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/raid1/www/Hosts/bankrupt/TCRLA_Public/190515.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, May 15, 2019, Vol. 20, No. 97 Headlines A N T I G U A A N D B A R B U D A LIAT: Antigua and Barbuda Makes a Bid for Barbados' Shares A R G E N T I N A BUENOS AIRES: Moody's Rates New $250MM Unsecured Notes 'B2/A3.ar' COOL HOLDINGS: Subpoenaed by SEC Over Share Price Volatility COOL HOLDINGS: Will Buy Simply Mac from GameStop GAUCHO GROUP: Appoints New Member to Board of Directors B E R M U D A WEATHERFORD INT'L: Moody's Cuts CFR & Sr. Unsecured Rating to Ca B R A Z I L AUTOVIAS SA: Moody's Withdraws Ba2/Aa2.br CFR for Business Reasons BANCO INDUSTRIAL: Moody's Rates New BRL100-Mil. Bank Notes 'Ba2' BRISTOW GROUP: Case Summary & 30 Largest Unsecured Creditors BRISTOW GROUP: Files Chapter 11 to Facilitate Restructuring BRISTOW GROUP: Receives Noncompliance Notice From NYSE JBS SA: Posts Q1 Net Income of $273MM, Beats Analysts' Estimates JBS SA: Sees All Units Benefiting From Hog Virus Outbreak In China D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Petroleum Derivatives Consumption Fell M E X I C O GRUPO SENDA: S&P Withdraws 'D' Global Scale Issuer Credit Rating T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Mixed Views on Budget Review - - - - - ===================================== A N T I G U A A N D B A R B U D A ===================================== LIAT: Antigua and Barbuda Makes a Bid for Barbados' Shares ---------------------------------------------------------- Dominica News Online reports that Antigua and Barbuda's Prime Minister Gaston Brown has made good on his intention to bid for the purchasing of Barbados shares in cash trapped LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT. In fact, the Government officially submitted a document to authorities in Barbados indicating its interest in purchasing the shares that country owns in LIAT, according to Dominica News Online. Mr. Browne confirmed in an interview with our freelance reporter in St John's, that the proposal was submitted and the government is anticipating a favorable response, the report notes. "We are looking towards the sustainability and viability of LIAT. We now have to await a response from Barbados and then we will develop an action plan on the way forward," the report quoted Mr. Browne as saying. The report notes that his decision comes on the heels of a recent meeting of LIAT's shareholder governments in Antigua. During the meeting, Browne presented the proposal which involves, among other things, a way to finance the retention of the three planes owned by the Caribbean Development Bank, the report relays. There was also a suggestion that the planes be sold as part of the downsizing of LIAT and there is agreement among some shareholders that this is a matter which merits very serious consideration, the report discloses. The shareholder governments have been asking other Caribbean governments to provide financial assistance to the Antigua-based airline that services 15 Caribbean countries, the report says. St. Kitts-Nevis, Antigua and Barbuda, Dominica and Grenada have responded positively to the call for raising US $5.4 million to help the airline deal with its current financial problems, the report notes. Antigua's leader has insisted, "My government is determined that LIAT should remain in the air and we will oppose any decision to collapse the airline," the report relays. Meantime, according to recent reports, Grenada has joined Antigua and Barbuda, Barbados, Dominica, and St. Vincent and the Grenadines to become the fifth shareholder in LIAT, the report adds. About LIAT LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT, is an airline headquartered on the grounds of V. C. Bird International Airport in Antigua. It operates high-frequency inter-island scheduled services serving 15 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. The airline is owned by seven Caribbean governments, with three being the major shareholders: Barbados, Antigua & Barbuda and St. Vincent and the Grenadines along with Dominica(94.7 %); other Caribbean governments, private shareholders and employees (5.3%). In the last few years, LIAT has been challenged with financial difficulties, often needing additional funding as the airline dealt with the high cost of operations. In November 2016, the Barbados government defended LIAT's operations, even as opposition legislators called for a cessation of the business. In early 2015, LIAT offered early retirement packages to employees in efforts to downsize. In 2014, LIAT knew it had to deal with unprofitable routes to make operations viable. In the third quarter of 2013, the airline's top management was shaken, with news Chief Executive Officer Captain Ian Brunton's sudden resignation. LIAT's current chief executive officer is Julie Reifer-Jones and chief financial officer is Rojer Inglis. Dr. Ralph Gonsalves, prime minister of St. Vincent & the Grenadines, serves as chairman of LIAT shareholders. ================= A R G E N T I N A ================= BUENOS AIRES: Moody's Rates New $250MM Unsecured Notes 'B2/A3.ar' ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned a B2 -Global Scale foreign currency debt rating- and an A3.ar -- National Scale in foreign currency- to the proposed senior unsecured Notes up to USD 250million to be issued by the Province of Buenos Aires. The ratings are in line with the province's long term foreign currency issuer ratings. The outlook is stable. RATINGS RATIONALE The B2/A3.ar assigned ratings to the Notes reflect Moody's view that the willingness and capacity of the Province of Buenos Aires to honor these Notes is in line with the province's credit quality as reflected in the B2/A3.ar foreign currency issuer ratings. The planned Notes issuance has been authorized by the Provincial Law Nº15.077. The notes will be issued and denominated in US dollars for an amount of up to 250 million. The notes will mature in November 2019 and will amortize fully at maturity. The Province of Buenos Aires will use the net proceeds of these Notes to fund social programs, infrastructure and/or other public investments as well as to finance cash deficits, make debt service payments and/or improve the debt maturity profile or debt conditions of the Province. The assigned B2/A3.ar ratings to the Notes are based on preliminary documentation received by Moody's as of the rating assignment date. Moody's does not expect changes to the documentation reviewed over this period, nor does it anticipate changes in the main conditions that the Notes will carry. Should issuance conditions and/or final documentation of the Notes deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. WHAT COULD CHANGE THE RATING UP/DOWN An upgrade of Argentina's sovereign rating or a systemic improvement, or both, along with lower idiosyncratic risks arising from this province (that is, for instance, a sustained record of operating surpluses), could exert upward pressure on the province's current issuer and debt ratings. A downgrade of Argentina's bond rating or a deterioration in the province's liquidity hindering its ability to service its short-term debt service payments in foreign currency, or both, could exert downward ratings pressure. In addition, if the province records a deterioration in its operating and financial results, leading to higher-than-expected debt levels, its issuer and debt ratings could be downgraded. COOL HOLDINGS: Subpoenaed by SEC Over Share Price Volatility ------------------------------------------------------------ Cool Holdings, Inc., received on March 25, 2019, a subpoena issued by the staff of the Securities and Exchange Commission requesting certain documents and information relating to the Company and to volatility in the Company's share price and volume during September 2018. Three Company executives also received a subpoena for testimony in connection with the investigation. The Company said it is fully cooperating with the SEC regarding this non-public, fact-finding inquiry, but cannot predict or determine whether any proceeding may be instituted by the SEC in connection with the subpoena or the outcome of any proceeding that may be instituted. The Company noted that affiliates of the Company currently own 15.4% of its outstanding common shares, and none of its executive officers or other insiders have ever sold any stock. The SEC has informed the Company that this inquiry should not be construed as an indication that any violations of law have occurred or that the SEC has any negative opinion of any person, entity or security. About Cool Holdings Cool Holdings, Inc., formerly known as InfoSonics Corporation -- http://www.coolholdings.com-- is a Miami-based company focused on premium retail brands. Currently, the Company's business is comprised of OneClick, a chain of 16 retail consumer electronics stores authorized under the Apple Premier Partner, APR (Apple Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand) programs, and Cooltech Distribution, an authorized distributor to the OneClick stores and other resellers of Apple products and other high-profile consumer electronic brands. During 2018, the Company discontinued its verykool brand of Android-based wireless handsets, tablets and related products the Company sold to carriers, distributors and retailers in Latin America. The Company incorporated under the laws of the State of California on Feb. 7, 1994, under the name InfoSonics Corporation. On Sept. 11, 2003, the Company reincorporated under the same name under the laws of and into the State of Maryland. On June 8, 2018, the Company changed its name to Cool Holdings, Inc. Cool Holdings reported a net loss of $27.27 million for the year ended Dec. 31, 2018, compared to a net loss of $7.54 million for the year ended Dec. 31, 2017. As of Dec. 31, 2018, the Company had $13.69 million in total assets, $16.44 million in total liabilities, and a total stockholders' deficit of $2.75 million. Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 16, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. COOL HOLDINGS: Will Buy Simply Mac from GameStop ------------------------------------------------ Cool Holdings, Inc. has entered into a definitive agreement to purchase all of the outstanding capital stock of Simply Mac, Inc. from its parent company GameStop Corp. Simply Mac, based in Salt Lake City, Utah, is the largest Apple Premier Partner in the United States, and operates 43 stores in 18 states. Consideration for the purchase will be based in part on the value of inventories and other working capital at the date of closing. The transaction is expected to close by early August 2019. "This transaction enables us to advance our growth strategy in the Americas as we move aggressively to reach our goal of 200 stores," said Mauricio Diaz, CEO and executive chairman of Cool Holdings' board of directors. "Upon closing, we will have 59 stores with 46 in the U.S., 6 in Argentina and 7 in the Dominican Republic, and a clear focus on North America, including potential opportunities in Canada. We are excited to work with the Simply Mac team, because we each bring synergistic strengths to the table that we believe will improve the operating efficiency and profitability of the combined company. We believe our direct relationships with third-party accessory manufacturers can help strengthen Simply Mac's product offerings and gross margins. Simply Mac's focus on Apple authorized service and smaller market locations could help us further expand our U.S. presence and improve our existing store efficiencies and product-services mix." No financial advisors were involved in this transaction from either party. Dorsey & Whitney LLP is acting as legal counsel to Cool Holdings and Holland & Hart LLP is acting as legal counsel to GameStop. About Cool Holdings Cool Holdings, Inc., formerly known as InfoSonics Corporation -- http://www.coolholdings.com-- is a Miami-based company focused on premium retail brands. Currently, the Company's business is comprised of OneClick, a chain of 16 retail consumer electronics stores authorized under the Apple Premier Partner, APR (Apple Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand) programs, and Cooltech Distribution, an authorized distributor to the OneClick stores and other resellers of Apple products and other high-profile consumer electronic brands. During 2018, the Company discontinued its verykool brand of Android-based wireless handsets, tablets and related products the Company sold to carriers, distributors and retailers in Latin America. The Company incorporated under the laws of the State of California on Feb. 7, 1994, under the name InfoSonics Corporation. On Sept. 11, 2003, the Company reincorporated under the same name under the laws of and into the State of Maryland. On June 8, 2018, the Company changed its name to Cool Holdings, Inc. Cool Holdings reported a net loss of $27.27 million for the year ended Dec. 31, 2018, compared to a net loss of $7.54 million for the year ended Dec. 31, 2017. As of Dec. 31, 2018, the Company had $13.69 million in total assets, $16.44 million in total liabilities, and a total stockholders' deficit of $2.75 million. Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 16, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. GAUCHO GROUP: Appoints New Member to Board of Directors ------------------------------------------------------- Dr. Steven A. Moel, as approved by the Board on April 29, 2019, was appointed by the Board as a director of Gaucho Group Holdings, Inc. and member of the Audit Committee of the Company. Dr. Moel served as a senior business advisor for the Company since 2008 and began serving as a director of its subsidiary, Gaucho Group, Inc. as of November 2018. Dr. Moel is a medical doctor and licensed attorney (currently inactive). Dr. Moel had a private legal practice as a business and transactional attorney and is a member of the California and American Bar Associations and has served as legal counsel to many corporations. The Board has determined that he would be a valuable member of the Board due to his extensive and broad experience and knowledge in business. In addition to serving as a member of the Company's Board of Advisors, Dr. Moel is presently a member of the board of directors of Hollywood Burger Holdings, Inc., a related party to the Company (International Fast Food Restaurants). Previously, Dr. Moel served in many roles, including most recently as a senior business advisor for Global Job Hunt (International Recruiting and Education). He was also founder of Akorn, Inc., NASDAQ: AKRX (Biotechnology/Pharmaceutical Mfg.), where he served as a Director on the Executive Board and as vice president of Mergers & Acquisitions. Dr. Moel previously served as: the vice president, Mergers & Acquisitions and Business Development of Virgilian, LLC (Nutraceuticals/Agricultural); CEO of U.S. Highland, Inc. BB:UHLN (Mfg. of Motorcycles/Motorsports); CEO of Millennial Research Corp. (Mfg./Ultra-high efficiency motors); Chairman and COO of WayBack Granola Co. (Granola Manufacturing); Executive VP, Mergers and Acquisitions of Agaia Inc. (Green Cleaning Products). He has also served as: president, COO and executive director of American Wine Group (Wine Production/Distribution); senior business and advisor, of viaMarket Consumer Products, LLC (Manufacturer of Consumer Products); as a member of the Board of Directors of Grudzen Development Corp. (Real Estate); COO and chairman of the Board of Directors of Paradigm Technologies (Electronics/Computer Developer); president and CEO of Sem-Redwood Enterprises (Stock Pool), and as a member of the Advisory Board of Mahlia Collection (Jewelry Design/ Manufacturing). Dr. Moel is a board-certified ophthalmologist who was in private practice and academia. He is an Emeritus Fellow of the American Academy of Ophthalmology and his academic history includes Washington University-St. Louis, University of Miami-Coral Gables, Marshall University, West Virginia University, University of Colorado, Harvard University, Louisiana State University-New Orleans, University of Illinois-Chicago, and the College of Law in Santa Barbara. Also on April 29, 2019, the Board of Directors extended Scott Mathis' employment agreement with the Company, dated Sept. 28, 2015 for an additional 60 days to expire on June 30, 2019. All other terms of the Employment Agreement remain the same. About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com/-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss attributable to common stockholders of $6.40 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $8.25 million for the year ended Dec. 31, 2017. As of Dec. 31, 2018, Gaucho Group had $5.64 million in total assets, $6.71 million in total liabilities, $9.02 million in series B convertible redeemable preferred stock, and a total stockholders' deficiency of $10.09 million. Marcum LLP, in New York, NY, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ============= B E R M U D A ============= WEATHERFORD INT'L: Moody's Cuts CFR & Sr. Unsecured Rating to Ca ---------------------------------------------------------------- Moody's Investors Service downgraded Weatherford International Ltd.'s (Bermuda) (Weatherford, a Bermuda incorporated entity) Corporate Family Rating to Ca from Caa2 and Probability of Default Rating to Ca-PD from Caa2-PD. Moody's also downgraded the senior unsecured notes of both Weatherford and Weatherford International, LLC (Delaware) (Weatherford LLC, incorporated in Delaware) to Ca from Caa3. Weatherford's SGL-4 Speculative Grade Liquidity Rating was affirmed. The outlook remains negative. "These downgrades follow Weatherford's May 10, 2019 announcement that it has entered into a restructuring support agreement (RSA) with the majority of holders of its senior unsecured notes, which contemplates implementing a financial restructuring through a prepackaged Chapter-11 plan of reorganization under the US Bankruptcy Code," said Sajjad Alam, Moody's Senior Analyst. Downgraded: Issuer: Weatherford International Ltd. (Bermuda) Corporate Family Rating, Downgraded to Ca from Caa2 Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa3 (LGD4) Senior Unsecured Shelf, Downgraded to (P)Ca from (P)Caa3 Subordinate Shelf, Downgraded to (P)C from (P)Ca Preferred Shelf, Downgraded to (P)C from (P)Ca Preference Shelf, Downgraded to (P)C from (P)Ca Issuer: Weatherford International, LLC (Delaware) Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa3 (LGD4) Senior Unsecured Shelf, Downgraded to (P)Ca from (P)Caa3 Subordinate Shelf, Downgraded to (P)C from (P)Ca Affirmed: Issuer: Weatherford International Ltd. (Bermuda) Speculative Grade Liquidity Rating, Affirmed SGL-4 Senior Unsecured Commercial Paper, Affirmed NP Outlook actions: Issuer: Weatherford International Ltd. (Bermuda) Outlook, Remains Negative Issuer: Weatherford International, LLC (Delaware) Outlook, Remains Negative RATINGS RATIONALE Weatherford's Ca CFR reflects its high probability of default and Moody's estimates around potential recoveries for creditors in the event of a restructuring. The company has an unsustainable capital structure relative to its cash flow prospects with roughly $8.9 billion of total adjusted debt and over $600 million in annual interest expense. The company is also facing over $3 billion of debt maturities through 2021 in a challenged and slowly improving industry environment. The company's extensive ongoing business transformation initiatives will continue to present elevated execution risk. Additionally, the company will face reduced liquidity from the expiration of roughly two-thirds of its revolver commitment early in the third quarter of 2019. Weatherford has weak liquidity based on its upcoming debt maturities, which is reflected in the SGL-4 rating. As of March 31, 2019, the company had $598 million of cash and only $93 million in available borrowing capacity under revolving credit facilities that had a combined commitment amount of $846 million. The company will have only $303 million of revolver commitment after August 15, 2019, and that remaining commitment will expire on July 13, 2020. Moreover, Weatherford will have a $250 million term loan due and a $364 million bond maturity in 2020, and is facing $2 billion of bond maturities in 2021. The negative outlook reflects the high and imminent risk of a bankruptcy filing. Weatherford's PDR will be downgraded to D if the company files for bankruptcy. Ratings are unlikely to be upgraded in the near future absent material debt reduction. The Ca rating on the senior unsecured notes reflects Moody's recovery estimates for noteholders in the event of a default, which is likely to be in the 35%-65% range. The unsecured notes of Weatherford and Weatherford LLC are contractually and structurally subordinated to Weatherford's credit facilities, including the term loan. Weatherford's credit facilities have upstream guarantees from a material portion of its operating and holding company subsidiaries. The term loan has a first lien security on a substantial portion of Weatherford's assets and the $317 million 364-day revolver has a second-lien claim. Neither the unsecured notes of Weatherford nor Weatherford Delaware benefit from upstream guarantees from operating subsidiaries, where nearly all of the consolidated company's assets, leases, and non-debt liabilities reside. Weatherford International Ltd. (Bermuda) and Weatherford International, LLC (Delaware) are wholly-owned subsidiaries of Weatherford International plc, which is headquartered in Switzerland and is a diversified international company that provides a wide range of services and equipment to the global oil and gas industry. =========== B R A Z I L =========== AUTOVIAS SA: Moody's Withdraws Ba2/Aa2.br CFR for Business Reasons ------------------------------------------------------------------ Moody's America Latina Ltda. has withdrawn the Ba2 global scale and Aa2.br national scale Corporate Family Ratings assigned to Autovias S.A. Prior to the withdrawal, the outlook was stable. The following ratings were withdrawn: Issuer: Autovias S.A. - Corporate Family Ratings: Ba2 (Global Scale Rating), Aa2.br (National Scale Rating) - Outlook, changed to rating withdrawn from stable RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. The last rating action on Autovias S.A. was taken on March 17, 2017 when Moody's affirmed the company's ratings at Ba2/Aa2.br and changed the outlook to stable from negative. Autovias is the company responsible for operating the toll road system encompassing state toll roads, SP-255, SP-318, SP-345, SP-330 and SP-334, pursuant to a 20-year concession agreement granted by the State of Sao Paulo in 1998. The operation of the five adjacent roads covers 316 km and encompasses five toll plazas. The concession is currently set to expire in June 2019, although financial rebalancing claims may lead to contractual extensions. As of December 2018, the company held no financial debt. BANCO INDUSTRIAL: Moody's Rates New BRL100-Mil. Bank Notes 'Ba2' ---------------------------------------------------------------- Moody's America Latina Ltda. has assigned a Aa3.br Brazilian long-term local currency national scale senior unsecured debt rating to Banco Industrial do Brasil S.A.'s BRL100 million financial banknotes (letras financeiras). Moody's also assigned a Ba2 local currency debt rating in its global scale. The proposed notes will mature in 2021. The outlook on the global debt rating is stable. The following ratings were assigned to Banco Industrial do Brasil S.A.'s proposed financial banknotes: - Local currency senior unsecured debt rating - Ba2; stable outlook - Brazilian long-term national scale senior unsecured debt rating - Aa3.br RATINGS RATIONALE The debt ratings derive from BIB's ba2 baseline credit assessment and incorporate BIB's adequate financial metrics, supported by a consistent business strategy that results in stable and recurring profitability, strong capital position and adequate asset quality. Moody's adjusted capital ratio of tangible common equity to risk weighted assets for BIB has been consistently above 15%, even after accounting for dividend payout ratios above 50%. In 2018, BIB expanded its loan portfolio by 16.5%, which was far above the 5.5% system's growth, which partially reduced its 90-day problem loan ratio to 0.8%, from 1.4% in 2017. The bank's asset quality performs better than the industry's average metrics, supported by BIB's high volume of short-term, collateralized loans, backed by self-liquidating receivables, which help mitigate credit risk. These strengths are counterbalanced by the bank's modest liquidity cushion and concentrated funding base within highly confidence-sensitive wholesale depositors. Asset managers, investment funds, financial institutions and private pension investors represent more than 70% of the bank's local funding base, with top 20 investors, accounting for around 50% of such resources. BIB's rating is at the same level as Brazil's Ba2 sovereign rating and the stable outlook on the bank's ratings is in line with the stable outlook on the sovereign rating. WHAT COULD CHANGE THE RATINGS UP/DOWN BIB's ratings are at the same level as Brazil's sovereign rating, and therefore, upward ratings movement is unlikely at this point, unless the sovereign rating of Brazil is upgraded and provided the bank's financial strength, including its above peers' asset quality and capital remains robust. However, BIB's ratings could be downgraded if the sovereign rating is downgraded, because the bank's standalone BCA is at same level as the sovereign rating. Also, material asset-quality deterioration and lower profitability derived from higher provisions and funding costs could negatively affect the ratings. A consistent decline in profitability could hurt the bank's capacity to replenish capital through earnings, which could be negative in the long run. METHODOLOGY The principal methodology used in these ratings was Banks published in August 2018. Banco Industrial do Brasil S.A. is headquartered in Sao Paulo, Brazil. As of December 30, 2018, BIB reported consolidated assets of BRL3.2 billion and shareholders' equity of BRL510 million. BRISTOW GROUP: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Bristow Group Inc. 2103 City West Blvd., 4th Floor Houston, TX 77042 Business Description: Bristow Group Inc. -- http://www.bristowgroup.com-- provides industrial aviation and charter services to offshore energy companies in Europe, Africa, the Americas, and the Asian Pacific. The Company also provides search and rescue services for governmental agencies and the oil and gas industry. Headquartered in Houston, the Company currently employs approximately 3,000 individuals around the world. Chapter 11 Petition Date: May 11, 2019 Eight affiliates that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Bristow Group Inc. (Lead Case) 19-32713 BHNA Holdings Inc. 19-32714 BriLog Leasing Ltd. 19-32715 Bristow Alaska Inc. 19-32716 Bristow Equipment Leasing Ltd. 19-32717 Bristow Helicopters Inc. 19-32718 Bristow U.S. Leasing LLC 19-32719 Bristow U.S. LLC 19-32720 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Marvin Isgur Debtors' Bankruptcy Counsel: James R. Prince, Esq. Omar J. Alaniz, Esq. Ian E. Roberts, Esq. Kevin Chiu, Esq. BAKER BOTTS L.L.P. 2001 Ross Avenue, Suite 900 Dallas, Texas 75201-2980 Tel: (214) 953-6500 Fax: (214) 953-6503 Email: jim.prince@bakerbotts.com omar.alaniz@bakerbotts.com ian.roberts@bakerbotts.com kevin.chiu@bakerbotts.com - and - Emanuel C. Grillo, Esq. Chris Newcomb, Esq. BAKER BOTTS L.L.P. 30 Rockefeller Plaza New York, New York 10112-4498 Tel: (212) 408-2500 Fax: (212) 408-2501 Email: emanuel.grillo@bakerbotts.com chris.newcomb@bakerbotts.com Debtors' Co-Counsel: Richard G. Mason, Esq. Amy R. Wolf, Esq. WACHTELL, LIPTON, ROSEN & KATZ 51 West 52nd Street New York, New York 10019 Tel: (212) 403-1000 Fax: (212) 403-2000 Email: rgmason@wlrk.com arwolf@wlrk.com Debtors' Financial Advisor: ALVAREZ & MARSAL 700 Louisiana Street, Suite 3300 Houston, Texas 77002 - and - HOULIHAN LOKEY CAPITAL, INC. 1001 Fannin Street #4650 Houston, Texas 77002 Debtors' Claims, Noticing & Solicitation Agent: PRIME CLERK LLC https://cases.primeclerk.com/Bristow Total Assets as of Sept. 30, 2018: $2,860,804,000 Total Debts as of Sept. 30, 2018: $1,885,623,000 The petition was signed by Brian J. Allman, senior vice president and chief financial officer. A full-text copy of Bristow Group's petition is available for free at: http://bankrupt.com/misc/txsb19-32713.pdf List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Wilmington Trust, 6.25% Senior Notes $415,893,717 National Association Indentured Trustee Attn: Peter Finkel Vice President 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 Tel: 612-217-5624 Fax: 302-427-4919 Email: pfinkel@wilmingtontrust.com 2. Wilmington Trust, 4.5% Convertible $146,609,116 National Association Senior Notes Indentured Trustee Attn: Peter Finkel Vice President 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 Tel: 612-217-5624 Fax: 302-427-4919 Email: pfinkel@wilmingtontrust.com 3. Milestone Aviation Group Lease Claims $20,192,292 Attn: Clifford Work & Leases General Counsel Minerva House, 2nd Floor Simmonscourt Road Ballsbridge Dublin, Irelan Tel: 353-1-216-5700 Email: cwork@milestoneaviation.com 4. Infosys Limited Trade Payable $1,390,758 Attn: Salil Parekh Chief Executive Officer Electronics City Hosur Road Bengaluru, 560100 India Tel: 91-80-2852-0261 Fax: 91-80-2852-0362 Email: salil_parekh@infosys.com 5. Agustawestland Trade Payable $519,606 Attn: William Hunt, President 3050 Red Lion Road Philadelphia, PA 19114 Tel: 215-281-1485 Fax: 215-268-9104 Email: william.hunt@agustawestland.com 6. VIH Aviation Group Ltd. Leases $208,687 Attn: Ken Norie, President 1962 Canso Road North Saanich, BC V8L 5B5 Canada Tel: 250-656-3987 Email: knorie@vih.com 7. Sikorsky Commercial Inc. Trade Payable $187,754 Attn: Daniel C. Schultz President 6801 Rockledge Drive Bethesda, MD 20817 Tel: 301-897-6000 Email: daniel.c.schultz@lmco.com 8. Pratt & Whitney Canada Corp Trade Payable $185,924 Attn: Maria Della Posta, President 1000 Marie-Victorin Boulevard Longueuil, QC J4G 1A1 Canada Tel: 450-677-9411 Email: maria.della.posta@pwc.ca 9. General Electric Company Trade Payable $172,193 Attn: H. Lawrence Culp Jr. Chief Executive Officer 41 Farnsworth Street Boston, MA 02210 Tel: 617-443-3000 Email: larry.culp@ge.com 10. Infosys McCamish Trade Payable $159,897 Attn: Gordon Beckham President 6425 Powers Ferry Road Suite 300 Atlanta, GA 30339 Tel: 770-690-1500 Fax: 770-690-1800 Email: gbeckham@mccamish.com 11. Speedcast Communications, Inc. Trade Payable $146,180 Attn: Pierre-Jean Beylier Chief Executive Officer 4400 S. Sam Houston Pkwy East Houston, TX 77048 Tel: 832-668-2300 Email: pj@speedcast.com 12. Helifleet 2013-01, LLC Leases $129,216 Attn: Jeffrey G. Tougas General Counsel 181 Bay Street, Suite 2830 Toronto, ON M5J 2T3 Canada Tel: 514-908-0759 Fax: 514-908-0991 Email: jtougas@ecncapitalcorp.com 13. Precision Heliparts Trade Payable $106,999 Attn: Keith Stringer Director of Sales 220 Burgess, Unit #2 Broussard, LA 70518 Tel: 404-768-9090 Fax: 404-768-9006 Email: kstringer@precisionaviationgroup.com 14. Waypoint Leasing Leases $103,569 Attn: John Petkovic Chief Executive Officer Two Embarcadero Center, Suite 200 San Francisco, CA 94111 Tel: 415-829-6800 Email: john.petkovic@macquarie.aero 15. Expeditors And Production Trade Payable $87,425 Services Attn: Todd Matte, President 206 Magnate Drive Lafayette, LA 70508 Tel: 337-839-2735 Email: todd.matte@epsteam.com 16. Hub Enterprises, Inc. Trade Payable $65,643 Attn: James H. "Chip" Romero President PO Box 3162 Lafayette, LA 70502 Tel: 800-873-0933 Fax: 800-436-4399 Email: chip@hubenterprises.com 17. GE Aircraft Engines Trade Payable $65,304 Attn: William Neth Manager, Customer Programs 1000 Western Avenue Lynn, MA 01919 Tel: 781-594-9157 Email: william.neth@ge.com 18. Bell Helicopter Textron, Inc. Trade Payable $57,960 Attn: Michelle Flores Manager, Key Accounts 3255 Bell Flight Boulevard Fort Worth, TX 76118 Tel: 817-280-3926 Fax: 817-280-2321 Email: mflores3@bellflight.com 19. Standard Aero Limited Trade Payable $50,827 Attn: Russell Ford Chief Executive Officer 6710 N. Scottsdale Road Suite 250 Scottsdale, AZ 85253 Tel: 480-377-3100 Fax: 480-377-3105 Email: russell.ford@standardaero.com 20. Open Text Corporation Trade Payable $46,943 Attn: Mark Barrenechea Chief Executive Officer 275 Frank Tompa Drive Waterloo, ON N2L 0A1 Canada Tel: 519-888-7111 Fax: 519-888-0677 Email: mbarrenechea@opentext.com 21. Capgemini America, Inc. Trade Payable $45,937 Attn: Paul Hermelin Chief Executive Officer 1100 Empire Central Place Suite 200 Dallas, TX 75247 Tel: 214-253-6415 Fax: 973-337-2701 Email: paul.hermelin@capgemini.com 22. Acme Truck Line, Inc. Trade Payable $43,402 Attn: Mike Coatney, President 200 Westbank Expressway Gretna, LA 70053 Tel: 504-368-2510 Fax: 888-345-2263 Email: mike.coatney@acmetruck.com 23. Ideagen Gael Limited Trade Payable $42,312 Attn: Ben Dorks Chief Executive Officer Ergo House Mere Way Ruddington Fields Business Park Nottingham, NG11 6 JS United Kingdom Tel: 44-1355-593400 Fax: 44-1355-579191 Email: ben.dorks@ideagen.com 24. HRD Aero Systems Trade Payable $40,560 Attn: Tom Salamone President 25555 Avenue Stanford Valencia, CA 91355 Tel: 877-473-2376 Fax: 661-295-0672 Email: tom.s@hrd-aerosystems.com 25. Boeing Distribution Trade Payable $40,497 Services Inc. Attn: Travis Sullivan Vice President 3760 W. 108th Street Miami, FL 33018 Tel: 305-925-2600 Fax: 305-507-7191 Email: travis.sullivan@boeing.com 26. Helicomb International, Inc. Trade Payable $35,818 Attn: Bill Cole General Manager 1402 South 69th East Avenue Tulsa, OK 74112 Tel: 918-835-3999 Fax: 918-834-4451 Email: bcole@pccstructurals.com 27. Composite Technology Inc. Trade Payable $34,825 Attn: Andy Warner Chief Financial Officer 1727 S. Main Street DFW Airport Dallas, TX 75261 Tel: 972-456-6900 Fax: 972-456-0162 28. SAP America Trade Payable $34,376 Attn: DJ Paoni President of SAP North America 3999 West Chester Pike Newtown Square, PA 19073 Tel: 610-661-1000 Fax: 610-595-2187 Email: dj.paoni@sap.com 29. IHS Global Inc. Trade Payable $33,579 Attn: Susan Farrell Vice President 1300 Connecticut Avenue Suite 800 Washington, DC 20036 Tel: 202-721-0337 Fax: 303-397-2599 Email: susan.farrell@ihsmarkit.com 30. Ernst & Young LLP Trade Payable Undetermined Attn: Thierry Caruso, Partner 1401 Mckinney Street Houston, TX 77010 Tel: 713-750-1392 Email: thierry.caruso@ey.com BRISTOW GROUP: Files Chapter 11 to Facilitate Restructuring ----------------------------------------------------------- Bristow Group Inc. on May 11, 2019, disclosed that the Company has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Bristow intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile, while continuing to provide safe, reliable and professional industrial aviation services to its global clients well into the future. All of Bristow's businesses are operating in the ordinary course and are anticipated to continue to do so for the duration of the Chapter 11 process. The Chapter 11 filings pertain to certain of Bristow's legal entities in the United States and two of its Cayman Islands subsidiaries. Bristow's other non-U.S. entities, including those holding Bristow's non-U.S. air operating certificates ("AOCs"), are not included in the Chapter 11 filings. L. Don Miller, President and Chief Executive Officer of Bristow Group Inc., said, "After working diligently with our advisors on a thorough review of strategic financial alternatives, the Board of Directors and management concluded that the best path forward for Bristow and its stakeholders is to seek Chapter 11 protection. This process will allow us to strengthen our balance sheet, achieve a lower and more sustainable debt level and emerge as a stronger company. We have the support of the overwhelming majority of our parent company senior secured noteholders, with whom we have entered into a Restructuring Support Agreement that will help to de-lever our balance sheet, and we are actively working with other important stakeholders as we enter this process." Mr. Miller continued, "Bristow remains steadfast in its commitment to safety and providing exceptional client service during the Chapter 11 process. For clients, it is business as usual at Bristow, and our talented team will stay focused on delivering safe, reliable and professional services around the globe throughout the process and beyond. We expect to execute a prompt and efficient reorganization, and to emerge from this restructuring process as a stronger company that is an even better business partner, employer and trusted service provider. "We deeply appreciate the hard work of our dedicated employees and their commitment to each other, our valued clients and our passengers. We are also grateful for the many years of support by our suppliers and business partners, and we look forward to continuing to work with them as we move through this process and beyond." To ensure its ability to continue operating in the ordinary course of business, Bristow has filed customary motions with the Bankruptcy Court seeking a variety of "first-day" relief for the filing entities, including authority to pay employee wages and benefits, vendors and suppliers in the ordinary course for goods and services provided after the Petition Date. In addition to executing the Restructuring Support Agreement (the "RSA") with the Company, certain senior secured noteholders made a $75 million term loan to the Company prior to the Court filing, and provided a commitment for a further $75 million in debtor-in-possession ("DIP") financing that would be available upon Court approval. The financing package provides Bristow with capital that enables the Company to fund its global operations and make continued investments in safety and reliability during the Chapter 11 reorganization proceedings. The following eight entities are included in the filing: Bristow Group Inc., BHNA Holdings Inc., Bristow Alaska Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd. Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving as the Company's legal counsel and Alvarez & Marsal is serving as the Company's restructuring advisor. Houlihan Lokey is serving as financial advisor to the Company. Davis Polk & Wardwell LLP is serving as legal counsel and PJT Partners is serving as financial advisor to the senior secured noteholders. About Bristow Group Inc. Headquartered in Houston, Texas, Bristow Group Inc. (NYSE: BRS) -- http://www.bristowgroup.com/-- is a global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the U.K. on behalf of the Maritime and Coastguard Agency. Bristow Group reported a net loss of $198.08 million for the fiscal year ended March 31, 2018, following a net loss of $176.89 million for the fiscal year ended March 31, 2017. As of Sept. 30, 2018, Bristow Group had $2.86 billion in total assets, $329.21 million in total current liabilities, $1.39 billion in long-term debt, $28.48 million in accrued pension liabilities, $31.63 million in other liabilities and deferred credits, $97.37 million in deferred taxes, and total stockholders' investment of $975.18 million. * * * As reported by the TCR on April 22, 2019, Moody's Investors Service downgraded Bristow Group Inc.'s Corporate Family Rating to 'Caa3' from 'Caa2'. "The downgrade follows Bristow's decision on April 15 to skip interest payment on its 6.25% senior unsecured notes due October 2022, as it evaluates various strategic alternatives to strengthen the capital structure and shore up liquidity," said Sajjad Alam, Moody's senior analyst. "The company has yet to file its financial statements for the quarter ending December 31, 2018, and is facing an elevated level of default risk over the near term." S&P Global Ratings had downgraded Bristow Group Inc.'s ICR to 'D' from 'CCC-', according to a TCR report dated April 19, 2019. The downgrade reflects Bristow's decision to exercise its 30-day grace period after electing not to make a $12.5 million interest payment on its 6.25% unsecured notes due 2022. BRISTOW GROUP: Receives Noncompliance Notice From NYSE ------------------------------------------------------ Bristow Group Inc. was notified by the New York Stock Exchange on May 1, 2019 of its noncompliance with continued listing standards because the average closing price of its common stock over a prior 30 consecutive trading day period had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE. Under the NYSE rules, Bristow has a period of six months following the receipt of notice to regain compliance. The Company's common stock will continue to be listed and traded on the NYSE during this six-month cure period, subject to the company's compliance with other continued listing requirements set forth in the NYSE Listed Company Manual. The notice does not affect the Company's ongoing business operations or its U.S. Securities and Exchange Commission reporting obligations. About Bristow Group Inc. Headquartered in Houston, Texas, Bristow Group Inc. -- http://www.bristowgroup.com/-- is a global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the U.K. on behalf of the Maritime and Coastguard Agency. Bristow Group reported a net loss of $198.08 million for the fiscal year ended March 31, 2018, following a net loss of $176.89 million for the fiscal year ended March 31, 2017. As of Sept. 30, 2018, Bristow Group had $2.86 billion in total assets, $329.21 million in total current liabilities, $1.39 billion in long-term debt, $28.48 million in accrued pension liabilities, $31.63 million in other liabilities and deferred credits, $97.37 million in deferred taxes, and total stockholders' investment of $975.18 million. * * * As reported by the TCR on April 22, 2019, Moody's Investors Service downgraded Bristow Group Inc.'s Corporate Family Rating to 'Caa3' from 'Caa2'. "The downgrade follows Bristow's decision on April 15 to skip interest payment on its 6.25% senior unsecured notes due October 2022, as it evaluates various strategic alternatives to strengthen the capital structure and shore up liquidity," said Sajjad Alam, Moody's senior analyst. "The company has yet to file its financial statements for the quarter ending December 31, 2018, and is facing an elevated level of default risk over the near term." S&P Global Ratings had downgraded Bristow Group Inc.'s ICR to 'D' from 'CCC-', according to a TCR report dated April 19, 2019. The downgrade reflects Bristow's decision to exercise its 30-day grace period after electing not to make a $12.5 million interest payment on its 6.25% unsecured notes due 2022. JBS SA: Posts Q1 Net Income of $273MM, Beats Analysts' Estimates ---------------------------------------------------------------- Ana Mano at Reuters reports that Brazil-based food processor JBS SA said that net profit rose by almost 116% in the first quarter, after the company, which produces proteins on four continents, registered revenue growth in all of its business segments. JBS reported first-quarter net income of BRL1.09 billion ($273 million), almost double what analysts had expected, according to Reuters. The report relays that the company said overall net revenues rose by 11.5% in the period to BRL44.37 billion, on the back of the strength of its U.S. beef division and Pilgrim's Pride Corp U.S. poultry division. In each of those segments, net revenues rose by more than 15%. The company's Seara processed foods division in Brazil reported a margin contraction and reduction of sales volumes, however, because of the loss of authorization that some of its plants had to export to Saudi Arabia, the report discloses. As reported in the Troubled Company Reporter-Latin America on May 1, 2019, S&P Global Ratings affirmed its 'BB' global scale corporate credit ratings on JBS S.A. and JBS USA Lux S.A. and S&P's 'brAA-' national scale corporate credit rating on JBS. S&P also affirmed its 'BB' senior unsecured ratings on JBS and JBS USA. In addition, S&P raised senior secured debt ratings on JBS USA to 'BBB-' from 'BB'. S&P revised the recovery rating on this debt to '1', reflecting a very high (90%-100%) recovery, from '3'. Moreover, S&P revised its recovery rating on JBS USA's unsecured debt to '3', reflecting a meaningful (50%-70%; the lower band of the range) recovery, from '4'. Finally, S&P kept its recovery rating on JBS's unsecured debt at '4', reflecting an average (30%-50%; now in the lower band of the range) recovery, unchanged. JBS SA: Sees All Units Benefiting From Hog Virus Outbreak In China ------------------------------------------------------------------ Ana Mano at Thomson Reuters that the world's largest meatpacker JBS SA believes its plants in four continents will benefit from additional demand for meat products after an outbreak of African swine fever in China reduced pork output, causing a global supply imbalance. Already in the first four months of the year, the company's unit in Australia rose beef sales to China by 80%, JBS executives said during a conference call to comment on first quarter results, according to Thomson Reuters. The company said it expects sales of all proteins to increase due to the deadly hog virus, not only pork, the report adds. As reported in the Troubled Company Reporter-Latin America on May 1, 2019, S&P Global Ratings affirmed its 'BB' global scale corporate credit ratings on JBS S.A. and JBS USA Lux S.A. and S&P's 'brAA-' national scale corporate credit rating on JBS. S&P also affirmed its 'BB' senior unsecured ratings on JBS and JBS USA. In addition, S&P raised senior secured debt ratings on JBS USA to 'BBB-' from 'BB'. S&P revised the recovery rating on this debt to '1', reflecting a very high (90%-100%) recovery, from '3'. Moreover, S&P revised its recovery rating on JBS USA's unsecured debt to '3', reflecting a meaningful (50%-70%; the lower band of the range) recovery, from '4'. Finally, S&P kept its recovery rating on JBS's unsecured debt at '4', reflecting an average (30%-50%; now in the lower band of the range) recovery, unchanged. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Petroleum Derivatives Consumption Fell ---------------------------------------------------------- Dominican Today reports that Dominican Republic's consumption of petroleum derivatives was 1.24 billion gallons in 2018, or 97.5 million less, compared to the same period of 2017 when it reached 1.34 billion gallons. National Statistics Office (ONE) Director Alexandra Izquierdo said that in 2018, 38.55% of the consumption was liquefied petroleum gas (LPG), regular diesel 15.29%, premium and regular gasoline were 12.46% and 11.47%, respectively, according to Dominican Today. The four categories account for 77.78% of the total fuel consumption in the country, the report relays. Premium diesel accounts for 4.18% and fuel oil 8.95%, 13.13% of the total amount consumed during 2018, the official said in a statement obtained by the news agency. She added that, according to the type of fuel, the categories that most contributed to the decrease in consumption during 2018 were: regular diesel with -28.56 million gallons, regular gasoline -25.28 million gallons and premium diesel at special price, -20.25 million gallons, the report adds. As reported in the Troubled Company Reporter-Latin America in September 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 =========== GRUPO SENDA: S&P Withdraws 'D' Global Scale Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings withdrew its 'D' global scale and national scale issuer credit ratings on Grupo Senda Autotransporte, S.A. de C.V. (Grupo Senda) at its request. At the same time, S&P withdrew its 'D' short-term national scale issue-level rating on the company's short-term unsecured notes program. At the time of the withdrawal, Grupo Senda continued its negotiations with its debtholders in order to reach an agreement. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Mixed Views on Budget Review ----------------------------------------------- Leah Sorias at Trinidad Express reports that the American Chamber of Commerce of Trinidad and Tobago (Amcham T&T) says it is concerned about Government's move to ramp up expenditure without simultaneous increases in revenue. Amcham was responding to the mid-year budget review presented by Finance Minister Colm Imbert, according to Trinidad Express. "Amcham T&T believes the focus on expenditure as opposed to results remains a major flaw in our country's budget reporting process," it noted in a statement obtained by the news agency. Amcham said while the macro-indicators have stabilised and the economy was indeed growing, T&T's gross domestic product (GDP) was currently hovering around 2009 levels, the report notes. ********* 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 * * *