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/raid1/www/Hosts/bankrupt/TCRLA_Public/170727.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, July 27, 2017, Vol. 18, No. 148 Headlines B R A Z I L CYRELA COMMERCIAL: Moody's Assigns Ba3 CFR, Outlook Stable C A Y M A N I S L A N D S CALEDONIAN BANK: Fourth Creditors' Meeting Set for Aug. 4 DRILL RIGS: Creditors' Meeting Set for Aug. 11 DRILLSHIPS FINANCING: Creditors' Meeting Set for Aug. 11 DRILLSHIPS OCEAN: Creditors' Meeting Set for Aug. 11 OCEAN RIG: Creditors' Meeting Set for Aug. 11 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Medina Pledges Help for San Pedro Beekeepers DOMINICAN REPUBLIC: Don't Get Too Cozy With China, Taiwan Warns J A M A I C A JAMAICA: BOJ Rolls Out New Foreign Exchange Platform M E X I C O CEMEX SAB: Profit Rises Amid Lower Expenses P E R U ANDINO INVESTMENT: Fitch Lowers Long-Term IDR to 'CCC' P U E R T O R I C O BAILEY'S EXPRESS: Has OK to Use Bankwell Cash Until Aug. 12 HUSKY INC: Unsecured Creditors to be Paid 3% in 7 Years KAMA MANAGEMENT: Requests 90-Day Extension to Confirm Plan T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Foreign Exchange Sales up 41% for 1st 5Mos - - - - - =========== B R A Z I L =========== CYRELA COMMERCIAL: Moody's Assigns Ba3 CFR, Outlook Stable ---------------------------------------------------------- Moody's America Latina has assigned a Ba3 (global scale)/A1.br (national scale) corporate family rating to Cyrela Commercial Properties S.A ("CCP") with a stable rating outlook. Concurrently, Moody has assigned a Ba3 (global scale)/A2.br (national scale) senior unsecured rating to two of CCP's locally issued, unsecured debentures, totaling R$ 400 million. The company initially issued the debentures in 2013 and 2014, respectively. This is the first time Moody's has assigned a rating to CCP. The following rating was assigned: Cyrela Commercial Properties S.A. -- Ba3 / A1.br corporate family rating Fifth Series of Local Debentures R$ 200 million due 2019 -- Ba3 / A2.br senior unsecured Eighth Series of Local Debentures R$ 200 million due 2020 -- Ba3 / A2.br senior unsecured RATINGS RATIONALE Cyrela Commercial Properties S.A [BMF&BOVESPA: CCPR3] is one the largest, publicly listed commercial real estate companies in Brazil, dedicated to the ownership, development, acquisition and management of high quality corporate office towers, shopping malls and distribution centers. The Ba3 / A1.br corporate family rating reflects CCP's leadership position, its expertise in commercial development as well as the size and quality of its investment portfolio. As of 1Q17, CCP's Total Debt to Gross Assets and Net Debt to EBITDA were approximately 49% and 8.5x, respectively. On July 4, 2017, the company announced the execution of two transactions to exchange property ownerships interests and to sell assets to Canada Pension Plan Investment Board (CPPIB) and Prologis L.P., (MDY's A3 senior unsecured rating) for approximately R$ 1.13 billion. Upon regulatory approval and closure, CCP will deploy approximately R$1.0 billion of expected proceeds for debt amortization, working capital and cash reserves in 2017. This significant reduction in leverage will result in Debt to Gross Assets and Net Debt to EBITDA improving to below 40% and 5.0x, respectively, on pro forma basis. Furthermore, CCP's unencumbered asset base support its financial flexibility. This transaction provides critical support to the assigned ratings. CCP's strengths are partially offset by the current macro-economic and political challenges in Brazil, weak cash flow generation, near-term lease rollover risk and third year rent market realignment exposure as well a low fixed charge coverage. The stable rating outlook reflects Moody's expectations that CCP will operate under a more conservative leverage profile, following the significant debt amortization in 2017. The outlook also entails that the company will continue to focus on its internal cash flow generation by improving the portfolio's operational performance with higher occupancy levels and rental rates. A ratings upgrade is unlikely in the medium term and it would be predicated upon the company achieving the following criteria on a sustained basis: (1) Effective leverage (total debt + preferred stock) closer to 30% of gross assets; (2) Net Debt to EBITDA below 4.0x; (3) Secured debt below 20% of gross assets; and (4) Fixed Charge coverage above 2.0x. Downward rating pressure would result from the following criteria on a consistent basis: (1) Total debt + preferred stock were to approach 50% of gross assets; (2) Net Debt to EBITDA were to approach 6.0x; (3) Fixed Charge coverage and/or Net Cash Interest Expense below 1.0x; (4) the portfolio's physical occupancy level below 80%; and (5) a significant reduction of its unencumbered asset base. Additionally, a downgrade of Brazil's sovereign rating would place additional downward pressure on CCP's ratings. The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. Based in Sao Paulo, Brazil, Cyrela Commercial Properties S.A. [BM&BOVESPA: CCPR3] was spun off in 2007 from Cyrela Brazil Realty, one of the country's largest commercial/residential developers. CCP was organized to own, acquire, invest in and manage trophy office towers, shopping centers and logistic/distribution centers. As of 1Q17, the REIT reported US $1.5 billion in gross assets with investments in 31 operating properties, encompassing 464.2 thousand square meters of owned leasable area, and one project under construction. The portfolio is predominately located in or around the city of Sao Paulo, Brazil. ========================== C A Y M A N I S L A N D S ========================== CALEDONIAN BANK: Fourth Creditors' Meeting Set for Aug. 4 --------------------------------------------------------- A fourth creditors meeting of Caledonian Bank Limited will be held on Aug. 4, 2017, at 10:00 a.m. via phone conference. The joint liquidator can be reached at: Ernst & Young Limited 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman Cayman Island KY1-1106 DRILL RIGS: Creditors' Meeting Set for Aug. 11 ---------------------------------------------- The creditors of Drill Rigs Holdings, Inc. will hold meeting on Aug. 11, 2017, at 11:30 a.m. to reach a scheme of arrangement between the creditors and company. The meeting will be held: Offices of Maples and Calder Ugland House, South Church Street Geroge Town, Cayman Islands DRILLSHIPS FINANCING: Creditors' Meeting Set for Aug. 11 -------------------------------------------------------- The creditors of Drillships Financing Holdings Inc. will hold meeting on Aug. 11, 2017, at 10:30 a.m. to reach a scheme of arrangement between the creditors and company. The meeting will be held: Offices of Maples and Calder Ugland House, South Church Street Geroge Town, Cayman Islands DRILLSHIPS OCEAN: Creditors' Meeting Set for Aug. 11 ---------------------------------------------------- The creditors of Ocean Ventures, Inc. will hold meeting on Aug. 11, 2017, at 11:00 a.m. to reach a scheme of arrangement between the creditors and company. The meeting will be held: Offices of Maples and Calder Ugland House, South Church Street Geroge Town, Cayman Islands OCEAN RIG: Creditors' Meeting Set for Aug. 11 --------------------------------------------- The creditors of Ocean Rig UDW, Inc. will hold meeting on Aug. 11, 2017, at 10:00 a.m. to reach a scheme of arrangement between the creditors and company. The meeting will be held: Offices of Maples and Calder Ugland House, South Church Street Geroge Town, Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Medina Pledges Help for San Pedro Beekeepers ---------------------------------------------------------------- Dominican Today reports that Dominican Republic President Danilo Medina pledged to help honey producers in the province with an Agricultural Development Fund loan to buy equipment and improve production. The country produces nearly 260,000 gallons of honey per year, with 3,500 beekeepers and more than 74,000 hives, each with an individual average output of 3.5 gallons of honey per year, according to Dominican Today. The honey harvest starts in September with a moderate yield, but peaks in April and May the following year, the report notes. Honey exports in 2016 were around 557.0 metric tons worth US$1.4 million, the report relays. The announced project includes acquisition of equipment, queen bees and hives, as well as the construction of a warehouse and training center for beekeepers to raise production, the report adds. As reported in Troubled Company Reporter-Latin America on July 24, 2017, Moody's Investors Service has upgraded the Dominican Republic's long term issuer and debt ratings to Ba3 from B1 and changed the outlook to stable from positive, based on the following key drivers: (1) The Dominican Republic's continued robust growth outlook compared to rating peers, coupled with a reduction in external risks as current account deficits have declined and international reserves have increased. (2) The reduction in fiscal deficits over the last four years and Moody's expectation that fiscal deficits will remain shy of 3% of GDP, supported by fiscal restraint and reduced transfers to the electricity sector. DOMINICAN REPUBLIC: Don't Get Too Cozy With China, Taiwan Warns ---------------------------------------------------------------- Dominican Today reports that Taiwan Foreign Minister David Tawei Lee, who is on an official visit to the Dominican Republic, on Monday said he had no doubts of continued Taipei-Santo Domingo diplomatic ties, based on cooperation and without conditions, contrary to what would occur with mainland China because Dominican Republic would have to accept tens of thousands of immigrants from that country. Mr. Lee warned that the establishment of diplomatic and trade relations with mainland China does not coincide with Dominican Republic's national interest, according to Dominican Today. "Large countries don't offer aid for cooperation and development of the people, contrary to the ties of both nations with over 60 years of interaction, proving that we're a very loyal ally," the report relays. Dominican Today discloses that the diplomat said he has heard opinions that mainland China as the world's second-most powerful economy can offer many basic infrastructure projects, noting however that in such projects the experience is that mainland China always brings its own machinery, own materials and workers, "which will not help Dominicans get jobs." Mr. Lee cited the case of Costa Rica, where he affirms Beijing pledged help to install an oil refinery, but has failed to come through after nine years, the report relays. Mr. Lee also pledged to help in the expansion of roads, but it is also in sight, Mr. Lee notes. In a press conference, Taiwan's Foreign Minister also noted that Costa Rica had a US$49 million surplus with China, but suffered a deficit of US$2.1 billion a year after San Jose established ties, Mr. Lee says. Mr. Lee said he has heard comments in the last two days, but Taiwan and the Dominican Republic are two small island countries "and we are united in the assistance we can offer in promoting medium and small business, and in the agricultural and in the energy sector," the report adds. As reported in Troubled Company Reporter-Latin America on July 24, 2017, Moody's Investors Service has upgraded the Dominican Republic's long term issuer and debt ratings to Ba3 from B1 and changed the outlook to stable from positive, based on the following key drivers: (1) The Dominican Republic's continued robust growth outlook compared to rating peers, coupled with a reduction in external risks as current account deficits have declined and international reserves have increased. (2) The reduction in fiscal deficits over the last four years and Moody's expectation that fiscal deficits will remain shy of 3% of GDP, supported by fiscal restraint and reduced transfers to the electricity sector. ============= J A M A I C A ============= JAMAICA: BOJ Rolls Out New Foreign Exchange Platform ---------------------------------------------------- RJR News reports that the Bank of Jamaica rolled out on July 26 its new foreign exchange trading platform by making US$10 million available to eligible cambios and authorized dealers under a competitive bidding process. The same sum of money will be made available for the next three Wednesdays, according to RJR News. The new auction system will help to determine the exchange rate and will not affect the availability of currency, the report notes. However, the central bank still reserves the right to sell or buy currency outside of what is announced, the report relays. Meanwhile, President of the Jamaica Chamber of Commerce (JCC) Laurence Watson, says he is satisfied with recent measures to contain the movement in the Jamaican dollar, the report discloses. "I think it has been working, the business sector has a more predictable access to foreign exchange. There has been more availability of foreign exchange, we run a free market, so I think the reevaluation of the dollar is a factor of demand and supply," said the JCC President, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 9, 2017, Fitch Ratings 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'. =========== M E X I C O =========== CEMEX SAB: Profit Rises Amid Lower Expenses ------------------------------------------- Anthony Harrup at The Wall Street Journal reports that Mexican cement and buildings materials company CEMEX, S.A.B. de C.V. reported a 41% gain in second-quarter profit, benefiting from lower financial expense while sales were little changed from a year earlier. The Monterrey-based company, one of the world's largest cement makers, made a net profit of $289 million in the April-June period, compared with $205 million in the second quarter of 2016, according to The Wall Street Journal. The report notes that sales slipped 1% from a year before to $3.58 billion, and were 2% higher when adjusted for currency effects and asset sales, Cemex said. Operating cash flow measured by earnings before interest, taxes, depreciation and amortization fell 8% to $696 million, the report relays. Revenue and earnings before interest, taxes, depreciation and amortization, or Ebitda, gains in Mexico, the U.S. and Europe were partially offset by declines in South and Central America, as well as in Africa, the Middle East and Asia, the report says. The median expectations of analysts polled by The Wall Street Journal called for sales of $3.55 billion, Ebitda of $711 million and net profit of $244 million, the report notes. Cement sales by volume were 3% lower at 17.9 million metric tons, which was compensated by higher prices in markets such as the U.S. and Mexico, the report discloses. Cemex sold 38.9 million tons of aggregates, up 1%, and 13.2 million cubic meters of ready mix concrete, 2% less than a year before, the report says. Cemex continued using cash to pay down debt, which it lowered by $676 million in the quarter to $11.93 billion, the report adds. As reported in the Troubled Company Reporter-Latin America on March 15, 2017, Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the company's National Scale Long-Term Rating at 'A(mex)' and upgraded the company's National Scale Short-Term rating to 'F1(mex)' from 'F2(mex)'. The Rating Outlook has been revised to Positive from Stable. ======= P E R U ======= ANDINO INVESTMENT: Fitch Lowers Long-Term IDR to 'CCC' ------------------------------------------------------ Fitch Ratings has downgraded Andino Investment Holding S.A.A.'s (AIH) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) to 'CCC' from 'B-'. Fitch has also downgraded AIH's senior unsecured notes to 'CCC/RR4' from 'B-/RR4''. The rating downgrades reflect continued deterioration in AIH's credit profile due to poor operating results. AIH's rating of CCC' reflects its volatile operational performance, high financial leverage, and continued negative free cash flow (FCF) trend. The ratings also incorporate Fitch's concerns regarding the company's ability to reverse the negative trend in its operational performance during the next quarters. The 'CCC/RR4' rating of the company's unsecured public debt reflects average recovery prospects in the event of a default. KEY RATING DRIVERS Weak Operations The company's operations continue to struggle. During 2016, AIH revenues fell be 0.6%. A turnaround is not in sight, as revenues were down quarter over quarter by 6.1% in 4Q16 and 6.3% in 1Q17. AIH's consolidated EBITDA was PEN33 million as of the last 12 month period ended March 31, 2017 (LTM March 2017), 54% lower than 2015's EBITDA. AIH's EBITDA margin declined to 5.1% as of the LTM to March 2017 from 10.6% in 2015. The company is attempting to improve operational margins by reducing costs in its logistics services business, and by focusing on higher-profit, long-term contracts at its maritime services subsidiary. Fitch expects the company's 2017 EBITDA to be around PEN49 million; this figure implies some improvement over recent LTM March 2017 operational results but is still below 2014-2015 levels. High Leverage As of March 31, 2017, AIH had total debt of PEN425 million, EBITDA of PEN33 million and cash interests paid of PEN55 million, resulting in AIH's net total debt-to-EBITDA and interest coverage ratios of 12x and 0.6x, respectively. Fitch views AIH's capacity to materially reduce its leverage during 2017 as limited. Fitch's base rating case incorporates the expectation of AIH's net leverage ratio in the 8x to 9x range by the end of 2017. The company's USD115 million bond indenture includes a limitation on additional indebtedness when consolidated net debt to consolidated EBITDA ratio is greater than 3.5x. The indenture also includes carve-outs that allow for additional new debt of up to USD35 million. As of March 31, 2017, the company's financial leverage ratio was above the covenant maximum limit and USD22 million of the carve-out had been used. Negative FCF AIH's capital structure is unsustainable due to excessive financial leverage. The company's 2017 FCF generation is expected to remain negative due to high levels of cash interest payments relative to cash flow generation (EBITDA). Fitch's rating case assume the company's 2017 FCF will be negative by approximately PEN20 million driven by expected levels in EBITDA, cash interest paid, and capex of PEN48 million, PEN52 million, and PEN6 million, respectively. The company has limited capacity to cover interest expenses, which will further pressure its liquidity. AIH's cash position was PEN34 million as of March 2017, while its short-term debt was PEN41 million. DERIVATION SUMMARY AIH's 'CCC' rating reflects its volatile operational performance, high financial leverage, negative FCF and weak liquidity. Fitch views AIH's business risk as higher than regional peers such as JSL S.A. ('BB'/Outlook Stable) and Ouro Verde ('BB-'/Rating Watch Negative) due to its more concentrated customer base and smaller operating scale. AIH's ratings of 'CCC' reflect weakness in several rating considerations. In terms of net leverage, measured as the net debt to EBITDA ratio, JLS, Ouro Verde, and AIH had ratios of 4.4x, 2.9x, and 12x, respectively, during the LTM ended March 31, 2017. In terms of liquidity and capacity to consistently cover interest expenses paid with recurrent cash flow generation, JLS, Ouro Verde, and AIH had coverage ratios of 2x, 2.4x, and 0.6x, respectively, during the LTM. Further considered is AIH's more volatile operating results and weak margins. AIH's EBITDA margin declined from an average of 11.25% during 2013-2015 to 5.1% in the LTM. By comparison, JSL S.A. and Ouro Verde have consistently maintained EBITDA margins around 16% and 50%, respectively, during 2013-2017. No country-ceiling, parent/subsidiary or operating environment aspects impacts AIH's ratings. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Annual revenues growth at -2%, 1%; and 3% in 2017, 2018, and 2019, respectively; -- EBITDA margin around 7.5% during 2017-2019; -- Capex at USD2 million per year during 2017-2019; -- Non-core fixed assets sales of PEN43 million, already executed during the first quarter of 2017; -- Negative FCF during 2017-2019; -- Net financial leverage, measured as the net debt to EBITDA ratio, in the 8x to 9x range during 2017-2018; -- Interest coverage, measured as EBITDA to net interest expenses ratio, in the 0.8x to 1x during 2017-2018. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Fitch could consider a positive rating action if AIH generates operational and FCF margins consistently above than those levels incorporated in the ratings, resulting in material liquidity improvement and lower financial adjusted gross leverage. -- Financial gross leverage, total debt/EBITDA ratio, consistently below 7x. -- Interest coverage consistently above 1.5x. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Future developments that may, individually or collectively, lead to a negative rating action include further deterioration of AIH's cash flow generation and liquidity position, execution of a distressed debt exchange; and, if the company defaults on its scheduled amortization/interest payments and/or formally files for bankruptcy protection. LIQUIDITY Tight Liquidity AIH's capacity to service its debt and interest expenses will continue to rely on debt refinancing, incremental debt and/or assets sales. As of March 31, 2017, AIH maintains about USD200 million of unencumbered fixed assets that could support liquidity. AIH's cash position was PEN33.5 million as of March 2017, while its short-term debt was PEN41 million. During the LTM, the company sold approximately USD 30 million of non-core assets. FULL LIST OF RATING ACTIONS Fitch has downgraded the following ratings: Andino Investment Holding S.A.A. -- Foreign Currency IDR to 'CCC' from 'B-'; -- Local Currency IDR to 'CCC' from 'B-'; -- Senior unsecured notes to 'CCC/RR4' from 'B-/RR4'. ====================== P U E R T O R I C O ====================== BAILEY'S EXPRESS: Has OK to Use Bankwell Cash Until Aug. 12 ----------------------------------------------------------- Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District of Connecticut entered an interim order authorizing Bailey's Express, Inc., to use funds that constitute cash collateral of Bankwell Bank pursuant to certain prepetition financing arrangements. The Debtor is authorized to use up to $472,600 in cash solely to fund the types and corresponding amounts of itemized expenditures contained in the proposed operating budget covering the period from July 14 through August 12, 2017. The Debtor has executed and delivered to Quinnipiac Bank and Trust Company, as lender, a certain Business Loan Agreement and Promissory Note in the principal amount of $150,000. The Loan was guaranteed by the John M. Hall Marital Trust, which guaranty is secured by an Open-End Mortgage on property located at 15 Rock Landing Road, Haddam Neck, Connecticut 06424 and an Assignment of Rents. Quinnipiac Bank merged with Bankwell on October 2014, and Bankwell became successor by merger to Quinnipiac Bank. As of the Petition Date, the Debtor owed Bankwell approximately $11,000 on the Loan. Bankwell is granted replacement liens to secure an amount of Bankwell's prepetition claims equal to the amount of cash collateral actually expended by the Debtor and an amount equaling the aggregate decline in the value of the Bankwell Prepetition Collateral. In addition to the replacement lien, Bankwell will have a priority claim in an amount equal to the amount of cash collateral actually expended by Debtor, which claim will have the highest administrative priority and will have priority over, and be senior to, all other administrative claims. The Debtor's Motion cash collateral use is set for a further hearing on August 7, 2017 at 1:00 p.m., however, if the Parties agree to the terms of an Agreed Order providing for more extensive use of cash collateral by such hearing date, then such hearing may consist of a final hearing on the Debtor's Motion. A full-text copy of the Interim Order, dated July 20, 2017, is available at http://tinyurl.com/y7e3ut93 About Bailey's Express Headquartered in Middletown, Connecticut, Bailey's Express -- http://www.baileysxpress.com/-- is a Connecticut-based less than truckload carrier. It provides service across the nation and is dedicated in helping Connecticut, Massachusetts and Rhode Island companies market their products throughout the U.S. including Hawaii and Alaska. The Debtor has distribution points in Charlotte, Dallas, Denver, Easton, Fontana, Indianapolis, Jacksonville, Memphis, Neenah, Phoenix, Salt Lake City and Toledo. It also provides service to Mexico, Puerto Rico & Canada. Bailey's Express filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by David Allen, chief financial officer. Judge Ann M. Nevins presides over the case. Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at Pullman & Comley, LLC, serves as the Debtor's bankruptcy counsel. No creditors' committee has yet been appointed in the case pursuant to Section 1102 of the Bankruptcy Code. HUSKY INC: Unsecured Creditors to be Paid 3% in 7 Years ------------------------------------------------------- General unsecured creditors will be paid 3% of their claims under a joint Chapter 11 plan of reorganization proposed by Husky, Inc., and Christian Elderly Home Inc. Under the plan, Class 5 general unsecured claims filed by governmental entities and Class 6 general unsecured claims filed by other creditors will be paid in 84 equal monthly Installments. These unsecured creditors will recover 3% of their claims. Funding of the plan will come from the refinancing or sale of Husky's real property, the surrendering of Christian Elderly's real properties to secured creditor Scotiabank, the collection of accounts receivable, and a contribution to be made by shareholders, if needed. If the refinancing or sale of Husky's property does not take place within 24 months from the effective date, Scotiabank will receive the collateral itself unless otherwise agreed, according to a joint disclosure statement filed on July 11 with the U.S. Bankruptcy Court in Puerto Rico. A copy of the disclosure statement is available for free at: https://is.gd/Jn6CWU The hearing to consider approval of the disclosure statement is scheduled for September 19, at 10:00 a.m. Objections must be filed not less than 14 days prior to the hearing. About Husky Inc. Husky, Inc., based in Gurabo, Puerto Rico, is the 100% owner of Christian Elderly Home, Inc., having a current value of $1 million. It also owns a 2,320 square-meter lot with concrete building for storage located at Barrio Rincon and valued at $300,000. Husky and Christian Elderly filed separate Chapter 11 petitions (Bankr. D.P.R. Case Nos. 17-02559 and 17-02561) on April 12, 2017. Edgardo Garcia Rosario, president, signed the petitions. In its petition, Husky disclosed $1.32 million in assets and $7.63 million in liabilities. Christian Elderly disclosed $1.04 million in assets and $7.5 million in liabilities. Judge Enrique S. Lamoutte Inclan presides over the cases. Carmen D. Conde Torres, Esq., at the Law Offices of C. Conde & Associates, is the Debtors' bankruptcy counsel. KAMA MANAGEMENT: Requests 90-Day Extension to Confirm Plan ---------------------------------------------------------- Kama Management, Inc., filed a motion asking the U.S. Bankruptcy Court for the District of Puerto Rico to extend its time to obtain confirmation of its amended plan for 90 days. The Debtor's monthly operating reports demonstrate that debtor has been able to reorganize his business. The record also shows that he has entered into a preliminary agreement with secured creditor and therefore, has averted filing his sister company in bankruptcy. Therefore, the debtor will be able to confirm its plan within a reasonable time. The Plan is confirmable because it has the necessary base to pay all creditors, but needs to address some other issues raised by creditors. The Debtor, thus, needs an extension of time to address the objections filed by creditors, file an amended plan and finish all the issues pending that will favorably conclude in the plan being confirmed. About Kama Management Inc. Kama Management Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-08008), on October 5, 2016. The Petition was signed by Alberto Perez Pujals, president. At the time of filing, the Debtor had no assets and had total debts of $1.45 million. The Debtor is represented by Maria Soledad Lozada Figueroa, Esq., at Lozada Law & Associates, LLC. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Foreign Exchange Sales up 41% for 1st 5Mos -------------------------------------------------------------- Aleem Khan at Trinidad Express reports that the foreign exchange market in Trinidad and Tobago continued to face pressures as the fall in export earnings as a result of the terms of trade shock has not been matched by a fall in foreign exchange demand, the Central Bank of Trinidad and Tobago (CBTT) has said in its latest Monetary Policy Report (MPR) May 2017 released. Not only did the demand for foreign exchange (forex) not subside, but imports rose, driven by Government spending on crude oil imports to feed the State-owned Petrotrin refinery, as domestic crude oil production fell, the MPR said, according to Trinidad Express. "Imports rose to an estimated $9,421.7 million, surpassing the 2015 level by 9.5 per cent, but this was mainly reflective of higher energy imports. Higher refining activity at the Petrotrin refinery along with lower production of crude oil locally led to increased crude oil imports for use as feedstock to support refining activity. The estimated value of energy imports grew by 44.4 per cent to $3,507.6 million," the MPR said, the report relays. *********** 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, 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 Joseph Cardillo at 856-381-8268. * * * End of Transmission * * *