/raid1/www/Hosts/bankrupt/TCRLA_Public/200130.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
Thursday, January 30, 2020, Vol. 21, No. 22
Headlines
A R G E N T I N A
ARGENTINA: Buenos Aires Sweetens Deal for Bondholders
BUENOS AIRES: S&P Affirms 'CC' ICR on Entering 10-Day Grace Period
C H I L E
WOM SA: Fitch Affirms BB- LT Issuer Default Rating, Outlook Stable
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: US$2.5BB Bond Offer Means Cheaper Dollar
H O N D U R A S
BANCO ATLANTIDA: Fitch Affirms B+ LongTerm IDR, Outlook Stable
J A M A I C A
JAMAICA: CariCOF Warns of Long-Term Drought From February to April
M E X I C O
SERVICIOS CORPORATIVOS: S&P Withdraws 'B+' Issuer Credit Rating
P E R U
PERU: President Tries to Clean up Tangled Political System
P U E R T O R I C O
LAS LOMAS: Seeks to Hire Lozada Law Offices as Legal Counsel
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Reserves Drop Below US$7 Billion in 2019
- - - - -
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A R G E N T I N A
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ARGENTINA: Buenos Aires Sweetens Deal for Bondholders
-----------------------------------------------------
Globalinsolvency.com, citing Bloomberg News, reports that the
Province of Buenos Aires improved the terms it's offering
bondholders if they agree to accept delayed payments, an about-face
from the cash-strapped government after its first overture failed
to attract sufficient support.
In exchange for pushing back the deadline on a $250 million
principal payment, investors would receive an extra $7.2 million in
interest, according to the offer revealed, the report notes.
Previously, officials were asking creditors to sign off on the
three-month delay without any additional compensation, the report
relays. Argentina's largest province surprised creditors earlier
this month when it said it didn't have enough money to make the
payment due Jan. 26 amid the country's economic crisis and a plunge
in the value of the peso, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019. S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'. S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'. DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.
BUENOS AIRES: S&P Affirms 'CC' ICR on Entering 10-Day Grace Period
------------------------------------------------------------------
S&P Global Ratings affirmed its 'CC' long-term ratings on the
province of Buenos Aires. The outlook remains negative.
OUTLOOK
S&P said, "The negative outlook reflects our view that a default on
the province's foreign currency debt is virtually inevitable. The
province hasn't made its January 26 debt service payment for its
2021 bond and is currently in the grace period until Feb. 5, 2020.
At the same time, the province is seeking consent of bondholders to
amend the terms and conditions of its 2021 bond and delay this
payment until May 1, 2020. We expect the province's access to the
capital market, funding from the central government, and liquidity
to remain limited in the next 12 months."
Downside scenario
S&P said, "We could lower the ratings to selective default (SD)
over the coming days after the province completes the distressed
exchange offer. We could also lower the ratings to 'SD' if the
bondholders reject the province's offer and it fails to service its
debt by the end of the grace period."
Upside scenario
S&P said, "We could raise the ratings on the province following a
clear strategy for timely payment of its financial obligations.
This would likely need to be accompanied by policy signals to put
the province's fiscal and financial profile on a more sustainable
path."
RATIONALE
S&P said, "The ratings reflects our view that the province's
default is virtually certain, because it has announced its
intention to undertake an exchange offer, which we would classify
as distressed. However, the province hasn't yet completed the
transaction. According to our criteria, "Rating Implications Of
Exchange Offers And Similar Restructurings," in a distressed
exchange, bondholders accept less than the original promise because
of the risk that the issuer won't fulfill its original obligations.
The province hasn't made its January 26 debt service payment for
its 2021 bond. The bond has a 10-day grace period for the principal
($250 million) and 30-day period for the coupon ($27 million).
According to our methodology, "Timeliness Of Payments: Grace
Periods, Guarantees, And Use Of 'D' And 'SD' Ratings," if a stated
grace period is more than five business days, timely payment means
no later than the earlier of the stated grace period or 30 calendar
days." The province expects to get consent and approval from 75% of
bondholders before January 31 in order to formally delay the $250
million amortization payment until May 1, 2020. If bondholders
reject the offer, the province would still have a few days to meet
its obligations before the expiration of the grace period and avoid
a selective default.
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C H I L E
=========
WOM SA: Fitch Affirms BB- LT Issuer Default Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings assigned first-time ratings of 'BB-' to WOM S.A.. In
addition, Fitch has affirmed the other ratings in the corporate
structure at 'BB-', including WOM Mobile SA's Long-Term Foreign
Currency Issuer Default Rating, Long-Term Local Currency IDR, CLP
denominated credit facilities, and USD denominated notes. The
Rating Outlook is Stable.
The ratings reflect the company's elevated leverage and lack of
diversification, as well as Fitch's expectation that the company
will continue to grow robustly and profitably. The company's
competitive position has improved dramatically since Novator
purchased and rebranded Nextel Chile SA's assets in 2015, with
mobile market share improving from 2% to 18%. Fitch expects the
company to delever after the transaction, as rapid revenue
expansion and cost efficiencies enable EBITDA margins of around 25%
in the medium term.
KEY RATING DRIVERS
Leveraging Transaction, Deleveraging Expected: WOM's net
debt-to-EBITDA ratio should increase to around 4.8x from 2.5x on an
LTM pro forma basis for the transaction, excluding IFRS16. Fitch
forecasts the company's FCF, which turned positive in 2019, will
continue to grow, allowing the company to deleverage organically
and quickly.
The longer-term net leverage ratio should remain between 3.0x and
3.5x, as the company's capex declines modestly and its
profitability improves in line with its increased scale. Fitch
expects WOM to maintain average cash balances over the medium term
of around CLP25 billion, with excess cash distributed to
shareholder Novator.
Increasing Cash Flows: The company demonstrated a clear path to
profitability YTD 2019, as cost efficiencies and rapid revenue
growth resulted in Fitch-adjusted operating EBITDA margins
improving to 20% in 2019 (excluding IFRS16) from negative 40% in
2016. Fitch expects EBITDA margin expansion to 25% longer term.
Fitch expects the company to use its tax assets to minimize cash
tax payments, which should help boost profitability and cash flows.
Declining capital intensity should further support the company's
pre-dividend FCF growth.
Solid Growth: Since WOM launched in mid-2015, the company scaled
rapidly, achieving approximately 5.8 million customers, almost half
of which are post-paid. The company took market share from larger
incumbents through its disruptive marketing campaign, based on
brand recognition, gigabyte-per-CLP value and retail experience.
Fitch expects the company's longer-term market share to grow to
approximately 25% from 18%. Fitch expects slower but more
profitable growth as the company nears its market share targets.
Credible Management, Track Record: WOM has a credible deleveraging
trajectory, backed by its strong growth, and experienced management
team and shareholder. Novator has experience running
telecommunications ventures in both developed and developing
markets, and executed its growth strategy while demonstrating a
path to profitability. Fitch views sister company P4 Sp. z o.o
(Play, BB/Stable), originally rated 'B+' by Fitch in 2014, as
illustrative of WOM's potential. Play achieved rapid growth as the
fourth player in the Polish market, before achieving market
leadership, while successfully deleveraging.
Competitive Telecom Market: The Chilean telecom market remains very
competitive, as incumbent operators had to cut prices and improve
service to defend market share, pressuring margins and cash flows.
Fitch expects mobile ARPUs to continue declining for all players,
although WOM's value proposition and lower blended ARPUs should
mitigate these concerns to a degree. The market is relatively
mature, although the ongoing migration from prepaid to post-paid,
and the attendant growth in data consumption, present
opportunities.
Operating Environment: WOM benefits from a relatively stable
macroeconomic environment and policy framework in Chile. Fitch does
not expect the social unrest in Chile to materially affect telecom
operators. Protests focused on industries where prices for basic
service are regulated by the government, such as transport and
utilities. The increase in competitive intensity, particularly
since WOM's entry, led to broad reductions in price and
improvements in service for consumers. Fitch expects telecom
spending to be resilient to the cyclical variations in the
country's economy, as mobile data consumption grows exponentially.
DERIVATION SUMMARY
Compared with Chilean rival Telefonica Moviles Chile S.A.
(Telefonica Chile, BBB+/Stable), WOM has much higher leverage, as
well as less scale and service diversification. While Telefonica
Chile has lost mobile market share to WOM in recent years, the
company still commands subscriber shares of around 30% in both
fixed and mobile. Compared to mobile leader Empresa Nacional de
Telecomunicaciones S.A (ENTEL, BBB-/Negative), WOM is expected to
carry slightly higher net leverage as a result of the transaction,
which should decline by around 1.0x-1.5x over the medium term.
Like WOM, ENTEL entered a new market, causing subscriber attrition
and price competition in Peru, although ENTEL has struggled to
achieve sustainable growth, which has weighed on its credit metrics
and supports an Outlook Negative. Chilean fixed line provider VTR
Finance BV (VTR, BB-/Stable) is similar to WOM in that both
companies are owned by experienced international operators and are
less diversified, focusing on fixed and mobile, respectively. Fitch
expects lower leverage at WOM than VTR in the long term, although
WOM lacks the scale and leading market position of VTR. VTR is
ultimately constrained by the financial policies of Liberty Latin
America (LLA/NR), which generally include net leverage >4.0x.
Fitch views sister company Play as illustrative of WOM's potential.
Both companies started as the #4 player in their markets, before
achieving rapid growth and deleveraging to around
3.0x-3.5x
The IDRs of WOM and its parent WOM Mobile S.A. are equalized, under
Fitch's Parent Subsidiary Linkage.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue growth decelerating from the mid-teens in 2019,
as the company reaches market share of around 25% over
the next 4 years amid declining ARPUs in both postpaid and
prepaid
- Subscriber growth decelerates to from less than 30% to 26%%
in 2019, 12% in 2020, and 7% in 2021, with ARPUs declining by
between 3%-5% per annum
- Improvements to EBITDA margin driven by declining roaming
costs
as the company's network handles traffic on its own network
and SG&A costs grow mostly with inflation and slower than
revenues
- Cash capital expenditures of approximately CLP 70b, as capital
intensity declines from 14%-15%
- Minimal income taxes paid as the company utilizes tax-loss
carry forwards
- Cash balances of around CLP25 billion, with excess free cash
flow taken out through dividends
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Deleveraging below 3.5x Net Debt / EBITDA on a sustained
basis, with consistent growth in EBITDA and pre-dividend free
cash flow supported by improved competitive position and
scale.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Excessive shareholder distributions before successfully
deleveraging to a 3.5x would be pressure the ratings.
- Substantial deterioration in ARPUs and/or stagnation in
competitive position, resulting in Net Debt / EBITDA
sustained above 4.0x
LIQUIDITY
WOM has adequate liquidity to continue servicing its debts and
investing in its network. The total issuance proceeds were the
equivalent of USD600 million (CLP480 billion), which went to
refinancing the company's existing bank loans of around CLP260
billion (USD356 million as of Sept. 30, 2019) and the remainder was
paid as dividends to shareholder Novator. Fitch expects that the
company will continue to hold around CLP25 billion in cash, and
upstream excess cash after deleveraging. The company's liquidity is
supported by the CLP40 billion RCF.
The company has managed to grow and improve profitability, which
have led to a marked increase in cash flow generation. Fitch
expects robust pre-dividend free cash flow generation going
forward, as EBITDA expands in line and the company's capital
expenditures decline modestly to the low teens in the medium term.
FULL LIST OF RATING ACTIONS
WOM S.A.
-- Assigned First-time Long-Term Foreign Currency IDR
'BB-'/Stable;
-- Assigned First-time Long-Term Local Currency IDR
'BB-'/Stable;
-- Term Loan and RCF affirmed at 'BB-';
WOM Mobile S.A.
-- Long-Term Foreign Currency IDR affirmed 'BB-'/Stable;
-- Long-Term Local Currency IDR 'BB-'/Stable;
Kenbourne Invest S.A.
-- Senior unsecured notes affirmed at 'BB-'.
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: US$2.5BB Bond Offer Means Cheaper Dollar
------------------------------------------------------------
Dominican Today reports that US$2.5 billion bond offer announced by
the Finance Ministry would push the dollar exchange rate down, said
Central banker Hector Valdez Albizu affirmed.
It means that the demand for dollars is going to fall because that
money was not foreseen in commercial export activities, for which
Valdez says it's expected to significantly influence the exchange
rate, according to Dominican Today.
The official affirmed that every year, during January and the first
days of February there is a "slight movement of the exchange rate
because international companies tend to repatriate their dividends
and national commercial companies request dollars to pay the
credits they took during the end of the year to meet the demand in
December in the retail sector, the report relays.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.
The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB-
withstable outlook (2016).
===============
H O N D U R A S
===============
BANCO ATLANTIDA: Fitch Affirms B+ LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings affirmed Banco Atlantida, S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings at 'B+' and downgraded
Inversiones Atlantida, S.A. y Subsidiarias's LT Foreign and Local
Currency IDRs to 'B' from 'B+'. The Rating Outlooks are Stable.
Fitch also affirmed Atlantida's Viability Rating at 'b+' and its
National Scale ratings at 'A+(hnd)'/'F1(hnd)'.
The downgrade on Invatlan's ratings reflects the increasing
structural subordination of the holding company with respect to its
main subsidiary. The latter is reflected on a continued expansion
of Invatlan's operations that have raised double leverage levels
above Fitch's sensitivity of 120% and the increased restrictions on
liquidity upstream from Atlantida.
KEY RATING DRIVERS
ATLANTIDA
IDRS, VR AND SENIOR DEBT
The bank's IDRs and National ratings are driven by its intrinsic
creditworthiness as reflected in its VR of 'b+'. Atlantida's
ratings continue to be highly influenced by the Honduran operating
environment and its company profile. The ratings are also
moderately influenced by an increase in risk appetite, controlled
asset quality, sound profitability although volatile, strong
funding profile, as well as a capital position under pressure but
still commensurate to its rating category.
In Fitch's opinion, Atlantida's solid local franchise and an
increasingly diversified business model have enabled it to sustain
a stable financial performance over the economic cycle. As of
September 2019 (3Q19), Atlantida was the second largest bank in
Honduras in terms of assets, and the largest in loan portfolio and
customer deposits. However, despite Atlantida's strong franchise
and leading market share locally, it is small on a global basis.
Despite an economic slowdown, the Honduran operating environment
remains stable, greatly influencing the banks' performance and
growth. Honduran banks exhibit high concentrations on both sides of
the balance sheet on a global basis, as is the case for Atlantida
compared to higher rated peers.
Atlantida's asset quality has been improving on a relative basis,
supported by controlled non-performing loans (NPL) despite the high
growth rates. NPL ratios have declined comparing similar to local
industry average. As of 3Q19, Atlantida's NPL ratio was around
2.2%, below its 2.4% average for 2016-2018. Concentrations remain
high by global standards. The top 20 borrowers represented 2.7x
Atlantida's Fitch Core Capital (FCC), which is relevant risk
exposure in case of non-foreseen impairments on its largest
debtors.
The bank's profitability levels have been volatile reflecting a
combination of several factors. As of 3Q19, its operating profit to
risk weighted assets (RWAs) ratio stood at 2.1% (December 2018:
1.8%), reflecting controlled credit expenses and improvements in
operating efficiency. This profitability has been limited by a
relatively higher funding costs and a delay in the consolidation of
income benefits from the ongoing expansion in the retail sector.
Fitch expects Atlantida to improve its profitability due to the
consolidation of the main strategies underway, such as the digital
transformation across the entire company and a growing focus on
retail lending. However, the expected benefits could take some time
to materialize.
Fitch considers Atlantida's funding profile to be one of the bank's
strengths due to its heavy reliance on an increasing customer
deposit base. This growth is supported by its robust franchise and
ample branch network in the country. Atlantida's loan to deposits
ratio (3Q19: 94%) has been increasing due to the loan portfolio
continued expansion; however, it still compares favorably to its
closest local peers. In Fitch's view, Atlantida's exposure to
liquidity risk is mitigated by its proven deposit stability and the
access to diverse funding sources.
Despite a capital injection of HNL500 million in 2019, the bank's
FCC to RWAs ratio (calculated as reported equity minus intangibles,
goodwill and pre-paid expenses) declined to 9.6% as of September
2019, from 2016-2018 10.4% average. This capitalization is still
commensurate to the 'B' category range. Under stricter capital
regulatory requirements, Fitch believes that the bank's consistent
internal capital generation would allow it to maintain the capital
adequacy as the loan portfolio expands. This could be reinforced
under fresh capital injections as in previous years.
Atlantida's expected senior global notes are rated at the same
level as the bank's IDR due to its senior unsecured features. In
accordance with Fitch's rating criteria, the recovery prospects of
the senior unsecured debt of Atlantida are average and are
reflected in a Recovery Rating of 'RR4'.
SUPPORT RATING AND SUPPORT RATING FLOOR
Atlantida's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's belief that despite the bank's
sizable market share in deposits it cannot rely on external support
due to Honduras' limited ability to provide such support.
INVATLAN
IDRS AND SENIOR DEBT
The downgrade in Invatlan's IDRs reflect the creditworthiness of
its main subsidiary, Atlantida, rated 'B+' by Fitch, increasing
restrictions on Atlantida upstreaming liquidity to Invatlan given
additional capital regulatory requirements, and an increased level
of double leverage since 2018 resulting from Invatlan's business
expansion plans. As of September 2019, the double leverage ratio
remained above 120% (127%). The ratings also consider Invatlan's
high operational integration with its operating subsidiaries.
The senior notes rating is downgraded to 'B' from 'B+' as these are
rated at the same level as Invatlan's IDRs. Despite being senior
secured and unsubordinated obligations, Fitch believes the
collateral mechanism would not have a significant impact on
recovery rates. In accordance with Fitch's rating criteria,
recovery prospects for the notes are average and are reflected in
their Recovery Rating of 'RR4'.
RATING SENSITIVITIES
ATLANTIDA
IDRS, VR AND SENIOR DEBT
-- Upside potential for Atlantida's IDRs could only come from
further improvements of the Honduran operating environment.
-- The expected global senior unsecured debt rating would mirror
any change to Atlantida's IDRs.
SUPPORT RATING AND SUPPORT RATING FLOOR
-- Honduras's propensity or ability to provide timely support to
Atlantida is not likely to change given the operating environment's
structural weaknesses. As such, the SR and SRF have limited upside
potential.
NATIONAL RATINGS
-- Atlantida's national scale ratings could be upgraded if the
bank shows a sustained improvement in capital and profitability
metrics, which would be materialized in a FCC to RWA ratio standing
above 10% and operating profitability to RWA ratio above 2%,
respectively. Conversely, a material and constant weakening of
capitalization such that the FCC to RWA ratio remains below 8.5%
and operating profitability to RWA ratio below 1.5% could pressure
the ratings.
INVATLAN
IDRS AND SENIOR DEBT
-- Invatlan's ratings will likely move in line with those of its
main subsidiary, Atlantida. Invatlan's IDRs could be upgraded by
one notch if the company's double-leverage ratio remains
consistently below 120% resulting from a continued expansion
financed by capital injections.
-- The global senior secured debt rating would mirror any change
to Invatlan's IDRs.
SUMMARY OF FINANCIAL ADJUSTMENTS
Pre-paid expenses and other deferred assets were classified as
intangibles and deducted from Fitch Core Capital to reflect its low
absorption capacity.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Invatlan's IDRs are linked to Banco Atlantida's IDRs.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
Banco Atlantida has an ESG credit relevance score of 4 for
Governance driven by an organizational structure more complex than
other issuers'. This has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.
=============
J A M A I C A
=============
JAMAICA: CariCOF Warns of Long-Term Drought From February to April
------------------------------------------------------------------
RJR News reports that the Barbados-based Caribbean Climate Outlook
Forum (CariCOF) is warning of long term drought during the February
to April period this year.
It says Jamaica will be among the affected countries, according to
RJR News.
CariCOF issued the forecast in its latest Caribbean Climate Outlook
published, the report notes.
According to the agency, drought is evolving in Barbados, Cayman,
the Dominican Republic, eastern Jamaica, Trinidad and Tobago, and
is possible in other locations, the report relays.
===========
M E X I C O
===========
SERVICIOS CORPORATIVOS: S&P Withdraws 'B+' Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Mexican homebuilder Servicios Corporativos Javer S.A.B. de C.V.
(Javer) at the company's request.
S&P said, "The stable outlook at the time of withdrawal reflected
our view that despite a difficult first nine months of 2019, Javer
will continue rebalancing its portfolio mix towards higher-income
units that rely less on housing subsidies. In the next 12 months,
we predict that Javer's EBITDA will gradually increase, while it
posts solid free operating cash flow, resulting in debt to EBITDA
below 4.0x and EBITDA interest coverage above 2.0x."
Ratings List
Ratings Withdrawn
To From
Servicios Corporativos Javer S.A.B. de C.V.
Issuer Credit Rating NR/-- B+/Stable/--
=======
P E R U
=======
PERU: President Tries to Clean up Tangled Political System
----------------------------------------------------------
Juan Martinez at Rio Times Online reports that the corruption
scandal surrounding the Brazilian construction company Odebrecht
has triggered a political earthquake in Peru.
President Vizcarra is stamping his authority on the fight against
corruption. When the Peruvian parliament did not support him, he
called new elections, according to Rio Times Online.
Consider four individuals, the report relays. One shot himself as
the police stood outside his door to arrest him, the report
discloses. Another is in custody in the USA, awaiting
extradition, the report notes. A third is under house arrest. A
fourth faces criminal charges and has only limited freedom of
movement, the report adds.
=====================
P U E R T O R I C O
=====================
LAS LOMAS: Seeks to Hire Lozada Law Offices as Legal Counsel
------------------------------------------------------------
Las Lomas Construction, S.E., seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Lozada Law
Offices as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
Maria Soledad Lozada, Esq., the firms attorney who will be handling
the case, charges an hourly fee of $200. Paralegals charge $75 per
hour.
The retainer fee is $5,000.
Ms. Lozada is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code, according to court filings.
Lozada Law Offices can be reached through:
Maria Soledad Lozada, Esq.
Lozada Law Offices
P.O. Box 9023888
San Juan PR 00902-3888
Phone: (787) 533-1400
Email: msl@lozadalaw.com
About Las Lomas Construction
Las Lomas Construction, S.E., a general contractor based in Lajas,
P.R., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 20-00007) on Jan. 2, 2020. It previously
sought bankruptcy protection (Bankr. D.P.R. Case No. 11-04774) on
May 26, 2011.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
The Debtor tapped Maria Soledad Lozada, Esq., at Lozada Law
Offices, as its legal counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Reserves Drop Below US$7 Billion in 2019
-----------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago's net official
foreign reserves declined by 8.5 per cent in 2019, dropping from
US$7.57 billion at the start of last year to US$6.92 billion at the
end of it, according to data from the Central Bank.
The decline in T&T's foreign reserves is less than for 2018,
according to Trinidad Express.
*********
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
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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.
.
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