/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/210719.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, July 19, 2021, Vol. 22, No. 137 Headlines A R G E N T I N A COMPANIA LATINOAMERICANA: Fitch Cuts LT IDRs, Sr. Sec. Notes to 'C' COMPANIA LATINOAMERICANA: S&P Downgrades ICR to 'CC' GAUCHO GROUP: Extends CEO's Employment Until October 2021 B A R B A D O S BARBADOS: Moody's Affirms 'Caa1' Issuer Ratings, Outlook Stable B R A Z I L COMPANHIA ENERGETICA: Court Recommends Pause on Taesa Stake Sale ELETROBRAS: BNDES Hires Advisers for Privatization GOL LINHAS: Expects R$3.251 Loss Per Share for 2Q 2021 LOJAS AMERICANAS: Fitch Affirms 'BB' LT Foreign Currency IDR SAMARCO MINERACAO: Vale Says Settlement Not Open to Renegotiation C A Y M A N I S L A N D S SAAD INVESTMENTS: Creditors Meeting Set for July 29 WIRELINE DEVELOPER: Shareholders' Final Meeting Set for July 20 P U E R T O R I C O ALM LLC: Unsecured Creditors Will Get 2% Dividend in Plan T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Restores Cargo Operations in Route Network X X X X X X X X [*] BOND PRICING: For the Week July 12 to July 16, 2021 - - - - - ================= A R G E N T I N A ================= COMPANIA LATINOAMERICANA: Fitch Cuts LT IDRs, Sr. Sec. Notes to 'C' ------------------------------------------------------------------- Fitch Ratings has downgraded CLISA - Compania Latinoamericana de Infraestructura y Servicios's Long-Term Local Currency and Foreign Currency Issuer Default Ratings (IDRs) to 'C' from 'CCC'. The company's senior secured notes due in 2023 have also been downgraded to 'C'/'RR4' from 'CCC'/'RR4'. These downgrades follow an announcement by CLISA that it is launching a tender offer to exchange its 9.5% secured and unsecured notes due in 2023 for new step-up secured notes due in 2027. If the proposed tender offer is successfully completed, the IDR will be downgraded to Restricted Default (RD). Subsequently, Fitch will re-rate CLISA's IDRs to a level that is consistent with the company's post-exchange capital structure and risk profile, which would likely be within a low speculative rating range. Fitch will assign final ratings to the new notes upon completion of the exchange offer. If approved as proposed, the new notes are expected to be rated within the 'CCC' category. At that time, any remaining existing notes will likely be upgraded to levels below the new notes due to lower levels of credit protection and priority. KEY RATING DRIVERS Exchange Offer Qualifies as DDE: Fitch considers this transaction as a distressed debt exchange (DDE) per its DDE criteria, as the offering imposes upon noteholders of existing notes a material reduction in terms of the existing 2023 notes, as the exchange will extend maturity, introduce PIK (pay-in-kind) optionality and eliminate restrictive covenants and certain events of default included in the existing 2023 senior notes indenture for the notes that are not tendered. The proposed amendments require the affirmative vote of noteholders of more than 75% of the outstanding aggregate principal amount of the existing notes, in accordance with the existing notes indenture. The new senior secured notes due in 2027 will be secured by ordinary shares of Tecsan Ingenieria Ambiental S.A., a subsidiary within the waste management division, and Central Buen Ayre S.A., a subsidiary that operates an energy power plant. Tight Liquidity: CLISA had only USD 31.9million of cash and marketable securities as of March 31, 2021. Fitch believes this exchange is a way for CLISA to preserve its liquidity for working capital purposes. The company has struggled due to a difficult macroeconomic environment that has resulted in high levels of inflation and interest rates, a sharp depreciation of the currency and decreased investments in public infrastructure due to budgetary restrictions. The recovery prospects remain uncertain due to the coronavirus pandemic and subsequent slowdown of construction activity. Significant Counterparty Risk: CLISA's ratings incorporate the company's exposure to high counterparty risk, which is closely linked to the Argentine public sector, as approximately 80% of the company's revenues come from various municipalities and provinces. The more stable waste management business accounts for the majority of this figure. Fitch expects the cyclical construction business to remain weak due to economic uncertainty in Argentina. The company's construction business is highly dependent upon projects being developed by the federal, provincial and municipal governments. High Regulatory, Political Risk: Approximately 80% of CLISA's EBITDA was generated in its waste management business as of Dec. 30, 2020, which includes the urban waste management (UWM) and landfill segments. Contract renewal risk stems from regular negotiations of public service contracts. The company is vulnerable to delays in collection with the public sector as a major client. The company's UWM serves important cities such as Buenos Aires, Santa Fe and Neuquen, as well as the county of San Isidro. DERIVATION SUMMARY CLISA's operations are primarily focused in Argentina, and the company is an experienced and well-positioned operator in the waste management business, serving the City of Buenos Aires and other important cities and counties such as Santa Fe, Neuquen and San Isidro. The company also maintains an important business position in Argentina's construction sector. Fitch views CLISA's leverage as high but in line with the 'CCC' rating level. The agency expects the company's net leverage, measured as net debt to EBITDA, to increase to 5.1x in 2021, due mainly to pandemic-related stoppages in the construction business. Cost of funding remains a credit negative for CLISA when comparing it with peers due to Argentina's macroeconomic environment. Fitch views CLISA's credit profile as weaker than those of its U.S. peers in the waste management industry, such as Waste Management Inc. (BBB+/Stable) and Waste Connection Inc. (BBB+/Stable). The credit profiles of these companies are stronger in terms of scale, margins, FCF generation, leverage and operating environment. KEY ASSUMPTIONS The proposed tender offer for CLISA's secured and unsecured 2023 notes is completed as expected. RATING SENSITIVITIES The completion of the proposed exchange offer will lead to a downgrade of the Long-Term IDRs to 'RD'. The IDR would subsequently be upgraded to a rating level reflecting the post-DDE credit profile. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate 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 four 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. LIQUIDITY AND DEBT STRUCTURE Pressured Liquidity Position: CLISA had readily available cash on hand of ARS2.9 billion and short-term debt of ARS8.6 billion as of March 31, 2021. Roughly 68% of the short-term debt consisted of self-liquidating and revolving facilities as of that date. The company's proposed debt exchange offer is expected to provide near-term liquidity relief, as the company would be able to partially pay-in-kind (PIK) upcoming interest payments. The company exercised its option to PIK 100% of the interest payment due July 20, 2020 and Jan. 20, 2021. As a result, USD15.8 million was capitalized in each of those periods and is now payable alongside the maturity of the outstanding senior secured notes in 2023. The outstanding principal of the current secured notes and unsecured notes is currently USD302.3 million and USD30 million, respectively, as of July 2021. ISSUER PROFILE CLISA - Compania Latinoamericana de Infraestructura y Servicios S.A. is a leading manager and developer of infrastructure and public services. The company is based in Argentina and is the largest subsidiary of the Roggio Group (Roggio S.A). CLISA is currently organized into four main business segments: waste management, construction and toll road concessions, transportation and water supply services. Although the company provides services to the public and private sectors, most of its projects are concentrated within the public sector. The main company's business is waste management, from which it generates 78% of EBITDA as of Dec. 31, 2021. Within waste management, CLISA operates in four different segments: urban waste management, landfill operations, industrial services and waste valorization. In the construction business, the second largest contributor to EBITDA, the bulk of the business is in Argentina, and the backlog in that country accounted for 65.6% of the total. The transportation segment, which accounted for 10% of fiscal 2020 EBITDA, mainly comprises the company's operation of the subway system in the City of Buenos Aires. ESG CONSIDERATIONS CLISA - Compania Latinoamericana de Infraestructura y Servicios has an ESG Relevance Score of '4' for Governance Structure due to a legal dispute relating to improper payments and overpricing of a construction project, which has a negative impact on the credit profile and is relevant to the rating(s) in conjunction with other factors. The company is still awaiting final rulings of the legal dispute. The company itself is not legally liable, but the courts have placed an embargo on a building owned by Benito Roggio e Hijos S.A, a subsidiary of CLISA, in the City of Cordoba. As of December 2020, there have been no significant developments in the legal case. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. COMPANIA LATINOAMERICANA: S&P Downgrades ICR to 'CC' ----------------------------------------------------- On July 15, 2021, S&P Global Ratings lowered its global scale issuer credit and issue-level ratings on Argentine conglomerate CLISA–Compania Latinoamericana de Infraestructura y Servicios S.A. (CLISA) to 'CC' from 'CCC-'. At the same time, S&P assigned a 'CCC' issue-level rating to CLISA's proposed secured notes with final maturity in 2027. The negative outlook reflects that S&P expects to lower the issuer credit ratings to selective default (SD) and the issue-level rating on the 2023 secured and unsecured notes to 'D' upon the exchange offer completion or at the initiation of an out-of-court reorganization agreement (the Spanish acronym of APE), which in turn would depend on the acceptance level of the proposed exchange. The downgrade follows CLISA's launch of an exchange offer to holders of its senior secured and unsecured notes due 2023 for new senior secured notes due 2027. The new notes have a lower interest rate (stepping-up from 4.5% to 10.5%) than those for outstanding notes (at 9.5%) and an interest PIK option until 2024. S&P said, "In our view, this implies that investors will receive less value than the promise of the original securities. Also, we view the offer as distressed because without considering the exchange, we assess there would be a possibility of a conventional default in the near term, reflecting CLISA's weak liquidity. As a result, we would lower the issuer credit ratings to 'SD' and the issue-level rating on the 2023 secured and unsecured notes to 'D', upon the exchange offer completion or at the initiation of an APE." The exchange offer will reduce interest burden and improve liquidity. Moreover, the extension of maturity, the lower interest rate, and the possibility to capitalize interest would significantly increase the company's ability to service its obligations under the proposed notes. However, CLISA remains exposed to currency mismatch, given that its cash flows are in Argentine pesos and almost all of its financial obligations are in foreign currency. In addition, the company's construction business segment in Argentina would continue to struggle to recover in the short term, given a volatile macroeconomic scenario and high inflation. As a result, CLISA would continue to rely on refinancing other short-term debts aside from the new notes. S&P said, "The 'CCC' issue-level rating on the company's proposed senior secured notes would be at the same level as our issuer credit rating on the company after the completion of the exchange offer or the APE. This is because we don't believe there would be relevant structural or contractual subordination. Although the new notes would be secured, we believe there are uncertainties about the value of the collateral (shares pledged) in a restructuring scenario." The new notes would be issued by CLISA, at the holding level, and would have guarantees from its two main subsidiaries: Benito Roggio e Hijos S.A. (the engineering & construction unit) and Cliba Ingenieria Urbana S.A. (the company that operates in the waste management segment). GAUCHO GROUP: Extends CEO's Employment Until October 2021 --------------------------------------------------------- All of the independent members of the Board of Directors of Gaucho Group Holdings, Inc. approved the extension of Scott Mathis' employment agreement with the company, dated Sept. 28, 2015 until Oct. 31, 2021. Mr. Mathis serves as the company's CEO. All other terms of the Employment Agreement remain the same. Meanwhile, on July 5, 2021, the company moved its headquarters to 112 NE 41st Street, Suite 106, Miami, Florida 33137. The company's telephone and fax numbers remain the same, Tel: 212-739-7700; Fax: 212-655-3681. About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss of $5.78 million for the year ended Dec. 31, 2020, compared to a net loss of $6.95 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $11.46 million in total assets, $3.18 million in total liabilities, and $8.28 million in total stockholders' equity. =============== B A R B A D O S =============== BARBADOS: Moody's Affirms 'Caa1' Issuer Ratings, Outlook Stable --------------------------------------------------------------- Moody's Investors Service affirmed Government of Barbados Caa1 issuer ratings and withdrew the Caa3 senior unsecured bond rating. The outlook remains stable. The key drivers behind the rating decision are: 1. Fiscal risks have not materially increased despite the severity of the pandemic shock; 2. Structural reforms to support medium-term growth prospects and fiscal sustainability 3. Increased level of foreign exchange reserves supports Barbados' external position RATINGS RATIONALE RATIONALE FOR THE ISSUER RATINGS AFFIRMATION AT Caa1 FISCAL RISKS HAVE NOT MATERIALLY INCREASED DESPITE THE SEVERITY OF THE PANDEMIC SHOCK Prior to the pandemic, Barbados had made significant progress towards addressing the root causes that led to the sovereign default in 2018. The government had achieved high primary surpluses and implemented structural reforms to reduce fiscal vulnerabilities. Despite the severity of the pandemic shock, which caused Barbados' tourism-dependent economy to contract around 18% last year, Moody's assess Barbados' fiscal risks to remain broadly stable. The economic shock resulted in a sharp drop of government revenues, and the economic contraction raised the debt-to-GDP ratio significantly. However, Moody's expect the economic recovery that started this year to gain momentum leading to a turnaround in government revenues and partially reverse the deterioration in debt metrics. As economic activity normalizes, Moody's expect government debt as a share of GDP to report a downward trajectory and fiscal accounts to record a primary surplus of around 5 percent of GDP in FY2023/24 and stay around that level for the following years . The government remains committed to reaching the debt target of 60 percent of GDP by 2035, two years later than initially anticipated. To reinforce debt sustainability, the government is planning to adopt a fiscal framework which would require the government to prepare and publish its annual fiscal strategy and medium-term fiscal objectives, and to enhance transparency and accountability in fiscal policy making while retaining sufficient flexibility to respond to the pandemic. Notwithstanding the increase in the government's debt burden, debt affordability will remain much improved as a result of meaningful interest rate reductions following the debt restructuring. Although the government's interest burden will rise over the next two to three years as a result of the step-up coupons, Moody's estimate interest payments will be equivalent to about 15% of government revenue, well below the 26% average prior to the debt restructuring. STRUCTURAL REFORMS TO SUPPORT MEDIUM-TERM GROWTH AND DEBT SUSTAINABILITY Over the past several years, the government has taken significant steps to strengthen its fiscal and monetary policy frameworks, which will allow Barbados to maintain sound policies supporting the recovery from the pandemic. Strong reform momentum is evidenced by five successful reviews under the IMF-supported economic reform program with the latest completed in June 2021. Barbados' Parliament passed the Financial Management and Audit Act (FMA) in January 2019, which ushered in a wave of reforms that hold the central government and large state-owned enterprises (SOE) sector to higher standards of budget transparency and accountability. The FMA Act established stringent reporting requirements for SOEs, as well as sanctions for noncompliance. Opacity in the SOE sector, which accounts for about 40% of public sector expenditures, had been recognized as a key factor behind the fiscal deterioration of the last decade. In December 2020, Barbados' parliament adopted the Central Bank of Barbados Act which enhances the autonomy of the central bank The Act prohibits financing to the government or SOEs, except in the event of a public emergency, upon which the central bank can provide financial support to the central government for up to 3% of GDP. The new framework will bolster the independence of the central bank, an outcome that will support macroeconomic stability as well as institutional strength and governance. The government has outlined future areas of reform, including tax administration, civil servant pension reform, and the introduction of a fiscal rule to support medium-term fiscal sustainability. INCREASED LEVEL OF FOREIGN EXCHANGE RESERVES SUPPORTS BARBADOS' EXTERNAL POSITION Despite the collapse in the tourism sector, Barbados continued to build up its international reserves, supported by IFI loans. Reserves increased to US$1.3 billion in 2020, the equivalent of 9 months of import coverage. The current account deficit increased to 7 percent of GDP in 2020 due to the collapse in tourism, but this was more than offset by large official inflows. Reserves have grown significantly since the 2018 debt restructuring, and Moody's expect them to remain high, supported by gradual recovery in tourism and multilateral disbursements. While the pandemic will continue to limit tourism-related foreign exchange flows during 2021, Moody's expect reserves will continue to provide an adequate buffer against external shocks remaining high in absolute an relative terms. Moody's estimate that the current account deficit will reach about 8% of GDP in 2021, up from 6.3% of GDP in 2020, before narrowing toward 4% in the following years as tourism earnings begin to normalize. Moody's believe the government's external refinancing risk is mitigated by its favorable amortization schedule as well as $163 million in additional financing from the IMF. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Barbados' high level of indebtedness and subdued growth performance, balanced against strong reform efforts that have reduced fiscal vulnerabilities prior to the pandemic. Despite the severe economic shock, reform efforts have continued and Moody's expect the recovery in economic activity to support a path of fiscal consolidation similar to that observed in the fiscal accounts before the pandemic which was associated with high primary surpluses and downward debt trajectory. On the other hand, the speed of the recovery of the tourism sector remains uncertain, which poses risks to Barbados fiscal outlook. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Moody's assess Barbados' exposure to environmental risks as moderately negative (E-3 issuer profile score) reflecting exposure to physical climate risk; through its exposure to weather-related shocks and reliance on the tourism sector. Exposure to social risks is moderately negative (S-3 issuer profile score), due to negative demographic trends, balanced against adequate provision of basic services, a welfare state, and relatively strong education outcomes. Future social pressure may arise if economic growth remains subdued post-pandemic, leading to weaker fiscal consolidation. Strong institutions and governance support Barbados' credit profile, balanced against a recent history of default, leading to a moderately negative exposure to governance risk (G-3 issuer profile score). GDP per capita (PPP basis, US$): 13,553 (2020 Actual) (also known as Per Capita Income) Real GDP growth (% change): -18% (2020 Actual) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 1.3% (2020 Actual) Gen. Gov. Financial Balance/GDP: -4.9% (2020 Actual) (also known as Fiscal Balance) Current Account Balance/GDP: -6.4% (2020 Actual) (also known as External Balance) External debt/GDP: 56.1% Economic resiliency: ba3 Default history: At least one default event (on bonds and/or loans) has been recorded since 1983. On July 8, 2021, a rating committee was called to discuss the rating of the Barbados, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating would materialize if in addition to the resumption of the fiscal consolidation process, growth rebounds sufficiently to reverse pandemic-related increases in debt burden with primary surpluses, leading to a sustained reduction in government debt metrics. The successful implementation of structural reforms that lead to higher medium-term economic growth and improve competitiveness would also improve the sovereign's credit profile. The rating would come under downward pressure if the government fails to resume fiscal consolidation efforts and elevated deficits lead to an additional buildup of government debt. A reversal of the recent recovery in foreign-exchange reserves and renewed pressure on the currency peg would also introduce downward pressure on the rating. The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019. =========== B R A Z I L =========== COMPANHIA ENERGETICA: Court Recommends Pause on Taesa Stake Sale ---------------------------------------------------------------- Gram Slattery reports that a court in Brazil has recommended that electricity utility Cemig, formally Cia Energetica de Minas Gerais SA CMIG4.SA abstain from selling shares in electricity distributor Taesa until auditing officials examine additional documents related to the sale, the companies said in separate securities filings. In May, it announced it was planning to sell its 21.7% stake in Taesa, formally Transmissora Alianca de Energia Electrica SA TAEE11.SA, according to Reuters. About Cemig Headquartered in Belo Horizonte in the State of Minas Gerais, Companhia Energetica de Minas Gerais - CEMIG is a leading Brazilian integrated utility operating in the sectors of electricity distribution, generation and transmission, with 4,800 megawatts (MW) in installed capacity and around 8,200 km of transmission lines across the country. The company also owns controlling equity participation in the electricity utility Light S.A. and the transmission company Transmissora Alianca de Energia Eletrica (TAESA, Ba1/Aaa.br stable). Cemig is controlled by the State of Minas Gerais, which owns 50.96% of the company's voting capital. * * * As reported in the Troubled Company Reporter-Latin America on July 2, 2021, Moody's Investors Service has affirmed the corporate family rating of Companhia Energetica de Minas Gerais - CEMIG at Ba3 and its baseline credit assessment at ba3, and the issuer ratings of its subsidiaries Cemig Geracao e Transmissao S.A. and Cemig Distribuicao S.A. also at Ba3. The outlook for all the ratings remain positive. ELETROBRAS: BNDES Hires Advisers for Privatization -------------------------------------------------- Reuters' Rodrigo Viga Gaier, citing document, reports that Brazilian state development bank BNDES has hired Banco Genial and law firm Tauil e Chequer to advise it on the privatization process of state-run electricity utility Centrais Eletricas Brasileiras S.A. (Eletrobras). While elements of the Brazilian government have long floated the idea of privatizing Centrais Eletricas Brasileiras SA , as the company is formally known, the hiring of advisers represents a concrete step toward realizing that goal, according to Reuters. The contract is set to last for 36 months. A representative for BNDES confirmed its contents to Reuters. Brazil's Economy Ministry has previously said the privatization of Eletrobras could raise some 100 billion reais ($19 billion) for the government, the report notes. About Eletrobras Eletrobras (NYSE: EBR) or Centrais Eletricas Brasileiras S.A. -- eletrobras.com -- is a major Brazilian electric utilities company. It is Latin America's biggest power utility company, having a generating capacity of about 43,000 MW. The company holds stakes in a number of Brazilian electric companies and employs more than 25,000 people. The Brazilian federal government owns 52% stake in Eletrobras. The company was founded in 1962 and is based in Rio de Janeiro, Brazil. Its subsidiaries include Eletrobras Distribuicao Acre; Eletronorte (Centrais Eletricas do Norte do Brasil SA); Eletrobras Electropar; CHESF (Companhia Hidro-Eletrica do Sao Francisco; Sao Francisco's Hydroelectric Company); and Eletrobras CGTEE. Moody's upgraded Eletrobras' ratings to Ba2 from Ba3, including the company's senior unsecured debt and corporate family rating (CFR), in September 2020. S&P Global Ratings affirmed its 'BB-' global scale issuer credit and issue-level ratings on Eletrobras in March 2021. As for Fitch Ratings, it recently affirmed (in early June 2021) Eletrobras' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) and outstanding senior unsecured bond ratings at 'BB-'. Fitch's National Scale ratings of Eletrobras, its rated subsidiaries and their outstanding local debentures ratings were also affirmed at 'AA(bra)'. The Outlook is Negative for the IDRs and Stable GOL LINHAS: Expects R$3.251 Loss Per Share for 2Q 2021 ------------------------------------------------------ GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest airline, provides an Investor Update on its expectations for the second quarter of 2021. The information below is preliminary and unaudited. The Company will discuss its 2Q21 results in a conference call on July 29, 2021. 2Q21 Commentary GOL expects a Loss Per Share (EPS) and a Loss Per American Depositary Share (EPADS) for 2Q21 of approximately R$3.251 and US$1.231, respectively. EBITDA2 margin for the second quarter, excluding non-operating and non-recurring expenses, is expected to be 16% to 18%, a decrease in relation to the margin for the quarter ended in June 2020 (28%2). Passenger unit revenue (PRASK) for the 2Q21 is expected to be approximately 17% lower year-over-year. GOL anticipates unit revenue (RASK) to be 33% lower when compared to 2Q20. Daily sales ended the quarter at around R$21 million, representing a 200% increase over the end of 1Q21. At 85%, GOL's load factor continues to effectively match supply with demand. Non-fuel unit costs (CASK ex-fuel) for 2Q21, excluding non-operating and non-recurring expenses, are expected to decrease approximately 55%2 compared to 2Q20 reported CASK ex-fuel, primarily due to four times higher ASKs and the 1% appreciation of the Brazilian Real versus the US dollar. Fuel unit costs (CASK fuel) are expected to increase by approximately 54% year-over-year, mainly due to an 82% increase in the average fuel price, partially offset by the higher fuel efficiency consumption of MAX aircraft and by the BRL appreciation versus USD. GOL's financial leverage, as measured by the Net Debt3/LTM EBITDA ratio, was approximately 11x at the end of June 2021. The Company amortized around R$800 million of total debt in the quarter, including R$420 million of financial debt and R$310 million of aircraft lease debt. The Company also settled the R$744 million payment to the minority shareholders of Smiles Fidelidade S.A. Total liquidity at the end of the June 2021 was R$1.7 billion, comprised of R$1.0 billion in cash and investments and R$0.7 billion in receivables. Including the financeable amounts of deposits, GOL's liquidity sources total approximately R$3.7 billion. This is consistent with the Company's liquidity levels throughout the pandemic. GOL plans to increase its 3Q21 capacity by approximately 80% over 2Q21, in anticipation of stronger seasonal demand. In 2Q21, Gross Global Scope 1 emissions were approximately 281.6 thousand metric tons of CO2, a 42% reduction versus 1Q21, while Total Fuel Consumed was 32.3 thousand liters per RPK, 6% lower compared to 1Q21. The Greenhouse Gas Emissions per Flight Hour were around 8.5 tons of CO2, stable versus the 1Q21. GOL is Brazil's largest airline, leader in the corporate and leisure segments. Since its founding in 2001, it has been the airline with the lowest unit cost in Latin America, which has enabled the democratization of air transportation. The Company has a strategic alliance with Air France-KLM, in addition to making available to Customers many codeshare and interline agreements, bringing more convenience and ease of connections to any place served by these partnerships. As reported in the Troubled Company Reporter-Latin America on June 21, 2021, S&P Global Ratings revised the outlook on Brazilian airline Gol Linhas Aereas Inteligentes S.A. (Gol) to stable from developing and affirmed its global scale 'CCC+' and national scale 'brBB' issuer credit ratings on Gol. At the same time, S&P affirmed its 'CCC+' issue-level rating on the senior unsecured notes but revised the recovery rating to '4' from '3', indicating its expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. LOJAS AMERICANAS: Fitch Affirms 'BB' LT Foreign Currency IDR ------------------------------------------------------------ Fitch Ratings has affirmed Lojas Americanas S.A. (Lojas Americanas) and americanas s.a.'s (americanas) 'BB' Long-Term Foreign Currency (FC) Issuer Default Rating (IDR), 'BB+' Long-Term Local Currency (LC) IDR and 'AAA(bra)' Long-Term National Scale Rating. At the same time, Fitch has affirmed americanas' senior unsecured global notes issued by its wholly owned subsidiaries JSM Global S.a r.l. and B2W Digital Lux S.a.r.l. at 'BB' and its unsecured debentures at 'AAA(bra)'. The Rating Outlook for the LC IDR and the National Long-Term Ratings is Stable and for the FC IDR is Negative. The rating actions reflect americanas' large business scale and strong competitive position in the Brazilian non-food retail industry, reporting long track record of adequate operating cash flow through several economic cycles. The ratings also reflect the expectation that the company will continue to report robust liquidity and conservative net leverage metrics, while it incurs with a significant investment plan to protect its market share. americanas is the current name of B2W-Companhia Digital, which, in June 10, 2021, incorporated the operations of Lojas Americanas. The former became a no-operational holding company at that date. KEY RATING DRIVERS Debt Reduction Commitment: A material deleveraging of americanas' consolidated balance sheet is expected, supported by the capital injection of BRL9.3 billion in Lojas Americanas and its subsidiary B2W - Companhia Digital, concluded in July and September 2020, respectively. The proceeds are being used to reduce gross debt and finance the aggressive capex plan. According to Fitch's methodology, americanas' net adjusted debt/EBITDAR should reach 1.6x in 2021 and remain limited to 1.5x from 2022 onward, compared to an average of 3.6x from 2017 to 2019. The rating considers a gross debt reduction of BRL2.9 billion up to the end of this year, after debt prepayment of BRL3.2 billion during the 1Q21. This should result in total adjusted debt/EBITDAR limited to 4.5x from 2022 onwards, compared to. historical ratios above 6.0x. Stronger deleveraging path, resulting in total adjusted debt/EBITDAR limited to 3.5x would be viewed as positive credit consideration. Manageable Pandemic Impact: The high online penetration, as well as brick and mortar (B&M) store profile (40% street store with broad low-ticket mix), helped smooth business pressures during social distancing measures. In 2020, around 45% of its revenues come from the online channel. americanas' EBITDAR margin should reduce to close to 15% from 2021 onward, pressured by the high competition, mainly in the online channel. The base case scenario incorporates same store sales (SSS) of 8.0% in 2021, and slightly above inflation from 2022 onward. The online business will continue to benefit from high demand and new consumer behaviour and should increase over 30% in 2021. FCF Remains Pressured: americanas' total area should increase by 5% per year, from 2021 onward, and the marketplace will remain around 25% of the group's consolidated EBITDAR in 2021, in line with 2020. Annual capex should range BRL2.1 billion-BRL2.4 billion, between 2021 to 2023. Fitch's base case assumes that EBITDAR and cash flow from operations will reach BRL3.4 billion and BRL1.2 billion, in 2021, and BRL4.1 billion and BRL2.2 billion, in 2022, compared with BRL3.0 billion and BRL2.1 billion in 2020, respectively. FCF should remain negative by about BRL2.0 billion, from 2021 to 2023, peaking above BRL1.0 billion in 2021. The capex should be financed by a combination of cash and operating cash flow generation. Solid Business Profile: The company operates the largest Brazilian B&M department store, allowing the company to report resilient performance along several economic cycles. americanas also operates one of the largest e-commerce stores in Latin America, which represented 45% of the consolidated revenues, in 2020. This business enjoys important competitive advantages, which has been an important factor to mitigate the pressures on physical stores sales during the pandemic. The aggressive competition with large groups remains as important challenge to americanas. The company's robust cash should create conditions to the company to remain well positioned to solidify its market position and manage competition risks. Cash should finance part of the strategic investments in technology and logistics, strengthening its presence in the Brazilian B&M and online retail markets. FC IDR Capped by Country Ceiling: Lojas Americanas and americanas' FC IDR is constrained by Brazil's 'BB' Country Ceiling, as the companies' operations are essentially in Brazil and do not have assets or cash held abroad. The FC IDR Negative Outlook reflects the sovereign's Negative Rating Outlook. Credit Linkage Incorporated: The ratings of Lojas Americanas and americanas are equalized due to strong operational and legal ties among them. The strong operating synergies, the centralized cash management and the shared management permit the credit profile to be analyzed in a consolidated basis and the ratings for the holding parent to be the same of the operational subsidiary. DERIVATION SUMMARY americanas' 'BB' FC IDRs are below great part of Latin American peers. Its geographic concentration in Brazil differs from Falabella S.A. (BBB/Negative), which operate in more than one market in Latin America. americanas' exposure to Brazil's economic environment also differentiates the company's risk from its peers. americanas' capital structure and liquidity are strong, but is still threatened by the negative FCF trends, different from peers. Falabella's Negative Outlook is due to severe business interruptions from the coronavirus pandemic. Although El Puerto de Liverpool S.A.B. de C.V. (BBB+/Stable) is also concentrated in only one market - Mexico - it is one of the strongest rated retailers in Latin America. The company's historical retail-only adjusted gross leverage is consistently below 1.0x, stronger than Americanas' gross leverage above 4.0x. americanas and Grupo Unicomer Corp (BB-/Stable) enjoy similar business profile, operating with a diversified portfolio in department store segment; however, americanas is better positioned than Unicomer due to its higher profitability and consistently lower leverage. Despite geographic diversification, most of the sovereign ratings of countries in which Unicomer operates are in the 'B' rating category. KEY ASSUMPTIONS -- Area expansion of 5% as of 2021; -- 8% SSS growth in 2021 and 4.8% in 2022; -- 47% and 35% of gross merchandise value (GMV) growth of the online business in 2021 and 2022, respectively; -- Marketplace representing 65% of online GMV in 2021 and 70% as of 2022; -- Capex of BRL6.9 billion from 2021 to 2023. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Positive actions toward the sovereign rating may lead to positive actions regarding americanas' FC IDR and the rating of the unsecured notes, currently limited by the Brazilian Country Celling; -- LC IDRs and National Scale Ratings may be upgraded in case of positive and sustainable FCF, and relevant geographic diversification; -- LC IDR may be upgraded if total adjusted debt/EBITDAR and net adjusted debt/EBITDAR is below 3.5x and 2.0x respectively, in sustainable basis. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Negative action toward the sovereign rating may lead to negative action regarding americanas' FC IDR and the rating of the unsecured notes; -- Weak liquidity; -- Net adjusted debt/EBITDAR above 3.0x in sustainable basis; -- Total adjusted debt/EBITDAR above 4.5x recurrently. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate 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 four 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. LIQUIDITY AND DEBT STRUCTURE Robust Liquidity: The rating incorporates that americanas will maintain a strong liquidity profile, with a manageable debt amortization schedule. In March 2021, the company's cash position was BRL17.3 billion, with total adjusted debt of BRL23.0 billion, which includes approximately BRL3.7 billion in rental obligations, according to Fitch's methodology. Out of the short-term debt, BRL3.1 billion was factoring of receivables related to the retailing activity, according to Fitch's methodology, and does not depend on the company's current cash to be amortized. Cash on hand should decline to a range between BRL12 billion-BRL13 billion by the end of 2021. americanas will use part of its cash to finance the capex and reduce its total debt by additional BRL2.9 billion up to the end of the year. ISSUER PROFILE americanas is one of the largest diversified retail chains within the country. The company counts with an extensive physical platform, with large capillarity and multiple store formats; a robust digital platform, with multiple brands and a marketplace business; and a fintech and mobile business platform. americanas holds a large share of the Brazilian market of toys, snacks, bombonière, lingerie, games, hygiene and beauty and domestic appliance. The company is listed in the Brazilian Stock Exchange (B3), and indirectly controlled by Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. SUMMARY OF FINANCIAL ADJUSTMENTS -- Fitch uses a multiple of 5x to capitalize Brazilian companies leasing adjusted debt. -- Fitch includes the factoring of account receivables on debt. Fitch adjusts short-term and long-term marketable securities back to cash and equivalents. Fitch considers the financing to the marketplace sellers as finance activity. Applying methodology, the finance service activity has a debt/equity leverage ratio of 2.0x. The asset of the financial service activity corresponds to the receivables related to the marketplace business, so, half of this asset is financed by debt, which is deconsolidated from total debt. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. SAMARCO MINERACAO: Vale Says Settlement Not Open to Renegotiation ----------------------------------------------------------------- Reuters reports that Brazilian iron ore miner Vale SA (VALE3.SA) said in a securities filing that the compensation value for "not repairable damage" stemming from a dam collapse in 2015 has already been set and is not subject to renegotiation. Vale S.A. is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. As reported in the Troubled Company Reporter-Latin America in September 2019, Moody's Investors Service affirmed Vale S.A.'s Ba1 senior unsecured ratings and the ratings on the debt issues of Vale Overseas Limited, fully and unconditionally guaranteed by Vale S.A. Moody's also affirmed the Ba2 senior unsecured ratings of Vale Canada Ltd. The outlook changed to stable from negative. At the same time, Moody's America Latina Ltda. affirmed Vale's Ba1/Aaa.br corporate family rating and the Ba1/Aaa.br ratings on its senior unsecured notes. The outlook changed to stable from negative. About Samarco Mineracao Samarco Mineracao SA is a Brazilian mining joint venture between BHP Group and Vale SA. erves as an iron ore processing company. The company provides blast furnace, direct reduction, sinter feed, as well as low and normal silica content pellets. On April 9, 2021, the Debtor filed a voluntary petition for judicial reorganization in the 2nd Business State Court for the Belo Horizonte District of Minas Gerais in Brazil pursuant to Brazilian Federal Law No. 11,101 of February 9, 2005. Samarco Mineracao filed for Chapter 15 bankruptcy recognition (Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York, to seek U.S. recognition of its Brazilian proceedings. The Debtor's U.S. counsel: Thomas S. Kessler Cleary Gottlieb Steen & Hamilton LLP Tel: 212-225-2000 E-mail: tkessler@cgsh.com =========================== C A Y M A N I S L A N D S =========================== SAAD INVESTMENTS: Creditors Meeting Set for July 29 --------------------------------------------------- The creditors of Saad Investments Company Limited will hold their creditors meeting on July 29, 2021, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. In order for a creditor to attend and vote at the telephone conference meeting, they are required to advise the Joint Official Liquidators by July 23, 2021. The company's liquidator is: Hugh Dickson c/o Grant Thornton Specialist Services (Cayman) Limited 10 Market Street, PO Box #765, Camana Bay Grand Cayman, Grand Cayman Islands KY1 9006 WIRELINE DEVELOPER: Shareholders' Final Meeting Set for July 20 --------------------------------------------------------------- The shareholders of Wireline Developer Fund Ltd will hold their final meeting on July 20, 2021, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson Crowe Cayman Ltd 94 Solaris Avenue, Camana Bay, PO Box 30851 Grand Cayman KY1-1204 Cayman Islands ===================== P U E R T O R I C O ===================== ALM LLC: Unsecured Creditors Will Get 2% Dividend in Plan --------------------------------------------------------- ALM, LLC, d/b/a Agua La Montana, filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement in the Small Business Chapter 11 Case dated July 13, 2021. The Debtor began operations in September 2018, that is, 2 years prior to the filing. At the beginning of the year 2020, two disasters affected Puerto Rico: earthquakes and the Covid-19 pandemic. These events had severe consequences in Debtor's business finances. The Debtor was incapable to comply with its creditors as originally agreed and several creditors sued the company. The Debtor tried to reach an agreement with creditor Canyon but could not obtain a viable agreement. AThe Debtor had no other alternative but to file for bankruptcy on November 25, 2020, to protect the assets of the estate and be able to pay its creditors through a Plan of Reorganization in an orderly manner. Class 7 consists of Priority Unsecured Claims under sections 507(a)(1)-(7) in the amount of $3,220. The allowed claims under this class will be paid in cash in full with 3.25% interest over the course of 60 months from the effective date of the Plan or as otherwise agreed between the parties. Class 8 consists of General Unsecured Creditors. The total obligation to unsecured creditors under this Class is $7,282.00 which includes any amount due upon the rejection of an executory contract that fall under this class. Allowed claims in this class shall receive a dividend of 2% on the effective date of the Plan in full payment of their claims or as otherwise agreed between the parties. Class 9 consists of Unsecured Creditors with claims over $1,501.00. The total obligation to unsecured creditors under this Class is $232,639.00 which includes any amount due upon the rejection of an executor contract that falls under this class. Allowed claims in this class shall receive a dividend of 2% in 60 monthly installments in full payment of their claims or as otherwise agreed between the parties. Class 10 consists o the Collateral Deficiency Claim of Canyon Square Investments LLC. The allowed claim under this class will be paid a 2% dividend over the course of 60 months from the effective date in full payment of the claim or as otherwise agreed between the parties. Class 11 consists of Equity Security and other interest holders. This class shall not receive any distribution under the Plan. This class is ineligible to vote. Payments and distributions under the Plan will be funded by business income, collection of money, sale or rent of assets, investors and any other income to which debtor may be eligible. A full-text copy of the Disclosure Statement dated July 13, 2021, is available at https://bit.ly/3wBcfq8 from PacerMonitor.com at no charge. Counsel for the Debtor: Mary Ann Gandia-Fabian, Esq. Ganbia-Fabian Law Office P.O. Box 270251 San Juan, PR 00928 Tel: 1-787-390-7111 Fax: 1-787-729-2203 Email: gandialaw@gmail.com About ALM LLC ALM, LLC, a/k/a Agua La Montana, is the owner of a fee simple title to a property located in Trujillo Alto, Puerto Rico having a current value of $860,943. ALM, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04571) on Nov. 25, 2020. The petition was signed by Kristian E. Riefkohl Bravo, president. At the time of the filing, the Debtor disclosed total assets of $1,083,384 and total liabilities of $2,919,967. Judge Mildred Caban Flores is the case judge. The Debtor tapped Gandia Fabian Law Office as counsel and Jose Victor Jimenez, CPA, of Jimenez Vazquez & Associates, PSC as an accountant. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Restores Cargo Operations in Route Network -------------------------------------------------------------- South Florida Caribbean News reports that the borders of Trinidad and Tobago, where Caribbean Airlines is headquartered, are set to re-open on July 17. Consequently, Caribbean Airlines Cargo will resume scheduled connectivity between several Caribbean destinations and New York and Toronto, according to Caribbean News. The leading Caribbean carrier will transport cargo in the belly hold of its Boeing 737 and ATR aircraft on select passenger routes, the report notes. The passenger schedule will include flights between Trinidad and destinations such as New York, Toronto, Barbados, St. Vincent and Grenada, the report relays. Flights to Jamaica and St. Lucia will operate from August 13 and 16 respectively, with other destinations added later on, the reort discloses. "Caribbean Airlines Cargo is happy to restore connectivity to several of our pre[1]pandemic routes," said Marklan Moseley, General Manager - Cargo and New Business, the report discloses. "We look forward to the resumption of a scheduled service out of our hub in Port of Spain as this is a major transit point to and from several countries. This creates an opportunity to further bolster the movement of goods and cargo connectivity which the region needs at this time," he added. The airline continues to operate its recently expanded all-cargo schedule of 14 weekly Boeing 767 flights. This service facilitates shipments between the carrier's Miami hub and Trinidad, Kingston, Montego Bay, Guyana and Barbados, the report notes. Caribbean Airlines Cargo is experienced in the swift and efficient movement of oilfield equipment, live animals, general cargo, fresh produce, seafood and other time sensitive commodities, the report relays. In May, the carrier introduced an optional marine insurance coverage service to further safeguard customer shipments, the report adds. About Caribbean Airlines Caribbean Airlines Limited - http://www.caribbean-airlines.com/- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. Caribbean Airlines is among many airlines whose business has been greatly affected in 2020 by the slowdown of international travel caused by the COVID-19 pandemic. The government of Trinidad & Tobago guaranteed a US$65 million loan for the airline, and that funding has helped with the airlines' cash flow shortfall since May 2020. In September 2020, the airline related it will be taking cost-cutting measures to help keep it afloat. The measures, which was to affect some 1,700 employees, included salary deductions, no-pay leaves and lay-offs. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week July 12 to July 16, 2021 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR 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 Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Sylph Ltd 2.4 65.1 9/25/2036 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 Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD Noble Holding Internat 6.2 62.2 8/1/2040 KY USD Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Esval SA 3.5 49.9 2/15/2026 CL CLP Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD YPF SA 16.5 67.3 5/9/2022 AR ARS Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Argentine Republic Gov 6.9 75.2 1/11/2048 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 Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Fospar S/A 6.5 1.2 5/15/2026 BR BRL YPF SA 16.5 67.3 5/9/2022 AR ARS Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD ********* 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 2021. 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 * * *