/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190924.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 Tuesday, September 24, 2019, Vol. 20, No. 191 Headlines B R A Z I L AMPLA ENERGIA: S&P Withdraws BB+ Global Scale Issuer Credit Rating BANCO YAMAHA: Moody's Assigns Ba1 Deposit Rating, Outlook Stable OI SA: Names Rodrigo Abreu as New Chief Operating Officer C U B A CUBA: Confident of Winning Foreign Investment Despite Fuel Crisis D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Downpours Ease Water Crunch Nationwide J A M A I C A JAMAICA: Seeking To Make Policy, Regulations For Electric Vehicles SWEET RIVER: Loss Continues for Firm M E X I C O MAXCOM USA: Drinker, Jewell Update on Noteholders Group P U E R T O R I C O STONEMOR PARTNERS: Promotes Jeffrey Digiovanni to SVP and CFO T R I N I D A D A N D T O B A G O PETROLEUM CO: Patriotic Chosen to Buy Pointe-a-Pierre Refinery X X X X X X X X LATAM: Multilatinas Propel Economies Amid Concerns - - - - - =========== B R A Z I L =========== AMPLA ENERGIA: S&P Withdraws BB+ Global Scale Issuer Credit Rating ------------------------------------------------------------------ S&P Global Ratings withdrew its global scale 'BB+' and national scale 'brAAA' issuer credit ratings on Ampla Energia e Servicos S.A at the company's request. The outlook was stable at the time of the withdrawal. S&P said, "At the time of the withdrawal, the issuer credit ratings reflected our view that Ampla's credit metrics were to improve gradually in the next two years, as a result of the completion of its rate reset in March 2019. Nevertheless, the company faces challenges in its concession area, given it covered several violent areas with a very weak payment culture, where maintenance was not possible, resulting in constant electricity losses. "In our view, the company's controlling shareholder, Enel Americas S.A. (BBB/Stable/--) has incentives to continue providing timely and sufficient support to the distributor, and the parent would continue offering support even under a hypothetical scenario in which the Federative Republic of Brazil (Brazil: BB-/Stable/B; brAAA/Stable/--) defaulted. This support was the basis for our rating on the company two notches above the one on the sovereign global scale rating." BANCO YAMAHA: Moody's Assigns Ba1 Deposit Rating, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service assigned Banco Yamaha Motor Do Brasil S.A. a Ba1/Not Prime long- and short-term local currency and Ba3/ Not Prime foreign currency deposit ratings, following the assignment of a ba3 baseline credit assignment (bca). At the same time, Moody's assigned Banco Yamaha an Aaa.br/ BR-1 long-and short-term national scale deposit ratings, as well as a Baa3/Prime-3 long- and short-term local currency counterparty risk ratings and Ba1/NP long- and short-term foreign currency counterparty risk ratings, and a Baa3(cr)/ Prime-3 (cr) long- and short-term counterparty risk assessments. RATINGS RATIONALE The Ba1 deposit ratings reflect Banco Yamaha's role as the captive finance arm of Yamaha Motors do Brasil, the Brazilian affiliate of Japan's Yamaha Motor Company Limited (A3 stable), solely engaged in financing sales of motorcycles. As such, Banco Yamaha's strategy and operations are closely tied to those of the manufacturing company and the rating, therefore, incorporates its assessment of a very high probability of support. This assessment results in two notches of uplift to Moody's ba3 BCA for Banco Yamaha. The BCA is underpinned by its ample and above-peers' capitalization and high profitability, which mitigate the risks posed by a weak asset quality relative to peers, and a predominantly confidence sensitive funding profile. The stable ratings outlook reflects Moody's expectation that Banco Yamaha will continue to report adequate financial metrics over the next 12 to 18 months, supported by consistent growth in the sale and financing of Yamaha's motorcycles that results in stable delinquency levels, robust capital cushion and resilient earnings generation. Banco Yamaha's loan portfolio tends to grow in line with the growth of Yamaha's motorcycle sales, reflecting its sizable 70% share of financed sales. In turn, motorcycles sales are correlated to economic activity. In the 12 months to June 2019, Banco Yamaha's loan growth was 27.4%, which is above the 16.8% auto lending median growth; management forecasts continuing double-digit expansion into 2020, boosted by a gradually recovering economy and the manufacturer' strategic focus on differentiated products. Banco Yamaha's asset quality is weaker than other captive auto lenders because of its exclusive focus on motorcycles, an asset class that is sensitive to economic downturns and unemployment rates. While the bank's non-performing loan (NPL) ratio of 6.2% in the 2Q2019 is above the 3.3% system-wide delinquency for auto loans, it is better than the system's 7.4% NPL for unsecured personal loans. In addition, its loans are highly granular, helping offset the structural risks posed by sector concentration. Plans to expand financing through a pre-paid private label card could broaden the universe of potential borrowers without further impairing asset quality if loan origination standards are maintained. While unemployment remains stubborningly high, ongoing economic recovery will continue to benefit borrower repayment capacity, along with low interest rates and increasing credit offering. Moody's said Banco Yamaha's profitability, as measured by net income relative to tangible banking assets, has averaged 2.3% over the past three years, which is solidly above peers' and the system's average. This stems from the bank's historically high yielding loans, which combined to favorable funding costs results in strong net interest margins over 15% as of June 2019. In addition, Banco Yamaha's profitability is aided by high operating efficiency and credit costs that have averaged modest 30% of interest income. On the other hand, Moody's acknowledges the challenges to the bank's profitability that derive from low earnings diversification and the inherent competitive pressures from large private banks, as well as the low interest rates scenario. A key credit strength is Banco Yamaha's high capitalization reflected in a Moody's TCE ratio, calculated as tangible common equity relative to risk weighted assets (RWAs), that has been higher than 19% over the past three years. The bank's consistent policy of earnings retention provides capital management flexibility to absorb unexpected losses in a downturn, along with supporting the anticipated double-digit loan growth in 2020. Banco Yamaha's ratings, on the other hand, are constrained by its reliance on market funds and the low level of liquid assets. About one third of the bank's funds are sourced from related parties in the form of time deposits, while the bulk of resources refer to borrowings and interbank deposits with Japanese and Brazilian large banks, resulting in a fairly concentrated funding profile. Despite the bank's actions to diversify its funding sources amongst other institutional depositors, including asset managers, Moody's expects no material change in its funding profile in the next 12 to 18 months because these deposits tend to be less 'sticky' than traditional retail and corporate deposits. Additionally, its stock of liquid assets is very modest relative to similarly rated banks, which is partially offset by a match-funded balance sheet, evidencing the bank's conservative liquidity management. Moody's does not have any particular governance concerns for Banco Yamaha, and does not apply any corporate behavior adjustment to the bank. On the other hand, similarly to other captive auto banks, Moody's assigns a negative qualitative adjustment to Banco Yamaha's financial profile to reflect the monoline characteristics of its business. Banco Yamaha's long-term global local currency deposit rating of Ba1 is two notches above the bank's standalone ba3 BCA, which incorporates Moody's assessment of a very-high willingness by the bank's Japan-based affiliate Yamaha Motor Company Limited (A3/stable) to provide support in the event that Banco Yamaha faces financial stress. The assessment of very high willingness to provide support stems from the bank's and its parent's shared business focus. These credit strengths are reflected in the Aaa.br NSR, which is the highest NSR category in Brazil that correspond to the Ba1 Global Scale Rating. WHAT COULD CHANGE THE RATING UP/DOWN The bank's ratings could face negative pressures as a result of material deterioration of asset quality and profitability, arising from higher provisions and an increase in funding costs. A consistent decline in profitability could compromise the bank's capacity to replenish capital through earnings, which could be negative in the long run. A material improvement in the bank's liquidity and funding condition as well as on its asset quality ratios would be triggers for a potential upgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in August 2018. Headquartered in Sao Paulo, Banco Yamaha reported total assets of BRL1,142 million ($298 million) and total shareholders' equity of BRL187 million ($26 million) as of June 30, 2019. LIST OF AFFCTED RATINGS Issuer: Banco Yamaha Motors Do Brasil S.A. Assignment: Long-term local currency bank deposit rating, Ba1, outlook stable Short-term local currency bank deposit rating, NP Long-term foreign currency bank deposit rating, Ba3, outlook stable Short-term foreign currency bank deposit rating, NP Brazilian long-term bank deposit rating, Aaa.br Brazilian short-term bank deposit rating, BR-1 Long-term local currency counterparty risk rating, Baa3 Short-term local currency counterparty risk rating, Prime-3 Long-term foreign currency counterparty risk rating, Ba1 Short-term foreign currency counterparty risk rating, NP Brazilian long-term counterparty risk rating, Aaa.br Brazilian short-term counterparty risk rating, BR-1 Baseline credit assessment, ba3 Adjustment baseline credit assessment, ba1 Long-term counterparty risk assessment, Baa3 (cr) Short-term counterparty risk assessment, Prime-3(cr) Stable Outlook. OI SA: Names Rodrigo Abreu as New Chief Operating Officer --------------------------------------------------------- Marcelo Teixeira at Reuters reports that the board of Brazilian phone carrier Oi, currently under bankruptcy protection, has named Rodrigo Abreu as its new Chief Operating Officer, the company said in a securities filing. Abreu was previously a member of Oi's board, where he headed a committee that was advising the company's senior management on the recovery plan, according to Reuters. Oi said that Abreu, as COO, will oversee key areas for the company such as engineering, systems and operational performance, the report notes. "He is an executive with experience in leading transformation and strategy in the telecom industry," said Eleazar de Carvalho Filho, Oi's chairman, the report relays. As the new COO, Abreu will leave the company's board, the report adds. As reported in the Troubled Company Reporter-Latin America on Sep. 17, 2019, S&P Global Ratings affirmed its global scale 'B' issuer credit and issue-level ratings on Oi S.A. and revised the outlook to negative from stable. At the same time, S&P lowered its national scale rating to 'brA-' from 'brA' and assigned a negative outlook. ======= C U B A ======= CUBA: Confident of Winning Foreign Investment Despite Fuel Crisis ----------------------------------------------------------------- EFE News reports that Cuba hopes to attract more foreign investment at its biggest trade event, the 2019 Havana International Fair (FIHAV), to be held in November despite the fuel crisis the country is going through that affects transportation and the activities of companies and citizens. "The circumstances are very difficult," the director general of foreign investment at the Foreign Trade Ministry, Deborah Rivas, said during the presentation of the 4th Business Forum, which will form part of the 37th Havana International Fair, scheduled between Nov. 3-8, according to EFE News. As reported in the Troubled Company Reporter-Latin America on Sept. 17, 2019, Moody's Investors Service affirmed the Government of Cuba's long-term foreign-currency and local-currency issuer ratings at Caa2. The outlook remains stable. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Downpours Ease Water Crunch Nationwide ---------------------------------------------------------- Dominican Today reports that the supply of piped water improved Friday with the rains over most of the national territory and have increased the flows that supply the Greater Santo Domingo, Aqueduct (CAASD) director Alejandro Montas, said. He said the water supply went from 307 million gallons a day to 340 million, an increase of 33 million gallons, according to Dominican Today. Normal production is 420 million gallons per day, the report notes. Montas said if the rains continue, the supply will continue to improve, but called on the population to continue saving water, the report notes. The official added that the Haina-Manoguayabo system, which barely operated 25% of capacity and with three pumps, is currently operating at 90% with eight, the report discloses. 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). ============= J A M A I C A ============= JAMAICA: Seeking To Make Policy, Regulations For Electric Vehicles ------------------------------------------------------------------ RJR News reports that the Ministry of Science, Energy and Technology is seeking to complete an electric vehicle policy and promulgate regulations under the Electricity Act to deal with the use of these vehicles, during this financial year. Portfolio minister, Fayval Williams, made the disclosure at the Engineers' Week 2019 Conference in New Kingston, according to RJR News. The electric vehicle policy is expected to create an enabling environment for the use of the technology in the public transportation space, the report notes. Ms. Williams noted that, in addition to the policy and regulatory framework, the Jamaica Public Service will be installing charging stations in the coming year as part of the necessary infrastructure to accommodate electric vehicles, 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. SWEET RIVER: Loss Continues for Firm ------------------------------------ RJR News reports that listed company Sweet River Abattoir and Supplies continues to operate at a loss -- the company recorded a net loss of $1.6 million for the quarter ending June. It was a reduction from the $7.1 million loss recorded during the same quarter last year, according to RJR News. Sweet River Abattoir says despite a 70 per cent reduction in sales, its expenses were down 38 per cent, the report notes. The report discloses that revenue for the quarter came from slaughtering fees and inventory sales. The company has taken break from procuring pigs while organizing and recapitalizing the business, the report says. Sweet River said it expects to return soon to its core business of procurement of pigs and the sale of fresh cuts to processors, hotels, restaurants and wholesalers, the report relays. The company hopes to complete the reorganization to capitalize on the winter tourist season, the report notes. Ordered to Pay Pig Farmers Meanwhile, the St. Elizabeth Parish Court ruled that Sweet River Abattoir and its former managing director, Valdez Gifford, pay more than $1.35 million to pig farmers, the report relays. The company was sued by several pig farmers in St. Elizabeth over the non-payment of money owed for pigs delivered over two years ago, the report notes. The court heard from three farmers who said they are yet to receive payments, despite several attempts to collect, the report discloses. In the judgment handed down, the court ordered that Mr. Gifford make payments in two tranches to the farmers, the report relays. The company has announced that it is in divestment mode following its losses, the report adds. =========== M E X I C O =========== MAXCOM USA: Drinker, Jewell Update on Noteholders Group ------------------------------------------------------- In the Chapter 11 cases of Maxcom USA Telecom, Inc., et al., the law firms of Drinker Biddle & Reath LLP and Ronald R. Jewell, Esq said it is supplementing its disclosures under Rule 2019 of the Federal Rules of Bankruptcy Procedure with respect to its representation of the Ad Hoc Group of Noteholders. On August 28, 2019, Drinker Biddle filed the Verified Statement of Drinker Biddle & Reath LLP and Ronald R. Jewell, Esq. pursuant to Federal Rule of Bankruptcy Procedure 2019. Since the date the Law Firms filed the First Statement, the composition of the Ad Hoc Group of Noteholders has changed. In accordance with Bankruptcy Rule 2019, the Firms submitted a Supplemental Statement. As of the date of the Verified Statement, Drinker Biddle and Mr. Jewell represent Moneda, Moneda Deuda, LarranVial, UBS Clients and Fratelli in the Maxcom USA cases. On or around August 19, 2019, the Noteholders retained Drinker Biddle and Mr. Jewell to represent them in litigation against the debtors Maxcom USA Telecom, Inc. and Maxcom Telecomunicaciones, S.A.B. DE C.V. As of Sept. 13, 2019, members of the Ad Hoc Group of Noteholders and their disclosable economic interests are: (1) Moneda Deuda Latinoamericana Fondo de Inversion c/o Moneda Asset Management 444 Madison Av, 8th floor New York, NY 10022 USA * Step-Senior Notes due 2020: $12,579,245 (2) Fratelli Investments Ltd. c/o Megeve Investments Calle Espoz, 3150 oficina 401 Vitacura, Santiago, Chile * Step-Senior Notes due 2020: $3,628,906 (3) Moneda Latin American Corporate Debt c/o Moneda Asset Management 444 Madison Av, 8th floor New York, NY 10022 USA * Step-Senior Notes due 2020: $2,588,241 (4) SKB Trust c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $2,477,605.00 (5) Fondo Larrain Vial Renta Fija Latinoamericana c/o LarrainVial Asset Management Isidora Goyenechea 2800 15th Floor, Las Condes Santiago, Chile * Step-Senior Notes due 2020: $1,565,482 (6) Jai-18 Investments Ltd. c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $1,222,000.00 (7) Macapix International Inc. c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $1,105,500.00 (8) MKB Trust c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $982,690.00 (9) MAV Trust c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $814,666.00 (10) Notro c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $712,833.00 (11) Mulina c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $711,126.00 (12) Tortona Capital Ltd. c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $650,000.00 (13) Inversiones San Felipe Inc c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $562,832.00 (14) Arkon CV c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $509,167.00 (15) Jorge Sanchez y Otros c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $509,166.00 (16) Dressar c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $509,166.00 (17) Guipuzcoa Ltd. c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $407,333.00 (18) Barham Corporation c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $407,333.00 (19) Kingland Holding Investments Ltd. c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $400,000.00 (20) Barahona Flores c/o UBS Financial Services Inc. 1251 Avenue of the Americas Second Floor New York, NY 10020 * Step-Senior Notes due 2020: $305,500.00 Drinker Biddle represents only the interests of Noteholders and does not represent or purport to represent any other entities in connection with the Chapter 11 Case. Upon information and belief formed after due inquiry, Drinker Biddle does not hold any disclosable economic interests in relation to the Debtors. Mr. Jewell represents only the interests of Noteholders and does not represent or purport to represent any other entities in connection with the Chapter 11 Case. Upon information and belief formed after due inquiry, Mr. Jewell does not hold any disclosable economic interests in relation to the Debtors. Counsel to the Ad Hoc Group of Noteholders can be reached at: DRINKER BIDDLE & REATH LLP James H. Millar, Esq. Frank F. Velocci, Esq. Brian P. Morgan, Esq. 1177 Avenue of the Americas, 41st Floor New York, NY 10036-2714 Telephone: (212) 248-3140 (Main) Facsimile: (212) 248-3141 E-mail: james.millar@dbr.com frank.velocci@dbr.com brian.morgan@dbr.com - and - Ronald R. Jewell, Esq. 105 Fillmore Street, Unit 206 Denver, CO 80206-4903 Telephone: (646) 919-0762 Facsimile: (845) 414-3426 E-mail: rrjewell1949@outlook.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/gj1Yhu About Maxcom USA Telecom Maxcom Telecomunicaciones, S.A.B. DE C.V, is a limited liability public stock corporation (sociedad anonima burstatil de capital variable) with indefinite life, organized under the laws of Mexico in 1996. Maxcom USA is a wholly owned subsidiary of Maxcom Parent organized under the laws of New York in 2019. The Debtors are an integrated telecommunication services operator providing voice and data services to residential and small- and medium-sized business customers in markets that the Debtors believed were underserved by Telefonos de Mexico, S.A.B. de C.V., the local telecommunication incumbent, and other competing telecommunications providers. Maxcom USA Telecom, Inc., and Maxcom Telecomunicaciones, S.A.B. de C.V., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-23489) on Aug. 19, 2019. At the time of filing, Maxcom USA's estimated assets was $100,000 to $500,000 and liabilities was $0 to $50,000. Maxcom Telecomunicaciones' estimated assets and liabilities was $100 million to $500 million. The cases are assigned to Hon. Robert D. Drain. The Debtors' counsel is Pedro A. Jimenez, Esq., and Irena Goldstein, Esq., at Paul Hastings LLP, in New York. The Debtors' financial advisor is Alvarez & Marsal Mexico. Prime Clerk LLC serves as the Debtors' noticing, balloting and claims administration agent, and maintains the Web site https://cases.primeclerk.com/maxcom/ ===================== P U E R T O R I C O ===================== STONEMOR PARTNERS: Promotes Jeffrey Digiovanni to SVP and CFO ------------------------------------------------------------- StoneMor Partners L.P. has elevated Chief Accounting Officer Jeffrey DiGiovanni to senior vice president and chief financial officer, combining the roles of chief accounting and chief financial officer. DiGiovanni replaces Garry Herdler, who will transition to a consulting role with the Partnership through the end of the year and focus exclusively on cost reductions and productivity improvements. In an additional cost reduction measure, StoneMor will eliminate the position of chief operating officer. As a result, Jim Ford will depart the Partnership to pursue other interests. At the same time, StoneMor announced it has retained Johnson Consulting Group to assist with potential asset sales. Johnson Consulting is a leading consulting firm in the funeral and cemetery industry across North America. StoneMor's president and chief executive officer, Joe Redling, commented, "We're delighted to elevate Jeff to CFO. Jeff's been our Chief Accounting Officer since September 2018 and played a key role in getting us current in our financial filings. He has built a strong team at StoneMor, and he brings more than 15 years of public accounting experience. Garry Herdler spearheaded a vital initiative during his time here, negotiating and completing the transactions to recapitalize our balance sheet. He has also led a comprehensive performance improvement plan that will continue to be his main area of focus. Jim Ford has been a valued member of the management team and was instrumental in creating the general manager model and regional structure by which we now operate. With Jim's departure, the three Divisional Presidents will report directly to the CEO, further streamlining our management structure. We are grateful to Jim for his efforts and we wish him well in his new endeavors. "The hiring of the Johnson Consulting Group is an important step in our process of formalizing our divestiture strategy. For the past month, the Johnson Consulting team has been engaged in a comprehensive review of our asset base and is now actively exploring various options to optimize our portfolio while deleveraging our balance sheet. "These actions are aligned with our turnaround plan as we continue to execute on progressing our core initiatives of reducing costs and improving sales and operational efficiency." Jeff DiGiovanni, prior to joining StoneMor, was managing director at a leading accounting and transaction advisory firm with offices in Philadelphia, New York City and Princeton, N.J. While there, from 2012 to 2017, he worked with clients to deliver services, including readiness for initial public offerings, financial reporting including reporting to the Securities and Exchange Commission and technical accounting assistance on complex transactions. He holds a Bachelor of Science degree in Accounting and a Master of Science in Financial Services from Saint Joseph's University and is a Certified Public Accountant. About StoneMor Partners StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- http://www.stonemor.com-- is an owner and operator of cemeteries and funeral homes in the United States, with 321 cemeteries and 90 funeral homes in 27 states and Puerto Rico. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. StoneMor reported a net loss of $72.69 million for the year ended Dec. 31, 2018, compared to a net loss of $75.15 million for the year ended Dec. 31, 2017. As of June 30, 2019, the Company had $1.76 billion in total assets, $1.76 billion in total liabilities, $57.50 million in total redeemable convertible preferred units, and a total partners' deficit of $60.94 million. * * * As reported by the TCR on Feb. 13, 2019, Moody's Investors Service downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2 from Caa1 and Probability of Default rating to Caa3-PD from Caa1-PD. The Caa2 CFR reflects Moody's concern that if pre-need cemetery selling and liquidity pressures do not abate while the senior secured credit facility is being refinanced, a distressed exchange or other default event could become more likely. As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on StoneMor Partners L.P. The outlook remains negative. S&P said, "The rating affirmation reflects our view that despite the removal of near term maturities and sufficient liquidity over the next twelve months, we continue to view StoneMor's capital structure as unsustainable in the long term given our projection for persistent free cash flow deficits. ===================================== T R I N I D A D A N D T O B A G O ===================================== PETROLEUM CO: Patriotic Chosen to Buy Pointe-a-Pierre Refinery -------------------------------------------------------------- Darlisa Ghouralal at looptt.com reports that a company owned by the Oilfield Workers Trade Union (OWTU) has been named the preferred bidder to own and operate the Pointe-a-Pierre refinery, the oil refinery run by state owned oil company Petroleum Co. of Trinidad & Tobago (Petrotrin). Patriotic Energies and Technologies Co Ltd, a company wholly-owned by the OWTU, won the bid to purchase the Guaracara Refining Company Limited and Paria Fuel Trading Company Limited with a US$700 million offer, according to looptt.com. Finance Minister Colm Imbert made the announcement during the sitting of Parliament. Patriotic in its proposal offered upfront cash consideration of US$700 million, the report notes. The report says that it was the only company of the three companies shortlisted -- the other two named as Beowulf Energy and Klesch -- to do so. Patriotic's proposal indicated upfront cash of US$700 million for the refinery assets plus US$300 million for the non-core assets of legacy State-owned Petroleum Co. of Trinidad & Tobago (Petrotrin), including the Augustus Long hospital, the report relays. However, the non-core assets were not offered for sale by Government, the report notes. The report discloses that Beowulf offered a US$42,000 monthly lease over a 15-year term while Klesch's proposal indicated the only payment to Government would be through taxes. The report says that the Union-owned company was selected as the preferred bidder based on the following terms and conditions: (a) That Patriotic be given one month to present to the Evaluation Committee a satisfactory and comprehensive work plan on how it intends to complete the process going forward with respect to the following key deliverables: (i) confirmation of its ability to finance the purchase and operation of the refinery (ii) a draft Sales and Purchase Agreement (SPA) and various other Commercial Agreements inclusive of Crude Handling, Domestic Fuel supply, Natural Gas supply, Product Offtake, and Transition Support; (iii) a finalised Business Plan that addresses other key deliverables inclusive of the provision of a guaranteed, reliable and seamless supply of refined petroleum products to Trinidad and Tobago and the Caribbean region, ensuring the long term viability of the refinery, and reducing its carbon footprint; (iv) a statement of any fiscal incentives or tax concessions required from the Government of Trinidad & Tobago; v. an approach to any historical environmental liabilities; (vi) a Refinery Start-up plan which involves any necessary additional work inclusive of the Refinery Refurbishment plan and the Terminal start-up plan; (vii) a plan for the supply of petroleum products during the transition to full operationalisation by Patriotic of the refinery, inclusive of the finalisation of an MOU with Trafigura PTE Ltd; (viii) a suitable staffing plan, inclusive of senior management; (ix) proof of qualification to engender the startup and performance enhancement processes for the new business as well as the evaluation of growth opportunities to deliver solutions that integrate information, analytics and insight, to solve client challenges at all points along the energy value chain; and (x) approval from the Board of Directors of Patriotic for the definitive terms and conditions of the proposed transaction. Imbert noted that Patriotic will be granted a three-year moratorium on all payments of principal and interest, towards the purchase of the refinery and a further 10 years, at a fair market interest rate, to complete the payment of the sum of US$700 million it has offered for the refinery, the report adds. About Petrotrin State-owned Petroleum Co. of Trinidad & Tobago (Petrotrin) closed it oil refinery in November 2018. Prior to closure, Petrotrin underwent a corporate reorganization that started in the last quarter of 2018. The T&T government insisted that the reorganization was necessary to improve the company's efficiency. As a result of the reorganization, Petrorin's refining business was shut down and new entities were created: three operating subsidiaries (Heritage Petroleum Company Limited, Paria Fuel Trading Company and Guaracara Refining Company Limited), and the new holding company, TPH, to which the international bonds were transferred from Petrotrin. =============== X X X X X X X X =============== LATAM: Multilatinas Propel Economies Amid Concerns -------------------------------------------------- EFE News reports that a group of Latin American companies that have expanded beyond their national borders and achieved regional or global scale -- as well as growing influence due to their close links to political power -- are now the undisputed drivers of investment and productivity in that region. Between 2008 and 2016, "multilatinas" tracked by the Massachusetts-based Boston Consulting Group registered annual revenue growth of 5.2 percent as measured in United States dollars, or approximately three times the average for all large Latin American companies, according to a BCG report titled "Why Multilatinas Hold the Key to Latin America's Economic Future," EFE News says. ********* 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 * * *