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/raid1/www/Hosts/bankrupt/TCRLA_Public/160216.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, February 16, 2016, Vol. 17, No. 32 Headlines B R A Z I L ODEBRECHT OFFSHORE: Fitch Says Above Average Recovery Possible C A Y M A N I S L A N D S CANTHILL LIMITED: Commences Liquidation Proceedings CHINA FISHERY: Placed Under Provisional Liquidation DEBA LIMITED: Placed Under Voluntary Wind-Up EM PARTNERS: Placed Under Voluntary Wind-Up HARD ASSETS: Placed Under Voluntary Wind-Up HARD ASSETS MASTER: Placed Under Voluntary Wind-Up PRIME STARS: Placed Under Voluntary Wind-Up QUOVIS LIMITED: Placed Under Voluntary Wind-Up RP CAPITAL: Placed Under Voluntary Wind-Up RUSSEL INVESTMENT: Placed Under Voluntary Wind-Up SAIL ALPHATRAXX: Members Receive Wind-Up Report SIRAJ GLOBAL: Commences Liquidation Proceedings SUPREME BRIGHT: Commences Liquidation Proceedings TRITON 700: Placed Under Voluntary Wind-Up UFG REAL: Placed Under Voluntary Wind-Up D O M I N I C A N R E P U B L I C BARRICK GOLD: Land Dispute Sends Farmers, Firm Back to Court J A M A I C A JAMAICA: Makes J$62 Billion Bond Payment JAMAICA: Bank of Jamaica Lowers Inflation Forecast P U E R T O R I C O PUERTO RICO ELECTRIC: Senate Vote on Utility Workout Set PUERTO RICO: Guam Says No to Territorial Bankruptcy PUERTO RICO: Needs Bankruptcy Access From Congress, Ravitch Says SPANISH BROADCASTING: PlusTick Management Reports 8.6% Stake SPANISH BROADCASTING: Renaissance Tech Holds 6.8% of CL-A Shares - - - - - =========== B R A Z I L =========== ODEBRECHT OFFSHORE: Fitch Says Above Average Recovery Possible -------------------------------------------------------------- With default a real possibility for Odebrecht Offshore Drilling Ltd. (OODFL), investors who wait could expect an above average recovery, according to this final report in Fitch Ratings' 10- report series on the 10 Most Distressed LatAm Corporates. One report was released each day through Feb. 12 per the schedule found at the bottom of this release. 'Using a discounted cash flow analysis, we expect an average recovery of 80%. A liquidation scenario would result in significantly lower recovery given distressed market conditions,' said Cinthya Ortega, Director. The recovery analysis assumes a dayrate between USD250,000 - USD300,000 for ODN I, ODN II and Norbe VI; daily opex below USD175,000, uptime levels below 95%, and proceeds from the sale of Tay IV of no less than USD50 million. The recovery analysis incorporates the possibility that dayrates may be renegotiated, but also assumes that existing Petrobras rig contracts will not be terminated. A negative rating action would be triggered if the notes are restructured to avert probable payment default. Fitch's 10 Most Distressed LatAm Corporates series was released one report per day as follows: Feb. 1st: Samarco Mineracao S.A. Feb. 2nd: Companhia Siderurgica Nacional Feb. 3rd: Pacific Exploration and Production Corporation Feb. 4th: GOL Linhas Aeresas S.A. Feb. 5th: Oi S.A. Feb. 8th: GeoPark Latin America Limited Agencia en Chile Feb. 9th: Ajecorp B.V. Feb. 10th: TV Azteca, S.A.B. de C.V. Feb. 11th: QGOG Constellation S.A. Feb. 12th: Odebrecht Offshore Drilling Finance Ltd. ========================== C A Y M A N I S L A N D S ========================== CANTHILL LIMITED: Commences Liquidation Proceedings --------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Canthill Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 11, 2016, will be included in the company's dividend distribution. The company's liquidator is: Mourant Ozannes Bute Director Services 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 CHINA FISHERY: Placed Under Provisional Liquidation --------------------------------------------------- On Dec. 8, 2015, the Grand Court of the Cayman Islands entered an order to place China Fishery Group Limited under provisional liquidation. The company's provisional liquidators are: Kris Beighton Alexander Lawson KPMG P.O. Box 493, Century Yard Cricket Square, Grand Cayman KY1-1106 Fergal Power KPMG Prince's Building, 8th Floor 10 Chater Road, Central Hong Kong DEBA LIMITED: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 11, 2015, the sole shareholder of Deba Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 EM PARTNERS: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 11, 2015, the shareholders of EM Partners Ltd resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Markus Stutz Haussmann Treuhand AG Telephone: (011) 41 44 254 31 31 Facsimile: (011) 41 44 254 31 80 Seefeldstrasse 45 8008 Zurich Switzerland HARD ASSETS: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 11, 2015, the sole shareholder of Hard Assets 2x Fund Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Van Eck Absolute Return Advisers Corp. c/o Justin Savage Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands HARD ASSETS MASTER: Placed Under Voluntary Wind-Up -------------------------------------------------- On Dec. 11, 2015, the sole shareholder of Hard Assets 2x Master Fund Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Van Eck Absolute Return Advisers Corp. c/o Justin Savage Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands PRIME STARS: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 9, 2015, the sole shareholder of Prime Stars Investments Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 11, 2016, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Trust Company (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 949-7128 QUOVIS LIMITED: Placed Under Voluntary Wind-Up ---------------------------------------------- On Dec. 10, 2015, the sole shareholder of Quovis Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 11, 2016, will be included in the company's dividend distribution. The company's liquidator is: Golden Eagle Holdings Ltd. c/o Barclays Trust Company (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 949-7128 RP CAPITAL: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 10, 2015, the sole member of RP Capital Advisors Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Alan Turner Turners Management Ltd. Strathvale House 90 North Church Street P.O. Box 2636 Grand Cayman KY1-1102 Cayman Islands Telephone: +1 (345) 814 0700 RUSSEL INVESTMENT: Placed Under Voluntary Wind-Up ------------------------------------------------- On Dec. 11, 2015, the sole shareholder of Russel Investment Fund resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: John S. Sullivan c/o Tim Cone Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 SAIL ALPHATRAXX: Members Receive Wind-Up Report ----------------------------------------------- The members of Sail Alphatraxx Fund received on Jan. 22, 2016, 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 SIRAJ GLOBAL: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 11, 2015, the sole shareholder of Siraj Global Fund resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: Eleanor Fisher Tammy Fu Zolfo Cooper (Cayman) Limited 38 Market Street, Suite 4208 Canella Court, Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 946 0081 SUPREME BRIGHT: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 11, 2015, the sole shareholder of Supreme Bright Capital Management resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Yang Wei Two Exchange Square, Room 4603, 46th Floor 8 Connaught Place, Central Hong Kong TRITON 700: Placed Under Voluntary Wind-Up ------------------------------------------ On Oct. 28, 2015, the sole member of Triton 700 Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 11, 2016, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 UFG REAL: Placed Under Voluntary Wind-Up ---------------------------------------- On Dec. 9, 2015, the sole shareholder of UFG Real Estate Holdco Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Piers Dryden Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== BARRICK GOLD: Land Dispute Sends Farmers, Firm Back to Court ------------------------------------------------------------ Dominican Today reports that hundreds of farmers were gathered Feb. 11 at the Sanchez Ramirez province (central) Land Court, site of the fifth hearing in their case against the miner Barrick Gold. Hundreds of people have sued the mining company to demand payment for the farmers' properties, according to Dominican Today. National Police officers have cordoned off the area to traffic on Sanchez St. with barriers to prevent incidents, the report notes. Members of the families Rosario, Diaz and Vasquez demand payment for their alleged properties, who affirmed having struggled over three years against Barrick Gold, the report discloses. ============= J A M A I C A ============= JAMAICA: Makes J$62 Billion Bond Payment ---------------------------------------- RJR News reports that the Jamaican Government was to make the much publicized J$62 billion bond payment last Feb. 11, 2016. The payment is for debt that was rescheduled. Finance Minister Dr. Peter Phillips, in an interview with Bloomberg TV, reiterated that, with the repayment, the Government will reopen the local bond market for which he said considerable interest was being generated, according to RJR News. "We're going to list some of this on our stock exchange, hoping to generate a secondary market in domestic paper," Dr. Phillips explained, the report notes. That secondary market, Dr. Phillips predicted, "will facilitate, not only further issues of debt, but at the same time . . . . help stimulate and give some transparency to an important market for commercial paper that's developing as well," the report relays. Dr. Peter Phillips' appearance on Bloomberg TV in New York came after he accepted an award on behalf of Jamaica for "Latin America Bond Deal of the Year" at the 2015 International Financing Review Americas Award Ceremony, the report notes. The award was given for the US$2 billion worth of bonds issued in July last year, the report discloses. The deal was seen as record breaking for emerging markets last year, the report says. Part of the proceeds was used to repay debt to Venezuela, which reduced Jamaica's debt burden by 10 percentage points, the report adds. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. JAMAICA: Bank of Jamaica Lowers Inflation Forecast -------------------------------------------------- RJR News reports that the Bank of Jamaica has revised its inflation forecast for the current fiscal year which ends March 31, saying it now expects it to be below the target range. At the start of the fiscal year, the BOJ said it expected inflation to be in a range of 5.5% to 7.5%, according to RJR News. It now anticipates, however, that the out turn to be below that forecast, the report notes. The revised forecast was driven by expectations that prices for electricity, gasoline and transport costs would fall faster than price pressures from higher cost processed food, the report adds. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. ====================== P U E R T O R I C O ====================== PUERTO RICO ELECTRIC: Senate Vote on Utility Workout Set -------------------------------------------------------- Michelle Kaske and Alexander Lopez at Bloomberg News report that Puerto Rico's Senate plans to vote on a bill to restructure the island's main electricity provider and reduce its $9 billion debt load. The Senate will weigh in on the measure, Senate President Eduardo Bhatia told reporters in San Juan. The House of Representatives would then approve the bill following passage in the upper chamber, House Speaker Jaime Perello said during a press briefing, according to Bloomberg News. A December agreement between the Puerto Rico Electric Power Authority and its creditors expires today, Feb. 16, unless lawmakers approve the legislation, Bloomberg News notes. Legislative approval is the final step to allow Prepa, as the utility's known, to cut its obligations through a debt exchange, Bloomberg News relays. The utility and its creditors negotiated for 16 months before reaching agreement in December. It would be the largest-ever debt restructuring in the $3.7 trillion municipal-bond market, Bloomberg News discloses. The Prepa plan should upgrade the island's infrastructure to use more natural gas instead of oil and for stricter controls on the purchase of fuel which in the past had been of questionable quality and inflated price, Mr. Bhatia said, Bloomberg News relays. Prepa relies primarily on oil to generate electricity. If the Senate amends the bill, the House may send the measure back to a special joint committee that has been working on the legislation, according to Michelle Gonzalez, a spokeswoman for Perello in San Juan, Bloomberg News adds. As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2015, Standard & Poor's Ratings Services maintained its 'CC' long-term and underlying ratings (SPURs) on Puerto Rico Electric Power Authority's (PREPA) electric revenue bonds. However, the ratings remain on CreditWatch, where they were originally placed with negative implications on June 18, 2014. As of June 30, 2015, PREPA had about $8.44 billion of long-term debt outstanding, and an additional $730 million due to noteholders. PUERTO RICO: Guam Says No to Territorial Bankruptcy --------------------------------------------------- Brian Chappatta at Bloomberg News reports that Puerto Rico has always gotten the most attention among the U.S. territories. It's the most-populous, most-indebted, most-proximate to the mainland and most-vocal in pressing the case for bankruptcy, according to Bloomberg News. Now, officials from the other islands are speaking up as they seek to borrow. In Guam, which issued $143 million of tax-free water bonds, they say borrowing costs could swell if Congress extends Chapter 9 bankruptcy protection to U.S. territories as a way for Puerto Rico to reduce its $70 billion of debt, Bloomberg News notes. It's an idea supported by the Obama administration and Alejandro Garcia Padilla, the commonwealth's governor, Bloomberg News relates. "When it comes to the policymakers in Washington, D.C., dealing with the Puerto Rico situation, I've made it very clear: Guam has no need nor desire to look at any type of backdoor such as bankruptcy protection," Bloomberg News quoted Guam Governor Eddie Calvo, a Republican who in 2014 won a second term to lead the island of 167,500, as saying. "That's something we've always believed has made our triple tax- exempt bond sales very attractive -- that we were treated a certain way," Mr. Calvo said in a telephone interview Feb. 3 from San Francisco, where he met with rating companies and investors, Bloomberg News notes. His goal is "ensuring the sanctity of these investments for investors," he added. Bloomberg News discloses that Guam averted the fate of American Samoa's bond sale last month, which officials said came at a high penalty. The island's economic development authority issued $23 million of federally taxable debt due in 2024 that priced to yield 11.9 percent, data compiled by Bloomberg show. In August, it sold taxable securities at a 7.5 percent yield. The most-recent offering will fund a government-run charter bank, Bloomberg News relays. The Bank of Hawaii plans to leave, making the new institution the only bank for the territory's 55,000 residents. That island had to delay its deal and pay higher borrowing costs because of the potential change to extend Chapter 9 protection to territories, said Keniseli Lafaele, director of American Samoa's commerce department, Bloomberg News notes. "I don't believe we should manage our territory with the thought in our minds that we can fail and then use bankruptcy as a way out of our trouble," Mr. Lafaele said in an e-mail obtained by Bloomberg News. "We plan to live within our means, including strategic and limited use of debt," Mr. Lafaele added. Those assurances may not have been enough for investors in the bonds, which have a Moody's rating of Ba3, three steps below investment grade, notes the report. Offering documents for the deal cite "a lot of discussion" about changing federal law to give Puerto Rico different treatment under the bankruptcy code, Bloomberg News notes. Any enacted legislation could alter the rights of American Samoa bondholders, according to the disclosure. Virgin Islands "The specter of it, that they can always retroactively change these legal statutes should things become problematic in the Virgin Islands or Guam or American Samoa, would drive spreads up on those bonds," said David Ashley, a portfolio manager in Santa Fe, New Mexico, at Thornburg Investment Management, which oversees $11 billion of munis, Bloomberg News relays. The company owns no Puerto Rico securities, but holds other territory debt, including from the Guam Waterworks Authority, Bloomberg News added. The report notes that other territory leaders don't see the harm of having bankruptcy open to them, particularly if it's part of a broader package that puts the islands on more equal footing with U.S. states. "Yes, I favor the territories being included under the bankruptcy protection statutes as other U.S. jurisdictions," the report quotes U.S. Virgin Islands Governor Kenneth Mapp as saying in an e-mailed statement. "While the Virgin Islands is stable financially and does not require bankruptcy protection, congressional changes in regard to Puerto Rico should include all other U.S. territories." Stacey Plaskett, the non-voting representative of the U.S. Virgin Islands in Congress, has said she would push for the territory to be included in any assistance package for Puerto Rico, outside of bankruptcy, notes Bloomberg News. "She is concerned that extending Chapter 9 bankruptcy protection to the territories may raise a red flag on Wall Street and jeopardize the Virgin Islands' bond ratings," Richard Motta, Plaskett's press secretary, said in an e-mail, the report relays. Northern Mariana E-mails to the office of Northern Mariana Islands Governor Ralph Deleon Guerrero Torres and the territory's commerce department weren't returned, according to the report. Calvo, Guam's governor, also sees Puerto Rico's fiscal crisis as a chance to highlight unequal treatment of U.S. territories, apart from the bankruptcy code, notes Bloomberg News. The report recalls that under a four-part plan announced in October to address Puerto Rico's crisis, the Obama administration asked Congress to fix the commonwealth's funding disparity under Medicaid. A spending bill in December didn't address the full scope of that difference. The U.S. Treasury has also pressed Congress to give Puerto Ricans access to the Earned Income Tax Credit. "When it comes to Medicaid, Medicare, the Earned Income Tax Credit treatment, those are things where I want equity with the states if there's to be something in a package," Calvo said, notes the report. "But obviously not where they're touching on bankruptcy protection." 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. PUERTO RICO: Needs Bankruptcy Access From Congress, Ravitch Says ---------------------------------------------------------------- Michelle Kaske at Bloomberg News reports that Puerto Rico needs to have broad bankruptcy powers to reduce its $70 billion of debt and revive its economy, Richard Ravitch, an adviser to the governor during New York City's fiscal crisis in the 1970s, said on Bloomberg Television. The Caribbean island of 3.5 million and its agencies are unable to file for bankruptcy protection, as cities including Detroit have done, according to Bloomberg News. Puerto Rico Governor Alejandro Garcia Padilla has been seeking to persuade Congress to give the island some legal ability to restructure its debt to strengthen its hand with creditors, Bloomberg News notes. Ultimately, federal lawmakers will grant Puerto Rico's request, Ravitch, a former New York Lieutenant Governor who's working as an unpaid adviser to the island, said in an interview with Bloomberg News. "The risk of social disorder and consequential responsibilities for the federal government will ultimately make all of Congress realize that this has to be done," Mr. Ravitch said, Bloomberg News relays. Mr. Ravitch said the plan should include a "federal oversight board insuring that the restructuring plan is fair to the people of Puerto Rico. In the long term of the creditors, it's the only way of solving the problem." Bloomberg News discloses that Mr. Ravitch sits on the board of Build America Mutual Assurance Co., a municipal bond-insurance company owned by its policyholders. BAM, as the insurer is known, doesn't insure any Puerto Rico debt. "I have no economic interest whatsoever," Mr. Ravitch said, Bloomberg News notes. "They're not affected one way or another by what happens in Puerto Rico." 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: PlusTick Management Reports 8.6% Stake ------------------------------------------------------------ In an amended Schedule 13G filed with the Securities and Exchange Commission, PlusTick Management LLC and Thomas J. Hill disclosed that as of Dec. 31, 2015, they beneficially own 359,608 shares of common stock of Spanish Broadcasting System, Inc., representing 8.63 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/RnmXzr 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. SPANISH BROADCASTING: Renaissance Tech Holds 6.8% of CL-A Shares ---------------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, Renaissance Technologies LLC and Renaissance Technologies Holdings Corporation disclosed that as of Dec. 31, 2015, they beneficially own 283,220 shares of Class A common stock of Spanish Broadcasting System, Inc., representing 6.80 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/BQsqto 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. *********** 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 * * *