/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190715.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, July 15, 2019, Vol. 20, No. 140 Headlines B R A Z I L ODEBRECHT SA: Judge Lets Creditors Seize Braskem Shares D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Biz Sector Has No Reason to Challenge Wage Rise DOMINICAN REPUBLIC: June Prices Decline -0.18%, Paced by Transport DOMINICAN REPUBLIC: Salary Hike Peeves Merchants, Sees Closures M E X I C O ENGENCAP HOLDING: S&P Affirms 'BB' ICR on New Terms to Acquire TIP MEXICO: Economy Showing Greater Deceleration Than Expected P U E R T O R I C O PUERTO RICO: Top Officials Resign in Group Chat Scandal SEARS HOLDINGS: U.S. Trustee Forms 5-Member Retirees Committee X X X X X X X X [*] BOND PRICING: For the Week July 8 to July 12, 2019 - - - - - =========== B R A Z I L =========== ODEBRECHT SA: Judge Lets Creditors Seize Braskem Shares ------------------------------------------------------- Carolina Mandl and Tatiana Bautzer at Reuters, citing documents, report that a Brazilian appeals court judge has allowed bank creditors of Odebrecht SA to take possession of shares in petrochemical company Braskem SA pledged as collateral for loans they made to the corruption-ensnared conglomerate. The new injunction, granted in favor of Brazil's largest lender, Itau Unibanco Holding SA, overturns a ruling banning any sale or possession of Braskem shares by banks, according to Reuters. State-controlled lender Banco do Brasil has filed a similar request. Odebrecht filed for bankruptcy protection in June, aiming to restructure BRL51 billion ($13.57 billion) of debt, in what would be one of Latin America's largest-ever in-court debt restructurings, after the group was caught in a sweeping political corruption investigation, the report recalls. In its bankruptcy filing, Odebrecht asked the judge to bar banks from taking possession of shares in the group's crown jewel, its controlling stake in Braskem, pledged as collateral to creditors, the report says. Odebrecht has a 38.3% stake in Braskem, but 50.1% of its voting shares, the report relays. The conglomerate said Braskem would be essential to its restructuring, as it was Odebrecht's main source of revenues in 2018, the report recalls. In his decision, Judge Alexandre Lazzarini said that Braskem shares had been pledged as collateral to loans through a lien, and therefore cannot be considered as Odebrecht's assets, the report says. Still, he also said this stake is "essential" to the group, the report adds. About Odebrecht SA Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate consisting of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals. Odebrecht S.A. is a holding company for Construtora Norberto Odebrecht S.A., the biggest engineering and contracting company in Latin America, and Braskem S.A., the largest petrochemicals producer in Latin America and one of Brazil's five largest private-sector manufacturing companies. Odebrecht controls Braskem, which by revenue is the fourth largest petrochemical company in the Americas. On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming to restructure BRL51 billion (US$13 billion) of debt. The bankruptcy filing comes after years of struggles for Odebrecht, the biggest of the Brazilian engineering groups caught in a sweeping political corruption investigation that has rippled across Latin America, Reuters relayed, as reported by The Troubled Company Reporter - Latin America. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Biz Sector Has No Reason to Challenge Wage Rise ------------------------------------------------------------------- Dominican Today reports that Labor minister, Winston Santos, said the business sector has no reason to challenge the rise in minimum wage adopted and defined by the National Wages Committee, since 14% "is very close to what had already been agreed." "They can challenge it and have the right to do so. What I do not see is a reason to challenge, not only because the labor sector agreed, but the amount of 14% is very close to what we had already agreed on," the report quoted Mr. Santos as saying. Speaking at the Santo Domingo State University (UASD), the official denied that the Ministry has mistreated the business sector, the report notes. "The decision was imposed because it was taken by the Government and the workers," the report relays. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. The Troubled Company Reporter-Latin America reported on April 4, 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). DOMINICAN REPUBLIC: June Prices Decline -0.18%, Paced by Transport ------------------------------------------------------------------ Dominican Today reports that June prices declined -0.18% compared with May, placing the accumulated inflation in the first half January-June at 1.17%, the Central Bank revealed. "With this result, year-on-year inflation, measured from June 2018 to June 2019, stood at 0.92%, remaining below the lower limit of the target range of 4.0% ± 1.0% established in the Monetary Program," the Central Bank said on its website, according to Dominican Today. "Regarding annualized core inflation, it stood at 1.95%. This indicator estimates inflationary pressures of monetary origin, isolating the effects of exogenous factors, by excluding from the general CPI some agricultural goods whose prices tend to be volatile, alcoholic beverages, tobacco, fuels, and managed and transport services, allowing in this way, extract clearer signals for the conduct of monetary policy," it said, the report notes. It adds that the analysis of the performance of the CPI reveals that the groups which most contributed to the negative inflation in June 2019 were Transport (-1.23%) and Housing (-1.44%), the report says. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. The Troubled Company Reporter-Latin America reported on April 4, 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). DOMINICAN REPUBLIC: Salary Hike Peeves Merchants, Sees Closures --------------------------------------------------------------- Dominican Today reports that Dominican Merchants Federation (FDC), president Ivan Garcia, said that due to the decision in the National Wages Committee to raise the minimum wage by 14% without reclassifying the micro, small and medium companies will paralyze commerce across the country, as a sign of rebuke with the measure. During a press conference, Garcia said that they will set the dates and the first towns where the economic activities will start to be shuttered, according to Dominican Today. "Next Wednesday with the filing of the appeal against the resolution of the salary increase before the Superior Administrative Court (TSA) we will automatically tell the country the dates of the stoppages," the report quoted Mr. Garcia as saying. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. The Troubled Company Reporter-Latin America reported on April 4, 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). =========== M E X I C O =========== ENGENCAP HOLDING: S&P Affirms 'BB' ICR on New Terms to Acquire TIP ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term issuer credit rating on Engencap Holding, S. de R.L. de C.V. (Engenium) a Mexico-based leasing company. The outlook remains negative. S&P said, "The rating incorporates our revised analysis of the leveraged acquisition of TIP de Mexico following changes in the transaction terms due to souring market conditions. Nevertheless, in our opinion, the new terms don't have a significant impact on the company's consolidated credit profile. Engenium used a five-year, MXN2.2 billion senior unsecured syndicated loan to acquire a 51% controlling stake of TIP's shares. This loan replaced the previously proposed $215 million subordinated debt instrument. The new funding structure won't incorporate any equity content, but will be less expensive and amortize during its five-year term. The company plans to repay the loan through TIP's cash flows, because the shares that Engenium acquired have the right over 100% of TIP's dividends and voting power. In addition, the transaction structure includes a call option on the rest of TIP's shares that will provide Engenium with the right, but not the obligation, to acquire the remaining stake in whole or in part at any future time." MEXICO: Economy Showing Greater Deceleration Than Expected ---------------------------------------------------------- Mexico News Daily reports that economic growth will fall to its lowest level in 10 years in 2019, according to the central bank, which warned that there is also a possibility that the economy will enter into a "light recession." Minutes released from the Bank of Mexico (Banxico) June 27 board meeting state that "economic activity in Mexico is showing greater deceleration than anticipated" and "growth rates now suggest the possibility of a light recession," according to Mexico News Daily. Banxico is forecasting growth of between 0.8% and 1.8% this year, while private sector economic specialists consulted by the bank for its June survey predicted that the economy will expand by 1.13% in 2019 compared to 1.32% in the May survey, the report notes. The minutes show that one board member warned that growth will likely be around the lower end of the Banxico range but some improvement is expected in 2020, the report says. Another deputy governor said that the downward revisions to growth outlooks are the result of a "weaker international [economic] environment and internal factors," the report relays. The report discloses that the same board member predicted that economic weakness will persist, investment levels will continue to show signs of sluggishness and consumption will continue to lose dynamism. A majority of board members agreed that downside risks to the economy had increased since the last time they met, the report says. Among the external risk factors is the possibility that the ratification process for the new North American trade agreement will encounter difficulties in the United States and Canada, the report notes. Mexico's Senate approved the pact last month. The possibility of the United States imposing new tariffs on Mexican exports also looms as a potential threat, the report relays. The U.S. said it would impose tariffs on some fabricated structural steel imports from Mexico after an investigation determined that some exporters receive unfair subsidies, notes the report. Mexican officials and analysts downplayed the impact of the new duties although President Lopez Obrador said that he wanted to "fix" the situation, the report relays. Internal risk factors discussed at the Banxico meeting included the possibility that Pemex could face additional credit rating downgrades and that the Federal Electricity Commission's ability to repay debt could come under increased scrutiny, the report notes. Fitch downgraded the state oil company to junk status last month and if another rating agency did the same there would be a huge sell-off of Pemex bonds. Banxico urged the government to present a clear and credible business plan for the company that focuses on value creation and improving its access to finance, the report discloses. The report says that board members discussed the risks of Mexico's sovereign credit suffering a downgrade, while a decline in government revenue and public policy decisions in a range of areas were also cited as potential threats to economic wellbeing. The meeting was held 12 days before Carlos Urzua, an adherent of fiscal discipline, announced his resignation as finance secretary, the report notes. Interest rates were maintained at 8.25% although one board member voted for a rate cut, the report says. Analysts increasingly believe that the central bank is moving towards cutting rates due to soft economic growth and recent drops in inflation levels, the report relays. While Banxico believes that a "light recession" is a possibility, the Bank of America (BofA) is predicting that data will show that the economy contracted for a second successive quarter between April and June and thus Mexico has already entered into a technical recession, the report notes. The economy contracted 0.2% in the first quarter and the BofA anticipates a 0.1% contraction in the second quarter, the report discloses. "A second quarter of [economic] contraction will place Mexico in a technical recession, which may depreciate the peso and the market will continue to pressure the central bank for . . . [interest] rate cuts," the bank said, the report says. Despite the warnings from both Banxico and the BofA, the president said that he didn't anticipate a recession, taking aim at the "club of defenders" of "neoliberal economic policy," which he described as "a failure," the report notes. "I don't see the threat of a recession. Why don't they say that the peso is the currency that has strengthened the most in relation to the dollar in this period? Why don't they say that there is less inflation than before?," the report quoted the president as saying. Lopez Obrador acknowledged that growth could slow but stressed that development levels have improved in the country and that there is a greater distribution of wealth, the report says. "During the neoliberal period [the past 36 years, according to the president] we suffered from two things: there was no growth and there was no distribution of wealth. The scant growth of the economy was concentrated in just a few hands. What's the difference now? That even if there is less growth, there is more development, more distribution of wealth," he said, adds the report. ===================== P U E R T O R I C O ===================== PUERTO RICO: Top Officials Resign in Group Chat Scandal ------------------------------------------------------- Luis Valentin Ortiz at Reuters reports that two of Puerto Rico's top government officials resigned following the publication of a bombshell group chat in which Governor Ricardo Rossello and his closest allies exchanged controversial messages that have led to widespread calls for Rossello to also step down. The political turmoil comes at a critical stage in the U.S. commonwealth's historic bankruptcy and as its officials seek billions of dollars in funding from the federal government for healthcare and for recovery efforts following devastating hurricanes in 2017, according to Reuters. It also follows a 32-count federal indictment and arrests on six people, including two former high-ranking Puerto Rico government officials, who were charged with conspiracy and other crimes in connection with millions of dollars in federal Medicaid and education funds, the report notes. Two of the 12-member group chat--Secretary of State Luis Rivera Marin and Christian Sobrino, the island's chief financial officer and Rossello's representative on Puerto Rico's federally created fiscal oversight board--left the government following release by Puerto Rico journalist group Centro de Periodismo Investigativo of 889 pages of text messages, the report relays. The report discloses that they show how Rossello and his closest advisors, including former and current public officials, public relations operatives and the governor's former campaign manager, exchanged memes, derogatory, misogynistic and homophobic comments, as well as jokes about journalists, politicians and activists in a Telegram group chat. The messages further include public policy discussions, sharing of confidential government information and political campaign work, despite the presence of individuals who were not public officials at the time, the report says. Calls for Rossello to resign have come from local politicians, including from the administration's own political party, and U.S. Representative Raul Grijalva, an Arizona Democrat who chairs the House Natural Resources Committee, which oversees U.S. territories, the report notes. Activist groups and Puerto Rican celebrities such as Ricky Martin and Bad Bunny have also called for the governor's immediate resignation, the report relays. So far Rossello, who had planned to run for a second term in the November 2020 election, has resisted the calls, the report adds. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ('PROMESA'). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets, as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by Puerto Rico and other instrumentalities. White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative Capital LP. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed an official committee of retirees and an official committee of unsecured creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. SEARS HOLDINGS: U.S. Trustee Forms 5-Member Retirees Committee -------------------------------------------------------------- The U.S. Trustee for Region 2 on July 9 appointed five retirees to serve on the committee representing retirees with life insurance benefits in the Chapter 11 cases of Sears Holdings Corp. and its affiliates. The committee members are: (1) Richard D. Bruce 1455 S. York Street, Unit 228 Elmhurst, Illinois 60126 (630) 512-7951 (2) Ronald Olbrysh 624 E. Central Avenue Lombard, Illinois 60148 (310) 809-6610 (3) James T. Nally 7125 Healy Drive Springfield, Virginia 22150 (703) 451-5358 (4) Mary Rose Steininger 337 N. Edgewood Avenue Wood Dale, Illinois 60191 (847) 534-4503s (5) Joseph E. Hartzell 1230 Timothy Lane Phoenixville, Pennsylvania 19460 (610) 935-1063 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel and M-III Partners is serving as restructuring advisor. Aebersold, managing director, and Levi Quaintance, vice president of Lazard Freres & Co. LLC, serve as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. The U.S. Trustee for Region 2 appointed nine creditors, including the Pension Benefit Guaranty Corp., and landlord Simon Property Group, L.P., to serve on an official committee of unsecured creditors. Akin Gump Strauss Hauer & Feld LLP is counsel to the creditors' committee. FTI Consulting is financial advisor to the creditors' committee. Houlihan Lokey Capital, Inc., is providing investment banking services to the committee. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week July 8 to July 12, 2019 ------------------------------------------------------ Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Noble Holding Internat 5.3 60.5 3/15/2042 KY USD Noble Holding Internat 6.2 62.2 8/1/2040 KY USD YPF SA 16.5 67.3 5/9/2022 AR ARS Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD 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 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 * * *