/raid1/www/Hosts/bankrupt/TCRLA_Public/180917.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, September 17, 2018, Vol. 19, No. 184
Headlines
A R G E N T I N A
TELECOM ARGENTINA: Fitch Withdraws B+(EXP) Rating on US$ Notes
C A Y M A N I S L A N D S
ARABELLA EXPLORATION: Taps EnergyNet.com as Oil and Gas Broker
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Poultry Imports, Losses Could Bankrupt Sector
DOMINICAN REPUBLIC: Official Says Energy Crunch Won't Harm Economy
DOMINICAN REPUBLIC: August Prices Climb 0.03%
M E X I C O
GRUPO KALTEX: S&P Cuts Issuer Credit Rating to 'B-', Outlook Neg.
MEXICO: Incoming Economy Secretary Reaches Out to Private Sector
* MEXICO: Celebrates its Independence Amid Hopes of Change
P U E R T O R I C O
SKYTEC INC: Case Summary & 3 Unsecured Creditors
V E N E Z U E L A
VENEZUELA: Signs Deals on Oil, Mining, Security With China
X X X X X X X X X
* BOND PRICING: For the Week September 10 to September 14, 2018
- - - - -
=================
A R G E N T I N A
=================
TELECOM ARGENTINA: Fitch Withdraws B+(EXP) Rating on US$ Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+(EXP)'/'RR3' expected rating
assigned to Telecom Argentina S.A.'s proposed US dollar senior
unsecured notes. The company had intended to use the proceeds for
capital expenditures, refinancing of short-term obligations, as
well as for general corporate purposes.
The withdrawal applies only to the notes and does not impact the
company's Issuer Default Rating.
KEY RATING DRIVERS
Fitch is withdrawing the expected rating as Telecom Argentina's
proposed debt issuance is no longer expected to convert to final
ratings, as the company has not proceeded with the notes issuance
within the previously envisaged timeline. The expected rating on
the proposed notes was assigned on April 27, 2018. Telecom
Argentina is evaluating its options and may issue notes at a later
stage.
RATING SENSITIVITIES
Not applicable as the rating is being withdrawn.
==========================
C A Y M A N I S L A N D S
==========================
ARABELLA EXPLORATION: Taps EnergyNet.com as Oil and Gas Broker
--------------------------------------------------------------
Arabella Exploration, LLC sought and obtained authority from the
United States Bankruptcy Court for the Northern District of Texas,
Fort Worth Division, to employ EnergyNet.com, Inc. as oil and gas
broker.
EnergyNet will perform these services:
(a) Perform sales brokerage and consulting services for the
Debtors in connection with the sale of property as are customary
and appropriate in a transaction of this type that the Debtors
reasonably request from time to time, including, without
limitation:
(b) Assist the Debtors in analyzing properties (as defined in
the Retention Agreement) for divestiture and develop a marketing
strategy designed to achieve Debtors' goals:
(c) Assist the Debtors to identify, collect and organize
information needed to prepare offering materials;
(d) Facilitate, to the degree desired for sale presentation
by
the Debtors, internal and third party coordination to finalize
engineering, including evaluation of upside value;
(e) Prepare necessary technical, engineering, production and
land support; and establish timeline goals and identify sale
issues;
(f) Advise on market value estimates based on final
engineering and price and timing assumptions;
(g) Draft marketing materials, teasers, assets presentations
and Information Memorandum and organize data for marketing and
internet or other data room presentation, in each case in
collaboration with the Debtors, their advisors, and other parties
as the Debtors may direct;
(h) Build, maintain and host a data room, to include asset
information, due diligence records and marketing materials for
potential buyers;
(i) Subject to the Debtors' prior consent, distribute teasers
and/or publish select advertising (website, EnergyNet Online
Market
Report) for broad market exposure and personally contact, as
practical, select recipients to gauge interest level and ensure
offering attention;
(j) Obtain indications of interest from the buyer universe;
(k) Coordinate the execution of confidentiality agreements
(in
a form provided and approved by the Debtors) by each potential
buyer prior to the receipt of any confidential Seller Information
by each such potential buyer;
(l) Manage buyer activity throughout marketing and assist
with
buyer data needs; receive bids and advise on bid evaluations, and
negotiate purchase and sale agreements with interested buyers;
(m) Facilitate negotiation of bids to the extent desired by
the Debtors; host an auction on terms approved by an order of the
Bankruptcy Court if interest is received from multiple qualified
bidders for some or all of the Properties; and
(n) Provide buyer due diligence and closing support as
requested by the Debtors.
Upon consummation of each Property Sale during the Sale Term,
Debtors will promptly pay to EnergyNet a "Sale Success Fee" based
on this commission schedule:
Asset Sales Less Than $ 1 MM 4.25%
Asset Sales Between $1MM and $3MM 3.50%
Asset Sales Between $3MM and $10MM 2.50%
Asset Sales Between $10MM and $20MM 2.00%
Asset Sales Between $20MM and $30MM 1.75%
Asset Sales Between $30MM and $50MM 1.25%
Asset Sales Greater Than $50MM 1.00%
EnergyNet attests that the firm and its respective employees have
no connections with creditors, parties-in-interest, their
respective attorneys and accountants, or the United States
Trustee,
or any persons employed by the United States Trustee. EnergyNet
and its employees are "disinterested persons" as that phrase is
defined in Section 101(14) of the Bankruptcy Code, and EnergyNet
neither represents nor holds an interest adverse to the interest
of
the estate with respect to the matter on which EnergyNet is to be
employed.
EnergyNet.com Inc. can be reached at:
Chris Atherton
PRESIDENT
440 Louisiana, Suite 600
Houston TX 77002
(713) 861-1866
Chris.Atherton@energynet.com
About Arabella Exploration
Arabella Exploration, LLC, formed on Oct. 2, 2009, is a wholly
owned subsidiary of Arabella Exploration, Inc., a Cayman Islands
corporation. It is an oil and gas exploration company that owns
working interests in a number of oil and gas properties and
interests.
Arabella Exploration filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
17-40120) on Jan. 8, 2017. Charles (Chip) Hoebeke, manager,
signed the petition.
Arabella Operating, LLC, filed a Chapter 11 petition (Bankr. N.D.
Tex. Case No. 17-41479) on April 4, 2017. The case is being
jointly administered with that of Arabella Exploration.
Arabella Exploration estimated $1 million to $50 million in assets
and liabilities.
Judge Russell F. Nelms in Ft. Worth, Texas, is the case judge.
Raymond W. Battaglia, Esq., of the Law Offices of Ray Battaglia,
PLLC, serves as counsel to the Debtor. Miller Johnson serves as
Battaglia's co-counsel. Rehmann Turnaround and Receivership's
Charles Hoebeke is the Debtor's chief restructuring officer.
No trustee, examiner or committee has been appointed in the case.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Poultry Imports, Losses Could Bankrupt Sector
-----------------------------------------------------------------
Dominican Today reports that the Moca and Licey Small Poultry
Farmers Association (Approamoli) warned that the fertile eggs and
chicken imports into the local market, below production cost,
could bankrupt the sector, leading to losses of over US$1.0
million daily.
"The crisis threatens to devastate us like a category 5 hurricane,
which wouldn't leave the most solid of producers standing," said
poultry sector leaders Juan Carlos Triunfel and Ambiorix Cabrera,
according to Dominican Today.
They request president Danilo Medina's urgent intervention to stop
the imports of fertile eggs, which they say jeopardizes small
producers, the report relays.
Mr. Triunfel said currently the loss is from 11 to 12 pesos per
pound, or 50 pesos for each chicken, the report notes. "After the
severe crisis of 2017, due to poor planning, thanks to the efforts
of the authorities and producers, we managed to stabilize the
sector with reasonable prices for chicken, for producers and
consumers as well," he added, says the report.
As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%. Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.
DOMINICAN REPUBLIC: Official Says Energy Crunch Won't Harm Economy
------------------------------------------------------------------
Dominican Today reports that Economy Minister, Isidoro Santana,
said that the energy crisis has forced the Govt. to buy
electricity at a high cost, which means an "additional burden" for
the Dominican Republic.
He noted, however, that the situation will not affect the
country's economy, according to Dominican Today. "I do not
believe that this affects the Gross Domestic Product," the report
quoted Mr. Santana as saying.
Speaking in a conference held by the Alianza ONG (NGO), the
official said the Government evaluates a response to the energy
crisis, the report relates.
The outage of the 300-megawatt power plant AES Andres since Sept.
3 has not only destabilized the power supply, it has also
increased its cost, raising the US$30.0 million electricity
subsidy for each month that the facility is off line, the report
adds.
As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%. Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.
DOMINICAN REPUBLIC: August Prices Climb 0.03%
---------------------------------------------
Dominican Today reports that the Central Bank said prices in Aug.
climbed 0.03% compared to July.
It said cumulative inflation to August stood at 1.44%, being the
annualized inflation at 3.87%, "slightly below the central value
of the target range of 4.0 % Ò 1.0% established in the Monetary
Program," according to Dominican Today.
"Regarding core inflation, it recorded an interannual rate of
2.59% in August 2018. This indicator estimates inflationary
pressures of monetary origin, isolating the price variations of
some volatile agricultural goods, alcoholic beverages, tobacco, as
well as fuels and some managed services such as electricity and
transport, thus allowing us to extract more clear signals for the
conduct of monetary policy," the Central Bank said on its website,
the report relays.
It adds that although the prices on Food and Non-Alcoholic
Beverages fell (-0.80%) in August, it was largely offset by jumps
in other groups led by Education (2.04%), the report notes.
As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%. Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.
===========
M E X I C O
===========
GRUPO KALTEX: S&P Cuts Issuer Credit Rating to 'B-', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Grupo Kaltex, S.A. de C.V. (Kaltex) to 'B-' from 'B'. S&P said,
"We also lowered our issue-level rating on the company's $320
million senior secured notes due 2022 to 'B-' from 'B'. Our
recovery rating of '3', indicating our expectation of meaningful
(50%-90%; rounded estimate 65%) recovery prospects for the
bondholders in the event of a payment default, remains unchanged."
The outlook on the corporate credit rating remains negative.
In the past nine months, Kaltex's operating performance has
suffered from soft demand from key customers, higher cotton
prices, chemicals, and energy, as well as exchange rate
volatility. This has resulted in lower-than-expected profitability
that's pressuring Kaltex's cash flow generation and liquidity and
limiting the company's capacity to reduce its high leverage. As of
June 2018, Kaltex posted an EBITDA margin of 6.7%, a debt to
EBITDA ratio of 7.0x, and an EBITDA interest coverage of 1.3x,
which is a significant deviation from S&P's expectations. The
company has been implementing a series of initiatives to improve
its operating performance and restore profitability and cash flow
generation, but S&P considers that weakness in its main markets
could still limit Kaltex's top-line growth in the next 6-12
months, which could result in further liquidity pressures.
Kaltex's debt position hasn't changed materially over recent
quarters, but leverage metrics have deteriorated due to the
company's weak operating performance. As Kaltex continues to focus
on several initiatives such as price increases, cost controls, and
manufacturing efficiencies, EBITDA could gradually improve. In
addition, Kaltex's could generate positive free operating cash
flow (FOCF) during the second half of 2018 owing to the gradual
improvement in EBITDA, a more effective working capital
management, and lower capital investments for growth. S&P expects
the company's debt-to-EBITDA ratio to trend towards 5.0x and
EBITDA interest coverage above 2.0x by the end of 2019. The
company has exposure to the dollar-denominated debt, given that
slightly more than 95% of its debt is in that currency, which
could further weaken Kaltex's financial performance if the Mexican
peso sharply weakens against the dollar. Its dollar-denominated
cash flow generation, with about 40% of revenue coming from
exports and a foreign currency hedge of about one-third of its
$320 million senior secured notes, mitigate this exposure.
MEXICO: Incoming Economy Secretary Reaches Out to Private Sector
----------------------------------------------------------------
The Latin American Herald reports that the private sector will be
crucial to enable Mexico to break years of "mediocre growth,"
Economy Secretary-designate Graciela Marquez said.
"We seek to turn the Economy Secretariat into a driving force for
industry, for it to be your voice within government," she said in
a speech to the annual Concamin business federation meeting,
according to The Latin American Herald.
The report notes that Ms. Marquez said that while the secretariat
has few resources of its own, it will promote "proactive policies"
to attend the "needs" of businesses starting on Dec. 1, when
Andres Manuel Lopez Obrador is sworn in as president.
"We acknowledge that the private sector is the engine of economic
growth," she said, while adding that Mexico will break its period
of "mediocre growth" if businesses "invest and create jobs," the
report quoted Ms. Marquez as saying.
The new government will promote new investments by creating
"infrastructure and logistics," decreasing violence, and
simplifying regulations, Marquez said, the report notes.
"We have common objectives, because promoting the growth of the
private sector also means strengthening the government's
capacities, though this does not mean more government," she said,
the report relays.
The speech continued a pattern of outreach to the business
community by Lopez Obrador following his landslide victory in the
July 1 election after a campaign that saw public disputes between
the leftist and prominent figures in the Mexican business
community, the report discloses.
The administration will aim to boost domestic consumption to make
Mexico's economy less dependent on exports, Ms. Marquez said, the
report adds.
* MEXICO: Celebrates its Independence Amid Hopes of Change
----------------------------------------------------------
Latinx Today reports that every September 15th, Mexico's streets,
government buildings and shops are draped in Mexican flags to
commemorate the country's independence, which is being celebrated
this year amid hopes of a deep "transformation," as President-
elect Andres Manuel Lopez Obrador has promised.
The left-leaning politician, who will be sworn in on Dec. 1, has
promised to carry out Mexico's "fourth transformation," following
the country's independence in 1810, the liberal reforms of the
late 19th century, and the Mexican Revolution of 1910-1920,
according to Latinx Today.
However, as opposed to those earlier changes in public life, Lopez
Obrador has said that the fourth transformation will be the first
to be carried out peacefully, the report notes.
The report relays that Lopez Obrador "has created very high hopes
and he will be evaluated according to those expectations,"
Khemvirg Puente, head of the Center for Political Studies of the
National Autonomous University of Mexico (UNAM).
The first electoral victory of a left-leaning presidential
candidate in Mexico caused jubilation throughout the country on
July 1, the day of the vote, the report relays.
The report discloses that in Mexico City, some 80,000 people
gathered in the main square to chant "Yes we did!" and "It's an
honor to be with Obrador!"
According to Puente, the comparison that Lopez Obrador has made
between his electoral victory and the independence is a "political
communications strategy" that will only be able to be judged at
the end of his term, in 2024, the report adds.
======================
P U E R T O R I C O
======================
SKYTEC INC: Case Summary & 3 Unsecured Creditors
------------------------------------------------
Debtor: Skytec, Inc.
500 Carr. 869
Suite 501
Catano, PR 00962
Business Description: Skytec, Inc. is a privately held company
based in Puerto Rico that provides wireless
telecommunication solutions.
Chapter 11 Petition Date: September 12, 2018
Case No.: 18-05288
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Hon. Enrique S. Lamoutte Inclan
Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
FUENTES LAW OFFICES, LLC
PO BOX 9022726
San Juan, PR 00902
Tel: (787) 722-5216
Fax: (787) 722-5206
Email: alex@fuentes-law.com
Total Assets: $2,119,734
Total Liabilities: $5,848,090
The petition was signed by Henry L. Barreda, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at:
http://bankrupt.com/misc/prb18-05288.pdf
=================
V E N E Z U E L A
=================
VENEZUELA: Signs Deals on Oil, Mining, Security With China
----------------------------------------------------------
Business Standard reports that Venezuelan President Nicolas
Maduro's official visit to China resulted in the signing of
strategic cooperation agreements in the oil, mining, economy,
security, technology and health sectors within the framework of
the 16th meeting of the China-Venezuelan High-Level Mixed
Commission.
President Maduro said during an address before the Commission that
28 agreements were signed for development of their joint ventures,
EFE news reported, according to Business Standard.
The report notes that the agreements, signed with Chinese Foreign
Minister Wang Yi, included a memorandum for share allocation in
the Sinovensa oil joint venture, as well as a memorandum of
understanding (MoU) for development of hydrocarbon joint ventures
Petrourica and Petrozumano.
An agreement for boosting cooperation between China National Oil
and Gas Exploration and Development Corporation and Venezuelan
state-owned PDVSA oil and natural gas company was also signed with
the aim of exploring and harnessing gas resources in the South
American country, the report relays.
The two parties also signed a MoU for cooperation between Chinese
tech firm ZTE and Venezuelan Ministry of People's Power for
Health, the report discloses.
President Maduro said the agreements were in tune with the
country's economic recovery program that was rolled out on August
20 and claimed that commercial ties between the two nations had
passed the test presented by the global financial crisis, the
report relays.
Mr. Wang said he wanted the bilateral cooperation to remain strong
and to continue to advance, the report discloses.
President Maduro began his China trip with a visit to the tomb of
Mao Zedong, founder of the Communist regime in the country, near
the Tiananmen square in Beijing, the report relays.
President Maduro, accompanied by wife Cilia Flores, paid his
respects before the statue of Mao at the entrance to the
mausoleum, where Mao's embalmed body is preserved. He also signed
the visitor's book, the report adds.
As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at
'CC'.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week September 10 to September 14, 2018
---------------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Banco do Brasil SA/Cayman 6.25 75.043 KY USD
Rio Energy SA 6.875 71.638 2/1/2025 AR USD
Cia Latinoamericana 9.5 60.447 7/20/2023 AR USD
CSN Islands XII Corp 7 69.44 BR USD
Agua y Saneamientos 6.625 71.982 2/1/2023 AR USD
Odebrecht Finance Ltd 7.5 39.15 KY USD
YPF SA 16.5 50.96 5/9/2022 AR ARS
Odebrecht Finance Ltd 4.37 35.715 4/25/2025 KY USD
Banco Macro SA 17.5 50 5/8/2022 AR ARS
Odebrecht Finance Ltd 7.12 37.293 6/26/2042 KY USD
China Huiyuan 6.5 75.1 8/16/2020 CN USD
Odebrecht Finance 5.125 45.754 6/26/2022 KY USD
Noble Holding 6.2 74.46 8/1/2040 KY USD
Noble Holding 5.25 70.444 3/15/2042 KY USD
Odebrecht Finance 7 58.985 4/21/2020 KY USD
Noble Holding 6.05 73.508 3/1/2041 KY USD
Odebrecht Finance 5.25 36.2 6/27/2029 KY USD
Rio Energy SA 6.875 71.551 2/1/2025 AR USD
BCP Finance Co 1.751 74.397 KY EUR
Provincia del Chubut 4 10/21/2019 AR USD
YPF SA 16.5 50.96 5/9/2022 AR ARS
Argentina 7.125 76 6/28/2117 AR USD
Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD
Odebrecht Finance 6 37.193 4/5/2023 KY USD
Banco do Brasil 6.25 76.375 KY USD
Cia Latinoamericana 9.5 60.621 7/20/2023 AR USD
Polarcus Ltd 5.6 70 7/1/2022 AE USD
Argentina 6.875 74.985 1/11/2048 AR USD
Provincia del Chubut 7.75 72.304 7/26/2026 AR USD
Banco Macro SA 17.5 50 5/8/2022 AR ARS
CSN Islands XII Corp 7 74.375 BR USD
Provincia de Rio Negro 7.75 70.153 12/7/2025 AR USD
Provincia de Entre Rios 8.75 71.083 2/8/2025 AR USD
Argentina 4.33 70 12/31/2033 AR JPY
Provincia de Entre Rios 8.75 72.333 2/8/2025 AR USD
Odebrecht Finance Ltd 4.375 35.242 4/25/2025 KY USD
Ironshore Pharma 13 69.621 2/28/2024 KY USD
Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD
Odebrecht Finance Ltd 7.125 38.674 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 36.187 6/27/2029 KY USD
Province of Santa Fe 6.9 74.177 11/1/2027 AR USD
Provincia del Chubut 7.75 71.654 7/26/2026 AR USD
Argentina 6.25 72.711 11/9/2047 AR EUR
Cia Energetica 6.1827 1.105 1/15/2022 BR BRL
Odebrecht Finance 7.5 43.5 KY USD
Argentina 0.45 31.75 12/31/2038 AR JPY
SACI Falabella 2 7/15/2020 CL CLP
Province of Jujuy 8.625 72.788 9/20/2022 AR USD
Province of Santa Fe 6.9 73.44 11/1/2027 AR USD
Ironshore Pharma 13 69.621 2/28/2024 KY USD
Tanner Servicios 3.8 52.42 4/1/2021 CL CLP
AES Tiete Energia SA 6.78 1.06 4/15/2024 BR BRL
Odebrecht Finance Ltd 6 37.19 4/5/2023 KY USD
Provincia de Rio Negro 7.75 70.15 12/7/2025 AR USD
Odebrecht Finance 7 59.466 4/21/2020 KY USD
Odebrecht Finance Ltd 5.12 47.298 6/26/2022 KY USD
Provincia de Cordoba 7.12 74.286 8/1/2027 AR USD
Argentina 7.125 75.752 6/28/2117 AR USD
Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD
Enlasa Generacion 3.558 11/15/2023 CL CLP
Metrogas SA/Chile 645 8/1/2024 CL CLP
Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD
Provincia del Chaco 9.375 72.315 8/18/2024 AR USD
Fospar S/A 6.53 1.034 5/15/2026 BR BRL
Sociedad Concesionaria 2.9547 6/30/2021 CL CLP
Esval SA 3.453 3/15/2028 CL CLP
Caja de Compensacion 7.75 35.23 3/27/2024 CL CLP
Sociedad Austral 318.478 9/20/2019 CL CLP
Provincia de Neuquen 7.5 74.753 4/27/2025 AR USD
Caja de Compensacion 5.2 9/15/2018 CL CLP
Empresa de Transporte 4.341 7/15/2020 CL CLP
Corp Universidad 5.968 11/10/2021 CL CLP
Provincia de Cordoba 7.125 74.802 8/1/2027 AR USD
Provincia del Chaco 9.375 72.585 8/18/2024 AR USD
Argentine Republic 7.125 75.322 6/28/2117 AR USD
Sylph Ltd 2.367 61.194 9/25/2036 KY USD
Banco Security SA 311 7/1/2019 CL CLP
Sylph Ltd 2.657 73.081 3/25/2036 KY 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
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issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
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latest balance sheets publicly available a day prior to
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definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
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***********
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 2018. All rights reserved. ISSN 1529-2746.
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* * * End of Transmission * * *