/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160310.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 Thursday, March 10, 2016, Vol. 17, No. 49 Headlines A R G E N T I N A IRSA PROPIEDADES: Fitch Rates Proposed US$300M Notes 'B-/RR3'(EXP) IRSA PROPIEDADES: S&P Assigns 'B-' Rating to Proposed 7-Yr. Notes B R A Z I L PETROLEO BRASILEIRO: Odebrecht Ex-CEO Sentenced to 19 Years C A Y M A N I S L A N D S ALYDAR FUND: Shareholders Receive Wind-Up Report AQR GLOBAL: Shareholders Receive Wind-Up Report AQR STYLE: Shareholders Receive Wind-Up Report BLACKSTONE ZS: Shareholders Receive Wind-Up Report COLOMBIA SPECIAL: Shareholder Receives Wind-Up Report DYNAMIC DRAGONS II: Shareholders Receive Wind-Up Report GS MOUNT: Shareholders Receive Wind-Up Report GS PEP 2002: Shareholders Receive Wind-Up Report GSV HEYDEN: Shareholders Receive Wind-Up Report ISQ JAPAN: Shareholders Receive Wind-Up Report KROM RIVER: Shareholders Receive Wind-Up Report KROM RIVER GENERAL: Shareholders Receive Wind-Up Report PEC MAMMOTH: Shareholders Receive Wind-Up Report PRIVATE EQUITY: Shareholders Receive Wind-Up Report SERENGETI CAPENSIS: Shareholders Receive Wind-Up Report SILVER CREEK: Shareholders Receive Wind-Up Report SOCIETE GENERALE: Shareholders Receive Wind-Up Report SPROTT GLOBAL: Shareholder Receives Wind-Up Report TCW/CRESCENT MEZZANINE: Shareholder Receives Wind-Up Report TCW/CRESCENT MEZZANINE IVB: Shareholder Receives Wind-Up Report D O M I N I C A N R E P U B L I C ROSARIO DOMINICANA: Gold Mine 'Toxic Waste' Dam Ready to Drain J A M A I C A JAMAICA: Exchange Rate to Remain Stable, BOJ Says P U E R T O R I C O ALONSO & CARUS: Seeks Confirmation of Consensual Plan ALONSO & CARUS: Reaches Deal with Lender on Plan Treatment PUERTO RICO: Governor Meets Key U.S. House Member on Crisis PUERTO RICO AQUEDUCT: S&P Retains 'CCC-' Ratings on Watch Neg. T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Jobless Rate Increases in Country V E N E Z U E L A PETROLEOS DE VENEZUELA: Moody's Affirms Caa3 Rating; Outlook Neg. - - - - - ================= A R G E N T I N A ================= IRSA PROPIEDADES: Fitch Rates Proposed US$300M Notes 'B-/RR3'(EXP) ------------------------------------------------------------------ Fitch Ratings has assigned an expected rating of 'B-/RR3' (EXP) to IRSA Propiedades Comerciales S.A.'s (IRSA PC) proposed notes in the expected amount around US$300 million. Proceeds from the issuance would be used to refinance existing debt, primarily the company's $US 120 million unsecured notes due in 2017 and a $US 240 million intercompany loan with Inversiones y Representaciones S.A. (IRSA). IRSA owns 95.2% of IRSA CP as of Dec. 31, 2015. Also, IRSA intends to use the proceeds for the payment by IRSA CP of the $US 240.0 million intercompany loan to pay the total consideration for all IRSA's $US 150 million unsecured notes due in 2017 and up to $US 76.5 million of IRSA's $US 150 million unsecured notes due in 2020. Fitch views the proposed notes transaction as positive to IRSA PC's credit quality as it will be used primarily to refinance debt, adding financial flexibility by the improvement of its debt payment schedule. KEY RATING DRIVERS Exposure to Argentina's Business Conditions Incorporated IRSA PC's ratings reflect the company's exposure to Argentina's business climate, economic conditions, credit profile, and the credit linkage with its parent company, IRSA. IRSA CP's foreign currency (FC) IDR continues to be constrained at 'CCC' by the country ceiling assigned to Argentina by Fitch. Fitch has assigned a country ceiling of 'CCC' to the Republic of Argentina, which limits the foreign currency rating of most Argentine corporates to 'CCC'. Country ceilings are designed to reflect the risks associated with sovereigns placing restrictions upon private sector corporates, which may prevent them from converting local currency (LC) to any foreign currency (FC) under a stress scenario, and/or may not allow the transfer of FC abroad to service FC debt obligations. The company's local currency (LC) IDR remains at 'B+' due to the risk of operating in Argentina's real estate industry. The 'RR3' Recovery Rating reflects above average recovery prospects in the event of default. The notching above the soft cap of 'RR4' for bonds issued by Argentine corporates reflects the company's solid credit profile and high level of unemcumbered assets. Leading Real Estate Player, Diversified Portfolio The rating reflects IRSA PC's solid business position as one of the largest owners and managers of shopping centers and office and other commercial properties in Argentina in terms of gross leasable area and number of rental properties. IRSA CP owns and operates 15 shopping centers in Argentina. The company manages a total gross leasable area (GLA) of 333,719 square meters (sq. m.) as of December 31, 2015. IRSA PC's tenants' sales in the shopping centers segment totaled ARS8.3 ($US 640 million) during the October - December 2015 period. The company's occupancy level in the shopping centers segment was solid at 99% as of December 31, 2015. Also, the company owns and manages six premium office buildings in the City of Buenos Aires and owns certain properties for future development in Buenos Aires and several provincial cities. Low Leverage, High and Stable Margins IRSA PC's leverage is low for a real estate company. During the last twelve months ended December 31, 2015 (LTM Dec. 2015), the company's leverage was 2.7x. IRSA PC had ARS2.9 - $US 308 million - in sales and generated ARS2 s of EBITDA - $US 214 million. The company has consistently kept its EBITDA margin around 75% over the last several years. The company's total debt as of Dec. 31, 2015, was ARS5.4 - $US 420 million, which consists primarily of the $US 120 million unsecured notes and the $US 240 million intercompany loan with its parent company. Fitch links the credit quality of IRSA PC with its higher leveraged parent company (IRSA). As of Sept. 30, 2015, IRSA had ARS6.1 - $US 646 million - of consolidated total debt, resulting in a total net debt-to- EBITDA ratio of 3.3x in LTM September 2015. Liquidity to Improve Post Transaction, High Unencumbered Assets Liquidity post issuance is viewed as adequate considering the company's capacity to cover interest expenses, manageable debt schedule - with no material debt principal payment due during the three years ended June 2018, and significant levels of unencumbered assets. The company's financial strategy is to shift toward an asset base primarily unencumbered through the issuance of the proposed unsecured notes to replace a portion of its current secured debt. The company's debt structure after the execution of the proposed transaction will be almost entirely unsecured. The company's asset value is estimated at around $US 2 , which will mostly unencumbered post refinancing. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for IRSA PC include: -- EBITDA margin for full-year 2016 around 75%; -- Total adjusted net leverage for full-year 2016 around 3x; -- Consolidated occupancy levels around 95% during 2016 - 2017; - -Interest coverage (EBITDA/gross interest expenses) consistently around 4x during 2016 - 2017. RATING SENSITIVITIES The ratings are expected to be driven primarily by developments in Argentina's business climate and economic conditions. Negative: Future developments that could, individually or collectively, lead to negative rating actions in the short term: -- Further economic deterioration and the Republic of Argentina's inability to convert and transfer foreign exchange for corporates; -- Given high dependence on subsidies by various Argentine corporates, any further weakening of Argentina's fiscal accounts could have a negative impact on the companies' collections / cash flow; -- A significant deterioration of IRSA PC's credit metrics. Positive: A positive rating action could be the result of an upgrade of the sovereign rating. LIQUIDITY Liquidity post issuance is viewed as adequate considering the company's capacity to cover interest expenses, manageable debt schedule - with no material debt principal payment due during the three years ended June 2018, and significant levels of unencumbered assets. The company's liquidity position, measured as readily available cash, was ARS163 million ($US 13 million) as of Dec. 31, 2015. The company's interest coverage ratio, measured as total EBITDA-to-gross interests, is forecasted to be in the 4x to 4.5x range during 2016 - 2017. Post proposed issuance, the company's debt principal payments due in the next 12 and 24 months is viewed as manageable at levels around ARS423 million and ARS407 million, respectively. The company's financial strategy is to shift toward an asset base primarily unencumbered through the issuance of the proposed unsecured notes to replace a portion of its current secured debt. The company's debt structure after the execution of the proposed transaction will be almost entirely unsecured. The company's asset value is estimated at around $US 2 , which will mostly unencumbered post refinancing. FULL LIST OF RATING ACTIONS Fitch Ratings has assigned an expected rating of 'B-/RR3' (EXP) to IRSA PC's proposed notes in the expected amount around $US 300 million. Fitch currently rates IRPC as follows: -- Foreign currency Issuer Default Rating (IDR) 'CCC'; -- Local currency IDR 'B+'; -- $US 120 million notes due in 2017 'B-/RR3'. The Rating Outlook is Stable. Fitch also rates Inversiones y Representaciones S.A. (IRSA) as follows: -- Foreign currency Issuer Default Rating (IDR) 'CCC'; -- Local currency IDR 'B+'; -- $US 150 million notes due in 2017 'B-/RR3'; -- $US 150 million notes due in 2020 'B-/RR3'; IRSA PROPIEDADES: S&P Assigns 'B-' Rating to Proposed 7-Yr. Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' issue-level rating to IRSA Propiedades Comerciales's (IRCP) proposed senior unsecured seven-year notes. S&P also affirmed its 'B-' corporate credit and issue-level ratings on IRSA Inversiones y Representaciones (IRSA) and IRCP. The outlook remains stable. The rating affirmation follows IRSA's and IRCP's announcement of an offer to buy back all of their outstanding notes due 2017 ($120 million of IRCP and $150 million of IRSA) and up to $76.5 million of IRSA's outstanding 11.5% notes due 2020 subject to a possible increase of the 2020 notes tender by an aggregate principal amount of up to $73.5 million. The tender will be financed through IRCP's issuance of new long-term senior unsecured notes. In S&P's view, this transaction, which will be carried out at par plus a premium--which considers accrued interest--and about a year prior to final maturities, represents an opportunistic offer. Therefore, S&P don't consider the cash tender offer as distressed restructuring. Also, S&P believes that accepting the offer is voluntary, and the bondholders will have ability to choose to participate or not. If they don't accept the offer, IRSA will still have a call option alternative on the 2017 notes, which is part of the original security package. Standard & Poor's believes that IRSA will seek to improve its financial flexibility with longer debt maturity through the new issuance. The 'B-' transfer and convertibility (T&C) on Argentina constrains the foreign currency ratings on IRSA and IRCP. Although IRSA has investments in other countries, it mostly operates in the shopping mall and office sectors in the city of Buenos Aires, where it generates the bulk of its EBITDA. High inflation and uncertainty about future economic trends hurt IRSA's long-term financing and limit its investments. Therefore, although S&P believes that a successful issuance will improve IRSA's capital structure, the rating is still limited at Argentina's T&C assessment. =========== B R A Z I L =========== PETROLEO BRASILEIRO: Odebrecht Ex-CEO Sentenced to 19 Years ----------------------------------------------------------- Marla Dickerson, Luciana Magalhaes and Jeffrey T. Lewis at The Wall Street Journal reports that a Brazilian judge sentenced Marcelo Odebrecht, the former chief executive officer of South America's biggest construction company, to 19 years in prison for his involvement in a sprawling corruption scandal centered on Brazil's state oil company, Petroleo Brasileiro S.A. (Petrobras). The scion of a billionaire family, 47-year-old Mr. Odebrecht was convicted of money laundering, corruption and organized crime, according to The Wall Street Journal. He was CEO of Odebrecht SA when he was arrested and jailed last June. He later resigned from the company founded by his grandfather. Prosecutors allege that some of Brazil's largest construction firms, including Odebrecht, skimmed billions of dollars from Petrobras through inflated contracts, then channeled some of the funds to the ruling Workers' Party and its allies as part of a yearslong pay-to-play scheme, the report notes. The WSJ relays that Mr. Odebrecht's stiff sentence, along with the lengthy prison terms meted out to other executives and political figures in the scandal, marks a shift within Brazil's justice system. In the past, it was common for elites to evade conviction and escape punishment, the report says. Nabor Bulhoes, Mr. Odebrecht's attorney, called the sentence "unfair and unjust" and said the defense team would appeal to higher courts, the report notes. The executive's conviction has raised speculation that he could cut a deal with prosecutors to reduce his sentence, a practice allowed under Brazilian law, and potentially implicate others in a scandal that now threatens to engulf the government of President Dilma Rousseff, the report discloses. "It's a tough sentence . . . . and could encourage him to accept a deal," said Pierre Moreau, a partner in Sao Paulo's Moreau Advogados law firm, the report relays. In recent months, a number of prominent defendants have either signed or are in talks with prosecutors to turn state's evidence, accelerating the probe. Defense lawyers for Mr. Odebrecht said he hasn't made any deal with the court, the report notes. The developments come at a tense time in Brazilian politics. Anger over the revelations of corruption threatens to destabilize the government of the deeply unpopular Ms. Rousseff, who is facing a growing number of calls for her ouster, the report notes. In the sentencing document, Federal Judge Sergio Moro described Mr. Odebrecht as one of the ringleaders of the scam and urged his company to accept responsibility as a step toward repairing his reputation, the report discloses. "The admission of responsibility doesn't eliminate the wrongdoing, but it's a decent way to get past it," the report quoted Mr. Moro as saying. The conviction of Mr. Odebrecht, dubbed "Prince of the Contractors," is the biggest yet for Mr. Moro, who has worked with a tightknit group of prosecutors in a widening probe that has shaken the highest levels of Brazilian business and government, the report says. In contrast to the U.S., federal judges in Brazil play an active role in investigations, approving key warrants and reviewing evidence in addition to meting out sentences, the report relays. Ms. Rousseff hasn't been implicated in the sprawling corruption investigation at Petroleo Brasileiro SA, as the oil company is officially known, and has denied knowledge of the graft ring, the report notes. But the scandal has moved ever closer to her door as one high-profile figure after another has been ensnared in the probe, the report says. Former Brazilian President Luiz Inacio Lula da Silva, Ms. Rousseff's political mentor, was taken in for questioning by police who suspect he was involved in the bid-rigging-and-bribery scheme, the report notes. The Odebrecht company figures prominently in the probe and has denied wrongdoing, the report notes. Prosecutors suspect that Mr. da Silva benefited from extensive renovations made by Odebrecht to a country ranch used by the former president and his family, the report relays. Authorities said they are also looking into millions of dollars of donations made in recent years by several large Brazilian companies, including Odebrecht, to Mr. da Silva's nonprofit foundation, the Sao Paulo-based Instituto Lula, the report discloses. Prosecutors allege that Mr. da Silva helped organize an elaborate scheme to divert funds from Petrobras to fund campaigns for the Workers' Party and its political allies and that his think tank might be a conduit for the dirty money, the report says. Mr. da Silva and the Workers' Party have denied wrongdoing. Separately, Mr. da Silva is under investigation for influence peddling on behalf of Odebrecht, which has snagged major public works contracts across Latin America and Africa, the report notes. Officials are trying to determine whether the popular Mr. da Silva used his clout upon leaving office to convince international leaders to award contracts to Odebrecht and to push Brazil's development bank, known as BNDES, to finance those deals with subsidized loans, the report relays. The alleged offenses occurred between 2011 and 2014, after Mr. da Silva left office, and involved a series of big infrastructure deals that Odebrecht won in nations including Ghana, Angola, the Dominican Republic and Cuba, notes the report. Judge Moro also sentenced other former Odebrecht executives for money laundering and bribing Petrobras executives, among other crimes, and added new sentences for Petrobras executives who have already been convicted of other crimes related to the case, the report says. Petrobras had no immediate comment. It has said that it is a victim of the scheme and that it is cooperating with authorities, says WSJ. As reported in the Troubled Company Reporter-Latin America on Feb. 26, 2016, Moody's Investors Service downgraded all ratings for Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings based on Petrobras' guarantee, including the company's senior unsecured debt and Corporate Family Rating to B3 from Ba3. The company's baseline credit assessment (BCA) was lowered to caa2 from b3. At the same time, Moody's downgraded Petrobras Argentina S.A. ("PESA")'s ratings, including its senior unsecured medium term note program and Corporate Family Rating to B3 from B2, in line with the senior unsecured rating of Petrobras. ========================== C A Y M A N I S L A N D S ========================== ALYDAR FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Alydar Fund 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: Alydar Partners, LLC c/o John A. Murphy 222 Berkeley Street, 17th Floor Boston Massachusetts 02116 United States of America Telephone: +1 (617) 807-7110 e-mail: jmurphy@jaminvestment.com AQR GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholder of AQR Global Asset Allocation Offshore Fund (GBP) II, 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: AQR Capital Management, LLC c/o Joanne Huckle Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 AQR STYLE: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of AQR Style Premia Offshore Fund II 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: AQR Capital Management, LLC c/o Joanne Huckle Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 BLACKSTONE ZS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Blackstone ZS Offshore Fund 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: Patrick Agemian Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6365 COLOMBIA SPECIAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Colombia Special Investments Fund received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matias Rodriguez Arnal c/o Jody Powery-Gilbert 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 DYNAMIC DRAGONS II: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Dynamic Dragons 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: Yu, Kuei-Fang c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands GS MOUNT: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of GS Mount Kellett Capital Partners Access 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 GS PEP 2002: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of GS PEP 2002 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 GSV HEYDEN: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of GSV Heyden 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 ISQ JAPAN: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of ISQ Japan Feeder GP Limited received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jun Asaki Room 401, 198-3 Yamamoto-cho 5-chome Naka-ku; Yokohoma-shi 231-0851 Japan Telephone: +81-3-3210-2292 e-mail: isqjapanfeederlp@japan-infra.com KROM RIVER: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Krom River Commodity Fund 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: David McGeough Piccadilly Centre, 2nd Floor 28 Elgin Avenue, George Town P.O. Box 697GT Grand Cayman Cayman Islands KROM RIVER GENERAL: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Krom River General Partner 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: David McGeough Piccadilly Centre, 2nd Floor 28 Elgin Avenue, George Town P.O. Box 697GT Grand Cayman Cayman Islands PEC MAMMOTH: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of PEC Mammoth 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 PRIVATE EQUITY: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Private Equity Holdings VA Offshore, 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 SERENGETI CAPENSIS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Serengeti Capensis Associates 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: J.L. Serengeti Management LLC c/o Justin Savage Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 SILVER CREEK: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Silver Creek Early Advantage Fund, 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: Silver Creek Capital Management LLC c/o Eric E. Dillon 1301 Fifth Avenue 40th Floor Seattle Washington 98101 United States of America Telephone: +1 (206) 774 6000 e-mail: eric@silvercreekcapital.com SOCIETE GENERALE: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Societe Generale Real Estate Fund 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 Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SPROTT GLOBAL: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Sprott Global Resources 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: Samgenpar, Ltd. c/o Joanne Huckle 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 TCW/CRESCENT MEZZANINE: Shareholder Receives Wind-Up Report ----------------------------------------------------------- The shareholder of TCW/Crescent Mezzanine Partners IV (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: TCW Management Company International Limited c/o Jody Powery-Gilbert Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 TCW/CRESCENT MEZZANINE IVB: Shareholder Receives Wind-Up Report --------------------------------------------------------------- The shareholder of TCW/Crescent Mezzanine Partners IVB (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: TCW Management Company International Limited c/o Jody Powery-Gilbert Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 =================================== D O M I N I C A N R E P U B L I C =================================== ROSARIO DOMINICANA: Gold Mine 'Toxic Waste' Dam Ready to Drain -------------------------------------------------------------- Dominican Today reports that Energy and Mines minister Antonio Isa said all needed studies have been done to start draining the Mejita toxic waste dam near Cotui (central), calling it "a major step" to eliminate the environmental risk. Minister Isa said the project start is at the level of details, but affirmed that he already has the necessary resources, the report notes. The report discloses that the dam holds the toxic sediments since the Rosario Dominicana mining company, now operated by Barrick Pueblo Viejo. Minister Isa said the ministries of Energy and Mines and the Environment, the canals and dams agency (INDRHI) and Barrick Pueblo Viejo collaborated in the technical study, the report relays. Minister Isa said president Danilo Medina administration has implemented mechanisms to monitor mining activities after the concession agreement with Barrick Pueblo Viejo was renegotiated to increase revenue, the report notes. "The country has made progress, there is permanent work by Internal Taxes, Customs, the Ministry itself, because we have a mining supervision protocol," the official said, interviewed on Matinal channel 5, the report adds. ============= J A M A I C A ============= JAMAICA: Exchange Rate to Remain Stable, BOJ Says ------------------------------------------------- RJR News reports that Bank of Jamaica Governor Brian Wynter is forecasting that the country's exchange rate will remain stable. Mr. Wynter, speaking at the Central Bank's quarterly media briefing, itemized three conditions which, he said, will contribute to the stability of the Jamaican dollar: " . . . the Jamaican dollar no longer over-valued, the improving inflation outlook, and the resulting narrowing of the inflation differential between Jamaica and the United States," according to RJR News. Mr. Wynter cautioned, nevertheless, that "some correction may become necessary, if the US dollar continues its . . . . trend of strengthening against third currencies," the report relays. * * * 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 ====================== ALONSO & CARUS: Seeks Confirmation of Consensual Plan ----------------------------------------------------- Alonso & Carus Iron Works, Inc., reached an agreement with the Official Committee of Unsecured Creditors on the terms of a proposed reorganization plan that's mutually acceptable, and has scheduled confirmation hearing for a plan that will pay unsecured creditors in full in 6 years. On May 28, 2015, Debtor filed its original Plan of Reorganization and Disclosure Statement. A hearing on the approval of the adequacy of the Disclosure Statement was scheduled for Oct. 9, 2015. An objection to the approval of the Disclosure Statement was filed by the Official Committee of Unsecured Creditors. The Debtor and the Committee's representatives have been discussing and negotiating a plan of reorganization and disclosure that would be mutually acceptable. Those negotiations have resulted in Debtor's First Amended Disclosure Statement and Debtor's First Amended Plan of Reorganization, both of which have been filed Jan. 11, 2016. Since the Plan and Disclosure Statement are consensual in nature, and considering that there are no other pending objections to the Original Disclosure Statement other than that of the Committee, the Debtors sought an order approving the Disclosure Statement without scheduling a new hearing on the approval of the Disclosure Statement. The motion was unopposed by parties. The Court approved the Disclosure Statement on Feb. 1, 2016, and scheduled a March 8 hearing to consider confirmation of the Amended Plan. No objections to confirmation of the Plan have been filed. As of March 8, 2016, the Court has not yet entered an order confirming the Plan. Terms of the Plan The Debtor's reorganization plan proposes to pay unsecured creditors in full, without interest, in 72 months and let current management and owners retain control of the company. According to the First Amended Disclosure Statement describing the Debtor's First Amended Plan: * Holders of administrative expense claims totaling $341,200. * Holders of allowed priority tax claims totaling $632,000 will be paid in full by either (i) payment on the later of the Effective Date or the date the claims would have been due if the bankruptcy case had not been commenced (ii) monthly payments of $11,615 over a 60-month period to pay off the full amount of the claims plus the statutory rate of interest, estimated at 4 percent. * The secured claims of Banco Popular de Puerto Rico in the amount of $11.1 million will be paid in full including interest at 5.25% per annum, in the form of equal monthly payments of $67,007 over a 300 month period (25 years), with a balloon payment due on June 30, 2021. * Holders of allowed general unsecured claims greater than or equal to $2,000, with claims estimated to total $3.21 million, will receive promissory notes providing for payment in full of their claims without interest in the form of equal installments over 72 months from the Effective Date. Effective on Dec. 15, 2015, and on the 15th day of each month thereafter until March 15, 2016, the Debtor will deposit into an escrow account with Debtor's counsel, the sum of $30,900, which shall be used exclusively to fund a distribution to Holders of allowed general unsecured claims. Aside from Department of the Treasury of Puerto Rico's proof of claim number 44, which is pending review by Debtor, and any Claims filed after the Bar Dates, Debtor shall not object to any other General Unsecured Claim and all such other Claims shall be allowed as filed or as otherwise listed in Debtor's Schedule F. * Holders of general unsecured claims that are less than $2,000 estimated to aggregate $45,600 will be paid in full on the Effective Date. * Equity Holders will be entitled to retain their shares in the Debtor unaltered. Eng. Jorge Ramos Viruet, is Debtor's president with 70% of Debtor's common shares. Eng. Jorge Ramos Ortiz holds the remaining 30% of Debtor's shares. After confirmation of the Plan, Debtor will continue with its current management, consisting of its President, Eng. Jorge Ramos Viruet, and others members of its management team in fundamental positions for Debtor's operations. Effective as of November 2015 and continuing through the date that the Notes are paid in full, Jorge L. Ramos Viruet's annual salary has been reduced from $217,200 to $188,400. Mr. Ramos Viruet will not receive any bonuses, additional compensation or perquisites during this period. Jorge Ramos, Jr.'s total compensation will remain at $99,580 during this period. The Debtor and the Committee believe that the Plan provides the quickest recovery and will maximize the return to creditors on their Claims. A copy of the First Amended Disclosure Statement is available for free at: http://bankrupt.com/misc/Alonso_Carus_196_1st_Am_DS.pdf About Alonso & Carus Alonso & Carus Iron Works, Inc., is the largest integrated structural steel and tank builder in Puerto Rico. The Company provides a full range of design, engineering, construction and erection services through an innovative, responsive and customer focused organization. The Company has participated in the construction of hundreds of demanding and challenging projects, including many landmarks in Puerto Rico and the Caribbean that showcase the superior capabilities of steel. Alonso & Carus Iron Works sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debt. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. The Official Committee of Unsecured Creditors in the Chapter 11 case retained Javier Vilarino, Esq., at Vilarino & Associates LLC, serves as Puerto Rico counsel; and Jeffrey D. Prol, Esq., at Lowenstein Sandler LLP, as general bankruptcy counsel; and Glassratner Advisory & Capital Group, LLC, as financial advisors. ALONSO & CARUS: Reaches Deal with Lender on Plan Treatment ---------------------------------------------------------- Alonso & Carus Iron Works, Inc., and secured creditor Banco Popular de Puerto Rico have presented a stipulation regarding the treatment of BPPR's claim under the Debtor's plan of reorganization. Prior to the Petition Date, the Debtor entered into various loan agreements with BPPR's predecessor Westernbank, pursuant to which the Debtor was provided certain credit facilities. The Loans are secured by, among other things, certain real property located at Palmas Ward, Catano, Puerto Rico, and at Candelaria Ward, Toa Baja, Puerto Rico -- Real Estate Collateral - - as well as a lien over certain assets. As of the Petition Date, the amounts due under the Loans, prior to certain reconciliations made during the reorganization period, amounted to $11,285,200. The Debtor filed a Disclosure Statement and Chapter 11 Plan of Reorganization on May 28, 2015, later amended on January 11, 2016. In order to quickly and expeditiously resolve the outstanding issues among them, the Debtor and BPPR have reached an agreement providing that BPPR will have a fixed allowed reconciled secured claim of $10,228,162. The Secured Claim will be paid with equal monthly payments of $67,007, including principal and interests, at 5.25% per annum. The Secured Claim will be paid by the Debtor in monthly payments of $67,007 with a final balloon payment for the outstanding amount then due for the Claim on or before Feb. 1, 2021. The Debtor's failure to make any of the payments in accordance with the terms of the stipulation constitutes as an Event of Default. Upon the occurrence of any Event of Default, all of the Loans, Collateral, BPPR Claim and the Debtor's obligations with BPPR shall revert to their original, prepetition state, and the indebtedness shall become immediately due and payable without further notice by BPPR. Attorneys for Banco Popular de Puerto Rico: O'NEILL & BORGES, LLC Luis C. Marini-Biaggi Nayuan Zouairabani American International Plaza 250 Munoz Rivera Ave., Ste. 800 San Juan, PR 00918-1813 Tel.: (787) 764-8181 Fax: (787) 753-8944 E-mail: luis.marini@oneillborges.com nayuan.zouairabani@oneillborges.com Attorneys for the Debtor: CHARLES A CUPRILL, PSC LAW OFFICE Charles A. Cuprill 356 Calle Fortaleza Second Floor San Juan, Puerto Rico 00901 Tel: (787) 977-0515 Fax: (787) 977-0518 E-mail: ccuprill@cuprill.com About Alonso & Carus Alonso & Carus Iron Works, Inc., is the largest integrated structural steel and tank builder in Puerto Rico. The Company provides a full range of design, engineering, construction and erection services through an innovative, responsive and customer focused organization. The Company has participated in the construction of hundreds of demanding and challenging projects, including many landmarks in Puerto Rico and the Caribbean that showcase the superior capabilities of steel. Alonso & Carus Iron Works sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debt. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. The Official Committee of Unsecured Creditors in the Chapter 11 case retained Javier Vilarino, Esq., at Vilarino & Associates LLC, serves as Puerto Rico counsel; and Jeffrey D. Prol, Esq., at Lowenstein Sandler LLP, as general bankruptcy counsel; and Glassratner Advisory & Capital Group, LLC, as financial advisors. PUERTO RICO: Governor Meets Key U.S. House Member on Crisis ----------------------------------------------------------- Nick Brown at Reuters reports that U.S. Representative Rob Bishop met with Puerto Rico Governor Alejandro Garcia Padilla to discuss the island's financial crisis ahead of legislative rescue plans expected from Congress in the coming weeks as huge debt payments loom. Puerto Rico is battling $70 billion in debt and a 45 percent poverty rate, and Garcia Padilla has said the U.S. territory would consider a moratorium on debt payments in May and July to avoid a government shutdown, according to Reuters. Mr. Bishop, a Utah Republican, chairs the House Committee on Natural Resources, which has held hearings on Puerto Rico's dilemma and figures to play a key role in a potential resolution, the report notes. Reuters says that Garcia Padilla spokesman Jesus Manuel Ortiz told reporters that the governor hosted Bishop in his San Juan office, where he stressed the effects of the financial crisis, which include delays in tax refunds, and the need for any rescue package to preserve Puerto Rico's autonomy. The terms of any potential Puerto Rico legislation, however, are contested in Washington, Reuters relays. Majority Republicans in Congress generally favor protecting creditors as much as possible and bringing Puerto Rico's finances under strict federal oversight, the report notes. Democrats, as well the Obama administration and Garcia Padilla himself, support financial oversight only if it ensures Puerto Rico's autonomy, and only with the added provision of giving Puerto Rico the right to file bankruptcy and cut its debt, the report discloses. Mr. Bishop expressed support for the idea that any fiscal control board "needs to respect Puerto Rico's autonomy and self- governance," Mr. Ortiz said, the report notes. Parish Braden, a spokesman for the Natural Resources Committee, told Reuters after the meeting that "protecting the principle of self-governance is central to any path forward," adding that Bishop plans to "ensure this is the outcome" of legislative efforts, the report discloses. In a statement to Reuters, Bishop added that "any new oversight authorities created through this process will work with the island's institutions." During the meeting, Bishop also reaffirmed House Speaker Paul Ryan's call on congressional committees to propose Puerto Rico legislation this month, Mr. Ortiz said, the report relays. "Bishop reaffirmed Speaker Ryan's commitment to have draft legislation ready to share by March 31, so we can be able to hold talks with a draft ready," Reuters quoted Mr. Ortiz as saying. Mr. Bishop was planning to meet with several other groups and individuals on the island on and into the weekend, including elected officials, Mr. Braden added. 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 AQUEDUCT: S&P Retains 'CCC-' Ratings on Watch Neg. -------------------------------------------------------------- Standard & Poor's Ratings Services said its 'CCC-' ratings on Puerto Rico Aqueduct & Sewer Authority's (PRASA or the authority) senior-lien revenue bonds and commonwealth-supported debt remain on CreditWatch with negative implications. "Our position is based on the likelihood that the Commonwealth of Puerto Rico could default on its obligations, and the uncertainty as to whether PRASA will continue to remain insulated from such events as it has thus far," said Standard & Poor's credit analyst Theodore Chapman. S&P placed the ratings on CreditWatch on Aug. 18, 2015. PRASA's recent disclosure of prioritizing its senior-lien (gross pledge) revenue bonds and aging accounts payable over debt to which its net revenues are pledged--but backstopped by the commonwealth--also lends itself to the uncertainty. The revenue bonds are higher in priority in the flow of funds, but by practice PRASA has been self-supporting all its financial obligations since implementing a very large rate increase in 2013. It has been represented to Standard & Poor's that a selective default on the commonwealth-backstopped obligations would not constitute a default under the 2008 master agreement of trust (MAT). Furthermore, S&P views proposed changes to the MAT as neutral to credit quality, given PRASA's more consistent cash from operations relative to other public corporations and agencies. Currently, PRASA is satisfying its operating reserve requirement with a $180 million committed line of credit with the Puerto Rico Government Development Bank (GDB); the line expires on June 30, 2016, and GDB is not expected to renew it. Instead, the most salient of the proposed amendments would allow PRASA to cash-fund the operating reserve requirement over sixty equal monthly payments. There are currently no draws against the GDB line, and, historically, use of the line has been extremely limited. S&P views the rest of the proposed changes to the MAT as providing better clarity to the intent of the original language and having no impact on the credit profile. "Our analysis also acknowledges that PRASA's cash reserve and cash flow concerns have not been as pronounced as elsewhere in the commonwealth, despite ongoing issues with its vendors and accounts payable. PRASA management estimated that its fiscal 2015 year-end unaudited working capital was $110.4 million. These reserves proved useful, as $90 million of that later went into escrows that on Feb. 29, 2016, were used to extinguish $90 million in draws between two separate credit lines. Furthermore, unaudited estimates for fiscal 2015 point to all-in debt service coverage of 1.34x, showing that PRASA still has reasonable financial capacity, even more impressive given severe water restrictions throughout the commonwealth until October 2015 due to a profound drought. We understand that if PRASA is able to access capital by way of a bond offering, management could in fact choose to reimburse itself from a portion of bond proceeds, since the credit lines were originally used to provide funds for approved system improvements. These projects comprise much of which is currently at the center of the accounts payable headlines. We have observed that it is a normal accounting practice for municipal utilities to pay for system improvements from the capital budget; typically these projects are capitalized when the total investment is above a certain dollar threshold. In our view, the vendor payables issue is more reflective of PRASA's lack of market access and a depleted capital budget, and less so from problematic cash from operations. Still, the disclosure means that Standard & Poor's will continue to monitor events as the July 1, 2016, debt service payment date draws nearer to determine if a default, including a selective default, seems increasingly likely," S&P said. To date, the GDB has represented that neither it nor the commonwealth currently have plans to include PRASA in any restructuring negotiations with Puerto Rico's creditors. The January 2016 distressed debt exchange offered by the commonwealth, for example, did not include any PRASA senior-lien revenue bonds, and PRASA has remained outside of other proposed measures such as a fiscal control board and even recent defaults by the commonwealth on its other debt instruments. However, both the governor and the Puerto Rican legislature made overtures that nothing can ultimately be ruled out of any potential restructuring--such as interagency loans or other emergency measures--and the government would weigh public health and safety over creditor obligations. S&P will continue to monitor events to follow to what extent, if any, the commonwealth views PRASA as a possible source of liquidity, although the lines of credit paydown makes PRASA a less attractive target in the immediate term. Despite PRASA's enabling act containing language that the commonwealth will not act to impair the rights and remedies of PRASA's bondholders, S&P also views the current liquidity and fiscal distress of the commonwealth as potentially affecting all Puerto Rico obligations that have not already defaulted, including PRASA; the authority's market access remains limited, including thus far being shut out of attempts to issue a traditional municipal bond of $750 million since 2015. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Jobless Rate Increases in Country ---------------------------------------------------- Trinidad Express reports that the Central Statistical Office (CSO) released its latest Labor Force Bulletin for the third quarter of 2015. It shows the overall unemployment rate for Trinidad and Tobago increasing from 3.2 per cent in the second quarter 2015 to 3.4 per cent for the third quarter of last year, according to Trinidad Express. The report notes that from a gender perspective, the unemployment rate among males increased from 2.3 per cent to 2.8 per cent. But the rate for women decreased from 4.4 per cent to 4.2 per cent during the same period, the report relays. The CSO said when compared to the similar quarter a year earlier the data showed that the overall unemployment rate increased from 3.3 per cent to 3.4 per cent with the male unemployment rate increasing from 2.6 per cent to 2.8 per cent and the female unemployment rate decreasing from 4.4 per cent to 4.2 per cent, the report discloses. The labor force of the country registered 642,100 people at the end of the third quarter 2015, the report notes. This represented a decrease of 7,000 or 1.1 per cent when compared to the second quarter 2015, the report says. From a gender perspective, this decrease in the labor force was reflected among males which fell by 5,400 or 1.4 per cent and females which fell by 1,600 or 0.6 per cent, the CSO said, the report discloses. The overall labor force participation rate for Trinidad and Tobago decreased to 60.3 per cent in the third quarter of last year, down from 62 per cent in the corresponding period in 2014, the report says. The survey data showed a decrease of 8,400 or 1.3 per cent in the number of people with jobs, in the quarter under review. From a gender perspective, the number of employed men decreased by 7,400 or two per cent while the number of employed women decreased by 1,000 or 0.4 per cent, the report notes. When compared to the corresponding quarter a year earlier, the data showed a decrease of 17,700 or 2.8 per cent in the total number of employed people in Trinidad and Tobago, the CSO reported, the report relays. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Moody's Affirms Caa3 Rating; Outlook Neg. ----------------------------------------------------------------- Moody's Investors Service changed the outlook on Petroleos de Venezuela (PDVSA)'s ratings to negative from stable. Moody's also affirmed PDVSA's Caa3 issuer rating and lowered the company's baseline credit assessment (BCA) to caa3 from caa1. These rating actions follow Moody's decision on March 4, 2016, to change the outlook on the Government of Venezuela's bond ratings to negative from stable. Outlook Actions: Issuer: Petroleos de Venezuela, S.A. Outlook, Changed To Negative From Stable Affirmations: Issuer: Petroleos de Venezuela, S.A. Issuer Rating (Local Currency), Affirmed Caa3 Backed Senior Unsecured Regular Bond/Debenture due 2035, Affirmed Caa3 RATINGS RATIONALE "Moody's rating actions were triggered by the sharp decline in oil prices that put pressure both on the company's credit profiles and the finances of the government, hindering their ability to provide extraordinary support to its company and heightening risks for creditors" said Nymia Almeida, a Senior Credit Officer in Moody's. The ratings of the government related issuers combine: (i) their underlying baseline credit assessments (BCA), which represent the issuers' intrinsic credit risks regardless of government support and (ii) Moody's assumptions about the willingness and the ability of their respective governments to provide extraordinary support in a distressed situation. PDVSA's ratings change in outlook to negative from stable follows the sovereign's rating action and reflects the inextricable relationship between PDVSA and the Government of Venezuela as well as the company's status as a driver of Venezuela's economy, a key source of the government's revenues and the country's primary source of foreign exchange. The lowering of PDVSA's BCA to caa3 from caa1 reflects Moody's view of a higher probability of default or debt restructure in the next twelve to eighteen months, on the back of low cash generation related to depressed oil prices and lack of visibility regarding the company's investing and refinancing plans over the short to medium term. This negatively compares to the company's material maturities of USD5.6 billion in 2016 and around USD7 billion in 2017. The rating agency's assumptions for support and dependence are high and very high, respectively. The equalization of the caa3 BCA and the Caa3 issuer rating reflects Moody's view of a symbiosis between PDVSA and the Government of Venezuela and the rating agency's expectation that in a continued fiscal and economic deterioration, the government will become even more dependent on PDVSA and the company's access to capital will continue to be hurt by sovereign risk concerns. PDVSA, the state oil company of Venezuela, is one of the world's largest integrated petroleum companies. Virtually all of its upstream exploration and production and most of its downstream refining and marketing operations are located in Venezuela. It also owns Citgo Petroleum Corporation, a large US refining and marketing company, as well as other downstream assets in Europe. The principal methodology used in these ratings was Global Integrated Oil & Gas Industry published in April 2014. *********** 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 * * *