/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190318.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, March 18, 2019, Vol. 20, No. 55 Headlines B E R M U D A BROOKFIELD PROPERTY: S&P Rates $100MM Preference Shares BB+ B R A Z I L BRAZIL: To Auction Licenses to Operate 12 Regional Airports ENGIE BRASIL: Fitch Affirms 'BB' IDRs, Outlook Stable GOL LINHAS: Moody's Hikes CFR to B1, Rates $350MM Notes B2 PETROLEO BRASILEIRO: S&P Rates Unit's New Sr. Unsec. Notes BB- C A Y M A N I S L A N D S ARABELLA PETROLEUM: Trustee's Sale of Royalty Interests Approved D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Drought Threatens May's Rice Planting Season DOMINICAN REPUBLIC: Private Sector Plan to Cut Red Tape M E X I C O CORPORACION GEO: Declared Bankrupt by Court MEXICO: Reaches Out to US, CentAm to Help Find Missing Migrants P E R U CONTINENTAL TRUSTEES: S&P Ups ABS Transaction Rating to BB+ P U E R T O R I C O FERMARALIZ CORP: Seeks to Hire Cynthia Fraticelli as Accountant RYDER MEMORIAL HOSPITAL, PR: S&P Cuts 1994A Bonds Rating to CCC TOYS R US: Exits Bankruptcy, Business as Usual for Properties T R I N I D A D A N D T O B A G O PETROLEUM CO: Refinancing Plan Close for Bullet Payment TRINIDAD & TOBAGO: Gets US$200 Million Road Loan X X X X X X X X LATAM: Caribbean Nations Moving to Get Off New EU Blacklist [*] BOND PRICING: For the Week March 11 to March 15, 2019 - - - - - ============= B E R M U D A ============= BROOKFIELD PROPERTY: S&P Rates $100MM Preference Shares BB+ ----------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to Bermuda-based Brookfield Property Partners L.P.'s (BPY) $100 million series 1 cumulative redeemable preference shares. The company will use the proceeds from these preferred shares for general corporate purposes. S&P expects to assign intermediate equity credit (50% equity) to the preferred shares based on the proposed terms. BPY is a global, diversified real estate company that is majority owned and externally managed by Brookfield Asset Management Inc. (BAM). BPY is BAM's primary vehicle to make investments across the real estate sector, holds $86 billion in real estate assets, and operates as BAM's largest investment vehicle. BPY's strategy for its core office and retail portfolio focuses on owning high-quality assets and the bulk of its portfolio is located in high barrier markets in the U.S., Toronto, Western Europe, and Australia. BPY's balance sheet is highly leveraged with debt to EBITDA in the high 13x area when incorporating the GGP acquisition. The stable outlook on BPY reflects our expectation that its consolidated credit metrics will improve modestly by year-end 2019 as its debt to EBITDA declines to the mid- to high-13x area while its fixed charge coverage (FCC) strengthens to 1.5x. S&P also expects BPY to increase its same-store net operating income (NOI) by the low-single-digit percent area aided by new developments. RATINGS LIST Brookfield Property Partners L.P. Issuer Credit Rating BBB/Stable/-- New Rating Brookfield Property Partners L.P. Preferred Stock $100M Series 1 Preference Shares BB+ =========== B R A Z I L =========== BRAZIL: To Auction Licenses to Operate 12 Regional Airports ----------------------------------------------------------- EFE News reports that Brazilian President Jair Bolsonaro's administration will auction licenses to operate 12 regional airports, a process aimed at generating some BRL3.5 billion ($921 million) in investment. The auction will take place at the Sao Paulo Stock Exchange, with the 30-year licenses to be awarded to the companies or consortiums that submit the highest bids, according to the National Civil Aviation Agency (Anac), according to EFE News. The 12 airports to be auctioned to the private sector handle nearly 20 million passengers per year and account for 9.5 percent of domestic air traffic, the report notes. For the purposes of the auction, they have been grouped into three blocks: northeastern, southeastern and central-western, the report relays. The report notes that the government has set a minimum bid price amounting to BRL219 million in cash across all three blocks, but it expects to raise a total of BRL2.1 billion over the three-decade lifespan of the licenses. Besides those costs, the winning bidders must commit to investing in airport modernization and improvements, the report says. Across all three blocks, that amount is expected to come to BRL3.5 billion, the report notes. The first block, which is by far the largest and expected to be hotly contested, consists of airports serving the cities of Recife (Pernambuco state), Maceio (Alagoas), Aracaju (Sergipe), Juazeiro do Norte (Ceara), Joao Pessoa and Campina Grande (Paraiba), the report relays. The report discloses that the minimum bid price for that block is BRL171 million in cash, with an additional investment commitment of BRL2.16 billion. The government has set a minimum bid of BRL47 million and is requiring investment of BRL592 million for the southeastern block, which is composed of airports serving the cities of Vitoria (Espirito Santo state) and Macae (Rio de Janeiro), the report relays. Lastly, for the four airports that make up the central-western block--Cuiaba, Sinop, Rondonopolis and Alta Floresta, all located in the state of Mato Grosso--the winning company or consortium will have to submit a bid of at least BRL800,000 and pledge to invest roughly BRL771 million, the report notes. Although Bolsonaro's administration has not announced the names of the companies taking part in the auction, press reports indicate they will include German airport operator Fraport, France's Vinci Airports and ADP, Switzerland's Flughafen Zurich and Spain's Aena, the report says. Plans to sell licenses to these 12 regional airports were announced last year by then-President Michel Temer's administration, who launched an ambitious privatization and concession plan after taking office in 2016, the report discloses. But more than 50 proposed projects were inherited by the rightist Bolsonaro, who took office on Jan. 1 with a pledge to carry out a wave of privatizations to shrink the public sector and reduce a large budget deficit, the report adds. As reported on the Troubled Company Reporter-Latin America on Feb. 11, 2019, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. The outlook on the long-term ratings remains stable. At the same time, S&P affirmed its transfer and convertibility assessment of 'BB+'. S&P also affirmed its 'brAAA' national scale rating, and the outlook remains stable. ENGIE BRASIL: Fitch Affirms 'BB' IDRs, Outlook Stable ----------------------------------------------------- Fitch Ratings has affirmed Engie Brasil Energia S.A.'s (Engie Brasil) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB' and 'BBB-', respectively, and its National Scale Rating at 'AAA(bra)'. The Rating Outlook is Stable. Engie Brasil's ratings reflects its prominent market position as the largest private electric energy generation company in Brazil, with a relevant and diversified portfolio, operational efficiency and robust operating cash flow generation benefited by the existence of long-term power purchase agreements with its clients. To a lesser extent, Fitch's analysis considered the sector expertise of its parent company, Engie S.A. (IDR 'A'/Stable), as a relevant global power company. The company also benefits from its conservative financial profile with historical low leverage and a strong financial flexibility to deal with the new debt needs resulted from investments in its asset growing cycle. Engie Brasil's FC IDR is constrained by Brazil's country ceiling of 'BB', as the company generates all of its revenues in local currency (BRL), with no cash and committed credit facilities abroad. The analysis does not incorporate any potential support from the parent company. Fitch also considers the three-notch difference between the company's LC IDR and the sovereign rating as appropriate due to its regulated nature. The Stable Outlook for the FC and LC IDRs follows the same Outlook of Brazil's 'BB-' sovereign rating. Fitch also expects Engie Brasil will be able to sustain its solid consolidated credit profile over the next few years despite a period of higher investment levels, which also supports the Stable Outlook for the National Scale rating. KEY RATING DRIVERS Strong Business Profile: Engie Brasil's ratings benefit from its strong business position in the electric power generation segment. The company is the largest private energy generation company in Brazil, with a total installed capacity of 8,100MW, to be further increased by 971MW to 9,071MW after the conclusion of its three new projects under development. The company presents a successful track record in its commercial strategy and monthly allocation of its energy capacity, also benefited by the dilution of operational risks obtained through its diversified asset base. The recent entrance into the transmission segment will provide further diversification and predictability to the operational cash flow. In 2017 the company got the concession for transmission lines with 1,050 km extension, with investments of BRL1,7 billion and Permitted Annual Revenues (PAR) of BRL232 million to be completed until 2023. Moderate Exposure to Hydrological Risk: Engie Brasil has some protection against hydrological risk in sale contracts within the regulated market, which represents about 40% of the energy sold, limiting the exposure to 9%. The remaining energy available is sold through bilateral contracts to the called free customers and energy tradings. Without protection, Engie Brasil must mitigate the hydrological risk in these contracts, which occurs when the index Generating Scaling Factor (GSF) is below 1.0. The company must be successful in obtaining energy purchase contracts at prices compatible with those established in the sales contracts or in maintaining uncontracted energy to cover the reduction of its own generation. Fitch estimates that the company's uncontracted energy at 9% in 2019 and 6% in 2020 should be sufficient to support the GSF in these years, estimated at 0.83 and 0.85, respectively, when considered only the capacity exposed to hydrological risk. It mitigates the company's exposure to the spot market energy prices (PLD) that should persist in the same level of 2018 (BRL288/MWh). Negative FCF: Fitch's base case contemplates energy sales of 5,3 average GW and 5,8 average GW in 2019 and 2020, with average tariffs of BRL209/MWh and BRL206/MWh, excluding sales at the spot market. Fitch forecasts average EBITDAs and cash flow from operations (CFFOs) of BRL4.9 billion and BRL3.8 billion in this period, with negative free cash flow (FCF) of around BRL900 million in 2019 and around BRL1.6 billion in 2020. The negative FCF is a result of capex of BRL5.0 billion during 2019-2021 period, mainly to conclude the wind power generation projects and start the transmission lines construction. The average annual distribution of dividends of approximately BRL3.0 billion is also an important cash outflow, although Fitch considers that there is certain flexibility in the dividends pay-out to maintain adequate credit metrics. In 2018, net revenues and EBITDA amounted to BRL8.8 billion and BRL4.3 billion, respectively, with an EBITDA margin of 49%. Fitch expects Engie Brasil's EBITDA margin to recover to 55%-60% from 2020 on due to dilution of costs and lower effects from hydrology issues within the strategy to increase the uncontracted portion of assured energy in the medium term. The company has maintained sound financial performance even during a challenging operational scenario related to low hydrological levels. Conservative Leverage to Remain: Fitch's base case estimates Engie Brasil's net debt to EBITDA and net debt to Funds From Operation (FFO) below 2x and 2.5x, respectively, in 2019 and 2020. Net leverage to EBITDA and to FFO increased to 1.6x and 1.9x in 2018 from 0.4x in 2016, due to new debt raised during 2017 and 2018 to finance the two hydroelectric power plants acquired by BRL3.5 billion (in 2017) and capex of BRL3.3 billion in 2018, mainly in greenfield projects. Considering an alternative scenario incorporating a possible acquisition of one of the two relevant investments currently under analysis by the company, Engie Brasil's net leverage will not exceed 3.0x, which is consistent with its IDRs. Potential Relevant Acquisitions: Engie Brasil currently evaluates two major investment opportunities referred to the acquisition of relevant stakes in Energia Sustentavel do Brasil SA (ESBR), a consortium in charge of the Jirau Hydroelectric Power Plant (Jirau), and in Transportadora Associada de Gas (TAG), a pipeline unit with a strong and predicable cash generation, owned by Petrobras. In Jirau the group considers the acquisition of 40% of the ESBR, currently held by its direct controller Engie Brasil Participacoes S.A. At TAG, the percentage may reach up to 35%. The TAG sales process may be completed until June 2019, while the transfer of the Jirau stake should not occur before 2020. In Fitch's view, Engie Brasil's current ratings support the acquisition of one of the two opportunities, benefiting from its current conservative credit profile. The success in both initiatives, however, may put pressure on the company's credit profile. Fitch's exercise estimates combined disbursements of BRL7.5 billion for the two transactions, fully financed by debt. In parallel, planned divestments may also occur simultaneously and reinforce the company's liquidity. Consistent with its parent company portfolio management strategy, the group in Brazil intends to divest the coal-fired thermal power plants, focusing on carbon-free energy sources. DERIVATION SUMMARY Engie Brasil's FC IDR 'BB'/Stable is three notches below peers in Latin America, such as Emgesa (BBB/Stable), the second largest generation company in Colombia, and Engie Chile (BBB/Stable), the fourth largest generator in Chile, primarily as a result of the Brazilian country ceiling at 'BB'. Emgesa and Engie Chile benefit from a better economic environment in investment grade countries. Engie Brasil's 'BBB-'/Stable LC IDR is comparable to these 'BBB' rated peers. Fitch considers the three-notch difference between the company's LC IDR and the sovereign rating appropriate due to the regulated nature of the business. All three companies benefit from strong business profile, with Engie Brasil's installed capacity being the largest among them, although the energy mix of Engie Chile differs from the related company in Brazil and Emgesa. Engie Brasil and Emgesa are more exposed to hydrological conditions, while Engie Chile needs to deal with the coal and natural gas prices volatility. All the companies have predictable and robust cash flow generation since they have managed business risks properly, but Engie Brasil has a stronger financial profile. KEY ASSUMPTIONS Fitch's key assumptions within the base case for the issuer include: - GSF of 0.83 in 2019 and 0.85 in 2020; - Capital expenditures of BRL5.0 billion from 2019 to 2021; - Dividends Payout of 100%; - Absence of asset sale and new acquisitions. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- An upgrade is unlikely in the near term because the Foreign Currency IDR is constrained by the country ceiling (BB) and the Local Currency IDR is limited to three notches above the sovereign rating (BB-). Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Sizable investments or acquisitions currently out of Fitch's base case that could lead to net leverage consistently above 3.5x; -- Funds from operations (FFO) Adjusted Net Leverage above 4.0x on a sustainable basis; -- Difficulties in financing the capex plan through project finance debts; -- A downgrade of the sovereign rating would trigger another downgrade of Engie Brasil's IDRs. LIQUIDITY High Financial Flexibility: Engie Brasil's consolidated liquidity is robust with no concentration on the short-term debt maturities. As of December 2018, cash and marketable securities of BRL2.4 billion was significantly above the short term maturities of BRL662 million. The high cash balance will be partially used to finance the negative FCF for 2019 and 2020 period, when the group will still need to raise new debt. Engie Brasil's ample access to debt and capital markets benefits the group to raise alternatives funding with structure adequate to project finance and maintaining a well-balanced debt maturity profile. As of December 2018, Engie Brasil's debt were mainly based on loans with debentures (BRL3.4 billion) and BNDES (BRL2.9 billion), representing the main sources of financing (67%). FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Engie Brasil Energia S.A. -- Long-Term Local Currency IDR at 'BBB-'; -- Long-Term Foreign Currency IDR at 'BB'; -- Long-Term National Scale Rating at 'AAA (bra)'; -- 6th Debenture Issuance of BRL600 million at 'AAA(bra)'; -- 7th Debenture Issuance of BRL747 million at 'AAA(bra)'. The Rating Outlook for the issuer ratings is Stable. GOL LINHAS: Moody's Hikes CFR to B1, Rates $350MM Notes B2 ---------------------------------------------------------- Moody's Investors Service upgraded the ratings of Gol Linhas Aereas Inteligentes S.A ("Gol"), including the corporate family rating ("CFR") to B1 from B2 and the rating of Gol Finance's perpetual notes guaranteed by Gol and Gol Linhas Aereas S.A. to B2 from B3. At the same time Moody's assigned a B2 rating to the proposed up to $350 million senior exchangeable notes due 2024 to be issued by Gol Equity Finance and guaranteed by Gol and Gol Linhas Aereas S.A. Moody's also affirmed at Baa3 the foreign currency rating assigned to Gol LuxCo S.A.'s ("Gol LuxCo") term loan guaranteed by Delta Air Lines, Inc. ("Delta"). All outlooks are stable. The rating of the proposed notes assumes that the issuance will be successfully completed and that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date. It also assumes that these agreements are legally valid, binding and enforceable. Upgrades: Issuer: Gol Linhas Aereas Inteligentes S.A. Corporate Family Rating: Upgraded to B1 from B2 Issuer: Gol Finance $200 Million Guaranteed Senior Unsecured Perpetual Notes: Upgraded to B2 from B3 Affirmation: Issuer: Gol LuxCo S.A. $300 Million Guaranteed Senior Unsecured Term Loan due 2020: Affirmed at Baa3 The outlook for all ratings remains Stable Rating assigned: Issuer: Gol Equity Finance Up to $350 Million Guaranteed Exchangeable Senior Notes due 2024: B2 Outlook: Stable RATINGS RATIONALE The ratings upgrade is a result of Gol's improvements in operating performance, credit metrics and financial flexibility in an evolving macroeconomic environment. More specifically, Gol has posted a marked recovery in its operating margins and leverage measured by total adjusted debt to Ebitda that have reached 16.3% and 3.8 times, respectively, in the end of 2018. Operating improvements are a consequence of conservative increase in capacity, cost cutting initiatives, and stronger demand for air travel in Brazil stemming from a gradual strengthening in the local economy, which Moody's believes will continue during 2019. Gol's B1 rating reflects the company's leadership position in the Brazilian domestic market supported by its strong brand name and low-cost structure based on a modern and efficient operating fleet of 121 Boeing 737 aircrafts, along with an experienced management team. Nonetheless, Gol's ratings incorporate its exposure to foreign currency, fuel price volatility, tough competitive environment, and dependence on the Brazilian economy because of its lower geographic diversification compared to other rated airlines. The B2 rating on the unsecured notes stand one notch lower than Gol's B1 corporate family rating in order to reflect the effective subordination of those unsecured creditors to the company's other existing secured debt. Gol's consolidated debt pro-forma for the new bond issuance will be composed of finance leases collateralized by aircraft and other collateralized indebtedness, representing about 45% of its total debt and the other 55% will be comprised by the proposed unsecured bonds and other unsecured debt. As such, unsecured notes will rank below all the company's existing and future secured claims. The proceeds from the proposed notes will be used to reinforce Gol's liquidity position as well as for liability management, extending the company's debt maturity profile, while decreasing interest expenses. Pro forma for the transaction, Moody's adjusted leverage measured by total debt to Ebitda will reach around 4.0x in the end of 2019, not considering any liability management, which in its opinion is still adequate for the B1 rating category. Moody's expects that the leverage increase will be temporary and will reduce over time with the additional Ebitda generation from organic growth, debt amortizations, and further increase in profitability, reducing to below 3.5x total debt to Ebitda by the end of 2020. Gol's liquidity is adequate. In the end of 2018, and pro-forma for the proposed issuance, the company had around BRL2.4 billion in cash compared with short-term debt maturities of BRL1.1 billion. Upcoming debt obligations maturing over the next few years include BRL1.5 billion in 2020, and BRL429 million in 2021; the balance of around BRL4.1 billion is comprised of its BRL500 million perpetual notes and other instruments due 2024 and beyond. In terms of alternative sources of liquidity, Gol has a 52.7% stake in Smiles; the equity on its leased aircraft; and non-securitized receivables that could be used in case of need. Moody's estimates that these items together could provide around BRL2.8 billion in additional liquidity to the company. In 2018, Gol reported positive cash flow from operations of around BRL2.0 billion, reflecting the company's efficiency gains despite the volatile fuel and exchange rate levels. The company's adjusted free cash flow was BRL390 million in 2018 and Moody's expects positive free cash flow generation of around BRL400 million in 2019. The affirmation of Gol LuxCo's USD300 million senior unsecured term loan at Baa3 reflects Delta guaranty for this term loan. Moody's views this guarantee as an effective guaranty of payment of lenders in the entirety of its original promise when due, and not just a guarantee of collection after an event of default. As such, the rating on the term loan is at the same level as Delta's senior unsecured rating of Baa3 and the outlook is stable. The stable outlook reflects Moody's belief that the company will be able sustain the improvements in operating margins and cash flow generation, liquidity and leverage in a scenario of healthier economic prospects and a more rational competitive environment. The company significantly increased load factor and yields in the last couple of years through capacity control and cost reduction. These actions and the incremental passenger growth stemming from an improving local economy have led to meaningful improvement of credit metrics. Positive ratings pressure requires leverage measured by total adjusted debt to Ebitda consistently below 3.5x, internal cash generation measured by RCF/Debt to above 20% along with an interest coverage measured by (FFO+Interest)/Interest above 4.0x, while improving its unrestricted cash position to further mitigate the effects of a prolonged local currency devaluation. Downward pressure on Gol's ratings or the outlook will occur if credit metrics were to deteriorate without expectation of recovery. Quantitatively, negative ratings pressure increases if total adjusted debt to Ebitda increases to above 5.0x, EBIT margin erodes to below 10% for a prolonged period, or should the company's financial flexibility weakens. An upgrade or downgrade in the term-loan rating depends on changes in Delta's creditworthiness. The methodologies used in these ratings were Passenger Airline Industry published in April 2018, and Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017. Based in Sao Paulo and founded in 2001, Gol is the largest low-cost carrier in Latin America, offering over 700 daily passenger flights to connect Brazil's major cities and various destinations in South America, North America and the Caribbean, along with cargo and charter flight services. Additionally, Gol has a 53% stake in Smiles, a loyalty program company with more than 14 million participants that allows members to accumulate miles and redeem tickets in more than 900 destinations around the world and also offer non-ticket reward products and services. In the fiscal year ended December 2018, Gol reported consolidated net revenues of BRL11.4 billion (~USD3.1 billion) and lease adjusted EBITDA of BRL3.4 billion. Gol LuxCo, Gol Finance, and Gol Equity Finance are wholly-owned subsidiaries of Gol. PETROLEO BRASILEIRO: S&P Rates Unit's New Sr. Unsec. Notes BB- -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' debt rating on Petrobras Global Finance B.V.'s (PGF's) proposed senior unsecured notes due 2049. PGF is a wholly-owned finance subsidiary of Brazilian oil and gas company, Petroleo Brasileiro S.A. - Petrobras (Petrobras; BB-/Stable/--). Petrobras will unconditionally and irrevocably guarantee the notes. At the same time, Petrobras is proposing an add-on to its senior unsecured notes due 2029. The state-owned oil company will use the net amount from those issuances to finance the tender offer on several bonds due 2021-2025. S&P said, "We rate PGF's senior unsecured debt the same as our issuer credit rating on Petrobras, based on the guarantee of this debt and because the latter has limited secured debt collateralized by real assets. Even if the senior unsecured debt ranked behind the subsidiaries' debt in the capital structure, we believe the risk of subordination is mitigated by a priority debt ratio that's far less than 50% and the significant earnings generated on the parent level. Petrobras' rating performance will continue dependent on the Brazilian sovereign rating (BB-/Stable/B) trajectory as the latter acts as a cap on the company's credit profile. Also, S&P expects the company to sustain a sound performance thanks to a growing production, a continued debt reduction, solid portfolio management, in terms of capex discipline/efficiency and asset sales, and the maintenance of effective and solid governance standards. Those factors led S&P to recently revise the company's stand-alone credit profile to 'bb' from 'bb-'. RATINGS LIST Petroleo Brasileiro S.A. - Petrobras Issuer credit rating BB-/Stable/-- Rating Assigned Petrobras Global Finance B.V. Senior unsecured BB- =========================== C A Y M A N I S L A N D S =========================== ARABELLA PETROLEUM: Trustee's Sale of Royalty Interests Approved ---------------------------------------------------------------- Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas authorized Morris D. Weiss, the Chapter 11 trustee for Arabella Petroleum Co., LLC, to sell the following overriding royalty interests to Valley Ridge Minerals, LLC: (i) Section 298, Blk 13 H&GN RR Co Survey in Reeves County, Texas for $75,000; and (ii) Section 37, Blk 52, Twp 8 T&P RR Co Survey in Reeves County, Texas for $5,000. Platform Energy III, LLC is deemed to have submitted the second highest bid and will serve as the back-up purchaser should the Successful Bidder fail to close the purchase. Should the Back-Up Purchaser replace the Successful Bidder, the Order will apply in all regards to the Back-Up Purchaser as if it were the Successful Bidder. The sale is free and clear of all Encumbrances. A certified copy of the Order may be filed with the appropriate clerk and/or recorded with the appropriate recorder. Pursuant to Rules 4001, 6004(h), 6006(d), 7062, and 9014 of the Bankruptcy Rules, the Order will be effective immediately upon its entry, and the Trustee and the Successful Bidder are authorized to close the sale of Overriding Royalty Interests immediately. 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: Drought Threatens May's Rice Planting Season ---------------------------------------------------------------- Dominican Today reports that the planting of rice that should take place next May in fields irrigated at the Yaque del Norte river's middle and lower basins is threatened by the prolonged drought parching the Dominican Republic. Nonetheless, according to dams and canals agency (INDRHI) regional director Marino Abreu, the harvest of the grain planted several months ago is guaranteed, according to Dominican Today. "As we had stated, we are supplying the water needed to achieve a 60 percent harvest of what was planted in the upper area of the Yaque del Norte," the report quoted Mr. Abreu as saying. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. DOMINICAN REPUBLIC: Private Sector Plan to Cut Red Tape ------------------------------------------------------- Dominican Today reports that Trinidad and Tobago and the private sector disclosed a comprehensive plan to transform the official regulations and procedures, whose currently cost RD$197 billion(US$3.9 billion) or 5.46% of GDP. The plan also transforms and prioritizes the six Govt. agencies that have highest regulatory costs: the ministries of Higher Education, Public Health, Environment, Agriculture, Public Works and Internal Taxes, according to Dominican Today. The report notes that the goal is to cut the social cost of regulations by around 70%. National Competitiveness Council director Rafael Paz made the announcement during the unveiling of the RD+Simple program, a Government initiative that seeks to raise the efficiency of public institutions and forge a more efficient and competitive country, the report relays. The report notes that he said the plan includes the high prioritization of the 10 procedures with the highest cost and the average of 70 procedures, corresponding to 37 additional govt. agencies. "We will start working groups with the institutions involved, in order to verify the recommendations derived from these results and apply them. That is, eliminate those that must be eliminated and simplify those that can be simplified," the report quoted Mr. Paz as saying. "In the second stage of RD + Simple, we will include 40 new institutions, which will allow us to analyze, approximately, some 700 additional procedures, according to preliminary estimate," the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. =========== M E X I C O =========== CORPORACION GEO: Declared Bankrupt by Court ------------------------------------------- Reuters reports that Mexican housing developer Corporacion Geo said it had received notification from a court in Mexico City declaring the company in a state of bankruptcy with effect from March 8 due to a failure to make its payments. Geo, as the company is known, made the announcement in a statement to the Mexican stock exchange, according to Reuters. MEXICO: Reaches Out to US, CentAm to Help Find Missing Migrants --------------------------------------------------------------- EFE News reports that Mexican President Andres Manuel Lopez Obrador said that the governments of Central America and the United States have been contacted to investigate the case of 22 migrants allegedly kidnapped while traveling on a bus in the northern state of Tamaulipas. "We are asking for information from Central American governments and the US government. We are doing the investigation," the Mexican president said at his morning press conference, according to EFE News. Speaking from his podium at the National Palace, Lopez Obrador said that "there is no indication" that the vehicle was in the custody of the federal police, as reported by some media outlets, the report notes. "What we want is to continue investigating because we don't want to have regrettable or horrendous cases like those in San Fernando repeated. We have to take care of migrants and not leave them unprotected," the report quoted Mr. Obrador as saying. In 2010, 72 Central American migrants were slaughtered in the municipality of San Fernando, Tamaulipas, a massacre that was attributed to the Los Zetas drug cartel, the report notes. When questioned about the identity of the disappeared people, the president confirmed that they are in fact migrants, which could explain why there have been no disappearance reports filed by family members, the report discloses. The report notes that although he did not rule out the possibility of an abduction, Lopez Obrador said that the sudden disappearance also could be a way in which the migrants entered US territory, adding that two similar cases have cropped up so far during his mandate, which began on Dec. 1. This case, however, was first reported when the bus belonging to the Transpais company was traveling north on Highway 53 and was stopped near the municipality of San Fernando, where in recent years deaths and disappearances of migrants have occurred, the report relays. The state government reported that at least 19 passengers were kidnapped three days earlier on a bus traveling from the Gulf Coast port of Tampico to Reynosa, a city on the US border, the report says. The bus left Tampico with 42 passengers, and en route to the US-Mexico border, it was stopped by armed men traveling in at least four vehicles, the report relays. After boarding the bus, they forced the male passengers out and into their vehicles, after which they fled the scene to parts unknown, the report notes. The bus driver decided to continue to the final destination in Reynosa, just across the border from McAllen, Texas, where he reported the incident to police, the report adds. ======= P E R U ======= CONTINENTAL TRUSTEES: S&P Ups ABS Transaction Rating to BB+ ----------------------------------------------------------- S&P Global Ratings raised to 'BB+' from 'BB' its rating on Continental Trustees Ltd., a synthetic asset-backed securities (ABS) transaction that depends on the credit quality of a subordinated loan that serves as collateral on the transaction. The rating action follows the revision on BBVA Banco Continental's stand-alone credit profile (SACP) to 'bbb+' from 'bbb', after which S&P's opinion of the credit quality of the underlying subordinated loan improved as well. S&P Global Ratings also revised its outlook on BBVA Banco Continental to stable from negative following an improvement in its capitalization metrics. S&P also affirmed its 'BBB+/A-2' ratings on the bank. The ABS synthetic transaction has a structure that mirrors the credit risk of the underlying collateral's credit quality in the form of a participation interest in a subordinate loan issued by BBVA Banco Continental S.A. S&P considers the credit quality of the underlying loan to be below the bank's SACP, reflecting both the incremental risk to creditors related to the subordinated position of these notes to the bank's senior creditors, the bank's flexibility in making interest payments, and the loss absorption characteristics set by local regulation. S&P will continue to monitor the rating on this structured finance transaction and revise the rating as necessary to reflect any changes in the transaction's underlying credit quality. RATING RAISED Continental Trustees Ltd. Rating Series To From NA BB+ BB ===================== P U E R T O R I C O ===================== FERMARALIZ CORP: Seeks to Hire Cynthia Fraticelli as Accountant --------------------------------------------------------------- Fermaraliz Corp seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire an accountant. The Debtor proposes to employ Cynthia Garcia Fraticelli to prepare its monthly operating reports and periodic statements of its operations; represent the Debtor in tax investigation; provide tax and management counseling; prepare tax returns; and provide other accounting services necessary to administer its bankruptcy estate. The accountant will receive a monthly fee of $150 for her services. Ms. Fraticelli is "disinterested" as defined in section 101(14) of the Bankruptcy Code, according to court filings. Ms. Fraticelli maintains an office at: Cynthia I. Garcia Fraticelli Urb. Bella Vista 4111 Calle Nuclear Ponce, PR 00716 Tel: 787-613-0411 Fax: 787-812-3409 About Fermaraliz Corp. Fermaraliz Corp., based in Coamo, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 18-06456) on Nov. 1, 2018. In the petition signed by Jose F. Espada Colon, president, the Debtor disclosed $389,300 in assets and $1,046,703 in liabilities. The Hon. Edward A. Godoy oversees the case. Modesto Bigas Mendez, Esq., at Modesto Bigas Law Office, is the Debtor's bankruptcy counsel. RYDER MEMORIAL HOSPITAL, PR: S&P Cuts 1994A Bonds Rating to CCC --------------------------------------------------------------- S&P Global Ratings lowered its ratings on Puerto Rico Industrial Medical & Higher Education & Environmental Pollution Control Facilities Finance Authority's series 1994A bonds, issued for Ryder Memorial Hospital, to 'CCC' from 'CCC+'. The outlook is stable. "The downgrade reflects Ryder's violation of financial covenants; specifically covenants on debt service coverage, debt service ratio, and financial statement disclosure," said S&P Global Ratings credit analyst Chloe Pickett. While Ryder is seeking waivers for the covenant violations, it could default if it doesn't receive these. S&P does not have additional information on approval or timing and will reassess the situation when details become clear. The rating reflects Ryder's weakened operating and financial profiles and ongoing uncertainty related to the hospital's ability to return to full operations following the devastating impact of Hurricane Maria in September 2017. Although Ryder has reopened with limited offerings, a large portion of the hospital remains closed with extensive repairs still needed. Ryder initially paid debt service through its debt service reserve fund after the hurricane, but is paying through operations and has not indicated future payment issues. "We believe, however, that Ryder is vulnerable to default given the catastrophic damage to the hospital's operations and cash flow, combined with the very limited liquidity," Ms. Pickett added. Ryder's operating profile includes a dominant market as the main hospital share across a large, rural primary service area. It is in Humacao, one of the areas most affected by Maria. Management indicated a slow, but improving, recovery in the area with the full restoration of water and electricity, and businesses set to reopen in coming months. S&P said, "The stable outlook reflects our view of Ryder's expected resumption of many inpatient services within the one-year outlook period. The outlook also reflects our expectation that the hospital will continue to pay its debt service from operations. We continue to believe insurance proceeds, including funds from the Federal Emergency Management Agency (FEMA), will continue boosting cash flow, although the timing of payments is uncertain. "We could lower the rating if Ryder cannot pay its upcoming debt service payments or if bondholders do not agree to waivers for financial covenant violations and determine Ryder to be in default. In addition, diminished liquidity could result in a negative outlook or downgrade. "While unexpected during the outlook period, we could revise the outlook to positive or raise the rating if Ryder dramatically increases volumes with the reopening of services and significantly improves financial performance." TOYS R US: Exits Bankruptcy, Business as Usual for Properties ------------------------------------------------------------- Toys R Us Property Company I, LLC, on March 11, 2019, disclosed that it has emerged from bankruptcy as a reorganized entity under the trade name Hill Street Properties LLC ("Hill Street"). Investors in Hill Street include Empyrean Capital Partners, LP and Glendon Capital Management L.P. Raider Hill Advisors ("Raider Hill"), which was retained as exclusive real estate advisor to the bankruptcy estate in June 2018, will continue to provide day-to-day operational oversight and management of the portfolio, including all leasing, redevelopment, and disposition activities. Daniel Hurwitz, Founder & CEO of Raider Hill, stated, "It will be business as usual for the 168 remaining properties across 40 states. We look forward to working with Hill Street as we continue to market these assets without any interruption of the numerous transactions already under contract or those currently in negotiation." For more information about the portfolio and available properties, please visit www.RaiderHill.com or contact Raider Hill at 216-750-8000. About Raider Hill Advisors Raider Hill Advisors -- http://www.RaiderHill.com-- is a private real estate investment and retail advisory firm headquartered in New York City. The firm provides advisory services for private and public market retail real estate investors and operators as well as retailers. About Toys "R" Us Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors -- sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. ===================================== T R I N I D A D A N D T O B A G O ===================================== PETROLEUM CO: Refinancing Plan Close for Bullet Payment ------------------------------------------------------- Asha Javeed at Trinidad Express reports that with about five months to go before the bullet payment on its US$850 million bond is due, Trinidad Petroleum Holdings (TPH), the successor holding company which replaced Petrotrin last year, is close to completing the refinancing of the bond. TPH chairman Wilfred Espinet told Trinidad Express that it was always expected that the company would seek financing to deal with the bond payment when it becomes due. As reported in the Troubled Company Reporter-Latin America on Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of Trinidad & Tobago's B1 corporate family rating and senior unsecured debt ratings on review for downgrade. This rating action was based on the lack of clarity regarding Petrotrin's new business profile and strategy as well as increasing liquidity risk related to the approaching maturity of the 2019 bonds. State-owned Petrotrin's oil refinery closed in November last year. TRINIDAD & TOBAGO: Gets US$200 Million Road Loan ------------------------------------------------ Trinidad Express reports that the Development Bank of Latin America (CAF) disclosed that it has approved a US$200 million ($1.36 billion) loan to T&T to improve the country's road network. In a news release issued on March 12, the financial institution said the loan would help to strengthen the national road network through the construction, rehabilitation, and maintenance of roads, access roads and an overpass, together with the management, and planning actions carried out by the Ministry of Works and Transport (MOWT), according to Trinidad Express. =============== X X X X X X X X =============== LATAM: Caribbean Nations Moving to Get Off New EU Blacklist ----------------------------------------------------------- Caribbean360.com reports that Caribbean nations named on a new blacklist released by the European Union (EU) are taking steps to be struck off that list of countries considered non-cooperative tax jurisdictions, although some say they were surprised at their inclusion in the first place. The EU published the list based on what it said was an "intense process of analysis and dialogue" by EU Finance Ministers, following screening by the EU Commission which over the last year assessed 92 countries based on the criteria of tax transparency, good governance and real economic activity, as well as the existence of a zero corporate tax rate, according to Caribbean360.com. The 15 non-cooperative tax jurisdictions included Trinidad and Tobago, and the US Virgin Islands which is said have taken no commitments since the first blacklist adopted in 2017; and Barbados, Belize, Bermuda, and Dominica which the EU said had been previously moved to the grey list following commitments, but had to be blacklisted again for not following up, the report notes. "Dozens of countries have abolished harmful tax regimes and have come into line with international standards on transparency and fair taxation. The countries that did not comply have been blacklisted, and will have to face the consequences that this brings," said Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, the report relays. "We are raising the bar of tax good governance globally and cutting out the opportunities for tax abuse," the report quoted Mr. Moscovici as saying. "The EU tax havens list is a true European success. It has had a resounding effect on tax transparency and fairness worldwide", said Mr. Moscovici, the report relays. "Thanks to the listing process, dozens of countries have to abolish harmful tax regimes and fall in line with international standards on transparency and fair taxation The countries that did not comply have been blacklisted, and will have to face the consequences that this brings. We are raising the bar of tax good governance globally and cutting out the opportunities for tax abuse," he added. The Dominica government has expressed surprise and dismay at its inclusion in the list, accusing the EU of acting "unfairly and without proper justification," the report notes. It said the island was put on the grey list in December 2017 despite the complete devastation caused by Hurricane Maria that year, the report discloses. "With our country shut down after Maria, electricity down island-wide, communications disrupted, our people homeless and in desperate need of immediate assistance, 90 per cent of homes damaged and in some instances destroyed, roads impassable, businesses shut down for an extended period, the EU gave us, in our devastated condition, no more time than any other country to comply with their demands," it said, adding that despite the circumstances, Dominica ensured that it complied with all the legislative changes that were requested by the EU, the report notes. The government noted that one of requirements requested by the EU was that Dominica join the Convention on Mutual Administrative Assistance in Tax Matters which requires the sanction of the OECD, the report says. That would have would have allowed for the passage of the Automatic Exchange of Information Act which the EU had requested, the report relays. However, the government said that although Dominica applied since May 31, 2017 to the OECD to join that Convention, and subsequent correspondences reiterated its commitment and desire to join, "through absolutely no fault of the Government of Dominica, we have to date, not been given final clearance from the OECD or a substantive response to our application," the report notes. It added that senior government ministers and public officers have explained these facts to EU representatives, the EU Code of Conduct Group, EU TAXUD and the EU Council on numerous occasions but to no avail, the report relays. "In February this year, we wrote to the EU requesting an extension of time to allow for a response to be obtained from the OECD to our application. Regrettably, we received no response," it said, explaining that Dominica was subsequently blacklisted by the EU on the grounds that it does not apply any automatic exchange of financial information, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended and has not yet resolved these issues, the report notes. "This statement of the grounds is misleading, and manifestly unfair. The only reason why Dominica "has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended 'is that the OECD has to date not given the go ahead to Dominica to sign on. In other words, Dominica is being penalized while it is awaiting a response, and notwithstanding there was and is nothing else it can do or could have done," the government said, the report relays. Meantime, Bermuda's Premier David Burt said the news of Bermuda's inclusion on the list was a "setback", but stressed that he expected it would be removed soon, the report discloses. He later told the House of Assembly that the placement was due to a "minor technical omission in our regulations", and despite the omission being discovered and immediately addressed, the reinsertion of an omitted line "appears not to have been good enough for the EU," the report relays. "It is disappointing that after endless hours of crafting a regime that would meet the required test and in fact having one now in force has not been enough to prevent our addition to the EU's list on non-cooperative tax jurisdictions," he said at a press conference with Minister of Finance Curtis Dickinson after the list was published, the report notes. "Bermuda is compliant and we are confident that within a matter of weeks, that will be accepted by EU Member States and Bermuda will be removed from this list. This confidence is shared by the UK Government who through the Treasury specifically stated that Bermuda has legislated to address the issue identified‎. In light of this we expect Bermuda, and other compliant jurisdictions, to be removed from the list at the next available opportunity," the report notes. He further sought to assure Bermudians that government did not anticipate any sanctions to be levied against the British Overseas Territory, the report discloses. "We will be pressing Bermuda's case, emphasizing that fairness must be the order of the day. Our industry partners have commented on the paradox of our regulations being stricter than some of those countries that have not been listed. I believe that between now and May, a fair assessment of Bermuda's legislation will confirm our compliance and we will be removed from the list," Mr. Burt added, the report adds. [*] BOND PRICING: For the Week March 11 to March 15, 2019 --------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD YPF SA 16.5 67.3 5/9/2022 AR ARS Noble Holding Internat 6.2 62.2 8/1/2040 KY USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia del Chubut A 4.5 2208 3/30/2021 AR USD Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Empresa Provincial de 12.5 0.0 1/29/2020 AR USD Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Plaza SA 3.5 38.3 8/15/2020 CL CLP Banco Security SA 3.0 5.6 7/1/2019 CL CLP Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD SACI Falabella 2.3 50.6 7/15/2020 CL CLP Sylph Ltd 2.4 65.1 9/25/2036 KY USD Banco Security SA 3.0 27.4 6/1/2021 CL CLP Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Esval SA 3.5 49.9 2/15/2026 CL CLP ********* 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 2019. 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. . * * * End of Transmission * * *