/raid1/www/Hosts/bankrupt/TCRLA_Public/170220.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, February 20, 2017, Vol. 18, No. 36
Headlines
B A R B A D O S
BARBADOS: Central Bank Governor Averts Dismissal for Now
B R A Z I L
ODEBRECHT SA: Brazil, 10 Other Countries Coordinate Probes
SUL AMERICA: S&P Affirms Then Withdraws 'BB' Global Scale Rating
C A Y M A N I S L A N D S
ALLIANCE SPRINT: Placed Under Voluntary Wind-Up
ANDEAN CAPITAL: Commences Liquidation Proceedings
ANDEAN CAPITAL MANAGEMENT: Commences Liquidation Proceedings
ANDEAN CAPITAL (GP): Commences Liquidation Proceedings
BORDEAUX WINE: Placed Under Voluntary Wind-Up
CP AFFLUENCE: Commences Liquidation Proceedings
CP STRATEGIES: Commences Liquidation Proceedings
FREEDOM KEY: Commences Liquidation Proceedings
GC CAYMAN: Commences Liquidation Proceedings
GLOBAL QUANTS: Placed Under Voluntary Wind-Up
LAWRENCE CLARKE: Placed Under Voluntary Wind-Up
MEDICAL VENTURES: Placed Under Voluntary Wind-Up
MIRAN MULTI: Commences Liquidation Proceedings
NUORION VENUS: Placed Under Voluntary Wind-Up
PARTICULAR HOLDINGS: Commences Liquidation Proceedings
PHNIA CO: Commences Liquidation Proceedings
SEQUEDGE ASA: Placed Under Voluntary Wind-Up
SOFAER CAPITAL: Commences Liquidation Proceedings
STANDARD GLOBAL: Commences Liquidation Proceedings
TULOS COMMODITIES: Placed Under Voluntary Wind-Up
TULOS COMMODITIES MASTER: Placed Under Voluntary Wind-Up
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Agro, Industry Want DR-Cafta Pact Revised
J A M A I C A
JAMAICA: Aggressive Tax Collection Plan for St. Catherine
P U E R T O R I C O
MCO INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
T R I N I D A D & T O B A G O
TRINIDAD CEMENT: Cemex Paying US$86.36 Million for TCL Shares
X X X X X X X X X
* BOND PRICING: For the Week From Feb. 13 to Feb. 17, 2017
- - - - -
===============
B A R B A D O S
===============
BARBADOS: Central Bank Governor Averts Dismissal for Now
--------------------------------------------------------
Caribbean360.com reports that the days of Central Bank Governor
Dr. Delisle Worrell as the Barbados Government's chief economic
adviser are numbered. But there are clear indications that he
won't be leaving office without a fight, according to
Caribbean360.com.
Barbados Today online newspaper has reported that Minister of
Finance Chris Sinckler instructed Worrell to step down or be
removed from the post, the report notes.
However, Dr. Worrell has averted the action, asking the law courts
to intervene, the report relays.
Attorney-at-law Gregory Nicholls confirmed to Barbados Today that
the Central Bank Governor had retained his services and he filed
and secured a temporary injunction from High Court Justice Randall
Worrell, barring the Governor's removal, the report notes.
The injunction expires Feb. 22, 2017.
The development comes on the heels of recent private talks between
the Finance Minister and the board of the Central Bank, which had
reportedly issued an ultimatum calling for the removal of the
Governor, the report relays.
The talks came at the height of controversial comments made by
Worrell who has been severely criticized for his economic advice
and management of the Central Bank, the report notes.
During a television discussion aired on the state-owned Caribbean
Broadcasting Corporation on February 2, the Governor publicly
warned the Government that it had to live within its mean and stop
the recent practice of printing money, the report discloses.
"We cannot continue to have a deficit and we cannot continue to
have a wage bill as high as we are, simply because the only way we
are able to do that is by the Central Bank providing financing,"
he said, the report notes.
Efforts to reach Finance Minister Chris Sinckler have been
unsuccessful. However, there were reports that he was scheduled
to meet with the Central Bank's board in emergency session Feb.
13, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2016, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'B-' from 'B'.
The outlook is negative.
The short-term ratings were affirmed at 'B.' S&P also downgraded
its transfer and convertibility assessment for Barbados to 'B-'
from 'B'.
===========
B R A Z I L
===========
ODEBRECHT SA: Brazil, 10 Other Countries Coordinate Probes
----------------------------------------------------------
Rogerio Jelmayer and Luciana Magalhaes at The Wall Street Journal
report that prosecutors in Brazil and 10 other countries agreed to
move to a new level of cooperation in their corruption
investigations of Brazilian construction company Odebrecht SA.
Argentina, Chile, Colombia, Ecuador, Mexico, Panama, Peru,
Dominican Republic, Venezuela, Portugal and Brazil signed an
agreement to start a combined task force with bilateral and
multilateral investigative teams to coordinate a probe of the
builder, according to The Wall Street Journal.
The Odebrecht scandal has reverberated across Latin America after
the company admitted in a settlement with the U.S. Department of
Justice in December that it paid a total of almost $800 million in
bribes to officials in multiple countries to win large public-
works contracts, the report notes.
The report relays that the new task force will also cooperate with
the so-called Operation Car Wash investigation of bid-rigging and
bribery by Odebrecht and other construction companies for
contracts with Brazilian state-run oil company Petroleo Brasileiro
SA, or Petrobras.
The task force will work "on the recovery of assets and full
compensation for damages caused by illicit activities, including
the payment of fines, according to the legislation of each
country," prosecutors said in a statement obtained by the news
agency. The accord was announced by the press department of
Brazil's attorney general, Rodrigo Janot, the report relays.
Brazil's high court accepted, earlier this year, a mammoth plea
deal with 77 former and current employees of Odebrecht, the
company prosecutors have described as leading the graft ring
centered on Petrobras, the report notes.
Earlier this month, a Peruvian judge ordered the arrest of former
President Alejandro Toledo, amid prosecutors' suspicions Mr.
Toledo took $20 million in bribes in exchange for steering
contracts to Odebrecht SA for a highway project connecting
southern Peru to Brazil, the report discloses.
Mr. Toledo, who is a visiting scholar at Stanford University in
California and is believed to be outside of Peru, has denied
wrongdoing, the report relays.
Former Brazilian President Luiz Inacio Lula da Silva was indicted
in December over allegations of illegally benefiting from two
real-estate deals involving Odebrecht in exchange for help winning
contracts with state-run firms. Mr. da Silva, who is a defendant
in several other cases and hasn't been arrested, denies the
allegations, the report adds.
As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related that Marcelo
Odebrecht, the jailed former head of Brazilian construction giant
Odebrecht SA, agreed to sign a plea-bargain agreement in
connection with Brazil's largest corruption probe ever, according
to a person close to the negotiations. The move could roil the
nation's political class yet again. The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.
SUL AMERICA: S&P Affirms Then Withdraws 'BB' Global Scale Rating
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
national scale ratings on Sul America Companhia Nacional de
Seguros (Sul America) and S&P's 'B+' and 'brBBB+' ratings on Sul
America S.A. (SASA). In addition, S&P withdrew the ratings at the
issuer's request. At the time of the withdrawal, the outlooks on
both ratings were negative.
At the time of the withdrawal, Sul America's competitive position
was based on its strong brand recognition and solid market
position, given its more than 120 years of operations in Brazil.
In addition, the company's diversity of income sources from its
operations in the property and casualty, health, and life
insurance segments, as well as its operating performance in line
with those of its peers supported its strong competitive position.
S&P's assessment on Sul America's financial risk profile was based
on the company's significant exposure to Brazil's sovereign bonds,
which resulted in a portfolio weighted average asset credit
quality of a 'BB' category. In this sense, the company's
portfolio concentration in speculative-grade securities weakened
S&P's final assessment, despite Sul America's high capitalization,
which was expected to achieve capital redundancy over S&P's 'A'
benchmark in 2019.
The rating on SASA was two notches lower than the rating of the
group's core operating companies due to the structural
subordination of the holding company that depend on dividends from
its operating subsidiaries to meet financial obligations.
==========================
C A Y M A N I S L A N D S
==========================
ALLIANCE SPRINT: Placed Under Voluntary Wind-Up
-----------------------------------------------
The shareholders of Alliance Sprint Holdings Ltd, on Nov. 24,
2016, 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:
Avalon Ltd.
Reference: GL
Landmark Square, 1st Floor, 64 Earth Close
PO Box 715, Grand Cayman KY1-1107
Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
ANDEAN CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Andean Capital Investment, Ltd., on Dec.
19, 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:
Andean Capital Management, Ltd.
c/o Sterling Trust (Cayman) Limited
Whitehall House George Town
238 North Church Street
P.O. Box 1043 Grand Cayman KY1-1102
Cayman Islands
Telephone: +1 (571) 642 0568
ANDEAN CAPITAL MANAGEMENT: Commences Liquidation Proceedings
------------------------------------------------------------
The shareholders of Andean Capital Management, Ltd., on Dec. 19,
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:
Daniel Osorio
351 West Broadway Suite 3
New York
New York 10013
United States of America
Telephone: +1 (571) 642 0568
ANDEAN CAPITAL (GP): Commences Liquidation Proceedings
------------------------------------------------------
The shareholders of Andean Capital Management (GP), Ltd., on Dec.
19, 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:
Andean Capital Management, Ltd.
c/o Sterling Trust (Cayman) Limited
Whitehall House George Town
238 North Church Street
P.O. Box 1043 Grand Cayman KY1-1102
Cayman Islands
Telephone: +1 (571) 642 0568
BORDEAUX WINE: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Bordeaux Wine Fund Ltd., on Dec. 15, 2016,
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:
Kenneth Stewart
c/o Apex Fund Services (Cayman) Ltd.
161a Artillery Court, Shedden Road
P.O. Box 10085, Grand Cayman KY1 1001
Cayman Islands
Telephone: (345) 747 2739
CP AFFLUENCE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 14, 2016, the sole
shareholder of CP Affluence 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:
Walkers Liquidations Limited
27 Hospital Road, George Town
Grand Cayman KY1-9008
Cayman Islands
CP STRATEGIES: Commences Liquidation Proceedings
------------------------------------------------
The shareholders of CP Strategies, on Dec. 20, 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:
Walkers Liquidations Limited
27 Hospital Road, George Town
Grand Cayman KY1-9008
Cayman Islands
Telephone: +1 (345) 949 0100
FREEDOM KEY: Commences Liquidation Proceedings
----------------------------------------------
The shareholders of Freedom Key Ltd., on Dec. 19, 2016, resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 3, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
GC CAYMAN: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of GC Cayman Holding 1 Corp., on Dec. 20,
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:
Walkers Liquidations Limited
Cayman Corporate Centre
27 Hospital Road
Grand Cayman, KY1-9008
Cayman Islands
GLOBAL QUANTS: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Global Quants Opportunity SPC, on Dec. 9,
2016, 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:
Kenneth Stewart
c/o Apex Fund Services (Cayman) Ltd.
161a Artillery Court, Shedden Road
P.O. Box 10085, Grand Cayman KY1 1001
Cayman Islands
Telephone: (345) 747 2739
LAWRENCE CLARKE: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of Lawrence Clarke Diversified Fund, on Dec. 19, 2016,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Fear
c/o Kevin Butler
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 814 7374
Facsimile: (345) 945 3902
MEDICAL VENTURES: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole member of Medical Ventures Limited, on Dec. 19, 2016,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 6, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
Michel Clemence
c/o Mao Financial Services S.A.
14, rue Charles-Bonnet
1206 Geneve - Suisse
Telephone: +41-22-818-6161
MIRAN MULTI: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Miran Multi Strategy Fund, on Dec. 16,
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:
Walkers Liquidations Limited
27 Hospital Road, George Town
Grand Cayman KY1-9008
Cayman Islands
Telephone: +1 (345) 949 0100
NUORION VENUS: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Nuorion Venus GP, Ltd., on Dec. 16, 2016,
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:
Nuorion Partners LLC
c/o Ben Gillooly
Ogier
89 Nexus Way Camana Bay
Grand Cayman KY1-9009
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
PARTICULAR HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
The shareholders of Particular Holdings Ltd., on Dec. 19, 2016,
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 3, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
PHNIA CO: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Dec. 19, 2016, the
shareholders of Phnia Co Ltd. resolved to voluntarily liquidate
the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
Paul Travers
P.O. Box 1569 Grand Cayman KY1-1110
Cayman Islands
Telephone: (345) 949 4018
Facsimile: (345) 949 7891
SEQUEDGE ASA: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole shareholder of Sequedge ASA Capital (Cayman) Limited, on
Dec. 20, 2016, resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
Junichi Naganawa
6 Lincoln Road
#24-12 Singapore
308345 Singapore
Telephone + 065 6692 8080
Facsimile: + 065 6692 8089
SOFAER CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
The members of Sofaer Capital Global Hedge Fund, on Dec. 15, 2016,
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Feb. 3, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
Sofaer Administration Ltd
13th Floor LKF29
29 Wyndham Street
Central
Hong Kong
Telephone: (852) 2521 8882
Facsimile: (852) 2530 2913
STANDARD GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
The shareholders of Standard Global Equity Cayman, Ltd., on Dec.
19, 2016, resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
TULOS COMMODITIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of Tulos Commodities Fund Ltd., on Dec. 15,
2016, 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:
Kenneth Stewart
c/o Apex Fund Services (Cayman) Ltd.
161a Artillery Court, Shedden Road
P.O. Box 10085, Grand Cayman KY1 1001,
Cayman Islands
Telephone: (345) 747 2739
TULOS COMMODITIES MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------------
The sole shareholder of Tulos Commodities Master Fund Ltd., on
Dec. 15, 2016, 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:
Kenneth Stewart
c/o Apex Fund Services (Cayman) Ltd.
161a Artillery Court, Shedden Road
P.O. Box 10085 Grand Cayman KY1 1001
Cayman Islands
Telephone: (345) 747 2739
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Agro, Industry Want DR-Cafta Pact Revised
-------------------------------------------------------------
Dominican Today reports that numerous Dominican agribusiness and
industrial leaders will visit Guatemala to submit to the Central
American Parliament (Parlacen) the reasons why the region should
revise the Free Trade Agreement with the United States (DR-Cafta),
which has been in effect for more than 10 years.
National Agro Producers Federation (Confenagro) President Eric
Rivero said the delegates will submit their proposal to Parlacen
to forge a multinational alliance in which all sectors interested
in revising the pact can take part, according to Dominican Today.
"The delegation plans to develop a wide-reaching agenda of
meetings in search of support," Rivero, as quoted by eldia.com.do,
said, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:
-- Long-Term Foreign Currency Issuer Default Rating (IDR)
upgraded to 'BB-' from 'B+'; assigned Stable Outlook;
-- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
assigned Stable Outlook;
-- Senior unsecured Foreign and Local Currency bonds upgraded
to 'BB-' from 'B+';
-- Short-Term Foreign Currency IDR affirmed at 'B';
-- Short-Term Local Currency IDR affirmed at 'B'.
=============
J A M A I C A
=============
JAMAICA: Aggressive Tax Collection Plan for St. Catherine
---------------------------------------------------------
RJR News reports that Tax Administration Jamaica has unveiled an
aggressive collection program targeting more than 100 delinquent
taxpayers in St. Catherine.
Earlier this month, TAJ's Special Enforcement Team began recovery
activities in the parish, according to RJR News.
The operation, dubbed "Old Capital," is targeting 133 delinquent
taxpayers who have failed to settle outstanding taxes despite
efforts by the authorities, the report notes.
The operation is being conducted in two phases.
The report relates that the first phase entailed members of the
Special Enforcement Team or local Tax Offices contacting the
delinquent taxpayers.
They had until February 17 to make full payment or pay down a
significant portion of the outstanding amounts with a commitment
to settle the balance shortly, the report notes.
Those who fail to comply will face strong enforcement action,
beginning February 20 in the second phase of the operation, the
report discloses.
The Major Organized Crime and Anti-Corruption Agency (MOCA) will
provide support to the Special Enforcement Team to arrest
delinquent taxpayers for whom bench warrants and warrants of
disobedience have been issued, the report says.
Additionally, Tax Administration Jamaica will also exercise
options under the law, to issue Garnishment Notices, Seizure of
Assets, or where applicable, register a lien on properties to
recover outstanding sums, the report relays.
TAJ says similar operations will be conducted in other parishes in
coming weeks, as it continues to carry out enforcement activities,
the report adds.
As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B'
with a Stable Outlook. The issue ratings on Jamaica's senior
unsecured Foreign and Local Currency bonds are also affirmed at
'B'. The Outlooks on the Long-Term IDRs are Stable. The Country
Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and
Local Currency IDRs at 'B'.
======================
P U E R T O R I C O
======================
MCO INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: MCO Industries Inc.
PO Box 1264
San Lorenzo, PR 00754
Case No.: 17-00961
Chapter 11 Petition Date: February 15, 2017
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Hon. Edward A Godoy
Debtor's Counsel: Hector Eduardo Pedrosa, Esq.
LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA
P O Box 9023963
San Juan, PR 00902
Tel: 787-930-2625
Fax: 787-754-1109
Email: hectorpedrosa@gmail.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by John McComas Miro, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb17-00961.pdf
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD CEMENT: Cemex Paying US$86.36 Million for TCL Shares
-------------------------------------------------------------
Trinidad Express reports that Mexican cement manufacturer Cemex
SAB is paying US$86.36 million for Trinidad Cement Ltd (TCL) and
its three cement plants in Barbados, Jamaica and Trinidad and
Tobago, the company has said.
The report notes that in a February 10 statement from Kingston,
Jamaica, Cemex subsidiary Sierra Trading -- after closing its
offer to TCL shareholders -- said: "Based on the current tally,
the total consideration to be paid by Sierra for the TCL shares
taken up pursuant to the offer will be approximately US$86.36
million.
"Payment in respect of TCL shares taken up by Sierra is expected
to be made in Jamaica on or before February 21 at the rate of
$5.07 or US$0.76 or the Jamaican currency equivalent of $5.07,
depending on the currency option selected by TCL shareholders in
Jamaica."
TCL in Jamaica is known as the Caribbean Cement Company Ltd while
Sierra Trading (Sierra) is an indirect subsidiary of New York-
listed Cemex.
The company said its offer and takeover bid dated December 5,
2016, and amended January 9, 2017 was closed in Jamaica at on Feb.
7, the report notes.
Citing Jamaica Central Securities Depository (JCSD) Trustee
Services Ltd, Cemex "reported that as at the time of closing the
number of TCL shares tendered in Jamaica in response to the offer
was 4,116,516. Sierra will accept and pay for all TCL shares
validly tendered. The offer closed in Trinidad and Tobago on
January 24, and in Barbados on February 8. The number of TCL
shares tendered and accepted in those countries was as follows:
(a) Trinidad and Tobago=109,402,694 (b) Barbados=111,513," the
report notes.
Thus, the total number of TCL shares tendered and accepted in
response to the offer is 113,630,723 which, together with Sierra's
pre-existing shareholding in TCL (147,994,188 shares), represent
approximately 69.83 per cent of the outstanding TCL shares, the
statement said., the report relays.
Cement Control
The acquisition makes Cemex the new largest cement maker and
distributor in South and Central America and the Caribbean.
Using data from the company's latest 2015 annual report, Cemex's
largest and only plant-owning competitor in the region was TCL,
the report notes.
The company now controls ten cement plants in the non-US Americas,
up from seven prior to the TCL acquisition, the report adds.
As reported in the Troubled Company Reporter-Latin America on Feb.
6, 2017, S&P Global Ratings said that it raised its long-term
corporate credit rating on Trinidad Cement Limited Group (TCL) to
'B' from 'B-'. S&P also raised its issue-level rating on the
company's senior secured term loan to 'B' from 'B-'.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From Feb. 13 to Feb. 17, 2017
----------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
BA-CA Finance Cayman Lt 0.518 62.07 KY EUR
CSN Islands XII Corp 7 68 BR USD
CSN Islands XII Corp 7 67.75 BR USD
Decimo Primer Fideicomi 4.54 52.63 10/25/2041 PA USD
Decimo Primer Fideicomi 6 63.5 10/25/2041 PA USD
Dolomite Capital Ltd 13.26 67.2 12/20/2019 CN ZAR
Empresa de Telecomunica 7 73.14 1/17/2023 CO COP
Empresa de Telecomunica 7 73.14 1/17/2023 CO COP
ESFG International Ltd 5.75 0.66 KY EUR
General Shopping Financ 10 72.5 KY USD
General Shopping Financ 10 71.7 KY USD
Global A&T Electronics 10 74 2/1/2019 SG USD
Global A&T Electronics 10 74.5 2/1/2019 SG USD
Global A&T Electronics 10 65.5 2/1/2019 SG USD
Global A&T Electronics 10 65 2/1/2019 SG USD
Gol Finance 8.75 63 BR USD
Gol Finance 8.75 63.88 BR USD
Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD
Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD
Inversora Electrica de 6.5 55 9/26/2017 AR USD
Inversora Electrica de 6.5 55 9/26/2017 AR USD
MIE Holdings Corp 7.5 75.16 4/25/2019 HK USD
MIE Holdings Corp 7.5 75.26 4/25/2019 HK USD
NB Finance Ltd/Cayman I 3.88 58.01 2/7/2035 KY EUR
Newland International P 9.5 19.88 7/3/2017 PA USD
Newland International P 9.5 19.88 7/3/2017 PA USD
Noble Holding Internati 5.25 72.98 3/15/2042 KY USD
Ocean Rig UDW Inc 7.25 39 4/1/2019 CY USD
Ocean Rig UDW Inc 7.25 38 4/1/2019 CY USD
Odebrecht Drilling Norb 6.35 48.5 6/30/2021 KY USD
Odebrecht Drilling Norb 6.35 47.25 6/30/2021 KY USD
Odebrecht Finance Ltd 7.5 49 KY USD
Odebrecht Finance Ltd 4.3 48.29 4/25/2025 KY USD
Odebrecht Finance Ltd 7.12 48.2 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 46.15 6/27/2029 KY USD
Odebrecht Finance Ltd 7 57.02 4/21/2020 KY USD
Odebrecht Finance Ltd 5.12 53.51 6/26/2022 KY USD
Odebrecht Finance Ltd 8.25 70.88 4/25/2018 KY BRL
Odebrecht Finance Ltd 6 51.47 4/5/2023 KY USD
Odebrecht Finance Ltd 5.25 45.92 6/27/2029 KY USD
Odebrecht Finance Ltd 7.1 47.82 6/26/2042 KY USD
Odebrecht Finance Ltd 7.5 49.25 KY USD
Odebrecht Finance Ltd 4.3 48.39 4/25/2025 KY USD
Odebrecht Finance Ltd 6 51.77 4/5/2023 KY USD
Odebrecht Finance Ltd 8.2 70.88 4/25/2018 KY BRL
Odebrecht Finance Ltd 7 56.85 4/21/2020 KY USD
Odebrecht Finance Ltd 5.1 52.99 6/26/2022 KY USD
Odebrecht Offshore Dril 6.6 39.64 10/1/2022 KY USD
Odebrecht Offshore Dril 6.7 36.44 10/1/2022 KY USD
Odebrecht Offshore Dril 6.6 38.79 10/1/2022 KY USD
Odebrecht Offshore Dril 6.7 38.75 10/1/2022 KY USD
Petroleos de Venezuela 12.75 67.19 2/17/2022 VE USD
Petroleos de Venezuela 9 58.28 11/17/2021 VE USD
Petroleos de Venezuela 6 40.32 5/16/2024 VE USD
Petroleos de Venezuela 9.75 50.15 5/17/2035 VE USD
Petroleos de Venezuela 6 38.22 11/15/2026 VE USD
Petroleos de Venezuela 5.37 37.39 4/12/2027 VE USD
Petroleos de Venezuela 5.5 37.1 4/12/2037 VE USD
Petroleos de Venezuela 6 41.25 10/28/2022 VE USD
Petroleos de Venezuela 6 40.01 5/16/2024 VE USD
Petroleos de Venezuela 9 58.11 11/17/2021 VE USD
Petroleos de Venezuela 6 38.13 11/15/2026 VE USD
Petroleos de Venezuela 12.75 67.2 2/17/2022 VE USD
Petroleos de Venezuela 9.75 49.94 5/17/2035 VE USD
Polarcus Ltd 5.6 60 3/30/2022 AE USD
Siem Offshore Inc 5.8 49.75 1/30/2018 NO NOK
Siem Offshore Inc 5.59 50.25 3/28/2019 NO NOK
STB Finance Cayman Ltd 2.04 58.35 KY JPY
Sylph Ltd 2.36 50.93 9/25/2036 KY USD
Uruguay Notas del Tesor 5.25 68.02 12/29/2021 UY UYU
US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD
US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD
USJ Acucar e Alcool SA 9.87 67.5 11/9/2019 BR USD
USJ Acucar e Alcool SA 9.87 65.75 11/9/2019 BR USD
Venezuela Government In 9.25 48.75 5/7/2028 VE USD
Venezuela Government In 13.63 82.58 8/15/2018 VE USD
Venezuela Government In 9 51.75 5/7/2023 VE USD
Venezuela Government In 9.37 49 1/13/2034 VE USD
Venezuela Government In 7 71.88 12/1/2018 VE USD
Venezuela Government In 9.25 52 9/15/2027 VE USD
Venezuela Government In 7.65 46.38 4/21/2025 VE USD
Venezuela Government In 13.63 82.58 8/15/2018 VE USD
Venezuela Government In 7.75 61.75 10/13/2019 VE USD
Venezuela Government In 11.95 58.13 8/5/2031 VE USD
Venezuela Government In 6 53.75 12/9/2020 VE USD
Venezuela Government In 12.75 67 8/23/2022 VE USD
Venezuela Government In 7 44 3/31/2038 VE USD
Venezuela Government In 6.5 36.53 12/29/2036 VE USD
Venezuela Government In 8.25 47.75 10/13/2024 VE USD
Venezuela Government In 11.75 57.75 10/21/2026 VE USD
Venezuela Government TI 5.25 69.59 3/21/2019 VE 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, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.
Copyright 2017. 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 * * *