/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/200203.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, February 3, 2020, Vol. 21, No. 24 Headlines A N T I G U A A N D B A R B U D A LIAT: Chastanet Welcomes Appointment of New Chairman A R G E N T I N A ARGENTINA: Lower House Approves Debt Renegotiation Bill B R A Z I L BRAZIL: Accounts Record Primary Deficit of R$61.8 Billion in 2019 BRAZIL: Closes 2019 with 11.6 Million Jobless People SANUWAVE HEALTH: Signs Joint Venture Agreement with Universus USJ ACUCAR: S&P Withdraws 'SD' Issuer Credit Rating E C U A D O R ECUADOR: Fitch Withdraws B Rating on $400MM Social Bond M E X I C O OPERADORA DE SERVICIOS MEGA: Moody's Assigns Ba2 CFR P U E R T O R I C O BAHIA DEL SOL: Triangle Asks Time to Finalize Stipulation on Sale EMPRESA LOCAL: Disclosure Statement Hearing Set for April 1 X X X X X X X X [] BOND PRICING: For the Week January 27 to January 31, 2020 - - - - - ===================================== A N T I G U A A N D B A R B U D A ===================================== LIAT: Chastanet Welcomes Appointment of New Chairman ---------------------------------------------------- Joshua St. Aimee at St. Lucia Star reports that in 2019, Antigua's Prime Minister Gaston Browne made a clarion call to regional colleagues to invest in the ever cash-strapped airline LIAT. The governments of Grenada and St. Kitts and Nevis both responded favourably, each committing to provide EC$1 million. In an interview with the STAR on March 13, 2019, Prime Minister Allen Chastanet said his government would not consider investing in LIAT unless there were significant changes in the airline's operation, according to St. Lucia Star. He referenced a Caribbean Development Bank study that suggested three options: restructure the entity; privatize; or shutdown. If Saint Lucia were to buy shares, Chastanet said, the shares would need to be in an entity free to make whatever commercial decisions must be made, the report notes. "I don't mind being a shareholder, going to my annual shareholder meeting, and if in fact the management are not doing a good job then you fire management. I don't believe governments themselves should be involved in the day-to-day operations of the airline. That's certainly not what appears to be in practice right now and so certainly Saint Lucia would not be interested in taking shares in LIAT as currently constructed." Chastanet added that LIAT's board must comprise people "that understand how to run an airline business," the report notes. On January 9, LIAT announced the appointment of a board of directors headed by former Barbados Prime Minister Owen Arthur, currently serving as a professor at the University of the West Indies, the report relays. LIAT highlighted that the new board brings over 100 years of combined aviation experience, the report discloses. Said LIAT in a statement: "The new chairman has been tasked by the new board to undertake a special assignment to meet with regional prime ministers to discuss sustainability of the airline. This assignment will be supported by other directors and the management team of the airline." Last December, the company announced that Dr. Jean Holde, who served as its director and chairman for 16 years, had retired, the report relays. Prime Minister Allen Chastanet strongly supported the appointment of Arthur, whom he considers "very capable", the report notes. But that didn't mean a change of attitude on the part of Saint Lucia's prime minister, the report notes. At any rate, not until Arthur has made necessary changes, the report says. Chastanet seemed to be anticipating structural changes to LIAT, the report relates. "We have to be satisfied that the tough decisions that have to be made in LIAT are going to be made," said Chastanet, the report notes. "There are a lot of adjustments and structural changes that have to take place and I think that it's a good signal in having former prime minister Arthur there, because he is a no nonsense person and he has very good commercial sense as well. If there's any person that could potentially break this deadlock, I think he's that person. Saint Lucia is very hopeful that something can come of this new decision," he added. In a bid to recapitalize the airline, Prime Minister Gaston Browne secured a US $15.8 million loan from Venezuelan bank, Banco del ALBA last November, the report notes. The Antigua government, which holds 34% shares in the airline, is also negotiating to purchase the majority of Barbados' 49% share ownership, the report adds. About LIAT LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT, is an airline headquartered on the grounds of V. C. Bird International Airport in Antigua. It operates high-frequency inter-island scheduled services serving 15 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. The airline is owned by seven Caribbean governments, with three being the major shareholders: Barbados, Antigua & Barbuda and St. Vincent and the Grenadines along with Dominica(94.7 %); other Caribbean governments, private shareholders and employees (5.3%). In the last few years, LIAT has been challenged with financial difficulties, often needing additional funding as the airline dealt with the high cost of operations. In November 2016, the Barbados government defended LIAT's operations, even as opposition legislators called for a cessation of the business. In early 2015, LIAT offered early retirement packages to employees in efforts to downsize. In 2014, LIAT knew it had to deal with unprofitable routes to make operations viable. In the third quarter of 2013, the airline's top management was shaken, with news Chief Executive Officer Captain Ian Brunton's sudden resignation. LIAT's current chief executive officer is Julie Reifer-Jones, chairman is Owens Arthur, and chief financial officer is Rojer Inglis. Dr. Ralph Gonsalves, prime minister of St. Vincent & the Grenadines, serves as chairman of LIAT shareholders. ================= A R G E N T I N A ================= ARGENTINA: Lower House Approves Debt Renegotiation Bill ------------------------------------------------------- Eliana Raszewski at The New York Times reports that Argentina's lower house of Congress approved a bill that would enable the government of President Alberto Fernandez to handle a massive debt restructuring of bonds issued in foreign currency that it needs to negotiate with creditors. With support from the opposition, the bill was approved with 224 votes in favour and two against, according to The New York Times. The bill moves to the Senate, where it is expected to pass soon, the report notes. The Fernandez government, inaugurated on Dec. 10, is looking to renegotiate about $100 billion in sovereign debt amid a deep recession, inflation of more than 50% and a weakened peso currency. Fernandez set a deadline of March 31 to deal with Argentina's public debt, the report relates. "It is necessary to give tools in fiscal matters, in foreign exchange matters, and this bill gives tools to negotiate," said a former economy minister Jorge Sarghani who is a lawmaker for the ruling party, the report discloses. The report relays that Economy Minister Martin Guzman met with International Monetary Fund officials in New York for talks on how to proceed with its $57 billion (US43.4 billion pounds) credit facility agreed under the previous administration of Mauricio Macri in 2018, the largest in the Fund's history. Guzman and Luis Cubeddu, head of the IMF mission in Argentina, both said the meeting was positive and productive, 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. =========== B R A Z I L =========== BRAZIL: Accounts Record Primary Deficit of R$61.8 Billion in 2019 ----------------------------------------------------------------- Richard Mann at Rio Times Online reports that the consolidated public sector of Brazil, made up of the federal, state, and municipal government plus state-owned companies, recorded a primary deficit of R$61.872 (US$15.4) billion last year. The data were released on Jan. 31 by the Central Bank, according to Rio Times Online. It was the sixth consecutive year with negative results in the public accounts, the report notes. Nevertheless, 2019 figures are the best since 2014, when the deficit had reached R$32.536 billion, the report discloses. The result also represents a great improvement in relation to 2018, when the accounts were negative by R$108.258 billion, the report adds. As reported in the Troubled Company Reporter-Latin America, Fitch Ratings in November 2019 affirmed Brazil's Long-Term Foreign Currency Issuer Default Rating at 'BB-'. The Rating Outlook is Stable. BRAZIL: Closes 2019 with 11.6 Million Jobless People ---------------------------------------------------- Richard Mann at Rio Times Online reports that for the second year running, the unemployment rate in Brazil has dropped. In the quarter ended in December last year, the unemployment rate fell to 11 percent, totaling 11.6 million jobless people, according to Rio Times Online. There was a reduction of 520,000 unemployed people in comparison to the same period last year, when the rate stood at 11.6 percent, the report notes. The data are from the National Continuous Household Sample Survey (PNAD Continuous), released this January 31, by the Brazilian Institute of Geography and Statistics, the report adds. As reported in the Troubled Company Reporter-Latin America, Fitch Ratings in November 2019 affirmed Brazil's Long-Term Foreign Currency Issuer Default Rating at 'BB-'. The Rating Outlook is Stable. SANUWAVE HEALTH: Signs Joint Venture Agreement with Universus ------------------------------------------------------------- SANUWAVE Health, Inc., entered into a joint venture agreement on Dec. 13, 2019, with Universus Global Advisors LLC, a limited liability company organized under the laws of the State of Delaware, Versani Health Consulting Consultoria em Gestao de Negocios EIRELI, an empresa individual de responsabilidade limitada organized under the laws of Brazil, Curacus Limited, a private limited company organized under the laws of England and Whales, and certain individual citizens of Brazil and the Czech Republic. The principal purpose of the joint venture company will be to manufacture, import, use, sell, and distribute, on an exclusive basis in Brazil, dermaPACE devices and wound kits consisting of a standard ultrasound gel and custom size sterile sleeves used for the treatment of various acute and chronic wounds using extracorporeal shockwave therapy technology. The joint venture company will also provide treatments related to the dermaPACE devices. The IDIC Group has agreed to pay to the Company a partnership fee in the total amount of $600,000 for the granting of exclusive territorial rights to the joint venture company to distribute the dermaPACE devices and wound kits in Brazil. The partnership fee is to be paid as follows: (i) a $250,000 payment was made by IDIC Group to the Company on Nov. 14, 2019 which was initially provided in the form of a loan that was forgiven and terminated on Dec. 13, 2019, (ii) an additional payment of $250,000 was made by the IDIC Group to the Company on Dec. 31, 2019, and (iii) the remaining $100,000 is to be paid by the IDIC Group upon receipt of required regulatory approvals from ANVISA (the Brazilian Health Regulatory Agency). The parties intend to execute a shareholders' agreement, a trademark license agreement, a supply agreement and a technology license agreement Jan. 31, 2020. The IDIC Group will also have the right to receive prioritized dividends until full reimbursement of the partnership fee and expenses incurred in the formation of the joint venture company, which are required to be paid by the IDIC Group. ANVISA is part of the Brazilian Ministry of Health and the Brazilian National Health System and is responsible for the protection of the health of the Brazilian population by enforcing sanitary control over the production, marketing and use of products and services subject to health regulation in Brazil. The Company will supply the dermaPACE devices and wound kits to the joint venture company at cost and the joint venture company will purchase the devices from the Company in accordance with the terms of the Supply Agreement to be entered into upon formation of the joint venture company. The parties also agreed that the initial five devices imported to Brazil by the IDIC Group on behalf of the joint venture company will be provided by the Company on deferred payment terms to be agreed, provided that the amounts invoiced for such devices will be due by the time the joint venture company reaches $1,000,000 in gross sales. Upon formation of the joint venture company, the Company will own 45% of its equity interests, the IDIC Group, through a holding company, will collectively own 45% of the equity interests of the joint venture company and each of Versani and Universus will own 5% of the joint venture company's equity interests. The joint venture company will be managed by a four-member board (two appointed by the Company and two appointed by the IDIC Group), each with a term of three years. The joint venture company will have two officers, a chief executive officer and a chief commercial officer. The IDIC Group will have the right to appoint the chairman of the board of directors. The Agreement may be terminated if the parties fail to meet certain conditions precedent before Dec. 31, 2020 (unless extended by mutual agreement) and upon default by either party which is not cured within a certain cure period, among others. In case AVISA does not grant its approval, or such approval is granted with restrictions that materially impact the joint venture company's operation, the IDIC Group may terminate the Agreement and require the Company to refund the partnership fee amount, plus the amounts incurred by the IDIC Group for payment of other expenses related to the formation of the joint venture company. In the event of a change of control of the Company, the Company will have the right to cause the other parties to the Agreement to sell their ownership interests to the Company's new controlling entity, at a price which varies, depending on whether the change of control occurs prior to or after the joint venture company achieves $2,000,000 in gross sales. If the change of control occurs before the joint venture company achieves $2,000,000 gross sales, the price to be paid for the equity interests of the other joint venture parties (on a pro rata basis) will be equivalent to four times the total amount invested by such parties in the joint venture company, including the partnership fee and organizational expenses. If the change of control occurs after the joint venture company achieves $2,000,000 in gross sales, the price will be equivalent to the multiple of twelve times the net sales of the joint venture company in the previous twelve months before the closing of the change of control transaction, also paid on a pro rata basis. In addition, in the event of a change of control of the Company after the joint venture company achieves $2,000,000 in gross sales, the other parties to the joint venture will also have the right to put their equity interests to the new controlling entity of the Company, for a price based on the same EBITDA multiple paid for the acquisition of the Company. About SANUWAVE Health, Inc. SANUWAVE Health, Inc. (www.SANUWAVE.com) is a shockwave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. SANUWAVE's portfolio of regenerative medicine products and product candidates activate biologic signaling and angiogenic responses, producing new vascularization and microcirculatory improvement, which helps restore the body's normal healing processes and regeneration. SANUWAVE applies its patented PACE technology in wound healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its lead product candidate for the global wound care market, dermaPACE, is US FDA cleared for the treatment of Diabetic Foot Ulcers. SANUWAVE reported a net loss of $11.63 million for the year ended Dec. 31, 2018, compared to a net loss of $5.54 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $1.64 million in total assets, $14.96 million in total liabilities, and a total stockholders' deficit of $13.32 million. Marcum LLP, in New York, NY, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 1, 2019, citing that the Company has a significant capital working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. USJ ACUCAR: S&P Withdraws 'SD' Issuer Credit Rating --------------------------------------------------- S&P Global Ratings withdrew its 'SD' (selective default) issuer credit rating on Brazilian sugarcane processor, USJ Acucar e Alcool S/A (USJ), at its request. S&P said, "At the same time, we withdrew our 'D' issue-level rating on USJ's senior unsecured notes originally due 2019. On Nov. 28, 2019, we lowered the issue-level rating to 'D' after the company missed the amortization and coupon payments of the outstanding amount of the 2019 notes -- $8.7 million and $400,000, respectively -- due Nov. 9, 2019." ============= E C U A D O R ============= ECUADOR: Fitch Withdraws B Rating on $400MM Social Bond ------------------------------------------------------- Fitch Ratings assigned a 'B' rating to Ecuador's USD400 million partially-guaranteed social bond. Fitch had previously assigned an expected 'B(EXP)' rating to the issuance on Jan. 15, 2020. In addition, Fitch has withdrawn the rating of the social bond for commercial reasons. Fitch will continue to provide Issuer Default Ratings, senior unsecured bond ratings, and analytical coverage for the Republic of Ecuador. The ratings were withdrawn for commercial purposes. KEY RATING DRIVERS The social bond benefits from a USD300 million partial credit guarantee (PCG) provided by the Inter-American Development Bank (IDB, AAA/Stable) for scheduled debt service payments. The final rating on the social bond represents a one-notch uplift above Ecuador's 'B-' Long-Term Foreign-Currency IDR, reflecting Fitch's assessment that the PCG-protected issuance would benefit from a higher recovery rate than unsecured obligations of Ecuador in the event of a default by the sovereign. Fitch last affirmed Ecuador's Long-Term Foreign- Currency IDR at 'B-' on Aug. 21, 2019, and revised the Outlook to Stable from Negative. RATING SENSITIVITIES N/A =========== M E X I C O =========== OPERADORA DE SERVICIOS MEGA: Moody's Assigns Ba2 CFR ---------------------------------------------------- Moody's Investors Service assigned first-time ratings to Operadora de Servicios Mega, S.A. de C.V., SOFOM, E.R. Moody's assigned a Ba2/Not Prime long- and short-term global local and foreign currency issuer ratings and a Ba2 long-term Corporate Family Rating. The issuer level outlook is stable. At the same time, Moody's assigned a Ba2 long-term foreign currency debt rating to Mega's proposed $300 million senior unsecured 144A/Reg S fixed-rate five-year notes. The following ratings were assigned to Mega: - Long-term global local currency issuer rating of Ba2 - Short-term global local currency issuer rating of Not Prime - Long-term global foreign currency issuer rating of Ba2 - Short-term global foreign currency issuer rating of Not Prime - Corporate Family Rating of Ba2 - Assigned outlook: Stable The following rating was assigned to Mega's proposed cross-border 144A/Reg S fixed-rate five-year $300 million proposed notes: - Long-term foreign currency senior unsecured debt rating of Ba2 RATINGS RATIONALE Moody's Ba2 ratings incorporate Mega's business focus on lease financing of high value products and the company's careful selection of targeted borrowers, which ensures adequate asset quality and good earnings generation. The ratings also reflect Mega's ample capitalization, which partially mitigates the risks associated with the company's very rapid growth and its sizable industry and single borrower concentrations. The ratings are constrained by a weak funding and liquidity profile, characteristic of non-bank finance companies. Mega has reported relatively low levels of nonperforming loans (NPLs) at 2.9% of gross loans, and low charge-offs of about 0.3% over the past three years, when compared to those of its peers, reflecting the predominantly collateralized nature of its loans. The company targets well established exporting value chains from Mexico to the US for the equipment financing that is its core business, resulting in relatively granular loans to small and midsize companies (SMEs) and small corporations. However, Mega's asset quality is exposed to potential deterioration because of very rapid loan growth, particularly as the company nearly doubled its loan book in 2019, from 2018, and intends to expand another 25% in 2020. In addition, Mega has materially increased its exposure to a single borrower, the State of Jalisco (Ba1 stable), which accounted for 24.5% of its loan book as of September 2019. Moody's views this exposure negatively because it exposes the company to high concentration risks and public scrutiny. Nevertheless, high value collaterals and Jalisco's own creditworthiness, as suggested by its Ba1 stable ratings, mitigates potential negative effects for Mega. Mega maintains high buffers against losses in the form of down payments and reserves that boost coverage of NPLs to 6.5x, up from the 1x provided by reserves. Very often Mega retains the down payment because most of its borrowers opt to acquire the equipment at the end of the lease. The down payment complements the company's reserve creation, in line with bank norms of its Mexican regulator, the Comision Nacional Bancaria y de Valores. Mega's net interest margin (NIM) is low, at 2.7% as of September 2019 and 2% in 2018, especially when compared to the average 5.2% NIM of Mexican banks. However, Mega's margins are boosted by a very high sales margin, which is booked upfront; even after adjusting this gain for the average 3.5 years life of its loans, contribution is still sizable. As a result, profitability tends to be high especially in years of high loan growth, such as those that are expected for the next 12 to 18 months. Moody's expects operating costs will remain high and at similar levels as in 3Q2019 of 3.8% of gross loans, in line with the company's high cost of monitoring borrowers and collaterals. Because of low loss given default, the company's credit costs are low at about 30% of provisions relative to pre-provision income over the past three years and about 1% of gross loans. Moody's expects Mega's capitalization to remain ample at about 13%-14%, benefitting from good earnings generation and a policy of earnings retention. In Moody's base scenario, capitalization would benefit from a slower expansion pace, although Mega's projected capitalization of 18% over the next 12-18 months benefits from higher profitability that more than offsets the higher asset growth rate. Characteristic of a non-deposit taking institution Mega's funding profile will remain predominantly wholesale and therefore more volatile than commercial banks' despite its efforts to diversify its funding sources. Although financing remains primarily secured with restrictive covenants, Mega's proposed cross-border debt issuance will help lower its financing costs and extend funding maturity. However, Moody's expects Mega will continue to maintain low levels of liquidity, leading to a low coverage of debt maturities of 5% -13%. Moreover, although the company's profitability will increase, its funds from operations will remain low relative to its large debt holdings. Moody's does not have any particular governance concerns for Mega. The company's corporate governance has been enhanced since 2017, when Deutsche Investitions- und Entwicklungsgesellschaft mbH's (DEG) acquired a 23.5% ownership of Mega. DEG is a subsidiary of Kreditanstalt fuer Wiederaufbau (KfW Bankengruppe, Aaa stable), Germany's largest investment bank. Moody's assigns a low probability that the Mexican government (A3 negative) would provide support to Mega in an event of stress, because of the company's very small participation in the Mexican lending market, even within its home market of Jalisco. Its stable outlook on the ratings incorporates its view that Mega's Ba2 creditworthiness will be sustained by the company's adequate asset quality its good earnings generation and ample capitalization, which mitigates the risks of its very rapid growth, industry and single borrower concentrations, exposure to wholesale funding and low holdings of liquid assets. WHAT COULD CHANGE THE RATINGS UP/DOWN The ratings would experience downward pressure if Mega's capitalization decreases to levels below 13% or if asset quality were to deteriorate in line with a 4% NPL ratio. Mega's ratings recognize the benefits stemming from its planned cross-border issuance in terms of lower secured debt. As such, if the issuance is not done or if its size is adjusted materially, downward pressure on the ratings would accumulate. Conversely, lower single borrower concentrations and more moderate loan growth levels that support stable profitability and capitalization, could place upward pressure on the company's ratings, despite its wholesale funding mix. The principal methodology used in these ratings was Finance Companies Methodology published in November 2019. ===================== P U E R T O R I C O ===================== BAHIA DEL SOL: Triangle Asks Time to Finalize Stipulation on Sale ----------------------------------------------------------------- Secured creditor Triangle Cayman Asset Co. 2 asks the U.S. Bankruptcy Court for the District of Puerto Rico to grant an additional extension of time of seven days to finalize the execution of a stipulation with Bahia Del Sol Hotel Corp., or for Triangle to otherwise plead in connection with Bahia's proposed sale of the real property currently known as "Plaza Parguera Hotel" located at La Parguera Ward, Road 304, Km. 3.2, Lajas, Puerto Rico, to Puerto Rico Asset Management, LLC for $1.3 million, subject to overbid. Triangle ratifies that that the Parties have substantially advanced in their good faith negotiations for the consensual treatment of the Triangle Claim and, at this juncture, they have reached an agreement in principle. However, Triangle needs additional time to finalize a proposed stipulation, to be executed by the Parties, in connection with such agreement in principle for the consensual repayment of the Triangle Claim. Thus, Triangle respectfully asks that the Court grants it an additional short extension of time of seven days to allow them to finalize and execute a stipulation, or in the alternative, for Triangle to otherwise plead in connection with the sale. Triangle's request is made in good faith in an effort and without the intent to delay the prosecution of the captioned case. About Bahia Del Sol Corporation Bahia Del Sol Hotel Corporation filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 19-03234) on June 5, 2019, estimating under $1 million in both assets and liabilities. The Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., as counsel. EMPRESA LOCAL: Disclosure Statement Hearing Set for April 1 ----------------------------------------------------------- Judge Brian K. Tester has ordered that a hearing on approval of the Disclosure Statement filed by EMPRESA LOCAL GLOBAL INC is scheduled for April 1, 2020 at 9:30 a.m.at the U.S. Bankruptcy Court, Jose V. Toledo Federal Building and U.S. Courthouse, 300 Recinto, Sur, Courtroom No. 1, Second Floor, Old San Juan, Puerto Rico . Objections to the form and content of the Disclosure Statement should be in writing and filed with the court and served upon parties in interest at their address of record not less than 14 days prior to the hearing. About Empresa Local Global Empresa Local Global, Inc., formerly known as Casas Mi Estillo, was created in 1987 and was in the business of selling wooden prefabricated houses in Puerto Rico. Empresa Local Global filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 14-06675) on August 14, 2014. The case is assigned to Judge Brian K. Tester. At the time of the filing, the Debtor was estimated to have assets and liabilities of less than $1 million. The Debtor is represented by Charles A. Cuprill-Hernandez, Esq., in San Juan, Puerto Rico. =============== X X X X X X X X =============== [] BOND PRICING: For the Week January 27 to January 31, 2020 ------------------------------------------------------------ Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia del Chubut A 4.5 2208 3/30/2021 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD SACI Falabella 2.3 50.6 7/15/2020 CL CLP Sylph Ltd 2.4 65.1 9/25/2036 KY USD Banco Security SA 3.0 27.4 6/1/2021 CL CLP Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Empresa Provincial de 12.5 0.0 1/29/2020 AR USD Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Noble Holding Internat 6.2 62.2 8/1/2040 KY USD YPF SA 16.5 67.3 5/9/2022 AR ARS Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Plaza SA 3.5 38.3 8/15/2020 CL CLP Banco Security SA 3.0 5.6 7/1/2019 CL CLP Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Esval SA 3.5 49.9 2/15/2026 CL CLP ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. 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