/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/210819.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, August 19, 2021, Vol. 22, No. 160 Headlines A N T I G U A A N D B A R B U D A ANTIGUA & BARBUDA: Economy Expected to Contract by 1%, IMF Says B E L I Z E BELIZE: Gets $15M IDB Loan to Support MSMEs' Fin'l. Sustainability B E R M U D A SEADRILL LIMITED: Eyes January 2022 Exit From Bankruptcy SEADRILL LTD: Drilling Contract Agreement Moves Case Forward D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: IDB OKs $30MM Loan to Boost Civil Service Mgmt. J A M A I C A [*] JAMAICA: Fiscal Discipline Enables Gov't. to Make Investments M E X I C O ALPHA HOLDING: Commences Restructuring Proceeding in Mexico P A N A M A MULTIBANK INC: S&P Affirms 'BB+/B' Issuer Credit Ratings P U E R T O R I C O ORGANIC POWER: Unsecured Creditors to Recover 50% in 5 Years - - - - - ===================================== A N T I G U A A N D B A R B U D A ===================================== ANTIGUA & BARBUDA: Economy Expected to Contract by 1%, IMF Says --------------------------------------------------------------- RJR News reports that the International Monetary Fund (IMF) said the Antigua and Barbuda economy is expected to contract by one per cent this year after contracting by 17.3 per cent last year. The IMF said this was due to domestic lockdown and border closure which prompted a collapse of tourism-related activities, according to RJR News. A recovery is expected to take hold in the second half of this year, the report notes. =========== B E L I Z E =========== BELIZE: Gets $15M IDB Loan to Support MSMEs' Fin'l. Sustainability ------------------------------------------------------------------- The Inter-American Development Bank (IDB) approved a US$15 million operation to support the sustainability of the micro, small and medium enterprises (MSMEs) in Belize. The project will help to protect employment and promote the economic recovery of MSMEs through access to production-oriented finance. This program is expected to benefit more than 200 businesses in the agriculture, fisheries and tourism sectors which have been deeply affected due to their vulnerability to the COVID-19 crisis. The funds will help finance productive investments, including purchases of plant equipment and machinery, expansion and improvement of productive infrastructure, plant and process retrofitting to adapt to new public health requirements stemming from the pandemic, as well as the implementation of new technology, techniques, and processes. Also, a 30 percent of total the IDB funding for this operation will finance climate change adaptation and mitigation investments to promote a more sustainable and resilient economic recovery. The program will help the MSMEs, especially those led by women, overcome temporary liquidity problems, protect jobs while allowing business continuity and operations. This will maximize the speed of economic recovery during 2021 and 2022 through the promotion of investments in sustainable and resilient activities that could perform better in the event of new natural disasters and worsening climate impacts. The IDB-backed project will also strengthen the capacity of the country's Development Finance Corporation (DFC) to better serve women entrepreneurs, including the design of products and non-financial services targeting women entrepreneurs, gender awareness trainings for loan officers and other key activities. The operation aligns with the MSMEs, climate change, and gender and diversity priorities of the IDB's "Vision 2025," the Bank's blueprint for recovery and inclusive, sustainable growth in Latin America and the Caribbean. The US$15 million IDB loan has a repayment period of 25 years, a grace period of five and a half years and an interest based on LIBOR. ============= B E R M U D A ============= SEADRILL LIMITED: Eyes January 2022 Exit From Bankruptcy -------------------------------------------------------- Joshua Mann of the Houston Business Journal reports that Seadrill Ltd. has filed its plan of reorganization with Houston's bankruptcy court, and is targeting the start of 2022 for its exit from bankruptcy. Under the Plan, Seadrill plans to turn over nearly all of its ownership interest to creditors. Shareholders who owned the company before the bankruptcy will share the remaining 0.25% ownership in the reorganized company, according to court documents. For Seadrill, the plan would cut nearly $5 billion in debt and raise $350 million in new financing when it takes effect, according to a company press release. Creditors behind 57% of Seadrill's senior secured loans have agreed to support the plan. Under that agreement, Seadrill has to secure court approval for the plan by Nov. 5, 2021 and exit the court by Jan. 4, 2022, the company said. Seadrill originally filed for bankruptcy in February 2021 in the Southern District of Texas, which is based in Houston. At that time, the company held liabilities of $7.19 billion, according to court documents. That makes it the largest oil and gas bankruptcy to enter the Houston court during the first half of 2021, according to data from Haynes and Boone LLP. But despite that one large filing, oil and gas bankruptcies are cooling down overall, Haynes and Boone found. At the time of its filing, Seadrill employed 3,100 people. That's down about 30% from 4,538 at the start of 2020, according to Seadrill's financial reports. About Seadrill Ltd. Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) -- http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it is in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deep-water drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji, authorized signatory, signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; Jackson Walker LLP as co-bankruptcy counsel; Slaughter and May 2021 as co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk LLC is the claims agent. On April 9, 2021, the board of directors of Debtor Seadrill North Atlantic Holdings Limited unanimously adopted resolutions appointing Steven G. Panagos and Jeffrey S. Stein as independent directors to the board. Seadrill North Atlantic Holdings Limited tapped Katten Muchin Rosenman LLP as counsel and AMA Capital Partners, LLC as financial advisor at the sole direction of independent directors. SEADRILL LTD: Drilling Contract Agreement Moves Case Forward ------------------------------------------------------------ Law360 reports that offshore oil driller Seadrill Ltd. is asking a Texas bankruptcy judge to approve the no-cash settlement of payment disputes with international drilling contractor Northern Ocean Ltd. in a step Seadrill says will help clear the way for its Chapter 11 case to proceed. The proposed agreement filed with the court would dismiss the claims and counterclaims between the two companies regarding Seadrill's contacts to operate a pair of Northern Ocean's North Sea oil rigs with a deal that leaves each party owing zero cash to the other. About Seadrill Ltd. Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) -- http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it is in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deep-water drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji, authorized signatory, signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; Jackson Walker LLP as co-bankruptcy counsel; Slaughter and May as co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk LLC is the claims agent. On April 9, 2021, the board of directors of Debtor Seadrill North Atlantic Holdings Limited unanimously adopted resolutions appointing Steven G. Panagos and Jeffrey S. Stein as independent directors to the board. Seadrill North Atlantic Holdings Limited tapped Katten Muchin Rosenman LLP as counsel and AMA Capital Partners, LLC as financial advisor at the sole direction of independent directors. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: IDB OKs $30MM Loan to Boost Civil Service Mgmt. ------------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a $30 million project to strengthen the civil service management in the Dominican Republic. The program will focus on boosting the efficiency of human resources management and of civil servants capabilities in order to foster digital transformation. The project will promote civil service transformation by strengthening the merit system principle following internationally recognized standards established by the Ibero-American Public Service Charter and the Dominican Republic's Civil Service Institutional Diagnostics recommendations. Within this framework a number of actions will be undertaken, including reviews of both functional and optimal-staffing levels in public institutions, payroll audits to ensure adequate wage payments, the gradual rectification of salary inequalities, and personnel training, among others. The project will also help close the civil service gender gap by developing inclusive policies and tools. Among other goals, it will seek to contribute to an increase in the percentage of women filling leadership positions in the public sector. The initiative places great emphasis on innovation and technology and aims to enable a leap forward in the Public Administration Ministry's digital transformation with the adoption of tools to aid the decision-making process and improve data quality, the interoperability of the human resources ecosystem, and a transition towards the digital signature, digital identification, and digital record-keeping that take cybersecurity and other essential criteria into account. Public service represents one of the largest shares of public spending. For this reason, strengthening civil service management is crucial to the government's efforts to boost public value and provide better services to Dominican Republic citizens. The program is expected to generate fiscal savings an enable better workforce planning as well as the automation of human resources management tasks. Digital transformation is one of the five pillars of Vision 2025 - Reinvesting in the Americas , the IDB's roadmap for economic recovery and sustainable development. Through programs like this, the Bank is strengthening the public agencies governing digital transformation and pushing forward national digital agendas throughout the region. 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, 2021, 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). ============= J A M A I C A ============= [*] JAMAICA: Fiscal Discipline Enables Gov't. to Make Investments ----------------------------------------------------------------- RJR News reports that Jamaica Prime Minister Andrew Holness said fiscal discipline is enabling the government to make capital investments in critical areas to improve infrastructure and position the country for growth. He was speaking at the official commissioning into service of the Jamaica III Utility Vessel acquired by the Port Authority of Jamaica, according to RJR News. Mr. Holness said the acquisition of the vessel is in line with the Government's thrust to modernise public infrastructure and equipment and leverage technology for the country's benefit, the report notes. The state-of-the-art vessel, which replaces the 42-year-old Jamaica II, will be used primarily in the maintenance of navigational buoys and beacons in the island's ports, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+', with a stable outlook. Standard & Poor's credit rating for Jamaica stands at B+ with negative outlook (April 2020). Moody's credit rating for Jamaica was last set at B2 with stable outlook (December 2019). According to Fitch, Jamaica 'B+' rating is supported by World Bank Governance Indicators that are substantially stronger than the 'B' and 'BB' medians, a favorable business climate according to the World Bank Doing Business Survey, moderate inflation and moderate commodity dependence. These strengths are balanced by vulnerability to external shocks, a high public debt level and a debt composition that makes the sovereign vulnerable to exchange rate fluctuations. The Stable Outlook is supported by Fitch's expectation that the public debt level will return to a firm downward path post-pandemic, which is underpinned by political consensus to maintain a high primary surplus, the resilience of external finances, and stronger economic policy institutions. =========== M E X I C O =========== ALPHA HOLDING: Commences Restructuring Proceeding in Mexico ----------------------------------------------------------- Alpha Holding, S.A. de C.V. and AlphaCredit Capital, S.A. de C.V. SOFOM, ENR ("AlphaCredit", together with Alpha Holding, the "Mexican Debtors")) on August 11, 2021, have commenced in Mexico City a jointly administered voluntarily filed proceeding (the "Mexican Proceeding") pursuant to the Ley de Concursos Mercantiles (the "Mexican Bankruptcy Law"). Through this proceeding, the Mexican Debtors intend to pursue a controlled restructuring and possible sale of their assets in order to maximize value of the Mexican Debtors for the benefit of their creditors and other stakeholders. During the Mexican Proceeding the Mexican Debtors will continue to collect payments on its loan portfolio, subject to the Mexican Bankruptcy Law. Certain affiliates of the Mexican Debtors recently secured $45 million in Debtor-in-Possession financing through their Chapter 11 restructuring filing in the U.S. Through a secured intercompany loan, the Mexican Debtors expect to have access to financing and liquidity. The Mexican Debtors, together with their U.S. and Colombian affiliates, have continued discussions with an ad hoc group of bondholders and other creditors throughout their respective restructuring filings. About Alpha Credit(C) About Alpha Credit(C) is a technology-enabled, financial services company in Latin America that has historically provided consumer loans to individuals and financial solutions for SMEs in Mexico and Colombia. About Alpha Latam Management Alpha Latam Management LLC, et al., operate a specialty finance business that offers consumer and small business lending services to underserved communities in Mexico and Colombia. Alpha Latam Management LLC and certain of its affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 21-11109) on August 1, 2021. In the petition signed, Alpha Latam Management estimated assets of between $100 million and $500 million and estimated liabilities of between $500 million and $1 billion. RICHARDS, LAYTON & FINGER, P.A., led by Mark D. Collins, is the Debtors' counsel. ROTHSCHILD & CO. is the investment banker and ALIXPARTNERS LLP is the financial advisor. PRIME CLERK LLC is the claims agent. =========== P A N A M A =========== MULTIBANK INC: S&P Affirms 'BB+/B' Issuer Credit Ratings -------------------------------------------------------- S&P Global Ratings affirmed its global scale 'BB+/B' long- and short-term issuer credit ratings on Panama-based Multibank Inc. At the same time, S&P affirmed its 'BB+' issue-level rating on Multibank's $300 million senior unsecured notes. The outlook remains stable. Rationale Multibank's capitalization levels diminished significantly during the last year, mainly due to the redemption of preferred stocks coupled with negative bottom-line results. In this sense, the bank's total adjusted capital (TAC) decreased 33% in 2020 while its risk-weighted assets remained flat. The latter decreased the bank's RAC ratio to 8% from our expectation of 10% for 2020. The reduction in its TAC is mainly explained by the redemption of preferred stocks for $102 million, last year's bottom-line losses of nearly $23 million, and lower retained profits of $48 million stemming from the splitting of its Colombian subsidiary. S&P said, "For the next two years, we forecast an average RAC ratio of 7.6%, supported by a high single digit loan portfolio growth and slightly better internal capital generation. Therefore, we revised our assessment of Multibank's capital and earnings to adequate from strong. Finally, Multibank's RAC ratio could be pressured if Panama's economic risk worsens. The latter would increase our risk weighted assets and in turn decrease our RAC ratio." S&P said, "Our ratings on Multibank reflect its strategic importance toward its parent, Banco de Bogota, and its position as the second largest financial group in Panama. We expect Multibank will continue representing a relevant proportion of its parent's total assets, loans, and deposits. Therefore, we equalize our ratings on it with those on Banco de Bogota's, based on its core group status." ===================== P U E R T O R I C O ===================== ORGANIC POWER: Unsecured Creditors to Recover 50% in 5 Years ------------------------------------------------------------ Organic Power, LLC, filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing Plan of Reorganization dated August 12, 2021. In February 2020, the U.S. Environmental Protection Agency ("EPA") conducted a Resource Conservation and Recovery Act Compliance Evaluation Inspection ("CEI"). After a thorough inspection of Debtor's facilities, the EPA ruled that Debtor "demonstrated to be in compliance with the RCRA requirements that govern Very Small Quantity Generators and/or Non-Notifier of hazardous waste as per 40 CFR Sec. 262.14. No major concerns or issues were identified related to the RCRA regulations or any other EPA-regulated media observed during this inspection. Although some recommendations were provided, these were merely for improvement and to enforce protective workplace safety and health standards. Therefore, no further action is warranted for these Facilities." This shows that the Debtor is in compliance with all applicable laws and most importantly that Debtor does not produce hazardous wastes, and does not emit strong odors. The Debtor's main goal is to obtain all necessary permits to operate at a limited capacity in order to comply with the projections of its proposed plan of reorganization. As a result of the filing by Debtor of its Chapter 11 petition, Debtor has received the benefits of 11 U.S.C. Sec. 362(a), which stays all collection actions and judicial proceedings against Debtor, thus preventing a run to the courthouse by creditors who had filed and were threatening suit, providing Debtor with the opportunity to file the Plan and Disclosure Statement, without the pressures that drove Debtor to file for bankruptcy, as envisioned by the Bankruptcy Code. The Debtor's Plan contemplates the continuance of its operations in limited capacity of collecting organic material to be treated in the RAPTOR and be converted to biogas and fertilizer, the collection of its account receivables, and the conversion of all Class C Membership Units and a significant portion of its unsecured debt to Class A Membership Units. With such funds and reduction in claims, the Debtor will pay, 100% of Allowed Administrative Expense Claims, 100% of Allowed Priority Tax Claims, 100% of all Secured Debts, 100% of the arrears of all assumed executory contracts; and will pay an estimated 50% dividend to the Holders of Allowed General Unsecured Claims that do not convert their claims to Class A Membership Units. Class 1 consists of the Secured Claims of Oriental Bank. Oriental's allowed claims secured by a first mortgage over Debtor's real estate, UCC filings over Debtor's machinery and equipment, and liens over Debtor's cash and accounts receivable shall be paid 100% in cash in monthly installments of $55,213.47, including principal and interest at 4.25% per annum, and an amortization period of 25 years. Class 2 consists of the Secured Claims of Acrecent Financial Corporation. Acrecent's allowed claims secured by certain security agreements and UCC filings over Debtor's certain machinery and equipment, shall be paid in monthly installments of $23,527, during the first 6 months after the Effective Date of the Plan, until the sale of the Genertek 2.5 MegaWatts power generator. Upon the sale of the collateral, from which $1,000,000 is expected, using such funds and others from Debtor's operations, the balance of all Acrecent's claims will be paid in full. Class 3 consists of Holders of Class B and/or C Membership Units. The holders of Class B and/or C Membership Units will receive their pro-rata share of the Class A Membership Units. This conversion will not require cash payments under the Plan. All Class B and Class C Membership Units will be cancelled upon confirmation of the Plan. The current holder of Debtor's Class A Membership Units will be diluted accordingly. Class 4 consists of Holders of Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims will be paid in full satisfaction of their claims 50% thereof thorough 60 equal monthly installments commencing on the Effective Date of the Plan. Members of Class 4 may elect the same treatment of those included in Class 3, for converting their claims to membership interest in Debtor, under the same terms and conditions offered to the members of Class 3. Those that convert their claims into Class A Membership Units will not receive any cash payments under the Plan. Class 5 consists of Class A Membership Units. The holders of Class A Membership Units will not receive any distribution for their interest under the Plan and will retain their interest in Debtor. However, their interest will be diluted by the treatment of claims in Class 3 and Class 4. Class 6 consists of Cure Amounts of Assumed Executory Contracts. The parties to an assumed executory contract will receive 100% of all arrears thorough 24 equal monthly installments commencing on the Effective Date of the Plan. The Debtor's proposed dividend to the General Unsecured Claims will be funded from Debtor's normal operations, cash available in Debtor's DIP accounts, and the conversion of debt to capital. Payments to the Holders of Allowed Administrative Expense Claims and Priority Tax Claims will be paid from the cash accumulated in Debtor's DIP Accounts. A full-text copy of the Disclosure Statement dated August 12, 2021, is available at https://bit.ly/3sjD2Xz from PacerMonitor.com at no charge. The Debtor is represented by: Alexis Fuentes-Hernandez, Esq. Fuentes Law Offices, LLC P.O. Box 9022726 San Juan, PR 00902-2726 Tel: (787) 722-5215 Email: alex@fuentes-law.com About Organic Power Organic Power, LLC, -- https://www.prrenewables.com/ -- is a Vega Baja, P.R.-based company that offers food processing companies, restaurants, pharmaceuticals, and retail outlets an alternative to landfill disposal -- a low cost and environmentally friendly recycling option. Organic Power sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-00834) on March 17, 2021. Miguel E. Perez, the president, signed the petition. In its petition, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge Edward A. Godoy oversees the case. The Debtor tapped Fuentes Law Offices, LLC as bankruptcy counsel, and Godreau & Gonzalez Law, LLC, and Vidal, Nieves & Bauza, LLC as special counsel. CPA Luis R. Carrasquillo & Co., P.S.C. is the financial advisor. ********* 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 * * *