/raid1/www/Hosts/bankrupt/TCRLA_Public/200817.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, August 17, 2020, Vol. 21, No. 164
Headlines
A R G E N T I N A
CORDOBA: Fitch Affirms LT IDRs & Sr. Unsec. Notes Rating at CCC
YPF SA: Posts US$1.1 Billion Loss for Second Quarter
B R A Z I L
AZUL SA: Launches Azul Conecta After Reaching Deal w/ Lessors
BRAZIL: Central Bank Does Not Envision Second Covid-19 Wave
SEABRAS 1: Emerges from Chapter 11 Bankruptcy
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Cement Consumption to June Falls 20% on COVID
DOMINICAN REPUBLIC: Higher Food Prices Add to Pandemic Woes
DOMINICAN REPUBLIC: Mining Potential Guarantees Economic Relaunch
M E X I C O
GRUPO AEROMEXICO: Lines Up $1BB DIP Loan From Apollo Global Mgmt.
P U E R T O R I C O
ASCENA RETAIL: To Report Significant Loss in Fiscal Q4
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Ex-Official Charged for Role in Bribery
X X X X X X X X
[*] BOND PRICING: For the Week Aug. 10 to Aug. 14, 2020
- - - - -
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A R G E N T I N A
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CORDOBA: Fitch Affirms LT IDRs & Sr. Unsec. Notes Rating at CCC
---------------------------------------------------------------
Fitch Ratings has affirmed Province of Cordoba's Long-Term Foreign-
and Local-Currency Issuer Default Ratings at 'CCC'. Cordoba's
ratings are capped by the Country Ceiling of Argentina (IDR 'RD').
Fitch also affirms the 'CCC' ratings for Cordoba's 7.45% senior
unsecured notes for USD510.0 million due 2024 and 7.125% senior
unsecured notes for USD450.0 million due 2027.
Fitch relied on its rating definitions to position the province's
ratings. The 'CCC' rating indicates a default is a real
possibility. Refinancing the 2021 bullet payment will be
challenging due to tight financial conditions, decreased liquidity
from growing expenditures, and the economic lockdown from the
coronavirus pandemic.
While LRG ratings are typically capped by the sovereign rating,
today's rating actions on Province of Cordoba are in accordance
with Fitch's LRG criteria. The ratings reflect Cordoba's standalone
credit profile of 'b' resulting from a combination of a
'Vulnerable' risk profile and an 'a' debt sustainability
assessment. The lowering to 'b' from 'b+' of the SCP captures a
very stressful macroeconomic environment that weights the primary
and secondary debt sustainability metrics toward the end of 2020.
KEY RATING DRIVERS
Risk Profile: 'Vulnerable'
Province of Cordoba's 'Vulnerable' risk profile reflects its
'Weaker' assessment on all the province's six key risk factors in
combination with Argentina's 'RD' sovereign rating. Argentine LRGs
operate within a weak institutional revenue framework and with weak
sustainability, high expenditure structures, and tight liquidity
and FX debt risks. This is further exacerbated by macroeconomic
recession, high inflation, sharp currency depreciation, and market
uncertainty.
Revenue Robustness: 'Weaker'
The 'Weaker' assessment of Cordoba's revenue robustness reflects
the evolving nature of the national fiscal framework, its moderate
dependence on a weak sovereign counterparty for a portion of its
total revenue (five-year average 39.5%) and uncertain revenue
growth prospects amid a macroeconomic environment depicted by high
inflation, negative gdp growth, and lingering economic scenario due
to the coronavirus. Its wealth metrics are moderately above the
national average, which materially lags behind international
peers.
Operating revenue is mostly made up of taxes, notably turnover tax
(2019: 23.1% of operating revenue) and stamp duty (2019: 3.6%), the
growth prospects of which are constraint by a weak economic
environment and disruptions caused by the coronavirus pandemic.
Federal non-earmarked transfers (coparticipaciones) have grown in
nominal terms but declined in real terms due to high inflation but
still account for a material share of 40.1% of operating revenue.
This revenue structure highlights low fiscal autonomy and reliance
on coparticipaciones. These transfers are sourced from the federal
government, which, in Fitch's view, will be largely impacted by the
covid lockdown, impairing revenue sustainability. As of July 2020,
coparticipaciones to Cordoba are decreasing at 16.3% in real terms
year on year.
Revenue Adjustability: 'Weaker'
Province of Cordoba's ability to generate additional revenue in
response to possible economic downturns is limited. The province
has formal tax-setting authority over several local taxes and fees
that accounted for about 39.4% of total revenue in 2019. Its
affordability to raise revenue is constrained by the low income of
residents by international standards and social-political
sensitivity to tax increases.
Fitch considers that local revenue adjustability is low and is
challenged by the country's large and distortive tax burden. The
negative macroeconomic environment also limits the province ability
to increase tax rates and expand tax bases to boost their local
operating revenues. Structurally high inflation also constantly
erodes real-term revenue growth and affects affordability.
Expenditure Sustainability: 'Weaker'
The province's expenditure framework is unbalanced, leading to its
'Weaker' assessment of its sustainability. Spending during the last
five years has been influenced by high inflation and reallocation
of spending responsibilities. Currently, Cordoba is largely
responsible for education, healthcare, transportation, and other
services that are counter-cyclical in nature.
The country's fiscal regime is structurally imbalanced regarding
revenue-expenditure decentralization, and since the nation's
standby agreement with the IMF, the federal government transferred
some additional expenditure responsibilities to the provinces by
cutting down current and capital transfers, as well as subsidies in
the transport and electricity sector. In Fitch's view, spending
decentralization could continue to rise in the current context of
sovereign debt distress, adding more expenditure and fiscal
pressure to subnational governments.
Province of Cordoba's prudence fiscal policies and expenditure
controls are hindered by Argentina's structurally high inflation
pressures expenditures. The lagged effect that inflation tends to
have on outlays because of real-term wage recomposition
expectations compounds the weakness of expenditure predictability,
or sustainability in Fitch criteria terminology. Currency
depreciation further negatively affects costs, such as capex
projects.
Expenditure Adjustability: 'Weaker'
Fitch views leeway or flexibility to cut expenses for Province of
Cordoba as weak relative to international peers, considering only
an average of around 16.4% of consolidated provincial total
expenditures corresponded to capex from 2015-2019, decreasing
toward 13.9% at year-end of 2019. Compared with international
peers, Cordoba has a high share of operating expenditure to total
expenditure, at around 81.9% during 2019. Staff expenses
represented a rigid 45.6% of total expenses, deemed high relative
to international peers.
Another factor affecting expenditure sustainability is the funding
of social security institutions. Social security institutions
include provincial pension funds that add additional pressure to
subnational budgetary performance. Federal funding to mitigate
provincial pension deficits is subject to yearly budgetary
allocation, which is unpredictable and discretionary.
Cordoba did not transfer its pension scheme to the nation. The
province pension system functions on a pay-as-you-go basis and
carries a structural deficit. The annual pension deficit has been
partially mitigated by funding transfers from the National
Administration of Social Security (ANSES) since 2016. On May 2020
Cordoba approved a pension reform that could ease the pressure, but
expenditure risks remain in the short term. If Social Security
Institution financial performance is included, the province's
operating balance for 2019 would be 10.2% vs. 16.7%.
Liabilities and Liquidity Robustness: 'Weaker'
On the prudential regulation front, national rules on debt and
liquidity management have a weaker track record of enforcement
compared with regional peers, such as Brazil, Colombia or Mexico.
Compliance with the Federal Fiscal Responsibility Law that limits
debt service to less than 15% of net current revenues carries no
stringent consequences if breached, and adherence to the law is
optional. Also, limited local capital markets led LRGs to issue
debt in foreign currency, causing this structural reliance on
external markets for financing, because local currency options
generally carry higher financial costs and shorter terms due to the
high-inflation environment.
Direct debt increased by about 55.9% in 2019 because of currency
depreciation, totaling around ARS161.9 billion. In the current
environment of high inflation and currency depreciation, an
important rating risk is that approximately 94% of Cordoba's direct
debt is denominated in foreign currency and is unhedged, mainly in
US dollars. On a positive note, 90.4% of its total debt has fix
interest rate. Nonetheless, the province faces debt-capital
maturity peaks in 2021 for an estimated ARS87.0 billion and
ARS152.7 billion in 2024. There were no external issuances from
provinces in 2019 due to market volatility and vulnerability. On
June 22, 2020 the province issued an ARS9.0 billion, three-year
bond to cover its payables. Foreign currency debt was used to
finance capex outlays.
Since the external market shutdown in 2018, Cordoba face scarcer
financing sources to cover fiscal imbalances and debt services, in
an environment of structurally weak liquidity and sovereign
distresses. Capital market discipline is hindered by a protracted
macroeconomic downturn (recession, high inflation and sharp
currency depreciation in the past decade), and currently heightened
by a distressed 'RD' rated sovereign that is in the process of
restructuring its debt, thus curtailing external market access to
the province.
Amid sharp currency depreciation (50% in 2018 and 37% in 2019
versus the U.S. dollar) debt and liquidity management becomes
challenging. For 2020 the province has embarked on diverse
approaches towards debt and liquidity management, Fitch believes
there are no significant capital maturities for the current fiscal
year as capital maturities for external issuances are pushed
towards 2021-2025. However, even if the province continue to remain
current in their obligations (as has been the case to date despite
the sovereign default), refinancing risk linked to bullet payments
(USD725 million on June 2021) and sovereign market access will
ultimately determine subnational access, thus possibly reducing
incentives for timely debt repayment.
The process of sovereign debt renegotiation is also influencing
subnational-level debt policy decisions; as such the local congress
of Province of Cordoba approves a decree (Decree 317) to
redesign/adjust the maturity profile of its long term foreign
currency debt. Fitch will closely monitor this process as to assess
any potential credit event that could trigger an exchange offer as
defined in its Distressed Debt Exchange Rating Criteria.
Liabilities and Liquidity Flexibility: 'Weaker'
Fitch perceives the Argentine national framework in place regarding
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support
mechanisms established or bail-out mechanisms. The national
government can support Cordoba in the form of a friendly creditor,
such as the availability of some programs and loans to provinces
from federal trust funds, and also through co-participation
advancements. However, the current macroeconomic environment
constrains the predictability, size and timing of this support. The
Argentine government's 'RD' ratings also drive the assessment of
such support to 'Weaker', considering counterparty risk.
The current context of national capital controls is an additional
weakness captured in the liquidity flexibility assessment, as the
imposition of exchange regulations could affect LRGs' ability to
fulfill their financial obligations amid sovereign debt distress.
Consolidated cash positions of ARS26.7 billion in 2019 covered
19.2% of annual personnel expenditures. Over the last five years,
Cordoba has shown good liquidity metrics averaging 10.8% of total
revenue. The economic lockdown triggered by coronavirus has
hindered operating balance, increasing payables, and deteriorating
Cordoba's liquidity metrics.
Debt sustainability: 'a' category
Fitch classifies Province of Cordoba as a type B LRG, as it covers
debt service from cash flow on an annual basis.
In line with its LRG criteria, for an entity with base case
financial profile indicating an SCP of 'b' or below, the base case
analysis alone may be sufficient to evaluate the risk of default
and transition for the debt. Therefore, in the case of Cordoba,
Fitch's base case is the rating case which already incorporates a
very stressful scenario. Considering the current adverse economic
scenario, sovereign debt distress situation, and economic and
fiscal uncertainty, Fitch is only projecting a rating case for the
year-end 2020. Debt sustainability metrics are analyzed to evaluate
Province of Cordoba specific debt repayment capacity and liquidity
position.
In circumstances other than those previously referenced, Fitch's
rating case will incorporate a negative shock from the coronavirus
pandemic to the city's economy and fiscal accounts for the next
five years.
Therefore, under Fitch's rating case the debt payback ratio (net
adjusted debt-to-operating balance), the primary metric of debt
sustainability for type B LRGs, will fall between 5x and 9x towards
the end of 2020, which corresponds to 'aa' assessment. However,
actual debt service coverage ratio (operating balance-to-debt
service, ADSCR) will weaken at close to 1.0x in its rating case,
which leads to a final 'a' debt sustainability.
Cordoba is Argentina's second-largest economic center after Buenos
Aires, and has a diversified economic profile. However, Fitch views
the economy as weak for all domestic subnationals compared with
international peers, since they operate in a macroeconomic
environment of high inflation, currency depreciation and volatile
economic performance.
DERIVATION SUMMARY
Cordoba's 'b' SCP reflects a combination of a 'Vulnerable' risk
profile and an 'a' debt sustainability assessment. The positioning
of the SCP captures a very stressful macroeconomic environment that
weights the primary and secondary debt sustainability metrics
toward the end of 2020. The SCP also factors in national and
international peer comparison. No other factors affect the ratings,
and the province's IDRs are capped at the country ceiling.
KEY ASSUMPTIONS
Issuer-Specific Quantitative Assumptions
In line with its LRG criteria, for an entity with base case
financial profile indicating an SCP of 'b' or below, the base case
analysis alone may be sufficient to evaluate the risk of default
and transition for the debt. Therefore, in the case of Cordoba,
Fitch's base case is the rating case which already incorporates a
very stressful scenario. It is based on 2015-2019 figures and on
updated figures as of 1H2020.
The key assumptions for the scenario include:
-- 30.3% yoy increase in operating revenue, including a real term
decrease in taxes and federal transfers in 2020
-- 41.3% yoy increase in operating expenditure
-- net capital balance of around minus ARS7.7 billion in 2020;
-- Cost of debt considers non-cash debt movements due to currency
depreciation, assuming an exchange rate of 88.2 for 2020.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade on the Country Ceiling could positively affect
Cordoba's ratings if the actual debt service coverage ratio stays
above 1.2x in Fitch's rating case.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of Argentina's Country Ceiling would negatively
affect Province of Cordoba's ratings;
-- If its operating balance deteriorates triggering an actual
debt service coverage ratio below 1.0x at the end of 2020;
-- If the Province of Cordoba enters into a grace period, cure
period, or any formal announcement by the province or their agent
of a potential exchange offer that is assessed under its Distressed
Debt Exchange Rating Criteria.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
SUMMARY OF FINANCIAL ADJUSTMENTS
No material adjustments were made to figures reported by the
province.
SOURCES OF INFORMATION
The principal sources of information used in the analysis are
described in the Applicable Criteria referenced below.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
YPF SA: Posts US$1.1 Billion Loss for Second Quarter
----------------------------------------------------
The Buenos Aires Times reports that YPF posted losses of ARS85
billion(US$ 1.105 billion) for the second quarter, the state oil
company reported in a communique.
This figure amply exceeded the negative result of ARS33.36 billion
registered for 2019 while the first quarter of this year (almost
untouched by the pandemic) recorded a profit of ARS6.35 billion,
according to The Buenos Aires Times.
The firm's communique indicated that "this result includes a net
operating loss of 36 billion pesos before considering the effect
registered by the deterioration of asset value," the report notes.
One factor influencing the loss was the accounting adjustment made
after revaluing the gas assets at a loss of ARS57 million due to
the fall in world prices, the report relates.
Oil sales contracted 85 percent in the immediate wake of the
quarantine beginning on March 20 and later in the quarter
stabilized around the level of a 45 percent fall, informed YPF, the
report discloses.
In the case of diesel, the fall bottomed out at 50 percent before
stabilising at a decline of 20 percent in the last 10 weeks, the
report says. This reduction of sales affected company income which
reached ARS134 billion (US$ 1.74 billion), 17 percent less than the
second quarter of 2019 even in nominal terms, the report notes.
Fuel prices have remained frozen since late 2019 with world oil
prices at record lows, the report says.
"The company was undergoing a complex situation from the economic
and financial standpoint which was then compounded by the effects
generated by the Covid-19 pandemic," the communique pointed out,
the report discloses.
The slump also hit hydrocarbon output, which fell nine percent as
against the previous quarter, the report relays.
The firm highlighted that the plunge fell within the framework of a
worldwide decline as a result of the pandemic.
"Oil production nationwide fell by almost 11 percent in the same
period and worldwide the drop was over 15 percent between April and
June," the report specified, The Times notes.
"In this tough context for the global oil and gas industry, most of
the oil majors reported negative results on a huge scale, including
massively downscaling the value of their assets," the report
affirmed, The Times adds.
Faced with these circumstances, YPF announced that it was
"comprehensively reviewing its cost structures to achieve an
operation competitive internationally while promoting efficiencies
permitting us to prepare the scenario for when we overcome this
situation" while at the financial level it had recently managed to
"improve its debt profile," the report added, The Times notes.
"With all these actions being implemented, some operational and
financial results are being seen which permit us to glimpse that
the most critical moment of the difficult situation compounded by
the effects of the pandemic are very slowly beginning to fade
away," the report maintained, The Times relates.
Argentina's economy, now hit by the pandemic, has been in recession
since 2018 with almost 40 percent of its 44 million inhabitants
poverty-stricken, the report notes. In the first five months of
this year the economy shrank by 13.2 percent and the International
Monetary Fund has projected negative growth of -9.9 percent for
this year, the report notes.
YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 6, 2020, S&P Global Ratings, on July 2, 2020, affirmed its
'CCC+' ratings on Argentine oil and gas company YPF S.A. following
the company's announcement of its debt exchange proposal.
===========
B R A Z I L
===========
AZUL SA: Launches Azul Conecta After Reaching Deal w/ Lessors
-------------------------------------------------------------
Simple Flying reports that Azul Linhas Aereas Brasileiras S/A (Azul
SA) launched its new regional carrier, Azul Conecta. The low-cost
airline has big plans for connecting the smaller communities of
Brazil with this new branch, according to Simple Flying. Azul also
announced an agreement with lessors on new payment profiles for its
fleet, the report notes. Let's investigate further.
What's the Deal With Azul Conecta?
Azul presented its new regional carrier Azul Conecta. The new
airline was born after Azul bought TwoFlex in January 2020.
"We will reach more than 200 Brazilian cities with this new
operation. We intend to connect smaller communities and more
regions to our route map of domestic and international flights,"
Azul said, the report notes.
As part of the deal, valued at US$22.6 million, Azul received 17
Cessna Caravan aircraft, a regional turboprop with a capacity for
nine passengers, the report relays.
Of this fleet, Azul Conecta will use three Cessna Caravan for
cargo-only flights, the report discloses. "It will help Azul Cargo
Express to reach cities that need the air service to transport
goods," the report relays.
Before the pandemic, TwoFlex had a map route of 39 destinations
across Brazil. Azul and TwoFlex only overlapped in three
destinations, the report notes. Additionally, the airline had 14
slots at Congonhas International Airport in Sao Paulo, the leading
domestic hub in Brazil, the report discloses.
What's the Deal with the Lessors?
The launch of Azul Conecta wasn't the only news coming from the
Brazilian low-cost airline, the report says. It also announced
that it had reached agreements on new payment profiles with its
lessors, the report notes. These agreements provide "working
capital relief equivalent to R$3.2 billion (US$583 million) from
the beginning of the crisis until December 2021," said Azul, the
report discloses.
According to the airline, it reduced by 77% of its operating lease
payments due from April to December 2020, the report recalls. Azul
will follow an adjusted debt schedule that is based on a
conservative demand recovery scenario, the report notes.
The carrier added that the lower monthly lease rates would be
compensated with two initiatives, the report relays. The first is
slightly higher rates starting in 2023, while the second is the
extension of certain lease agreements at market rates, the report
says.
Lessors represent 80% of the total debt position of Azul Linhas
Aereas, the report notes. The airline has a fleet of 140 aircraft
composed of several families. It has Airbus A320s, A330s, Boeing
737, Embraers E2, ERJ-190, and ATR 42 and 72. Approximately 90% of
the fleet is under operating leases.
Where is Azul Standing Now?
In the last few months, Azul has been very active with a few
initiatives to counteract the current crisis worldwide, the report
notes. For example, it sold its 6% TAP Air Portugal stake to the
Portuguese government, the report discloses.
Azul also signed a codeshare agreement with local rival LATAM
Brazil, the report relates. This alliance set the rumor that both
carriers might merge in the future or that Azul would buy LATAM.
Nevertheless, these rumors have been put to bed since, the report
says. The codeshare agreement for 64 domestic routes in Brazil
will start next Monday, August 17.
Regarding its fleet, Azul reached an agreement with Embraer to
defer the delivery of 59 E2 jets until 2024, the report notes. It
also agreed to sub-lease 53 Embraer E195 to the start-up airline
Breeze, the report relates.
In all, Azul is in a strong position, or as strong as it can be due
to the current circumstances, the report notes. It can also
benefit from the existing arrays its two biggest rivals, LATAM and
GOL, are having, the report adds.
About Azul SA
Azul Linhas Aereas Brasileiras S/A (Azul SA) is Brazil's No. 3
airline and is controlled by David Neeleman, the founder of Jet
Blue.
* * *
As reported in the Troubled Company Reporter-Latin America on July
16, 2020 Natalia Scalzaretto at The Brazilian Report said that in a
new blow to the already embattled aviation sector, Azul Airlines is
said to have laid off more than 1,000 airport maintenance workers,
according to trade union sources heard by the Brazilian press.
They estimate that the layoffs may prompt Azul to abandon
operations in 27 cities.
The company has not confirmed how many workers will be dismissed
but says that roughly 5.000 jobs were saved due to agreements with
union, employing changes such as reduced hours. Another option
would be to resort to an aid package from Brazil's National
Development Bank, which is under negotiations.
BRAZIL: Central Bank Does Not Envision Second Covid-19 Wave
-----------------------------------------------------------
Dorah Feliciano at Rio Times Online reports that the Central Bank
does not expect a "second wave" of the novel coronavirus pandemic
to occur in the country, Fabio Kanczuk, the Central Bank's director
of economic policy, said during an online seminar promoted by the
Association of Banks in the State of Rio de Janeiro (ABERJ).
"In our basic scenario, there is no second wave of the virus, which
is the main current threat in developed countries. When it seemed
that the pandemic was over, the reopening came and the isolation
measures returned, the report discloses. This is the big issue
today in the United States, the report adds.
However, the director said that should a second wave occur, other
measures will be taken regarding the economy, such as a new credit
extension, according to Rio Times Online.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.
As reported in the Troubled Company Reporter-Latin America on May
8, 2020, Fitch Ratings affirmed Brazil's Long-Term Foreign Currency
Issuer Default Rating at 'BB-' and has revised the Rating Outlook
to Negative. The Outlook revision to Negative reflects the
deterioration of Brazil's economic and fiscal outlook, and downside
risks to both given renewed political uncertainty, including
tensions between the executive and congress, and uncertainty over
the duration and intensity of the coronavirus pandemic.
On April 10, 2020, the TCR-LA reported that S&P Global Ratings
revised on April 6, 2020, its outlook on its long-term ratings on
Brazil to stable from positive. At the same time, S&P affirmed its
'BB-/B' long- and short-term foreign and local currency sovereign
credit ratings. S&P also affirmed its 'brAAA' national scale rating
and its transfer and convertibility assessment of 'BB+'. The
outlook on the national scale rating remains stable.
SEABRAS 1: Emerges from Chapter 11 Bankruptcy
---------------------------------------------
At a hearing on June 30, 2020, the U.S. Bankruptcy Court for the
Southern District of New York confirmed the joint Plan of
Reorganization (the "Plan") of Seabras 1 USA, LLC and Seabras 1
Bermuda Ltd. (the "Companies"). On that same day, the Companies
consummated their financial restructuring process and emerged from
Chapter 11.
Under the terms of the approved Plan and attendant restructuring,
the total outstanding debt of the Companies has been reduced, the
debt maturity has been extended by approximately six years to
September 2028, the debt amortization has been re-shaped, and the
debt covenants have been revised, all in a way that provides a
solid basis for the continued growth of the business going
forward.
Consolidation
On June 30, 2020, Seabras Group, LLC and investment vehicles
advised by Partners Group redeemed and acquired all of the Class A
Units of Seabras Group, LLC previously held by a subsidiary of SNH
Networks, LLC ("SNH"), resulting in 100% equity ownership of
Seabras Group, LLC and its subsidiaries, including the Companies,
(the "Seabras Group") now being held by entities managed by
Partners Group on behalf of its clients.
Also on June 30, 2020, Seabras Bermuda acquired from SNH 100% of
Seaborn Management, Inc. ("Seaborn"), the third-party services
provider that manages the day-to-day operations of the Seabras-1
cable, effectively bringing all support services in-house under the
Seabras Group.
Management
Coincident with the consolidation and Chapter 11 emergence, Larry
Schwartz, former CEO of Seaborn, and Roger Kuebel, former CFO of
Seaborn, have left Seaborn and the Seabras Group.
Pete Hayes and Don Shassian, Partners Group-appointed Board
members, will serve as Interim CEO and Interim CFO, respectively,
of the Seabras Group. Andy Bax, the Chief Operating Officer ("COO")
of Seaborn, will remain in the same role.
About Seabras 1 USA
Seabras 1 Bermuda LLC and its wholly-owned subsidiary Seabras 1
USA LLC own a fiber optic cable system between New York USA and Sao
Paulo, Brazil known as Seabras-1. Seabras-1 itself is fully
operated by Seaborn Networks, a developer-owner-operator of
submarine fiber optic cable systems.
Seabras 1 Bermuda and Seabras 1 USA filed Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 19-14006) on Dec. 22, 2019. In the
petitions signed by CEO Larry W. Schwartz, the Debtors were
estimated to have $50 million to $100 million in assets and $100
million to $500 million in liabilities.
The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis
International LLP and Bracewell LLP as legal counsel; FTI
Consulting, Inc., as financial advisor; and Stretto as claims agent
and administrative advisor.
===================================
D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: Cement Consumption to June Falls 20% on COVID
-----------------------------------------------------------------
Dominican Today reports that the Dominican Portland Cement
Producers Association (ADOCEM) reported a 20.3% fall in internal
cement consumption to June, compared to the same period of 2019,
mainly due to the adverse effects of COVID-19.
The figure is in ADOCEM's economic bulletin Cementando, a trade
publication that collects the economic indicators of productive
activity during the quarterly and annual periods, according to
Dominican Today.
It said cement production during the period January-June this year
stood at 2.2 million metric tons, a decrease of 23.5% compared to
the same period of 2019, placing its installed capacity at 62%, the
report notes.
"Despite the adverse effects on the local market caused by the
COVID-19 pandemic, these results show the gradual recovery that
occurs in the construction sector, after its stoppage in the first
months of the health emergency due to COVID-19," the report
relays.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.
The Troubled Company Reporter-Latin America reported 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
DOMINICAN REPUBLIC: Higher Food Prices Add to Pandemic Woes
-----------------------------------------------------------
Dominican Today reports that adding to the uncertainty among
Dominicans due to the COVID-19 pandemic are the price increases on
more than 100 foods so far this year.
The 10 products that have increased their prices the most so far
this year are sour orange, avocado, squash, orange, fresh chicken,
red beans, potatoes, black beans, yams and chayote, with increases
ranging from 10% to 50% in just seven months, according to
Dominican Today.
According to the Dominican Central Bank's most recent publication
the consumer prices rose 1.88% in July compared to June 2020,
locating the accumulated inflation for the January-July period of
2020 at 2.32%, 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
DOMINICAN REPUBLIC: Mining Potential Guarantees Economic Relaunch
-----------------------------------------------------------------
Dominican Today reports that mining general director, Alexander
Medina Herasme, said that Dominican mining is ready to contribute
to national economic development and to the recovery of the
country's economy, after the economic stoppage due to sanitary
measures against COVID-19.
The report says Medina Herasme spoke during the inauguration of new
facilities for the management of mining concessions in the General
Directorate of Mining, at a total cost of RD$15.8 million, which
includes the Landble software, from the Trimble company, for the
management of the Mining Cadastre from the Dominican Republic,
which has been acquired at a cost of RD$12.3 million.
Also included is a new service room for mining concessionaires and
citizens in the offices of the General Mining Directorate of the
Juan Pablo Duarte Building and the remodeling of the Santiago de
los Caballeros offices, at a cost of RD$3.5 million, notes the
report.
According to Dominican Today, Medina Herasme highlighted the large
tax contributions of Barrick Pueblo Viejo this year due to the
increase in the value of gold and silver exports due to the
increase in the price of gold that is quoted at US$1,940 a troy
ounce, representing a 27% increase of price in the year 2020.
Likewise, he highlighted the contribution of Falcondo due to an
increase in the price of ferronickel, which is quoted at US$6.11
per pound.
The General Director of Mining also reported that copper exports
will restart in the last quarter of the year, after completing the
first phase of the Cormidom underground copper mine in Maimon,
Monsenor Nouel, 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
===========
M E X I C O
===========
GRUPO AEROMEXICO: Lines Up $1BB DIP Loan From Apollo Global Mgmt.
-----------------------------------------------------------------
Noe Torres at Reuters reports that Mexican carrier Grupo
Aeromexico, S.A.B. de C.V., which filed for Chapter 11 bankruptcy
protection in the United States at the end of June, said it has
lined up $1 billion in debtor-in-possession financing with Apollo
Global Management Inc.
"Today we obtained, subject to court approval, commitments for a
$1.0 billion senior secured superpriority multi-tranche debtor in
possession term loan facility, the DIP Facility, with funds managed
by affiliates of Apollo Global Management Inc.," Aeromexico said in
a statement obtained by the news agency.
The DIP facility consists of two tranches and can only be used for
certain expenses, including working capital expenses, general
corporate purposes and restructuring costs, the report notes.
"This is a critical milestone in the ongoing process to transform
our company with the goal of driving long-term, sustainable growth
for Aeromexico," said Aeromexico Chief Executive Andres Conesa, the
report relays.
The DIP Facility, still subject to bankruptcy court approval and
other agreements, will provide Aeromexico with liquidity to meet
its future obligations in a timely and orderly fashion, and to
continue with operations during and after the restructuring
process, the firm said, the report adds.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. and three of its subsidiaries
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.
20-11563) on June 30, 2020. In the petitions signed by CFO
Ricardo Javier Sanchez Baker, the Debtors were estimated to have
consolidated assets and liabilities of $1 billion to $10 billion.
Grupo Aeromexico, S.A.B. de C.V. is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs. Mexico's global airline
has its main hub at Terminal 2 at the Mexico City International
Airport. Its destinations network features the United States,
Canada, Central America, South America, Asia and Europe.
At the time of filing, the Group's operating fleet of 119 aircraft
is comprised of Boeing 787 and 737 jet airliners and Embraer 170
and 190 models. Aeromexico is a founding member of the SkyTeam
airline alliance, which celebrated its 20th anniversary, and serves
in 170 countries by the 19 SkyTeam airline partners. Aeromexico
created and implemented a Health and Sanitization Management System
(HSMS) to protect its customers and employees at all steps of its
operations.
Davis Polk & Wardwell LLP and Cervantes Sainz are acting as
Aeromexico's legal counsel, Rothschild & Co. is acting as financial
advisor, and AlixPartners, LLP is serving as restructuring advisor
to the Company. Epiq Bankruptcy Solutions is the claims agent.
=====================
P U E R T O R I C O
=====================
ASCENA RETAIL: To Report Significant Loss in Fiscal Q4
------------------------------------------------------
Ascena Retail Group, Inc., said in a regulatory filing it announced
preliminary results for its fiscal fourth quarter ended Aug. 1,
2020. The estimated 2020 fourth quarter information is subject to
the completion of the Company's standard procedures for the
preparation and completion of its annual financial statements.
Given that these reviews are ongoing, the Company may make further
adjustments as a result of developments occurring between now and
the time the financial results are finalized and publicly filed on
Form 10-K. The estimated sales data has been provided to help
investors understand and assess the near-term impacts of the
coronavirus pandemic, but is subject to variability and may not be
indicative of results or trends for any future reporting period.
The Company currently estimates that revenue for its 2020 fiscal
fourth quarter will be in the range of $765 million to $785
million, down from $1.228 billion in the fiscal fourth quarter of
the prior year. The Company saw improving negative comparable
sales performance as the quarter progressed. As a result of the
sales decline, the Company expects to report a significant
operating loss for the 2020 fiscal fourth quarter.
From a liquidity standpoint, the Company currently estimates that
it will report cash and cash equivalents as of August 1, 2020 in
the range of $580 million to $590 million. Additionally, the
Company ended the fourth quarter with outstanding term loan debt of
$1.272 billion and outstanding borrowings under its revolving
credit agreement of $230 million. The Company's cash and debt may
ultimately be impacted by the Company's July 23, 2020 bankruptcy
filing, which is discussed in more detail in Note 21 to its current
report on Form 10-Q for the fiscal quarter ended May 2, 2020 (the
"Third Quarter 2020 Form 10-Q").
The revenue data for the three months ended Aug> 1, 2020 and
the
cash and debt balances as of Aug. 1, 2020 are preliminary and have
been prepared on the basis of currently available information. The
Company's independent registered public accounting firm has not
audited or reviewed, and does not express an opinion or any other
form of assurance with respect to, this data. This data does not
constitute a comprehensive statement of the Company's financial
results for the three months and fiscal year ended August 1, 2020,
and the Company's final numbers for this data may differ materially
from these estimates.
About Ascena Retail Group
Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com/-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice). Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico.
Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.
On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113). As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.
The Hon. Kevin R. Huennekens is the case judge.
The Debtors tapped Kirkland & Ellis LLP and Cooley LLP as
bankruptcy counsel, Guggenheim Securities, LLC as financial
Advisor, and Alvarez and Marsal North America, LLC as
restructuring advisor. Prime Clerk, LLC is the claims agent.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Ex-Official Charged for Role in Bribery
---------------------------------------------------------------
Charges were unsealed against a former official at Citgo Petroleum
Corporation, a Houston-based subsidiary of Venezuela's state-owned
and state-controlled energy company Petroleos de Venezuela S.A.
(PDVSA), announced U.S. Attorney Ryan K. Patrick, Acting Assistant
Attorney General Brian C. Rabbitt of the Justice Department's
Criminal Division and Special Agent in Charge Mark Dawson of U.S.
Immigration and Customs Enforcement's Homeland Security
Investigations (HSI) in Houston.
Jose Luis De Jongh Atencio, 48, a dual U.S.-Venezuelan citizen is
charged for his alleged role in laundering the proceeds of a scheme
involving bribes made to corruptly secure business advantages from
Citgo and PDVSA. A federal grand jury in Houston returned the
six-count indictment July 16. It was unsealed upon his initial
appearance in federal court.
De Jongh, a former procurement officer and manager in Citgo's
Special Projects Group, is charged with one count of conspiracy to
launder money and five counts of money laundering. The indictment
alleges that beginning in or around 2013 and continuing through at
least 2019, De Jongh agreed to accept bribe payments from
businessmen such as Jose Manuel Gonzalez Testino, a dual
U.S.-Venezuelan citizen, and Tulio Anibal Farias Perez, a
Venezuelan national and Houston resident, and others in exchange
for assisting the businessmen and related companies in conducting
business with Citgo and PDVSA. According to the indictment, De
Jongh received over $2.5 million in bribe payments through the
scheme. In return he allegedly provided improper business
advantages to Gonzalez and Farias to assist them with procuring
Citgo and PDVSA contracts.
The indictment further alleges that De Jongh directed bribe
payments from Gonzalez, Farias and others to be made to bank
accounts in the names of shell companies in Panama and Switzerland.
In some instances, he also allegedly directed the creation of fake
invoices to justify payments. De Jongh then laundered the bribe
proceeds through U.S. bank accounts and used most of the funds to
purchase real property located in the Southern District of Texas
(SDTX), according to the charges. De Jongh also allegedly received
gifts and other things of value from Gonzalez, Farias and others
including tickets to a 2014 World Series Game, Super Bowl XLIX and
a U2 concert. Gonzalez and Farias have already entered guilty pleas
in connection with the case.
With the unsealing of the indictment, the Justice Department has
announced charges against 27 individuals, 20 of whom have pleaded
guilty, as part of a larger, ongoing investigation by the U.S.
government into bribery at PDVSA. HSI in Houston is conducting the
ongoing investigation with assistance from HSI in Boston and Miami.
Assistant U.S. Attorneys (AUSA) John P. Pearson and Robert S.
Johnson of the SDTX are prosecuting the case along with Trial
Attorneys Sarah E. Edwards and Sonali D. Patel of the Criminal
Division's Fraud Section. SDTX AUSA Kristine E. Rollinson is
handling the forfeiture aspects of the case.
About CITGO Petroleum
Citgo Petroleum Corporation is a United States-based refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals and other industrial products. Based in Houston,
Texas, Citgo is majority-owned by PDVSA, a state-owned company of
the Venezuelan government (although due to U.S. sanctions, in 2019,
they no longer economically benefit from Citgo.)
As reported in the Troubled Company Reporter-Latin America on
Troubled Company Reporter-Latin America on June 5, 2020, S&P Global
Ratings assigned its 'B+' rating and '1' recovery rating
to Citgo Petroleum Corp.'s $750 million senior secured notes due in
2025. The '1' recovery rating indicates S&P's expectation for very
high (90%-100%; rounded estimate: 95%) recovery in the event of a
default.
About PDVSA
Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas. It employs around
70,000 people and reported $48 billion in revenues in 2016.
As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.
Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset. CITGO is majority-owned by PDVSA. CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.
However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA. The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Aug. 10 to Aug. 14, 2020
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
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
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Empresa Provincial de 12.5 0.0 1/29/2020 AR USD
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Argentine Republic Gov 8.3 72.9 12/31/2033 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
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
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
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
Enel Americas SA 5.8 32.7 6/15/2022 CL CLP
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
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 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
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
Banco Security SA 3.0 27.4 6/1/2021 CL CLP
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
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
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Province of Santa Fe 6.9 75.2 11/1/2027 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. 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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *