/raid1/www/Hosts/bankrupt/TCRLA_Public/160801.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
Monday, August 1, 2016, Vol. 17, No. 150
Headlines
B R A Z I L
PETROLEO BRASILEIRO: Board OKs Sale of Stake in Block BM-S-8
PETROLEO BRASILEIRO: S&P Affirms 'B+' Corporate Credit Rating
SAO PAULO: Fitch Affirms 'BB' IDR, Outlook Negative
USJ ACUCAR: S&P Raises Global Scale Rating to 'CCC+'
C A Y M A N I S L A N D S
ATTALUS LONG-SHORT: Members' Final Meeting Set for Aug. 16
ATTALUS MULTI-STRATEGY: Members' Final Meeting Set for Aug. 16
BMB COMIT: Shareholders' Final Meeting Set for Aug. 19
EAGLEVALE HELLENIC: Member to Hear Wind-Up Report on Aug. 9
EAGLEVALE OFFSHORE: Member to Hear Wind-Up Report on Aug. 9
EAST RIVER: Shareholders' Final Meeting Set for Aug. 12
FAMA BRAZIL: Shareholder to Hear Wind-Up Report on Aug. 10
FI SSA: Sole Member to Hear Wind-Up Report on Aug. 9
JAMAICA SELECT: Shareholders' Final Meeting Set for Aug. 19
PELIKAN GLOBAL: Shareholders' Final Meeting Set for Aug. 9
TRINIDAD SELECT: Shareholders' Final Meeting Set for Aug. 19
UB FUNDS: Shareholder to Hear Wind-Up Report on Aug. 10
C H I L E
AES GENER: S&P Affirms 'BB' Rating on Jr. Sub. Bonds Due 2073
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: IMF Lauds for Settling US$1.7 Billion Debt
DOMINICAN REPUBLIC Highland Farmers Caravan Demands Debt Payment
M E X I C O
CONTROLADORA MABE: S&P Affirms 'BB+' Rating, Outlook Remains Pos.
P U E R T O R I C O
AUGUSTOS CUISINE: Disclosures Okayed, Aug. 16 Plan Hearing Set
BALTAZAR ANTONIO: Hearing on Disclosure Statement Set for Aug. 24
PUERTO RICO: Hatch to Lead Congressional Task Force on Growth
V E N E Z U E L A
VENEZUELA: Decrees Forced Labor in the Fields for Citizens
X X X X X X X X X
* BOND PRICING: For the Week From July 25 to July 29, 2016
- - - - -
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B R A Z I L
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PETROLEO BRASILEIRO: Board OKs Sale of Stake in Block BM-S-8
------------------------------------------------------------
Petroleo Brasileiro S.A. (Petrobras) announced in a July 28
meeting that the Board of Directors approved the sale of the
company's stake in exploration block BM-S-8 to Statoil Brasil Oleo
e Gas Ltda.
This transaction comes about as a result of a competitive bidding
process and represents a significant development in the strategic
partnership between the two companies, which have already signed
cooperation agreements for technological development in offshore
E&P.
It also represents part of the Petrobras portfolio management
policy, which is giving priority to investment in assets with
greater potential for short-term cash generation, capital
optimization and economies of scale, due to the standardization of
production development projects. Petrobras has been achieving
significant competitive advantages in the development of the
Brazilian pre-salt layer, through the extensive application of
standardized equipment across similar projects.
The base price negotiated for the stake in the BM-S-8 is US$ 2.5
billion. The first installment (US $ 1.25 billion), representing
50% of the total, will be paid once the transaction has been
closed. The remaining amount will be paid in installments
contingent upon subsequent events, such as the signing of the
Production Individualization Agreement (unitization).
Block BM-S-8 is situated in the Santos Basin and is currently
operated by Petrobras (66%), in partnership with Petrogal Brasil
S.A. (14%), Queiroz Galvao Exploracao e Producao S.A. (10%) and
Barra Energia do Brasil Petroleo e Gas Ltda. (10%). A discovery
was made in this block, through exploratory drilling in the
Carcara area.
Furthermore, Petrobras and Statoil are negotiating a memorandum of
understanding for the assessment of other strategic cooperation
initiatives, with a view to activities over long-term.
This transaction opens up opportunities for partnerships with
other companies that have considerable expertise and investment
capacity, in order to strengthen the oil & gas industry in Brazil.
The deal forms an important part of the Petrobras 2015-2016
Partnership and Divestment Plan and completion is subject to the
customary prior conditions, including the right of first refusal
pertaining to the other partners in block BM-S-8 and approval by
the responsible bodies.
PETROLEO BRASILEIRO: S&P Affirms 'B+' Corporate Credit Rating
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' global scale ratings on
Petroleo Brasileiro S.A. - Petrobras (Petrobras), including its
corporate credit ratings and the ratings on the senior unsecured
notes issued through Petrobras International Finance Co. and
Petrobras Global Finance B.V. The issue-level ratings are the
same as Petrobras's corporate credit rating, incorporating the
holding operating nature and its businesses' diversification,
which in S&P's view mitigate potential structural subordination to
priority liabilities at the subsidiaries' level, and the still
limited amount of secured debt that accounts for less than 5% of
total debt position. S&P doesn't apply recovery analysis on
Petrobras because domestic legislation doesn't provide a clear
path to restructuring for government-related entities (GRE) in
Brazil. Therefore, S&P is not in a position to assess the timing
or procedures that would be involved in the event of an insolvency
of a GRE.
The company's SACP remains unchanged at 'b-'. At the same time,
S&P affirmed its 'brBBB-' Brazilian national scale corporate
credit rating on the company. The outlook on the ratings remains
negative.
The 'B+' ratings on Petrobras continue to reflect S&P's view of a
very high likelihood that the Brazilian government would provide
timely and sufficient extraordinary support to the company in the
event of distress, considering that the company's SACP is
currently at 'b-'. S&P bases its view of the very high likelihood
of support on these factors:
-- Petrobras' very important role as both Brazil's main oil
producer and owner of the bulk of the country's refining
capacity. S&P also considers that Petrobras' default would
have a significant systemic impact on Brazil's economy,
which should impel the government to support the company.
-- The company's very strong link to the government, which owns
50.3% of Petrobras' voting shares (more than 60% if S&P
includes sovereign-related entities such as the Brazilian
Development Bank [BNDES]). S&P considers that Petrobras'
sharply weaker creditworthiness would impair the
government's reputation, given that the latter is a strong
and stable shareholder with the ability to influence the
company's strategic and business plan.
S&P is monitoring the relationship between Petrobras and the
government, including the latter's incentives, capacity, and
actual tools to support the company. Although S&P believes the
government support would be Petrobras' last resource, a more
explicit mechanism--in terms of the timeframe and way to execute
it--would support our current assessment. S&P also believes some
changes to the current regulatory framework applicable to the
company might help it in terms of investment management, including
the local content rules and the potential exclusion of Petrobras'
obligation to act as the single operator and owner of at least a
30% stake in pre-salt fields.
The 'b-' SACP is currently constrained by the company's exposure
to the contingent liabilities coming from the class action and
individual lawsuits in the U.S., whose amounts remain uncertain.
S&P also sees potential contingencies stemming from fiscal-related
obligations (about R$117 billion in legal proceedings for which
provisions are very limited). Nevertheless, Petrobras' financial
management has improved, and S&P believes these factors could help
strengthen the company's credit quality in the next 12 months:
-- A more pronounced debt reduction given the successful
execution of the company's divestment plan. A stronger
Brazilian real--which appreciated significantly in the past
few months--could also help reduce debt because 80%-85% of
it is denominated in foreign currency, while the bulk of its
revenues are in reais. The implementation of capex cuts, a
sustained price premium in the refining business, and a
focus on profitability over production curve underscore the
current management's strengths.
-- A continued successful liquidity management. Petrobras was
able to restore successfully its access to markets, which
improved its maturity profile, although at a higher cost. A
lower pressure on refinancing activities is benefitting the
rating, in S&P's view.
-- Lower uncertainties arising from the litigation risks. S&P
don't include fines stemming from the lawsuits in its
analysis because their final amount is still unknown. On
the other hand, their resolution, in S&P's view, would
reduce uncertainties over the company's capital structure
sustainability.
SAO PAULO: Fitch Affirms 'BB' IDR, Outlook Negative
---------------------------------------------------
Fitch Ratings has downgraded the Brazilian state of Sao Paulo's
national long-term rating to 'AA(bra)' from 'AA+(bra)' with a
Stable Outlook as a result of ratings recalibration following
successive downgrades of the sovereign over the last six months.
Fitch has also affirmed the Long-Term Issuer Default Rating at
'BB'. The Rating Outlook remains Negative. The Outlook reflects
the Negative Outlook assigned to Brazil.
KEY RATING DRIVERS
The state of Sao Paulo's rating affirmation reflects its strong
economy, which is about one-third of the Brazilian GDP. The
ratings are based on an adequate fiscal performance when compared
to peers in the same rating category with a better fiscal autonomy
in relation to Brazilian states. The ratings are also supported
by the fact that Sao Paulo's most important creditor is the
federal government.
Fitch no longer expects Sao Paulo to post operating margins higher
than 5%. In 2015, operating margins reached 5.4%. Operating
margins should stabilize close to 3% by 2018, according to Fitch's
calculations. Fitch believes the state has been resorting to
using nonrecurring revenues, but in much lower proportion when
compared to other large Brazilian states.
The prolonged economic recession has translated into a poor
performance in tax collections, especially for Sao Paulo, whose
economy is more influenced by the industrial sector. Sao Paulo's
fiscal performance is dependent on the Imposto Sobre Circulacao de
Mercadorias e Servicos (ICMS) tax, which is highly correlated with
the performance of the national economy. Fitch expects Brazil to
contract by 3.5% in 2016, with some recovery expected in 2017.
Sao Paulo's financial debt has been increasing. In 2015, direct
debt over current balance jumped to 7.6 years from 1.9 years
registered in 2014. According to the state's debt projections,
this ratio should materially diverge from historical values
reaching levels close to 20 years, but still lower than 'BB' rated
entities (33 years). Sao Paulo's exposure to foreign debt is
relatively low and should consume less than 25% of the state's
operating balance until 2019.
Pension payments have been compromising a relevant portion of
personnel expenditures. In 2015, Sao Paulo allocated some 34.5%
of total annual personnel expenditures, or BRL2.3 billion per
month, to its proprietary pension system. Operating as a cash-
based fund, financial shortages should increase on average by 15%
over the last five years, reaching BRL19.3 billion in 2016, or
9.5% the state's operating revenues.
Fitch considers Sao Paulo's liquidity as adequate, with no short-
term concerns, even considering an amount of unpaid commercial
short-term liabilities that corresponded to 8% of operating
revenues in 2015. The short-term obligations are mainly composed
of debt service (33%) and credit and tax provisions (23%). The
outstanding cash positions of BRL22.2 billion covered 42.4% of the
state's obligations due in 2016 and corresponded to 10.9% of the
state's operating revenues (9.3% in 2014).
RATING SENSITIVITIES
State of Sao Paulo's ratings are capped by the Brazilian
sovereign. Any rating action affecting the Federative Republic of
Brazil, currently rated 'BB'/Outlook Negative, will exert a direct
impact over Sao Paulo's ratings.
An operating margin lower than 2% coupled with a higher level of
financial debt and expressed by a direct debt/current balance
higher than the equivalent to 20 years, could exert negative
pressure on Sao Paulo's ratings.
KEY ASSUMPTIONS
The ratings and Outlooks are sensitive to these assumptions:
-- Fitch assumes a high level of sovereign support for Sao
Paulo given the national relevance of the state and the fact
the state's most relevant creditor is the Federal
Government.
-- Fitch assumes that any political transition to a new
government during the impeachment process will be smooth and
peaceful but with some delays in progress on the
government's legislative agenda especially the ones
affecting subnationals such as pension reform and federal
debt renegotiation.
Fitch has taken these rating actions:
State of Sao Paulo:
-- Foreign Currency Long-Term IDR affirmed at 'BB'; Negative
Outlook;
-- Foreign Currency Short-Term IDR affirmed at 'B';
-- Local Currency Long-Term IDR affirmed at 'BB'; Negative
Outlook;
-- Local Currency Short-Term IDR affirmed at 'B';
-- National Long-term downgraded to 'AA(bra)' from 'AA+(bra)';
Stable Outlook;
-- National Short-term rating at 'F1+(bra)'.
USJ ACUCAR: S&P Raises Global Scale Rating to 'CCC+'
----------------------------------------------------
S&P Global Ratings upgraded USJ Acucar e Alcool S/A (USJ) to
'CCC+' from 'CCC-' on global scale and to 'brCCC+' from 'brCCC-'
on national scale. S&P also removed the ratings from CreditWatch
positive, where it placed them on May 17, 2016. The outlook is
stable.
At the same time, S&P revised its recovery rating on the company's
unsecured debt to '6', which indicates S&P's expectation for
negligible recovery (0%-10%) in the event of a payment default,
from '4'. S&P also affirmed the 'CCC-' senior unsecured debt
rating.
The upgrade reflects the diminished liquidity pressures following
the distressed exchange of USJ's senior unsecured notes on May 17,
2016, which S&P considered as tantamount to default. After the
completion of the deal, which reduced short-term debt and
increased FFO, thanks to the PIK (payment-in-kind) feature that
allows USJ to defer interest payments for the next two years, S&P
revised its liquidity assessment to less than adequate from weak
due to lower refinancing pressures in the next 12-18 months.
The stable outlook reflects S&P's expectation of lower liquidity
and refinancing pressures on USJ over the next 12-24 months after
the notes' exchange and better prospect for the sugar and ethanol
sector. These factors should improve the company's FOCF and
enable it to repay more expensive debt as it accrues interest on
its secured bonds.
S&P could downgrade the company if it can't improve FOCF in the
next 12-24 months, which would prevent it from reducing leverage,
making debt refinancing more challenging, and would further
increase liquidity pressures beyond the period allowed for
accruing interest. Higher capex disbursement or working capital
requirements, and lower sugar and ethanol prices would hinder cash
flows and could result in higher debt needs, which could increase
refinancing pressures amid the currently tight credit conditions
in Brazil, depleting USJ's liquidity position in the next 6-12
months.
An upgrade is unlikely in the next 12 months because the company
is dependent on external favorable facts and conditions to bolster
its capital structure, in S&P's view. However, a positive rating
action is possible following considerable land sales or capital
injection that could reduce debt significantly and make debt
amortizations compatible with USJ's annual FOCF generation, or
about R$50 to 100 million in the next several years.
==========================
C A Y M A N I S L A N D S
==========================
ATTALUS LONG-SHORT: Members' Final Meeting Set for Aug. 16
----------------------------------------------------------
The members of Attalus Long-Short Equity Fund, Ltd. will hold
their final meeting on Aug. 16, 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:
Michael Saville
c/o Prudence Pryce
10 Market Street
Camana Bay
P.O. Box 765 Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 949 7100
Facsimile: +1 (345) 949 7120
ATTALUS MULTI-STRATEGY: Members' Final Meeting Set for Aug. 16
--------------------------------------------------------------
The members of Attalus Multi-Strategy Fund (Erisa), Ltd. will hold
their final meeting on Aug. 16, 2016, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Michael Saville
c/o Prudence Pryce
10 Market Street
Camana Bay
P.O. Box 765 Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 949 7100
Facsimile: +1 (345) 949 7120
BMB COMIT: Shareholders' Final Meeting Set for Aug. 19
------------------------------------------------------
The shareholders of BMB Comit Ventures XI LDC will hold their
final meeting on Aug. 19, 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:
Christopher Rowland
c/o Richard Murphy
Fund Solution Services Limited
Telephone: +1 (345) 640 5863
EAGLEVALE HELLENIC: Member to Hear Wind-Up Report on Aug. 9
-----------------------------------------------------------
The member of Eaglevale Hellenic Opportunity Master Fund Ltd. will
hear on Aug. 9, 2016, at 11:15 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Eaglevale Partners LP
c/o Ridhiima Kapoor
89 Nexus Way, Camana Bay
Grand Cayman KY1-9009
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
EAGLEVALE OFFSHORE: Member to Hear Wind-Up Report on Aug. 9
-----------------------------------------------------------
The member of Eaglevale Hellenic Opportunity Offshore Fund Ltd.
will hear on Aug. 9, 2016, at 11:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Eaglevale Partners LP
c/o Ridhiima Kapoor
89 Nexus Way, Camana Bay
Grand Cayman KY1-9009
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
EAST RIVER: Shareholders' Final Meeting Set for Aug. 12
-------------------------------------------------------
The shareholders of East River Offshore Limited will hold their
final meeting on Aug. 12, 2016, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Jane Fleming
P.O. Box 30464 Grand Cayman KY1-1202
Cayman Islands
Telephone: (345) 945-2187
Facsimile: (345) 945-2197
FAMA BRAZIL: Shareholder to Hear Wind-Up Report on Aug. 10
----------------------------------------------------------
The sole shareholder of Fama Brazil Fund will hear on Aug. 10,
2016, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Andre Lederman
c/o Jonathan Turnham
Telephone: +1 345 949 0699
Facsimile: +1 345 949 8171
FI SSA: Sole Member to Hear Wind-Up Report on Aug. 9
----------------------------------------------------
The sole member of FI SSA Fund Ltd will hear on Aug. 9, 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:
Emile Wirtz
c/o Campbells
Willow House, Floor 4, Cricket Square
Grand Cayman KY1-1103
Cayman Islands
Telephone: +1 (345) 949 2648
Facsimile: +1 (345) 949 8613
JAMAICA SELECT: Shareholders' Final Meeting Set for Aug. 19
-----------------------------------------------------------
The shareholders of Jamaica Select Index Fund Ltd. will hold their
final meeting on Aug. 19, 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:
H&J Corporate Services (Cayman) Ltd
c/o Inga Thompson
Telephone: 345-949-7555
Willow House, 2nd Floor, Cricket Square
P.O. Box 866 Grand Cayman KY1-1103
Cayman Islands
PELIKAN GLOBAL: Shareholders' Final Meeting Set for Aug. 9
----------------------------------------------------------
The shareholders of Pelikan Global Fixed Income Fund will hold
their final meeting on Aug. 9, 2016, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Doran + MinehanE
59/60 O' Connell Street
Limerick
Ireland
Telephone: 00353 61 430000
Facsimile: 00353 61 408613
TRINIDAD SELECT: Shareholders' Final Meeting Set for Aug. 19
------------------------------------------------------------
The shareholders of Trinidad Select Index Fund Ltd. will hold
their final meeting on Aug. 19, 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:
H&J Corporate Services (Cayman) Ltd
c/o Inga Thompson
Telephone: 345-949-7555
Willow House, 2nd Floor, Cricket Square
P.O. Box 866 Grand Cayman KY1-1103
Cayman Islands
UB FUNDS: Shareholder to Hear Wind-Up Report on Aug. 10
-------------------------------------------------------
The sole shareholder of UB Funds SPC Ltd. will hear on Aug. 10,
2016, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Koji Sugitomo
c/o Charlotte Bradshaw
Ogier
Central Tower, 11th Floor
28 Queen's Road Central
Hong Kong
Telephone: +852 3656 6034
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C H I L E
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AES GENER: S&P Affirms 'BB' Rating on Jr. Sub. Bonds Due 2073
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BBB-' corporate credit and senior
unsecured ratings on AES Gener S.A. S&P also affirmed its 'BB'
rating on its junior subordinated bonds due 2073. The outlook
remains stable.
The affirmation reflects S&P's view that AES Gener will continue
to generate stable and strong cash flows in the upcoming years,
while maintaining its current credit metrics. Although the
company's EBITDA for 2015 and the first quarter of 2016 was below
our expectations, it continued to strengthen. This was mainly due
to improved operating results in Chile, stemming from higher
demand for power under long-term contracts with mining companies
in the SING power grid, new contract conditions in power purchase
agreements (PPAs), the lease of the Nueva Renca plant in the SIC
electricity system, and higher technical availability of efficient
plants. The Cochrane plant was finally connected to the electric
system on July 9, 2016, and is already receiving cash flows, the
Tunjita and Andes Solar (small renewable projects that on an
aggregate basis increase capacity by 41 megawatts [MW]) also
started commercial operations in late June and May, respectively,
and the construction of the Alto Maipo plant was about 34%
complete as of June 2016. Although adjusted EBITDA remained 6%
below our expectations--mainly due to a weaker-than-projected
performance in Colombia and the early termination of several
contracts in Chile -- the company's main credit metrics remained
in line with the intermediate financial risk profile. Adjusted
debt to EBITDA was 2.8x and FFO to debt was 23% in 2015 and the
rolling 12 months as of March 2016.
S&P's view of AES Gener's business risk profile continues to be
satisfactory, reflecting the company's strong market position in
Chile as a large, efficient, and reliable power generator with
large long-term PPAs with solid offtakers; its business
diversification due to its presence in Colombia and Argentina; and
its healthy operating performance.
"We assess AES Gener's financial risk profile as intermediate
mainly based on its relatively strong and stable cash flow
generation. We expect the company to use its revenue stream to
finance about $190 million in capital expenditures in 2016
excluding its non-recourse power projects in Chile, and the 100%
dividend payouts. AES Gener has increased its consolidated debt
sharply in the past five years due to the financing of new non-
recourse power projects including Angamos, Cochrane, and Alto
Maipo in Chile, which resulted in a total consolidated adjusted
debt to EBITDA of 5x at the end of 2015. However, a significant
portion of this debt is non-recourse to AES Gener. For analytical
purposes, we de-consolidated debt and EBITDA from these three
projects, because we believe under a stress situation AES Gener
won't support them," S&P said.
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: IMF Lauds for Settling US$1.7 Billion Debt
--------------------------------------------------------------
Dominican Today reports that the International Monetary Fund
congratulated Dominican Republic for paying the pending credit,
which it attributes to the "the country's remarkable progress"
attained under president Danilo Medina's leadership.
Moreover, the IMF, whose latest financing with the Dominican
Republic was around US$1.7 billion, said it's ready to continue
working with the government on "economic issues that are
important" for the country, according to Dominican Today.
The IMF's statement are in a letter from Western Hemisphere Dept.
director Alejandro Werner, to Medina, dated July 26, sent from its
Washington headquarters, the report notes.
"It's a pleasure to congratulate you on the payment of the
outstanding credit with the IMF by the Dominican Republic on July
19, 2016," Mr. Werner says in the missive, the report adds.
As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.
DOMINICAN REPUBLIC Highland Farmers Caravan Demands Debt Payment
----------------------------------------------------------------
Dominican Today reports that hundreds of farmers formed a caravan
that meandered through the highland city's streets Thursday to
demand payment of a RD$32 million debt from the Agriculture
Ministry, among other grievances.
The demonstration, which toured thorough several nearby villages,
was organized by the national farmers and producers association
(Unaproda) and other associations, according to Dominican Today.
The protesters demand payment of RD$12.8 million pledged to
finance garlic seeds, as well as RD$20 million pledged for a
harvest of 2,000 tons of onions, the report notes.
They also requested support to market the current garlic crop, a
halt of its import and assistance to plant over 600 hectares of
garlic, which starts October 1, the report relays.
The report discloses that the demonstrators also requested the
Agriculture Ministry's authorization to auction the next harvest
in the Dominican Agribusiness Bourse (BARD).
Unaproda President Humberto Collado said they are tired of
Agriculture minister Angel Estevez's promises. Mr. Collado said
said they've visited him many times but have failed to agree on
how to resolve the situation he affirms has bankrupt hundreds of
farmers, the report relays. "This peaceful protest only seeks a
solution to the crisis for nonpayment facing most farmers in
Constanza," the report quoted Mr. Collado as saying.
Mr. Collado said 63% of Constanza's small and medium producers is
on the verge of going under and the rest face serious problems in
the coming days, as the result of the Agribusiness Board's (JAD)
auctions to import farm products, the report notes.
According to Mr. Collado, the JAD held an auction to import garlic
in May just when local farmers were harvesting it, "that violates
executive order 569-12, which states that auctions cannot be done
at harvest time," the report adds.
As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.
===========
M E X I C O
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CONTROLADORA MABE: S&P Affirms 'BB+' Rating, Outlook Remains Pos.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' corporate and issue-level
ratings on Mexico-based home appliance company, Controladora Mabe,
S.A. de C.V. The outlook remains positive. S&P also revised its
recovery rating to '3' from '4', indicating its expectation of a
meaningful (50% to 70%) recovery, in the lower half of the range,
for bondholders in a payment default scenario.
The rating affirmation reflects Mabe's continued improvement of
its operating performance, given its focus on operating
efficiencies, cost reductions and better product mix, amid
relatively stable raw material prices. Also, Mabe has been able
to protect its key financial metrics despite the significant
economic volatility and depreciation of currencies in the
countries where it operates. S&P expects Mabe to continue
strengthening its profitability while reducing its debt in the
next few quarters, which should be reflected in a leverage ratio
below 3.0x by year-end 2016. The positive outlook reflects S&P's
expectation that Mabe will continue improving its operating and
financial performance in the next 6-12 months, reflecting its
focus on achieving operating efficiencies cost reductions, and
debt reduction. This should allow the company to maintain EBITDA
margins close to 11% and debt to EBITDA below 3.0x by year-end
2016, despite the sluggish economic conditions in the region and
local currencies' volatility. S&P also expects Mabe to maintain
its moderate financial policy and adequate liquidity, although the
company will spend more on capex and is evaluating paying
dividends this year. If this improving trend continues, S&P could
revise its financial risk profile to intermediate from
significant, and therefore, an upgrade is possible.
S&P could change the outlook to stable in the next 12 months if
the company's operating and financial improving trend doesn't
occur in line with S&P's expectations, constraining its cash flow
generation and maintaining its debt to EBITDA above 3.0x and FOCF
to debt significantly below 15%. A potential negative rating
action is possible if Mabe's operating results and profitability
deteriorate, reflecting weaker-than-expected global economic
conditions or higher competition that result in lower demand for
the company's products, or if raw material prices increase
significantly. A downgrade could also occur if company's
liquidity, cash flow generation, or leverage deteriorates,
reflected in an adjusted debt to EBITDA consistently greater than
4.0x and FOCF to debt below 10%, which could occur if Mabe's
financial policy turns aggressive.
======================
P U E R T O R I C O
======================
AUGUSTOS CUISINE: Disclosures Okayed, Aug. 16 Plan Hearing Set
--------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has entered an order conditionally
approving the Disclosure Statement that Augustos Cuisine
Corporation filed on July 8, 2016.
The Court set for Aug. 16, 2016, at 10:00 a.m. the hearing on
final approval of the disclosure statement (if a written objection
has been timely filed) and for the hearing on confirmation of the
Chapter 11 plan.
Three days prior to the hearing is fixed as the last day for
filing written acceptances or rejections to the plan. Three days
prior to the hearing is fixed as the last day for filing and
serving written objections to the disclosure statement and
confirmation of the plan.
Augusto's Cuisine Corporation filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 15-09390) on Nov. 25, 2015.
BALTAZAR ANTONIO: Hearing on Disclosure Statement Set for Aug. 24
-----------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has set for Aug. 24, 2016, at 9:00 a.m.
the hearing to approve Baltazar Antonio Negron Soto's Disclosure
Statement explaining his Chapter 11 plan.
Objections to the form and content of the Disclosure Statement
should be in writing and filed with the Court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing.
Baltazar Antonio Negron Soto filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 14-08847) on Oct. 28, 2014.
PUERTO RICO: Hatch to Lead Congressional Task Force on Growth
--------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reported that U.S.
Senator Orrin Hatch, the chamber's most senior Republican, will
serve as chairman of an eight-member panel of Congressional
members that will review federal laws and programs to improve
Puerto Rico's economy.
According to the report, the Congressional Task Force on Economic
Growth in Puerto Rico is part of legislation enacted on June 30 to
deal with the commonwealth's $70 billion debt crisis. House
Speaker Paul Ryan appointed Hatch as chairman of the committee,
the report said, citing a U.S. House website. Hatch, 82, serves as
chairman of the Senate Finance Committee and was elected to the
Utah seat in 1976, the report related.
The panel will draft a report by the end of this year that details
any current federal laws that hamper growth on the island and
suggest changes to Washington programs to help turnaround an
economy that's failed to grow in the last decade, the report
further related.
House and Senate majority and minority leaders appointed the
committee members, which include Rep. Tom MacArthur of New Jersey;
Rep. Sean Duffy of Wisconsin; Rep. Nydia Velazquez of New York;
Pedro Pierluisi, Puerto Rico's congressional member; and Senators
Marco Rubio of Florida; Bob Menendez of New Jersey and Bill Nelson
of Florida, the report said.
=================
V E N E Z U E L A
=================
VENEZUELA: Decrees Forced Labor in the Fields for Citizens
----------------------------------------------------------
Rick Moran at pjmedia.com reports that with the Venezuelan economy
predicted to shrink 10% this year and an anticipated inflation
rate of 700%, the government of President Nicolas Maduro has been
ruling by executive decree.
The country is currently mired in a food crisis of unprecedented
proportions, according to pjmedia.com. Severe shortages of basics
like milk, eggs, and flour have driven tens of thousands of
citizens across the border into Colombia searching for food, the
report notes. At the sight of shelves full of food, they weep.
The crisis goes beyond food shortages. pjmedia.com, citing CNN
Money, notes that Venezuela is deep into a humanitarian crisis --
people are dying in ill-equipped hospitals and many live without
basic food items. Venezuela can't pay to import goods because its
government is desperately strapped for cash after years of
mismanagement of its funds, heavy spending on poorly-run
government programs, and lack of investment on its oil fields.
The report discloses that international humanitarian organizations
have been mostly blocked from assisting because Maduro doesn't
trust them. Instead, President Maduro issued a decree recently
ordering citizens to leave their jobs in the private sector to be
put to work in the fields:
"Trying to tackle Venezuela's severe food shortages by forcing
people to work the fields is like trying to fix a broken leg with
a band aid," Erika Guevara Rosas, Americas' Director at Amnesty
International, said in a statement obtained by the news agency.
President Nicolas Maduro is using his executive powers to declare
a state of economic emergency. By using a decree, he can legally
circumvent Venezuela's opposition-led National Assembly -- the
Congress -- which is staunchly against all of Maduro's actions,
the report relays.
According to the decree from July 22, workers would still be paid
their normal salary by the government and they can't be fired from
their actual job, the report notes.
It is a potent sign of tough conditions in Venezuela, which is
grappling with the lack of basic food items like milk, eggs and
bread. People wait hours in lines outsides supermarkets to buy
groceries and often only see empty shelves, the report says.
Venezuela once had a robust agricultural sector. But under its
socialist regime, which began with Hugo Chavez in 1999, the oil-
rich country started importing more food and invested less in
agriculture. Nearly all of Venezuela's revenue from exports comes
from oil, the report discloses.
With oil prices down to about $41 a barrel from over $100 about
two years ago, Venezuela has quickly run out of cash and can't pay
for its imports of food, toilet paper and other necessities, the
report relays. Neglected farms are now being asked to pick up the
slack.
The report notes that President Maduro's actions are very similar
to a strategy the communist Cuban government used in the 1960s
when it sought to recover sugar production after it declined
sharply following the U.S. embargo on Cuban goods. It forced
Cubans to work on sugar farms to cultivate the island's key
commodity, the report adds.
As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From July 25 to July 29, 2016
----------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Andino Investment Holding 11 70.85 11/13/2020 PE USD
Andino Investment Holding 11 68.88 11/13/2020 PE USD
Anton Oilfield Services G 7.5 69.03 11/6/2018 CN USD
Anton Oilfield Services G 7.5 66 11/6/2018 CN USD
BA-CA Finance Cayman 2 Lt 0.719 38.5 KY EUR
BA-CA Finance Cayman Ltd 0.749 38.93 KY EUR
Banco do Brasil SA/Cayman 6.25 62.84 KY USD
Banco do Brasil SA/Cayman 6.25 59.51 KY USD
BPI Capital Finance Ltd 2.29 40 KY EUR
CA La Electricidad de Car 8.5 43.75 4/10/2018 VE USD
Chile Government Internat 3.625 15.7 10/30/2042 CL USD
CSN Islands XI Corp 6.875 61.25 9/21/2019 KY USD
CSN Islands XI Corp 6.875 61.13 9/21/2019 KY USD
CSN Islands XII Corp 7 48.8 BR USD
CSN Islands XII Corp 7 47.75 BR USD
Decimo Primer Fideicomiso 4.54 59.75 10/25/2041 PA USD
Decimo Primer Fideicomiso 6 71.38 10/25/2041 PA USD
Ecuador Government Domest 8.45 70.8 2/6/2034 EC USD
Ecuador Government Domest 8.45 69.35 9/10/2034 EC USD
Ecuador Government Domest 8.45 70.42 4/2/2034 EC USD
Ecuador Government Domest 8.45 69.72 7/17/2034 EC USD
Ecuador Government Domest 8.45 69.71 5/30/2034 EC USD
Ecuador Government Domest 8.45 69.23 9/30/2034 EC USD
Ecuador Government Domest 8.45 70.52 3/19/2034 EC USD
Ecuador Government Domest 7.75 74.84 12/19/2028 EC USD
Ecuador Government Domest 8.45 69.94 6/12/2034 EC USD
Ecuador Government Domest 8.45 69.95 6/11/2034 EC USD
Ecuador Government Domest 8.45 69.82 7/1/2034 EC USD
Ecuador Government Domest 7.7 73.56 7/1/2029 EC USD
Ecuador Government Domest 7.7 72.94 9/10/2029 EC USD
Ecuador Government Domest 7.75 74.95 11/8/2028 EC USD
Ecuador Government Domest 7.7 73.74 6/11/2029 EC USD
Ecuador Government Domest 7.7 73.73 6/12/2029 EC USD
Ecuador Government Domest 7.7 72.77 9/30/2029 EC USD
Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP
Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP
ESFG International Ltd 5.753 0.883 KY EUR
General Exploration Partn 11.5 36.75 11/13/2018 CA USD
General Shopping Finance 10 60.55 KY USD
General Shopping Finance 10 60.63 KY USD
Global A&T Electronics Lt 10 70.88 2/1/2019 SG USD
Global A&T Electronics Lt 10 71.88 2/1/2019 SG USD
Global A&T Electronics Lt 10 50.5 2/1/2019 SG USD
Global A&T Electronics Lt 10 54 2/1/2019 SG USD
Glorious Property Holding 13.25 74.56 3/4/2018 HK USD
Gol Finance Inc 9.25 47.35 7/20/2020 BR USD
Gol Finance Inc 8.75 37.75 BR USD
Gol Finance Inc 7.5 61 4/3/2017 BR USD
Gol Finance Inc 7.5 59.38 4/3/2017 BR USD
Gol Finance Inc 7.5 59.38 4/3/2017 BR USD
Gol Finance Inc 9.25 43.38 7/20/2020 BR USD
Gol Finance Inc 8.75 36.88 BR USD
Green Dragon Gas Ltd 10 63.75 11/20/2017 HK USD
Greenfields Petroleum Cor 9 11.35 5/31/2017 US CAD
Honghua Group Ltd 7.45 58.25 9/25/2019 CN USD
Honghua Group Ltd 7.45 58 9/25/2019 CN USD
Inversora Electrica de Bu 6.5 59.5 9/26/2017 AR USD
MIE Holdings Corp 7.5 67.25 4/25/2019 HK USD
MIE Holdings Corp 7.5 68.58 4/25/2019 HK USD
NB Finance Ltd/Cayman Isl 3.38 60.22 2/7/2035 KY EUR
Newland International Pro 9.5 24.13 7/3/2017 PA USD
Newland International Pro 9.5 25.13 7/3/2017 PA USD
Noble Holding Internation 6.2 65.42 8/1/2040 KY USD
Noble Holding Internation 6.05 66.38 3/1/2041 KY USD
Noble Holding Internation 5.25 64.71 3/15/2042 KY USD
Ocean Rig UDW Inc 7.25 57.75 4/1/2019 CY USD
Ocean Rig UDW Inc 7.25 55 4/1/2019 CY USD
Odebrecht Drilling Norbe 6.35 27 6/30/2021 KY USD
Odebrecht Drilling Norbe 6.35 28.5 6/30/2021 KY USD
Odebrecht Finance Ltd 7.5 40 KY USD
Odebrecht Finance Ltd 4.375 37.23 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 33.5 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 34.5 6/27/2029 KY USD
Odebrecht Finance Ltd 5.125 36 6/26/2022 KY USD
Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL
Odebrecht Finance Ltd 7 53.5 4/21/2020 KY USD
Odebrecht Finance Ltd 6 41.51 4/5/2023 KY USD
Odebrecht Finance Ltd 5.25 36 6/27/2029 KY USD
Odebrecht Finance Ltd 4.375 36 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 33.75 6/26/2042 KY USD
Odebrecht Finance Ltd 7.5 42.5 KY USD
Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL
Odebrecht Finance Ltd 5.125 35.38 6/26/2022 KY USD
Odebrecht Finance Ltd 6 38.88 4/5/2023 KY USD
Odebrecht Finance Ltd 7 44 4/21/2020 KY USD
Odebrecht Offshore Drilli 6.75 17 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.625 17 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.75 17.38 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.625 17.38 10/1/2022 KY USD
Petroleos de Venezuela SA 5.25 67.5 4/12/2017 VE USD
Petroleos de Venezuela SA 12.75 56.1 2/17/2022 VE USD
Petroleos de Venezuela SA 9 49.38 11/17/2021 VE USD
Petroleos de Venezuela SA 9.75 44.57 5/17/2035 VE USD
Petroleos de Venezuela SA 6 38.5 5/16/2024 VE USD
Petroleos de Venezuela SA 6 36.75 11/15/2026 VE USD
Petroleos de Venezuela SA 5.375 37 4/12/2027 VE USD
Petroleos de Venezuela SA 5.5 36.75 4/12/2037 VE USD
Petroleos de Venezuela SA 6 32.13 10/28/2022 VE USD
Petroleos de Venezuela SA 6 36.4 11/15/2026 VE USD
Petroleos de Venezuela SA 6 35.35 5/16/2024 VE USD
Petroleos de Venezuela SA 9.75 41.7 5/17/2035 VE USD
Petroleos de Venezuela SA 9 45.25 11/17/2021 VE USD
Petroleos de Venezuela SA 12.75 46.15 2/17/2022 VE USD
Polarcus Ltd 5.6 44.93 3/30/2022 AE USD
Provincia de Rio Negro 1.6148 62 5/4/2024 AR ARS
PSOS Finance Ltd 11.75 60.13 4/23/2018 KY USD
Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD
Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD
Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD
Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD
Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD
Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD
Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD
Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD
Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD
Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD
Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD
Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD
Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD
Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD
Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD
Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD
Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD
Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD
Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD
Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD
Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD
Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD
Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD
Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD
Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD
Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD
Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD
Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD
Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD
Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD
Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD
Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD
Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD
Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD
Samarco Mineracao SA 4.125 37.25 11/1/2022 BR USD
Samarco Mineracao SA 5.75 36.6 10/24/2023 BR USD
Samarco Mineracao SA 5.375 35.38 9/26/2024 BR USD
Samarco Mineracao SA 4.125 37.38 11/1/2022 BR USD
Samarco Mineracao SA 5.75 39.63 10/24/2023 BR USD
Samarco Mineracao SA 5.375 37.25 9/26/2024 BR USD
Siem Offshore Inc 5.69 52.25 1/30/2018 NO NOK
Siem Offshore Inc 5.49 51.75 3/28/2019 NO NOK
Transocean Inc 5.05 74.75 10/15/2022 KY USD
Transocean Inc 6.8 63.66 3/15/2038 KY USD
Transocean Inc 7.5 65.78 4/15/2031 KY USD
Transocean Inc 9.1 70.41 12/15/2041 KY USD
Transocean Inc 7.45 74.9 4/15/2027 KY USD
Transocean Inc 8 73.55 4/15/2027 KY USD
Uruguay Notas del Tesoro 5.25 61.99 12/29/2021 UY UYU
US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD
US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD
Venezuela Government Inte 9.25 49.03 9/15/2027 VE USD
Venezuela Government Inte 11.75 49.5 10/21/2026 VE USD
Venezuela Government Inte 11.95 49.5 8/5/2031 VE USD
Venezuela Government Inte 7.75 47.38 10/13/2019 VE USD
Venezuela Government Inte 13.625 65.25 8/15/2018 VE USD
Venezuela Government Inte 9.375 45.85 1/13/2034 VE USD
Venezuela Government Inte 7 52.85 12/1/2018 VE USD
Venezuela Government Inte 7 42 3/31/2038 VE USD
Venezuela Government Inte 9 45.5 5/7/2023 VE USD
Venezuela Government Inte 9.25 45.5 5/7/2028 VE USD
Venezuela Government Inte 8.25 44.38 10/13/2024 VE USD
Venezuela Government Inte 6 43.5 12/9/2020 VE USD
Venezuela Government Inte 13.625 56.5 8/15/2018 VE USD
Venezuela Government Inte 7.65 43.25 4/21/2025 VE USD
Venezuela Government Inte 13.625 59.69 8/15/2018 VE USD
Venezuela Government Inte 12.75 53.5 8/23/2022 VE USD
Venezuela Government TICC 5.25 53.23 3/21/2019 VE USD
VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD
VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD
XLIT Ltd 6.5 70 IE USD
***********
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 * * *