/raid1/www/Hosts/bankrupt/TCRLA_Public/200303.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, March 3, 2020, Vol. 21, No. 45
Headlines
A R G E N T I N A
ARCOR SAIC: Moody's Assigns B3 Rating on ARS500MM Unsec. Notes
PROVINCE OF LA RIOJA: S&P Lowers ICR to 'CCC-, On Watch Negative
B R A Z I L
ODEBRECHT SA: Defense for Inacio Claims 'Document Manipulation'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Cancellations of Reservations for Cruises
J A M A I C A
JAMAICA: PIOJ Sees Relatively Flat Growth in 2019
M E X I C O
PETROLEOS MEXICANOS: Net Loss Nearly Doubles in 2019
N I C A R A G U A
NICARAGUA: IMF Says Real GDP Contracted in 2019 by 5.7%
P U E R T O R I C O
EMPRESA LOCAL: Disclosure Statement Hearing Reset to May 13
MODERN RADIOLOGY: Case Summary & 20 Largest Unsecured Creditors
NEW ENERGY: Needs More Time to Complete Plan Negotiations
- - - - -
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A R G E N T I N A
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ARCOR SAIC: Moody's Assigns B3 Rating on ARS500MM Unsec. Notes
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.,
assigned a B3 rating in the global scale and an A3.ar rating in the
national scale of Argentina to Arcor S.A.I.C.'s senior unsecured
notes Class 13 and Class 14 together for ARS500 millions
(extendable to ARS4,000 million). The ratings are on review for
downgrade.
Net proceeds from the proposed issuance will be used for liability
management, capital spending and working capital requirements.
The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.
RATINGS RATIONALE
Arcor's B3/A3.ar ratings are supported by its solid position as one
of the largest food producers in the region and the largest in
Argentina, with 45 industrial plants in Latin America and
diversified revenue base through exports to 120 countries, and its
long track record of prudent financial policy. Arcor has commercial
offices, distribution networks and/or strategic partnerships in 11
countries, including Argentina, Uruguay, Paraguay, Bolivia,
Colombia, Ecuador, Venezuela, Mexico, United States, Spain and
China. In addition, the company's vertical integration by producing
a large portion of its key raw materials (corn syrup, sugar, milk,
and corrugated cardboard), is a key competitive strength and also
supports the rating.
The ratings are mainly constrained by company's high exposure to
the Argentine market, where it generates around 68% of revenues,
although around 35% of local sales are exports. To this regard,
Argentina's weak market conditions since mid-2018, where economic
recession has coupled with high inflation, depreciation of the
Argentine peso and falling consumer demand, have all weighed on the
company's cash generation and overall credit metrics. In
particular, high inflation has fueled labor costs and currency
depreciation has increased the company's overall cost structure
(75% denominated in foreign currency) and debt (71% denominated in
foreign currency), but this is partially compensated by the
company's sales denominated in foreign currency, currently
representing around 45% of total. Moody's expects the company's
reported EBITDA margin to reach 7%-8% in 2019 (which, in compliance
with IFRS, recognizes the effects of changes in the purchasing
power of the currency by applying the adjustment for inflation),
with reported debt to EBITDA at around 4.5x in 2019, up from 4.2x
reported for fiscal-year 2018.
Since mid-2019 Arcor has reduced working capital requirements and,
aided by hedges on interest payments for US dollar denominated debt
and lower capital spending requirements, improved its overall
liquidity profile. Cash and marketable securities represented 54%
of short-term debt as of September 2019, up from 44% in December
2018. Short term debt of ARS17,055 million is mainly comprised of
working capital debt in Argentine pesos, while 84% of its ARS9,226
million in cash as of September 2019 is denominated in US dollars.
The proceeds of the new senior unsecured notes, which will have a
maturity of approximately a year, will mainly aid the company's
liability management in the next few months, with no increase in
the company's leverage metrics. Moody's expects the company to
continue rolling over its short-term debt as it has done
historically, given the ample amount of revolving credit available
through facilities in different countries, including Argentina,
Brazil and Chile.
In its last rating action dated September 3, 2019, Moody's
downgraded Arcor's global scale ratings to B3 from Ba3 and its
national scale ratings to A3.ar from Aa1.ar and placed them under
review for downgrade. The action followed the downgrade of the
Government of Argentina's rating to Caa2 from B2 and placement of
Argentina's rating under review for downgrade on August 30, 2019.
The rating action reflected its view that a weaker sovereign has
the potential to strain the ratings of companies operating within
its borders, and therefore it is appropriate to limit the extent to
which the companies can be rated higher than the sovereign, in line
with its cross-sector rating methodology, Assessing the Impact of
Sovereign Credit Quality on Other Ratings, published in June 2019.
Headquarter in Cordoba, Argentina, Arcor S.A.I.C. (Arcor) is one of
the largest food companies in the country, with around $2.6 billion
in sales in 2018. Arcor is a leading Argentine manufacturer of
cookies, processed food and corrugated cardboard. Arcor is focused
on three business divisions: consumer food products (confectionery,
chocolates, ice cream, cookies, crackers, snacks, cereals and
food), agribusiness and packaging. In addition, the company has its
own power plant in Argentina to supply electricity to several of
its production facilities. The company has presence in 120
countries, 45 plants in Latin America and its total employees are
around 21,200. Arcor's well-known brands include Butter Toffees,
Bon o Bon, Rocklets, Coffler, Cereal Mix, Bagley, Opera, Sonrisas,
La Campagnola, Dos en Uno, Topline and Sapito.
The principal methodology used in these ratings was Procedures
Manual to Rate Companies and/or Securities Issued published in
January 2017.
PROVINCE OF LA RIOJA: S&P Lowers ICR to 'CCC-, On Watch Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term ratings on the province of
La Rioja to 'CCC-' from 'B-'. S&P also placed the ratings on
CreditWatch negative.
CREDITWATCH
The CreditWatch negative listing reflects at least a one-in-two
likelihood of a downgrade of the province to 'SD' during the next
few weeks if there is evidence that the Province will be uncapable
or unwilling to make the interest payment by March 24, 2020. S&P
could remove the ratings from CreditWatch if the payment is made
before the 30-day grace period expires.
RATIONALE
The 'CCC-' rating reflects the likelihood that La Rioja's default
seems inevitable, absent a significant favorable change in its
circumstances. S&P's rating still incorporates its view of the
provincial administration's willingness to make the upcoming debt
service payment within the grace period.
The province is facing severe liquidity pressures amid the erosion
of its revenue base and higher demand for social spending given the
prolonged recession and policy measures taken at the national
level. La Rioja is among the most vulnerable provinces in the
country to swings in national government funds transfers, because
they account for more than 85% of La Rioja's operating revenue. S&P
also highlights that the province has prioritized social spending
over debt service payments. Moreover, unfullfilled revenue
expectations from the province's wind farm project, which the
province constructed with the 2025 notes' proceeds, has further
constrained La Rioja's cash flows.
Therefore, On February 24, the province missed a $14.7 million
interest payment on its $300 million global notes due 2025. The
notes have a 30-day grace for the interest payment, and according
to S&P's methodology, "Timeliness Of Payments: Grace Periods,
Guarantees, And Use Of 'D' And 'SD' Ratings," La Rioja could avoid
default if it makes payment within the grace period.
The province is now looking for sources of liquidity to do so.
These could include advanced payments from the national
government-owned utility (for energy produced by the wind farm),
advanced coparticipation funds, or short-term borrowings.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
Downgraded; CreditWatch/Outlook Action
To From
La Rioja (Province of)
Issuer Credit Rating CCC-/Watch Neg/-- B-/Negative/--
La Rioja (Province of)
Senior Unsecured CCC-/Watch Neg B-
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B R A Z I L
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ODEBRECHT SA: Defense for Inacio Claims 'Document Manipulation'
---------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that the defense
counsel for ex-president Luiz Inacio Lula da Silva presented new
allegations on February 26, in addition to its closing arguments in
the case in which the leftist is charged with receiving R$12 (US$3)
million in Odebrecht kickbacks, in connection with the purchase of
a plot of land in Sao Paulo to house the Lula Institute's
headquarters, and an apartment next to his home in the ABC region
just outside Sao Paulo.
In its closing argument, ex-president Lula's defense counsel
alleged a 'manipulation of documents' in the lawsuit involving
Odebrecht, according to Rio Times Online.
About Odebrecht SA
Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals. Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.
On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.
The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.
On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on Aug. 26. The case is assigned to Hon. Stuart M.
Bernstein.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Cancellations of Reservations for Cruises
-------------------------------------------------------------
Dominican Today reports that the progress of the coronavirus in the
world has caused the fear of Dominicans and foreigners to travel to
other destinations. Although no government agency or tour operator
association has offered reservation cancellation figures, they
admit that many people show fear of traveling right now, according
to Dominican Today.
The president of the Dominican Association of Tour Operators
(Adotur), Jacinto Fernández, said that there is fear in people to
travel and this is reflected in that people who had commitments to
attend international events have canceled their trips due to the
rapid expansion of the virus the report notes.
Two agencies specialized in cruise tourism confirmed to this media
that this year there has been some decrease in reservations and
some cancellations in travel, mainly to countries in Europe and
Asia, the report says.
Venice, Italy, is one of the destinations that people are showing
the most fear of traveling, according to a representative of the
Mundi Tours travel agency, the report discloses.
Another travel agent who asked not to be identified also indicated
that there has been a decrease in reservations and some
cancellations "because of the fear people feel," the report
relays.
The report notes that representatives of other agencies consulted
indicated that although they have not had any cancellation so far,
travelers are anxious and request a lot of information about the
situation of the destinations they are going to travel to.
Recommendations
In view of the growing expansion of the coronavirus, travelers
arriving and leaving the country are recommended to seek medical
attention and share their travel history with their healthcare
provider in case of symptoms suggestive of respiratory diseases
before, during or after the trip, the report relays.
They are also recommended to avoid contact with people who have
acute respiratory diseases and with places where farm or wild
animals are present, alive or dead, the report discloses.
Suggestions for Agencies
Inform
Travel agents, airlines and tour operators are advised to spread
messages about the precautions that travelers leaving the country
or arriving from the affected countries should take, the report
says.
Control
They must also establish mechanisms to identify suspect travelers
for their referral to a health center and notification to the
National Epidemiological Surveillance System, the report adds.
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 in April 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).
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J A M A I C A
=============
JAMAICA: PIOJ Sees Relatively Flat Growth in 2019
-------------------------------------------------
RJR News reports that the Planning Institute of Jamaica (PIOJ) is
reporting that 2019 was another year of relatively flat growth for
Jamaica.
PIOJ Director General Dr. Wayne Henry made the disclosure during
the quarterly media briefing, according to RJR News.
The real Gross Domestic Product (GDP) for the year was estimated to
have grown by 0.9 per cent - the seventh consecutive year of GDP
growth, the report relays.
Jamaica has achieved 20 consecutive quarters of economic growth,
the report relays.
But the actual numbers also tell another story, the report points
out. They show that economic growth has remained largely subdued,
the report says.
For example, the highest quarterly growth last year was two per
cent recorded in the fourth quarter, the report notes.
It explains why the annual growth rate has averaged about one per
cent over the last decade, the report discloses.
Last year's lower-than-expected growth resulted from obstacles like
the closure of the JISCO Alpart plant and unfavourable conditions
in the agricultural sector, the report says.
Dr. Henry admitted that those challenges are likely to continue,
the report notes.
"We expect real GDP for the January to March 2020 quarter to grow
within the range of zero to one per cent," he indicated, the report
adds.
About Jamaica
As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019 raised its long-term foreign and
local currency sovereign credit ratings on Jamaica to 'B+' from
'B'. The outlook is stable. At the same time, S&P Global Ratings
affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.
RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned 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.
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M E X I C O
===========
PETROLEOS MEXICANOS: Net Loss Nearly Doubles in 2019
----------------------------------------------------
The Latin American Herald reports that Mexican state oil company
Petroleos Mexicanos (Pemex) posted a net loss of $18.4 billion in
2019, nearly double its $9.6 billion loss the previous year, the
company reported.
In its latest earnings report, Pemex attributed the result to the
higher cost of hedge derivative financial instruments, which rose
to 18.5 billion pesos ($954.6 million) due to the appreciation of
the US dollar relative to other currencies, according to The Latin
American Herald.
The company said that its total sales fell to $74.5 billion, down
16.5 percent from 2018, with domestic revenues down 17.5 percent to
$42.9 billion and exports falling 15.3 percent to $31.1 billion,
the report notes.
Crude output amounted to 1.68 million barrels per day, a drop of
7.6 percent relative to 2018, the report said, the report relays.
The report notes that natural gas production, meanwhile, fell 4
percent to 3.7 billion cubic feet per day.
After subtracting the cost of sales, Pemex's gross income came in
at $11.5 billion in 2019, a drop of 56.9 percent compared to the
previous year, the report says.
The company's operating income plunged 81 percent to $3.7 billion,
the report discloses.
Pemex said its "income before duties, taxes and other," equivalent
to earnings before interest, tax, depreciation and amortization
(EBITDA), plunged 95.1 percent relative to 2018 to $725 million,
the report says.
Pemex's total liabilities, including short- and long-term debt and
employee benefits, rose to $206.2 billion, up 10 percent from 2018,
the report notes.
By contrast, the Mexican oil company said its total financial debt
was down 4.8 percent compared to the close of 2018 to $105.2
billion, the report relates.
In the fourth quarter of last year, the company's net loss amounted
to $9 billion, an increase of 7.9 percent compared to the net loss
in the fourth quarter of 2018, the report notes.
The report relays that revenue from sales and services income in
the fourth quarter of 2019 amounted to $17 billion, down 21.6
percent from the same quarter of 2018.
These were Pemex's first full-year results under current President
Andres Manuel Lopez Obrador, who took office in 2018 with a vow to
revive the heavily indebted state oil company and boost its
production, the report notes.
The leftist leader announced a series of extraordinary measures
last year aimed at boosting Pemex's finances, which combined with
expected savings from efforts to combat fuel theft were forecast to
provide a total financial benefit of 107 billion pesos ($5.5
billion) in 2019, the report says.
The company has been on a roller-coaster in recent years in terms
of its bottom-line results, the report discloses.
In 2018, Pemex's net loss was down 47.1 percent from the loss
reported in 2017. That was an encouraging result after the
company's net loss in 2017 had risen 74.4 percent from 2016, the
report notes.
In 2016, Pemex's net loss was down 58.5 percent from the $30.3
billion reported in 2015, the report recalls.
The company regularly posts hefty net losses because a large
portion of its profits help fund the federal budget, although the
Mexican government has said it will bring that profit-sharing duty
down to 54 percent in 2021 from 65 percent last year, the report
says.
A major goal of the tax relief is to reverse the steady drop in the
company's oil output over the past 16 years, the report adds.
As reported in the Troubled Company Reporter-Latin America on
June 12, 2019, Petroleos Mexicanos filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F, disclosing
a net loss of MXN180,419,837,000 on MXN1,681,119,150,000 of total
sales for the year ended Dec. 31, 2018, compared to a net loss of
MXN280,850,619,000 on MXN1,397,029,719,000 of total sales for the
year ended in 2017.
The audit report of KPMG Cardenas Dosal, S.C., states that PEMEX
has suffered recurring losses from operations, has a net capital
deficiency and net equity deficit. These issues, together with its
fiscal regime, the significant increase in its indebtedness and the
reduction of its working capital raise substantial doubt about its
ability to continue as a going concern.
The Company's balance sheet at Dec. 31, 2018, showed total assets
of MXN2,075,197,268,000, total liabilities of MXN3,534,602,700,000,
and MXN1,459,405,432,000 in total deficit.
=================
N I C A R A G U A
=================
NICARAGUA: IMF Says Real GDP Contracted in 2019 by 5.7%
-------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF), on
Feb. 21, 2020, concluded the Article IV consultation with
Nicaragua.
Since April 2018, social unrest and its aftermath eroded confidence
and caused large capital and bank deposits outflows, adversely
affecting Nicaragua's economic activity. Real GDP is estimated to
have further contracted in 2019 by 5.7 percent (-3.8 percent in
2018) owing to the deterioration in aggregate demand, strong fiscal
consolidation, and sanctions. Inflation is estimated to have
increased to 6.1 percent by end-2019 (as compared to 3.9 percent in
2018), as a result of tax measures adopted to partially offset the
collapse in revenues and financing. Although the economic downturn
translated into a current account surplus in 2018 and 2019, the
improvement was fully offset by a reversal in the financial
account.
The authorities eased monetary and financial sector policies during
2018-19 to avoid a downward economic spiral. The Central Bank
managed to stabilize the financial sector by introducing repos,
reducing reserve requirements, and phasing-in regulatory
provisioning. To bring back the deficit from 4 percent of GDP in
2018 to 2 percent of GDP in 2019, the government adopted a package
of tax and pension reforms in the first quarter of 2019. The
authorities announced in October 2019 a reduction in the rate of
crawl from 5 percent to 3 percent, to signal a commitment to low
inflation.
Executive Board Assessment
Executive Directors agreed with the thrust of the staff appraisal.
They noted that the authorities' determined policy response had
contained the impact of the fiscal and financial sector shocks in
2018 and 2019. Nonetheless, with domestic and external
vulnerabilities persisting, they emphasized the importance of
measures to preserve macroeconomic and financial stability and
restore confidence. They stressed that commitment to prudent
policies will remain important. The careful design and
communication of reforms will also be crucial in ensuring their
social acceptability. Continued support from development partners,
in collaboration with the Fund, will be important.
Directors considered that the fiscal position outlined in the 2020
budget is adequate to support the economic recovery. They
underscored the importance of rebalancing public expenditures in
the short term to generate fiscal space for spending on social
safety nets, critical social programs, and efficient investments.
Over the medium term, the fiscal deficit will need to be gradually
reduced to ensure sustainability, together with reforms to
strengthen the financial position of state-owned enterprises and
the pension system. It will be important to strike the right
balance to provide enough expansionary impulse to medium-term
economic growth. Greater fiscal transparency will be needed in
assessing fiscal risks and enhancing fiscal governance.
Directors highlighted the need to increase the international
reserves coverage to support the crawling peg exchange regime and
restore external buffers. Keeping inflation low while adopting
structural reforms to raise productivity will increase
competitiveness and resilience to shocks.
Directors welcomed the resilience of the financial sector to recent
confidence shocks but called for further efforts to mitigate risks
from the elevated level of distressed assets. Enhancing crisis
preparedness, strengthening banking sector supervision, and
improving institutional coordination for resolution activities,
including adequate resources for the financial safety net, would
shield the financial system against downside risks. Directors
welcomed the reforms to the AML/CFT framework but stressed the need
for further efforts to ensure its effective implementation. They
also emphasized the importance of addressing governance weaknesses
in line with the recommendations of the 2017 Financial Action Task
Force.
Directors recommended the steadfast implementation of structural
reforms aimed at restoring investors' confidence and improving the
business environment, in consultation with key stakeholders.
Strengthening institutions, improving infrastructure, investing in
human capital, addressing labor skills bottlenecks, and upgrading
technological readiness would improve competitiveness.
Directors urged the authorities to improve the quality and
timeliness of economic data with continued Fund technical
assistance.
=====================
P U E R T O R I C O
=====================
EMPRESA LOCAL: Disclosure Statement Hearing Reset to May 13
-----------------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the District
of Puerto Rico has granted the motion of debtor Empresa Local
Global Inc. requesting continuance of the hearing on
approval of the disclosure statement.
The hearing on approval of the Disclosure Statement scheduled for
April 29, 2020, at 9:30 a.m. will now be held on May 13, 2020, at
9:30 a.m., at the United States Bankruptcy Court, Jose V. Toledo
Federal Building and U.S. Courthouse, 300 Recinto Sur, Courtroom
No. 1, Second Floor, 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. Objections not timely filed and served
will be deemed waived.
A full-text copy of the order dated Feb. 13, 2020, is available at
https://tinyurl.com/qtfrh7l from PacerMonitor at no charge.
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.
MODERN RADIOLOGY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Modern Radiology PSC
dba Bermudez Imaging, PSC
dba Bermudez Ruiz Imaging, PSC
dba G Bermudez Diagnostic, PSC
dba Gamshar Images Services
9176 C Marina
Ponce, PR 00717
Business Description: Modern Radiology PSC owns and operates a
medical and diagnostic laboratory in Puerto
Rico. The company previously sought
bankruptcy protection on May 18, 2015
(Bankr. D.P.R. Case No. 15-03629).
Chapter 11 Petition Date: February 28, 2020
Court: United States Bankruptcy Court
District of Puerto Rico
Case No.: 20-01107
Debtor's Counsel: Nilda Gonzalez Cordero, Esq.
NILDA GONZALEZ CORDERO
P.O. Box 3389
Guaynabo, PR 00970
Tel: 787-721-3437
E-mail: ngonzalezc@ngclawpr.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gamalier Bermudez Ruiz, president.
A copy of the petition containing, among other items, a list of
the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:
https://is.gd/EaYhTB
NEW ENERGY: Needs More Time to Complete Plan Negotiations
---------------------------------------------------------
New Energy Consultants & Contractors LLC has until March 31 to file
its Chapter 11 plan of reorganization and disclosure statement.
NECC sought exclusivity extension to allow conclusion of its
ongoing negotiations with Parliament High Yield Fund, LLC, Sunrun,
AEE Solar, ALC Warehouses, LLC and members of the company for a
substantial capital investment. The result of such negotiations
will be instrumental to the plan to be filed. NECC is confident
that it can conclude the negotiations and be able to file a
disclosure statement and plan by March 31.
About New Energy Consultants
New Energy Consultants & Contractors LLC is a Puerto Rican company
with a mission to serve residential and commercial renewable energy
markets.
New Energy Consultants filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-05891) on Oct. 10, 2019. In the petition signed by
Yolanda Gonzalez Gomez, chief financial officer and chief
restructuring officer, the Debtor estimated $50,000 in assets and
$10 million to $50 million in liabilities. Judge Enrique S.
Lamoutte Inclan oversees the case.
Jose F. Cardona Jimenez, Esq., at Cardona Jimenez Law Offices, PSC,
is the Debtor's legal counsel.
*********
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 2020. All rights reserved. ISSN 1529-2746.
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