORY: Shareholder Receives Wind-Up Report VSENSE LIMITED: Shareholders Receive Wind-Up Report WALRUS CAPITAL: Shareholders Receive Wind-Up Report WALRUS MASTER: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REP: Foreign Currency Reserves Reach Record US$5.27BB DOMINICAN REP: Union Head Calls Pres. 'An Employer Who Pays Badly' P U E R T O R I C O PUERTO RICO: Crisis Threatens to Cut Gas, Power Supplies SPANISH BROADCASTING: Joins FCC'S Television Spectrum Auction T R I N I D A D & T O B A G O ARCELORMITTAL: Laid-off Workers Not Returning to Jobs on Monday TRINIDAD & TOBAGO: VAT 'a Tough Pill to Swallow' - - - - - ================= A R G E N T I N A ================= GOAL CORP: Moody's Assigns Caa-bf Rating to Global Scale Bond Fund ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo has assigned bond fund ratings to Goal Corp FCI, a new bond fund managed by Itau Asset Management SGFCI SA. The global scale and national scale ratings assigned are as follows: -- Global scale bond fund rating: Caa-bf -- National scale bond fund rating: Baa-bf.ar RATINGS RATIONALE The fund ratings are based on Moody's expectation that Goal Corp, will typically invest over 70% of portfolio assets in US Dollar linked government securities. Remaining portfolio assets will generally be invested in US dollar linked corporate bonds with a minimum credit quality of A3.ar. The ratings also reflect the fund's relevant government bond exposure compared to other Moody's-rated dollar linked funds, which Moody's believes will generally lead to a credit profile consistent with that of the Argentinean government (Caa1). "GOAL Gorp FCI fund will seek to provide investors a return similar to the official exchange rate yield with an average duration not to exceed 2.5 years," said Moody's lead analyst Carlos de Nevares. The sponsor expects the fund to grow rapidly given strong market demand for US dollar linked strategies. Itau AM will distribute this fund to existing institutional, corporates and individual investors. The fund's custodian is Itau Bank. The principal methodology used in rating the funds was Moody's Bond Fund Rating Methodology published in May 2013. Please see the Credit Policy page on www.moodys.com.ar for a copy of these methodologies. Other methodologies and factors that may have been considered in the process of rating this fund can also be found under Rating Methodologies on Moody's website. A subisdiary of Banco Itau Argentina S.A., Itau AM SA is among the largest asset managers in the Argentinean mutual fund industry, occupying the eighth position in terms of assets under management (AUM) with a 4.1 % market share. As of December 2015, Ita£ AM SA had approximately AR$8,077.4 million in AUM or approximately $598.3 million. YPF SA: Extend Exploration Deal in Patagonia ---------------------------------------------- EFE News reports that Chile's Empresa Nacional del Petroleo, or ENAP, and Argentina's YPF have agreed to extend their $165 million joint exploration contract in Patagonia for 10 years, ENAP said. The contract covers Argentina's offshore area around the Strait of Magellan in Santa Cruz and Tierra del Fuego provinces, as well as federal areas in the offshore basin, according to EFE News. ENAP Sipetrol Argentina, a unit of ENAP, is exploring for oil in the offshore areas, the report notes. The contract's extension will allow the companies to fully implement the PIAM project, which seeks to maximize production from existing natural gas reserves and to a lesser extent output from crude fields, ENAP said, the report relays. "This new boost allows us to continue making the projected investments in Argentina and to make progress on our strategic plan looking out to 2025, which seeks to increase gas and petroleum production in the Magellan area," ENAP General Manager Marcelo Tokman said, the report notes. ENAP and YPF SA signed a 50-50 business contract in 1991 that covers oil and gas production in the Straits of Magellan region, located about 2,500 kilometers (1,553 miles) from Santiago, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2015, Moody's Affirms YPF S.A Caa1 global scale and Baa1.ar in the national scale ratings. At the same time, Moody's Investors Service has affirmed the rating of its senior unsecured notes at Caa1 in the global scale, and the rating of its medium-term note program at (P)Caa1 in the global scale. The outlook was changed to stable from negative. ========================== C A Y M A N I S L A N D S ========================== EXTERNAL CORPORATION: Members Receive Wind-Up Report ---------------------------------------------------- The members of External Corporation received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Kebble c/o Peter De Vere Campbells Willow House, Floor 4, Cricket Square Elgin Avenue, George Town Grand Cayman Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 INKOSI CORPORATION: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Inkosi Corporation received on Dec. 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Giji Alex Century Yard, 2nd Floor Cricket Square, Elgin Avenue Grand Cayman Cayman Islands Telephone: (345) 914-4350/ (345) 949-4800 Facsimile: (345) 949-7164 MAZU ASIA: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Mazu Asia Fund received on Dec. 15, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lanny Lim Flat B 9th Floor Mirror Marina, 47 Conduit Road Mid-Levels Hong Kong MAZU CAPITAL: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Mazu Capital Ltd. received on Dec. 15, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lanny Lim Flat B 9th Floor Mirror Marina, 47 Conduit Road Mid-Levels Hong Kong MBAM ACTIVE: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of MBAM Active Enhanced Feeder Fund received on Dec. 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: IMS Liquidations Ltd. c/o Anna Yonge or Gary Butler P.O. Box 61 Harbour Centre, George Town Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-4244 Facsimile: (345) 949-8635 MBAM ACTIVE MASTER: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of MBAM Active Enhanced Master Fund 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: IMS Liquidations Ltd. c/o Anna Yonge or Gary Butler P.O. Box 61 Harbour Centre, George Town Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-4244 Facsimile: (345) 949-8635 MONACO CAYMAN: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Monaco Cayman Co. received on Dec. 22, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Giji Alex Century Yard, 2nd Floor Cricket Square, Elgin Avenue Grand Cayman Cayman Islands Telephone: +1 (345) 914-4350/ (345) 949-4800 Facsimile: +1 (345) 949-7164 MONTFORT INVESTMENT: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Montfort Investment Management received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Roy Dackus Lisdoddelaan 78, Amsterdam 1087KA Netherlands. Telephone: +31 20 670 41 00 MSPEA CROWN: Members Receive Wind-Up Report ------------------------------------------- The members of MSPEA Crown Holding 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: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SOL MELIA: Members Receive Wind-Up Report ----------------------------------------- The members of Sol Melia Commercial received on Dec. 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SOL MELIA FINANCE: Members Receive Wind-Up Report ------------------------------------------------- The members of Sol Melia Finance 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: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands TRANSNATIONAL ADVISORY: Shareholder Receives Wind-Up Report ----------------------------------------------------------- The shareholder of Transnational Advisory Buying Company received on Dec. 30, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Company Secretaries Ltd. c/o Emily Cacho 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands VSENSE LIMITED: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Vsense Limited received on Dec. 21, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chu, Chih-Hao 6th Floor-1, No. 316, Sec. 1, Neihu Rd. Neihu Dist., Taipei City 114, Taiwan (R.O.C.) Telephone: + 886-2-2657-2369 Facsimile: + 886-2-2659-5952 WALRUS CAPITAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Walrus Capital Trading, Ltd. received on Dec. 17, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Exis Capital Management, Inc. c/o Andrew Flug 379 West Broadway Suite 338 New York, New York 10012 United States of America Telephone: +1 (212) 893 7459 WALRUS MASTER: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Walrus Master Fund Limited received on Dec. 17, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Exis Capital Management, Inc. c/o Andrew Flug 379 West Broadway Suite 338 New York, New York 10012 United States of America Telephone: +1 (212) 893 7459 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Foreign Currency Reserves Reach Record US$5.27BB --------------------------------------------------------------- Dominican Today reports that central banker Hector Valdez Albizu said the Central Bank's foreign currency reserves have reached a record US$5.27 billion, noting that the figure would cushion any impact from an unexpected flight of funds or adverse balance of payments. Mr. Albizu said the amount also helps maintain and promote confidence in the economy and on the local currency's value, allowing it to deal with possible unwanted fluctuations in the exchange rate and help ensure the economy's price stability, according to Dominican Today. The report notes that Mr. Valdez said the accumulated international reserves reached a record US$5.27 billion, with net international reserves of US$5.19 billion and US$3.2 million in liquid international reserves, or US$404.3 million, US$544.6 million and US$314.4 million more respectively, compared with 2014. "This equals the levels of gross international reserves reached during 3.6 months of imports, which exceeds the projection in the monetary program and the recommendations of the IMF to maintain a minimum required equivalent to three months of imports reserves," the official said, the report relays. "For these reasons, international agencies and investors as well as international rating agencies such as Moody's, Standard & Poor's and Fitch, grant in a special manner a high evaluation for the levels of International reserves to assign it a country-risk level classification of sovereign debt and the levels of credit levels of a nation," Mr. Valdez added, says the report. 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: Union Head Calls Pres. 'An Employer Who Pays Badly' ------------------------------------------------------------------ Dominican Republic's most outspoken union leader called president Danilo Medina "an employer who pays badly," when asked why labor didn't seek out the head of state to obtain a wage increase this year. Rafael 'Pepe' Abreu, president of the national unions grouped in the CNUS, said when Medina talks he forgets that he also has workers, according to Dominican Today. "The President (Medina) when he speaks forgets that he also has employees earning a minimum wage of around 5,150 pesos. Since he's an employer who also pays badly, when he sees the other employer sector -- the private -- he lacks the quality to adopt a position as he assumes," the report quoted Mr. Abreu as saying. Interviewed on NCDN channel 37, Mr. Abreu said while he agrees with Medina's repeated statement that one cannot live with a minimum wage of RD$10,000, the chief executive should set an example and "practice what he preaches, starting at home," by improving government wages, the report notes. Mr. Abreu said that while the unions want to take to Medina as an ally, the business sector is going to reject, the report notes. Wage Hike for Some The Labor Ministry disclosed a 15 percent hike on the minimum wage for construction workers and those who provide health services, rehab and education and other services sectors, 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 ====================== PUERTO RICO: Crisis Threatens to Cut Gas, Power Supplies -------------------------------------------------------- Danica Coto at Associated Press reports that Puerto Rico's government and some institutions face a worsening cash crunch that threatens to cut off their access to gasoline and electricity amid the island's economic crisis, officials said. The U.S. territory reached a tentative deal with Total Petroleum Puerto Rico Corp. after the company warned it would no longer supply state vehicles with gasoline because of the government's $16 million debt, said Danny Hernandez, a spokesman for the General Services Administration, according to Associated Press. The deal is good only if the government makes a $3 million payment and another $4 million payment before month's end, he said, the report notes. Puerto Rico's heavily indebted public power company also announced it would cut electricity to three hospitals and clinics because they have not paid their multimillion-dollar bills, the report relays. Jose Daniel Echevarria, a spokesman with the Electric Power Authority, said that cuts in service can be avoided only if the hospitals and clinics agree to a payment plan in upcoming days, the report notes. The company already cut off power to the government's Highway and Transportation Authority last month because of unpaid bills, the report discloses. Service was restored when a payment plan was implemented, the report adds. The island's worsening financial situation comes as Puerto Rico struggles through nine years of economic stagnation and faces $72 billion in public debt that the governor says is unpayable and needs restructuring, the report says. "We're already seeing the first consequences of this situation," Public Affairs Secretary Jesus Manuel Ortiz said at a press conference, the report notes. "If we don't address the reality of this crisis, it will only worsen," Mr. Ortiz added. The report relays that Mr. Ortiz renewed the government's plea for the U.S. Congress to give Puerto Rico access to some sort of bankruptcy mechanism. The government already faces its first lawsuit over how it has diverted funds to meet certain bond payments as its liquidity dwindles. Members of the U.S. House Committee on Natural Resources are scheduled to talk about Puerto Rico's economic problems. U.S. House Speaker Paul Ryan, a Republican from Wisconsin, recently pledged the House will come up this year with "a responsible solution" for the island's debt problems. Meanwhile, the U.S. Supreme Court is hearing an appeal on a ruling that barred Puerto Rico from giving municipalities the power to declare bankruptcy. 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: Joins FCC'S Television Spectrum Auction ------------------------------------------------------------- Spanish Broadcasting System, Inc. announced its participation in the FCC's Television Spectrum Incentive Auction with its Miami and Houston Television stations. "We have filed applications to participate in the FCC's television spectrum incentive auction with our Miami television station, WSBS-CD - Channel 50, and our Houston television station, KTBU - Channel 42, to potentially generate cash proceeds that are expected to be created by the auction process. As participants in the FCC's television spectrum incentive auction we will be subject to the FCC's anti-collusion rule, which prohibits certain communications during a "quiet period." The quiet period will end when the FCC issues a public notice announcing the completion of the reverse and forward auctions, which will likely be sometime in late 2016. There can be no assurance that the FCC's television spectrum incentive auction will be successfully completed and any potential cash proceeds will be subsequently realized," the Company states in a press release. 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 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. ================================ T R I N I D A D & T O B A G O ================================ ARCELORMITTAL: Laid-off Workers Not Returning to Jobs on Monday --------------------------------------------------------------- Trinidad Express reports that workers at steel giant ArcelorMittal will not be returning to work on January 18, the company said. In a published statement, the company sought to correct what it described as misleading reports about the steel workers, according to Trinidad Express. The Steel Workers Union of Trinidad and Tobago (SWUTT) announced that following a meeting at the Ministry of Labor, St James Street, San Fernando, the workers sent home by ArcelorMittal last month would return to work next week, the report relays. The company confirmed meeting with the union in a press advertisement, saying that it provided an update on the developments in, and the continued deterioration of, the economic and market conditions since December 2015, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 9, 2015, Trinidad Express reports that some 600 workers of Point Lisas steel manufacturing company ArcelorMittal were told that they no longer had a job. A month after the company stopped steel production citing global and local economic condition, it informed the representative Steel Workers Union of Trinidad and Tobago, and the workers would be laid off, according to Trinidad Express. TRINIDAD & TOBAGO: VAT 'a Tough Pill to Swallow' ------------------------------------------------ Sandhya Santoo at Trinidad Express reports that the reintroduction of Value Added Tax (VAT) on certain food items is not an easy pill for the country to swallow, given increasing levels of unemployment in the country. This according to president of the Penal/Debe Chamber of Commerce Shiva Roopnarine, the report notes. Mr. Roopnarine believes that the "poor and vulnerable" will have to bear the burden of the 12.5 per cent VAT, according to Trinidad Express. Mr. Roopnarine said: "The price of luxury items that were already vatable, now only attract 12.5 per cent VAT, will lead to a reduction in those products. However the poor and vulnerable in society will have to bear the greatest burden. They will understand the full effect of this in February when they visit the supermarkets," the report relays. *********** 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 * * *