/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160630.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, June 30, 2016, Vol. 17, No. 128 Headlines B O L I V I A BANCO BISA: Moody's Puts B1 Rating to Bs210MM Sub. Debt Issuance B R A Z I L BANCO DA AMAZONIA: Fitch Affirms 'BB' LT Issuer Default Ratings BON JESUS: Files for Bankruptcy, Sells Minority Stake to Cut Debt RIO OIL: Fitch Affirms 'BB-' Rating on $1.1BB Series 2014-3 Notes C A Y M A N I S L A N D S ARGYLE FUNDS: Commences Liquidation Proceedings BLUE SKY: Shareholders' Final Meeting Set for July 4 CALIBURN CAYMAN: Members' Final Meeting Set for July 21 CALIBURN OFFSHORE: Members' Final Meeting Set for July 21 FINISTERRE RECOVERY: Shareholders' Final Meeting Set for July 22 G & M WORLD: Shareholders' Final Meeting Set for Aug. 4 IVORY GLOBAL: Shareholders' Final Meeting Set for July 21 KOCEL GROUP: Shareholder to Hear Wind-Up Report on July 20 LYRA TRUST: Shareholders' Final Meeting Set for July 25 OV GROUP: Shareholders' Final Meeting Set for July 12 PCM PROVIDENT: Shareholders' Final Meeting Set for Aug. 4 SYW (CAYMAN): Shareholders' Final Meeting Set for July 13 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Tax-Free Fuels 'Abhorrent,' Official Says DOMINICAN REP: Communication Ups 3.4% in 1Q, Central Bank Says J A M A I C A JAMAICA: Impact of Brexit Will Not be Significant, Jackson Says P E R U RUTAS DE LIMA: S&P Affirms 'BB-' Rating on Notes Due 2036 and 2039 P U E R T O R I C O ADELPHIA COMMS: 2nd Circ. Affirms Judgment vs. Recovery Trust ADELPHIA COMMUNICATIONS: ACC Claims Holdings Closes Exchange Offer ALLIED FINANCIAL: Has Go Signal to Sell Guayabal Property for $75K CONDADO RESTAURANT: Wants Plan Filing Extended to Aug. 23 COUSINS INT'L: Aquinos' Claims Not Discharged in Ch. 11 Proceeding HYPERBARICS AND WOUND CARE: Taps Justiniano's Firm as Counsel SPORTS AUTHORITY: Exclusive Plan Filing Deadline Moved to Sept. 28 SPORTS AUTHORITY: Modell's, Sports Direct Didn't Bid on Stores T R I N I D A D & T O B A G O TRINIDAD CEMENT: S&P Revises Outlook to Pos. & Affirms 'B-' CCR V E N E Z U E L A VENEZUELA: OAS Head Supports Call to Remove President - - - - - ============= B O L I V I A ============= BANCO BISA: Moody's Puts B1 Rating to Bs210MM Sub. Debt Issuance ---------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned B1 global scale and Aa3.bo national scale local currency ratings to Banco BISA S.A. (BISA)'s expected subordinated debt issuance of Bs. 210 million which will be due in up to 10 years. These ratings were assigned to Banco BISA S.A.: Bs. 210 million subordinated debt issuance: Global Local Currency Subordinated Debt Rating: B1 Bolivia National Scale Local Currency Subordinated Debt Rating: Aa3.bo RATINGS RATIONALE The B1 local currency subordinated debt rating is notched down from BISA's ba3 baseline credit assessment to reflect the subordination of the notes, following Moody's normal notching practices. Moody's ratings reflect BISA's sound and improving financial performance, as well as the bank's strong capitalization, large and well established market share, and sustained growth over the past years. While increasing competition, changes in regulations, and persistent low interest rates have forced Bisa to increase its exposure in the higher risk SME and consumer finance segments to maintain its profit margins, the bank's conservative risk management practices and loan diversification should help to limit any deterioration in asset quality that may occur as a result. What could move the rating up or down The bank's negative outlook is in line with the negative outlook on the Bolivian government's rating and reflects credit inter- linkages between the two. The bank's ratings would likely be downgraded as well if the sovereign rating were lowered. The ratings would also face downward pressure if the operating environment deteriorates and/or the bank suffers a substantial deterioration in asset quality, profitability, or capitalization. While there is no upward ratings pressure at this time given the bank's negative outlook, the outlook would likely be stabilized if and when the sovereign outlook stabilizes. The principal methodology used in these ratings was Banks published in January 2016. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_ 189530 Banco BISA S.A. is headquartered in La Paz, Bolivia, and it had assets of Bs. 16.3 billion and equity of Bs. 1.67 billion as of March 2016. =========== B R A Z I L =========== BANCO DA AMAZONIA: Fitch Affirms 'BB' LT Issuer Default Ratings --------------------------------------------------------------- Fitch Ratings has affirmed at 'BB' the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Banco da Amazonia S.A. (BdA), Banco do Brasil S.A. (BdB), Banco do Nordeste do Brasil S.A. (BNB), Banco Nacional de Desenvolvimento Economico e Social (BNDES) and Caixa Economica Federal (Caixa). Fitch also affirmed all five banks' long-term National Ratings at 'AA+(bra)', Support Ratings (SRs) at '3' and Support Rating Floors (SRFs) at 'BB'. The Outlook of the long term IDRs and National Ratings remains Negative. At the same time, Fitch downgraded BdB's Viability Rating (VR) to 'bb-' from at 'bb' based on Fitch's assessment that recent credit events in the corporate portfolio will impact asset quality and profitability to a greater extent than previously expected, in turn further exacerbating the bank's medium term challenges regarding capital adequacy. The other four banks do not have VRs, due to their policy roles and/or development bank status that prevents having an opinion on their truly standalone credit profiles. A full list of rating actions follows at the end of this release. Brazilian federal government owned banks remain more vulnerable to continued operating environment weaknesses than private sector banks, which typically have higher profitability, internal capital generation and loss absorption capacity. Risk appetite at government owned banks also tends to be higher, as reflected by their faster growth rates in the past decade, higher loan concentrations, lower excess loan loss reserves above the minimum requirements and, in the case of retail banks, relatively larger exposures to higher risk segments such as unsecured retail loans and/or SMEs lending. Therefore, these banks' IDRs and national- scale ratings remain heavily linked to the sovereign's capacity and willingness to provide support, if needed. KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS, SUPPORT RATING FLOORS The affirmation of BdA, BdB, BNB, BNDES and Caixa's IDRs reflect Fitch's view that the banks would receive support from the federal government should the need arise. The IDRs of all five banks are driven by sovereign support and are aligned with Brazil's sovereign ratings. This reflects either majority (BdA, BdB and BNB) or whole (BNDES and Caixa) federal government ownership, the banks' key policy role in the implementation of government economic policies, and, in the case of BdB and Caixa, their systemic importance. The Outlook on these banks' Long-Term IDRs remains Negative, mirroring the Outlook on the sovereign ratings. Fitch believes these banks could be subject to political influence given their state owned nature and strong links with the government. The affirmation of all five banks' SRs at '3' reflects the moderate probability of sovereign support. Fitch believes that the Brazilian government would have a high willingness to support these banks in case of need, but its capacity to do so has fallen in the past year, as reflected in the successive sovereign rating downgrades in 2015 and 2016. The SRFs of all banks were affirmed at 'BB' and are aligned with the sovereign rating. The affirmation of BdB, BNDES and Caixa's senior debt ratings at 'BB' and Caixa's subordinate debt rating at 'B+' reflects the affirmation of the banks' long-term foreign currency IDRs, which are the anchor ratings for all the debt ratings. The return on average assets (ROAA) of BdA, the regional development bank of the northern states, fell to negative 0.25% at March 2016 (1.74% on average between 2012 and 2015), as a result of an increase in impairment charges for the shared risk operations with the Constitutional Fund of the North (Fundo Constitucional do Norte). The bank's capitalization remains adequate, with a FCC ratio of 14.7% at March 2016 (14.5% in 2015). Under a stress scenario, where the bank needs to make a sizable contribution to its employees' pension fund, its capitalization would come under pressure. The ROAA of BNB, the regional development bank of the north- eastern states, decreased to 0.75% at March 2016 (1.69% on average between 2012 and 2015) at the back of higher loan impairment charges. Meanwhile, the bank's FCC ratio fell sharply to 7% in March 2016 (6.6% and 8.7%, in 2015 and 2014, respectively), mainly due large dividend payouts, provisions related to its employees' pension fund obligations and negative mark-to-market adjustments in its securities portfolio. This ratio will improve when the bank converts its legacy hybrid debt held by the National Treasury to Basel-III compliant Core Equity Tier 1 (CET1) by the end of 2016. Once converted, Fitch will consider it as part of equity, in line with its approach for other federal government banks which have such instruments. This would take the bank's FCC ratio to roughly 10%, at March 2016, on a pro forma basis. BNDES, Brazil's largest development bank, has been realigning its strategy with the government's fiscal tightening measures that will limit the funding it receives from the National Treasury (NT) going forward. According to a recent government plan, pending the conclusion of a legal study, BNDES might have to pre-pay BRL 100 billion of its debt to the NT (21% of all its debt to NT and 12% of total funding in 2015). This would be manageable for the bank, but may result in a significant reduction in the bank's lending and investment operations in the medium term. BNDES's ROAA fell to 0.68% in 2015 (1.1% on average between 2012 and 2014) and is likely to remain under pressure due to higher loan and securities impairment charges. The bank's FCC ratio remained adequate at 9.6% in 2015 (10.4% in 2014) and should remain broadly stable given the expected continued reduction in asset growth. Caixa's asset quality, profitability and capitalization have deteriorated through March 2016. Fitch expects this trend to continue in the next 12-18 months, but under its base-case scenario, the bank's regulatory capital ratios will be in compliance with the minimum regulatory requirements in 2016 and 2017, barring a more severe stress scenario or tail risks. At March 2016, the bank's ROAA declined to 0.28% (0.79% on average between 2012 and 2015), mainly as a result of large loan impairment charges. In the same period, FCC ratio remained unchanged at 10%, but it is likely to decline gradually due to low profitability. KEY RATING DRIVERS - BdB's VIABILITY RATING The downgrade of BdB's VR to 'bb-' from 'bb' reflects the pressures building on the medium-term prospects for the bank's operating profitability and capitalization, and the recent negative events regarding asset quality. The latter, in turn, reflects the bank's higher risk appetite as evidenced in higher loan concentrations in corporate lending and lower excess loan loss reserves above the minimum regulatory requirements, compared to the larger buffers of its large private sector peers. The bank's franchise, liquidity and funding structure remain solid, and are among BdB's major strengths to maintain a VR in the 'bb' range, though at the lower end of this category. Fitch expects downside risks to profitability and capitalization to continue in the next 12-18 months, as a result of high impairment charges that will consume a meaningful share of pre- impairment profits (63% and 83% at March 2016 and 2015, respectively) and undermine internal capital generation. At March 2016, the bank's ROAA fell to 0.8% (1.1% on average between 2012 and 2015). Fitch expects BdB's capitalization to tighten further in the coming years in line with the gradual phase-in of the Basel III framework and the increase in minimum requirements, and prospects of low profitability. However, the bank's regulatory capital should remain in compliance with regulatory requirements in 2016 and 2017, barring a more severe stress scenario or tail risks. At March 2016, BdB's FCC ratio stood at 8.7% (7.8% in 2015). The increase in the FCC ratio in 1Q16 was a result of a decline in risk weighted assets (RWAs), but is unlikely to be sustained. RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SUPPORT RATINGS, SUPPORT RATING FLOORS, DEBT RATINGS Any changes in Brazil's sovereign ratings or in Fitch's evaluation of the government's willingness to provide support BdA, BdB, BNB, BNDES and Caixa, in case of need, would directly affect these banks' IDRs, National Ratings, SRs, SRFs and debt ratings, all of which are driven by expected sovereign support. RATING SENSITIVITIES - VIABILITY RATING BdB's VR would be negatively affected if its FCC ratio falls below 7% and/or its regulatory capital ratios approach the minimum requirements earlier than Fitch's forecast. It could also be downgraded if the operating profits to RWAs weakens to levels consistently below 1%. Fitch has taken the following rating actions: BdA: -- Long-term Foreign and Local Currency IDRs affirmed at 'BB', Outlook Negative; -- Short-term Foreign and Local Currency IDRs affirmed at 'B'; -- National long-term Rating affirmed at 'AA+(bra)', Outlook Negative; -- National Short-term Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'; -- Support Rating Floor affirmed at 'BB'. BdB: -- Long-term Foreign and Local Currency IDRs affirmed at 'BB', Outlook Negative; -- Short-term Foreign and Local Currency IDRs affirmed at 'B'; -- National long-term Rating affirmed at 'AA+(bra)', Outlook Negative; -- National Short-term Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'; -- Support Rating Floor affirmed at 'BB'; -- Senior unsecured notes due 2018, 2019, 2020 and 2022 ratings affirmed at 'BB'; -- Viability Rating downgraded to 'bb-' from 'bb'. BNB: -- Long-term Foreign and Local Currency IDRs affirmed at 'BB', Outlook Negative; -- Short-term Foreign and Local Currency IDRs affirmed at 'B'; -- National long-term Rating affirmed at 'AA+(bra)', Outlook Negative; -- National Short-term Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'; -- Support Rating Floor affirmed at 'BB'. BNDES: -- Long-term Foreign and Local Currency IDRs affirmed at 'BB', Outlook Negative; -- Short-term Foreign and Local Currency IDRs affirmed at 'B'; -- National long-term Rating affirmed at 'AA+(bra)', Outlook Negative; -- National Short-term Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'; -- Support Rating Floor affirmed at 'BB'; -- Senior unsecured notes due 2016, 2019 and 2023 affirmed at 'BB'. Caixa: -- Long-term Foreign and Local Currency IDRs affirmed at 'BB', Outlook Negative; -- Short-term Foreign and Local Currency IDRs affirmed at 'B'; -- National long-term Rating affirmed at 'AA+(bra)', Outlook Negative; -- National Short-term Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'; -- Support Rating Floor affirmed at 'BB'; -- Senior unsecured notes due 2017, 2018, 2019 and 2022 affirmed at 'BB'; -- Subordinated notes due 2024 affirmed at 'B+'. BON JESUS: Files for Bankruptcy, Sells Minority Stake to Cut Debt ----------------------------------------------------------------- Tatiana Bautzer and Ana Mano at Reuters report that Grupo Bom Jesus, a Brazilian grains producer that filed for bankruptcy protection last month, is considering selling a minority stake to an investor to help reduce BRL2.6 billion ($746 million) in debt, according to a source with direct knowledge of the plans. Any attempt to sell a stake would be tied to an ongoing debt restructuring plan, the source said, adding that the investment banking unit of one of Bom Jesus' 28 lenders will probably oversee the process, according to Reuters. The source requested anonymity because the talks are private. Rondonopolis, Mato Grosso-based Bom Jesus is operating under court protection after failing to agree on an out-of-court restructuring with creditors led by Banco Santander Brasil SA, a second source said, the report relays. A Rondonopolis judge approved the company's request for bankruptcy protection on June 8. Another way to raise cash would be selling some of the grain processor's 240,000 hectares (593,100 acres) in land to potential investors, the first source said, the report relays. The government is considering revoking a 2010 law forbidding foreign purchases of Brazilian land, the source said, the report says. Bom Jesus is the latest major grain producer to receive court protection this year, as Brazil's harshest recession in eight decades and rising borrowing costs magnified the woes of companies that took on heavy debts to expand in recent years, the report notes. The company must present a formal restructuring proposal by Aug. 4, the first source said, the report relates. Bom Jesus officials were not immediately available for comment. Reuters relays that the company's projected earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, is BRL400 million, according to the first source. Bom Jesus wants to reduce debt to the equivalent of 2.5 times EBITDA from about 6.5 times currently, the first source said, the report notes. Suppliers and bank creditors including Banco Votorantim SA, Bank of China Ltd's Brazilian unit and Banco Pan SA sped up the bankruptcy filing when they began blocking accounts and foreclosing on collateral, the report notes. The lenders declined to comment. According to documents seen by Reuters, about $71 million owed to creditors such as Credit Suisse Group AG, Grupo BTG Pactual SA and Rabobank NA will have to be renegotiated out of court because they are not subject to the bankruptcy protection procedures. According to the sources, Bom Jesus hired Sao Paulo-based restructuring shop Pantalica Partners as financial adviser on the restructuring, the report adds. RIO OIL: Fitch Affirms 'BB-' Rating on $1.1BB Series 2014-3 Notes ----------------------------------------------------------------- Fitch Ratings has affirmed the series 2014 notes issued by Rio Oil Finance Trust as follows: -- US$2 billion series 2014-1 notes at 'BB-'; -- BRL 2.4 billion series 2014-2 special indebtedness at 'Asf(bra)'; -- $US1.1 billion series 2014-3 notes at 'BB-'. The Rating Outlook remains Negative. Fitch's ratings on the notes address timely payment of interest and principal on a quarterly basis. The issuances are backed by royalty flows owed by oil concessionaires, predominantly operated by Petroleo Brasileiro S.A. (Petrobras), to the government of the State of Rio de Janeiro (RJS). The State of Rio de Janeiro assigned 100% of these flows to RioPrevidencia (RP), the state's pension fund, and RP sold these rights to Rio Oil Finance Trust, the issuer. The rating actions reflect the transaction's resilience through the current stress period which, coupled with the upward trend in oil prices over the past several months, have helped mitigate the deteriorating credit quality of Petrobras, RJS and the Brazilian sovereign. The Negative Outlook reflects the additional impact lower oil prices could have on future production levels and the potential political risk which could negatively impact the transaction's performance. On June 20, 2016, the series controlling parties consented to a second waiver and amendment agreement to: waive the declaration of a technical event of default related to the transaction's failure to meet certain required minimum forward-looking debt service coverage ratios (DSCRs); effectuate the commencement of an early amortization period during which 60% of excess cash flows will prepay debt on a monthly basis; release approximately $45 million from the trigger reserve account to prepay debt; modify the annualized average DSCR threshold that could trigger a technical event of default; and enhance the legal structure to allow for swifter enforcement of collateral if necessary. The transaction failed to meet performance-related conditions stipulated by an initial waiver and amendment executed on Oct. 20, 2015. The initial waiver period concluded on March 22, 2016, at which time a technical event of default triggering an early amortization period could have ensued but transaction parties opted to execute the second waiver and agreement. KEY RATING DRIVERS Executed Waiver and Agreement: Fitch views positively the most recent waiver and amendment agreement, which underscores the sponsor's willingness to engage with bondholders in support of the transaction. Nonetheless, the transaction remains exposed to political risk as RJS's fast-deteriorating liquidity position limits the state's ability to meet its obligations and could impact its incentive to support the transaction. Oil Prices Impact Performance: The plunge in oil prices during 2015 and the first quarter of 2016 (1Q16) impacted oil royalty flows such that Annualized Average DSCR (AADSCR) as of 2Q16 fell to 1.8x. Although the recent rebound in oil prices over the past five months benefits royalty flows and is expected to translate into higher AADSCRs going forward, a sustained low oil price environment will limit royalty flows used to pay debt service. The transaction continues to benefit from a six-month P&I liquidity reserve account, which could be used to insulate the transaction from short-term declines in oil prices. Future Expected Production Increases at Risk: The transaction benefits from growth in royalty flows to meet future debt service payments. Depressed oil prices have led Petrobras to reduce production targets on multiple occasions. Sustained lower oil prices could translate into additional capital expenditure cuts by Petrobras, which could impact potential growth expectations in the medium term. RATING SENSITIVITIES The ratings are capped by the credit quality of Petrobras, the main obligor generating cash flows to support the transaction, and by the sovereign rating and country ceiling assigned to Brazil. The transaction is exposed to oil price and production volume risks. Declines in prices or production levels significantly below expectations may trigger downgrades. Additionally, the ratings are sensitive to the rating of Banco do Brasil as a direct counterparty to the transaction. DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action. ========================== C A Y M A N I S L A N D S ========================== ARGYLE FUNDS: Commences Liquidation Proceedings ----------------------------------------------- The Grand Court of Cayman Islands, on May 31, 2016, entered an order to liquidate the business of Argyle Funds SPC. The company commenced liquidation proceedings on BLUE SKY: Shareholders' Final Meeting Set for July 4 ---------------------------------------------------- The shareholders of Blue Sky Japan Inc. will hold their final meeting on July 4, 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: David Ridle Munstergasse 10 Zurich 8001 Switzerland CALIBURN CAYMAN: Members' Final Meeting Set for July 21 ------------------------------------------------------- The members of Caliburn Cayman Ltd. will hold their final meeting on July 21, 2016, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands CALIBURN OFFSHORE: Members' Final Meeting Set for July 21 --------------------------------------------------------- The members of Caliburn Offshore Ltd. will hold their final meeting on July 21, 2016, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands FINISTERRE RECOVERY: Shareholders' Final Meeting Set for July 22 ---------------------------------------------------------------- The shareholders of Finisterre Recovery Fund 1 Limited will hold their final meeting on July 22, 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: Jonathan Nicholson P.O. Box 1976 Grand Cayman KY1-1104 Cayman Islands G & M WORLD: Shareholders' Final Meeting Set for Aug. 4 ------------------------------------------------------- The shareholders of G & M World Invest and Associates Ltd. will hold their final meeting on Aug. 4, 2016, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands IVORY GLOBAL: Shareholders' Final Meeting Set for July 21 --------------------------------------------------------- The shareholders of Ivory Global Energy Fund Ltd. will hold their final meeting on July 21, 2016, at 2:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alric Lindsay Artillery Court Shedden Road P.O. Box 11371, George Town Grand Cayman KY1-1008 Cayman Islands e-mail: alric@caymanfs.com KOCEL GROUP: Shareholder to Hear Wind-Up Report on July 20 ---------------------------------------------------------- The shareholder of Kocel Group (Cayman) Limited will hear on July 20, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wang Xinjian Michelle R. Bodden-Moxam Telephone: (345) 946-6145 Facsimile: (345) 946-6146 Portcullis TrustNet (Cayman) Ltd. The Grand Pavilion Commercial Centre Oleander Way 802 West Bay Road P.O. Box 32052 Grand Cayman KY1-1208 Cayman Islands LYRA TRUST: Shareholders' Final Meeting Set for July 25 ------------------------------------------------------- The shareholders of Lyra Trust Protector Limited will hold their final meeting on July 25, 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: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 Regatta Office Park Grand Cayman KY1-1103 P.O. Box 897 Windward 1 Cayman Islands OV GROUP: Shareholders' Final Meeting Set for July 12 ----------------------------------------------------- The shareholders of OV Group (Cayman) Limited will hold their final meeting on July 12, 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: Tammy Fu Zolfo Cooper 38 Market Street 2nd Floor Canella Court, Camana Bay Grand Cayman Cayman Islands KY1-9006 c/o Iain Gow Telephone: +1 (345) 814 4039 PCM PROVIDENT: Shareholders' Final Meeting Set for Aug. 4 --------------------------------------------------------- The shareholders of PCM Provident MBS Fund Ltd. will hold their final meeting on Aug. 4, 2016, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 SYW (CAYMAN): Shareholders' Final Meeting Set for July 13 --------------------------------------------------------- The shareholders of SYW (Cayman) Ltd. will hold their final meeting on July 13, 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: Andre Slabbert Estera Trust (Cayman) Limited c/o Estera Trust (Cayman) Limited 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4900 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Tax-Free Fuels 'Abhorrent,' Official Says ------------------------------------------------------------- Dominican Today reports that Industry and Commerce Minister Jose del Castillo called tax-free fuels and all laws which encourage subsidies "abhorrent," but defended the exceptions given to other sectors. The official called for a discussion, prior to the signing of a fiscal pact, on the exemptions granted to the freight and passenger transport unions and companies that benefit from low taxes for fuels which exceed their needs, according to Dominican Today. Mr. del Castillo also cited other incentives such as for companies established along the border, which he affirms haven't met the expectations for which they were allocated, with only a few have benefited. "In most cases they're unfair competition against other companies established in the country." The report notes that Mr. del Castillo nonetheless defended other incentives, such as those for the free zones, which he says have led the operations of 640 companies in the country, providing 160,000 direct jobs and 60 percent of the country's exports, worth US$5.5 billion annually. 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 REP: Communication Ups 3.4% in 1Q, Central Bank Says -------------------------------------------------------------- Dominican Today reports that communications climbed 3.4% in value added in the first quarter, the Central Bank said in its preliminary report of the Dominican economy from January to March. The Central Bank said from January-March, communications' performance was influenced by increases in the average number of fixed lines and the volume indicator of mobile lines, which grew 5.7% and 2.1% respectively, according to Dominican Today. Moreover, the Web traffic indicator volume was 2.5% higher than the first quarter of 2015, the report notes. Meanwhile, the regulator Dominican Telecom Institute (Indotel) said that the penetration of (fixed and mobile) telephone lines jumped 101.2% in 2015, the report relays. It said 88.1% of the voice lines in operation per 100 inhabitants are mobile phones, 11.5% fixed and 1.5% IP (Internet), the report discloses. The regulator's 2011 to 2015 data reflect a low growth in the total penetration of telephone lines, the report says. "In 2011 the growth of telephone lines (fixed and mobile) totaled 103.0%, of which 91.5% were mobile, 11.2% fixed and 0.3% IP, while in 2012 rose slightly (103.9%), 92.3% mobile, 11.2% and 0.5% fixed IP," the report adds. 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: Impact of Brexit Will Not be Significant, Jackson Says --------------------------------------------------------------- RJR News reports that Financial Analyst, John Jackson, is not expecting Jamaica's export sector to suffer a major hit arising from Britain's decision to exit the European Union (EU). Concern has been raised that the decision to leave the EU will among other things result in a decline in trading, according to RJR News. However, Mr. Jackson said while there will be some impact it will not be significant, the report notes. "If local producers of goods and services need to make some adjustments on a temporary basis, we probably have some room in some areas to make those adjustments. But I believe the net effect will be a fall in inflows into Jamaica from the UK although not significant in the overall scheme of things because the UK -- while a major trading partner it is not like the United States," the report quoted Mr. Jackson as saying. Concerning the local tourism sector, Mr. Jackson said it might become necessary to offer discounts to maintain tourist arrivals from Britain, the report relays. "With the pound going down against the US dollars it is going to be more expensive for persons from the UK to visit and that market is pretty sensitive to slight shifts in the rate of exchange. It may mean that the Jamaican tourist trade will have to discount their rates more to keep it attractive to visitors," Mr. Jackson said, the report notes. Meanwhile, Sterling and Asian emerging market currencies regained some footing and crude oil bounced as investors scooped up beaten down assets after Britain's shock vote to exit the European Union, the report notes. But in a sign that sentiment remained fragile, trading volumes remained light and price action was choppy across markets, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-term foreign and local currency IDRs to 'B' from 'B-' and revised the Rating Outlooks to Stable from Positive. In addition, Fitch upgraded Jamaica's senior unsecured Foreign- and Local-Currency bonds to 'B' from 'B-'. The Country Ceiling has been affirmed at 'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'. ======= P E R U ======= RUTAS DE LIMA: S&P Affirms 'BB-' Rating on Notes Due 2036 and 2039 ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' rating on Rutas de Lima S.A.C's (RdL's) senior secured notes due 2036 and 2039. The outlook is negative. S&P also removed the rating from CreditWatch negative, given that S&P recently removed its ratings on OEC from CreditWatch because S&P don't envision downgrade of it in the next three months. The rating affirmation on RdL reflects S&P's expectations that despite delays to start the construction of the Ramiro Priale (RP) road, the compensating mechanisms established in the concession contract--such as an extension in the construction period or tariff increases--would be enough for RdL to face the cost increases that could stem from the delay in the works. Additionally, S&P believes that the new engineering, procurement, and construction (EPC) contract--which divides the construction RP into six segments and allows works to start on each of them as soon as rights of way are granted--provides RdL a higher probability of finishing the required works on time, before January 2018. Additionally, S&P still considers that the project has enough credit enhancements to replace the constructor if needed. Therefore, S&P provides one-notch uplift from the constructor's credit quality. RdL's concession consists of approximately 115 kilometers (km), of which 93.5 km are the existing highways (Panamericana Norte [PN] and Panamericana Sur [PS]) and the remainder to be constructed (RP). According to the concession contract, RdL needs to perform mandatory improvement works on PN and PS, while constructing the RP road. According to the April 30, 2016, independent engineer's report, total degrees of advance for the mandatory works for PN were 84.0%, PS (39.6%), and RP (2.3%). Works on PS and RP are behind the original construction schedule, mainly due to the municipality of Lima's delay to expropriate lands and grant 100% of rights of ways needed to perform the works. Construction of the RP road was expected to start in July 2015, once 100% of the rights of way were granted. However, construction on this road has yet to start, and only detailed engineering was performed. As a result, a new addendum to the EPC contract was signed, which establishes new completion dates for the pending works: -- The EPC completion for PS was extended to September 2017 from July 2016 (date certain is Sept. 30, 2017); -- The EPC completion for RP was extended to November 2017 from July 2017 (date certain is Jan. 7, 2018); and -- The EPC completion date for PN is still July 2016, given its current degree of advance (date certain is Sept. 30, 2017. The EPC contract for RP's construction consists of six segments, each of which is scheduled to start upon achieving 100% of rights of way, and the starting dates vary between June 2016 and December 2016. S&P views this factor as positive compared with the previous agreement because works in each segment can now start as soon as rights of ways are granted. In the previous agreement, works couldn't start until 100% of rights of ways were granted for the full road. According to the independent engineer, the new construction schedule appears tight but reasonable. If the construction is delayed beyond the agreed date for which RdL isn't responsible (for example, if the municipality of Lima doesn't grant rights of way), the concession contract establishes that an extension in the construction must be granted. Although S&P expects the RP road to be fully operational by January 2018, it views the mechanism established in the concession contract as positive, given that the delay in the rights of way is currently the main construction risk for RdL. ====================== P U E R T O R I C O ====================== ADELPHIA COMMS: 2nd Circ. Affirms Judgment vs. Recovery Trust ------------------------------------------------------------- In the case captioned ADELPHIA RECOVERY TRUST, Plaintiff- Appellant, ADELPHIA COMMUNICATIONS CORP., OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF ADELPHIA COMMUNICATIONS CORP., ADELPHIA CABLEVISION, L.L.C., Plaintiffs, v. FPL GROUP, INC., WEST BOCA SECURITY, INC., Defendants-Appellees, No. 15-1015-bk (2nd Cir.), relating to IN RE: ADELPHIA COMMUNICATIONS CORP., Debtor, the United States Court of Appeals for the Second Circuit affirmed the judgment of the district court as to all of Adelphia Recovery Trust's arguments holding that these arguments are without merit. This dispute arises out of the Chapter 11 reorganization of Adelphia Communications Corp., formerly one of the largest cable companies in the United States, and 232 of its affiliates. Plaintiff-Appellant Adelphia Recovery Trust, successor to Adelphia's rights, seeks to recover as a fraudulent transfer some $150 million paid by Adelphia to defendants-appellees FPL Group, Inc. and West Boca Security, Inc. for the repurchase of Adelphia's own stock. A full-text copy of the Summary Order dated June 15, 2016 is available at https://is.gd/ckCksl from Leagle.com. DAVID M. FRIEDMAN, Esq. -- dfriedman@kasowitz.com, Michael C. Harwood (on the brief), Esq. -- mharwood@kasowitz.com -- Kasowitz, Benson, Torres & Friedman LLP, New York, New York, for Plaintiff-Appellant. GEORGE A. ZIMMERMAN, Esq. -- george.zimmerman@skadden.com, Jonathan L. Frank (on the brief), Esq. -- jonathan.frank@skadden.com -- Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, for Defendants-Appellees. 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. ADELPHIA COMMUNICATIONS: ACC Claims Holdings Closes Exchange Offer ------------------------------------------------------------------ ACC CLAIMS Holdings, LLC has closed its previously announced offers to certain 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. The closing occurred on Tuesday, June 7, 2016. At the closing, ACC Claims Holdings, LLC delivered 3,445,195,173 newly-issued Class A membership interests and 342,911,375 newly-issued Class B membership interests to all eligible holders that had validly tendered their Claims pursuant to the exchange offers. The exchange offers were 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 April 21, 2016, April 29, 2016, May 5, 2016, May 13, 2016 and May 20, 2016, and (ii) the related letter of transmittal, dated as of March 3, 2016 and supplemented and amended on March 21, 2016 and May 20, 2016. ACC Claims Holdings, LLC is a Delaware limited liability company formed on November 18, 2015. ACC Claims Holdings, LLC exists solely for the purpose of liquidating the claims and distributing the proceeds thereof to the holders of its limited liability company interests. ACC Claims Holdings, LLC does not conduct a trade or business or engage in any transactions other than transactions merely incidental to (i) liquidation of claims, whether by sale, transfer or other disposition by ACC Claims Holdings, LLC or the claims held thereby, or be merger, consolidation or other reorganization of ACC Claims Holdings, LLC, or otherwise, and (ii) its dissolution. 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. ALLIED FINANCIAL: Has Go Signal to Sell Guayabal Property for $75K ------------------------------------------------------------------ Honorable Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico has granted the Motion filed by Allied Financial, Inc., seeking authority to sell its property in Barrio Guayabal free and clear of liens. The Troubled Company Reporter earlier reported that the Debtor sought authorization to sell its property, located at Barrio Guayabal, Sector Lajitas Road P.R. -- 550 Juana Diaz, Puerto Rico, consisting of approximately 36,121.514 square meters, and with a value of $75,000. 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, president of the Board of Directors. The Debtor disclosed total assets of $10.3 million and total debts of $9.14 million. C. Conde & Assoc. represents the Debtor as counsel. Judge Mildred Caban Flores has been assigned the case. CONDADO RESTAURANT: Wants Plan Filing Extended to Aug. 23 --------------------------------------------------------- Condado Restaurant Group, Inc., and Restaurant Associates of Puerto Rico, Inc., ask the U.S. Bankruptcy Court for the District of Puerto Rico to extend the exclusive period for the Debtors to submit a disclosure statement and plan of reorganization to Aug. 23, 2016, and the period for the Debtors to solicit acceptance of the plan to Oct. 20, 2016. Subsequent to the filing of their Petitions, the Debtors have encountered multiple conflicts with the Department of the Treasury of Puerto Rico, and most recently the Internal Revenue Service, which have served multiple notices of audits and investigations into personal liability, which have overwhelmed the Debtors and their principal. Due to the conflicts with the PR Treasury, the Debtors' efforts to devise an effective reorganization plan and compose a fully adequate disclosure statement have been delayed and disrupted. Despite the delay, the Debtors have made good and steady progress towards reorganization, as evidenced by their monthly operating reports. The Debtors have also complied with making the necessary payments to the U.S. Trustee. The Debtors need additional time to negotiate with their key creditors, including governmental creditors like the PR Treasury and the IRS. The Debtors tell the Court that allowing them more time to negotiate with key creditors and more time to discuss their proposed plan of reorganization with interested parties will enable them to present a plan that can be evaluated on a more expeditious basis. Headquartered in San Juan, Puerto Rico, Condado Restaurant Group, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 16-01329) on Feb. 24, 2016, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Dayn Smith, president. The Debtor's bankruptcy counsel can be reached at: Javier A Vega Villalba, Esq. Stuart A. Weinstein-Bacal, Esq. WEINSTEIN BACAL & MILLER, PSC Gonzalez Padin Bldg Penthouse 154 Rafael Cordero San Juan, PR 00901 E-mail: jvv@wbmvlaw.com swb@wbmvlaw.com COUSINS INT'L: Aquinos' Claims Not Discharged in Ch. 11 Proceeding ------------------------------------------------------------------ Judge Mildred Caban Flores of the United States Bankruptcy Court for the District of Puerto Rico granted the motion for summary judgment filed by the defendants in the adversary case captioned ENCANTO RESTAURANTS, INC.; COUSINS INTERNARIONAL FOOD CORP.; CIF BARCELONETA CORP., Plaintiffs, v. LUIS S. AQUINO VIDAL; OLGA M. VIDAL; HECTOR A. CORTES BABILONIA; and GUILLERMO D. RODRIGUEZ SERRANO, Defendants, Adv. No. 14-00030 (Bankr. D.P.R.). The court concludes that as known creditors, the Aquinos did not receive notice of the Debtor's bankruptcy filing or of the sale motion. As such, they could not have violated the automatic stay. Encanto argues again that adequate notice was provided to the Aquinos through Debtor-counsel's informative motion filed in the Local Proceeding, stating how she learnt through the news media that her client filed for bankruptcy. The local court refused to consider this statement as sufficient and required Debtor to transmit proof of its bankruptcy filing in order to provide adequate notice to the court and the parties. Debtor ignored the local court's order. The Aquinos' claims are not discharged in this bankruptcy proceeding. The Aquinos' lack of adequate notice is a "defect which precludes discharge of a claim." The bankruptcy case is IN RE: COUSINS INTERNATIONAL FOOD CORP., Chapter 11, Debtor, Case No. 12-08567-MCF (Bankr. D.P.R.). A full-text copy of the Opinion and Order dated June 14, 2016 is available at https://is.gd/oAYsUt from Leagle.com. ENCANTO RESTAURANTS, INC., Plaintiff, is represented by HERMANN D. BAUER ALVAREZ, Esq. -- hermann.bauer@oneillborges.com -- O'NEILL & BORGES, NAYUAN ZOUAIRABANI TRINIDAD, O'NEILL & BORGES. CIF BARCELONETA CORP, Plaintiff, is represented by NICOLAS A. WONG, Esq. -- nicholas.wong@cliffordchance.com -- WONG LAW OFFICES. Luis S. Aquino Vidal, Defendant, is represented by JACQUELINE HERNANDEZ SANTIAGO, Esq. HYPERBARICS AND WOUND CARE: Taps Justiniano's Firm as Counsel ------------------------------------------------------------- Hyperbarics and Wound Care Centers of Puerto Rico Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Justiniano's Law Office as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) examine documents and information needed to prepare the Debtor's schedules and financial affairs; (b) prepare Chapter 11 plan and disclosure statement; (c) prepare legal papers; (d) identify and prosecute claims and causes of action on behalf of the Debtor; (e) examine proofs of claim filed in the Debtor's case; (f) advise the Debtor and prepare documents in connection with the operation of its business; and (g) advise the Debtor and prepare documents in connection with the liquidation of its assets. Gloria Justiniano Irizarry, Esq., the attorney primarily responsible for representing the Debtor, will be paid $200 per hour for her services. The firm's associates and paralegals will be paid $125 per hour and $50 per hour, respectively. Ms. Irizarry disclosed in a court filing that her firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Gloria Justiniano Irizarry Justiniano's Law Office Ensanche Martinez 8 Ramirez Silva Mayaguez, PR 00680-4714 Tel: (787) 222-9272 Fax: (787) 805-7350 Email: justinianolaw@gmail.com About Hyperbarics Hyperbarics and Wound Care Centers of Puerto Rico Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-04810) on June 16, 2016. SPORTS AUTHORITY: Exclusive Plan Filing Deadline Moved to Sept. 28 ------------------------------------------------------------------ The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware has extended, at the behest of Sports Authority Holdings, Inc., et al., the periods within which only the Debtors may file a Chapter 11 plan and solicit acceptances thereof by 90 days, through and including Sept. 28, 2016, and Nov. 28, 2016, respectively. As reported by the Troubled Company Reporter on June 9, 2016, the Debtors sought the extensions, saying that since the Petition Date, they have focused their efforts and resources on, among other things, stabilizing their businesses, ensuring a smooth transition into Chapter 11, complying with the myriad reporting requirements imposed on a Chapter 11 debtor, and working to obtain approval of various sales of their assets, including an agency agreement. The Chapter 11 cases have been contentious and burdened by extensive litigation since the Petition Date as the Debtors attempted to, among other things, protect the estates' interest in consigned goods and secure postpetition financing over strenuous objection. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. SPORTS AUTHORITY: Modell's, Sports Direct Didn't Bid on Stores ------------------------------------------------------------- Peg Brickley and Lillian Rizzo, writing for The Wall Street Journal, reported that the deadline for bids on Sports Authority has passed without an offer from rival Modell's Sporting Goods and British retailer Sports Direct International, people familiar with the matter said. According to the report, there will be an auction for the leases and other remaining assets of the failed retailer, but there's little to no hope of a deal that could save a significant piece of the Sports Authority chain, which filed for bankruptcy protection in March. At one point, Modell's and Sports Direct were in talks about a bid that could have saved 100 to 200 Sports Authority stores and the jobs of thousands of employees, the report related, citing these people. That proposal shrunk over the past week, the people said, and when bids were due on June 23, there was no bid from Modell's and Sports Direct, the report further related. So while either of the big sporting goods sellers could still make a bid on Sports Authority's intellectual property, including its online selling apparatus, the string of stores that stretched across the U.S. will not survive the bankruptcy, the report added. About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD CEMENT: S&P Revises Outlook to Pos. & Affirms 'B-' CCR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Trinidad Cement Limited Group (TCL) to positive from stable. At the same time, S&P affirmed its 'B-' corporate credit and issue-level ratings on TCL. The outlook revision reflects TCL's better-than-expected operating performance since the completion of its financial restructuring and debt refinancing in August 2015. The latter improved the company's credit metrics and overall liquidity, and S&P's expectation that this trend will continue in the next two years. For the 12 months ended March 2016, TCL bolstered its profitability with EBITDA margin rising to 29% from 21% in the same period a year ago. This was mainly thanks to energy costs savings (including fuel and electricity) and the implementation of various operating efficiency programs at all of its production plants. These factors have offset the relatively sluggish economic and competitive conditions in the Caribbean market. Moreover, TCL is taking advantage of its technical and managerial service agreement that it signed with Cemex S.A.B. de C.V. as part of its financial restructuring, which S&P expects will continue boosting the company's performance in the next two years. TCL has also generated solid cash flow due to its improved operations, controlled working-capital management and capex, and a gradual debt reduction in line with the amortization schedule of its term loan. As a result, the company's debt to EBITDA improved to 1.9x from 4.2x and FOCF to debt to 24.4% from 8.5% for the same period last year. The positive outlook reflects S&P's view that TCL will continue to focus on stabilizing its operations, while controlling working- capital management and capex. This, coupled with S&P's expectations of a low single-digit revenue growth and a gradual debt reduction in line with its amortization schedule, should continue to strengthen its credit metrics and liquidity in the next 12 months. Specifically, S&P expects TCL to maintain debt to EBITDA below 2.0x and FOCF to debt to improve towards 35% by the end of 2016. An upgrade is likely in the next 12 months if TCL maintains its current operating and financial performance trend with debt to EBITDA below 2.0x and generates cash flow with FOCF to debt above 25% on a consistent basis. In S&P's view, this is likely to happen given that the company is committed to maintain its efficient cost structure and to achieve further operating improvements, which will translate into a consistent low single- digit EBITDA growth in the upcoming years. In addition, S&P would need to see greater stability in its top management for S&P to consider an upgrade. S&P could revise the outlook to stable if the company's operating and financial improvements are not sustainable in the next 12-18 months. This could be triggered by lower-than-expected EBITDA margin amid a sharp decline in cement volume due to higher-than- expected competitive environment and/or a deterioration in macroeconomic fundamentals in the Caribbean region, or if the company adopts a more aggressive financial strategy, including additional debt and/or higher than anticipated dividend distribution. Such scenario would lead to debt to EBITDA above 2.0x and FOCF to debt below 25%. ================= V E N E Z U E L A ================= VENEZUELA: OAS Head Supports Call to Remove President ----------------------------------------------------- Caribbean360.com reports that General Secretary of the Organization of American States (OAS) Luis Almagro has called on the hemispheric body to support a recall referendum to remove Venezuela's President Nicolas Maduro from office. But that Caribbean nation's Foreign Minister Delcy Rodriguez has accused fellow OAS members of trying to stage a coup to overthrow a legitimate government, according to Caribbean360.com. In a report to representatives from the 34-member bloc, Mr. Almagro painted a picture of suffering, chaos and crises in all areas of life in Venezuela, Caribbean360.com notes. Mr. Almagro also highlighted the shortages of food and other basic goods which have led to riots, and the opposition demands for a recall referendum to get rid of Maduro, the report relays. "What should be one of the wealthiest countries in the region is facing unprecedented levels of poverty, a critical humanitarian crisis and one of the highest violent crime rates in the world . . . . This crisis is reaching a breaking point," Mr. Almagro said, adding that the blame for it all rests squarely on the shoulders of those in power, the report says. Mr. Almagro urged the Permanent Council to agree that Venezuela has violated the principles in the organization's Inter-American Democratic Charter, the report relays. "The Permanent Council should take the necessary steps to address the unprecedented and unnecessary humanitarian crisis in Venezuela. The Permanent Council should take a stand on the political prisoners and the persistent reports of torture. The Permanent Council should support the will of the Venezuela public in their call for a recall referendum. The Permanent Council must act," the report quoted Mr. Almagro as saying. The OAS head made several recommendations, including that: the recall referendum be held before the end of 2016, in compliance with the deadline after the collecting of signatures of 90 days, would still provide time so it could be held this year; all political prisoners be released immediately; the executive and legislative branches of the Venezuelan government put aside their differences and immediately start working together to respond to the humanitarian crisis; all branches of government work together to bring stability and security back to the country; a new Supreme Court of Justice be appointed through a transparent process jointly agreed upon by the Executive and the Legislative branches of government; and an independent body to combat corruption, composed of international experts, be created and empowered to address the financial situation in Venezuela, the report notes. But the Venezuelan Foreign Minister harshly criticized Ms. Almagro and those who had come down on her country, and argued they were meddling in affairs they have no right in, the report discloses. "This is a coup that is being carried out in this organization to overcome the legitimate government of Nicolas Maduro," Ms. Rodriguez said, the report notes. "How far will we go? What precedents will we set?" She further charged that Almagro was manipulating the OAS to attack Venezuela -- "a clear infringement of the rules of this organization," the report notes. "You are using this organization to twist the arms of the countries that are not subjective, but Venezuela will not subject itself to the instructions of any foreign government," Ms. Rodriguez declared. As reported in the Troubled Company Reporter-Latin America on March 8, 2016, Moody's Investors Service has affirmed Venezuela's Caa3 issuer and government bond ratings and changed the outlook to negative from stable. The government's senior secured and senior unsecured government bond ratings were affirmed at Caa3, as were the senior unsecured shelf and MTN program ratings at (P)Caa3. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *