/raid1/www/Hosts/bankrupt/TCRLA_Public/210219.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
Friday, February 19, 2021, Vol. 22, No. 31
Headlines
A R G E N T I N A
AES ARGENTINA: S&P Raises ICR to 'CCC+' on Debt Refinancing
BANCO DE GALICIA: Moody's Completes Review, Retains Caa2 Rating
BANCO MACRO: Moody's Completes Review, Retains Caa2 Deposit Ratings
BANCO SANTANDER: Moody's Completes Review, Retains Caa1 Ratings
B O L I V I A
BANCO NACIONAL DE BOLIVIA: Moody's Completes Review
B R A Z I L
BANCO DO BRASIL: To Push Forward w/ Cost Cuts After Bolsonaro Spat
BRAZIL: Tourism Lost R$274 Billion in 11 Months of Pandemic
LATAM AIRLINES EETC 2015-1: S&P Lowers Rating on A Certs to 'CCC'
C A Y M A N I S L A N D S
CARDINAL HOLDINGS 3: Moody's Completes Review, Retains B2 Rating
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Food Prices Up Due to Pandemic, DIGECOG Says
M E X I C O
AEROMEXICO: Posts Quarterly Loss, Hit Deeper by Covid Shutdowns
J.J.W. METAL: Seeks Approval to Hire Special Counsel
UNITED MEXICAN: Egan-Jones Hikes Senior Unsecured Ratings to B+
- - - - -
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A R G E N T I N A
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AES ARGENTINA: S&P Raises ICR to 'CCC+' on Debt Refinancing
-----------------------------------------------------------
S&P Global Ratings, on Feb. 17, 2021, raised its ratings on
Argentina-based energy company, AES Argentina Generacion S.A. (AAG)
to 'CCC+' from 'CCC-' and removed the ratings from CreditWatch with
negative implications.
The negative outlook reflects the potential deterioration of AAG's
credit quality due to uncertainties over business conditions in
Argentina in the next 12 months, including further transfer and
convertibility (T&C) risks.
Since the central bank's regulation was implemented on Sept. 18,
2020, AAG started a debt refinancing process that included:
-- Paying a local bond issue in dollars and local currency of
$47.4 million in full at maturity (Nov. 18, 2020). AAG received
approval from the central bank to repay it under the original
terms;
-- Refinancing a $30 million loan with Citibank N.A. (Citi;
A+/Stable/A-1) that included an amortization scheme in line with
regulation, the payment of all accrued interest, a step-up in the
interest rate for refinanced payments, and a fee on the outstanding
principal; and
-- Refinancing a $20 million loan with Goldman Sachs Group, Inc.
(GS; BBB+/Stable/A-2) due on Feb. 12, 2021, which included paying
40% of the $20 million debt plus accrued interest and a fee on the
$12 million outstanding debt. The latter will be paid at bullet
maturity two years from now.
For the last two cases, S&P didn't consider the transactions as de
facto restructurings, because AAG offered a higher interest rate
and a fee, so it didn't see enough evidence of loss in value.
The 'CCC+' ratings reflect that AAG still operates in uncertain
business conditions in Argentina, which include high inflation,
volatile foreign exchange, depressed economic activity, limited
access to refinancing, and lack of transparency and stability of
the regulatory framework for utilities. In addition, S&P envisions
still high transfer and convertibility risks in the next 12
months.
BANCO DE GALICIA: Moody's Completes Review, Retains Caa2 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco de Galicia y Buenos Aires S.A.U. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 9,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Banco de Galicia y Buenos Aires's (Galicia)'s Caa2 long-term local
currency and Caa3 long-term foreign currency deposit ratings, as
well as its ca Baseline Credit Assessment, incorporate the
challenging operating conditions in Argentina, including an
economic recession that started in 2018 and has been exacerbated by
the pandemic. In line with the rest of the banking system, Galicia
is exposed to the Argentinean sovereign risk through the latter's
impact in the operating environment and the bank's sizable holdings
of central bank debt and -to a lesser extent- government debt. The
ratings also capture the bank's dominant position in the corporate
and consumer segments that ensures core sustained earnings, and
also a large retail deposit base that provides the bank with
contained funding costs. Galicia's Caa3 foreign currency ratings,
one notch below its local currency ratings, reflect potential
transfer and convertibility risks in Argentina. Despite not
affecting the bank's obligations so far, these risks have
materialized recently as the Argentinean Central Bank introduced
measures that restrict the ability of companies to pay foreign
currency debt through March 2021.
The principal methodology used for this review was Banks
Methodology published in November 2019.
BANCO MACRO: Moody's Completes Review, Retains Caa2 Deposit Ratings
-------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Macro S.A. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 9, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Banco Macro (Macro)'s Caa2 long-term local currency and Caa3
long-term foreign currency deposit ratings, as well as its ca
Baseline Credit Assessment, incorporate the challenging operating
conditions in Argentina, including an economic recession that
started in 2018 and has been exacerbated by the pandemic. In line
with the rest of the banking system, Macro is exposed to the
Argentinean sovereign risk through the latter's impact in the
operating environment and the bank's sizable holdings of central
bank debt and -to a lesser extent- government debt. The ratings
also consider Macro's credit strengths, as it has continued to be
one of the top performers in the industry, with better than peers
asset quality, capital and profitability, and its diversified
lending mix. Macro is the financial agent for four Argentine
provinces, a role that grants it access to stable deposits and a
captive clientele, containing risks and boosting profitability.
Macro's Caa3 foreign currency ratings, one notch below its local
currency ratings, reflect potential transfer and convertibility
risks in Argentina. Despite not affecting the bank's obligations so
far, these risks have materialized recently as the Argentinean
Central Bank introduced measures that restrict the ability of
companies to pay foreign currency debt through March 2021.
The principal methodology used for this review was Banks
Methodology published in November 2019.
BANCO SANTANDER: Moody's Completes Review, Retains Caa1 Ratings
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Santander Rio S.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 9, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Banco Santander Rio S.A. (Santander Rio)'s Caa1 long-term local
currency and Caa3 foreign currency deposit ratings incorporates its
ca baseline credit assessment and benefit from a one-notch rating
uplift from affiliate support, due to Moody's assessment of a
moderate probability of support from its shareholder Banco
Santander S.A. (Spain) (A2, baa1) in an event of stress, resulting
in a caa3 adjusted BCA. Santander Rio's Caa3 foreign currency
rating is however constrained by the country ceiling, reflecting
potential transfer and convertibility risks in Argentina. Despite
not affecting the bank's obligations so far, these risks have
materialized recently as the Argentinean Central Bank introduced
measures that restrict the ability of companies to pay foreign
currency debt through March 2021.
Santander Rio's BCA incorporates the challenging operating
conditions in Argentina, including an economic recession that
started in 2018 and has been exacerbated by the pandemic. The
ratings also capture the bank's sustained earnings generation
largely driven by its established corporate and consumer businesses
that drive robust fee earnings and competitive funding costs. In
addition, Santander Rio's adequate capitalization and sizable
liquidity buffers are incorporated in its BCA.
The principal methodology used for this review was Banks
Methodology published in November 2019.
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B O L I V I A
=============
BANCO NACIONAL DE BOLIVIA: Moody's Completes Review
---------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banco Nacional de Bolivia S.A. and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 9,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Banco Nacional de Bolivia S.A.'s (BNB) B2 long-term local and
foreign currency deposit ratings reflect the bank's b2 baseline
credit assessment. The BCA incorporates the bank's leading position
in the Bolivian banking system, its strong funding profile based on
core deposits -although with concentration on institutional
deposits similarly to its local peers- its good asset quality track
record and a well-diversified loan book. These strengths are
counterbalanced by the challenging operating conditions and
negative asset quality pressures -which were affected by the
political turmoil in Bolivia since 2019 and more recently due to
the pandemic- negative pressures on profitability due to declining
margins and high credit costs, and moderate liquidity buffers.
Moody's assesses a high probability of support from the Bolivian
Government (B2) to the bank in the case of stress, although the
bank's ratings receive no uplift as its BCA is positioned at the
same level of the Bolivian sovereign rating.
The principal methodology used for this review was Banks
Methodology published in November 2019.
===========
B R A Z I L
===========
BANCO DO BRASIL: To Push Forward w/ Cost Cuts After Bolsonaro Spat
------------------------------------------------------------------
Carolina Mandl at Reuters reports that state-controlled lender
Banco do Brasil SA said it would push forward with cost cuts this
year, despite a recent spat between new CEO Andre Brandao and
President Jair Bolsonaro over branch closings.
Banco do Brasil's operating expense is likely to end 2021
contracting 2% or growing by 2% at most, the bank said in a
statement, leading to a higher net profit, according to Reuters.
The bank estimated its recurring net income at between 16 billion
reais and 19 billion reais, up from 12.7 billion reais last year,
the report notes.
Last month, Bolsonaro threatened to fire Brandao after he announced
a plan to save 2.7 billion reais by 2025, including the closure of
361 branches and around 5,000 voluntary layoffs, the report notes.
Brandao kept his job but it is not clear whether his plan remains
intact after the disagreement went public, the report discloses.
The confirmation that some form of cost-cuts are in the offing came
on a day Banco do Brasil posted a fourth-quarter recurring net
income of 3.695 billion reais, beating estimates, but down 30.1%
from a year earlier, the report discloses. The bank was hit by
higher provisions for bad loans amid the coronavirus pandemic, the
report relays.
Its return on equity came in at 12.1%.
For 2021, the bank sees its loan book growing by between 8%and 12%,
versus 9% last year, the report discloses. But fee income may
still decrease from last year, the report adds.
As reported in the Troubled Company Reporter-Latin American,
Moody's Investors Service affirmed all of Banco do Brasil S.A.'s
ratings, following the affirmation of the bank's ba2 baseline
credit assessment. BB is rated Ba2 and Not Prime for long-and
short-term local currency deposits and Ba3 and Not Prime
for long- and short-term foreign currency deposits. Banco Do Brasil
S.A. (Cayman)'s long-term senior unsecured foreign currency debt
rating is Ba2. All ratings have a stable outlook.
BRAZIL: Tourism Lost R$274 Billion in 11 Months of Pandemic
-----------------------------------------------------------
Oliver Mason at Rio Times Online reports that the crisis triggered
by the covid-19 pandemic resulted in a R$261 (US$48) billion loss
in revenues for the tourism sector in 2020, according to estimates
by the National Confederation of Trade of Goods, Services and
Tourism (CNC).
Including January, losses add up to R$274 billion in 11 months,
from March 2020 onwards, according to Rio Times Online. Amid the
crisis, the sector closed 397,100 formal jobs last year, also
according to the CNC study, the report notes.
Tourism has been the set of economic activities most affected by
the pandemic, having lost almost 30% compared to the average
revenue generation in the first two months last year, the report
relays.
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.
S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.
Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Moody's credit rating for Brazil
was last set at Ba2 with stable outlook (April 2018). DBRS's credit
rating for Brazil is BB (low) with stable outlook (March 2018).
As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.
LATAM AIRLINES EETC 2015-1: S&P Lowers Rating on A Certs to 'CCC'
-----------------------------------------------------------------
S&P Global Ratings, on Feb. 16, 2021, lowered the ratings on Latam
Airlines Group S.A.'s EETC-2015 1 Class A to 'CCC'(sf) from
'CCC+'(sf) and affirmed 'CCC-'(sf) rating on Class B.
Following the aircraft rejection and agreement with trustee on
their repossession, ratings on the certificates are now based
exclusively on collateral values and ability to sell all aircraft
before drawing down the transaction liquidity facility, which still
should cover the next three interest payments (until Nov. 15,
2021).
As of this report's date, no aircraft has been sold, and we
continue observing drop in aircraft appraisals since the beginning
of the pandemic. However, we note that aircraft that collateralize
the EETCs are modern and widely used models (A321-200, A350-900,
and 787-9), for which values haven't dropped as steeply as those of
older or less popular types of aircraft.
Class A certificate note holders' collateral coverage has weakened,
with current loan-to-value (LTVs; calculated with market values) in
the low-70% area compared with 70% in July 2020. The one-notch
downgrade of the Class A certificates reflects S&P's view that the
likelihood of a default on these certificates has increased. A
default could occur if the aircraft securing the collateral is not
sold before the liquidity facility is drawn down or the net
proceeds raised from the sale is insufficient to cover principal
outstanding under the Class A certificates and repay funds drawn
from the liquidity facility. If aircraft is not sold in the next 12
months, missed interest payment is possible by February 2022.
The 'CCC-'(sf) rating on Class B certificates still reflects higher
LTVs of about 85%. Given that the trustee has to cover repossession
costs, repay the liquidity facility, cover for any maintenance and
repairs, among other costs, S&P sees a higher risk of investors not
recovering 100% of the capital. Additionally, as the junior class
in the deal, Class B certificate holders are more exposed to time
constraints, because Class A certificate holders will be paid first
once aircraft are sold.
Ratings List
Downgraded
To From
Latam Airlines Group S.A.
Equipment Trust Certificates Class A |U^ CCC CCC+
Ratings Affirmed
Latam Airlines Group S.A.
Equipment Trust Certificates Class B |U^ CCC-
Equipment Trust Certificates Class C |U^ D
|U^ Unsolicited ratings with issuer participation, access to
internal documents and access to management.
===========================
C A Y M A N I S L A N D S
===========================
CARDINAL HOLDINGS 3: Moody's Completes Review, Retains B2 Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Cardinal Holdings 3, LP and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 11, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Cardinal Holdings 3, LP's B2 rating reflects (1) the company's
improved operating performance in YTD September 2020 despite the
challenges of the coronavirus pandemic, leading to decreased
leverage of less than 4x for LTM September 2020 compared with 4.8x
for FY2019. Moody's expects leverage to remain broadly stable in
the next 12-18 months; (2) the cash flow generative nature of
Cardinal's business, however dividend payments can result in
negative retained cash flow as seen in 2019; (3) the company's
focus on the essential regulatory aspects of the global financial
services sector as well as IT, particularly digital which is seeing
a boost in the post COVID-19 market; (4) Cardinal's client base,
which includes large global institutions; and; (5) the company's
relatively diversified business across several different
countries.
The B2 CFR is constrained by (1) the small scale in terms of
revenue and concentration on financial services with one customer
accounting for nearly 20% of 2019 revenues; (2) the cyclicality and
limited revenue visibility beyond six months due to the consulting
nature of the business; (3) the shareholder-friendly policy which
pays a high and regular preferred dividend, also Moody's considers
the company's financial disclosure policy to be weak, and; (4) the
ongoing competitive and challenging environment for obtaining and
retaining the highly qualified staff essential for the success of
the business.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Food Prices Up Due to Pandemic, DIGECOG Says
-----------------------------------------------------------------
Dominican Today reports that the General Directorate of
Governmental Accounting (Digecog) came out in front of the voices
that hold the Dominican Republic Government responsible for the
increase in food prices by pointing out that this is a situation
experienced worldwide as a result of the pandemic.
Felix Santana Garcia, head of Digecog, affirmed that the current
authorities are making an effort to overcome the health and
economic situation affecting Dominicans, according to Dominican
Today.
Garcia attributed the increases in the products of the family
basket to the gains registered in the prices of oil, natural gas,
corn, soybeans; to climatological phenomena, variations in the
demand and supply of developed countries, as well as to the
interruptions in maritime and air transportation and the cost of
freight, the report notes.
"According to information provided by the Food and Agriculture
Organization (FAO), world food prices have risen for the eighth
consecutive month, driven by cereals, vegetable oils, and sugar,"
Garcia said, the report relays.
In a press release, Santana Garcia explained that this caused FAO
food prices to register an average of 113.3 points in January this
year, the report discloses. The price index suffered an increase
of 4.3% more than in December 2020, reaching its highest level
since July 2014, the report relays. Digecog's director-general
indicated that the price of grains experienced a substantial
monthly increase of 7.1%, driven by international corn prices that
soared 11.2% and currently stand at 42.3%, above the level reached
in January 2020, the report discloses.
That report also noted that wheat prices rose 6.8%, dragged down by
strong global demand and expectations of reduced sales from the
Russian Federation, the report says.
Garcia recalled that recently the National Council of Private
Enterprise (Conep) warned that there could be shortages and
shortages in some products due to the fluctuations recorded in
world prices of raw materials and food, reaching its highest peak
in recent years, 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. Luis Rodolfo
Abinader Corona is the current president of the nation.
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.
Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
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
===========
AEROMEXICO: Posts Quarterly Loss, Hit Deeper by Covid Shutdowns
---------------------------------------------------------------
Daina Beth Solomon and Noe Torres at Reuters reports that Mexican
airline Grupo Aeromexico, S.A.B. de C.V., which is undergoing a
Chapter 11 restructuring process, posted a loss in the fourth
quarter of last year, taking yet another hit from the coronavirus
pandemic's drain on global tourism.
The company reported a net loss of 9.72 billion pesos (US$487
million) in the October to December period, with passenger capacity
down nearly 48% from the same quarter a year earlier, according to
Reuters.
It also reported losses in the first three quarters of 2020,
including a slimmer loss of $130 million in the prior period, the
report notes.
Still, Aeromexico said it transported 56% more people than in the
third quarter, with 2.9 million passengers, the report relays.
"The market showed signs of a modest recovery in the demand for
trips," the company said in a statement, attributing the increase
in part to more flights between Mexico and the United States, the
report discloses.
Aeromexico said it plans to keep expanding operations in the coming
months, the report says.
The carrier reported 7.2 billion pesos in revenue, down 58.4% from
a year ago, the report adds.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.
Aeromexico, 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.
Grupo Aeromexico 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 reported consolidated assets and liabilities of $1
billion to $10 billion.
Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.
J.J.W. METAL: Seeks Approval to Hire Special Counsel
----------------------------------------------------
J.J.W. Metal Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Gino Negretti Lavergne,
Esq., an attorney practicing in San Juan, P.R.
Mr. Lavergne was tapped as special counsel to assist the Debtor in
commercial litigation and any matter related to its ability to
operate its recycling business.
The attorney will be paid at the rate of $175 per hour.
Associates
and paralegals assisting him will charge $100 per hour and $50 per
hour, respectively.
Mr. Lavergne is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
Mr. Lavergne can be reached through:
Gino Negretti Lavergne, Esq.
Caribbean Towers
670 Ponce de Leon Avenue, Suite 17
San Juan, PR 00907-3207
Tel. No. (787) 725-5500
Fax No. (787) 725-5503
Email: ginonegretti@gmail.com
About J.J.W. Metal Corp.
J.J.W. Metal Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-04536) on Nov. 23, 2020.
J.J.W. Metal President Jorge Rodriguez Quinones signed the
petition.
At the time of filing, the Debtor disclosed total assets of
$1,649,341 and total liabilities of $1,750,865.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Charles A. Cuprill, P.S.C., Law Offices as its
legal counsel and Luis R. Carrasquillo & Co. P.S.C. as its
financial consultant.
UNITED MEXICAN: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on February 12, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by United Mexican States to B+ from B.
Mexico, officially the United Mexican States, is a country in the
southern portion of North America.
*********
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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2021. All rights reserved. ISSN 1529-2746.
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