/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/161019.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 Wednesday, October 19, 2016, Vol. 17, No. 207 Headlines B R A Z I L BRAZIL: To Ease Local-Content Rules Ahead of Next Oil Bid Round BRAZIL: Former President Faces New Corruption Charges ITAU UNIBANCO: Buys Citigroup's Brazil Retail Unit for $220-Mil. C A Y M A N I S L A N D S ADAR ENHANCED: Creditors' Proofs of Debt Due Nov. 10 ADAR INVESTMENT: Creditors' Proofs of Debt Due Nov. 10 CONCERTO CREDIT: Commences Liquidation Proceedings CORA DEAL: Commences Liquidation Proceedings INTERTANK (OVERSEAS): Commences Liquidation Proceedings LIONEYE MASTER: Placed Under Voluntary Wind-Up LIONEYE OFFSHORE: Commences Liquidation Proceedings MAINSTREET HEALTH: Creditors' Proofs of Debt Due Oct. 31 REGAL INSURANCE: Commences Liquidation Proceedings REGIF - REAL ESTATE: Creditors' Proofs of Debt Due Nov. 1 SAKA CAPITAL: Placed Under Voluntary Wind-Up SAKA CAPITAL CREDIT: Placed Under Voluntary Wind-Up THU AL-MAJAZ: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Row Heralds Demise of Tax-Free Fuels DOMINICAN REPUBLIC: Dollar Not Scarce, Banks Agree E L S A L V A D O R BANCO AGRICOLA: S&P Lowers ICR to 'B' & Remains on Watch Neg. M E X I C O MEXICO: Industrial Output Falls in August P U E R T O R I C O ARC MANAGEMENT: Hires Batista Law as Counsel ENRIQUE RODRIGUEZ NARVAEZ: Unsecureds to Recoup 100%, Plus 4.25% MEGA AGROCENTRO: Hires Jose R. Fuentes Calderon as Attorney PLAZA DEL CARIBE TACO: Hires Jose R. Fuentes Calderon as Attorney SECURITY GLOBAL: Hires Luis Cruz Lopez as Accountant - - - - - =========== B R A Z I L ============ BRAZIL: To Ease Local-Content Rules Ahead of Next Oil Bid Round --------------------------------------------------------------- Benjamin Parkin and Paul Kiernan at The Wall Street Journal report that Brazil's government plans to simplify local-content rules for the oil industry ahead of an important bidding round next year as part of a broad effort to increase its appeal to foreign investors, officials said Monday. The percentage of made-in-Brazil inputs will no longer be among the factors authorities use to evaluate bids for oil blocks in Brazilian territory, a spokesman for the Ministry of Development, Industry and Trade said, according to The Wall Street Journal. Regulators also plan to make local-content targets more general and thus easier to meet, the report notes. The National Council for Energy Policy is completing a revision of local-content rules for auctions expected to take place next year, the report relays. The changes mark the Brazilian government's latest move to attract more investment to the oil-and-gas sector after recent auctions drew lukewarm interest from foreign companies, the report says. That was partly due to bidding rules that placed local-content levels among the financial and technical factors used to determine the winning offer for an oil block, experts said, the report discloses. Faced with a deep recession and low oil prices, Brazilian authorities have been seeking to loosen regulations since the August impeachment of ex-President Dilma Rousseff, which ended 13 years of left-wing rule by the Workers' Party, the report notes. Earlier this month, the lower house of Congress passed a bill scrapping requirements that state-owned Petroleo Brasileiro SA be the lead operator and hold a minimum 30% stake in huge, ultra- deepwater oil deposits known as the "pre-salt." That measure was also seen as a way to lure more foreign oil companies to Brazil, potentially rekindling development in the sector, the report relays. Fostering the use of local content in the oil industry is widely seen as pragmatic, and Brazil hasn't signaled any intention of abandoning the policy altogether, the report notes. But onerous rules have been among the top complaints from private investors in recent years, the report says. Critics say the practice of letting companies propose their own local-content percentages encouraged them to set targets they couldn't meet to win auctions, leading to fines and delays, the report discloses. "The government's objective is to design a local-content policy that simultaneously attracts investments, develops our industry and allows technological advancement," Marcos Pereira, Brazil's minister of development, industry and trade, said in an emailed note, the report notes. The MDIC took over local-content regulations from the Mines and Energy Ministry earlier this year, the report adds. As reported in the Troubled Company Reporter-Latin America on March 29, 2016, severe contraction that was preceded by several years of below-trend growth has impaired Brazil's (Ba2 negative) underlying economic strength, despite the country's large and diversified economy, says Moody's Investors Service. The country's credit rating is also coming under pressure from the government's high level of mandatory spending. BRAZIL: Former President Faces New Corruption Charges ----------------------------------------------------- Luciana Magalhaes and Rogerio Jelmayer at The Wall Street Journal report that Brazil's federal prosecutors filed new corruption charges against former President Luiz Inacio Lula da Silva, this time for allegedly using his influence to obtain government loans for a Brazilian construction company in exchange for kickbacks paid to his nephew, prosecutors said. Mr. da Silva was charged with corruption, money laundering, influence peddling and conspiracy. If found guilty of the charges, Mr. da Silva, who led Brazil from 2003 to 2010, could face up to 35 years in prison, according to The Wall Street Journal. The report notes that a judge in Brasilia would have to accept the charges for Mr. da Silva to face trial. He is already a defendant in two other federal cases on charges of attempted obstruction of justice, corruption and money laundering in connection with a sprawling embezzlement scheme at the state-run oil company Petroleo Brasileiro SA, known as Petrobras, the report discloses. Prosecutors said Mr. da Silva arranged loans from the country's development bank, known as BNDES, to help Odebrecht SA win public works projects in the African nation of Angola, the report notes. In return, Odebrecht allegedly paid bribes of more than BRL30 million ($9.3 million), funneled mostly through a firm owned by Mr. da Silva's nephew, Taiguara Rodrigues dos Santos, according to documents released by prosecutors, the report relays. Mr. da Silva has denied wrongdoing in the Petrobras case as well as in the Angola influence-peddling probe, the report relays. A spokesman for the Lula Institute, a think tank led by Mr. da Silva, said the former president is innocent and that he is a victim of political persecution, the report notes. Marcelo Odebrecht, former CEO, is charged with corruption, conspiracy and money laundering. The former executive, who has been sentenced to 19 years in prison for his role in the Petrobras corruption scheme and is currently in jail, is negotiating a possible plea bargain, according to a person familiar with the situation, the report discloses. A spokeswoman for Odebrecht declined to comment. Mr. dos Santos is also charged with conspiracy and money laundering, the report relays. A lawyer representing Mr. dos Santos declined to comment, but in the past Mr. dos Santos denied wrongdoing related to his firm's contracts in Angola, the report notes. As reported in the Troubled Company Reporter-Latin America on March 29, 2016, severe contraction that was preceded by several years of below-trend growth has impaired Brazil's (Ba2 negative) underlying economic strength, despite the country's large and diversified economy, says Moody's Investors Service. The country's credit rating is also coming under pressure from the government's high level of mandatory spending. ITAU UNIBANCO: Buys Citigroup's Brazil Retail Unit for $220-Mil. ---------------------------------------------------------------- Francisco Marcelino and Cristiane Lucchesi at Bloomberg News report that Itau Unibanco Holding SA agreed to buy Citigroup Inc.'s retail-banking business in Brazil for BRL710 million (US$220 million), taking over operations that the U.S. company has maintained in the country for more than 100 years. The purchase includes Citi's 71 branches in the South American country as well as its deposits, insurance brokerage, credit cards and loan portfolio, Sao Paulo-based Itau said in a regulatory filing, according to Bloomberg News. Citi has about BRL35 billion in deposits and assets under management in Brazil, according to the document. The acquisition reinforces Itau's presence in the wealth segment, which accounts for the majority of Citi's customers in Brazil, Marcelo Kopel, Itau's investor relations officer, said in a separate e-mail, Bloomberg News notes. Citigroup Chief Executive Officer Michael Corbat has been shrinking the company's retail footprint to simplify the firm, cut costs and boost returns, Bloomberg News relays. The bank announced plans to exit Brazil and Argentina in February, and said in October 2014 that it would drop consumer banking in 11 markets, including Peru, Costa Rica and four others in Central and South America, Bloomberg News discloses. Speaking to reporters in Washington, Finance Minister Henrique Meirelles stressed that Citi isn't existing Brazil; only its money-losing retail operations. The company isn't selling its wholesale business, which includes investment banking, Bloomberg News relays. "I was with the president of Citi and he assured me that Brazil is indeed a priority and that for areas in which Citi is strong globally, including Brazil, it will continue investing ever more," Mr. Meirelles said. "It's a strategy to focus on its operations that are strongest," he added. The sale to Itau still needs to be approved by Brazil's central bank and the nation's antitrust agency, known as Cade. Regulators probably will give the acquisition an extra layer of scrutiny because the local market is already highly concentrated, Cristiane Alkmin Junqueira Schmidt, a member of Cade, said June 8, Bloomberg News says. Citigroup, which gets more revenue from outside its home market than any of its U.S. competitors, maintains a consumer-banking presence in 19 countries, Bloomberg News adds. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2016, S&P Global Ratings said it affirmed its 'BB/B' global scale and 'brAA-/brA-1' national scale ratings on Itau Unibanco Holding S.A. (Itau) and on its core subsidiary, Itau Unibanco S.A. The outlook on the global and national scale ratings remains negative. S&P also affirmed its 'BB' issue-level ratings on the bank's senior unsecured notes maturing on May 26, 2018. ========================== C A Y M A N I S L A N D S ========================== ADAR ENHANCED: Creditors' Proofs of Debt Due Nov. 10 ---------------------------------------------------- The creditors of Adar Enhanced INV Fund Ltd. are required to file their proofs of debt by Nov. 10, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 21, 2016. The company's liquidator is: Jeffrey Faber c/o 3 East 54th Street, 8th Floor New York, NY 10022 USA Telephone: +1 (646) 543-3266 ADAR INVESTMENT: Creditors' Proofs of Debt Due Nov. 10 ------------------------------------------------------ The creditors of Adar Investment Fund Ltd. are required to file their proofs of debt by Nov. 10, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 21, 2016. The company's liquidator is: Jeffrey Faber c/o 3 East 54th Street, 8th Floor New York, NY 10022 USA Telephone: +1 (646) 543-3266 CONCERTO CREDIT: Commences Liquidation Proceedings -------------------------------------------------- The sole shareholder of Concerto Credit Opportunity Offshore Fund I, Ltd., on Sept. 23, 2016, 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: Concerto Asset Management, LLC c/o Julie Bouhuys 401 North Tryon Street, 10th Floor Charlotte North Carolina 28202 United States of America Telephone: +1 (704) 988 5492 e-mail: julie.bouhuys@concertoasset.com CORA DEAL: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Sept. 29, 2016, the members of Cora Deal 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands INTERTANK (OVERSEAS): Commences Liquidation Proceedings ------------------------------------------------------- The members of Intertank (Overseas) Ltd, on Sept. 28, 2016, 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: Carlos Oswaldo Miranda Telephone: +1 305 215 2131 c/o 200 Biscayne Blvd Way Apt. 43d, 33131 Miami USA LIONEYE MASTER: Placed Under Voluntary Wind-Up ---------------------------------------------- The sole shareholder of Lioneye Master Fund Ltd. resolved to voluntarily wind up the company's operations on Dec. 22, 2015. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Lioneye Capital Management LLC c/o Justin Savage Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 LIONEYE OFFSHORE: Commences Liquidation Proceedings --------------------------------------------------- The sole shareholder of Lioneye Offshore Fund Ltd. resolved to voluntarily liquidate the company's business on Dec. 22, 2015. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Lioneye Capital Management LLC c/o Justin Savage Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 MAINSTREET HEALTH: Creditors' Proofs of Debt Due Oct. 31 -------------------------------------------------------- The creditors of Mainstreet Health Holdings Inc. are required to file their proofs of debt by Oct. 31, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 19, 2016. The company's liquidator is: Scott Higgs 14390 Clay Terrace Blvd, Suite 205 Carmel, IN 46032 USA REGAL INSURANCE: Commences Liquidation Proceedings -------------------------------------------------- The sole shareholder of Regal Insurance Company Ltd. resolved to voluntarily liquidate the company's business on Sept. 13, 2016. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Thomas F. Grojean, Sr. c/o Chandler Insurance Management Ltd. Waterfront Centre, 2nd Floor Shedden Road P.O. Box 1854 Grand Cayman KY1-1110 Cayman Islands Telephone: (345) 949-8177 REGIF - REAL ESTATE: Creditors' Proofs of Debt Due Nov. 1 --------------------------------------------------------- The creditors of Regif - Real Estate General Investment Fund are required to file their proofs of debt by Nov. 1, 2016, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 22, 2016. The company's liquidator is: Alan Cole Telephone: +1 (242) 322 5444 Suite 205A, Saffrey Square, Bay Street, Nassau Bahamas SAKA CAPITAL: Placed Under Voluntary Wind-Up -------------------------------------------- The sole shareholder of The Saka Capital Focus Fund resolved to voluntarily wind up the company's operations on Sept. 27, 2016. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. P.O. Box 10085 161a Artillery Court Shedden Road Grand Cayman KY1-1001 Cayman Islands e-mail: ken@apexfunds.ky Telephone: (345) 747-2739 SAKA CAPITAL CREDIT: Placed Under Voluntary Wind-Up --------------------------------------------------- The sole shareholder of Saka Capital Liquid Credit Fund resolved to voluntarily wind up the company's operations on Sept. 27, 2016. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. P.O. Box 10085 161a Artillery Court Shedden Road Grand Cayman KY1-1001 Cayman Islands Telephone: (345) 747-2739 THU AL-MAJAZ: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on Sept. 29, 2016, the members of Thu Al-Majaz Commodities Portfolio 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Row Heralds Demise of Tax-Free Fuels -------------------------------------------------------- Dominican Today reports that the chairman of the bicameral commission that studied the bill for the 2017 Budget and San Cristobal province senator Tommy Galan said in addition to the transport sector, subsidized fuel for industries must also be eliminated. Senator Dionis Sanchez said if those tax breaks for transport and industries are eliminated, the government wouldn't need to borrow to support government spending, according to Dominican Today. Speaking to reporters before a meeting with Finance minister Donald Guerrero and Budget director Luis Reyes, the Pedernales province senator also said he doesn't understand why the government fails to make all tax spending transparent so the people understand why and know who benefits from their sacrifice, the report notes. Mr. Sanchez said the Senate will ask the government why some companies such as the Barrick Pueblo Viejo gold mine receive subsidized fuel, the report says. "All these are the questions that are going to be asked because like you and like the population understand that with this fiscal sacrifice the government should set it on a different course: we must eliminate them (subsidies) as much as we can because at the situation we have probably wouldn't be necessary to take much funding if we didn't have to make that tax sacrifice," the report quoted Mr. Sanchez as saying. Interviewed Sunday on Telefuturo channel 23, San Cristobal senator Tommy Galan said all unlawful subsidies should be eliminated "and that includes business leaders, companies or industries in the various modalities that are receiving it," 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: Dollar Not Scarce, Banks Agree -------------------------------------------------- Dominican Today reports that Dominican Banks Association President Jose Manuel Lopez Valdez agreed with Central banker Hector Valdez Albizu's statements that the flow of hard currency into the country is expected to climb. Mr. Valdez said the start of tourism's high season also increases the entry of foreign exchange, the same with pending disbursements from multilateral organizations, "which will soon take effect, and will increase the availability of dollars," according to Dominican Today. Mr. Lopez also noted that remittances from Dominicans abroad increase as the holiday season approaches, the report notes. "Foreign exchange flows will improve to the extent that the characteristics of the demands of the seasonal year-end imports are covered," the report quoted Mr. Lopez as saying. Moreover the banking leader said banks sold US$18.15 billion to customers during the first eight months, or US$828.8 million more than the same period last year, the report relays. "This is one of the largest volumes of currency sales in recent years on the market," Mr. Lopez added. Mr. Lopez stressed that banks continue their wide availability of credit lines in dollars to support retail activities, 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. ===================== E L S A L V A D O R ===================== BANCO AGRICOLA: S&P Lowers ICR to 'B' & Remains on Watch Neg. ------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Banco Agricola S.A. to 'B' from 'B+'. At the same time, S&P's 'B' short-term credit rating remains unchanged. The ratings remain on CreditWatch negative. S&P maintained its BICRA score on El Salvador (B/Watch Neg/B) at group '7'. S&P also maintained its '8' economic risk score and '6' industry risk score unchanged, which anchors banks operating in the country at 'bb.' S&P revised its trend on El Salvador's BICRA economic risk to negative from stable based on the extremely challenging economic conditions in the country as a result of concerns over the sovereign's access to liquidity and limited flexibility to maneuver on its debt management due to political polarization between the governing party Frente Farabundo Marti para la Liberacion Nacional and the main opposition party ARENA (Alianza Republicana Nacionalista). The latter prompts S&P to view El Salvador's institutional and governance effectiveness as weakening, which is already reflected in country's economic resilience that S&P assess as very high risk. In S&P's view, a potential increase in economic imbalances could raise economic risk in the country. The trend on the industry risk of El Salvador remains negative. In S&P's opinion, if heightened political polarization keeps weakening the government's ability to gain access to liquidity, the country will experience a more severe credit stress. Such a scenario would be captured in credit risk in El Salvador's economy -- which S&P already assess as extremely high -- and depending on its severity, it could weaken the banking system's funding profile as well, impacting S&P's industry risk assessment. S&P will be closely monitoring how the Salvadorian banking regulators will be responding to the credit stress that the sovereign is currently experiencing. In addition, the negative trend on industry risk reflects a potential impact that banks' persistently weakening profitability could have on the industry's competitive dynamics. If profitability keeps deteriorating, banks' risk appetite might increase to generate higher margins. In addition, lower profitability could pressure operating conditions, undermining the industry's stability. If the abovementioned economic and industry risks materialize, S&P would revise its economic and industry risk assessments to a weaker category. Such actions could result in a revision of S&P's BICRA group score that could lower the anchor up to two notches from the current 'bb'. The rating actions on Banco Agricola follow S&P's similar rating actions on El Salvador. Currently, the issuer credit rating on the bank is limited by the foreign currency sovereign rating. In this sense, the ratings on Banco Agricola continue to move in tandem with those on the sovereign. S&P's issuer credit ratings on Banco Agricola continue to reflect its strong business position, based on its leading position in El Salvador's banking industry, and its adequate capital and earnings as a result of S&P's forecasted risk-adjusted capital ratio of about 8% for the next two years. The ratings are also based on S&P's assessment of the bank's adequate risk position, due to its stable asset quality metrics, and on average funding and adequate liquidity as a result of a stable and pulverized deposit base. Banco Agricola's stand-alone credit profile remains at 'bb+', reflecting the bank's strength on a stand-alone basis. The entity remains a core entity to its ultimate parent, Bancolombia S.A. y Companias Subordinadas (BBB-/Negative/A-3). =========== M E X I C O =========== MEXICO: Industrial Output Falls in August ----------------------------------------- Anthony Harrup at The Wall Street Journal reports that Mexican industrial production struggled to gain traction in August as moderate gains in manufacturing were offset by continued declines in mining output and construction. Industrial production fell 0.4% seasonally adjusted from July and was up just 0.3% from August 2015, the National Statistics Institute said, according to The Wall Street Journal. Output had been expected to rise 0.7% from a year before, according to the median estimate of nine economists polled by The Wall Street Journal, the report notes. Oil and gas production fell 6.4% from a year earlier, and mining of metals and other minerals declined 6.5%, the report relays. Government spending cuts continued to weigh on construction, which decreased 0.6% from a year before. Construction in infrastructure was down 19%, the report says. Manufacturing production, which has been limited by weak export demand, especially from the U.S., rose 3.7% from August 2015 and was 0.2% higher than in July in seasonally adjusted terms, the report relays. In raising interest rates late last month in response to inflation pressures from a weaker currency, the Bank of Mexico noted a "certain recovery" in some indicators, including manufacturing in the auto industry and other sectors, the report discloses. Speaking at an event, central bank deputy governor Javier Guzman said that manufactured exports, while still sluggish, appeared to have stopped declining, the report notes. "The anticipated upturn of industrial output in the U.S., if materialized, would contribute to a more balanced economic recovery in Mexico through its impact on manufacturing output and exports," he said, the report relays. U.S. manufacturing, which is a key driver of demand for Mexican factory exports, fell 0.4% in August and was also down 0.4% from a year before, the report adds. ====================== P U E R T O R I C O ====================== ARC MANAGEMENT: Hires Batista Law as Counsel -------------------------------------------- ARC Management Corp. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ The Batista Law Group, P.S.C. as counsel. Batista Law will be paid at these hourly rates: Jesus E. Batista Sanchez $225 Associates $150 Paralegals $75 Batista Law will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor paid the Batista Law an initial retainer of $4,000. Jesus E. Batista Sanchez, principal of Batista Law, 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 estate. Batista Law can be reached at: Jesus E. Batista Sanchez, Esq. THE BATISTA LAW GROUP, P.S.C. Cond. Mid-Town Center 420 Ave. Juan Ponce De Leon, Ste. 901 San Juan, PR. 00918 Tel: (787) 620-2856 Fax: (787) 777-1589 E-mail: jesus.batista@batistalawgroup.com About ARC Management ARC Management, Corp., based in Guaynabo, P.R., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-07238) on September 9, 2016. The Hon. Enrique S. Lamoutte Inclan presides over the case. Jesus Enrique Batista Sanchez, Esq., at The Batista Law Group, PSC, serves as bankruptcy counsel. In its petition, the Debtor declared $138 million in total assets and $1.48 million in total debt. The petition was signed by Angel Cintron, president. ENRIQUE RODRIGUEZ NARVAEZ: Unsecureds to Recoup 100%, Plus 4.25% ---------------------------------------------------------------- Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz filed with the U.S. Bankruptcy Court for the District of Puerto Rico an amended disclosure statement dated Oct. 5, 2016, together with the proposed plan of reorganization. Class 7 General Unsecured Claims, estimated close to $182,041.90, will be paid 100% plus 4.25% interest of their claims in five yearly installments as properties are sold. The class is impaired. Upon confirmation of the Plan, the Debtor will have sufficient funds to make payments then due under the Plan. The funds will be obtained from the sale of certain properties nd collection on account receivables. The Amended Disclosure Statement is available at: http://bankrupt.com/misc/prb15-06277-99.pdf The Plan was filed by the Debtors' counsel: Wanda I. Luna Martinez, Esq. WANDA I LUNA MARTINEZ PMB 389 P.O. Box 194000 Tel: (787) 998-2356 Fax: (787) 200-8837 E-mail: quiebra@gmail.com Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz were engaged in the development and construction business in Puerto Rico. Mrs. Ortiz is a housewife. During many years, Mr. Rodriguez aquired and developed many lots of land. The Debtors filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 15-06277) on Aug. 17, 2015. MEGA AGROCENTRO: Hires Jose R. Fuentes Calderon as Attorney ----------------------------------------------------------- Debtor Mega Agrocentro Los Colobos, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico York to employ Jose R. Fuentes Calderon, Esq., as its attorney. The Debtor needs the services of an attorney to properly administer its bankruptcy case. Mega Agrocentro requires Atty. Calderon to: a. advise it with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which the Debtor in Possession conducts its operations, does business, or is involved in litigation; b. advise it in connection with a determination whether a reorganization is feasible and, if not, helping debtor in the orderly liquidation of its assets; c. assist it with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and/or for proposing a viable plan of reorganization; d. prepare on its behalf the necessary complaints, answers, orders, reports, memoranda of law and/or any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; f. perform such other legal services for Debtor as may be required in these proceedings or in connection with the operation of/and involvement with debtor's business, including but not limited to notarial services; and g. employ other professional services, if necessary. A $2,500 retainer is to be paid by the Debtor upon approval of the employment application. According to the Debtor, most of the retainer has already been consumed on the preparation and filing of amended documentation, meetings with Debtor and creditors, appearances at the Initial Debtor Interview meeting, 341 creditor's meeting, and Court appearances. The firm charges $175.00 per hour plus any costs and expenses. The hourly rates are subject to change with the passage of time upon prior notice. Attorney Calderon is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. In light of the professional services to be rendered in this case, due to Hacienda's seizure and closing of the Debtor's property, the need to designate Coca Cola Company and Jose A. Santiago, Inc., a food service company as the Debtor's critical vendors, the nature of this case, the complexity of issues involved with the sale taxes owed, and time required on the part of Mr. Calderon in providing services necessary to achieve the Debtor's successful reorganization, the Debtor requested that the attorney be allowed to file its applications for interim compensation every 60 days from appointment as the Debtor's attorney. The Debtor cited In re: International Horizons, Inc., 10 8.R. 895 (Bankr. N.D. Ga. 1981). Attorney Calderon can be reached at: Jose R. Fuentes Calderon, Esq. PO Box 2419 Isabela, PR 00662 Telephone: (787) 608 5967 E-mail: jfuentes@fuenteslawpr.com About the Company Mega Agrocentro Los Colobos, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-00652) on Jan. 29, 2016. The petition was signed by Ruth N. Monge Santana, president. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. PLAZA DEL CARIBE TACO: Hires Jose R. Fuentes Calderon as Attorney ----------------------------------------------------------------- Debtor Plaza Del Caribe Taco Maker Corp. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jose R. Fuentes Calderon, Esq. as the Debtor's Chapter 11 attorney. Attorney Calderon is expected to: a. advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which the Debtor in Possession conducts its operations, does business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, helping debtor in the orderly liquidation of its assets; c. assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and/or for proposing a viable plan of reorganization; d. prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and/or any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; f. perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with debtor's business, including but not limited to notarial services; and g. employ other professional services, if necessary. A retainer of $2,000 is to be paid by the Debtor upon approval of the application for employment of attorney. Most of the retainer has already been consumed on the preparation and filing of amended documentation, meetings with the Debtor and creditors, appearances at the Initial Debtor Interview meeting, 341 creditor's meeting, and Court appearances. The firm will charge $175.00 per hour plus any costs and expenses. The hourly rates are subject to change with the passage of time upon prior notice. Any compensation to be received is subject to the Court's approval upon proper application and notice thereof. These rates are considered to be reasonable and fair in line with services comparable to those performed on behalf of other clients. Attorney Calderon is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. In light of the professional services to be rendered in this case, due to Hacienda's seizure and closing of the Debtor's property, the need to designate Coca Cola Company and Jose A. Santiago, Inc., a food service company as the Debtor's critical vendors, the nature of this case, the complexity of issues involved with the sale taxes owed, and time required on the part of the Attorney Calderon in providing services necessary to achieve the Debtor's successful reorganization, the Debtor requested that the attorney be allowed to file its applications for interim compensation every 60 days from appointment as its attorney. The Debtor cited In re International Horizons, Inc., 10 8.R. 895 (Bankr. N.D. Ga. 1981). Attorney Calderon can be reached at: Jose R. Fuentes Calderon, Esq. PO BOX 2419 Isabela, PR 00662 Telephone: (787) 608 5967 E-mail: jfuentes@fuenteslawpr.com About Plaza Del Caribe Taco Maker Corp. Plaza Del Caribe Taco Maker Corp., filed a Chapter 11 bankruptcy petition (Bankr. D. P.R. Case No. 16-00057) on January 8, 2016, listing under $1 million in both assets and liabilities. Jesus Santiago Malavet, Esq., at Malavet and Santiago Law Office, as counsel. SECURITY GLOBAL: Hires Luis Cruz Lopez as Accountant ---------------------------------------------------- Security Global Solutions, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Luis Cruz Lopez, CPA as accountant to the Debtor. Mr. Lopez is expected to: a. supervise the accounting affairs of the Debtor In Possession and its operations; b. prepare and review the Debtor's monthly operating reports, as well as any other accounting reports necessary for the proper administration of the estate; and c. prepare the projections and all other analysis required for the proposal and confirmation of a Chapter 11 Plan. Mr. Lopez will be paid at these hourly rates: Luis Cruz Lopez $150 Staff Accountant Services $75 Mr. Lopez will be paid a retainer in the amount of $3,000. Mr. Lopez will also be reimbursed for reasonable out-of-pocket expenses incurred. Luis Cruz Lopez, CPA, 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. Mr. Lopez can be reached at: Luis Cruz Lopez, CPA 172 La Coruna St., Ciudad Jardin Caguas, PR Tel: (787) 703-2552 Fax: (787) 747-0620 E-mail: cpalcruz@gmail.com About Security Global Security Global Solutions, Inc. sought the Chapter 11 protection (Bankr. D.P.R. Case No. 16-06970) on August 31, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Nilda M. Gonzalez Cordero, Esq., at Gonzalez Cordero Law Offices, as bankruptcy counsel. The petition was signed by Sharon Marie Rodriguez Crespo, president. No official committee of unsecured creditors has been appointed in the case. *********** 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. 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