/raid1/www/Hosts/bankrupt/TCRLA_Public/190717.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, July 17, 2019, Vol. 20, No. 142
Headlines
A N T I G U A A N D B A R B U D A
LIAT: Negotiations Set the Stage for 'The Art Of The Deal'
B A H A M A S
BAHAMAS: Economy Face More Uncertainty on WTO and IMF
B R A Z I L
JBS SA: Report Claims Firm Buying Cattle From Forbidden Amazon
LIGHT SA: Fitch Affirms BB- LT IDRs, Alters Outlook to Stable
MILLS ESTRUTURAS: Moody's Ups CFR to B2; Alters Outlook to Stable
TROPICALIA TRANSMISSORA: Moody's Rates BRL407MM Sr. Sec. Debt Ba1
USINAS SIDERURGICAS: S&P Ups GS Rating to B+ on Stronger Liquidity
J A M A I C A
JAMAICA: Local Sugar Industry Still Struggling
P U E R T O R I C O
AMERICAN PARKING: Unsecureds to Get 5% in 60 Monthly Installments
EL CANO DEVELOPMENT: Ponsa-Flores Objects to Disclosure Statement
FERMARALIZ CORP: Banco Santander Objects to Disclosure Statement
SEARS HOLDINGS: Disclosures OK'd; Plan Hearing Set for Aug. 16
V E N E Z U E L A
[*] VENEZUELA: UN Urges Measures to Halt Human Rights Violations
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A N T I G U A A N D B A R B U D A
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LIAT: Negotiations Set the Stage for 'The Art Of The Deal'
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Caribbean News Now reports that Antigua and Barbuda's effort to
acquire majority ownership of LIAT Ltd., formerly known as Leeward
Islands Air Transport or LIAT, through a purchase option of
Barbados shareholdings sets the stage for 'the art of the deal'
taking into consideration intra-regional travel, and its economic
consequences in the wider Caribbean.
Barbados is LIAT's majority shareholder at 49.5 percent, currently
undergoing an International Monetary Fund (IMF) four-year Extended
Fund Facility (EFF) is not in a financial position to support LIAT
and/or facilitate its expansion, according to Caribbean News Now.
Antigua and Barbuda has 34 percent, St Vincent and the Grenadines,
Dominica, other Caribbean governments, private shareholders and
employees holding minimal interest, the report notes.
Restructuring plans have come and gone, debt refinancing much
talked about and recently strategic options, to which Antigua and
Barbuda is prepared to lead, the report says.
David Jessop wrote in his column, The view from Europe: The pivotal
role of aviation in regional integration, "Whether LIAT has an
assured future remains to be seen, but for as long as politicians
fail to satisfactorily address inter-regional connectivity and its
cost, Caribbean integration will for most remain illusory.
Negotiations on the sale of LIAT continues albeit manoeuvres and
"the art of the deal" and/ or trading that is playing out. Still,
it would be odd if in this negotiation cycle there isn't power
plays. In such a scenario, the initial discussion is to get a feel
of where both side stand and most often, the powerplay, notes the
report.
The report further relates that Adrian Loveridge, also wrote,
Tourism Matters: Majority ownership in LIAT, "After trying to avoid
the subject intentionally for many years, is it now the time to
focus all our attention that any change in the proposed majority
beneficial ownership in LIAT (1974) Ltd could bring?"
Experts contend Antigua and Barbuda accomplished that fate while
putting the extended burden on Barbados negotiation team led by
attorney general Dale Marshall includes minister for tourism Kerrie
Symmonds and director of finance and economic affairs, Ian
Carrington, the report discloses.
The sticking points to Barbados selling its 49.4 percent majority
stake in LIAT is reportedly prime minister Mia Mottley's insistence
that Antigua and Barbuda would have to take up Barbados' almost
$100 million loan commitments from the Caribbean Development Bank
(CDB) which was used to purchase three LIAT aircrafts, the report
relays.
Barbados also has concerns relevant to staffing levels and flight
routes, accounted for five of the six profitable routes traveled by
LIAT flying 15 destinations across the network, the report says.
The report discloses that Antigua and Barbuda's desire to have
controlling interest is LIAT would certainly draught other
shareholders Dominica, St Vincent and the Grenadines and Grenada,
however, none have come forward with a strategic option to counter
and really trying to find a more even approach to the financing of
LIAT.
Prime Minister of Dominica Roosevelt Skerrit has stated that the
regional private sector and other stakeholders should consider
ownership interest in LIAT and the continued development of the
region, the report relays.
Mr. Skerrit said that the 'imminent collapse' of LIAT and any move
to recreate its replacement is more disruptive that most will
admit, hitherto, current majority shareholder Barbados debt
obligation will worsen, and Antigua and Barbuda's 700 employees
will take a direct hit, including regional travel and regional
socio-economic setbacks, the report notes.
Therefore, experts contend, while it appears that negotiations are
twisted, it is the natural course of events weighing out the
options, as well as producing a "counter offer" knowing all too
well the greater ambition "the art of the deal" is negotiate the
best agreement possible, he added, says the report.
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,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.
Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.
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B A H A M A S
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BAHAMAS: Economy Face More Uncertainty on WTO and IMF
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Paige McCartney at Caribbean News Now reports that it is unlikely
The Bahamas will meet its imposed deadline of June 2020 for
accession to the World Trade Organization (WTO).
The country's chief negotiator for WTO accession Zhivargo Laing
indicated that he firmly believes, "The Bahamas will not join the
WTO before the next general election;" while former Central Bank
Governor and former Minister of State for Finance James Smith said,
"The Bahamas is under no obligation to adhere to the
recommendations of the International Monetary Fund (IMF)," notes
the report.
"Now let me just be honest, I frankly believe that the noise in the
marketplace--it may not even be a majority of noises--could affect
the government's sentiments toward the WTO, and frankly I do not
believe The Bahamas will make the next meeting of the WTO. I think
The Bahamas will be in the discussion for many more years to come,"
Laing said on his Guardian Radio talk show "Z Live," the report
quoted Mr. Laing as saying.
The Bahamas formally relaunched negotiations in regard to WTO
accession last September at the third meeting of the working party
on the accession to the WTO in Geneva, Switzerland, the report
notes. The working party met for a fourth time on April 5, at
which time the country reported, "On the margins of the working
party meeting it has concluded one bilateral market access
agreement and with other members there has been tangible progress,"
the report relays.
Nevertheless, The Bahamas joining the WTO remains a controversial
subject matter that has split public opinion, the report discloses.
"I think if the government decides that you know what, maybe the
citizenry needs more time to get on board, I don't have a
difficulty with that at all. That's one of the reasons I say I
suspect that we may be in the process for several more years if
ever we do it," Mr. Laing added, says Caribbean News Now.
Responding to questions about whether the resignation of former
Minister of Financial Services, Trade and Industry and Immigration
Brent Symonette, who led The Bahamas' most recent delegation to the
Working Party, will have an impact on the Bahamas moving forward
with the WTO, Laing said, the question implies that Symonette was
the driving factor behind the move, the report notes.
"These are government policies. This is the government of The
Bahamas, the Ingraham administration first, then the Christie
administration, and then now the Minnis administration. So, the
government has made that determination to move forward with this,"
he added, says the report.
The Bahamas' Working Party was established on July 18, 2001 and led
by Laing under the Ingraham administration, the report relays.
As it pertains to the IMF: The Bahamas is under no obligation to
adhere to the recommendations of the IMF and should rely more on
its own capabilities as it navigates the issues impacting the
economy, a leading economist has asserted.
Given that The Bahamas has managed to avoid entering into an IMF
supported program, even at its most troubled position economically,
and still achieve growth is indicative of the country's strength,
former Central Bank Governor and former Minister of State for
Finance James Smith said, the report notes.
"I think The Bahamas ought to take itself seriously, in spite of
what we say about each other and our performances on the job, and
I'm talking about successive governments. We could not have been
all that bad in the sense that we are perhaps the one country in
the region that has never been in an IMF program, meaning that the
country screwed up so badly it was unable to get international or
local loans, so the IMF would lend it money and in the end it would
have to impose prescriptions that the IMF set. It usually calls for
the cutting down of the size of the public service and reducing
deficits. That works in some cases and may even work for us," the
report quoted Mr. Smith as saying. "But the idea is because we've
been able to navigate ourselves out of trouble economically, we
have no obligation to the IMF to take its advice, or to have its
prescriptions for dealing with the economy. I think we should rely
more on our own capabilities."
The economy is expected to grow by 1.8 percent this year, according
to the IMF, and recommends The Bahamas adopt further tax reforms,
the report adds.
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B R A Z I L
===========
JBS SA: Report Claims Firm Buying Cattle From Forbidden Amazon
--------------------------------------------------------------
Greg Henderson at Drovers.com reports that Brazilian reporters
claim JBS SA has been buying cattle from ranches grazing cattle on
deforested land in the Amazon, a practice prohibited by the
Brazilian environmental agency Ibama.
Reporter Brasil, the Bureau of Investigative Journalism and The
Guardian, reported that a supplier to JBS SA in the northern state
of Para had been raising cattle in a deforested area that had been
embargoed by Ibama, according to Drovers.com.
In a statement sent to Reuters, JBS said that monitoring indirect
cattle suppliers was challenging for the entire meat-packing sector
due to a lack of public databases that would allow development of a
proper monitoring system, the report notes.
A JBS spokesperson also referred Reuters to a statement sent to
Reporter Brasil and the other publications. The statement said JBS
did not buy animals from farms involved in deforestation or
embargoed by Ibama, the report says.
Ibama imposes embargoes on land where illegal deforestation has
taken place, as punishment and to allow the land to recover, the
report relays. In 2017, Ibama said it fined 14 meat-packers and
applied fines totaled BRL294 million ($76.5 million) as part of an
investigation into illegal ranching in deforested areas of the
Amazon, the report notes.
The reports by Reporter Brasil, however, said its reporters saw
cattle grazing on a farm in Para called Lagoa do Triunfo. It said
the farm had been fined for deforestation and should not have had
animals grazing on it, the report discloses. That farm belongs to
AgroSB, a traditional supplier to JBS, the Reporter Brasil said,
the report adds.
LIGHT SA: Fitch Affirms BB- LT IDRs, Alters Outlook to Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Light S.A. (Light) and its wholly owned
subsidiaries Light Servicos de Eletricidade S.A. (Light Sesa) and
Light Energia S.A.'s (Light Energia) Long-Term Local and Foreign
Currency Issuer Default Ratings at 'BB-'. The National Scale
ratings for the three companies were also affirmed at 'A+(bra)'. In
addition, the Rating Outlook for all the corporate ratings was
revised to Stable from Negative.
The revision of the Outlook reflects Light group's improved
financial profile due to the holding's BRL1.8 billion cash inflow
from its primary offering of common shares, which will bring the
consolidated credit metrics more in line with the current 'BB-'
Long-Term IDRs. Fitch believes the current high adjusted net
leverage ratio will reduce to 4.3x and 3.9x in 2019 and 2020,
respectively, with further gradual reduction to 3.0x-3.5x,
considering some strengthening of operating cash generation over
the next years. The primary offering should also improve Light
group's liquidity position and benefit its funds flow from
operations (FFO) through lower net interest payments. The pro forma
amount of cash and equivalents of BRL3.0 billion at the end of
March 2019, incorporating the cash inflow of the primary offering,
covers total debt maturities in 2019 and 2020 by 1.1x.
Fitch also considers as potentially positive the change in the
shareholder structure resulted from this public offering. Light's
main shareholder, Companhia Energetica de Minas Gerais (Cemig:
Long-Term Foreign and Local Currency IDRs B+/Outlook Positive),
sold part of its shares along with the primary offering, bringing
its participation in Light's total capital to 22.58% from 49.99%.
Fitch believes Cemig's lower participation in Light's shareholder
structure reduces the weight of the political risk inherent to the
public control of Cemig. Despite that, the IDRs do not incorporate
any eventual benefit from the new shareholder structure as the new
composition of the group's board and the eventual changes in the
management strategy were not already disclosed.
The ratings are still limited by the group's challenge to improve
its operational performance and translate it into higher
profitability. Light has been impacted by an unfavorable scenario
in the concession area of its most significant subsidiary, the
energy distribution company Light Sesa, in the Metropolitan Region
of the State of Rio de Janeiro, mainly in terms of energy losses
and delinquency rates, as well as disappointing results on the
recovery of energy demand.
Light and its subsidiaries' IDRs reflect the low to moderate
business risk profile resulting from Light Sesa's exclusive
electricity distribution rights in its concession area, combined
with assets on the power generation segment at Light Energia,
adding to cash flow predictability during favorable hydrological
conditions and risk dilution. Fitch's analysis takes into account
the group's consolidated sound cash position and financial
flexibility to manage its debt maturities, and an expected slightly
positive FCF. The IDRs reflect a consolidated view of Light group's
credit profile, due to the existence of cross-default clauses in
some debts. The regulatory risk of the Brazilian energy sector was
considered moderate, and that hydrological risk exposure, inherent
to the sector, is above the historical average and currently
pressures the group's consolidated cash flow and financial
profile.
KEY RATING DRIVERS
Positive Results of the Follow On: On July 11, 2019, Light
concluded its capital increase through the sale of 133,333,333
common shares priced at BRL18.75 per share. The shares sold
contemplated 100,000,000 newly issued common shares (primary
offering) and 33,333,333 common shares sold by Cemig (secondary
offering). Under this process, the primary offering raised BRL1.8
billion to Light and Cemig will raise BRL625 million through its
stake sold. In the new shareholder structure Cemig's participation
in Light declines to 22.6% from 49.9% and the market free float
increases to 71.1% from 40.6%. Nevertheless, the main benefit in
the company's credit profile came from the meaningful cash inflow
from the primary offering.
Improved Capital Structure: Fitch expects Light's consolidated
adjusted financial leverage, according to the agency's criteria, to
be 4.3x in 2019 and 3.9x in 2020, migrating to more conservative
levels below 3.5x from 2021 on. On a pro forma basis, considering
the BRL1.8 billion cash inflow from the primary offering and the
company's financial statements as of March 31, 2019, Light's
consolidated adjusted net debt / adjusted EBITDA ratio reduces to
4.2x from the 5.3x reported.
DERIVATION SUMMARY
Light's IDRs are lower than other electric energy groups in Latin
America such as Enel Americas S.A. (Enel Americas: BBB+/Stable),
Empresas Publicas de Medellin S.A E.S:P. (EPM: BBB/Rating Watch
Negative), Grupo Energia Bogota S.A. E.S.P. (GEB: BBB/Stable) and
AES Gener S.A. (AES Gener: BBB-/Stable). Light's business risk is
higher, reflecting its operating environment in Brazil (Republica
Federativa do Brasil: BB-/Stable), while its peers are more exposed
to investment countries, mainly Chile (A+/Stable) and Colombia
(BBB+/Stable). Furthermore, Light's business profile is more
concentrated in energy distribution than those companies, and
presents higher leverage.
Compared to a Brazilian electricity group with operations
predominantly in the distribution segment, Light's less diversified
asset base, lower operational performance and more aggressive
financial profile explain the difference from Energisa group's IDRs
(Local Currency IDR 'BB+' and Foreign Currency IDR 'BB'; both
Stable Outlooks).
KEY ASSUMPTIONS
The main assumptions of Fitch's base scenario for the issuer
include:
- Light Sesa's demand increase of 2.0% in 2019 and 2.6% on
average in the following three years;
- Light Energia's disbursement of BRL515 million in two
installments in 2019-2020 to liquidate its debt at Camara de
Comercializacao de Energia Eletrica (CCEE);
- Average annual consolidated capex of BRL798 million during
2019-2021;
- Light Sesa's recovery of BRL710 million in non-manageable costs
in 2019-2020;
- Dividend payout of 25%;
- No asset sale.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action:
-- Improvements in the distribution segment operating
performance;
-- Adjusted net leverage consistently equal or less than 3.0x;
-- Adjusted total leverage consistently equal or less than 4.0x.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action:
-- Deterioration of the company's liquidity profile;
-- Adjusted net leverage consistently above 4.0x;
-- Adjusted total leverage consistently above 5.0x.
LIQUIDITY
Sound Liquidity Profile: Fitch believes that the BRL1.8 billion
cash injection increases Light's financial flexibility. Based on
the cash inflow, Light group will be able to support the debt
maturing in 2019 and 2020. In addition, a better financial profile
should allow the group to refinance existing debt at more
attractive conditions with lower funding cost and a longer debt
amortization. Light group already presented a satisfactory
liquidity position for its ratings level. The BRL3.7 billion raised
in 2018 strengthened the short-term debt coverage ratio and
lengthened the consolidated debt maturity profile to 3.8 years on
March 2019 from 2.7 years on December 2017. At the end of the first
quarter of 2019 the group still had significant BRL1.6 billion
short-term debt, and the cash and equivalents of BRL1.2 billion
covering this short-term debt by 0.7x.
According to Fitch's projections, the group is not expected to
increase its total debt over the next few years. Proceeds from
Light Sesa's debenture issuance of BRL618 million raised in May
2019 were used for debt refinancing and lengthen the debt profile.
The debentures were issued in three series, with final maturities
in 2022, 2024 and 2025. On March 2019, total consolidated adjusted
debt of BRL10.2 billion mainly consisted of debentures issuances
(BRL4.4 billion), Eurobonds (BRL2.3 billion), securitization of
receivables (FIDC) (BRL1.4 billion) and Law 4.131 credit lines
(BRL819 million). Off-balance-sheet debt was BRL810 million,
related to guarantees provided to nonconsolidated companies.
Fitch has affirmed the following ratings:
Light
-- Long-Term Foreign Currency IDR at 'BB-';
-- Long-Term Local Currency IDR at 'BB-';
-- Long-Term National Scale rating at 'A+(bra)'.
Light Sesa
-- Long-Term Foreign Currency IDR at 'BB-';
-- Long-Term Local Currency IDR at 'BB-';
-- USD400 million Eurobonds due 2023 guaranteed by Light at
'BB-';
-- Long-Term National Scale rating at 'A+(bra)';
-- BRL470 million senior unsecured debentures due 2026 at
'A+(bra)';
-- BRL1,600 million senior unsecured debentures due 2023 at
'A+(bra)';
-- BRL400 million senior unsecured debentures due 2022 at
'A+(bra)'.
Light Energia
-- Long-Term Foreign Currency IDR at 'BB-';
-- Long-Term Local Currency IDR at 'BB-';
-- USD200 million Eurobonds due 2023 guaranteed by Light at
'BB-';
-- Long-Term National Scale rating at 'A+(bra)';
-- BRL425 million senior unsecured debentures due 2019 at
'A+(bra)';
-- BRL30 million senior unsecured debentures due 2026 at
'A+(bra).
The Rating Outlook for the corporate ratings was revised to Stable
from Negative.
MILLS ESTRUTURAS: Moody's Ups CFR to B2; Alters Outlook to Stable
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Moody's America Latina upgraded Mills Estruturas e Servicos de
Engenharia's corporate family ratings and senior unsecured ratings
to B2 (global scale) and Ba1.br (national scale) from B3 (global
scale) and B2.br (national scale). The outlook was changed to
stable from negative.
Ratings upgraded:
- Corporate Family Rating to B2 from B3 (global scale); to Ba1.br
from B2.br (national scale)
- BRL 109.06 million senior unsecured debentures due 2020 to B2
from B3 (global scale); to Ba1.br from B2.br (national scale)
Outlook changed to stable from negative.
RATINGS RATIONALE
The upgrade of Mills' ratings to B2/Ba1.br reflects the conclusion
of the business combination with Solaris Participacoes,
Equipamentos e Servicos S.A., as well as the recovery observed in
the company's credit metrics over the last year. Accordingly,
leverage and interest coverage improved mainly as consequence of
better operating performance, continued debt reduction, and the
company's ability to maintain an adequate liquidity profile and
cash generation even under adverse market conditions.
The business combination with Solaris will increase Mills' size and
scale, and improve its business profile and profitability due to
higher fixed cost dilution and expected cost synergies. The
business combination also better positions Mills to capture the
mild recovery of Brazil's economic and industrial activities, even
when considering potential integration and execution risks.
Pro forma for the transaction, Mills' revenues will increase to
BRL463 million from BRL293 million in the LTM ending March 2019,
while Moody's estimates that the company's consolidated EBITDA
margin could reach 30-40% from 20-25% after synergies, as Mills
will benefit from an additional demand while incurring minimal
marginal costs. Mills' operations and margins were hit hard by the
downturn in Brazil's homebuilding and heavy construction sectors
and, since then, the company has been pursuing a diversification
towards the industrial segment. The business combination with
Solaris marks an important step in Mills' strategy of
diversification away from the construction segment. With the
business combination, 81% of Mills' revenue will come from the
rental segment and 19% from the construction segment, compared to
47% and 53% in 2014, respectively.
Mills' pro forma leverage measured by adjusted total debt to EBITDA
will improve to around 2.5x from 3.3x in the LTM ending March 2019
and will remain at around 1.0-2.0x in the medium term, even though
Moody's expects the ratio to increase to 3.0-4.0x in the short term
with integration costs. Mills has been reducing its total debt in
the past six years with proceeds from idled equipment sales to
adjust its capital structure to the lower demand environment and on
the successful execution of its strategy in the rental business
unit to generate cash. The company paid down more than BRL500
million in total debt since 2014 and has proven its ability to
generate cash and maintain an adequate liquidity profile during
market downturns.
Going forward, Moody's expects Mills' operating performance to
continue to recover gradually along with Brazil's economy, and the
company to capture significant cost synergies with Solaris, which
will support growth in the company's revenues and cash generation
in the medium term. Moody's also expects Mills' liquidity to remain
adequate, with a cash position that fully covers short term debt
maturities, and the company to pursue liability management
initiatives to lengthen its debt amortization schedule.
The ratings are constrained by Mills small size relative to global
peers, its concentration of operations in Brazil and in the
industrial sector, and by the integration and execution risks
associated with the business combination with Solaris. Additional
rating constraints are its estimates that conditions in the heavy
construction industry will remain weak at least until the end of
2019 and that Brazil's industrial sector will recover only mildly
in the short term.
The stable outlook reflects its expectation that Mills' credit
metrics will remain near current levels as the company integrates
its operations with Solaris, and that the company will remain
prudent in managing liquidity to meet its debt obligations in the
next 12-18 months.
The ratings could be upgraded if there are clear signs of sustained
recovery in the construction industry and in Brazil's industrial
sector that support significant revenue growth for Mills, and if
Mills is successful in integrating its business with Solaris, while
maintaining adequate leverage and a solid liquidity position.
Quantitatively, the ratings could be upgraded if Mills' credit
metrics remain near current levels, with total adjusted debt to
EBITDA below 3.5x (3.3x in LTM ending March 2019), EBITDA to
interest expense above 3.0x (2.7x in LTM ending March 2019) and
EBITDA margin above 20% (25.5% in the LTM ending March 2019) on a
sustained basis.
The ratings could be downgraded if market conditions deteriorate or
if Mills faces difficulties in integrating its business with
Solaris. Quantitatively the ratings could be downgraded if leverage
increases to above 5.5x, interest coverage (EBITDA/interest
expense) declines to below 2.0x and EBITDA margin declines to below
15% without prospects for improvement. A deterioration in the
company's liquidity profile or cash generation would also trigger a
downgrade.
Founded in 1952 and headquartered in Rio de Janeiro, Mills
Estruturas e Servicos de Engenharia is the largest aerial work
platform rental company in Latin America and the largest provider
of infrastructure engineering solutions in Brazil, having reported
BRL 293 million (USD 92 million) in net revenues in the last twelve
months ended March 2019. Solaris was founded by Sullair Argentina
S.A. (B2/A2.ar stable) and has been providing equipment rental
solutions for the industrial sector in Brazil for more than 20
years, including the rental of aerial platforms, illumination
towers, energy generators and air compressors. Pro forma to the
business combination, Mills will be the largest rental company of
aerial work platforms in Brazil, with a fleet of more than 9,000
equipment and annual revenues and EBITDA of BRL463 million and
BRL107 million, respectively.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
TROPICALIA TRANSMISSORA: Moody's Rates BRL407MM Sr. Sec. Debt Ba1
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Moody's America Latina assigned Ba1 global scale and Aaa.br
national scale senior secured ratings to the third issuance of
debentures by Tropicalia Transmissora de Energia S.A. (Tropicalia),
in the amount of BRL407 million, due 2043. The outlook is stable.
RATINGS RATIONALE
The ratings reflect the presence of guarantees provided by banks of
strong credit quality during construction, which mitigates
completion risks; the stable and predictable revenue stream
dictated by the availability-based contractual structure; low
complexity of operations, and average DSCRs of 1.34x during the
period in which most principal is amortized (2030-2042) under the
Moody's base case. The ratings also reflect the project finance
structure, which includes a 6-month debt service reserve account,
and security over all the project's assets. The ratings further
reflect the very high diversification of the offtake base and the
overall credit linkages to sovereign credit quality of the
Government of Brazil (Ba2 stable) due to the highly regulated
nature of the energy sector and exposure to regulatory and
political intervention risks.
The regulatory long-stop date to achieve commercial operations is
February 2022, however the project has signed construction
contracts that envision completion by August 2020, providing for an
18-month cushion. All environmental licenses have been obtained,
and per a progress report dated March 2019, the project has
achieved 27.5% completion, in line with initial expectations. Key
contractors are SAE Towers Brasil Torres de Transmissao Ltda.
(towers and overall transmission line assembly), Alubar Metais e
Cabos S.A., (supply of cables), and SIEMENS Ltda. (substation
equipment). Debenture holders benefit from bank guarantees provided
by Banco Santander (Brasil) S.A. (Ba1/Aaa.br stable, 50%) and Banco
Sumitomo Mitsui Corporation Brazil S.A. (50%) until the project is
fully complete and receives the full revenues it is entitled to for
three consecutive months.
Moody's views the revenue profile as predictable and stable, as per
the terms of its concession agreement, which establishes
availability-based payments that are adjusted by inflation. The
project will be entitled to receive BRL76.7 million in revenues as
per the original contractual bid resulting from the transmission
auction held in October 2016, plus BRL1.3 million annual revenues
related to additional project works negotiated with the regulator
thereafter. The project was awarded with a 10.2% discount over the
maximum annual revenue established for the bid, which is
considerably lower than average discounts observed in more recent
auctions, that have reached 55%. As a result, the project's
economics are very attractive relative to other transmission
projects.
The project aims to contract a third party to perform operations
and maintenance activities. However, it has not yet formalized a
contract, which is a credit negative element. The established
budget for operating and administrative expenses, including
insurance, is of approximately BRL45,000 per kilometer, which is in
the high range of other transmission projects in operation in
Brazil. The exposure to potential operating and maintenance expense
increases is reflected in Moody's cash flow sensitivities, but the
very high EBITDA margin of 85% under its base case implies low
sensitivity of DSCRs to operating and expense increases.
DEBT STRUCTURE & SECURITY
The debt structure will be composed of a single tranche of senior
secured infrastructure debentures in the amount of BRL407 million.
The amount will be used to prepay the existing debt with a
development bank and to fund the remaining capex. The debt is fully
amortizing in 24 years, maturing in August 2043. The project's
economics are very strong and the fact that the debt structure is
significantly longer than most debentures in Brazil allows for
higher leverage. The designed amortization schedule provides for
very little deleveraging over the first ten years of the
transaction, providing for very high DSCRs and allowing the company
to distribute significant dividends. In its base case, the project
shows average DSCRs of 2.36x between 2022 and 2029, 1.34x between
2030 and 2042, and 1.73x between 2022 and 2042.
Security includes the pledge of the issuer shares, security over
all the collateral, including the rights to cash balances and
receivables. The transaction also benefits from a minimum DSRA
equivalent to the balance of the following semi-annual debt service
payment.
OUTLOOK
The stable outlook reflects the structure that effectively provides
for credit substitution for the credit profile of the guarantors
until the project achieves completion.
FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE
The global scale rating is linked to the credit quality of the
sovereign, and positive rating action is constrained to similar
positive action. The global scale rating can be downgraded upon a
similar rating action on the sovereign. Aside from that, global
scale and national scale ratings can be downgraded upon
deterioration in the credit quality of the bank guarantors until
construction is completed, or upon project completion, if the
project faces much higher than expected operating and
administrative expenses such that the expectation of long term
DSCRs decrease to below 1.30x.
ISSUER PROFILE
Tropicalia is a special purpose vehicle created to build, operate,
and maintain a 245 km transmission line and associated substation
connections in the State of Bahia, specifically the 500 kV Sapeacu
-- Pocoes III transmission line. The project is owned and sponsored
by private equity funds managed by Banco BTG Pactual S.A. (Ba2
stable), which has owned and operated transmission lines and other
projects in the energy sector.
METHODOLOGY
The principal methodology used in these ratings was Generic Project
Finance published in April 2018.
USINAS SIDERURGICAS: S&P Ups GS Rating to B+ on Stronger Liquidity
------------------------------------------------------------------
S&P Global Ratings upgraded Brazilian steelmaker Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas) to 'B+' from 'B' on
global sale and to 'brAA' from 'brA+' on national scale. S&P also
raised the issue-level rating on the company's senior unsecured
debt to 'brAA' from 'brA+' with a recovery rating of '3',
reflecting its expectation of a recovery of 55% (rounded
estimate).
The stable outlook reflects S&P's view that the company will
gradually deleverage in the next few years thanks to a stronger
free operating cash flow (FOCF) generation, despite higher
investments, while maintaining adequate liquidity levels.
The upgrade reflects the company's successful debt refinancing,
which will remove several restrictions related to its renegotiated
debt, while the skyrocketing iron ore prices and resilient steel
operations will allow Usiminas to lower its leverage in the next
quarters.
=============
J A M A I C A
=============
JAMAICA: Local Sugar Industry Still Struggling
----------------------------------------------
RJR News reports that information has emerged which shows the local
sugar industry is still struggling to recover from the problems
which have been plaguing it.
It has been revealed that for the 2017/2018 crop year, 1,028,000
tonnes of sugar cane was milled from which 78,800 tonnes of sugar
was produced, according to RJR News.
This was a decline when compared with the previous crop year in
which more than 1.1 million tonnes of sugar cane was milled which
yielded 84,300 tonnes of sugar, the report relays.
According to the recently tabled Economic and Social Survey
Jamaica, the decline was due largely to problems experienced with
the harvesting of sugar cane as a result of the shortage of cane
cutters and haulage equipment the report says.
Subsequently, sugar cane supply declined by 9.1 per cent, the
report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. It is
the fourth largest country in the Caribbean.
Standard & Poor's credit rating for Jamaica stands at B with
positive outlook. Moody's credit rating for Jamaica was last set at
B3 with positive outlook. Fitch's credit rating for Jamaica was
last reported at B+ with stable outlook.
As reported in the Troubled Company Reporter-Latin America on June
27, 2019, RJR News said that Steven Gooden, Chief Executive Officer
of NCB Capital Markets, is warning that the increasing liquidity in
the Jamaican economy might result in heightened risk to the
financial market if left unchecked. This, he said, is against the
background of the local administration seeking to reduce the debt
to GDP to 60% by the end of the 2025/26 fiscal year, which will see
Government repaying more than J$600 billion which will get back
into the system, according to RJR News.
=====================
P U E R T O R I C O
=====================
AMERICAN PARKING: Unsecureds to Get 5% in 60 Monthly Installments
-----------------------------------------------------------------
American Parking System, Inc., filed a disclosure statement in
support of its proposed chapter 11 plan of reorganization.
The Plan contemplates the sale of the three parcels of land at
Monacillos Ward, Rio Piedras, to the Universidad Interamericana de
Puerto Rico, for $2,600,000. Such funds will be used for the
payment of the IRS' secured, priority, and unsecured claims, on the
Effective Date.
Pursuant to the Plan, Debtor will consummate the PSJ Transfer,
whereby the Deed of Ground Lease and Concession Agreement with ESJ
Resort, LLC and all other assumed contracts and assets related to
the parking property known as Paseo San Juan and located in front
of the El San Juan Hotel will be transferred to a newly created
entity named Paseo San Juan, LLC for $9,700,000. The PSJ Transfer
is the only available structure to obtain financing to pay off
767's secured claim.
All other allowed claims will be paid from Debtor's remaining
operations which will consists of the operations of parking lots at
Marriot Hotel, Wyndham, and parking facilities at El Escambron,
among others.
The Holders of Allowed General Unsecured Claims in Class 3 will be
paid in full satisfaction of their claims 5% thereof through 60
equal consecutive monthly installments of $6,308, commencing on the
Effective Date and continuing on the 30th day of the subsequent 59
months.
A copy of the Disclosure Statement is available at
https://tinyurl.com/y327yhyq from Pacermonitor.com at no charge.
About American Parking System
Headquartered in San Juan, Puerto Rico, American Parking System
owns and manages parking lots. The Company previously sought
bankruptcy protection (Bankr. D.P.R. Case No. 16-02761) on April 8,
2016.
American Parking System, filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-02243) on April 24, 2019. In the petition signed by
Miguel A. Cabral Veras, president, the Debtor estimated $10 million
to $50 million in both assets and liabilities. Alexis
Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC, serves as
bankruptcy counsel to the Debtor.
EL CANO DEVELOPMENT: Ponsa-Flores Objects to Disclosure Statement
-----------------------------------------------------------------
Edda Ponsa-Flores and Francisco Ponsa-Flores object to the approval
of the disclosure statement explaining the Chapter 11 Plan of El
Cano Development, Inc.
The Creditors point out that the DIP has not met its obligation to
disclose adequate information to the court and the creditors to
evaluate the current condition of the company or to state the
intention to comply with the requirement that all Administrative
Expenses be satisfied upon confirmation.
The Creditors assert that the DIP has not disclosed to which
"financial reports" the statement refers, much less provide
information from which the court or creditors could make a
reasonable estimate of the reliability or truth of the assertion
concerning having “enough cash on hand on the effective date
of
the Plan.
The Creditors complain that the DIP has even failed to open a bank
account as required by the Code and the US Trustee Guidelines.
The appearing Creditors object to the inclusion of an unsecured
debt which has never been supported with any evidence, such as the
certification of debt commonly issued by the Department of Labor
proving the debt.
According to Creditors, nothing in the Disclosure Statement
provides any information concerning this potential corporate
opportunity and its current status.
Counsel for Creditors:
Patrick D. O'Neill, Esq.
O'NEILL & GILMORE LAW OFFICE, LLC
Suite 1701 City Towers
252 Ponce de Leon Avenue
San Juan, Puerto Rico
Tel: 787 620 0670
Fax: 787 620 0671
Email: pdo@go-law.com
About El Cano Development
El Cano Development Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-08122) on October 11,
2016. The petition was signed by Adrian J. Hilera Vidal,
president. At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $500,000.
Modesto Bigas Law Office is the Debtor's bankruptcy counsel.
FERMARALIZ CORP: Banco Santander Objects to Disclosure Statement
----------------------------------------------------------------
Banco Santander Puerto Rico ("BSPR") objects to the approval of the
disclosure statement explaining the Chapter 11 Plan of Fermaraliz,
Corp.
The BSPR complains that the Debtor's proposed Chapter 11 plan does
not provide for the Debtor to keep BSPR's collateral adequately
insured with a hazard insurance duly endorsed in favor of BSPR as a
"loss payee" or "coinsured secured creditor."
The BSPR points out that the Debtor's underlying plan it not
feasible as the Debtor proposes to payout to creditors a higher
amount that its monthly income.
According to the BSPR, the Debtor's underlying plan provides a
default provision, as to actions creditors can take upon the
Debtor's failure to comply with the terms of the confirmed plan.
The BSPR asserts that the information provided for in the Debtors'
disclosure statement is not complete and/or accurate and does not
comply with the requirements.
Counsel for Banco Santander Puerto Rico:
Luis M. Suarez Lozada, Esq.
P.O. Box 192333
San Juan, Puerto Rico 00919-2333
Phone: (787) 296-4299
Email: suarez@caribe.net
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.
SEARS HOLDINGS: Disclosures OK'd; Plan Hearing Set for Aug. 16
--------------------------------------------------------------
Bankruptcy Judge Robert D. Drain approved Sears Holdings
Corporation and its debtor affiliates' amended disclosure statement
referring to their second amended joint chapter 11 plan dated June
28, 2019.
The Confirmation Hearing will be held on August 16, 2019 at 10:00
a.m.
Objections to the confirmation of the plan must be filed and served
no later than August 2, 2019 at 4:00 p.m. (Prevailing Eastern
Time).
The latest plan made some modifications to the treatment of PBGC's
claims and the general unsecured claims.
The plan provides that PBGC will receive from the Liquidating
Trust, (i) the PBGC Liquidating Trust Priority Interest and (ii)
in respect of the Allowed PBGC Unsecured Claims, PBGC's Pro Rata
share of (w) the Kmart Corp. General Unsecured Liquidating Trust
Interests; (x) Kmart Corp. Specified Unsecured Liquidating Trust
Interests; (y) the General Unsecured Liquidating Trust Interests;
and (z) the Specified Unsecured Liquidating Trust Interests, in
full and final satisfaction, settlement, release, and discharge of
all PBGC Claims against Kmart Corp; provided, that for the
avoidance of doubt, no Kmart Corp. Specified Unsecured Liquidating
Trust Interests or Specified Unsecured Liquidating Trust Interests
shall be granted to holders of Allowed ESL Unsecured Claims.
General unsecured claimants will receive its Pro Rata share of (i)
the Kmart Corp. General Unsecured Liquidating Trust Interests; (ii)
Kmart Corp. Specified Unsecured Liquidating Trust Interests; (iii)
the General Unsecured Liquidating Trust Interests; (iv) the
Specified Unsecured Liquidating Trust Interests; and (v) any Excess
PBGC Amounts that would have been distributed to PBGC on account of
Kmart Corp. General Unsecured Liquidating Trust Interests and Kmart
Corp. Specified Unsecured Liquidating Trust Interests; provided,
that for the avoidance of doubt, no Kmart Corp. Specified Unsecured
Liquidating Trust Interests or Specified Unsecured Liquidating
Trust Interests shall be granted to holders of Allowed ESL
Unsecured Claims.
A copy of the Amended Disclosure Statement is available at
https://tinyurl.com/y4wbyzz5 from Pacermonitor.com at no charge.
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.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as 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 the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.
=================
V E N E Z U E L A
=================
[*] VENEZUELA: UN Urges Measures to Halt Human Rights Violations
----------------------------------------------------------------
Caribbean360.com reports that a UN human rights report has urged
the Government of Venezuela to take immediate, concrete measures to
halt and remedy the grave violations of economic, social, civil,
political and cultural rights documented in the country.
The recent report by the Office of the UN High Commissioner for
Human Rights warns that if the situation does not improve, the
unprecedented outflow of Venezuelan migrants and refugees will
continue, and the living conditions of those who remain will
worsen, according to Caribbean360.com.
The report, mandated by the UN Human Rights Council, states that
over the last decade -- and especially since 2016 -- the Government
and its institutions have implemented a strategy "aimed at
neutralizing, repressing and criminalizing political opponents and
people critical of the Government," Caribbean360.com relays. A
series of laws, policies and practices has restricted the
democratic space, dismantled institutional checks and balances, and
allowed patterns of grave violations, Caribbean360.com discloses.
The report also highlights the impact of the deepening economic
crisis that has left people without the means to fulfill their
fundamental rights to food and health, among others,
Caribbean360.com notes.
Based on 558 interviews with victims and witnesses of human rights
violations and the deteriorating economic situation, in Venezuela
and eight other countries, as well as other sources, the report
covers the period from January 2018 to May 2019, Caribbean360.com.
The UN High Commissioner for Human Rights Michelle Bachelet was
able to visit the country for three days last month to meet a wide
range of actors, including President Nicolas Maduro, other senior
Government officials, the President of the National Assembly, civil
society, business representatives, academics and other
stakeholders, as well as victims and their families, the reprot
notes. A team of two UN human rights officers remained in the
country after her visit, with an agreed mandate to provide
technical assistance and advice, and to monitor the human rights
situation, Caribbean360.com says.
"During my visit to Venezuela, I was able to hear first-hand the
accounts of victims of State violence and their demands for
justice. I have faithfully conveyed their voices, and those of
civil society, as well as the human rights violations documented in
this report, to the relevant authorities," High Commissioner
Bachelet said, Caribbean360.com discloses.
"We have the Government's commitment to work with us to resolve
some of the thorniest issues – including the use of torture and
access to justice – and to allow us full access to detention
facilities. The situation is complex, but this report contains
clear recommendations on immediate steps that can be taken to stop
ongoing violations, bring justice to victims, and create a space
for meaningful discussion. We are ready to work constructively with
all relevant stakeholders, and to continue to advocate for the
rights of all the people of Venezuela, no matter what their
political affiliations may be," Mr. Bachelet added.
The report details how State institutions have been steadily
militarized over the past decade. During the reporting period,
civil and military forces have allegedly been responsible for
arbitrary detentions; ill-treatment and torture of people critical
of the Government and their relatives; sexual and gender-based
violence in detention and during visits; and excessive use of force
during demonstrations,* Caribbean360.com relays.
Pro-government armed civilian groups, known as colectivos, have
contributed to the deteriorating situation by exercising social
control and helping repress demonstrations, Caribbean360.com notes.
The UN Human Rights Office has documented 66 deaths during
protests between January and May 2019, 52 attributable to
Government security forces or colectivos, Caribbean360.com
discloses.
The incidence of alleged extrajudicial killings by security forces,
particularly the special forces (FAES), in the context of security
operations has been shockingly high, the report states. In 2018,
the Government registered 5,287 killings, purportedly for
"resistance to authority," during such operations,notes
Caribbean360.com . Between 1 January and 19 May this year, another
1,569 people were killed, according to Government figures. Other
sources suggest the figures may be much higher, Caribbean360.com
relays.
The report said that as of May 31, 2019, 793 people remained
arbitrarily deprived of their liberty, including 58 women, and that
so far this year, 22 deputies of the National Assembly, including
its President, have been stripped of their parliamentary immunity,
Caribbean360.com relays.
Caribbean360.com discloses that while the High Commissioner
welcomed the recent release of 62 political prisoners, she called
on the authorities to release all the others in detention or
otherwise deprived of their liberty, for peacefully exercising
their fundamental rights.
The report highlights that the majority of victims of human rights
violations have not had effective access to justice and remedies,
Caribbean360.com relates.
On freedom of expression, the report notes that the space for free
and independent media has shrunk through the banning and closure of
media outlets, and detention of independent journalists: "Over the
past years, the Government has attempted to impose a
communicational hegemony by enforcing its own version of events and
creating an environment that curtails independent media,"
Caribbean360.com discloses.
While the economy of Venezuela was in crisis well before any
sectoral sanctions were imposed, the report says that the latest
economic sanctions linked to oil exports are further exacerbating
the effects of the crisis, Caribbean360.com notes.
In addition, it says, the State is violating its obligations to
ensure the rights to food and health, Caribbean360.com relays. The
progressive scarcity and unaffordability of food have meant fewer
meals of lower nutritional value, high levels of malnutrition, and
a particularly adverse impact on women, some of whom reported
spending an average of 10 hours per day queuing for food,
Caribbean360.com discloses. Despite the Government's efforts to
tackle the situation through social programs, large sections of the
population do not have access to food distribution, and
interviewees accused the authorities of excluding them because they
are not Government supporters, Caribbean360.com relays.
The health situation in the country is dire, with hospitals lacking
staff, supplies, medicines and electricity to keep vital machinery
running, Caribbean360.com notes. The report cites the 2019
National Hospital Survey, which found that between November 2018
and February 2019, 1,557 people died because of lack of supplies in
hospitals, Caribbean360.com discloses.
The report also sheds light on the disproportionate impact of the
humanitarian situation on indigenous peoples, and their loss of
control of their land for various reasons, including the presence
of military forces, and because of the presence of organised
criminal gangs and armed groups, Caribbean360.com says. "Mining,
particularly in Amazonas and Bolivar . . . has resulted in
violations of various collective rights, including rights to
maintain customs, traditional ways of life, and a spiritual
relationship with their land," the report states, Caribbean360.com
discloses.
The report sets out a series of recommendations for the Government
on the key human rights violations documented by the UN Human
Rights Office, Caribbean360.com relays.
"I sincerely hope the authorities will take a close look at all the
information included in this report and will follow its
recommendations. We should all be able to agree that all
Venezuelans deserve a better life, free from fear and with access
to adequate food, water, healthcare, housing and all other basic
human needs," Ms. Bachelet said, the report notes.
"A Catholic priest in Caracas said to me: 'This is not about
politics, but about the suffering of the people.' This report too
is not about politics, geopolitics, international relations or
anything other than being about the human rights to which every
Venezuelan is entitled.
"I call on all those with the power and influence--within Venezuela
and elsewhere--to work together, and to make the necessary
compromises to resolve this all-consuming crisis. My Office stands
ready to continue doing its part," she added, Caribbean360.com
adds.
*********
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 * * *