/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160818.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, August 18, 2016, Vol. 17, No. 163 Headlines A R G E N T I N A * ARGENTINA: E-Business Aims to Create 5,000 More Jobs in 5 Years B R A Z I L BANCO DO ESTADO: S&P Affirms 'BB-/B' National Scale Ratings USINA CAETE: S&P Affirms then Withdraws 'D' Corp. Credit Rating USINAS SIDERURGICAS: Said to Be Seeking Dollar-Bond Renegotiation C A Y M A N I S L A N D S ATLANTIC GUARANTY: Placed Under Voluntary Liquidation BCM (CAYMAN): Commences Liquidation Proceedings CHEYNE ASSET-BACKED: Creditors' Proofs of Debt Due Sept. 5 DELOS LONG: Placed Under Voluntary Wind-Up FR GALAXY: Placed Under Voluntary Liquidation LEHMAN BROTHERS CDO: Court Appoints Shakespeare as Liquidator MONGOLIAN MINING: Placed Under Provisional Liquidation MSR ASIA: Creditors' Proofs of Debt Due Sept. 15 OLD PARK: Creditors' Proofs of Debt Due Sept. 16 POINT FOUR: Creditors' Proofs of Debt Due Sept. 6 SPECIAL OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 5 SPECIAL OPPORTUNITIES I: Creditors' Proofs of Debt Due Sept. 5 SUNTECH POWER: Court Appoints Walker and Jong as Liquidators G U Y A N A GUYANA: Reduces Trade Deficit by Nearly 100 Per Cent in 1H 2016 GUYSUCO: Accuses Union of Trying to Shut Down Sugar Industry M E X I C O ALTOS HORNOS: Chapter 15 Case Summary ALTOS HORNOS: Seeks U.S. Recognition of Mexican Plan P U E R T O R I C O SAMUEL FIGUEROA: Files Plan to Exit Chapter 11 Protection SUCN. PEDRO: Hires Carlos A. Piovanetti Dohnert as Attorney WESTERN HIPERBARIC: Prexy Pays $4K Retainer to Bankruptcy Counsel - - - - - ================= A R G E N T I N A ================= * ARGENTINA: E-Business Aims to Create 5,000 More Jobs in 5 Years ----------------------------------------------------------------- EFE News reports that the Argentine e-business Mercado Libre (Free Market) disclosed that over the next five years it will invest some US$100 million and create 5,000 "high quality" jobs in this South American country. "We're going to add 5,000 high quality jobs in Argentina" and "we will invest an additional ARS$1.5 billion (US$100 million) in research and development, building new offices and training personnel," Marcos Galperin, the firm's executive director, announced, according to EFE News. At a ceremony together with Argentine President Mauricio Macri at Mercado Libre headquarters in the town of Vicente Lopez, located on the northern stretch of Buenos Aires' metropolitan beltway, Galperin said that after creating 90 jobs in Argentina over the last five years, he will "keep investing" and "boosting the company's presence" in the country, the report notes. In that regard, he announced that the firm will establish some rather spacious offices in other parts of Buenos Aires, spaces that will possibly be inaugurated in 2018, the report relays. For President Macri, these announcements "demonstrate the power" of an idea to "generate confidence," as in the case of Mercado Libre, which, he believes, has understood how to create a "community of opportunities," the report notes. The president said the company is an example worth following, since it was founded in 1999 "in two garages" and today is the No. 1 e-commerce company in the region and makes shopping easier for "thousands of people all day long all over the country," the report discloses. For his part, Mr. Galperin said that at present some 370,000 families live off the sales they make on his Web site and talked about the jobs this business activity has created, says the report. Mr. Galperin also said he strongly supports all the current government's initiatives aimed at promoting entrepreneurship in the country and eliminating "bureaucratic obstacles" that "discourage" free competition and "benefit just the few," the report notes. In that sense, he hailed the PYMES (Small and Medium Sized Businesses) Promotion Law, passed by Congress in July, which, in his opinion, helps small-business owners develop their ideas, the report adds. * * * On April 19, 2016, the Troubled Company Reporter-Latin America reported that Moody's Investors Service upgraded on April 15, 2016, Argentina's government bond rating to B3 from Caa1, with the outlook changed to stable from positive. The key drivers for the upgrade are (i) Moody's expectation that Argentina will settle holdout creditor claims which will result in a lifting of court injunctions and clear the way for Argentina to access international capital markets, as well as the likelihood that Argentina will make payments to restructured bondholders increased significantly following an April 13, US circuit court ruling in favor of Argentina, and (ii) the economic policy improvements since Mauricio Macri's administration took office last December. The new government lifted capital controls and allowed the peso to float more freely, reduced energy and transportation subsidies and has begun to address longstanding macroeconomic imbalances. As previously reported by the TCR-LA, Argentina defaulted on some of its debt late July 30, 2014, after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court-appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. On March 30, 2016, after more than 12 hours of debate in the Senate, Argentina's Congress passed a bill that will allow the government to repay holders of debt that the South American country defaulted on in 2001, including a group of litigating hedge funds that won judgments in a New York court. The bill passed by a vote of 54-16. On March 24, 2016, Fitch Ratings upgraded Argentina's Long- term local-currency Issuer Default Rating (LT LC IDR) to 'B' from 'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long- term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR at 'RD'. In addition, Fitch has upgraded the Country Ceiling to 'B' from 'CCC'. =========== B R A Z I L =========== BANCO DO ESTADO: S&P Affirms 'BB-/B' National Scale Ratings ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB-/B' global scale and 'brA/brA-2' Brazilian national scale ratings on Banco do Estado do Para S.A. (Banpara). The bank's stand-alone credit profile (SACP) remains at 'bb-'. The outlook is still negative. The ratings on Banpara reflect its weak business position, given the bank's revenue stability, small scale, and narrow range of business lines. The ratings also reflect the bank's adequate capital and earnings due to an average risk-adjusted capital (RAC) ratio of 8.1% for the next 18-24 months, moderate risk position given Banpara's satisfactory asset quality metrics and geographic concentration in the state of Para, above-average funding because the bank is the state's financial agent, and strong liquidity based on the bank's comfortable liquidity cushion against its stable retail customer base. S&P don't incorporate any notching of government support into the bank's SACP. The state of Para owns 99.98% of Banpara. Therefore, S&P considers it as a government-related entity, according to its external support analysis. S&P views likelihood of government support to the bank as moderate given the latter's limited importance to, and its strong link with, government. This assessment is based on the state government's majority control of the bank, Banpara's role as the state's financial agent, and its mission to expand banking services to Para's isolated municipalities. On the other hand, S&P believes the services Banpara provides could eventually be replaced by another lender, limiting the likelihood of government support. USINA CAETE: S&P Affirms then Withdraws 'D' Corp. Credit Rating --------------------------------------------------------------- S&P Global Ratings affirmed its 'D' global scale corporate credit and issue-level ratings on Usina Caete S.A - NE, and its '2' recovery rating. S&P subsequently withdrew these ratings at the company's request. At the time of the withdrawal, the company was still negotiating with its debtholders to reach an agreement on debt restructuring. USINAS SIDERURGICAS: Said to Be Seeking Dollar-Bond Renegotiation ----------------------------------------------------------------- Paula Sambo and R.T. Watson at Bloomberg News report that Usinas Siderurgicas de Minas Gerais S.A. is exploring a plan to push out maturities on its dollar bonds as part of the Brazilian steelmaker's broader debt restructuring after prices and demand slumped, people with knowledge of the matter said. The Belo Horizonte-based company will offer holders different options to restructure $180 million in notes due 2018, said the people, who asked not to be named because talks are private, according to Bloomberg News. The most likely outcome is to swap the notes for longer dated bonds without an explicit haircut, the people said. For now, it's not offering to buy back the notes, they said, Bloomberg News relays. The dollar-bond proposal follows a June accord with local creditors -- including Itau Unibanco Holding SA, Banco Bradesco SA, Banco do Brasil SA and BNDES -- that gave Usiminas 10 years to pay back debt accounting for 75 percent of the total it's renegotiating, Bloomberg News notes. BNDES confirmed it was extending Usiminas' 120-day credit standstill after the steelmaker completed a BRL1 billion capital increase, Bloomberg News discloses. The 2018 notes slumped to as low as 27.5 cents on the dollar in February when Brazil's recession choked off demand for steel, thwarting Usiminas's efforts to cut leverage, Bloomberg News notes. Since then, the bonds have recovered to 86 cents. Nippon Steel & Sumitomo Metal Corp. and Techint Group, which control Usiminas through a shareholder pact, have been engaged in a long-running battle over how to run the company formally known as Usinas Siderurgicas de Minas Gerais SA, Bloomberg News adds. As reported in the Troubled Company Reporter-Latin America on April 6, 2016, Moody's America Latina has downgraded Usinas Siderurgicas de Minas Gerais S.A. corporate family ratings to Ca from Caa1 (global scale) and to Ca.br from Caa1.br (national scale). The outlook for the ratings is stable. ========================== C A Y M A N I S L A N D S ========================== ATLANTIC GUARANTY: Placed Under Voluntary Liquidation ----------------------------------------------------- On July 19, 2016, the sole shareholder of Atlantic Guaranty Insurance Company resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Dianne Sweeney 3661 Sexton Woods Dr Atlanta, Georgia 30341 USA Telephone: (678) 476 5805 BCM (CAYMAN): Commences Liquidation Proceedings ----------------------------------------------- On July 28, 2016, the sole shareholder of BCM (Cayman) Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Castlebrook Group Limited c/o Ian Williams Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +1 (345) 914 4229 CHEYNE ASSET-BACKED: Creditors' Proofs of Debt Due Sept. 5 ---------------------------------------------------------- The creditors of Cheyne Asset-Backed Fund Inc. are required to file their proofs of debt by Sept. 5, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 25, 2016. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands DELOS LONG: Placed Under Voluntary Wind-Up ------------------------------------------ At an extraordinary meeting held on July 21, 2016, the sole shareholder of Delos Long Short Fund, Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Fides Limited c/o Dwight Dube P.O. Box 10338 Grand Cayman The Grand Pavilion, 2nd Floor Commercial Centre Cayman Islands KY1-1003 Telephone (345) 949 7232 FR GALAXY: Placed Under Voluntary Liquidation --------------------------------------------- On July 25 2016, the shareholders of FR Galaxy Holdings Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Daren Schneider First Reserve Corporation One Lafeyette Place, Third Floor Greenwich Connecticut 06830 USA LEHMAN BROTHERS CDO: Court Appoints Shakespeare as Liquidator ------------------------------------------------------------- On July 18, 2016, the Grand Court of Cayman Islands appointed Jess Shakespeare in place of David Walker as the liquidator of Lehman Brothers CDO Associates (Cayman) Ltd. The Liquidator can be reached at: Jess Shakespeare c/o Kadie Prospere Telephone: + 1 (345) 914 8745 Facsimile: + 1 (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 18 Forum Lane, Camana Bay Cayman Islands MONGOLIAN MINING: Placed Under Provisional Liquidation ------------------------------------------------------ On July 19, 2016, the Grand Court of the Cayman Islands entered an order to place Mongolian Mining Corporation under provisional liquidation. The company's liquidator is: Simon Conway c/o Ben Henshilwood PwC P.O. Box 258 18 Forum Lane Camana Bay, Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 914 8743 Facsimile: +1 (345) 945 4237 MSR ASIA: Creditors' Proofs of Debt Due Sept. 15 ------------------------------------------------ The creditors of MSR Asia Acquisitions XII, Inc. are required to file their proofs of debt by Sept. 15, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 28, 2016. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands OLD PARK: Creditors' Proofs of Debt Due Sept. 16 ------------------------------------------------ The creditors of Old Park Capital Maestro Fund Limited are required to file their proofs of debt by Sept. 16, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 25, 2016. The company's liquidator is: Matthew Wright c/o James McGrath Regatta Office Park Telephone: (345) 949 8761 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Grand Cayman KY1-1103 Cayman Islands POINT FOUR: Creditors' Proofs of Debt Due Sept. 6 ------------------------------------------------- The creditors of Point Four Limited are required to file their proofs of debt by Sept. 6, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 25, 2016. The company's liquidator is: Stanislas Le Carpentier c/o Saffery Champness (Suisse) S.A. Boulevard Georges-Favon 18 1204 Geneva Switzerland Telephone: +41 22 319 09 75 Facsimile: +41 22 319 09 77 website: http://www.saffery.ch SPECIAL OPPORTUNITIES: Creditors' Proofs of Debt Due Sept. 5 ------------------------------------------------------------ The creditors of Special Opportunities Portfolio Limited are required to file their proofs of debt by Sept. 5, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 27, 2016. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 SPECIAL OPPORTUNITIES I: Creditors' Proofs of Debt Due Sept. 5 -------------------------------------------------------------- The creditors of Special Opportunities Portfolio I S.P.C. are required to file their proofs of debt by Sept. 5, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 27, 2016. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 SUNTECH POWER: Court Appoints Walker and Jong as Liquidators ------------------------------------------------------------ On July 13, 2016, the Grand Court of Cayman Islands appointed Walker and Jong as liquidators of Suntech Power Holdings Co., Ltd. The Liquidators can be reached at: David Walker Yat Kit 'Victor' Jong c/o Kadie Prospere Telephone: + 1 345 914 8745 Facsimile: + 1 345 945 4237 P.O. Box 258 18 Forum Lane, Camana Bay Grand Cayman KY1-1104 Cayman Islands =========== G U Y A N A =========== GUYANA: Reduces Trade Deficit by Nearly 100 Per Cent in 1H 2016 --------------------------------------------------------------- The Jamaica Observer reports that Guyana has recorded a significant decline in its balance of trade deficit for the first six months of this year as compared to the same period last year, according to figures released by the Ministry of Finance. According to the figures, the deficit had been reduced by 92 per cent and stood at US$19.1 million as against US$250.6 million, the report notes. The Ministry notes that Guyana exported merchandise valued at US$666.4 million in the first half of 2016, an increase of US$147.2 million compared to that of US$519.2 million for a similar period last year, according to The Daily Observer. The increase in merchandise export is credited to the performance of the extractive sector, the report relays. Gold exports more than doubled with declared exports of US$390.7 million for the first six months of the year, compared to US$188.3 million for the corresponding period last year, the report says. Merchandise imports for the first half of 2016 showed a reduction of 10.1 per cent over that of 2015, the report notes. Imports for 2016 stood at US$699.5 million compared to US $777.8 million with the importation of consumption goods increasing by 4.7 per cent from US$188.4 million in 2015 to US$197.3 million during the same period this year, the report relays. Despite exporting more bauxite, foreign exchange earned from this sector fell from US $53.3 million to US $46.3 million, a direct result of world market prices for the commodity, the report says. Similarly, Guyana's diamond exports attracted lower income despite a higher volume of export for the first six months of 2016 compared to that of 2015, the report notes. Decline in export quantities were recorded in the agricultural sector, says the Jamaica Observer. Income from sugar fell from US$30.4 million to US$20.8 million for the first half of this year, a decline of 31.4 per cent, the report notes. The authorities said the reduction in income from sugar export is directly attributable to a reduced quantity of export since higher prices were paid, the report relays. The reduced amount of sugar exported is attributed to the lower production which resulted from El Nino weather conditions in the first half of 2016, the report discloses. Conversely, rice also experienced reduced export earnings, from US$125.7 million to US$88.3 million for the corresponding period in 2016, the report says. The reduction in income from rice export was a direct result of the loss of the Venezuelan rice market, which paid substantially higher prices than that of the world market prices, the authorities noted, the report adds. GUYSUCO: Accuses Union of Trying to Shut Down Sugar Industry ------------------------------------------------------------ The Daily Observer reports that the state-owned Guyana Sugar Corporation Inc. (GUYSUCO) is accusing the Guyana Agricultural and General Workers Union (GAWU) of having one "single objective" and to close down the Corporation. In a lengthy statement, GUYSUCO said that it had taken note of the statements made in the media by the union as well as the "unjustifiable strike actions," according to The Daily Observer. "GUYSUCO has concluded that GAWU has one single objective, and that is to close the Corporation down, for reasons which the Corporation does not fully understand," the company said, noting that over the years, "GAWU has constructed this fictional enemy called GUYSUCO, and has somehow managed to be successful at convincing our employees who are their members, that GUYSUCO is the enemy, and have been using the employees to fight against their employer," the report notes. GUYSUCO defended its policies over the years adding that "GAWU is not a stakeholder that is seriously interested in the business and the survival of the Corporation and by extension, ensuring that its members have job security," the report relays. It said that after a poor first crop, enormous efforts were made by the Corporation to ensure a successful second crop which commenced two weeks ago, the report discloses. "Instead of the union being supportive and demonstrating that it is a responsible stakeholder; it continues to call strikes left, right and center for reasons which can be dealt with while the workers continue to perform their duties and earning their wages," the company said, the report relays. GUYSUCO said that discussions on the consolidation of the East Demerara Estate (EDE) started in April, this year and concluded five months later and the union was represented by senior officials including its general secretary, the report notes. But the company claims that GAWU is now "claiming that it has been making attempts to dialogue with the Corporation by sending numerous correspondences expressing that position," the report notes. "As of today, no correspondence was received by GUYSUCO from GAWU on this matter," the corporation said, adding "the union has to come to terms with the fact that GUYSUCO is a business and has to be managed as one, the report discloses. "It is hoped that GAWU will embrace the strategic program to turn around the fortunes of the Corporation -- if GUYSUCO is unable to generate revenue the employees would not be paid and the 80,000 people who are depending on the Corporation, will be adversely affected," the company said, the report relays. Efforts to obtain a response from GAWU has so far proven futile nor has the union issued a statement in response to the GUYSUCO accusations. As reported in the Troubled Company Reporter-Latin America on Oct. 30, 2015, The Daily Observer reports that sugar workers went on strike accusing management of refusing to hold negotiations for increased wages until the findings of a Commission of Inquiry (COI) into the ailing Guyana Sugar Corporation (GUYSUCO) are released. =========== M E X I C O =========== ALTOS HORNOS: Chapter 15 Case Summary ------------------------------------- Chapter 15 Debtor: Altos Hornos de Mexico, S.A.B. de C.V. Prolongacion Juarez s/n, Col. La Loma Monclova, CA 25770 Mexico Chapter 15 Case No.: 16-11890 Type of Business: Steel Producer Chapter 15 Petition Date: August 16, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtor's Authorized Representative: Francisco Javier Gaxiola Fernandez Av. Tamaulipas No. 191 Col. Hipodromo Condesa C.P. Mexico, D.F. 06170 Judge: Hon. Kevin Gross Chapter 15 Debtor's Counsel: Erin R Fay, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL, LLP 1201 North Market Street PO Box 1347 Wilmington, DE 19801 Tel: 302-351-9668 Fax: 302-225-2561 E-mail: efay@mnat.com - and - Matthew Barry Lunn, Esq. YOUNG, CONAWAY, STARGATT & TAYLOR LLP 1000 North King Street Wilmington, DE 19801 Tel: 302-571-6600 E-mail: bankfilings@ycst.com mlunn@ycst.com Estimated Assets: Not Indicated Estimated Debts: Not Indicated ALTOS HORNOS: Seeks U.S. Recognition of Mexican Plan ---------------------------------------------------- Seventeen years after obtaining protection under Mexico's bankruptcy law, steel producer Altos Hornos de Mexico, S.A.B. de C.V. filed a Chapter 15 petition in the U.S. Bankruptcy Court for the District of Delaware on Aug. 16, 2016, seeking recognition in the United States of a debt repayment plan approved by a Mexican court. Amidst falling steel prices, on May 24, 1999, the Debtor filed for protection under Mexico's Bankruptcy and Suspension of Payments law in the First Civil Court of First Instance for the Judicial District of Monclova, Coahuila, Mexico. On May 25, 1999, the Mexican Court entered an order commencing the SP Proceeding, which granted a stay of creditor actions for the benefit of the Debtor, halted the accrual of interest on all outstanding unsecured debt, and converted all obligations denominated in a currency other than Mexican pesos into Mexican pesos. Three of the Debtor's affiliates also filed for protection under the SP Law, but they previously emerged from protection under the SP Law in 2006 and 2008, and will not be filing petitions for relief under Chapter 15 of the Bankruptcy Code. The Mexican Court entered an order on May 16, 2016, approving the Debtor's General Payment Agreement (the "Mexican Plan") and lifting the Debtor's suspension of payments. The Chapter 15 petition, signed by Foreign Representative Francisco Javier Gaxiola Fernandez, seeks to ensure, among other things, that the Mexican Plan and the Lifting Order's provisions are effective with respect to the Debtor's U.S. assets and creditors. Substantially all of the Debtor's operations in the United States are conducted through its wholly-owned subsidiary AHMSA International, Inc., a Delaware corporation. AHMSA International specializes in the distribution of flat rolled carbon steel, heavy structural shapes and plates used in various applications including fabrication, tubing, pipe, construction and OEM manufacturing industries. "Recognition of the Lifting Order and the Mexican Plan will ensure the fair and efficient administration of the SP Proceeding, which aims to protect all parties in interest and to require that all the Debtor's creditors be bound by the terms of the Mexican Plan, as approved by the Lifting Order," said Mr. Fernandez. "Without this relief, certain creditors may file actions in the United States against the Debtor seeking to obtain more than the treatment to which they are entitled under the terms of the Mexican Plan." Prior to the entry of the Lifting Order approving the Mexican Plan, Grupo Acerero del Norte, S.A. de C.V. ("GAN"), was the Debtor's majority parent, owning approximately 76.1% of the Debtor's outstanding common equity. GAN owns a conglomerate of companies operating in the segments of steel mills, chemical, mining and energy. GAN's operations include activities related to the manufacturing of basic raw materials derived from steel, hot rolled strips, structural shapes, light sections, cold rolled sheet, tinplate and tin free steel. GAN is a privately held company, incorporated under the laws of Mexico and its headquarters are based in Mexico City, Mexico. GAN is currently a debtor under the SP Law, petitioning for protection under the SP Law on May 18, 1999. GAN's pending proceeding under the SP Law is separate and distinct from the Debtor's SP Proceeding. Following the entry of the Lifting Order, the Debtor's corporate structure is now as follows: (a) creditors that made an Equity Election collectively own 26.4% of the Debtor's common equity, (b) GAN owns 57.8% of the Debtor's common equity (exclusive of common equity received by a subsidiary of GAN that made a valid Equity Election with respect to its claims against the Debtor), and (c) the Debtor's officers and directors and public stockholders hold the remaining 15.8%. Concurrently with the petition, Mr. Fernandez submitted a provisional relief motion with the Bankruptcy Court seeking an interim stay of execution against the Debtor's assets and applying Section 362 of the Bankruptcy Code to the Chapter 15 Case on an interim basis. Debt Structure Prior to the SP Commencement Date, pursuant to an Indenture dated as of May 6, 1997, the Debtor issued US$200 million of 11 3/8% Series A Senior Notes due April 30, 2002, and US$225 million of 11 7/8% Series B Senior Notes due April 30, 2004. Pursuant to an Indenture dated as of Dec. 16, 1996, the Debtor issued US$85 million of 5.5% Senior Discount Convertible Notes due 2001. Pursuant to a credit agreement dated as of April 11, 1997, the Debtor entered into a syndicated loan for US$330 million structured by Morgan Guaranty Trust Company of New York, which loan consisted of two tranches: (a) Tranche A in the amount of US$303 million due April 16, 2002, and (b) Tranche B in the amount of US$27 million due April 16, 2004. Pursuant to a credit agreement dated Oct. 17, 1996, the Debtor also obtained a loan from Banco Nacional de Mexico, S.A. for US$70 million due Aug. 11, 2000. Pursuant to a credit agreement dated as of Dec. 30, 1996, the Debtor obtained another loan from Bank of Tokyo Mitsubishi LTD for US$9 million due Oct. 30, 2001. Pursuant to a credit agreement dated as of July 22, 1997, the Debtor obtained an additional loan from Banco Nacional de Mexico, S.A. for US$50 million due Aug. 11, 2000. Pursuant to a credit agreement dated as of Sept. 8, 1997, the Debtor obtained a loan from Bank of America National Trust and Saving Association for US$125 million due July 8, 1999. Pursuant to a Credit Agreement dated Jan. 19, 1998, the Debtor obtained a loan from Banco Inverlat, S.A. for US$30 million, due Jan. 19, 2001. Pursuant to a Credit Agreement dated March 3, 1998, the Debtor obtained a loan from Banco Inverlat, S.A. for US$20 million, due March 3, 2001. Pursuant to a Long Term Trade Finance Facility, the Debtor obtained financing from West Merchant Bank Limited for US$37.5 million, due June 22, 2003. Pursuant to a Long Term Trade Finance Facility, the Debtor obtained financing from West Merchant Bank Limited for US$10 million, due Aug. 28, 2003. In addition, the Debtor owed approximately US$91 million to various trade vendors, among other debt. The Debtor had no secured debt. Following the entry of the Lifting Order, the general unsecured claims that have been recognized by the Mexican Court (Recognized Claims) were converted into the Mexican Peso equivalent amount of SP Three-Year Payments. In addition, eligible creditors were entitled to make an Equity Election to exchange 69.15% of their SP Three-Year Payments for a combination of cash and common shares in the reorganized Debtor. The net amount of the SP Three-Year Payments issued after giving effect to the Equity Elections is 8,845.7 million pesos. Terms of Approved Mexican Plan The Mexican Plan provides for the payment in full of all holders of Recognized Claims within three years of the Lifting Date. More specifically, pursuant to the Mexican Plan, the Debtor will be required to pay 8,845.7 million pesos on the third anniversary of the lifting of the SP Proceeding (without any interest), or May 16, 2019, which will be proportionally paid to all creditors holding a Recognized Claim. Pursuant to the Mexican Plan, all debts that accrued prior to the SP Commencement Date will be novated, and the only obligation of the Debtor to pay those debts will be to make the SP Three-Year Payments. In addition, creditors are not permitted to assign their SP Three-Year Payment Rights to third parties. The Mexican Plan also provides that holders of the Series A and Senior B Notes will be deemed to have a Recognized Claim equal to the original issue price of those notes, plus accrued original issue discount and accrued and unpaid interest to the SP Commencement Date, and holders of the Discount Notes will receive a recognized unsecured claim equal to the accreted value of such notes plus accrued original issue discount to the SP Commencement Date. Holders of the Notes will receive the same treatment as all holders of Recognized Claims. Such treatment of holders of the Notes is considered payment in full under the SP Law. Additionally, under the Mexican Plan, each eligible creditor was afforded the option to exchange 69.15% of its SP Three-Year Payment Rights received for (a) shares of the Debtor capital stock, with the number of Election Shares determined based on a formula based on the number of Equity Elections submitted, and (b) cash. The final exchange rate was that for each 1,000,000 pesos of SP Three-Year Payment Rights exchanged, the creditor received 15,303.85 Election Shares and US$2,735.55 in Election Cash. Pro rata payments were made for amounts less than 1,000,000 pesos, and share numbers were rounded to the nearest whole number of shares and Election Cash was rounded to the nearest cent. Pursuant to the terms of the Conditional Agreement, the Plan Supporters agreed to make the Equity Election in respect of SP Three-Year Payment Rights to be received for 5,613,518,400 pesos of their Recognized Claims. Creditors that chose to exercise the Equity Election also retained the remaining 30.85% of their SP Three-Year Payment Rights. About Altos Hornos Altos Hornos de Mexico, S.A.B. de C.V. is an integrated steel producer in Mexico and is engaged in the manufacture and distribution of steel and steam coal products. The Debtor's steel segment manufactures steel products through an integrated process, beginning primarily with internal sources of metallurgical coal and iron ore for use in steel production and ending with the distribution and sale of the Debtor's finished products. The Debtor produced approximately 4.46 million tons of liquid steel and 3.84 million tons of finished steel products in 2015. As of Dec. 31, 2015, the Debtor generated revenue of 41,100 million pesos and produced EBITDA of 218.97 million pesos. The Debtor had 20,435 employees as of Dec. 31, 2015. Morris, Nichols, Arsht & Tunnell, LLP and Young, Conaway, Stargatt & Taylor LLP serve as counsel to the Debtor. Judge Kevin Gross is assigned to the case. ====================== P U E R T O R I C O ====================== SAMUEL FIGUEROA: Files Plan to Exit Chapter 11 Protection --------------------------------------------------------- Samuel Ferrer Figueroa filed with the U.S. Bankruptcy Court for the District of Puerto Rico his proposed plan to exit Chapter 11 protection. The restructuring plan proposes to pay creditors from the proceeds of certain properties owned by the Debtor. Under the plan, Class 3 general unsecured creditors will receive payments if there are still proceeds to be distributed after Banco Popular de Puerto Rico, a secured creditor, is paid. A copy of the Debtor's disclosure statement explaining his proposed plan is available for free at https://is.gd/VhMuid The Debtor's Chapter 11 case is jointly administered with that of Autos Ferrer Inc., which filed a separate Chapter 11 plan of reorganization. The Debtor is represented by: Isabel M. Fullana, Esq. Garcia-Arregui & Fullana PSC 252 Ponce de Leon Ave. Citibank Towers Suite 1101 San Juan, PR 00918 Tel: 787-766-2530 Fax: 787-756-7800 About Samuel Ferrer Figueroa Samuel Ferrer Figueroa sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 15-08241) on October 22, 2015. The case is jointly administered with the Chapter 11 case (Bankr. D.P.R. Case No. 15-08240) of Autos Ferrer Inc. SUCN. PEDRO: Hires Carlos A. Piovanetti Dohnert as Attorney ----------------------------------------------------------- Sucn. Pedro Bigay Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Carlos A. Piovanetti Dohnert as Attorney. On June 20, 2016, Debtor filed a motion to inform and request for resignation of the Legal Representation of Santiago, Malavet & Santiago, PSC. On June 23, 2016, the request was granted, thus, Debtor was allowed 30 days to seek new legal representation. The Debtor has retained the services of Carlos A. Piovanetti Dohnert to represent in all proceedings pending before the court. Carlos A. Piovanetti Dohnert will be paid at the rate of $175 per hour, plus expenses. Carlos A. Piovanetti Dohnert assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Carlos A. Piovanetti Dohnert may be reached at: Carlos A. Piovanetti Dohnert Banco Cooperative, Suite 804-B 623 Ponce de Leon Ave. San Juan, PR 00917 Tel: (787)758-1835 Fax: (787)758-2659 About Sucn. Pedro Bigay Inc. Sucn. Pedro Bigay Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-00055) on January 8, 2016. Jesus Santiago Malavet, Esq., at Santiago Malavet and Santiago Law Office initially served as bankruptcy counsel to the Debtor. The firm later resigned and the Debtor retained Carlos A. Piovanetti Dohnert. WESTERN HIPERBARIC: Prexy Pays $4K Retainer to Bankruptcy Counsel ----------------------------------------------------------------- Gloria Justiniano Irizarry, Esq., at Justiniano's Law Office disclosed in a filing with the U.S. Bankruptcy court in Puerto Rico that she received a retainer of $4,000 from the president and equity holder of Western Hiperbaric Services, P.S.C. Western Hiperbaric President Javier Sosa Faria paid the $4,000 retainer from his personal income, according to Ms. Irizarry, the Debtor's legal counsel. Ms. Irizarry further disclosed that the Debtor has agreed to pay $200 per hour for her services, and reimburse her for work-related expenses. About Western Hiperbaric Western Hiperbaric Services, P.S.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16- 04809) on June 16, 2016. *********** 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 * * *