/raid1/www/Hosts/bankrupt/TCRLA_Public/200420.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, April 20, 2020, Vol. 21, No. 79
Headlines
A R G E N T I N A
ARGENTINA: Makes Opening Move in Debt Talks
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Asks IMF for a Quick US$650 Million
DOMINICAN REPUBLIC: Bank Says it Has US$622M for Exchange Market
DOMINICAN REPUBLIC: Big Firms Agrees on Priorities
M E X I C O
GRUPO MODELO: Corona Beer to Halt Production Amid Covid Outbreak
PACE INDUSTRIES: Mexico Operations Not Affected by US Bankruptcy
P U E R T O R I C O
LA MERCED: OSP's Request to Compel Sale of Mortgage Property Ok
T R I N I D A D A N D T O B A G O
CARIBBEAN AIRLINES: Airline at a Crossroads
X X X X X X X X
[*] BOND PRICING: For the Week April 13 to April 17, 2020
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Makes Opening Move in Debt Talks
-------------------------------------------
Bloomberg News reports that some 15 years after hitting foreign
investors with one of the harshest sovereign bond renegotiations in
modern history, Argentina unveiled a proposal for a new debt
restructuring that appears to offer only slightly more generous
terms.
While government officials didn't give all the specifics of their
offer, they revealed enough to make clear that the losses for
creditors holding some $70 billion of bonds would be massive,
according to Bloomberg News.
The highlights: a three-year moratorium, a 62% reduction in
interest payments and a 5% cut in the value of the principal,
Bloomberg News notes.
Final details were scheduled to be divulged soon, Bloomberg News
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.
As reported by the Troubled Company Reporter - Latin America on
April 14, 2020, Fitch Ratings upgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating to 'CC' from 'RD' and
Short-Term Foreign
Currency IDR to 'C' from 'RD'.
The TCR-LA reported on April 13, 2020, that S&P Global Ratings
also
lowered its long- and short-term foreign currency sovereign credit
ratings on Argentina to 'SD/SD' from 'CCC-/C'. S&P also affirmed
the local currency
sovereign credit ratings at 'SD/SD'. There is no outlook on 'SD'
ratings.
On April 9, the TCR-LA reported that Moody's Investors Service
downgraded the Government of Argentina's foreign-currency and
local-currency long-term issuer and senior unsecured ratings to Ca
from Caa2.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Asks IMF for a Quick US$650 Million
-------------------------------------------------------
Dominican Today reports that Central Banker, Hector Valdez Albizu,
said the Dominican Republic requested access to the rapid financing
instrument for US$650 million from the International Monetary Fund
(IMF), which will be disbursed.
"I am pleased to report that the Central Bank formally requested
access to the "rapid financing instrument" for some 650 million
dollars for a term of three to five years and at a rate of 1.5%,"
Valdez said in a web press conference, according to Dominican
Today.
"Due to good macroeconomic management, we deserve to make use of
our quota (in the IMF) for 100% of it," he said, the report notes.
He added that the Federal Reserve of the United States will be
asked to access the facility enabled by that entity to the central
banks, "and we could access that amount from one to three billion
dollars," 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).
DOMINICAN REPUBLIC: Bank Says it Has US$622M for Exchange Market
----------------------------------------------------------------
Dominican Today reports that Dominican Republic Central Bank said
the exchange market will have about 622 million dollars available,
which "should maintain the stability of the exchange rate."
"It is being made available to financial entities to channel US$622
million, in addition to the injections in the exchange market that
the Central Bank has made through the electronic currency
platform," central banker Hector Valdez Albizu, said, according to
Dominican Today.
He added that the Central Bank has placed US$1.5 billion in the
exchange market so far this year, through the electronic currency
platform, and that some 263 million dollars of that amount went to
the refinery, Refidomsa, the report notes.
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).
DOMINICAN REPUBLIC: Big Firms Agrees on Priorities
--------------------------------------------------
Dominican Today reports that Dominican Republic's entrepreneurs are
aware that the priority at this time is to ensure health, food and
safety for all Dominicans. They stress however the need to strike
a balance between flattening the coronavirus curve and the economic
impact at different social levels, according to Dominican Today.
"You have to think about small businesses, look for a formula so
that taking care of human lives they can open in a phased manner:
mechanics hops, beauty salons and other small businesses," said
National Business Council (Conep) president Pedro Brache, the
report relates.
He said a gradual and controlled opening, when conditions allow,
must successfully follow criteria already applied in other
countries, and considering the reality of the Dominican Republic,
the report relates.
"The companies have accepted the official provisions for social
distancing, and we have mobilized resources in support of tests for
the identification of COVID-19, protection to prevent its spread,
medicines and critical care equipment," 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).
===========
M E X I C O
===========
GRUPO MODELO: Corona Beer to Halt Production Amid Covid Outbreak
----------------------------------------------------------------
Aimee Ortiz at The New York Times reports that Grupo Modelo, the
brewer behind Corona, Modelo and other beers, said in a statement
that it was suspending its beer production after the Mexican
government ordered nonessential businesses to close in an attempt
to stop the spread of the coronavirus.
The brewer, which is part of Anheuser-Busch InBev, said that should
the federal government decide later that its product was essential,
"at Grupo Modelo we are ready to execute a plan with more than 75
percent of our staff working from home and at the same time
guaranteeing the supply of beer," according to The New York Times.
Grupo Modelo's Corona beer drew attention about a month ago after
consumers mistakenly associated it with the fast-spreading virus,
which by that point had already begun its global march, the report
notes.
In one survey, 38 percent of surveyed American beer drinkers said
they would not buy Corona beer "under any circumstances," CBS News
reported on March 1.
However, Constellation Brands, which handles Grupo Modelo's beer in
the United States, said that the virus had not affected sales,
according to CNN, the report relates.
The suspension, which Grupo Modelo said would take effect on
Sunday, was announced just days after the Mexican government, which
has been slow to respond to the pandemic, declared a health
emergency and stiffened rules aimed at slowing the virus, the
report notes.
Mexico has at least 1,500 confirmed coronavirus cases and 50
deaths, the report adds.
PACE INDUSTRIES: Mexico Operations Not Affected by US Bankruptcy
----------------------------------------------------------------
Pace Industries, LLC, on April 13, 2020, disclosed that it has
reached an agreement with its senior secured lenders on the terms
of a comprehensive financial restructuring plan, which will
deleverage the Company's balance sheet. This agreement has support
from 100% of the holders of its senior secured notes as well as its
revolving credit facility lenders.
Upon implementation, this agreement will give the Company the
financial foundation necessary to resume normal-course operations
following the COVID-19 outbreak, realize the full benefit of its
cost-savings initiatives and strategic investments recently
executed, and continue to serve its customers as a leading
fully-integrated provider of die cast aluminum, magnesium and zinc
components.
To effectuate the plan and facilitate these important changes to
the Company's capital structure, the Company and its U.S.
subsidiaries have initiated a voluntary prepackaged Chapter 11
process in the U.S. Bankruptcy Court for the District of Delaware.
The Company's operations in Mexico are unaffected by the filings,
although they will benefit long-term from the actions the parent
company is taking to strengthen its financial position.
The Company's senior secured noteholders, along with its existing
revolving credit lenders, will provide commitments for up to $175
million in debtor-in-possession financing to help ensure that the
Company can meet its commitments during the process. Under the
terms of the proposed prepackaged plan, the Company will convert
its existing senior secured notes into 100% of the equity in the
reorganized Company. As a result of its noteholder and lender
support, the Company expects to complete the process in the second
quarter of 2020 -- emerging as a financially stronger company that
is well-positioned to succeed in the post-COVID-19 environment.
"Over the past two years, we launched significant new programs for
the automotive industry to further penetrate this important growth
market and implemented a series of cost-saving initiatives to
position our business for long-term success," said Scott Bull,
Chief Executive Officer. "Unfortunately, we were not able to
realize the full benefits of these new programs and initiatives
before the coronavirus weakened demand, disrupted our supply chain
and forced us to temporarily close many of our plants in the United
States."
"We are confident in our go-forward direction and the underlying
strength of our business and are taking these actions now to ensure
we are positioned to realize our full potential when we -- and our
customers -- are able to resume normal-course operations," Mr. Bull
continued. "We thank our lenders, employees, customers and
suppliers for their support and look forward to being an even
stronger partner as a result of the actions we're taking to enhance
our financial position."
The Company has filed customary motions that will allow it to
maintain employee wage and benefit programs, honor customer
warranties as usual and continue to pay suppliers. Although the
motions remain subject to Court approval, the Company expects that
all trade creditors, employees, sales agents and unsecured
creditors will be paid in full and on time in the normal course of
business. Additionally, the Company will maintain all of its
current standards for safety, quality and corporate citizenship
both during and after the Chapter 11 process.
Further information about the case can be found at
http://www.kccllc.net/paceor by calling (866) 967-0269 (in the
U.S. and Canada) or (310) 751-2669 (outside the U.S. and Canada).
Implementation of the restructuring plan and other relief is
subject to Court approval, regulatory approvals and other customary
closing conditions.
Pace Industries is represented by Willkie Farr & Gallagher LLP and
Young Conaway Stargatt & Taylor, LLP. FTI Consulting is serving as
financial advisor. The senior secured noteholders are represented
by Schulte Roth & Zabel LLP and the revolving credit facility
lenders are represented by McGuireWoods LLP and Conway MacKenzie.
About Pace Industries, LLC
Pace -- http://www.paceind.com-- is North America's leading
full-service aluminum, zinc and magnesium die casting company.
Pace offers end-to-end, nonferrous, die cast supply chain
solutions, and a wide array of capabilities and services, including
advanced engineering, tool and die fabrication, prototyping,
precision machining, assembly, finishing and painting.
Headquartered in Fayetteville, Arkansas, Pace operates the largest
number and broadest range of clamping force die-casting machines in
North America, which has positioned Pace uniquely to offer die-cast
products for practically any customer requirement. Indeed, Pace is
the only vertically integrated major die casting supplier in North
America providing customers one-stop-shop services on a mass scale.
=====================
P U E R T O R I C O
=====================
LA MERCED: OSP's Request to Compel Sale of Mortgage Property Ok
---------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the request of OSP Consortium, LLC,
a Secured Creditor of La Merced Limited Partnership SE, to compel
the sale of the Mortgage Property.
The Mortgaged Property is described in the Registry of Property in
the Spanish language as follows:
--- URBANA: Predio de terreno radicado en la URBANIZACION
ELEONOR ROOSEVELT, radicada en el Barrio Hato Rey del tarmino
municipal de Rio Piedras, hoy San Juan, Puerto Rico, con una cabida
de TRES MIL TRESCIENTOS CATORCE PUNTO VEINTICINCO (3,314.25) metros
cuadrados. En lindes por el NORTE, en ciento veintinueve (129) pies
nueve (9) pulgadas con la Avenida A; por el SUR, en igual medida
con terrenos de la Asociacion de Miembros de la PolicoInsular; por
el ESTE, en doscientos setenta y cinco (275) pies ocho y tres
cuartos (8 3/4) pulgadas, con la Calle "T"; y por el OESTE, en
igual medida con la Calle. ---------
--- Enclava en dicho terreno un edificio todo de concreto, de
dos (2) plantas, dedicado a una escuela privada.
-----------------------------------------------------
--- Finca nomero trece mil cuatrocientos cincuenta y tres
(13,453), inscrita alfolio cuatro (4) del tomo mil cuatrocientos
sesenta y seis (1466) de Rio Piedras Norte, en el Registro de la
Propiedad de Puerto Rico, Segunda Seccion de San Juan. --------
The transfer of the Mortgaged Property will be free and clear of
liens.
The factual allegations are not in controversy as shown by the
Debtor's motion to continue the confirmation hearing. The Court's
order continuing the confirmation hearing did not set aside the
stipulation reached by the parties and approved by the Court.
Notwithstanding, the Order does not prevent the parties from
reaching a further agreement.
About La Merced LP
La Merced Limited Partnership, S.E., is a single asset real estate,
as defined in 11 U.S.C. Section 101(51B)). Based in San Juan,
Puerto Rico, La Merced LP filed a voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-06858) on Nov.
27, 2018. In the petition signed by Luz Celenia Castellano,
administrator, the Debtor disclosed $6,088,228 in liabilities.
Judge Enrique S. Lamoutte Inclan is the case judge. Nelson Robles
Diaz Law Offices, PSC, led by founding partner Nelson Robles Diaz,
is the Debtor's counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
CARIBBEAN AIRLINES: Airline at a Crossroads
-------------------------------------------
Asha Javeed at Trinidad Express reports that thirteen years ago, a
new airline was born from ashes of the last.
Known as Caribbean Airlines Limited (CAL), it succeeded the British
West Indies Airways (BWIA) which had flown for 66 years, according
to Trinidad Express.
CAL didn't come cheap, the report notes. Its birth came after the
Government had invested US$250 million in an attempt to keep BWIA
flying, the report relates.
But based on a plan by its former chief executive Englishman Peter
Davies, the Government agreed to the creation of a new entity, CAL,
and injected US$100 million for its recapitalization, the report
relates. CAL was given a clean balance sheet, a leaner flight
schedule, subsidized fuel (it had a fuel hedge set at US$50) and a
smaller staff, the report notes.
The airline's turnaround is credited to Davies, whose tenure was
dogged by controversy over his compensation and wrangling with
BWIA's unions, the report discloses. Davies had said he was
brought in to look at the restructuring of BWIA, but during that
time it became evident that a new entity needed to be formed with a
new culture, the report says.
"I always see myself a bit like a harbour pilot. My job is to bring
the ship in, get it to turn around and head back out to sea," he
had said in a Business Guardian interview on October 19, 2006, the
report relates.
On January 7, 2007, CAL had its first flight.
"It will provide regional air transport within the Caribbean and
between the Caribbean and major international cities. BWIA will
continue uninterrupted service to its valued customers whilst
management ensures a seamless transition to Caribbean Airlines,"
the airline said in a statement in 2006, the report notes.
Funded mainly by the T&T Government, CAL was not expected to report
a profit in the short term and could be up for sale if the offer
was right, Davies had said at the time, the report relays.
BWIA's memory is now mere nostalgia.
But CAL, which began debt free, made several bad investments over
the years that cost the company over $1 billion in losses, the
report relates.
CAL's Turbulent Years
By 2008, CAL was set to make a modest profit.
Then chief executive Philip Saunders, who was recruited by Davies
as his replacement having previously worked with him, said at the
time the intent was to break even in 2008 and move upwards
thereafter, the report notes.
The airline's early success and stability had depended largely on
the fuel hedge which it received from the Government, the report
says.
The turbulence started in 2010: Saunders departed and was replaced
by Captain Ian Brunton. After the People's Partnership won the May
2010 general elections, changes were made to management and to the
board, the report notes.
A board which included management stalwarts businessmen Arthur Lok
Jack, Gervase Warner and Robert Riley was changed to include as
chairman George Nicholas 111, businessman Mohan Jaikaran and
hotelier Allan Clovis, the report discloses.
The Nicholas-chaired board was controversial: the frequent spats
with line Works and Transport Minister Jack Warner; the firing of
the company's chief executive, Brunton over differences with the
purchase of the nine ATR aircraft and the decision to lease
aircraft to return to London's Gatwick Airport which cost the
company about $500 million. In May 2011, CAL acquired Air Jamaica,
which also had a long history of losses, and the Jamaican
government acquired a 16 per cent shareholding in the airline, the
report relates.
Most damaging to the airline was the decision to purchase, and not
lease, the ATR aircraft with its available cash, US$200 million,
from which the company never recovered financially, the report
notes.
The report relates that former Finance Minister Winston Dookeran
set up a committee comprising Conrad Aleong, former chief executive
officer of defunct BWIA, former finance minister Selby Wilson and
accountant Krishna Boodhai to produce a "High Level Business
Appraisal of Caribbean Airlines" report.
It revealed the Dash 8 aircraft had not yet reached their half life
of 40,000 cycles and Bombardier was working on a life extension
program to extend the life of these machines to 120,000 cycles, the
report relays. The report revealed that if effective cost-cutting
measures were undertaken, the Dash 8s could have been rehabilitated
at around US$13 million and the Government could have saved the
US$200 million for ATRs, the report notes.
Under the Rabindra Moonan chaired-board, the airline was hit with a
ticket upgrade scandal which did not financially benefit the
company, the report discloses.
Former Finance Minister Larry Howai subsequently fired the board
amid mounting losses and installed Philip Marshall as chairman and
Ministry of Finance permanent secretary Vishnu Dhanpaul as deputy
chairman, the report notes.
When COVID Hit
After losses from its Air Jamaica acquisition and the cessation of
Gatwick, CAL was on a turnaround under the Marshall-chaired board,
the report relates.
The airline was selling seats and meeting its financial
obligations, the report notes.
In 2019, under the chairmanship of Nutrimix owner, Shameer
Mohammed, and with a new chief executive Garvin Madera, the airline
expanded its routes to include Cuba and Curacao, the report notes.
It became more tech savvy and was able to publish financial
statements, although not audited ones, the report relates.
In November 2018, CAL announced that it had leased 12 of Boeing's
Max 8 aircraft to replace its aging fleet of 737s and had made a
downpayment of US$7 million for the new planes. That transaction is
now on hold, pending FAA approval, following two fatal crashes in
2018 and 2019, the report recalls.
CAL has just acquired an additional ATR fleet to compliment its
services thoughout the region, the report notes.
Last year, the company released its unaudited 2018 financial
results which said that the airline has made a profit of $42
million, the report recalls.
The statement showed that while the airline recorded $158 million
in earnings before interest and tax on international routes, it
made negative $47 million on the airbridge, the report notes. The
company's net income from international flights and other
operations was $109 million, while domestic airbridge operations
made a net loss of $67 million with total revenues increasing by 11
per cent to $292 million, the report says.
The last time CAL, which is majority-owned by the Government,
presented audited financial statements to the public was in 2015,
for its 2014 performance, when it recorded a US$60 million loss,
the report notes.
On the day that T&T recorded its first Covid-19 positive patient on
March 12, CAL was set to rebrand, the report relates.
With countries closing their borders and an inability to say when
next it would fly internationally, CAL is in a bit of a cash
crunch, the report discloses.
It has asked the Government to guarantee a US$65 million loan to
help keep it afloat in the coming months. The airline says it
service the loan, the report says.
CAL's fleet, which comprises Boeing 737-800 and ATR-600 aircraft,
has remained, for the most part, grounded, although its cargo
business is still operational as well as the airbridge, the report
notes.
As it stands, CAL has just enough cash to pay its employees for
April.
T&T's borders closed on March 23 and will remain closed until April
30.
About Caribbean Airlines
Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America. The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods. In addition, it operates a duty
free store in Trinidad. Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.
As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just
17 months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect. His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.
In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017. Mr.
Howai told the Parliament that a five-year strategic plan had been
completed and was in the process of being approved for
implementation.
In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 13 to April 17, 2020
---------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
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
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
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
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
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
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
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
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
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
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
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
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
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
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
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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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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