/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160331.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 31, 2016, Vol. 17, No. 63 Headlines B R A Z I L BANCO DO NORDESTE: S&P Affirms 'BB/B' Ratings; Outlook Negative BRAZIL: Low Oil Price to Pressure Offshore Drillers for Coming Yrs NII HOLDINGS: Default Under Brazil Bank Loan Covenant Looms ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'BB'; Outlook Negative RIOPREVIDENCIA: Fund Starts Talks With Holders of $3.1BB Debt C A Y M A N I S L A N D S ALTOS HORNOS: Creditors to Hold Meeting on April 18 APEX CAYMAN: Shareholders Receive Wind-Up Report BLUE ELEPHANT: Shareholders Receive Wind-Up Report CCM CAYMAN: Shareholders Receive Wind-Up Report CRESCENT CORPORATE: Court Hears Petition to Appoint Liquidators DAIRY HOLDINGS: Creditors to Hold Meeting Today FIVE FIFTEEN: Shareholders Receive Wind-Up Report FOOD HOLDINGS: Creditors to Hold Meeting Today GLG EMERGING: Shareholders Receive Wind-Up Report ISAM CAYMAN: Shareholders Receive Wind-Up Report LDK SOLAR: Court to Hear Wind-Up Petition on April 6 MAN SPECIAL: Shareholders Receive Wind-Up Report MAN SYSTEMATIC: Shareholders Receive Wind-Up Report MARATHON CAYMAN: Shareholders Receive Wind-Up Report ORTLAND EQUITIES: Commences Liquidation Proceedings SKYLINE FEEDER: Shareholders to Hear Wind-Up Report on April 14 SKYLINE MASTER: Shareholders to Hear Wind-Up Report on April 14 SUPER ISAM: Shareholders Receive Wind-Up Report VANTAGE DRILLING: Court Appoints Beighton & Lawson as Liquidators C H I L E GUANAY FINANCE: Fitch Cuts $450MM Sr. Sec. Notes Rating to 'BB-' D O M I N I C A N R E P U B L I C DOMINICAN REP: Banks to Mull US$5BB+ in International Reserves DOMINICAN REPUBLIC: Agro Exports Jump 22% to US$6.04BB in 3 Years J A M A I C A JAMAICA: Under Pressure to Fund FINSAC Report P U E R T O R I C O ALLIED FINANCIAL: Jose Jimenez Approved as Accountant DF SERVICING: Hires Pietrantoni Mendez as Tax Counsel DORAL FINANCIAL: April 7 Hearing on Bid to Extend Exclusivity PUERTO RICO: Governor Pushes Back Against Federal Control Board V I R G I N I S L A N D S PEAK HOTELS: Appoints Crumpler and Bower as Liquidators - - - - - =========== B R A Z I L =========== BANCO DO NORDESTE: S&P Affirms 'BB/B' Ratings; Outlook Negative --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its global scale 'BB/B' and its national scale 'brAA-' ratings on Banco do Nordeste do Brasil (BNB). S&P has also revised the bank's stand-alone credit profile (SACP) to 'bb' from 'bb+'. The outlook is negative. S&P bases its ratings on the bank on its adequate business position (based on the bank's large market share in the country's northeast region), its adequate capital and earnings, underpinned by S&P's forecasted risk-adjusted capital (RAC) ratio of 8% for the next two years, its moderate risk position, average funding, and strong liquidity. S&P also believes BNB has a very high likelihood of receiving extraordinary support from the government of Brazil, if needed. "We revised BNB's risk position to moderate from adequate because we believe the bank is exposed to riskier segments than the industry on average (such as SMEs and microcredit), given its social role and material exposure to those segments. Likewise, its asset quality indicators could continue to deteriorate amid a tougher economic environment, especially in the northeast region of Brazil where the economic recession has been stronger. BNB's NPL ratio peaked at 5.97% in June 2015, followed by a charge-offs ratio of 3.76% in December 2015. As a result of higher charge- offs, the banks NPLs stood at 4.94% as of December 2015. Looking forward, we believe asset quality will remain a concern for the bank, as we expect a longer economic recession in Brazil. Moreover, we believe BNB's asset quality metrics could suffer more than the industry on average because we believe the bank will remain focused on servicing its core customer base, which presents higher risk than other segments. Still, BNB has maintained a high coverage ratio of almost 2x, which we see as positive," S&P noted. The negative outlook for the next 12 months on BNB reflects the outlook on the foreign currency sovereign rating on the Federative Republic of Brazil (BB/Negative/B). The ratings on the latter constrain those on the BNB, given its significant exposure to government securities. It also reflects S&P's view of a continued negative trend in Brazil's BICRA economic risk. The negative outlook on Brazil reflects S&P's view that there is a greater than one-in-three likelihood that S&P could lower the ratings on Brazil. S&P anticipates that within the next year a downgrade could stem, in particular, from potential key policy reversals given Brazil's fluid political dynamics, including lack of cohesion within the cabinet, inconsistent policy initiatives, and uncertainties during or following the impeachment process. A downgrade could also result from greater economic turmoil than S&P currently expects, either due to governability issues or the weakened external environment. The negative outlook also reflects S&P's view of a continued negative trend in Brazil's BICRA economic risk and S&P's belief that the bank could experience financial deterioration from pressures on the Brazilian banking system because of the impact of fiscal and monetary tightening on S&P's economic assessment of Brazil. S&P could revise the outlook to stable if Brazil's political uncertainties and conditions for consistent policy execution improve across branches of government to stanch fiscal deterioration and strengthen GDP growth prospects. S&P expects that these improvements would support a quicker turnaround and could help Brazil to exit from the current recession, facilitating improved fiscal performance and providing more room to maneuver in the face of economic shocks. In order for S&P to revise the outlook to stable, it would also require the negative trend in Brazil's BICRA to reverse. BRAZIL: Low Oil Price to Pressure Offshore Drillers for Coming Yrs ------------------------------------------------------------------ Low oil prices and waning demand for drilling services will continue to put the credit profiles of Brazilian offshore drilling vessel projects under pressure for the next three to five years, says Moody's Investors Service. Petroleo Brasileiro S.A. (Petrobras, B3 negative), Brazil's national oil company, slashed its projected capital spending budget by more than a third earlier this year. Much of the reduction in spending will affect exploration and production activities, impacting drillers that have significant re- contracting risk and a large amount of debt outstanding. Moody's currently rates outstanding debt of US$3.4 billion in the following projects: Odebrecht Offshore Drilling Finance Limited ("OODFL"; Caa3 negative), Odebrecht Drilling Norbe VIII/IX Ltd. ("Norbe VIII/IX"; Caa2 negative) and QGOG Atlantic/Alaskan Rigs Ltd ("QGOG Atlantic/Alaskan Rigs"; Caa1 negative). "Low oil prices have forced oil producers to cut their spending, particularly in exploration and production," said Alexandre Leite, a Vice President and Senior Credit Officer at Moody's. "The challenging market conditions for drillers worldwide have also crimped the value of their assets." As Petrobras continues to cut its capital and operating expenses, there is an increased risk of the drilling vessels having their contract terminated as a result of faulty operations. There is also higher risk that Petrobras might seek to renegotiate some conditions with vessels that have day-rates much higher than the current market level. The ongoing investigations into alleged corruption at Petrobras could also impact drillers, according to the report, "Infrastructure -- Latin America Brazil's Drillers Continue to Face Significant Hurdles." The report is available to Moody's subscribers at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1016911 NII HOLDINGS: Default Under Brazil Bank Loan Covenant Looms ----------------------------------------------------------- NII Holdings, Inc. on June 19, 2015, won confirmation of the First Amended Joint Plan of Reorganization Proposed by the Plan Debtors and the Official Committee of Unsecured Creditors, and on June 26, 2015, emerged from the Chapter 11 proceedings. KPMG LLP in McLean, Virginia, audited the consolidated balance sheets of NII Holdings and subsidiaries as of December 31, 2015 (Successor) and December 31, 2014 (Predecessor), and the related consolidated statements of comprehensive (loss) income, changes in stockholders' equity (deficit), and cash flows for the six month periods ended December 31, 2015 (Successor) and June 30, 2015 (Predecessor) and for the year ended December 31, 2014 (Predecessor). KPMG said the Company is unlikely to satisfy a financial covenant included in Nextel Brazil's local bank loans and the existence of cross default provisions included in Nextel Brazil's equipment financing facility raise substantial doubt about the Company's ability to continue as a going concern. (A) Brazil Bank Loans NII Holdings, which filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission early this month, disclosed that in December 2011, Nextel Telecomunicacoes Ltda., or Nextel Brazil, borrowed the equivalent of $341.2 million from a Brazilian bank and utilized the proceeds of this borrowing to repay a portion of the unpaid purchase price relating to the spectrum it acquired in June 2011. Because this loan is denominated in Brazilian reais, the payments for principal and interest will fluctuate in U.S. dollars based on changes in the exchange rate of the Brazilian real relative to the U.S. dollar. In October 2012, Nextel Brazil entered into an additional Brazilian real-denominated bank loan agreement, under which Nextel Brazil borrowed the equivalent of approximately $196.9 million. According to NII Holdings, as of the December 31, 2014 measurement date, the Company was not in compliance with the net debt financial covenant included in each of Nextel Brazil's outstanding local bank loans. In February 2015, Nextel Brazil and the lenders providing the local bank loans entered into standstill agreements under which the lenders agreed that they would not seek remedies under the provisions of the agreements related to Nextel Brazil's failure to satisfy the financial covenants in the loan agreements in the period before September 15, 2015 and that further principal repayment obligations due between the signing date and September 15, 2015 would be suspended. In addition, the standstill agreements formally committed the lenders to sign further amendments to the terms of the local bank loans. Among other things, the amendments revised the financial covenants and principal repayment schedule for the loans, granted the lenders a security interest over amounts held in certain collection accounts maintained with each lender and increased the interest margin on the loans from approximately 115% of the local Brazilian borrowing rate to approximately 140% of this local rate. Certain of these amendments were implemented in connection with the standstill agreements and the remainder became effective in connection with NII Holdings' emergence from Chapter 11 proceedings. Subsequent to the amendments, both of these loan agreements have floating interest rates equal to 139.54% of the local Brazilian borrowing rate (19.74% as of December 31, 2015), have monthly repayment terms beginning in June 2016 and a final maturity of October 2019. The amendments provided for a "covenant holiday" through December 31, 2015, during which time the Company was not required to comply with the financial covenants outlined in Nextel Brazil's local bank loan agreements. Going forward, Nextel Brazil must maintain a net debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, ratio over the trailing 12 months of no greater than: 4.0 as of June 30, 2016, 3.5 as of December 31, 2016 and 2.5 as of June 30, 2017 and on each six-month anniversary thereafter. "In connection with our emergence from Chapter 11, we made a number of changes within our senior management team and modified our business plan to reflect our available cash resources and the impact of the current and expected economic and competitive conditions in Brazil on both our subscriber growth and revenues, and to align our costs with this revised outlook. Based on our current business plan, we believe that it is unlikely that we will satisfy the applicable financial covenant included in both of Nextel Brazil's local bank loan agreements at the June 30, 2016 measurement date," NII Holdings said. "If we are unable to develop or implement changes to our business that allow us to meet this covenant, we will need to refinance or negotiate amendments to these financing arrangements or secure waivers from the lenders in order to avoid a potential default under the loan agreements. If a default occurs, the lenders could require us to repay the amounts outstanding under these arrangements." As of December 31, 2015, the Company had $233.8 million principal amount outstanding under Nextel Brazil's local bank loans. (B) Brazil Equipment Financing Facility In April 2012, Nextel Brazil entered into a U.S. dollar- denominated loan agreement with the China Development Bank, under which Nextel Brazil was able to borrow up to $500.0 million to finance infrastructure equipment and certain other costs related to the deployment of its WCDMA network. A portion of this financing has a floating interest rate based on LIBOR plus 2.90% (3.75% and 3.16% as of December 31, 2015 and 2014, respectively), and the remainder of this financing has a floating interest rate based on LIBOR plus 1.80% (2.65% and 2.06% as of December 31, 2015 and 2014, respectively). The financing is guaranteed by NII Holdings and may limit the Company's ability to pay dividends and other upstream payments. Loans under this agreement have a three-year borrowing period, a seven-year repayment term that began in August 2015 and a final maturity of June 2022. Assets purchased using the amounts borrowed under Nextel Brazil's equipment financing facility are pledged as collateral. In December 2014, Nextel Brazil and the lender under the equipment financing facility agreed to amend this facility to remove all financial covenants beginning with the December 31, 2014 measurement date through the June 30, 2017 measurement date so that the first measurement date under the amended facility will be December 31, 2017. In exchange for that covenant relief, Nextel Brazil granted the lender preferential rights to the amounts held in certain bank accounts. "Because of the uncertainty regarding our ability to meet the financial covenant contained in Nextel Brazil's local bank loans and certain cross-default provisions that are included in the loan agreement under Nextel Brazil's equipment financing facility, we have continued to classify the amount outstanding under this facility as a current liability in our consolidated balance sheet as of December 31, 2015," NII Holdings said. As of December 31, 2015, the Company had $342.5 million in principal amount outstanding under Nextel Brazil's equipment financing facility. The Company does not have the ability to borrow additional amounts under this equipment financing facility. Following the sales of its operations in Mexico and Argentina, NII Holdings now operates only in Brazil. The Company provides wireless communication services under the Nextel(TM) brand in Brazil, competing with rivals like Vivo, which is owned by Spain's Telefonica and has the largest market share in the Sao Paulo metropolitan area and Rio de Janeiro; Claro, which is controlled by Mexico's America Movil; Telecom Italia Mobile, or TIM, a subsidiary of Italy's Telecom Italia; and TNL PCS S.A., a subsidiary of Telemar Norte Leste, Brazil's largest wireline incumbent, that offers its services under the brand name "Oi." NII Holdings noted that during 2015, the Brazilian economy contracted as domestic demand decreased due to a combination of high inflation, high interest rates, growing unemployment, tighter credit conditions, a decline in business investments and political issues. According to reports issued by the International Monetary Fund, or the IMF, it is estimated that Brazil's gross domestic product, or GDP, fell about 3.7% in 2015 compared to the end of 2014, and most economic forecasts for 2016 currently project continued economic contraction. The unemployment rate in Brazil was almost 7% at the end of 2015 and is expected to reach 9% in 2016. Real wages in Brazil have been falling since March 2015 and are expected to continue to fall. The foreign currency exchange rate in Brazil declined 42% relative to the U.S. dollar from 2014 to 2015. These economic conditions are affecting the wireless telecommunications industry in Brazil, leading to lower customer credit and pressure on customer demand, pricing and customer turnover. NII Holdings disclosed that as of December 31, 2015, the Company had a working capital deficit of $170.6 million compared to a working capital deficit of $40.7 million as of December 31, 2014. As of December 31, 2015, the Company's working capital included $342.2 million in cash and cash equivalents, of which $3.7 million was held by Nextel Brazil in Brazilian reais, and $84.3 million in short-term investments, the majority of which was held in Brazilian reais. In addition, as of December 31, 2015, NII Holdings had $141.7 million of cash collateral securing certain performance bonds relating to obligations to deploy spectrum in Brazil. As of December 31, 2015, NII Holdings also had $226.9 million in cash held in escrow in connection with the sales of Nextel Argentina, Nextel Mexico and Nextel Peru and $54.3 million in judicial deposits in Brazil. Within the six months following its emergence from bankruptcy, NII Holdings said it posted a net loss of $274,003,000 (for the six months ended Dec. 31, 2015) amid revenues of $529,434,000. At Dec. 31, 2015, NII Holdings had total assets of $2,729,908,000 against total current liabilities of $898,609,000; total liabilities not subject to compromise of $1,179,093,000 and total stockholders' equity of $1,550,815,000. A copy of NII Holdings' Annual Report is available at http://is.gd/WpS3Mz ODEBRECHT ENGENHARIA: S&P Lowers CCR to 'BB'; Outlook Negative -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale corporate credit rating on Odebrecht Engenharia e Construcao S.A. (OEC) to 'BB' from 'BB+' and its national scale long-term rating to 'brA+' from 'brAA+'. S&P affirmed its 'brA-1' short-term corporate credit rating on the company. The outlook on the corporate credit ratings remains negative. S&P also lowered its issue-level ratings on Odebrecht Finance Ltd. (OFL) to 'BB' from 'BB+'. At the same time, S&P removed this rating from CreditWatch developing. S&P also assigned a recovery rating of '4L' to this debt, indicating its expectation that lenders would receive average (30%-50%; the lower range of the band) recovery of their principal in the event of a payment default. The downgrade reflects S&P's view of OEC's rising financial constraints as the corruption investigations of the company progresses. Although OEC is cooperating with authorities to reach a leniency agreement in the short term, the fine and penalties amount remains uncertain. Nevertheless, S&P believes the litigation related to the corruption probe, along with weaker business conditions for the company, could result weaker credit metrics. While OEC hasn't disclosed a final agreement with the authorities, reputational risks have exacerbated, weakening business conditions and hampering working-capital management. The benefits from new advanced payments to the company have shrunk because its backlog has plunged. Also, OEC is experiencing delays in collecting accounting receivables because of deterioration of its clients' overall creditworthiness. As a result, OEC has posted about R$4.2 billion in working-capital needs as of September 2015, and S&P expects it to post a shortfall in FOCF for that year. OEC's lesser ability to access debt markets is also weighing on backlog replenishment because the project lenders have also increased the scrutiny over the compliance standards; perceived financial stability; and accuracy of the bidding process for the engineering, procurement, and construction provider they extend credit to in order to assure that they won't have to change the contractor in the middle of the project. S&P acknowledges that FOCF among engineering and construction companies may be volatile due to large working-capital swings, and unexpected and often large cost overruns. Therefore, OEC's cash flow leverage may deteriorate quickly in in a stressful scenario, which S&P incorporates in its assessment of OEC's significant financial risk profile. S&P revised its view of OEC's liquidity to adequate from strong. The company posts a comfortable and smooth amortization schedule, because the bulk of its debt matures after 2025 and its sources- over-uses ratio is above 2.0x. However, S&P views OEC's ability to absorb high-impact, low-probability events without the need for refinancing as more restricted. The company is also exposed to higher working-capital swings and a large volume of advances from clients that could reduce its cash holdings under a more stressful scenario. Even though OEC has no financial covenants under its debt agreements, its standing in credit markets has also weakened. RIOPREVIDENCIA: Fund Starts Talks With Holders of $3.1BB Debt ------------------------------------------------------------- Filipe Pacheco at Bloomberg News reports that Rioprevidencia, the pension fund for public-sector workers from Rio de Janeiro state, is holding informal talks with holders of its $3.1 billion in bonds after a waiver for breached debt covenants expired. Rioprevidencia, which is grappling with a 10 billion-real ($2.8 billion) budget hole this year, isn't currently considering a full restructuring of its dollar-denominated debt and hasn't hired any new financial advisers to tackle its funding needs, said Chief Executive Officer Gustavo Barbosa, according to Bloomberg News. He declined to provide additional details on the talks. "We believe the structure of the notes is resilient and has been supporting the financial service of the bonds," Mr. Barbosa said by telephone from Rio de Janeiro, notes the report. "Now, we are seeking friendly solutions with bondholders," Mr. Barbosa added. Investors granted a waiver in October after Rioprevidencia's forward-looking debt coverage ratio -- a measure of cash flow available to pay interest and principal -- fell below the minimum threshold required to prevent a possible acceleration of payments, Bloomberg News says. In exchange for the waiver, the fund boosted the coupon on the securities by 3 percentage points to as much as 9.5 percent, Bloomberg News notes. It breached debt covenants again in the past two fiscal quarters that ended March 22, when the waiver expired, Bloomberg News relays. Separately, the pension fund is also in talks for 1 billion reais in credit facilities from Banco do Brasil SA to help finance its deficit, Mr. Barbosa said. The state-run bank didn't immediately respond to a request for comment. Rioprevidencia relies on royalties from crude oil sales, most of which come from state-controlled Petroleo Brasileiro SA, to pay its debt and its retiree benefits, Bloomberg News notes. Brent prices have declined 65 percent since the first tranche of Rioprevidencia's debt was issued in June 2014. The pension funds' $2 billion in notes due 2024, its most liquid outstanding maturity, advanced 0.2 cent on May 28 to 59.2 cents on the dollar, data compiled by Bloomberg show. ========================== C A Y M A N I S L A N D S ========================== ALTOS HORNOS: Creditors to Hold Meeting on April 18 --------------------------------------------------- The creditors of Altos Hornos de Mexico S.A.B. de C.V. will hold a meeting on April 18, 2016, at 10:00 a.m., in the Faculty of Seminars of the Universidad Autonoma de Coahuila. During the meeting, these matters will be discussed: -- list of attendance; -- proposed agreement; and -- vote regarding the admission of the plan. APEX CAYMAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Apex Cayman Fund Limited received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 BLUE ELEPHANT: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Blue Elephant Offshore Consumer Fund, Ltd. received on March 24, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ahees Jain One Bridge Street Suite 87, Irvington New York 10533 United States of America CCM CAYMAN: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of CCM Cayman Fund Limited received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 CRESCENT CORPORATE: Court Hears Petition to Appoint Liquidators --------------------------------------------------------------- A petition to appoint liquidators for Crescent Corporate Services Limited was heard before the High Court of Justice in the Virgin Islands on Feb. 22, 2016. The company's legal practitioners are: Dian Fahie de Castro Stephen Grayson Financial Services Commission Haycraft Building, Pasea Estate P.O. Box 418 Cayman Islands DAIRY HOLDINGS: Creditors to Hold Meeting Today ----------------------------------------------- The creditors of Dairy Holdings Limited will hold their meeting today, March 31, 2016, at 9:30a.m. The company's liquidator is: Zolfo Cooper 38 Market Street Canella Court, 2nd Floor Camana Bay Grand Cayman Cayman Islands KY1-9006 FIVE FIFTEEN: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Five Fifteen Cayman Fund Limited received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 FOOD HOLDINGS: Creditors to Hold Meeting Today ---------------------------------------------- The creditors of Food Holdings Limited will hold a meeting today, March 31, 2016, at 9:00a.m. The company's liquidator is: Zolfo Cooper 38 Market Street Canella Court, 2nd Floor Camana Bay Grand Cayman Cayman Islands KY1-9006 GLG EMERGING: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of GLG Emerging Markets Credit Opportunity Fund received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 ISAM CAYMAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Isam Cayman Fund Limited received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 LDK SOLAR: Court to Hear Wind-Up Petition on April 6 ---------------------------------------------------- A petition to wind up the operations of LDK Solar Co., Ltd., will be heard before the Grand Court of Cayman Islands on April 6, 2016, at 10:00 a.m. The petition was presented by Orchard Makira Master Ltd. The petition also seeks to appoint John Batchelor and David Griffin of FTI Consulting as the company's liquidators. MAN SPECIAL: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Man Special Opportunities Holding Ltd. received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 MAN SYSTEMATIC: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Man Systematic Commodity Index Tracker Fund received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 MARATHON CAYMAN: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Marathon Cayman Fund Limited received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 ORTLAND EQUITIES: Commences Liquidation Proceedings --------------------------------------------------- Ortland Equities Corp. commenced liquidation proceedings. Only creditors who were able to file their proofs of debt by Feb. 26, 2016, will be included in the company's dividend distribution. The company's liquidator is: Stuart C E Mackellar Zolfo Cooper (BVI) Limited c/o Ami Sweeney Telephone: +1 (284) 393 9611 Facsimile: +1 (284) 393 9601 SKYLINE FEEDER: Shareholders to Hear Wind-Up Report on April 14 --------------------------------------------------------------- The shareholders of Skyline Feeder Fund Limited will hear on April 14, 2016, at 4:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands SKYLINE MASTER: Shareholders to Hear Wind-Up Report on April 14 --------------------------------------------------------------- The shareholders of Skyline Master Fund Limited will hear on April 14, 2016, at 4:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands SUPER ISAM: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Super Isam Systematic Cayman Fund Limited received on March 23, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ms. Claire Loebell c/o Steve Bull Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 9060 VANTAGE DRILLING: Court Appoints Beighton & Lawson as Liquidators ----------------------------------------------------------------- The Grand Court of Cayman Islands, on Jan. 18, 2016, appointed K. Beighton and A. Lawson as the liquidators of Vantage Drilling Company. The company's Liquidators can be reached at: K. Beighton A. Lawson KPMG P.O. Box 493, Century Yard Cricket Square, Grand Cayman KY1-1106 Cayman Islands ========= C H I L E ========= GUANAY FINANCE: Fitch Cuts $450MM Sr. Sec. Notes Rating to 'BB-' ---------------------------------------------------------------- Fitch Ratings has downgraded the rating on Guanay Finance Limited's 2013-1 notes to 'BB-' from 'BB' and revised the Rating Outlook to Negative from Stable. The issuance is backed by U.S. and Canadian-dollar-denominated future flow ticket receivables originated by LATAM Airlines Group S.A. (LATAM). Flows result from airline ticket sales and cargo charges by LAN Airlines S.A. (LAN) under IATA code 045 that are purchased using a qualified credit, debit or charge card in the U.S. and Canada. Fitch's rating addresses the timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS The rating action follows Fitch's recent downgrade to LATAM's long-term Issuer Default Rating (IDR) and reflects the following key rating drivers: Downgrade to LATAM: On March 24, 2016, Fitch downgraded LATAM's long-term IDR to 'B+' from 'BB-' and revised the Outlook to Negative from Stable. Fitch assigns a going-concern assessment (GCA) score of 'GC3' to the airline. The credit strength of the transaction is linked to the credit quality of LATAM. Coverage Ratios in Line with Expectations: Collections supported an average quarterly debt service coverage ratio (DSCR) of 3.82x in 2015, in line with Fitch's base case. Fitch's DSCR considers maximum quarterly debt service for the life of the transaction. Coverage levels benefit from a strategically important and strong securitized business line. Future Flow Debt Relative to Company Liabilities: The future flow issuance represents approximately 4.7% of LATAM's consolidated debt and 5.6% of unconsolidated debt (excluding TAM). While these percentages are low relative to the balance sheet, the transaction is large relative to the company's total unsecured debt, as most of the company's debt relates to leases and secured debt. Moderate Diversion Risk: While designated obligors have signed notice and consent agreements (N&Cs), the transaction is exposed to potential diversion risk. Cash flows could be diverted from the transaction by changing designated obligors or rerouting sales through a different IATA code. This risk limits differentiation of the issuance rating from the originator's IDR. RATING SENSITIVITIES The rating is sensitive to changes in the credit quality of LATAM. A downgrade of LATAM's 'B+' IDR could lead to a downgrade of the notes. In addition, a contraction in LAN's North American gateway business that would result in a decline in DSCRs could also lead to rating downgrades. Fitch has downgraded the following ratings: -- Series 2013-1 $US 450 million senior secured fixed-rate notes downgraded to 'BB-' from 'BB'; Rating Outlook revised to Negative from Stable. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Banks to Mull US$5BB+ in International Reserves -------------------------------------------------------------- Dominican Today reports that the Central Bank will meet with the chief executive officers of Dominican Republic's banks to deal with foreign exchange earnings, a net international reserves (NIR) exceed US$5 billion. In a statement the Central Bank said that it is ready to cushion any unexpected situation, according to Dominican Today. It reiterates having sufficient reserves to face any eventuality related to the dollar's rate, noting the Dominican currency's relative stability leads to "confidence of the national productive system and the citizens," the report notes. As of March 23, the RIN closed at US$5.1 billion, while gross international reserves totaled US$5.3 billion, "the highest in Dominican recorded economic and financial history," the report relays. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. DOMINICAN REPUBLIC: Agro Exports Jump 22% to US$6.04BB in 3 Years ----------------------------------------------------------------- Dominican Today reports that Dominican Republic's agro exports jumped 22% from 2012 to 2015 posting a total volume as high as US$6.04 billion, said Export and Investment Center (CEI-RD) executive director Jean Alain Rodriguez. Mr. Rodriguez said during the 2012-2015 period agro exports climbed from US$1.34 billion in 2012 to US$1.63 billion in 2015, or an average annual growth of 9%, and 1.15% higher than the previous year, according to Dominican Today. The report notes that Mr. Rodriquez said the US$1.47 billion exported in 2013 was a "substantial increase" of 9.57% over 2012. Mr. Rodriquez said agro exports totaled US$1.6 billion during 2014, a 7.64% jump compared to 2013, the report relays. The official also noted that the US$1.63 billion in agro exports in 2015 was 2.91% higher than in 2014, the report notes. Growth Areas Mr. Rodriguez added that there were considerable increases in the export of various agricultural products, among them cucumbers (170%), organic banana (115%), mangos (69%) and raw cocoa beans (56%), the report relays. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. ============= J A M A I C A ============= JAMAICA: Under Pressure to Fund FINSAC Report -------------------------------------------- RJR News reports that pressure is being placed on the new Jamaican Government to indicate when it will fulfil its campaign promise to provide funds for the completion of the FINSAC report. Finance Minister Audley Shaw had declared in the lead-up to the February 25 general election that he would ensure that the report is completed, according to RJR News. Yola Gray-Baker, President of the Association of FINSAC'd Entrepreneurs, told RJR News that the Finance Minister was contacted on the matter, however, not much progress has been made, the report notes. Ms. Gray-Baker said the group is waiting to see if the funds for the completion of the FINSAC report are included in the 2016/2017 Budget, the report adds. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. ====================== P U E R T O R I C O ====================== ALLIED FINANCIAL: Jose Jimenez Approved as Accountant ------------------------------------------------------- Allied Financial, Inc., sought and obtained approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jose Jimenez, CPA, CVA, CIRA, of Jimenez Vazquez & Associates, PSC, as accountant. Mr. Jimenez agreed to perform these tasks for the Debtor: 1. assist in gathering and compiling the necessary information required to file the Chapter 11 petition and court required information and schedules; 2. provide consulting services and assist the Debtor and her attorney in documenting the reorganization plan to be filled in the case; 3. prepare monthly operating reports, prepare financial projects and other relevant information as required and necessary; 4. prepare all necessary tax returns to ascertain Debtor is in full compliance with her fiscal responsibilities; 5. assist the Debtor and her attorney in all matters related to court instructions, transactions, and or information requests of an accounting or financial nature. The Debtor will pay Mr. Jimenez at $145 per hour. Mr. Jimenez also required a retainer of $4,000 and will paid upon approval of the application for employment. To the best of the Debtor's knowledge, Mr. Jimenez and the firm are "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Jimenez can be reached at: Jose Jimenez JIMENEZ VAZQUEZ & ASSOCIATES, PSC Calle 8 D-1 Valparaiso Toa Baja, P.R. P.O. Box 3774, Bayanon, PR Tel: (787) 447-0098 Fax: (939) 338-2362 About Allied Financial Allied Financial, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-00180) on Jan. 15, 2016. The petition was signed by Rafael Portela as president of the Board of Directors. The Debtor disclosed total assets of $10.28 million and total debt of $9.14 million. C. Conde & Assoc. represents the Debtor as counsel. Mildred Caban Flores has been assigned the case. DF SERVICING: Hires Pietrantoni Mendez as Tax Counsel ------------------------------------------------------- DF Servicing, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Pietrantoni Mendez & Alvarez, LLC as special counsel to the Debtors. DF Servicing had engaged the services of Pietrantoni Mendez as its counsel regarding tax and corporate matters, including issues with various municipalities of the Commonwealth of Puerto Rico. DF Servicing has agreed to pay $300 per hour for work to be performed by the firm's Edgar Rios-Mendez, and $220 per hour for work to be performed by Dianette M. Rivera Melendez. Pietrantoni Mendez will also be reimbursed for reasonable out-of-pocket expenses incurred. Edgar Rios-Mendez and Dianette M. Rivera Melendez, both attorneys of Pietrantoni Mendez & Alvarez, LLC assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, and does not represent any interest adverse to the Debtors and their estates. Pietrantoni Mendez can be reached at: Edgar Rios-Mendez, Esq. Dianette M. Rivera Melendez, Esq. PIETRANTONI MENDEZ & ALVAREZ, LLC Popular Center, 19th Floor 208 Ponce de Leon Avenue San Juan, PR 00918 Tel: (787) 773-6012 Fax: (787) 274-1470 E-mail: ERios@pmalaw.com drivera@pmalaw.com About DF Servicing Engaged in the business of purchase and sale of construction projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC, and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr. D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. The petitions were signed by Mark Mashburn, the president. Charles A Cuprill, PSC Law Office, serves as counsel to the Debtors, CPA Luis R. Carrasquillo & Co, P.S.C. as financial consultant, AFS CPA Group, LLC, serves as auditor, and Salichs Pou & Associates, PSC, as special counsel. DORAL FINANCIAL: April 7 Hearing on Bid to Extend Exclusivity ------------------------------------------------------------- Doral Financial is asking the U.S. Bankruptcy Court to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including June 22, 2016 and September 20, 2016, respectively. According to BankruptcyData, Doral explains that, "To date, Doral Properties has achieved a number of important tasks in this bankruptcy case, including: (a) obtaining relief from the Court pursuant to various first-day motions to facilitate transition into chapter 11; (b) securing consensual use of cash collateral from the Debtors' secured creditor, UMB Bank, N.A. (the 'Trustee'); (c) filing its schedules of assets and liabilities and statement of financial affairs; (d) establishing a claims bar date; and (e) selling substantially all of its assets . . . While Doral Properties has made substantial progress in this case, Doral Properties requires additional time to complete negotiations on a chapter 11 plan that will best maximize value for creditors." The Court scheduled an April 7, 2016 hearing on the motion. About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. On Nov. 25, 2015, Doral Properties filed a voluntary petition (Case No. 15-13160). Doral Properties Inc. disclosed total assets of P23,149,434 and total liabilities of 37,335,000. On Dec. 4, 2015, the Court directed the joint administration of the Debtors' chapter 11 cases under Case No. 15-10573, for procedural purposes. Both cases are assigned to Judge Shelley C. Chapman. The Debtors are represented by Ropes & Gray LLP as counsel. Garden City Group, LLC serves as the Debtors' claims agent. Carol Flaton at Zolfo Cooper Management serves as chief restructuring officer. The U.S. trustee overseeing the Chapter 11 case of Doral Financial appointed five creditors of the company to serve on the official committee of unsecured creditors. The Committee is represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at Schulte Roth & Zabel LLP. The panel tapped Fiddler, Gonzalez, Rodriguez, P.S.C. as special Puerto Rico counsel; McConnell Valdes LLC as special Puerto Rico tax counsel; Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as financial advisor; and Prime Clerk LLC as its information agent. PUERTO RICO: Governor Pushes Back Against Federal Control Board --------------------------------------------------------------- Michelle Kaske and Alexander Lopez at Bloomberg News reports that Puerto Rico Governor Alejandro Garcia Padilla welcomed proposed federal legislation that would help the island restructure its $70 billion of debt, while saying it imposes too much U.S. control over the commonwealth. A draft measure by House Republicans that has circulated on Capitol Hill would give a federal control board the legal authority to oversee a reduction of the island's debts, instead of entrusting that power to local officials, according to Bloomberg News. The control board would have the ability to cut the budget if Puerto Rico lawmakers are unable to erase the chronic deficits that are at the root of the fiscal crisis -- a step that would take key decisions away from the island's legislature and governor, Bloomberg News notes. "The section on restructuring the debt is positive, but the price is too high," Garcia Padilla told reporters in San Juan, Bloomberg News relays. Puerto Rico and its agencies have run up $70 billion in debt from years of borrowing to pay its bills, Bloomberg News discloses. Garcia Padilla's administration has been negotiating with creditors in an effort to persuade them to accept less than they're owed because it has no way to reduce its debt in court, Bloomberg News says. He's urged Congress to give the commonwealth restructuring powers to help corral investors who are reluctant to accept a loss, Bloomberg News notes. The draft bill from the House Natural Resources Committee is the most comprehensive fix yet advanced by Congressional Republicans to help pull Puerto Rico from a crisis that's been building since June, when Garcia Padilla said its debts aren't payable, Bloomberg News notes. The committee plans to hold a hearing on the bill on April 13. While Senate Democrats have pushed their own proposals, the House's measure has a high likelihood of becoming law, said Daniel Hanson, an analyst at Height Securities, a Washington-based broker dealer, Bloomberg News relays. Republicans control both houses of Congress. "The bill has the right pieces," Mr. Hanson said, referring to the legislation's ability to repair Puerto Rico's finances, Bloomberg News notes. "It's the right approach to moving forward," Mr. Hanson added. Still, the draft bill doesn't resolve how the government's various creditors will fare under a restructuring, he said, Bloomberg News relays. Puerto Rico's debt was sold by different issuers and backed by separate revenue streams or legal safeguards, Bloomberg News notes. "It doesn't seem as though this legislation properly addresses all the different legal facets that are going to emerge," Mr. Hanson Said, Bloomberg News discloses. Prices on Puerto Rico securities were little changed March 28, notes the report. General obligations with an 8 percent coupon and maturing in 2035 traded at an average price of 70.3 cents on the dollar March 28, down from 71.2 cents on March 24, notes Bloomberg News. The average yield was 12 percent. Garcia Padilla reiterated that the island is unable to make a $422 million Government Development Bank bond payment due May 1 unless it reaches an agreement with investors, Bloomberg News discloses. It would follow smaller defaults by certain island agencies, Bloomberg News notes. Puerto Rico and its agencies face an additional $2 billion debt-service payment July 1. =========================== V I R G I N I S L A N D S =========================== PEAK HOTELS: Appoints Crumpler and Bower as Liquidators ------------------------------------------------------- On Feb. 8, 2016, the Eastern Caribbean Supreme Court in the High Court of Justice Virgin Islands appointed Russell Crumpler of KPMG (BVI) Limited and Sarah Bower of KPMG in Hong Kong as the liquidators of Peak Hotels and Resorts Limited. The Liquidators can be reached at: Russell Crumpler KPMG (BVI) Limited Sarah Bower KPMG Hong Kong Stephenson Harwood LLP 1 Finsbury Circus London EC2M 7SH United Kingdom DX 64 Chancery Lane Facsimile: +44 (0) 20 7329 7100 *********** 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 * * *