/raid1/www/Hosts/bankrupt/TCRLA_Public/210513.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
Thursday, May 13, 2021, Vol. 22, No. 90
Headlines
A R G E N T I N A
STONEWAY CAPITAL: Clearly Gottlieb Represents Noteholder Group
B R A Z I L
BRAZIL: Suspends Subsidized Agricultural Financing
CENTRAIS ELETRICAS: Gov't. Expects Privatization by January 2022
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Measures Supported Macroeconomic Stability
M E X I C O
BURSAMETRICA CASA: Moody's Alters Outlook on Caa1 Rating to Pos.
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Prime Minister Restricts Street Food Vending
V E N E Z U E L A
PETROLEOS DE VENEZUELA: To Resume Development of 14 Gas Fields
V I R G I N I S L A N D S
STUDIO CITY: USD300M Tap Issuance No Impact on Moody's B1 Ratings
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A R G E N T I N A
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STONEWAY CAPITAL: Clearly Gottlieb Represents Noteholder Group
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Cleary Gottlieb Steen & Hamilton LLP submitted a
revised verified statement to disclose that it is representing the
members of the Steering Committee of the Ad Hoc Group of
Noteholders in the Chapter 11 cases of Stoneway Capital Ltd., et
al.
The Ad Hoc Steering Committee holds claims against SCC as issuer;
its subsidiaries Stoneway Energy International LP, Stoneway Energy
LP, Araucaria Power Generation S.A., Araucaria Energy S.A., SPI
Energy S.A., and Araucaria Generation S.A. as guarantors; and
Stoneway Power Generation Inc. and Stoneway Group LP as pledgors
in
connection with the Senior Secured Notes issued under that certain
Indenture, dated as of February 15, 2017; as amended and restated
by that Amended and Restated Indenture, dated as of November 9,
2017; as supplemented by that First Supplemental Indenture, dated
as of November 15, 2017; and as supplemented by that Second
Supplemental Indenture, dated as of June 29, 2018, by and among the
Debtors and UMB Bank, N.A., a national banking association
organized and existing under the laws of the United States of
America, as successor to The Bank of New York Mellon, as indenture
trustee. The members of the Ad Hoc Steering Committee are as
follows: BlackRock Advisors, LLC; Carmignac Gestion S.A.;
DoubleLine Capital LP; FIL Investments International; and GML
Capital LLP. The Ad Hoc Steering Committee holds a majority of the
Senior Secured Notes.
As of May 3, 2021, members of the Ad Hoc Steering Committee and
their disclosable economic interests are:
Senior Secured Notes
--------------------
BlackRock Advisors, LLC $95,408,284.50
c/o BlackRock Advisors, LLC
55 East 52nd St.
New York, NY 10055
Carmignac Gestion S.A. $33,153,570.77
24 Place Vendome
75001 Paris, France
DoubleLine Capital LP $60,352,481.45
c/o DoubleLine Capital LP
333 South Grand Avenue
18th Floor
Los Angeles, CA 90071
FIL Investments International $84,938,923.00
c/o Investment Legal FIL
Investments International
4 Cannon Street
London EC4M 5AB
England
GML Capital LLP $67,277,740.00
c/o GML Capital LLP
The Met Building
22 Percy Street
London W1T 2BU
United Kingdom
Counsel to the Ad Hoc Steering Committee can be reached at:
Richard J. Cooper, Esq.
Luke A. Barefoot, Esq.
Kristin Corbett, Esq.
CLEARY GOTTLIEB STEEN & HAMILTON LLP
One Liberty Plaza
New York, NY 10006
Telephone: (212) 225-2000
Facsimile: (212) 225-3999
A copy of the Rule 2019 filing is available at
https://bit.ly/3w9QbmP at no extra charge.
About Stoneway Capital Corp.
Stoneway Capital Corporation is a limited corporation incorporated
in New Brunswick, Canada, formed for the purpose of owning and
operating, through its Argentine subsidiaries, power generation
projects that will provide electricity to the wholesale electricity
markets in Argentina. The Argentine subsidiaries operate four
power-generating plants in Argentina that provide electricity to
the wholesale electricity market in Argentina.
Stoneway is 100% owned by GRM Energy Investment Limited.
On Oct. 8, 2020, the Company commenced proceedings under the Canada
Business Corporations Act (the "CBCA"). The Debtors were well on
the way toward closing the consensual restructuring when on Dec. 4,
2020, the Argentine Supreme Court issued a decision in an ongoing
noise discharge dispute involving one of the Generation Facilities
located in Pilar, Argentina. The Argentine Supreme Court Decision
created significant uncertainty as it overturned a decision of the
federal appeals court in San Martin, Buenos Aires.
As a result of the looming expiration of the informal standstill
arrangement, the Debtors commenced chapter 11 cases in the U.S. in
order to put the automatic stay in place, maintain the status quo
pending resolution of the various issues in Argentina, and ensure
that neither the Indenture Trustee nor the Argentine Trustee takes
any action that could be detrimental or value destructive to the
Company.
Stoneway Capital Ltd. and five related entities, including Stoneway
Capital Corp., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated
liabilities of $1 billion to $10 billion and assets of $500 million
to $1 billion.
Shearman & Sterling LLP is the Debtors' counsel. Prime Clerk LLC
is the claims agent
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B R A Z I L
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BRAZIL: Suspends Subsidized Agricultural Financing
--------------------------------------------------
Rio Times Online reports that the Ministry of Economy said that
financial institutions operating credit lines subsidized by the
National Treasury are being notified to immediately suspend new
contracts for subsidized financing, at a time when there are still
over R$9 (US$1.71) billion in resources to be contracted in the
2020/21 Crop Plan forecast.
Although the suspension of funds occurred as the crop year draws to
a close, this affects producers who typically take out loans now to
prepare for the next season's costs, according to a specialist, the
report notes.
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.
CENTRAIS ELETRICAS: Gov't. Expects Privatization by January 2022
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Rio Times Online reports that the Brazilian government expects to
complete the privatization process of Centrais Eletricas
Brasileiras SA-Eletrobras Eletrobras by January 2022, amid
expectations that the provisional measure opening space for the
operation may be voted in the Chamber of Deputies in the week of
May 17, said the Ministry of Economy's Secretary for Privatization,
Diogo Mac Cord.
The bill authorizing privatization of the state-owned power company
needs to be passed by both houses of Congress before June 22nd in
order for the Provisional Measure not to expire, according to Rio
Times Online.
As reported in the Troubled Company Reporter-Latin America on
March 5, 2021, Moody's Investors Service has completed a periodic
review of the ratings of Centrais Eletricas Brasileiras
SA-Eletrobras and other ratings that are associated with the same
analytical unit.
As a government-related issuer, Centrais Eletricas Brasileiras
SA-Eletrobras' Ba2 rating reflects a notch uplift from its
standalone credit profile as per Moody's Joint Default Analysis,
which incorporates an assumption of high dependence and moderate
level of support from the Government of Brazil (Ba2), the
controlling shareholder.
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: Measures Supported Macroeconomic Stability
--------------------------------------------------------------
An International Monetary Fund (IMF) team led by Mr. Esteban
Vesperoni conducted virtual meetings with the authorities,
development partners and representatives of the private sector in
the Dominican Republic from April 21 to May 5, 2021, to conduct
discussions for the 2021 Article IV Consultation.
At the conclusion of the meetings, Mr. Vesperoni issued the
following statement:
"The Dominican Republic has been one of the most dynamic economies
in the region over the last decade amid robust growth,
macroeconomic stability, a sound external position, and a notable
improvement in social outcomes. This performance was supported by
continued improvement in macroeconomic frameworks and the
investment climate, and financial stability.
"This strength allowed a decisive policy response to the pandemic,
including by supporting solid access to global markets to finance
the emergency. The response included fiscal measures that increased
health expenditures and transfers to low-income households and the
unemployed, targeted tax relief, and tax deferrals. The central
bank lowered its policy rate in a timely manner and expanded
liquidity to support credit while the Monetary Board introduced
flexibility in the prudential framework. These measures contributed
to support macroeconomic stability amid the external shock caused
by the pandemic.
"This policy response, the ongoing vaccination campaign, the global
recovery and strong government support to the tourism sector are
placing the economy on a dynamic recovery in 2021, instrumental for
raising income levels over the medium term. The economy is expected
to grow by 5 1/2 percent this year, and inflation to converge
gradually to levels within the target range as the impact of supply
shocks recedes in the second half of the year. The current account
would remain more than fully financed by foreign direct investment
and the financial system remains resilient and continues to support
the economy. Globally, uncertainty remains high, but risks are
broadly balanced. While a longer-than-expected vaccine deployment
globally can make the recovery uneven and affect financial
conditions, faster pandemic containment can trigger positive
spillovers.
"In the short term, policy priorities should balance continued
support to the recovery with strong policy signals to ensure
sustainability. As in most countries, the pandemic has brought to
the forefront the need to secure medium-term debt sustainability.
In this context, the pace of the gradual withdrawal of support
should be guided by available policy space, control of non-priority
spending and contingency planning. The authorities' fiscal
plans—including a commitment to prioritize health and social
spending through the vaccination campaign and the extension of
social programs to early 2021—strive to strike the right balance
of policy objectives. A careful calibration of monetary policy
support and an exit strategy from regulatory flexibility measures
based on close oversight and transparency would also contribute to
the recovery.
"As the impact of the pandemic recedes, the economy would benefit
from reforms to strengthen medium-term policies. The authorities'
commitment to fiscal and electricity sector reforms appropriately
points to the need for securing debt sustainability. The mission
also welcomes efforts to improve public financial management,
transparency in the execution and reporting of public spending, and
reforms to enhance effectiveness in public administration—which
can build social support for other reforms.
"Well-sequenced reforms would strengthen momentum to foster
sustained and inclusive growth, and accelerate the convergence to
advanced countries' income levels:
Strengthening policy frameworks. The monetary policy framework
would benefit from following plans to recapitalize the central
bank, which would strengthen its institutional and financial
independence. In addition, fiscal responsibility legislation would
help anchor medium-term fiscal policies, signaling a commitment to
debt sustainability that can help building support for other fiscal
reforms.
Revenue mobilization. Tax collection in the Dominican Republic lags
compared to peers; there is scope to mobilize more revenue by
broadening the tax base and streamlining exemptions while
calibrating the distributional impact. This would aid medium-term
fiscal consolidation while maintaining policy space for critical
spending.
A sustainable electricity sector. Ongoing developments in energy
generation are instrumental to secure reliable provision of
electricity at lower costs; reforms agreed in the electricity
sector pact aiming at enhancing governance in the sector, reforming
tariff and subsidy policies, and reducing electricity losses have
the potential to secure financial sustainability in the sector.
A strengthened financial regulatory framework. To reinforce
structural resilience, the financial system would benefit from
moving closer to international standards of supervision and
regulation, developing further the macroprudential and crisis
management toolkit, and strengthening the regulatory and
institutional basis for cooperatives financial oversight.
Reforms to support growth. The National Competitiveness Strategy
has been drafted—including an ambitious digital agenda.
Infrastructure and human capital investment, a social pact towards
more flexible and formal labor markets, enhanced educational
quality and labor market participation of women, lower logistical
costs, and climate change adaptation and mitigation policies can
further unlock growth potential. Continued improvements in the
business climate will be key, including reforms on
governance—such as the plan to enhance effectiveness in public
administration—which can reduce red tape and foster investment.
Building on past improvements in social outcomes. The pandemic has
partially reversed hard-earned progress in reducing poverty and
inequality. Plans to increase effectiveness and targeting in social
support programs while strengthening their focus on facilitating
labor market insertion, as well as to reinforce the application of
the social security law, have the potential to improve social
outcomes.
"The mission would like to thank the authorities for their full
cooperation, which has made possible very open and productive
discussions".
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).
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M E X I C O
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BURSAMETRICA CASA: Moody's Alters Outlook on Caa1 Rating to Pos.
----------------------------------------------------------------
Moody's de Mexico has affirmed Bursametrica Casa de Bolsa, S.A. de
C.V.'s long and short term global scale local currency issuer
ratings of Caa1 and Not Prime, as well as the Mexican national
scale issuer ratings of B2.mx and MX-4, in long and short-term. The
outlook on the ratings was changed to positive, from stable.
The following ratings assigned to Bursametrica Casa de Bolsa, S.A.
de C.V. were affirmed:
Long-term global scale local currency issuer rating of Caa1
Short-term global scale local currency issuer rating of Not Prime
Long-term Mexican national scale issuer rating of B2.mx
Short-term Mexican national scale issuer rating of MX-4
Outlook Action:
Outlook, changed to positive from stable.
RATINGS RATIONALE
The affirmation of Bursametrica's Caa1 issuer rating reflects the
brokerage house's small size and still unseasoned operation that
has relied on capitalization from shareholders since its inception
in 2017. Over the past four years, Bursametrica has adjusted its
business model by investing in a digital platform and disciplined
risk controls to support a diversification strategy over the next
five years. As of December 2020, the brokerage house reported a
MXN56 million of net loss as a result of continued investment that
has been partially offset by positive core earnings generation from
its money market desk and gradual growth of its customer base.
Bursametrica reported a MXN3 million loss as of March 2021, posting
good core earnings offset by operating expenses, which continued to
consume more than 100% of revenues in the quarter. Over the past
three years, Bursametrica's high cost structure has been supported
by capital injections that averaged MXN83 million per year.
The positive outlook acknowledges Bursametrica's recent improvement
in core earnings generation, strong cost savings over the past two
years and low leverage. The firm has presented a 5-year plan based
on the development of five main business lines - proprietary
trading, short term money market investments, asset and wealth
management activities, investment banking and fiduciary services.
While the new strategy entails high execution risk in view of the
competitive brokerage industry in Mexico, the positive outlook also
incorporates recent milestones achieved by the firm, particularly
in terms of earnings stream and cost savings, that could support
its business plan. Bursametrica's new management team is composed
of experienced market professionals, which will help to improve the
firm's governance structure and market positioning, while
reinforcing its institutional expertise.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Bursametrica's issuer ratings would result from a
sustained improvement in profitability in upcoming quarters,
reflecting management capacity to execute its strategic plan.
Further capitalization from third-party investors would allow the
firm to maintain its low leverage metrics.
Downward rating pressure is less likely at this point. However, the
outlook could be stabilized if Bursametrica is unable to achieve
profitable operations over the next 12 months or if it has to
diverge from its strategy.
The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.
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T R I N I D A D A N D T O B A G O
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TRINIDAD & TOBAGO: Prime Minister Restricts Street Food Vending
---------------------------------------------------------------
Trinidad Express reports that there were long lines on Ariapita
Avenue in Woodbrook for street food following the announcement by
Prime Minister Dr Keith Rowley that all street food vending would
be restricted by May 4.
Several persons stood up waiting to order their favorite food by
the gyros, doubles and Royal Castle vendors, according to Trinidad
Express.
At Hasan Gyros, supervisor Nikita Juman said while the second
lockdown would further hurt the industry, she said it was necessary
to do so as the numbers were alarming and could cripple the health
sector, the report notes.
Juman also blamed the citizens for causing the long lines at the
various street food vending places, the report relays.
"We the businesses tried to do our part by telling the customers to
maintain social distancing, but it became difficult as at one point
people did not want to adhere. This is what happens when citizens
do not want to listen to Covid-19 regulations," she said, the
report relays.
She is hoping that the restrictions do not go beyond May 23, as
Juman said it would be extremely difficult for the 15 workers at
their various branches, the report notes.
Another gyro vendor, who did not want to be identified, said he
knew the restrictions for street vending were coming as the
pictures and videos being circulated from different street food
venues were cause for great concern, the report discloses.
While he noted that it was going to be difficult for the next three
weeks without an income, he said the Government's move was
necessary in order not to end up like India and Brazil, the report
relays.
Across at the Royal Castle food truck, the Express spoke to
customers waiting to get their last fast food meal until May 23.
Hazel Small, from Woodbrook, said she is disappointed that the
street food vending had to be restricted, but blamed persons for
not adhering to the regulations, the report notes.
"Persons need to understand when they still indulge in private
parties and lime in large crowds, this causes harsh decisions to be
made and workers to be displaced. We cannot be selfish as a
nation," Small added, notes the report.
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V E N E Z U E L A
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PETROLEOS DE VENEZUELA: To Resume Development of 14 Gas Fields
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The Latin American Herald reports that the so-called Investment
Opportunities Plan from the state-owned oil company Petroleos de
Venezuela (PDVSA) plans to resume the development of 14 gas fields
both across the national territory and offshore through the
awarding of licenses to private companies to export production, in
compliance with the Organic Law on Gas Hydrocarbons that allows
incorporating some 3.1 million cubic feet per day, energy news
website Petroguia reported.
At present, the Mejillones and Rio Caribe offshore gas fields are
the two requiring large investments of $2.2 billion and $1.1
billion, respectively, with the first corresponding to a license
awarded to Russia-based oil company Rosneft at the end of 2019,
according to The Latin American Herald.
The projects also include some investment in Maracaibo Lake and
Nipo Nardo in Zulia and Anzoategui states, respectively, with about
$1 billion each, the report notes.
Notwithstanding, the plan does not mention anything related to the
Cardon IV Block, licensed by Italy's Eni and Spain's Repsol in the
Gulf of Venezuela, but it does indicate the importance of moving
forward as to gas exploration in the surrounding areas, the report
relays.
PDVSA expects to reactivate a series of projects for which are
required an investment of some $9.7 billion, an amount the company
hopes to reap by allowing privately-run companies to export the
resulting natural gas production, the report discloses.
Petroguia said that the investment proposal also includes local
companies, although it is mainly aimed at foreign ones, the report
adds.
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.
In May 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.
===========================
V I R G I N I S L A N D S
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STUDIO CITY: USD300M Tap Issuance No Impact on Moody's B1 Ratings
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Moody's Investors Service says Studio City Finance Limited's (B1
negative) proposed USD300 million tap issuance on its existing
senior unsecured notes due 2029 will not affect its B1 ratings.
Studio City Finance plans to use the proceeds from the tap issuance
to partially fund its Studio City phase two project and for general
corporate purposes.
"The debt increase is within our expectations because we had
expected Studio City Finance to fund a significant part of its
large-scale phase two capital spending using debt," says Sean
Hwang, a Moody's Assistant Vice President and Analyst.
"The tap issuance will boost Studio City Finance's good liquidity,
giving it a sufficient cash balance to cover its planned capital
spending over the next 12 months," adds Hwang.
The issuance will increase Studio City Finance's reported debt to
around $2.0 billion from $1.7 billion as of March 2021, and at the
same time raise its cash balance to around $800 million-$850
million on a proforma basis from $543 million.
Studio City Finance's annual capital spending will likely be around
$500 million-$550 million in 2021 and 2022, most of which will need
to be funded out of its existing cash and incremental debt, given
the company's recovering but still weak operating cash flow.
As such, Moody's expects Studio City Finance's reported debt to
peak at around $2.3 billion in the next 1-2 years, before declining
in 2023 onwards. The phase two project is currently scheduled for
completion at the end of 2022.
Moody's projects the company's adjusted debt/EBITDA will be weak at
above 20x in 2021 before recovering to 8x-9x in 2022 and 5x-6x in
2023. This projection assumes that the company's adjusted EBITDA in
2021, 2022 and 2023 will continue improving to around 20%, 75% and
115%, respectively, from 2019 levels, as the gradual easing of
pandemic-related restrictions supports improvement in gaming
revenue.
The projected leverage for 2023 will be appropriate for Studio City
Finance's standalone credit quality. That said, a significant
downside risk remains over the projection assumptions amid the
lingering uncertainty around the pace and extent of the market
recovery. This risk drives the current negative rating outlook.
The principal methodology used in this rating was Gaming
Methodology published in October 2020.
Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands. Through its subsidiaries, it develops
and operates the Studio City property, an Asian-focused integrated
gaming and entertainment resort located in Cotai, Macao SAR.
*********
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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