/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160309.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, March 9, 2016, Vol. 17, No. 48 Headlines A R G E N T I N A GPAT COMPANIA: Moody's Puts 'B2' GSR on ARS250MM Sr. Debt Issuance PILISAR SA: Moody's Withdraws B3 Rating on Credit Facility PILISAR SA: Moody's Withdraws Caa3 Corporate Family Rating B E R M U D A BERMUDA COMMERCIAL: Moody's Withdraws Ba3 Issuer Rating B O L I V I A BANCO PRODEM: Moody's Affirms B2 LT Deposit Rating; Outlook Neg. B R A Z I L OI SA: Said to Hire Advisers to Restructure $15 Billion Debt C A Y M A N I S L A N D S ACS CAYMAN: Shareholder Receives Wind-Up Report ADAPA NEW: Shareholder Receives Wind-Up Report ADAPA NEW ASIA: Shareholder Receives Wind-Up Report ASIA INVESTMENT: Shareholder Receives Wind-Up Report CHINA GLOBAL: Shareholders Receive Wind-Up Report EJF OPPORTUNITY: Shareholders Receive Wind-Up Report ENFOCA EN MAESTRO: Shareholders Receive Wind-Up Report GOLDMAN SACHS HOLDINGS: Shareholders Receive Wind-Up Report GOLDMAN SACHS PERRY: Shareholders Receive Wind-Up Report GOLDMAN SACHS PEP: Shareholders Receive Wind-Up Report GOLDMAN SACHS VINTAGE: Shareholders Receive Wind-Up Report GROWTH AND EMERGING: Shareholders Receive Wind-Up Report GROWTH AND EMERGING HOLDINGS: Shareholders Receive Wind-Up Report IONIC EVENT: Shareholders Receive Wind-Up Report IONIC EVENT MASTER: Shareholders Receive Wind-Up Report PEP XI OFFSHORE: Shareholders Receive Wind-Up Report PEP XI OFFSHORE HOLDINGS: Shareholders Receive Wind-Up Report SAPELO FUND: Shareholder Receives Wind-Up Report J A M A I C A * JAMAICA: To Introduce Electronic Business Registration Form M E X I C O PETROLEOS MEXICANOS: Hits 13th Straight Loss With $9.3BB Decline P U E R T O R I C O EFRON DORADO SE: Parties Delay Cash Use Hearing to March 30 JORGE WILSON: Court Partially Grants Bid to Junk Wilson's Suit PUERTO RICO: Main Street Launches Ad Campaign on Restructuring PUERTO RICO ELECTRIC: Gets Extension to File Rate Petition SPORTS AUTHORITY: Pursues Closing Sales for 200 Stores SPORTS AUTHORITY: Wants 90-Day Extension of Lease Decision Period SPORTS AUTHORITY: Section 341 Meeting Set for March 29 SPORTS AUTHORITY: Taps KCC as Claims and Noticing Agent SPORTS AUTHORITY: Joint Administration of Cases Sought S T. V I N C E N T & G R E N A D I N E S ST. VINCENT & GRENADINES: Needs Strong Macroeconomic Framework U R U G U A Y BANCO BANDES: Moody's Affirms B3 LT LC & FC Deposit Ratings - - - - - ================= A R G E N T I N A ================= GPAT COMPANIA: Moody's Puts 'B2' GSR on ARS250MM Sr. Debt Issuance ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo has assigned a B2 global scale rating (GSR) and a Aa2.ar national scale rating (NSR) to GPAT Compania Financiera (GPAT)'s takedown under its senior debt program of ARS1500 million. The issuance, for up to ARS250 million, will be due in 18 months. The outlook on all ratings is positive. These ratings were assigned to GPAT Compania Financiera S.A.'s ARS 250 million senior unsecured debt issuance: B2 Global Local Currency Debt Rating Aa2.ar Argentina National Scale Local Currency Debt Rating RATINGS RATIONALE The global scale senior unsecured debt rating considers the challenging operating environment in Argentina, balanced by the very high probability that GPAT will receive support from its foreign-owned parent, B1 rated Banco Patagonia, in the event of stress. While GPAT's GSR compares poorly with global peers, its NSR is one of the highest in the country. Despite the increased probability of credit positive policies being implemented under the new administration, there are still ongoing uncertainties around the economic environment in Argentina, characterized by high inflation and weak economic growth. These credit challenges outweigh fundamental credit strengths including GPAT's key role as the financial agent for General Motors Argentina and its strong commercial and strategic importance to the corporation, as well as its good asset quality, profitability and capital metrics. GPAT's ratings also consider risks associated with the company's monoline business model and its funding structure, which is heavily reliant on senior debt issuances. In line with the positive outlook on the sovereign, the outlook for all GPAT's ratings is positive, reflecting our expectations that new administration will continue to implement credit positive policies, which in turn should positively affect GPAT's business prospects and earning generation capacity. The ratings could face upward pressure if Banco Patagonia's ratings are upgraded due to an upgrade in both Argentina's government bond rating and country ceiling as a result of an improvement in the country's economic or institutional strength, or a reduction in its susceptibility to event risk. Reflecting the positive outlook, downward rating pressure is unlikely at this time. GPAT is 99% owned by Banco Patagonia (local currency deposit rating B1 stable, BCA caa1). The one-notch differential between the B1 local currency deposit rating for Banco Patagonia and the B2 debt rating for GPAT reflects the structural subordination of GPAT's bondholders to all liability holders of Banco Patagonia. GPAT Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and reported Ar$2,272 million of total assets and Ar$788 million of shareholders' equity as of December 2015. The principal methodology used in this rating was Finance Companies published in October 2015. PILISAR SA: Moody's Withdraws B3 Rating on Credit Facility ---------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo S.A. has withdrawn Pilisar S.A.'s B3/A1.ar backed senior unsecured bank credit facility rating for its own business reasons. At the same time, Moody's Investors Service has withdrawn Pilisar's Caa3 Corporate Family Rating (CFR) for its own business reasons. These ratings were withdrawn: -- Backed senior unsecured bank credit facility: B3/A1.ar RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. Pilisar S.A. is a local appliance manufacturer headquartered in Buenos Aires, Argentina. The company was founded in 2005 and since 2012 it is majority owned by Newsan's local shareholders. In the SIAM plant Pilisar manufactures refrigerators and is planning to incorporate vertical freezers, washing machines and dishwashers. PILISAR SA: Moody's Withdraws Caa3 Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service has withdrawn Pilisar S.A.'s Caa3 Corporate Family Rating for its own business reasons. This rating was withdrawn: -- Corporate family rating: Caa3 RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. Pilisar S.A. is a local appliance manufacturer headquartered in Buenos Aires, Argentina. The company was founded in 2005 and since 2012 it is majority owned by Newsan's local shareholders. In the SIAM plant Pilisar manufactures refrigerators and is planning to incorporate vertical freezers, washing machines and dishwashers. ============= B E R M U D A ============= BERMUDA COMMERCIAL: Moody's Withdraws Ba3 Issuer Rating ------------------------------------------------------- Moody's Investors Service has withdrawn all its ratings for Bermuda Commercial Bank Limited. The withdrawn ratings were Ba3 and Not Prime for long and short term deposits, Ba3 issuer rating, ba3 standalone baseline credit assessment (BCA), ba3 adjusted BCA, and Ba2(cr) and Not Prime(cr) counterparty risk (CR) assessments. All ratings had a stable outlook. These ratings were withdrawn: Issuer: Bermuda Commercial Bank Limited Adjusted Baseline Credit Assessment, previously rated ba3 Baseline Credit Assessment, previously rated ba3 Long-term Bank Deposit Rating, previously rated Ba3 Short-term Bank Deposit Rating, previously rated NP Issuer Rating, previously rated Ba3 Long-term Counterparty Risk Assessment, previously rated Ba2(cr) Short-term Counterparty Risk Assessment, previously rated NP(cr) Outlook Actions: Issuer: Bermuda Commercial Bank Limited Outlook, Changed To Rating Withdrawn From Stable RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. ============= B O L I V I A ============= BANCO PRODEM: Moody's Affirms B2 LT Deposit Rating; Outlook Neg. ---------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has changed Banco Prodem S.A.'s ratings outlook to negative from stable and affirmed the bank's long-term global and national scale local and foreign currency deposit ratings at B2 and Aa3.bo respectively. In addition, Moody's has affirmed Prodem's short-term global and national scale local and foreign currency deposit ratings at Not Prime/BO-1 and its B1(cr)/Not Prime(cr) long and short-term global counterparty risk assessments. These ratings and assessments of Banco Prodem S.A. were affirmed: Baseline Credit Assessment (BCA): b2 Adjusted Baseline Credit Assessment: b2 Long-term global local and foreign currency deposit rating: B2, changed outlook to negative from stable Short-term global local and foreign currency deposit ratings: Not Prime Long-term national scale local and foreign currency deposit ratings: Aa3.bo Short-term national scale local and foreign currency deposit ratings: BO-1 Long- and short-term global counterparty risk assessments: B1(cr) / Not Prime (cr), respectively RATINGS RATIONALE The rating action follows the revision of the outlook of the government of Venezuela to negative on March 4, 2016, due the Venezuelan government's heavy dependence on oil-related revenues coupled with the sharp drop in the price of oil. Prodem is indirectly owned by the Venezuelan government through its parent Banco Bandes S.A. (Bandes Venezuela, unrated). These actions are part of a global review of oil-exporting sovereigns and the banks and subsidiaries of banks that operate in these countries. In changing the outlook to negative, Moody's recognizes the linkages between Banco Prodem and Bandes Venezuela, which provides managerial support and provides contingent credit lines to its Bolivian subsidiary. In turn, Bandes Venezuela is vulnerable to the deterioration of the creditworthiness of the government of Venezuela given the government's control of the institution and the bank's exposure to the Venezuelan economy. In affirming Prodem's BCA, Moody's recognizes the bank's well- established franchise in the Bolivian microfinance lending niche and its good asset quality indicators despite its focus on a relatively risky market segment. However, these credit strengths are offset by challenges including Prodem's deteriorating profitability, below average capitalization level, tight liquidity position, and reliance on term deposits from institutional investors. WHAT COULD MOVE RATINGS UP OR DOWN There is limited upside pressure on the bank ratings given the current negative outlooks on both the bank's parent sovereign and the bank itself. The bank's ratings could be downgraded in the event of a downgrade of the government of Venezuela and/or in the case of a deterioration of the bank's fundamentals. Banco Prodem S.A. is located in La Paz, Bolivia, and had BOB 7.11 billion in assets and BOB 592 million in equity as of December 2015. =========== B R A Z I L =========== OI SA: Said to Hire Advisers to Restructure $15 Billion Debt ------------------------------------------------------------ Cristiane Lucchesi, Jodi Xu Klein, and Jeffrey McCracken at Bloomberg News report that Oi SA, the most indebted phone company in Brazil, hired advisers to help restructure its BRL60 billion ($15 billion) in debt, one person with knowledge of the matter said, asking not to be identified because the information is private. Russian billionaire Mikhail Fridman withdrew his proposal to help finance a merger between Oi and Telecom Italia SpA's Brazilian unit, according to Bloomberg News. Telecom Italia's Tim Participacoes SA doesn't want to continue with discussions, Mr. Fridman's investment vehicle LetterOne Technology said, adding that it's still interested in investing in Brazil, Bloomberg News relays. Mr. Fridman's withdrawal ended a four-month effort to structure a deal and left Rio de Janeiro-based Oi with no alternative other than restructuring, Bloomberg News says. The company has $4.5 billion of debt payments due by the end of next year and its high rate of cash burn will make it hard for Oi to borrow to pay that back, according to Robert Jaeger, an analyst at Societe Generale SA in London, Bloomberg News adds. A representative of Oi declined to comment. As reported in the Troubled Company Reporter-Latin America on March 3, 2016, Moody's America Latina has downgraded Oi S.A.'s corporate family rating to Caa1/Caa1.br. As part of this rating action, Moody's has also downgraded the ratings on unsecured debt at Oi S.A.to Caa2/Caa2.br, one notch below the corporate family rating due to their junior position in the capital structure. The company has significant indebtedness at subsidiary holding companies which have a priority claim on the majority of operating cash flows. The outlook remains negative. ========================== C A Y M A N I S L A N D S ========================== ACS CAYMAN: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of ACS Cayman Holdings Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Padraig Hoare Telephone: +1 (345) 815 1415 Facsimile: +1 (345) 945-6265 ADAPA NEW: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Adapa New Asia Master Fund, Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Jody Powery-Gilbert Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 ADAPA NEW ASIA: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Adapa New Asia Offshore Fund, Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Jody Powery-Gilbert Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 ASIA INVESTMENT: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Asia Investment Funds II SPC received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. 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 CHINA GLOBAL: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of China Global Opportunities Fund GP Limited received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Erhfei Liu Room 1010, Level 10 Central Building, 1-3 Pedder Street Central, Hong Kong EJF OPPORTUNITY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of EJF Opportunity Offshore Fund, Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 ENFOCA EN MAESTRO: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Enfoca EN Maestro Ltd received on Jan. 25, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Enfoca Asset Management Ltd. c/o Jesus Zamora Leon Enfoca, Av. Jorge Basadre 310 Piso 7 San Isidro Telephone: (511) 222 2090 e-mail: Jzamora@enfoca.com.pe GOLDMAN SACHS HOLDINGS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Goldman Sachs Perry Private Opportunities Offshore Holdings Advisors, Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GOLDMAN SACHS PERRY: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Goldman Sachs Perry Private Opportunities Offshore Advisors, Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GOLDMAN SACHS PEP: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Goldman Sachs Pep Asia Offshore Advisors, Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GOLDMAN SACHS VINTAGE: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Goldman Sachs Vintage Fund IV Offshore Holdings Advisors, Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GROWTH AND EMERGING: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Growth and Emerging Markets Private Equity Managers: 2011 Offshore Advisors Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GROWTH AND EMERGING HOLDINGS: Shareholders Receive Wind-Up Report ----------------------------------------------------------------- The shareholders of Growth and Emerging Markets Private Equity Managers: 2011 Offshore Holdings Advisors Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 IONIC EVENT: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Ionic Event Driven Fund II Ltd. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Stephen Sargison 31 Woodland Drive Lower Valley P.O. Box 414 SAV Grand Cayman KY1-1502 Cayman Islands Telephone: +1 (345) 947 2390 IONIC EVENT MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Ionic Event Driven Master Fund II Ltd. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Stephen Sargison 31 Woodland Drive Lower Valley P.O. Box 414 SAV Grand Cayman KY1-1502 Cayman Islands Telephone: +1 (345) 947 2390 PEP XI OFFSHORE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Pep XI Offshore Advisors, Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 PEP XI OFFSHORE HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of PEP XI Offshore Holdings Advisors, Inc. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 SAPELO FUND: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of Sapelo Fund (Cayman), Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Priestleys c/o Martina de Lima Telephone: (345) 946-8577 e-mail: martina.delima@palawcayman.com ============= J A M A I C A ============= * JAMAICA: To Introduce Electronic Business Registration Form ------------------------------------------------------------- RJR News reports that the Companies Office of Jamaica plans to introduce an electronic business registration form to facilitate a hassle-free and more convenient option to transacting business. Judith Ramlogan, Chief Executive Officer of the Companies Office, has explained that, under this initiative, all agencies that are responsible for regulating start-ups will be included in the process, according to RJR News. Applicants will need a signing pad or a token for digital signatures as well as a scanner, as some documents may need to be uploaded to the system, the report notes. When the documents, along with payment by credit card, are submitted to the Companies Office, the registration is done automatically and a notification sent when the certificate is ready, the report relays. Mrs. Ramlogan disclosed as well that discussions are being held at the regional level with various registrars of companies for the establishment of an online registry for CARICOM companies, the report discloses. The Business Registration Form was introduced in January 2014 to address a wide cross-section of issues faced by individuals in the process of business start-ups, the report says. This multi-purpose registration form is a "one-stop shop" for businesses and eliminates the need to visit several agencies, 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. =========== M E X I C O =========== PETROLEOS MEXICANOS: Hits 13th Straight Loss With $9.3BB Decline ---------------------------------------------------------------- Adam Williams at Bloomberg News reports that Petroleos Mexicanos' financial woes continue to mount as the country's biggest company reported a BRL168.9 billion ($9.3 billion) loss in the fourth quarter and laid out plans for deep spending cuts this year, including delays of new offshore developments. Pemex lost about $32 billion in all of 2015, based on the exchange rate in each quarter, as oil prices plunged and the company's crude output fell for an 11th straight year, according to a financial report, notes Bloomberg News. Pemex hasn't recorded a profit since 2012. The company had more than $87 billion in debt at the conclusion of the third quarter and owes an estimated $7 billion to service providers, Bloomberg News relays. Earlier, Pemex pledged to meet the government's request that it trim its 2016 budget by BRL100 billion. As much as $3.6 billion of the cuts will come from deferred projects, including expensive offshore wells, Jose Antonio Gonzalez Anaya, the company's CEO, said in a conference call with investors, Bloomberg News notes. Pemex will pursue partners for any future deepwater development, Mr. Gonzalez Anaya said, Bloomberg News discloses. The cuts follow a general strategy of focusing reduced spending on the most profitable investments while increasing efficiency, according to a budget report released by the company earlier, Bloomberg News notes. Pemex will strive to maintain crude production, despite the budget cuts, "to the extent possible," the CEO said, Bloomberg News says. Adding Strength "These adjustments do not weaken Pemex, they strengthen it," Mr. Gonzalez Anaya said on the call, Bloomberg News notes. Pemex will still be able to make its payments owed to service providers despite the reduction in the company's budget, Mr. Gonzalez Anaya said. The company's quarterly loss was largely due to the fall in crude prices and the depreciation of the Mexican peso, according to Treasurer Rodolfo Campos, Bloomberg News discloses. Mexico Deputy Finance Minister Miguel Messmacher said on the same call that the budget reductions guarantee Pemex will meet its financial obligations. Pemex's crude production averaged 2.28 million barrels per day in the fourth quarter, a 3.5 percent decrease from a year earlier, Bloomberg News says. Oil output, which dropped after an April 1 accident in the Gulf of Mexico, fell for an eleventh straight year. The company expects the price of oil to be close to $25 a barrel this year, compared to the $50 they'd previously planned, according to the report, Bloomberg News discloses. Mexico announced plans to cut BRL100 billion ($5.5 billion) from the oil giant's budget on Feb. 17 in a move aimed at stemming the depreciation of the peso and limiting inflation in Latin America's second-largest economy amid the slump in international crude prices, Bloomberg News adds. ====================== P U E R T O R I C O ====================== EFRON DORADO SE: Parties Delay Cash Use Hearing to March 30 ---------------------------------------------------------- At the behest of debtor Efron Dorado SE and lender PR Asset Portfolio 2013-1 International Sub I, LLC, the Bankruptcy Court has granted a continuance of the March 2 hearing on the Debtors' motion to use cash collateral until March 30, 2016 at 9:00 a.m. On Feb. 2, 2016, the Debtor filed an "Urgent Motion for Use of Cash Collateral and Adequate Protection", where it requested the use of PRAPI's Cash Collateral under Section 363 of the Bankruptcy Code. PRAPI filed its opposition to the Cash Collateral Motion on Feb. 19, 2016. A hearing to consider the Cash Collateral Motion and the Opposition was scheduled for March 2, 2016. The Debtor and PRAPI are currently engaged in discovery proceedings which are relevant to the resolution of the Cash Collateral issues before the Court. As a result, attorneys for the Parties have conferred, and Debtor has agreed, to submit certain documentation to PRAPI, within the next two days, as well as to make Mr. David Efron available for the taking of a deposition on April 6, 2016 at 2:00 p.m. The Debtor will shortly submit a budget to PRAPI as to Debtor's operating expenses. In view of the fact that the information being procured as part of the discovery proceedings are necessary for the effective consideration of the Cash Collateral issues in this case, the Parties requested that the March 2, 2016 hearing be re-scheduled to a later date after the next two weeks, and/or an available date after the second week of April. Attorneys for PR Asset Portfolio 2013-1 International Sub I, LLC: O'NEILL & BORGES LLC Hermann D. Bauer, Esq. American International Plaza 250 Munoz Rivera Avenue, Suite 800 San Juan, Puerto Rico 00918-1813 Tel: (787) 764-8181 Fax: (787) 753-8944 E-mail: hermann.bauer@oneillborges.com About Efron Dorado Se Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan. 20, 2016. The petition was signed by David Efron, partner. Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law Office, serves as its bankruptcy counsel. In its petition, the Debtor listed total assets of $33.2 million and total debt of $15.2 million. According to the schedules, the Debtor owns the shopping mall known as Paseo Del Plata Shopping Center located in Dorado, Puerto Rico; a parcel of land consisting of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of land consisting of 30 Cuerdas known as Hernandez Farm. JORGE WILSON: Court Partially Grants Bid to Junk Wilson's Suit -------------------------------------------------------------- Judge Mildred Caban Flores of the United States Bankruptcy Court for the District of Puerto Rico granted in part and denied in part the motion filed by Jose Nater Vazquez, Esq., to dismiss Dr. Jorge E. Rodriguez Wilson's adversary complaint. Gladys Arroyo Heredia previously obtained a state court judgment against Dr. Rodriguez for tort damages, and then pursued and obtained an order and writ of attachment against Dr. Rodriguez' income stemming from health insurance providers. Nater represented Arroyo in the state court proceedings. The adversary complaint alleged that after Dr. Rodriguez filed for bankruptcy, the garnishments on Dr. Rodriguez's income continued, although the automatic stay was in effect. Dr. Rodriguez thus sought damages for willful violation of the automatic stay and turnover of the monies garnished from Dr. Rodriguez due to the violations of stay and preferential transfer. Nater argued that Dr. Rodriguez must prove every single element to establish a colorable claim for preference under Section 547(b) of the Bankruptcy Code. Judge Flores agreed with Nater that Dr. Rodriguez cannot establish the first element that the transfer was made "to or for the benefit of a creditor" because Nater is a non- creditor of Dr. Rodriguez, but merely an attorney of the judgment creditor in the state court litigation. Thus, the motion to dismiss was granted as to count three for turnover of property with respect to Nater. Nater also argued that the amended complaint must be dismissed because he personally did not undertake the seizure of monies from Dr. Rodriguez. Nater blamed the marshal instead, who executed the attachment order issued by the state court judge. Judge Flores disagreed, citing the legal practice that it is the judgment creditors through the assistance of their counsel who present the writ of attachment to the marshal. Nater further argued that the stay violations must be dismissed against him because Dr. Rodriguez never provided adequate protection and that retention does not constitute a willful violation of the stay. Judge Flores again rejected this argument, explaining that Dr. Rodriguez is not required to afford adequate protection for post-judgment attachments that occurred after the bankruptcy case was commenced because such action is void. The case is IN RE: JORGE E. RODRIGUEZ WILSON, Chapter 11, Debtor. JORGE E. RODRIGUEZ WILSON, Plaintiff, v. GLADYS ARROYO HEREDIA AND JOSE NATAR VAZQUEZ, Defendants A full-text copy of Judge Flores' February 25, 2016 opinion and order is available at http://is.gd/OAPmJNfrom Leagle.com. Jorge E. Rodriguez is represented by: Emily Darice Davila Rivera, Esq. LAW OFFICE EMILY D DAVILA RIVERA 420 Ponce Leon Midtown Suite 311 San Juan, PR 00918 Gladys Arroyo Heredia is represented by: Modesto Bigas Mendez, Esq. BIGAS & BIGAS 515 Calle Ferrocarril Urb Santa Maria Ponce, PR 00717 Tel: (78)844-1444 Jose Nater Vazquez is represented by: Sergio Criado, Esq. CORREA ACEVEDO & ABESADA LAW OFFICE Centro Internacional De Mercado Torre II, 90 Carr., Suite 407 Guaynabo, PR 00968 Tel: (787)273-8300 PUERTO RICO: Main Street Launches Ad Campaign on Restructuring -------------------------------------------------------------- On March 8, Main Street Bondholders was set to launch a new advertising campaign exposing the Obama Administration's radical restructuring plan for Puerto Rico headed by Treasury Secretary Antonio Weiss, which would harm the ability of states to borrow. The campaign will run throughout the week in various outlets in Washington, D.C. and New York, NY, including the Wall Street Journal, The Hill and Politico. "Antonio Weiss' reckless 'Super Territories Restructuring' plan is unprecedented and will raise borrowing costs for states," said 60 Plus Association Vice-President Matthew Kandrach. As the advertisement points out, several governors also voiced concern over the imminent threat posed by the Treasury's "Super Territory Restructuring" through a join letter to Speaker Paul Ryan and Majority Leader Mitch McConnell. "Of most concern to us as governors, granting Puerto Rico such unprecedented bankruptcy authority would likely raise the borrowing costs of our states, reducing our ability to invest in vital services and eroding investor confidence in the whole notion of full faith and credit debt," said Governors Bentley (AL), Ducey (AZ), LePage (ME,) Ricketts (NE), Martinez (NM) and Daugaard (SD). Main Street Bondholders Coalition is a project of the 60 Plus Association, and is comprised of small bondholders from across America who are committed to a policy process that returns Puerto Rico to sound financial management, respect for the rule of law, and the protection of their retirement savings. PUERTO RICO ELECTRIC: Gets Extension to File Rate Petition ---------------------------------------------------------- Michelle Kaske at Bloomberg News reports that Puerto Rico officials won an additional three weeks to submit a proposed rate charge to the island's energy commission, a fee that would repay bonds used to help restructure about $9 billion of debt owed by the government's power company. Creditors for the Puerto Rico Electric Power Authority, known as Prepa, agreed to give officials until March 22 to work on their petition to implement a new customer fee, called a securitization charge, Jose Echevarria, a spokesman for the utility, said in a statement, according to Bloomberg News. A January agreement between Prepa, the island's main electric provider, bondholders and bond-insurance companies set that deadline for March 1, Bloomberg News notes. A petition for a broader review of Prepa's rates is now due by April 22. "These extensions were necessitated by amendments to the Prepa Revitalization Act during the legislative process which required additional information and documentation to be provided to the energy commission as part of the rate review process," Echevarria said in the statement obtained by Bloomberg News. Bloomberg News says that the commonwealth's three-member energy commission will have 75 days to weigh in on the new fee once it's submitted. Prepa needs the proposed securitization to be approved so it can execute its restructuring deal under which investors agreed to take a 15 percent loss by swapping their securities for new bonds, Bloomberg News relays. The proposed securitization charge would repay that debt, Bloomberg News notes. No Rubber Stamp The commission expects to complete a review of the new securitization charge within the 75-day time frame, Agustin Carbo Lugo, the panel's president, said, Bloomberg News notes. Officials are open to dedicating a portion of electricity revenue to repay the bonds and not allowing the utility access to those funds, he said, Bloomberg News relays. "We know that it's a common practice in the industry to have this type of structure when you have to pay debt," Bloomberg News quoted Carbo Lugo as saying. "What we really wanted to make sure is that we're not rubber stamping their proposal," he added. The restructuring would be the first step in Puerto Rico's attempt to reduce its $70 billion debt load after the commonwealth and its agencies borrowed for years to fill budget gaps, Bloomberg News notes. Puerto Rico's economy has shrunk every year but one since 2006 and has already defaulted on some agency debt, Bloomberg News relays. Governor Alejandro Garcia Padilla warned that the island may stop paying principal and interest as soon as May if U.S. lawmakers fail to help the island restructure its obligations, Bloomberg News notes. Prepa and its creditors agreed to the debt exchange after first signing a contract in August 2014 that kept negotiations out of court, Bloomberg News says. The restructuring will allow Prepa to modernize a system that relies on petroleum to produce electricity, 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. SPORTS AUTHORITY: Pursues Closing Sales for 200 Stores ------------------------------------------------------- Sports Authority Holdings, Inc., and its affiliated debtors seek Bankruptcy Court approval of sale guidelines relating to the conduct of store closing sales. As of Jan. 30, 2016, the Debtors operated 464 stores in 40 states and Puerto Rico, and five distribution centers located in New Jersey, California, Colorado, Georgia, and Illinois. Prior to the Petition Date, the Debtors commenced a restructuring process to streamline their savings and efficiency initiatives. As part of this process, the Debtors completed a comprehensive review of the performance of all of their retail stores to analyze, among other things, the profitability and viability of each store location and to determine the Debtors' optimal footprint. The Debtors, in consultation with their advisors, determined that it is in the best interest of their estates to immediately prepare for closure up to 200 stores and two of their their distribution centers. To effectuate a smooth transition into Chapter 11 and minimize administrative expenses for their estates, the Debtors seek authorization to (a) assume a Closing Store Agreement, and (b) immediately continue the Closing Sales at designated Closing Stores, for which they prepared prior to the Petition Date, with the assistance of Gordon Brothers Retail Partners, LLC and Tiger Capital Group, LLC (collectively "Liquidation Consultant"). "[T]he Debtors are in a difficult financial situation; they need to maximize sources of liquidity and minimize expenses as much as possible," asserts Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor, LLP, counsel for the Debtors. "The Closing Sales will help the Debtors with both of these goals," he adds. Failure to secure an interim order approving the Closing Sales by March 16, 2016, is an event of default under the Debtors' proposed debtor-in-possession financing agreement. The Sale Guidelines provide, among other things, that: (a) all sales of Store Assets would be deemed free and clear of all encumbrances; (b) ,erchandise could be sold with the benefit of various marketing techniques and price mark-downs to promote efficient liquidation; and (c) certain Store Assets that cannot be promptly liquidated may be abandoned if and when the Debtors determine, in their business judgment, that retaining, storing, or removing those assets would result in unnecessary expense with little or no benefit to the estates. Engagement of Liquidation Consultant; Closing Store Agreement On Feb. 17, 2016, the Debtors and the Liquidation Consultant executed the Closing Store Agreement. The Liquidation Consultant will be retained as the Debtors' exclusive, independent consultant to conduct the Closing Sales at the Closing Stores during the Sale Term to, among other things: (a) recommend appropriate discounts, advertising, and signage; (b) provide qualified supervisors to oversee the Closing Sales to maximize sales; (c) maintain communication with the Debtors' employees at the Closing Stores and monitor the progress of the Closing Sales; (d) recommend loss prevention initiatives; (e) advise the Debtors regarding legal requirements and applicable laws, rules, and regulations affecting "going out of business" sales; (f) develop and implement a Customer Transition Program to assist the Debtors in their efforts to transition their existing customers at the Closing Stores to the Debtors' ongoing store locations and ecommerce platform; and (g) assist the Debtors with the rebalancing and consolidation of inventory within and, if necessary, across markets. The Debtors will designate the Closing Stores on an ongoing basis. The Closing Sales commenced Feb. 23, 2016, and will terminate on or before June 7, 2016. The Debtors will pay for all expenses incident to the Closing Sales in accordance with a mutually agreed upon expense budget. With respect to certain Consultant's controlled expenses, the Liquidation Consultant will advance funds for these expenses and the Debtors will thereafter reimburse the Liquidation Consultant for those expenses. The Debtors will also reimburse the Liquidation Consultant for its reasonable expenses associated with the sale of the Offered FF&E. The Debtors will pay the Liquidation Consultant a First Quality Merchandise Incentive Fee that is between 0.75% and 1.75%, based on the total amount of First Quality Gross Proceeds, net of sales taxes. The Debtors will pay the Liquidation Consultant a Clearance Merchandise Base Fee that is equal to 1.5% of the Clearance Gross Proceeds, net of sales taxes. The Liquidation Consultant will also earn the FF&E Commission equal to 17.5% of the gross sales of the Offered FF&E, net of sales taxes. The Debtors funded to the Liquidation Consultant $750,000 to be held by the Liquidation Consultant and to be applied towards any unpaid obligations of the Debtors pending the final reconciliation. The Debtors are entitled to a commission equal to 5% of all non-Debtor goods sold during the Closing Sale at the Closing Stores. Closing Bonuses To ensure maximum success of the Closing Sales, the Debtors seek authorization to implement the Bonus Program and fulfill their obligations thereunder to Bonus Program participants, all of whom are non-insiders. Specifically, the Debtors request the authority to, at their discretion, provide additional compensation in the form of bonuses to (a) three district managers calculated based on a combination of sales revenues and retention of personnel; (b) the store manager at each Closing Store, the assistant store manager at each Closing Store, the two assistant sales managers at each Closing Store, and five team sales people, calculated based on a combination of sales revenues and shrink control. The Debtors request authority to determine the individual amounts of each Closing Bonus, except that the total aggregate cost of the Bonus Program, in any event, will not exceed 0.5% of the Debtors' overall gross annual payroll and will not exceed 6.0% of the Debtors' gross annual payroll for the Closing Stores. The Debtors believe that allowing the District Managers and Closing Store Management Teams to earn Closing Bonuses at the Closing Stores will provide much-needed motivation for key personnel who are critical to the success of the Closing Sales. Dispute Resolution Procedures The Debtors recognize that the Closing Sales at certain Closing Stores may be subject to certain Liquidation Laws, which include but are not limited to various federal, state or local statute, ordinance, or rule, or licensing requirement directed at regulating "store closing," "sale on everything," "everything must go," "liquidation sale," "winter clearance outlet," or similar themed sales or bulk sale laws, including laws restricting safe, professional and non-deceptive, customary advertising such as signs, banners, posting of signage, and use of sign-walkers in connection with the sale, and ordinances establishing license or permit requirements, waiting periods, time limits or bulk sale restrictions. To the extent that any Liquidation Laws purport to prohibit, restrict, or otherwise interfere with the Closing Sales at any Closing Stores, the Debtors request that the Court deem those Liquidation Laws to be waived with respect to the Closing Sales, which are under the supervision of the Bankruptcy Court. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. SPORTS AUTHORITY: Wants 90-Day Extension of Lease Decision Period ----------------------------------------------------------------- Sports Authority Holdings, Inc., and its affiliated debtors seek a 90-day extension, through and including Sept. 28, 2016, of their statutory deadline by which they must assume or reject leases, subleases and other agreements that may be considered unexpired leases of non-residential real property under applicable law. The Debtors have initiated multiple sales processes pursuant to which they seek to maximize value for their retail locations, underlying leasehold interests and related assets. Specifically, the Debtors are conducting store closing sales at certain designated retail locations and, simultaneously therewith, marketing their leasehold interests in their remaining retail stores, together with related assets, to third party purchasers. The Debtors and their advisors intend to thoroughly review the Real Property Leases that govern their occupancy of the Closing Stores, and make an informed decision regarding the potential value that may be realized from assignment thereof. In the event that the Debtors determine that there is a robust market for any or all of Closing Store leases, the Debtors intend to solicit offers for assignment and explore all commercially reasonable options. The Debtors do not believe that they will have had sufficient time by the expiration of the initial Assumption/Rejection Period to make informed decisions whether to reject or assume the Real Property Leases. "Given the inherent fluidity in these Chapter 11 Cases, circumstances may arise during the pendency of these cases that would cause the Debtors to re-evaluate the need to continue leasing a particular property," according to Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor, LLP, counsel for the Debtors. "In the absence of an extension of the current Assumption/Rejection Period, the Debtors could be forced to prematurely assume Real Property Leases that may later prove to be burdensome, which could give rise to large administrative expense claims against the Debtors' estates and hamper the Debtors' ability to successfully prosecute these Chapter 11 Cases," he maintained. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. SPORTS AUTHORITY: Section 341 Meeting Set for March 29 ------------------------------------------------------ Pursuant to Section 341 of the Bankruptcy Code, Andrew R. Vara, the Acting United States Trustee for the District of Delaware, has scheduled a meeting of creditors of Sports Authority Holdings, Inc., et al., on March 29, 2016, at 9:00 a.m. at J. Caleb Boggs Federal Building, 844 King Street, 2nd Floor, Room 2112, in Wilmington, Delaware. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. SPORTS AUTHORITY: Taps KCC as Claims and Noticing Agent ------------------------------------------------------- Sports Authority Holdings, Inc., et al., seek authority from the Bankruptcy Court to employ Kurtzman Carson Consultants LLC as their claims and noticing agent in lieu of the Clerk of the United States Bankruptcy Court for the District of Delaware, effective as of the Petition Date. The Debtors anticipate that thousands of entities will be noticed during the course of these Chapter 11 cases. In view of the number of anticipated claimants and the complexity and scope of their business, the Debtors assert that KCC's appointment as the claims and noticing agent is both necessary and in the best interests of their estates and their creditors because they and the Clerk will be relieved of the burdens associated with the Claims and Noticing Services. KCC's hourly rates are: Position Hourly Rate -------- ----------- Executive Vice President Waived Director/Senior Managing Consultant $175 Consultant/Senior Consultant $70-$160 Technology/Programming Consultant $35-$70 Clerical $25-$50 Solicitation Lead/Securities Director $215 Securities Senior Consultant $200 The Debtors request that the undisputed fees and expenses incurred by KCC in the performance of the services be treated as administrative expenses of their estates and be paid in the ordinary course of business without further application to or order of the Court. Prior to the Petition Date, the Debtors provided KCC a retainer in the amount of $50,000. KCC seeks to hold that retainer under the Services Agreement during the cases as security for the payment of fees and expenses incurred under the Services Agreement. As part of the overall compensation payable to KCC under the terms of the Services Agreement, the Debtors have agreed to certain indemnification and contribution obligations. KCC represents it is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code with respect to the matters upon which it is to be engaged. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. SPORTS AUTHORITY: Joint Administration of Cases Sought ------------------------------------------------------ Sports Authority Holdings, Inc. and certain of its debtor affiliates ask the Bankruptcy Court to enter an order directing joint administration of their Chapter 11 cases under the Lead Case No. 16-10527. The Debtors assert that joint administration is warranted because (i) their financial affairs and business operations are closely related, and (ii) it will ease the administrative burden on the Court and other parties. The Debtors maintained that joint administration will prevent duplicative efforts and unnecessary expenses. "With seven affiliated debtors, each with its own case docket, administering these cases separately would result in duplicative pleadings, notices and orders filed and served upon separate service lists," said Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor, LLP, counsel for the Debtors. "This unnecessary duplication would be costly for the estates and would not create any counterbalancing benefit for creditors," he added. According to the Debtors, the relief requested is purely procedural and does not effectuate substantive consolidation of their estates. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. ========================================== S T. V I N C E N T & G R E N A D I N E S ========================================== ST. VINCENT & GRENADINES: Needs Strong Macroeconomic Framework -------------------------------------------------------------- An International Monetary Fund (IMF) staff mission, led by Dominique Simard, visited St. Vincent and the Grenadines from March 22 to March 3, 2016 to conduct discussions for the 2016 Article IV Consultation. Discussions were held with the Prime Minister, Dr. the Honorable Ralph Gonsalves, the Leader of the Opposition, Arnhim Eustace, the Director General of the Ministry of Finance, other senior government officials, public and private sector labor unions, and a broad range of private sector representatives. The mission team benefited from frank and excellent cooperation of the public and private sector interlocutors, was grateful for the hospitality of the government officials who facilitated the visit, and issued the following statement: "The government of St. Vincent and the Grenadines has contributed to improving poverty indicators since 2000 and is pursuing game- changing projects, such as the completion of the new airport, expected in 2016, and the development of geothermal energy over the medium-term. A strong macroeconomic framework is essential to optimize the impact of these large infrastructure projects, improve competitiveness and boost sustainable growth. Key elements of this strategy should include: (i) credible and sustainable medium-term fiscal consolidation; (ii) reforms to buttress the financial sector; and (iii) policies to improve the business environment and build climate resilience." A full text copy of the press release is available free at: http://is.gd/KSx6Tt ============= U R U G U A Y ============= BANCO BANDES: Moody's Affirms B3 LT LC & FC Deposit Ratings ----------------------------------------------------------- Moody's Investors Service has changed Banco Bandes Uruguay S.A.'s (Bandes Uruguay) ratings outlook to negative from stable and affirmed the bank's long-term local and foreign currency deposit ratings at B3 in the global scale and at Baa3.uy in the national scale as well as the short term global scale local and foreign currency deposit ratings at Not Prime. These ratings and assessments of Bandes Uruguay were affirmed: Baseline Credit Assessment: b3 Adjusted Baseline Credit Assessment: b3 Global Long Term Local And Foreign Currency Deposit Ratings: B3, changed outlook to negative from stable Global Short Term Local And Foreign Currency Deposit Ratings: Not Prime National Scale Local And Foreign Currency Deposit Ratings: Baa3.uy Long And Short Term Counterparty Risk Assessments: B2(cr)/Not Prime(cr) RATINGS RATIONALE The rating actions follow the revision of the outlook of the government of Venezuela to negative on March 4, 2016 due the Venezuelan government's heavy dependence on oil-related revenues coupled with the sharp drop in the price of oil. Bandes Uruguay is indirectly owned by the Venezuelan government through its parent Banco Bandes S.A. (Bandes Venezuela, unrated). These actions are part of a global review of oil-exporting sovereigns and the banks and subsidiaries of banks that operate in these countries. In changing the outlook to negative, Moody's recognizes the significant financial linkages between Bandes Uruguay and its parent, Bandes Venezuela. Bandes Uruguay continues to rely on Bandes Venezuela for a significant share of its funding mix, despite the bank's efforts to attract more retail and SME depositors. Also, Bandes Uruguay obtains a substantial share of its income from services that the Uruguayan subsidiary provides to its parent. In turn, Bandes Venezuela is vulnerable to the deterioration of the creditworthiness of the government of Venezuela given the government's control of the institution and the bank's exposure to the Venezuelan economy. Rising risks associated with these linkages outweigh a recent improvement of the bank's financial performance deriving from a reduction in the size of its operating structure, a gradual improvement in earnings quality and asset quality metrics, and a modest diversification of its client deposit base. Bandes Uruguay continues to provide loans and services to individuals and small- and medium-sized companies and has also obtained income obtained from its local pension fund management company. The bank is also focused on developing a fee-based business derived from structure finance operations and asset management. These developments have supported an improvement in the bank's operating performance, helping it to achieve marginal but positive net income in the last three years following six years of negative performance. WHAT COULD MOVE RATINGS UP OR DOWN There is limited upside pressure on the bank ratings given the current negative outlooks on both the bank's parent sovereign and the bank itself. The bank's ratings could be downgraded in the event of a downgrade of the government of Venezuela and/or in the case of a deterioration of the bank's fundamentals. Banco Bandes Uruguay S.A. is headquartered in Montevideo, Uruguay, and it had assets of $433 million and equity of $39 million as of December 2015. *********** 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 comillionercial 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 * * *