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/raid1/www/Hosts/bankrupt/TCRLA_Public/160426.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, April 26, 2016, Vol. 17, No. 81 Headlines A R G E N T I N A BANCO HIPOTECARIO: Moody's Assigns B3 Rating on Proposed Offering PROGRAMA PLURIANUAL: Moody's Upgrades Global Scale Rating to 'B3' C A Y M A N I S L A N D S A & B FINANCE: Placed Under Voluntary Wind-Up ARK MASTERS: Shareholders' Final Meeting Set for May 2 ARK MASTERS MANAGEMENT: Shareholders' Final Meeting Set for May 2 BLUECREST SPECIALTY: Creditors' Proofs of Debt Due May 10 EASTGATE INDUSTRE: Commences Liquidation Proceedings LAFAYETTE SQUARE: Shareholder to Hear Wind-up Report on May 13 LOCOMOTIVE 1 LEASING: Placed Under Voluntary Wind-Up MONOCT LTD: Shareholders' Final Meeting Set for May 3 PERSPECTIVE ASSET: Shareholders' Final Meeting Set for May 23 SMILE JAPAN: Creditors' Proofs of Debt Due May 11 SUNSEPT LTD: Shareholders' Final Meeting Set for May 3 T1 T2: Placed Under Voluntary Wind-Up TUEDEC LTD: Shareholders' Final Meeting Set for May 3 J A M A I C A CARIBBEAN AIRLINES: Projects Decline in Financial Losses M E X I C O ALTOS HORNOS: Recognized Creditors Accept General Payment Deal CEMEX SAB: Posts $35 Million Profit in First Quarter P E R U PERU: Gold Exports Total $41 Billion in 2011-2015 Period P U E R T O R I C O ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until April 28 PUERTO RICO: CFIF Launches Radio Ad on Dufy's Fliplop on Chapter 9 T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: At a Critical Point, CDB Says - - - - - ================= A R G E N T I N A ================= BANCO HIPOTECARIO: Moody's Assigns B3 Rating on Proposed Offering ----------------------------------------------------------------- Moody's Investors Service announced that the proposed offering up to $200 million Class XXIX Tranche 2 debt issuance by Banco Hipotecario S.A., as an add-on to Hipotecario's existing Class XXIX senior unsecured foreign currency debt due in November 2020, is rated B3. The new debt is being issued under New York law and carries a stable outlook. RATINGS RATIONALE The B3 rating is supported by Hipotecario's relatively strong capitalization, which offset credit challenges including relatively weak profitability and comparatively high dependence on wholesale funding. Hipotecario's capitalization is strong, reflecting regulations preventing banks from paying large dividends. Asset quality is adequate, as reflected in a non- performing loan ratio of 1.6%, despite above average loan growth and a large exposure to consumer loans. Compared to other Argentine banks, however, Hipotecario relies relatively heavily on wholesale funding, exposing it to refinancing risk. Owing to higher funding costs because of the bank's greater dependence on time deposits, profitability is weaker than peers. However, revenues are well diversified, with fee income accounting for an important component of the bank's earnings, which helps support income stability. What could move the rating up or down The rating is effectively capped by the Argentine sovereign's B3 rating and stable outlook, and consequently has no upward pressure at this time. The bank could face downward rating pressure if its asset quality or capitalization metrics deteriorate substantially. Hipotecario is 58.4% owned by Argentina's national government (B3, stable) through Banco de la Nacion Argentina (unrated) and ANSES (unrated), and 30% owned by Inversiones y Representaciones S.A. (unrated) (IRSA). However, IRSA holds 46.6% of the voting shares and appoints the majority of the board. PROGRAMA PLURIANUAL: Moody's Upgrades Global Scale Rating to 'B3' ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo upgraded the global scale and placed on review direction uncertain the national scale ratings of several Argentine securitizations. The action follows Moody's April 15, 2016, upgrade of the Argentine government's bond rating to B3 (stable outlook) from Caa1 (positive outlook); and Argentina's local currency country ceiling to Ba3 from B1. The improvement in Argentina's credit profile as captured in the rating upgrade has direct implications for the ratings of Argentine securitizations, given that it also expresses a decrease of systemic risks for all local credits. At the same time, certain national scale ratings (NSRs) are being placed under review direction uncertain pending a potential revision of the Argentina's NSR map. Following the recent upgrade of Argentina's sovereign rating and the increase of its local currency country ceiling to Ba3 from B1, the current mapping of global scale ratings to national scale ratings may no longer adequately serve one of its intended purposes, which is to provide greater credit differentiation among issuers in Argentina than is possible on the global rating scale. As a result, the lowest global scale rating that maps to Aaa.ar is likely to rise to Ba3 in line with the new country ceiling, and the new map is likely to associate lower NSRs with a given global scale rating than does the current map. Assuming the map is revised in line with current expectations, Moody's would anticipate that the large majority of NSRs being placed under review will be confirmed at their current levels when the reviews conclude, though a small number may be raised or lowered. RATINGS RATIONALE Consumer Loan, Lease Loan and Vehicle Loan Securitizations Moody's upgraded the B1 (sf) rating of several consumer loan, lease loan and vehicle loan securitizations to Ba3 (sf) as their credit profiles were formerly constrained by Argentina's previous local currency country ceiling at B1. The local currency country ceiling for bonds summarizes the general country-level risks (excluding foreign-currency transfer risk) that should be taken into account in assigning local currency ratings to locally domiciled obligors or locally originated structured transactions. They indicate the rating level that will generally be assigned to the financially strongest obligations in the country. The country ceiling for local currency bonds and notes is expressed on the long-term global scale. Fideicomiso Financiero Programa Plurianual de Construccion de Viviendas -- Provincia de Buenos Aires Moody's upgraded the global scale rating to B3 (sf) from Caa1 (sf) and placed on review uncertain the Baa3.ar (sf) national scale rating following Moody's upgrade of the Province of Buenos Aires's ratings to B3 (global scale) from Caa1. Moody's considers the transaction to be highly linked to the credit risk of the Province of Buenos Aires. The transaction is backed by the resources of the Housing Agency of the Province of Buenos Aires (IPVBA) and by federal coparticipation taxes, as an additional guarantee. Fideicomiso Financiero Supervielle Renta Inmobiliaria I Moody's upgraded the global scale rating of the VRD to Ba3 (sf) from B1 (sf). The upgrade follows the upgrade of Argentina's local currency country ceiling to Ba3 from B1 as the credit profile of this security was constrained by Argentina's previous local currency country ceiling at B1. As of April 22, the transaction has been performing according to expectations. Additionally, the structure has gone through substantial deleveraging, as evidenced by a lower adjusted LTV (now 53%). Finally, the transaction's credit profile also benefits from Banco Supervielle's recent upgrade of Banks Deposits in Domestic Currency to B3 from Caa1 on the GSR. Factors that would lead to an upgrade or downgrade of the rating: Further changes to Argentina's country ceilings may have an impact on the ratings of securitizations backed by consumer, lease and vehicle loans. A rating change in the sub-sovereign or entities that provide a guaranty or external credit enhancement to the securitizations would lead to a rating change of the securitizations. ========================== C A Y M A N I S L A N D S ========================== A & B FINANCE: Placed Under Voluntary Wind-Up --------------------------------------------- At an extraordinary meeting held on March 31, 2016, the sole shareholder of A & B Finance Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Fides Limited c/o Dwight Dube The Grand Pavilion Commercial Centre, 2nd Floor P.O. Box 10338 Grand Cayman KY1-1003 Cayman Islands Telephone (345) 949 7232 ARK MASTERS: Shareholders' Final Meeting Set for May 2 ------------------------------------------------------ The shareholders of Ark Masters Fund will hold their final meeting on May 2, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mr. Keiran Hutchison c/o Tom Bussanich Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 8977 Facsimile: (345) 814 8529 ARK MASTERS MANAGEMENT: Shareholders' Final Meeting Set for May 2 ----------------------------------------------------------------- The shareholders of ARK Masters Management Limited will hold their final meeting on May 2, 2016, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mr. Keiran Hutchison c/o Tom Bussanich Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 814 8977 Facsimile: (345) 814 8529 BLUECREST SPECIALTY: Creditors' Proofs of Debt Due May 10 --------------------------------------------------------- The creditors of Bluecrest Specialty Asset Finance Fund Limited are required to file their proofs of debt by May 10, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 21, 2016. The company's liquidator is: 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 EASTGATE INDUSTRE: Commences Liquidation Proceedings ---------------------------------------------------- On March 30, 2016, the shareholders of Eastgate Industre SPV2 resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: Pankaj Gupta Mohammed Abdullah A Alali c/o Sophie Kassam Walkers (Dubai) LLP The Exchange Building, Fifth Floor DIFC P.O. Box 506513 Dubai United Arab Emirates Telephone: +971 4 363 7919 LAFAYETTE SQUARE: Shareholder to Hear Wind-up Report on May 13 -------------------------------------------------------------- The shareholder of Lafayette Square CDO Ltd. will hear on May 13, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 LOCOMOTIVE 1 LEASING: Placed Under Voluntary Wind-Up ---------------------------------------------------- At an extraordinary meeting held on March 31, 2016, the sole shareholder of Locomotive 1 Leasing Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Fides Limited c/o Dwight Dube The Grand Pavilion Commercial Centre, 2nd Floor P.O. Box 10338 Grand Cayman KY1-1003 Cayman Islands Telephone (345) 949 7232 MONOCT LTD: Shareholders' Final Meeting Set for May 3 ----------------------------------------------------- The shareholders of Monoct Ltd. will hold their final meeting on May 3, 2016, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 PERSPECTIVE ASSET: Shareholders' Final Meeting Set for May 23 ------------------------------------------------------------- The shareholders of Perspective Asset Management Limited will hold their final meeting on May 23, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Summit Management Limited c/o David Egglishaw Suite # 4-210, Governors Square P.O. Box 32311 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 945 7676 SMILE JAPAN: Creditors' Proofs of Debt Due May 11 ------------------------------------------------- The creditors of Smile Japan Company are required to file their proofs of debt by May 11, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 1, 2016. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 SUNSEPT LTD: Shareholders' Final Meeting Set for May 3 ------------------------------------------------------ The shareholders of Sunsept Ltd. will hold their final meeting on May 3, 2016, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 T1 T2: Placed Under Voluntary Wind-Up ------------------------------------- At an extraordinary meeting held on March 31, 2016, the sole shareholder of T1 T2 Finance Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Fides Limited c/o Dwight Dube The Grand Pavilion Commercial Centre, 2nd Floor P.O. Box 10338 Grand Cayman KY1-1003 Cayman Islands Telephone (345) 949 7232 TUEDEC LTD: Shareholders' Final Meeting Set for May 3 ----------------------------------------------------- The shareholders of Tuedec Ltd. will hold their final meeting on May 3, 2016, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 ============= J A M A I C A ============= CARIBBEAN AIRLINES: Projects Decline in Financial Losses -------------------------------------------------------- RJR News reports that Caribbean Airlines Limited is projecting a decline in financial losses. According to airline officials, the figure will be much less in 2015 than in 2014, the report notes. Tyrone Tang, Acting Chief Executive Officer, said the 2015 results will be released once the audit is completed and approved by the shareholders at the Annual General Meeting, according to RJR News. A date has not yet been announced. However, Tang expects Caribbean Airlines to perform better in 2016 which he describes as a transformation year, the report notes. The process has started with the upgrade of the airline's reservation and ticketing system as well as its Passenger Revenue Accounting system, the report relays. The new system gives Caribbean Airlines the ability to better manage the control, reporting, use and accounting of tickets, miscellaneous charge orders as well as refunds, the report adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on November 2, 2015, RJR News said that Michael DiLollo, Chief Executive Officer of Caribbean Airlines Limited has quit after just 17 months on the job. The 48-year-old Canadian national, citing personal reasons, resigned with immediate effect. His resignation was accepted by the airline's board of directors. Mr. DiLollo was appointed Caribbean Airlines CEO in May 2014, following the sudden resignation of Robert Corbie in September 2013. In early February 2015, Larry Howai, then Finance Minister, told Parliament that unaudited accounts for 2014 showed the airline made a loss of US$60 million, inclusive of its Air Jamaica operations, and the airline planned to break even by 2017. Mr. Howai told the Parliament that a five-year strategic plan had been completed and was in the process of being approved for implementation. In an interview with the Trinidad & Tobago Guardian in early November 2015, Mr. DiLollo said CAL did not need a bailout just yet. Mr. DiLollo said the airline had benefited from extremely patient shareholders for years and he believed the airline was strategically positioned to break even in three years. =========== M E X I C O =========== ALTOS HORNOS: Recognized Creditors Accept General Payment Deal -------------------------------------------------------------- Altos Hornos de Mexico S.A.B. de C.V., the leading integrated steel producer in Mexico, announced that the Company's general payment agreement was accepted by Recognized Creditors at the Company's creditors meeting in Monclova, Coahuila. The meeting was convened by the First Civil Court of First Instance in the Judicial District of Monclova (the "SP Court"). At the meeting, independent Recognized Creditors holding more than 50% of the aggregate principal amount of recognized claims and more than one-third of independent Recognized Creditors voted in favor of the Plan. Following receipt of the requisite creditor consent, the Plan was submitted to the SP Court for approval. The Company expects that the SP Court will issue a ruling on May 16, 2016. About AHMSA Altos Hornos de Mexico S.A.B. de C.V., an integrated steel producer, has two steel plants located in Monclova, Coahuila, and operates its own iron and metallurgical coal mines. Its current nominal production capacity is more than 5 million tons of liquid steel per year, which is then transformed into diverse finished products. Additionally, AHMSA operates thermal coal mines in Mexico. It employs over 19,000 workers in steel plants, mines and services. CEMEX SAB: Posts $35 Million Profit in First Quarter ---------------------------------------------------- EFE News reports that Mexico's CEMEX S.A.B. de C.V said it earned $35 million in the first quarter of 2016, the first time it has reported a profit in seven years in a comparable period. The company had a loss of $149 million in the first quarter of 2015, according to EFE News. The report notes that revenues totaled $3.19 billion in the first quarter, down 3 percent from the same period last year, when sales came in at $3.31 billion. The figure, however, represents a 3 percent increase when adjusted for comparable existing operations and exchange rate fluctuations, CEMEX said, the report relays. Total debt stood at $15.99 billion as of March 31, down from the $16.7 billion debt on the books at the end of the first quarter of 2015, the report notes. CEMEX struggled after acquiring Australia's Rinker for $15.3 billion in 2007, a year before the U.S. housing market crashed and Europe's economy took a nosedive, the report says. CEMEX, which was founded in 1906 in the northern Mexican city of Monterrey, has operations in more than 50 countries. As reported in the Troubled Company Reporter-Latin America on March 11, 2016 Standard & Poor's Ratings Services assigned its 'B+' issue-level rating and recovery rating of '3H' to CEMEX S.A.B. de C.V's (global scale: B+/Positive/--; national scale: mxBBB/Positive/mxA-2) $500 million dollar-denominated senior secured notes due 2026. The recovery rating of '3H' indicates that bondholders can expect a meaningful (50% to 70%; the higher band of the range) recovery in the event of a payment default. ======= P E R U ======= PERU: Gold Exports Total $41 Billion in 2011-2015 Period -------------------------------------------------------- EFE News reports that Peru's gold exports totaled $41 billion between 2011 and 2015, accounting for 36 percent of the Andean nation's mining exports during that period, the National Mining, Petroleum and Energy Society, or SNMPE, said. The South American country's gold exports reached $6.59 billion last year, accounting for 19 percent of total exports, which hit $34.15 billion, according to EFE News. Gold exports totaled $10.1 billion in 2011 amid a global boom in the metals industry, dropping to $9.59 billion the following year, the report notes. In 2013, Peru's gold exports came in at $8.53 billion, and they registered a decline to $6.72 billion amid the slump in commodity prices in 2014, the report relays. The top markets for Peru's gold exports are Switzerland, Canada, the United States, India and Britain, the report discloses. The current state of the global gold mining industry will be analyzed at the 12th International Gold and Silver Symposium, a biennial event that will bring together experts in the field from May 17-18 in Lima, the report adds. As reported in the Troubled Company Reporter-Latin America on March 11, 2016 Standard & Poor's Ratings Services assigned its 'B+' issue-level rating and recovery rating of '3H' to CEMEX S.A.B. de C.V's (global scale: B+/Positive/--; national scale: mxBBB/Positive/mxA-2) $500 million dollar-denominated senior secured notes due 2026. The recovery rating of '3H' indicates that bondholders can expect a meaningful (50% to 70%; the higher band of the range) recovery in the event of a payment default. ====================== P U E R T O R I C O ====================== ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until April 28 ---------------------------------------------------------------- ACC Claims Holdings, LLC on April 22 announced the extension of offers to Eligible Holders to exchange (i) class A limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Senior Notes Claims (Class ACC 3) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "Senior Claims"), against Adelphia Communications Corporation, and (ii) class B limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Trade Claims (Class ACC 4) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class ACC 5) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "ACC 5 Claims" and, together with the ACC 4 Claims, the "Other Claims"; the Senior Claims and the Other Claims, together, the "Claims"), against Adelphia Communications Corporation until 5:00 p.m., New York City time, on Thursday, April 28, 2016. The exchange offers were previously scheduled to expire at 5:00 p.m., New York City time, on Thursday, April 21, 2016. As of 5:00 p.m., New York City time, on Thursday, April 21, 2016, Eligible Holders of $3,512,953,416 original principal amount of Senior Claims outstanding, Eligible Holders of $249,534,265.15 of ACC 4 Claims outstanding and Eligible Holders of $44,646,944.11 of ACC 5 Claims outstanding had validly tendered their Claims pursuant to the exchange offers. ACC Claims Holdings, LLC recognizes that the Claims will continue to accrue post-effective date interest between the original expiration date and the extended expiration date. Therefore, the consideration offered to Eligible Holders will be increased by a corresponding amount. Except as set forth herein, the terms and conditions of the exchange offers remain unchanged. ACC Claims Holdings, LLC reserves the right to further extend the exchange offers prior to the termination of the extended expiration date. ACC Claims Holdings, LLC does not contemplate any such additional extensions of the exchange offers at this time. The exchange offers are being made pursuant to (i) the offers to exchange, dated March 3, 2016, and supplemented and amended on March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016, April 15, 2016 and on the date hereof and (ii) the related letter of transmittal, dated as of March 3, 2016 and supplemented and amended on March 21, 2016. The exchange offers will only be made, and the offers to exchange and the related letter of transmittal will only be distributed to, holders who complete, execute and return an eligibility form confirming that they are qualified purchasers ("Qualified Purchasers") as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (except to the extent waived by the managing member of ACC Claims Holdings, LLC), excluding Benefit Plan Investors (except as provided for and subject to the terms of the exchange offers, as amended), each of which is (x) a qualified institutional buyer within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), (y) an institutional investor that qualifies as an "accredited investor" pursuant to Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (z) not a U.S. person in an offshore transaction, in each case as defined in Regulation S under the Securities Act (such persons, "Eligible Holders"). "Benefit Plan Investor" means a benefit plan investor, as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and includes (a) an employee benefit plan (as defined in Section 3(3) of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) a plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or (c) any entity whose underlying assets include, or are deemed for purposes of ERISA or the Code to include, "plan assets" by reason of any such employee benefit plan's or plan's investment in the entity. Holders who desire to obtain and complete an eligibility form should either visit the website for this purpose at www.dfking.com/adelphia or call D.F. King & Co., Inc., the information agent and exchange agent for the exchange offers, at (800) 761-6523 (toll-free) or (212) 269-5550 (collect for banks and brokers only). The managing member of ACC Claims Holdings, LLC may, in its sole discretion, waive the restriction on tenders by Benefit Plan Investors. However, the managing member is not required to accept a tender in whole or in part from an investor that is a Benefit Plan Investor, and reserves the right to reject in its complete discretion any tender by a Benefit Plan Investor. About Adelphia Communications Based in Coudersport, Pennsylvania, Adelphia Communications Corporation was once the fifth-biggest cable company. Adelphia served customers in 30 states and Puerto Rico, and offered analog and digital video services, Internet access and other advanced services over its broadband networks. Adelphia collapsed in 2002 after disclosing that founder John Rigas and his family owed $2.3 billion in off-balance-sheet debt on bank loans taken jointly with the company. Mr. Rigas was sentenced to 12 years in prison, while son Timothy 15 years. Adelphia Communications and its more than 200 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on June 25, 2002. Willkie Farr & Gallagher represented the Debtors in their restructuring effort. PricewaterhouseCoopers served as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas-Managed Entities, were entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision LLC. The RME Debtors filed for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31, 2006. Their cases were jointly administered under Adelphia Communications and its debtor-affiliates' Chapter 11 cases. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. The Plan became effective on Feb. 13, 2007. The Adelphia Recovery Trust, a Delaware Statutory Trust, was formed pursuant to the Plan. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. Lawyers at Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the Adelphia Recovery Trust. PUERTO RICO: CFIF Launches Radio Ad on Dufy's Fliplop on Chapter 9 ------------------------------------------------------------------ The Center for Individual Freedom (CFIF) was on April 22 launching a new radio ad in Wisconsin exposing Representative Sean Duffy's flip-flop on a Super Chapter 9 bankruptcy-style bailout for Puerto Rico. In February, Representative Duffy spoke of the dangers of a Super Chapter 9 bailout, noting that it would raise borrowing costs for states and stating that "all of us will pay the price for the cost of borrowing" if Congress enacts Super Chapter 9. Now, Representative Duffy is sponsoring the "Super Chapter 9" PROMESA bill (HR 4900), despite his clear understanding of the dangers it poses and precedent it sets. "We merely seek to educate Representative Duffy's constituents on his evolving position regarding legislation that includes Super Chapter 9 bailout provisions for Puerto Rico," said Timothy Lee, CFIF's Senior Vice President of Legal and Public Affairs. "A Super Chapter 9 bankruptcy-style bailout will negatively impact the savings of Puerto Rico bondholders across the state, and all of Wisconsin could be forced to shoulder the increased costs of borrowing." This ad is CFIF's latest in its ongoing campaign to educate Americans on the effects of a Super Chapter 9 bailout for Puerto Rico. The PROMESA Super Chapter 9 bill imperils the rule of law and undermines the rights of Puerto Rico's bondholders. It will diminish retirement savings and drive up borrowing costs across America. 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. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: At a Critical Point, CDB Says ------------------------------------------------ Trinidad Express reports that economic director of the Caribbean Development Bank (CDB) Justin Ram has said the bank will be lending financial assistance to Trinidad and Tobago as the country faces challenging economic times. Mr. Ram was in Port of Spain earlier to meet with the Government and other officials to discuss how the bank could lend assistance over the next five years, according to Trinidad Express. As reported in the Troubled Company Reporter-Latin America on March 2, 2016, citing Trinidad Express, Prime Minister Dr. Keith Rowley said that Trinidad and Tobago is "certainly not bankrupt" but we do have "cash flow" problems. *********** 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 * * *