/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/210823.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, August 23, 2021, Vol. 22, No. 162 Headlines A N T I G U A A N D B A R B U D A ANTIGUA & BARBUDA: Economy May Contract by 1% Before Recovery A R G E N T I N A CLISA: Fitch Ups IDRs to 'CCC' After Debt Exchange Completion B R A Z I L BRAZIL: Business Travel Decreases by 40% in 1H of 2021 BRAZIL: Market Sees Higher Inflation and Lower GDP Growth 2021 IOCHPE-MAXION SA: S&P Alters Outlook to Pos., Affirms 'BB-' ICR PETROLEO BRASILEIRO: Refineries Record Sharp Drop in Production USJ ACUCAR E ALCOOL: Fitch Cuts LT IDRs to D Then Withdraws Ratings C O L O M B I A AVIANCA HOLDINGS: Avianca Unsecureds to Get Share of New Equity AVIANCA HOLDINGS: Directors Approved Filing of Reorganization Plan D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Over 85% of Workers Have Recovered Their Jobs J A M A I C A MYSTIC MOUNTAIN: Creditors Want Trustee Replaced MYSTIC MOUNTAIN: Parties Head to Court Over Unresolved Issues M E X I C O MEXICO: Considers Using $12 Billion IMF Windfall to Pay Debt P U E R T O R I C O ALM LLC: Seeks Approval to Hire ODV Appraisal Group T R I N I D A D A N D T O B A G O [*] Trinidad and Tobago Assets in Limbo in US$28BB Merger X X X X X X X X [*] BOND PRICING: For the Week Aug. 16 to Aug. 20, 2021 - - - - - ===================================== A N T I G U A A N D B A R B U D A ===================================== ANTIGUA & BARBUDA: Economy May Contract by 1% Before Recovery ------------------------------------------------------------- On July 28, 2021, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Antigua and Barbuda. Antigua and Barbuda has been hit hard by the global pandemic. The domestic lockdown and border closure in early 2020 prompted a collapse of tourism-related activities. The economy contracted by an estimated 17.3 percent in 2020. The government promptly took public health measures to limit the spread of the virus and introduced social programs to support the vulnerable. The pandemic was well contained in 2020, even after the reopening of borders in the summer, but the winter tourism season saw a temporary surge in COVID-19 cases. Infection rates have since stabilized with about one-third of the population fully vaccinated. The economy is projected to contract by 1 percent in 2021 before a recovery takes hold in the second half of this year. A gradual pick-up in tourism activity is expected with the first cruise ship arrival in July and Antigua and Barbuda's favorable travel risk ratings in key source markets. Downside risks to the outlook are significant, primarily from a more prolonged pandemic due to the spread of new COVID-19 variants and limited vaccine availability both at home and abroad. The pandemic has intensified cash flow pressures, led to a further accumulation of domestic and external arrears, and sharply increased the public debt and gross financing needs. The government has embarked on an economic plan centered on a Medium-Term Fiscal Strategy which seeks to restore debt sustainability and gradually resolve outstanding domestic and external arrears; prioritize policies that tackle COVID-19 and improve healthcare delivery; protect the vulnerable; and create the conditions for durable growth and job creation. Executive Board Assessment Executive Directors noted that Antigua and Barbuda was hit hard by the COVID-19 pandemic and commended the authorities for their swift containment measures and support for the vulnerable. A gradual recovery is envisaged, but downside risks are significant, including a prolonged pandemic, delays in fiscal reforms, and natural disasters. Directors stressed the need to continue supporting economic recovery, while stabilizing public finances and promoting competitiveness and sustainable growth. Directors underscored the urgency of restoring debt sustainability. In this regard, they welcomed the authorities' Medium-Term Fiscal Strategy, anchored on domestic revenue mobilization and rationalized spending. Achieving the fiscal targets will require additional measures, as well as efforts to secure long-term financing on favorable terms. Noting the continued accumulation in arrears, Directors encouraged the authorities to put in place a concrete clearance plan, continue to engage with creditors, and avoid new arrears. They noted the benefits of the potential SDR allocation in rebuilding reserves and helping to meet the financing gap if needed. Directors welcomed planned reforms to improve public financial management, tax administration, and targeting of social programs. They recognized the initial steps taken to contain the wage bill and recommended that the authorities consider a long-term strategy to reform the public sector. Further steps are also essential to strengthen the governance and financial position of state-owned enterprises. Directors welcomed ongoing initiatives to boost growth and job creation, diversify the economy, and improve the business environment. They emphasized the importance of upgrading public infrastructure, including to support digitalization. Directors looked forward to the completion of the National Adaptation Plan to build physical and financial resilience to climate change and natural disasters. Directors called for efforts to safeguard financial stability in support of the economic recovery. Given the deteriorating asset quality and profitability of the financial system, they saw a need to closely monitor risks, particularly to credit unions. Interconnectedness between banks and non-banks also warrants a coordinated supervisory approach. Directors encouraged the authorities to formalize a national crisis management plan in collaboration with the ECCB, and to gradually reduce reliance on domestic bank financing to limit sovereign financial risks. They called for additional efforts to advance AML/CFT reforms, building on the progress already made. ================= A R G E N T I N A ================= CLISA: Fitch Ups IDRs to 'CCC' After Debt Exchange Completion -------------------------------------------------------------- Fitch Ratings has downgraded CLISA - Compania Latinoamericana de Infraestructura y Servicios's (CLISA) Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) to 'RD' (Restricted Default) from 'C' on the completion of its exchange offer, as Fitch considers the debt exchange that was completed on Aug. 17, 2021 as a distressed debt exchange (DDE) under Fitch's DDE methodology. Subsequently, Fitch has reassessed and upgraded CLISA's IDRs to 'CCC' post completion of the exchange. In addition, a 'CCC'/'RR4' rating has been assigned to CLISA's new senior secured 2027 notes that resulted from the exchange offer. These rating actions follow CLISA'a successful completion of an exchange of its 9.5% 2023 senior secured notes for new step-up (10.5%, from 4.5%) 2027 senior secured notes. The latter notes allow the company to make semi-annual pay-in-kind (PIK) coupon payments until 2024. The exchange offer received consent from 97% of secured and unsecured holders (roughly USD322 million). The ratings reflect CLISA's tight liquidity position and vulnerable business position due to Argentina's challenging economic environment. The coronavirus pandemic caused many construction projects to come to a stop for several months, while governments implemented a series of measures to combat the spread of the virus. The decline in construction activity continued throughout 2021, as the Argentine government and various other provinces decreased investments or postponed projects relating to public works. The rating on CLISA's outstanding untendered senior secured notes due 2023 has been upgraded to 'CC'/'RR6' from 'C'/'RR4' following the completion of the exchange. This rating reflects weak creditor protection, as terms of the exchange resulted in the elimination of restrictive covenants and certain events of default included in the 2023 senior secured notes indenture. Fitch has subsequently withdrawn the rating of CLISA's untendered 2023 secured notes that were partially exchanged for the new 2027 secured notes. The subsequent withdrawal of rating is due to the exchange of the bonds. KEY RATING DRIVERS Exchange Offering Completed: With the exchange offer, Fitch recognizes the positive impact that the exchange will have on CLISA's liquidity and debt service capacity, given the added option to PIK upcoming interest payments over the next three years. This added flexibility will help preserve cash amidst concerns over Argentina's macroeconomic and business prospects over the short to medium term. CLISA's IDR was lowered to 'RD on completion of its debt restructuring. Almost all of the existing USD302 million of 9.5% senior secured notes due 2023 were exchanged for new step-up senior secured notes due 2027 that are secured by ordinary shares of Tecsan Ingenieria Ambiental S.A., a subsidiary within the waste management division, and ordinary shares of Central Buen Ayre S.A. Tight Liquidity: CLISA had only ARS2.7 billion of cash and marketable securities as of June 30, 2021. The exchange will help 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 June 30, 2021, 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. Market Position and Diversification: CLISA has a strong market position and is one of Argentina's largest privately-owned conglomerates, with businesses in various public infrastructure sectors. Approximately 80% of the company's EBITDA come from its waste management division. Construction (5%), transportation (8%) and water supply (7%) account for the balance of its EBITDA for the LTM ended June 30, 2021. The ratings would be negatively affected if pandemic-related stoppages and project delays continue over the medium term. DERIVATION SUMMARY CLISA - Compañía 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 company's main business is waste management. Within waste management, CLISA operates in four different segments: UWM, 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 66% of the total. The transportation segment mainly comprises the company's operation of the subway system in the City of Buenos Aires. Fitch views CLISA's credit profile as weaker than U.S. peers in the waste management industry such as Waste Management Inc. (BBB+/Stable) and Waste Connection Inc. (BBB+/Stable). These companies are stronger in terms of scale, margins, FCF generation, leverage and operating environment. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Low single digit percentage revenue growth in 2021, driven by continued impact from pandemic-related stoppages in construction; -- EBITDA margin for 2021-2022 around 20%; -- Continued stoppage/delays in the construction segment for the remainder of 2021 and early 2022. Recovery Analysis Assumptions: The 'RR4' Recovery Rating reflects average recovery prospects in the event of default. Fitch assumes a going-concern scenario in its recovery analysis for CLISA. Fitch assumes a distressed EBITDA of approximately ARS8.3 billion and a multiple of 5.0x that would lead to a full recovery for CLISA's senior secured. Fitch caps CLISA's recovery prospects to 'RR4' as Fitch applies a 'RR4' cap for bonds issued by Argentine corporates and applies a recovery cap of 'RR4' to instrument ratings in certain higher-risk jurisdictions. This reflects Fitch's view that average recoveries are likely to be lower in regimes that are debtor friendly and have weak creditor rights. Argentine issuers are generally subject to Recovery Ratings of up to 'RR4'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Improvement in the company's liquidity position; -- An upgrade of the Argentine Sovereign Rating. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A downgrade could be triggered by an Argentine Sovereign Rating downgrade; -- A significant deterioration of the company's credit metrics leading to an interest coverage ratio below 1.5x or sustained net debt/EBITDA above 5.0x. 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 Weak Liquidity Position: CLISA had readily available cash on hand of ARS2.6 billion and short-term financial debt of ARS11.7 billion as of June 30, 2021. Roughly 50% of the short-term debt consisted of self-liquidating and revolving facilities as of that date. The company's debt exchange offer will provide near-term liquidity relief, as the company is now able to PIK upcoming interest payments on the 2027 senior secured notes until 2024. ISSUER PROFILE CLISA - Compañía 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. ESG CONSIDERATIONS CLISA-Compania Latinoamericana de Infraestructura y Servicios has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. 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. =========== B R A Z I L =========== BRAZIL: Business Travel Decreases by 40% in 1H of 2021 ------------------------------------------------------ Richard Mann at Rio Times Online reports that revenue from business travel, one of the segments that suffered the most from the Covid 19 pandemic, decreased 39.6% in the first half of this year compared to last year's same period. The data came from the Brazilian Association of Business Travel Agencies (Abracorp), according to the report. Considering all segments served by the sector's companies, transactions totaled BRL1.427 billion (US$270 million), compared to BRL2.364 billion from January to June last year, the report relays. According to Gervasio Tanabe, Executive President of Abracorp, some segments are already seeing the light at the end of the tunnel despite the still poor figures, the report adds. 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. Fitch Ratings' credit rating for Brazil stands at 'BB-' with a negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) has been affirmed in May 2021. Standard & Poor's credit rating for Brazil stands at BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and short-term foreign and local currency sovereign credit ratings for Brazil were affirmed in December 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). BRAZIL: Market Sees Higher Inflation and Lower GDP Growth 2021 -------------------------------------------------------------- Richard Mann at Rio Times Online reports that the median forecast of economists in the market for the National Wide Consumer Price Index (IPCA) in 2021 rose for the 19th consecutive week, from 6.88% to 7.05% high, according to the Focus Report, the Central Bank (BC) released on Aug. 16 with estimates collected by the end of the prior week. For 2022, the inflation forecast also increased for the fourth consecutive week, rising from 3.84% to 3.90% increase, according to Rio Times Online. For the benchmark treasury rate (SELIC), the median of expectations rose from 7.25% to 7.50% at both the end of 2021, 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. Fitch Ratings' credit rating for Brazil stands at 'BB-' with a negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) has been affirmed in May 2021. Standard & Poor's credit rating for Brazil stands at BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and short-term foreign and local currency sovereign credit ratings for Brazil were affirmed in December 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). IOCHPE-MAXION SA: S&P Alters Outlook to Pos., Affirms 'BB-' ICR --------------------------------------------------------------- On Aug. 19, 2021, S&P Global Ratings revised its outlook on Brazil-based auto supplier Iochpe-Maxion S.A. (Iochpe) to positive from negative and affirmed its global scale 'BB-' and national scale 'brAA+' issuer credit and issue-level ratings. S&P also affirmed its recovery ratings of '3' (65%) on company's senior unsecured notes and of '4' (30%) on company's debentures. The positive outlook on both rating scales reflects the possibility of an upgrade in the next 6-12 months if the company delivers stronger cash flow and comfortable liquidity. S&P said, "Iochpe has delivered stronger results than we expected in the past two quarters, benefiting from demand rebound with higher vehicles production globally and from its cost restructuring measures implemented last year. We think the company's broad geographic diversification and higher growth in sales for commercial vehicles could mitigate the likely volatile demand from automakers because the demand-supply imbalance of semiconductors should last for the next few quarters. With higher capacity utilization this year and an optimized cost structure, we expect Iochpe to keep its EBITDA margin around 11%, similar to what was registered in the first half of 2021 and aligned with pre-pandemic levels. In our view, the company will be able to continue increasing prices to pass through higher input costs. "In our opinion, we're near the worst of the semiconductor supply shortage. Assuming that, we now believe Iochpe can deliver much stronger revenues and EBITDA. As a result, even assuming relatively stable debt, we now forecast debt to EBITDA of about 3.0x and funds from operations (FFO) to debt at 20%-25% in 2021, compared with our previous forecast of about 4.0x and 15%, respectively. For 2022, we think solid global demand prospects will support stronger cash flow and leverage reduction to 2.0x-2.5x. "Despite the higher revenues and improved profitability, we still forecast negative FOCF this year with higher capital expenditure (capex) disbursements in the second half (totaling over R$450 million this year) and Iochpe will likely carry higher inventory levels for a few more months. Management decided to increase inventories in the first half of the year due to the market's volatility. Assuming the monetization of these inventories in 2022 and continued industry growth, we believe the company could post much stronger FOCF next year that would be aligned with a higher rating. In addition, Iochpe was successful in issuing its inaugural senior notes this May, raising $400 million and extending its debt maturity profile. We expect the company to maintain an active liability management strategy over the next quarters, improving its liquidity cushion." PETROLEO BRASILEIRO: Refineries Record Sharp Drop in Production --------------------------------------------------------------- Richard Mann at Rio Times Online reports that the sudden drop in demand for fuels prompted a sharp reduction in the utilization factor of Petrobras' refineries, which are now prioritizing the production of Liquefied Petroleum Gas (LPG) to supply the domestic market, in addition to importing the raw material, said the director of the National Petroleum, Natural Gas and Biofuels Agency (ANP), Felipe Kury. According to Petrobras' latest report, refineries operated with a capacity factor of 76 percent last year in March and dropped to 74 percent this year, the report notes. Failing to mention the extent of the drop in refineries, Kury repeated data earlier confirmed by the president of the state-owned company, Roberto Castello Branco, of sharp slumps in consumption of aviation kerosene (84 percent) and gasoline (35 percent), according to Rio Times Online. About Petrobras Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian Petroleum Corporation - Petrobras) is a semi-public Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. Petrobras control significant oil and energy assets in 16 countries in Africa, the Americas, Europe and Asia. But, Brazil represents majority of its production. The Brazilian government directly owns 54% of Petrobras' common shares with voting rights, while the Brazilian Development Bank and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%, bringing the State's direct and indirect ownership to 64%. A corruption scandal was uncovered in 2014 that involved Petrobras. The scandal related to money laundering that involved Petrobras executives. The executives were alleged to get received kickbacks from overpriced contracts, to the tune of about $3 billion in total. S&P Global Ratings affirmed its 'BB-' global scale and its 'brAAA' Brazilian national scale ratings on Petrobras on July 28, 2021. Moody's Investors Service affirmed the 'Ba2' long term foreign currency credit rating of Petrobras on August 23, 2019, with a stable Outlook. Fitch revised outlook on Petrobras to negative and affirmed 'BB-' long term foreign currency and local currency credit ratings on May 7, 2020. USJ ACUCAR E ALCOOL: Fitch Cuts LT IDRs to D Then Withdraws Ratings ------------------------------------------------------------------- Fitch Ratings has downgraded U.S.J. - Acucar e Alcool S.A.'s (USJ) Long-Term Foreign and Local Currency Issuer Default Ratings to 'D' from 'RD' (Restricted Default) and its National Scale Rating to 'D(bra)' from 'RD(bra)'. Fitch has also affirmed USJ's senior unsecured notes due 2019 (USD8.7 million) and 2021 (USD3.9 million) at 'C'/'RR6' and USJ's senior secured notes due 2023 (USD272 million) at 'C'/'RR4'. Simultaneously, Fitch has withdrawn the ratings. The downgrade to 'D' follows USJ's filing for debt restructuring under Brazilian bankruptcy protection law on Aug. 12, 2021. Fitch has withdrawn the ratings for commercial reasons. Accordingly, Fitch will no longer provide ratings (or analytical coverage) for USJ. The ratings have been withdrawn for commercial reasons. KEY RATING DRIVERS USJ filed a plan for restructuring its debt obligations under Brazilian bankruptcy protection law on Aug. 12, 2021. USJ has defaulted on principal and coupon of the 2019 and 2021 senior unsecured notes and 2023 secured notes. KEY ASSUMPTIONS Key Assumptions do not apply as the ratings have been withdrawn. KEY RECOVERY RATING ASSUMPTIONS -- The recovery analysis assumes that USJ would be liquidated in bankruptcy; -- A 10% administrative claim is assumed. Liquidation Approach: -- The liquidation estimate reflects Fitch's view of the value of land properties and other assets that can be realized in a reorganization and distributed to creditors; -- The 80% advance rate for its land and sugar cane plantations is typical for the sector and reflects the good location of such assets near urban areas; -- The 20% advance rate for fixed assets like machinery, equipment and the mill itself reflect the low liquidity of such assets; -- Inventories have been discounted at 20% to reflect the above average liquidation prospects of S&E assets; -- The 50% stake in SJC Bioenergia S.A. (SJC) at book value was included in the calculations; -- The allocation of value in the liability waterfall corresponds to a 'RR2' for the secured notes and 'RR6' for the unsecured notes. The former has been limited to 'RR4' given the soft cap on Brazilian issuers. RATING SENSITIVITIES Rating Sensitivities do not apply as the ratings have been withdrawn. 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 Poor Liquidity: As of March 31, 2020, USJ reported cash position of BRL45 million and short-term debt of BRL478 million, of which BRL335 million relating to bonds, with a cash to short-term coverage ratio of less than 0.1x. In this period, total debt was mostly composed of the bonds with over 90% of total amount. ISSUER PROFILE USJ is a family-owned sugar & ethanol company that runs 3.8 million ton annual crushing capacity in Araras in São Paulo (Usina São João). The company also has a 50% stake in SJC, a joint venture with Cargill, which runs 7.5 million ton crushing capacity in two mills in the State of Goiás, being 5.0 million tons from Usina São Francisco and 2.5 million tons from Usina Rio Dourado. SUMMARY OF FINANCIAL ADJUSTMENTS Assets sales and changes to the fair value of biological assets have been removed from EBITDA. =============== C O L O M B I A =============== AVIANCA HOLDINGS: Avianca Unsecureds to Get Share of New Equity --------------------------------------------------------------- Avianca Holdings S.A. and its Affiliated Debtors filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement for Joint Chapter 11 Plan dated August 10, 2021. Avianca faced financial difficulties during the COVID-19 pandemic and commenced these Chapter 11 Cases to accomplish a comprehensive restructuring of their business. The Debtors believe that the post-emergence enterprise will have the ability to withstand the challenges and volatility of the airline industry and to succeed as a leading carrier in Latin America. The Plan is the result of extensive good faith negotiations, overseen by AVH's board of directors, among the Debtors and several of their key economic stakeholders. The Plan is supported by, among others, [the Committee]; the Consenting Noteholders, which collectively held a majority of the Debtors' 9.000% Senior Secured Notes due 2023 prior to giving effect to the DIP Roll-Up; and a majority of the holders of Tranche B DIP Facility Claims. The Plan provides for a comprehensive restructuring of the Company's balance sheet and a significant investment of new capital in the Company's business. The transactions contemplated in the Plan will strengthen the Company by substantially reducing its debt and increasing its cash flow and will preserve over 10,000 jobs. More specifically, in connection with the Plan: * Subject to satisfaction of certain conditions precedent, Tranche A-1 DIP Facility Claims and Tranche A-2 DIP Facility Claims will convert to 7-year exit financing upon emergence. * The Debtors engaged in a competitive marketing process (the "Equity Solicitation Process") to determine whether an alternative investor (an "Alternative Sponsor") would be willing to provide capital to the Reorganized Debtors on terms superior to those offered by the Tranche B DIP Lenders, which, as part of the DIP Credit Agreement, committed to convert all of the Tranche B DIP Facility Claims to at least 72% of fully diluted equity securities of a new corporation or other legal entity that may be formed on or prior to the Effective Date to, among other things, directly or indirectly acquire substantially all of the assets and/or stock of AVH ("Reorganized AVH"). * Equity Solicitation Process yielded one indication of interest, which did not aggregate sufficient value to satisfy all Tranche B DIP Facility Claims in full in Cash. The Debtors, in their business judgment, determined that the terms of the indication of interest were not superior to those offered by the Tranche B DIP Lenders. The Debtors have elected to exercise their option under the DIP Credit Agreement to convert the Tranche B DIP Facility Claims to New Common Equity as part of the Plan. Certain holders of Tranche B DIP Facility Claims have agreed to contribute cash and/or assets to the Reorganized Debtors in an aggregate amount of $200 million in exchange for equity in Reorganized AVH (the "New Common Equity"). * Holders of General Unsecured Avianca Claims will receive the cash equivalent of their Pro Rata share of (a) 1.75% of the New Common Equity and (b) warrants to purchase 5.0% of the New Common Equity, with a cashless exercise price of $1.48 billion and a 5 year term; provided, that, in the event that the Class of General Unsecured Avianca Claims votes to accept the Plan, holders of General Unsecured Avianca Claims will receive the cash equivalent of their Pro Rata share of an additional 0.75% of the New Common Equity (i.e., 2.5% of the New Common Equity in the aggregate) and the Warrants. In lieu of receiving cash, holders of General Unsecured Claims may elect to receive their Pro Rata share of the applicable percentage of New Common Equity and the Warrants by making a written election on a timely and properly delivered and completed Ballot to receive the Unsecured Claimholder Equity Package. * These recoveries are being carved out of the value of the collateral securing the Tranche B DIP Facility Claims and would not otherwise be available to holders of such unsecured Claims without the consent of holders of Tranche B DIP Facility Claims, which consent was obtained in connection with good-faith, arms' length negotiations among the Debtors, the Committee, and holders of Tranche B DIP Facility Claims. Such negotiations resulted in a global settlement (the "Global Plan Settlement"), pursuant to which the Debtors resolved all issues that may have been raised by the Committee with respect to the Plan, including, among other things, disputes on enterprise value. * On the Effective Date or as soon as reasonably practicable thereafter, all Interests in AVH will be cancelled, released, extinguished, or receive economically similar treatment, to the extent permitted by applicable law as determined by the Debtors in their business judgment. Holders of Interests in AVH will not receive any distributions, nor retain any property, under the Plan. * The transactions will eliminate approximately $3.0 billion of debt from the Debtors' consolidated balance sheet. In developing the Plan, the Debtors conducted a careful review of their existing business operations and compared their projected value as an ongoing business enterprise with their projected value in a liquidation scenario, as well as the estimated recoveries to holders of Allowed Claims in each of these scenarios. The Debtors concluded that the potential recoveries to holders of Allowed Claims would be maximized by the Debtors' continued operation as a going concern through implementation of the Plan and the Global Plan Settlement. The Debtors believe that their businesses and assets have significant value that would not be realized in a liquidation. Moreover, the Debtors believe that any alternative to the Plan, such as an asset sale, or attempts by another party to file an alternative plan of reorganization, could result in significant delay, litigation, execution risk, and additional costs, ultimately lowering the recoveries to holders of Allowed Claims that are achieved pursuant to the Global Plan Settlement. The Reorganized Debtors will fund distributions under the Plan required to be paid in Cash, if any, with Cash on hand (including Cash from operations and Cash received under the DIP Facility in accordance with the DIP Facility Documents) and Cash received on the Effective Date (including borrowings under the Exit Facility and the Tranche B Equity Contributions). A full-text copy of the Disclosure Statement dated August 10, 2021, is available at https://bit.ly/3CM9w1d from Kurtzman Carson Consultants LLC, claims agent. Counsel for Debtors: Evan R. Fleck, Esq. Dennis F. Dunne Benjamin Schak Kyle R. Satterfield Milbank LLP 55 Hudson Yards New York, NY 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 MILBANK LLP Gregory A. Bray 2029 Century Park East, 33rd Floor Los Angeles, CA 90067 Telephone: (424) 386-4000 Facsimile: (213) 629-5063 About Avianca Avianca -- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Bogota, Colombia-based Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, the Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. AVIANCA HOLDINGS: Directors Approved Filing of Reorganization Plan ------------------------------------------------------------------ Loren Moss of Finance Colombo reports that on Aug. 10, 2021, Avianca's board of directors approved the filing of the plan of reorganization and disclosure statement in the United States Bankruptcy Court for the Southern District of New York. Avianca says the plan is the result of negotiations with investors and other related parties and outlines Avianca's proposal to satisfy pre-bankruptcy obligations to creditors, while the disclosure statement describes the terms of the plan and the corresponding approval process. "This filing of the plan represents an important milestone as we continue toward the successful completion of our financial and operational restructuring. The company has made significant progress in repositioning and simplifying the business with the adoption of more competitive pricing for passengers, continuing our aircraft reconfiguration process, expanding our network routes both domestically and internationally -- establishing Avianca as the most robust airline in Latin America -- securing long-term labor agreements and strengthening relationships with pilots and other employee groups," said Avianca in a statement. The next step in the Chapter 11 process will be a hearing for the United States Bankruptcy Court to consider the approval of the disclosure statement, which is scheduled for September 14, 2021. Avianca says it is currently not soliciting votes on its plan of reorganization and will not solicit votes on its plan until the bankruptcy court approves the disclosure statement. "Any relevant information in the Chapter 11 process will be disclosed to the market in a timely manner. Avianca remains committed to connecting people, territories and businesses under a value proposition that meets the needs of today's passenger, with the best customer service and the highest safety standards. Avianca will continue building on our 100-year legacy to emerge as a financially stronger, more efficient airline, well positioned for long-term success," said the airline. About Avianca Avianca -- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Bogota, Colombia-based Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, the Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Over 85% of Workers Have Recovered Their Jobs ----------------------------------------------------------------- Dominican Today reports that when the COVID-19 pandemic began in March 2020, many workers began to be suspended and the Dominican government had to develop social programs to help the most vulnerable families and the working class. For the employees, the authorities created the Employee Solidarity Assistance Fund (FASE), which together with Stay at Home and Pa'Ti programs, totals, to date, the figure of RD $ 144,968 million, according to Dominican Today. Labor ministry Luis Miguel De Camps explained that among the over 800,000 workers who were suspended due to the pandemic, more than 700,000 have already been reinstated to their jobs thanks to the economic recovery, the report notes. In addition, he reported that during the last year more than 80,000 new workers have entered the labor market in formal jobs, the report relays. De Camps indicated that the crisis generated by the COVID-19 pandemic is unprecedented and prompted the acceleration of some procedures in favor of the country's working class, the report discloses. "Since August 16 we have been transforming the role of the Ministry at a time when working life takes on special importance in the social and economic development and the mental health of Dominicans," he added. According to the official report, in the last 12 months the Labor Ministry was able to agree on salary increases, issued the resolution on telework, promoted the expansion of family health insurance coverage, including, also, subsidies for sickness, maternity and breastfeeding, the report notes. The Labor minister said that in December 2020 they created the special Christmas fund for workers, through which almost 700,000 workers who were suspended could benefit from an investment of approximately 3.4 billion pesos, the report relays. Likewise, through the National Salary Committee (CNS) an average salary increase of 24% was approved, the report says. It was done through the development of a consensus that has laid the foundations for the future of relations between workers and employers, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Fitch Ratings on Jan. 18, 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 ============= MYSTIC MOUNTAIN: Creditors Want Trustee Replaced ------------------------------------------------ globalinsolvency.com, citing Jamaica Gleaner, reports that creditors of indebted Ocho Rios attraction Mystic Mountain are scheduled to meet in a bid to change the trustee in bankruptcy named by Mystic Mountain Limited, MML, as part of a proposal to settle nearly US$14 million, or approximately $2.1 billion in debt, should the company be declared bankrupt. Caydion Campbell of Phoenix Restructuring, Advisory & Insolvency Services Enterprise was named trustee by MML in its proposal to bondholders represented by JCSD Trustee Services Limited, who in January, called their $1.1 billion bond due in 2025 following MML's failure to meet interest payments, according to globalinsolvency.com. In a notice, the meeting via Zoom was called with the single agenda item being the replacement of Campbell with Wilfred Baghaloo of PricewaterhouseCoopers Jamaica. Marlon Murdock of PwC was named as the point of contact for the bondholders intending to attend the meeting. The report notes that Murdock told the Financial Gleaner via email that PwC was the agent of Baghaloo, who is a licensed trustee under the Insolvency Act of 2014, and that a group of creditors had approached Baghaloo to act as trustee over MML. "If appointed as the trustee, we will have responsibility to the company, its employees and all other stakeholders," Murdock said. The bondholders represented by JCSD Trustee are expected to be among the creditors at the meeting with legal representation. MML disclosed in its debt repayment proposal to bondholders that its other creditors include Sky-High Holdings Limited, SHL, which it described as class-one creditor that would receive priority for the settlement of their US$1.7 million debt in the event of liquidation. While SHL was described by MML as being "affiliated with the Sandals Group of Companies", information from SHL has clarified that the company is an entirely separate legal entity with no relationship to the hotel chain, the report relays. Sandals Group chairman Adam Stewart is a director of SHL. MYSTIC MOUNTAIN: Parties Head to Court Over Unresolved Issues ------------------------------------------------------------- globalinsolvency.com, citing Jamaican Gleaner, reports that two meetings of groups of creditors of indebted Ocho Rios attraction Mystic Mountain Limited, MML, held have failed to resolve issues related to whether the beleaguered company will be declared bankrupt and its assets sold off to repay bondholders and other persons and institutions it owes money. Unresolved, too, is whether MML's changing payment proposal to settle its debt will be accepted by the creditors, according to globalinsolvency.com. Likewise, the status of the trustee the company chose to oversee that process is still not settled. Now, the parties are once again headed to court to seek to have the matters determined even as a new meeting of creditors is to be convened at a date yet to be made known, to attempt once more to bring closure to the knotty issues, the report relays. Andrea Kelly, manager of JCSD Trustee Services Limited, which represents a group of bondholders, told the Financial Gleaner that at a virtual meeting, MML made a new proposal asking bondholders to agree to keep the instrument current and receive payments outstanding in December year and again in June 2022, the report says. The new proposal changed promises made in a document they filed with the Office of the Supervisor of Insolvency and Government Trustee, the report discloses. The proposal, which followed what was said to have been a preliminary proposal circulated to the bondholders earlier, had offered payout by August this year from funds to be secured from an unnamed financial institution as well as from an escrow account funded by MML's main shareholder, the report relays. MML's parent company is St Lucia-registered Karibukai Limited, while Karibukai is majority held by Rainforest Adventure Holdings, RFA, which is registered in British Virgin Islands. =========== M E X I C O =========== MEXICO: Considers Using $12 Billion IMF Windfall to Pay Debt ------------------------------------------------------------ globalinsolvency.com, citing Bloomberg News, reports that Mexico is considering using its share of recently-approved International Monetary Fund reserves, worth about $12 billion, to repay the country's debts, President Andres Manuel Lopez Obrador said. Although the funds add to the central bank reserves, Mexico has enough bandwidth to use them to pay down debt, Lopez Obrador said at a daily press conference, according to globalinsolvency.com. "The reserves have grown a lot and they pay very little interest," he said. "We could use these resources to pay debt in advance," Lopez Obrador said, without detailing which debts the government is considering prepaying, the report notes. After the comments, deputy central bank governor Gerardo Esquivel wrote on Twitter that under Mexican law the funds cannot be used to pay debt since they are part of the bank's international reserves, the report discloses. "Currently the reserves cannot directly be used to pay back" government debt, said Carlos Capistran, head of Mexico and Canada economics at Bank of America, the report relays. "If that door is open then the government would be able to use all the reserves as well and the market may not like that." Earlier, the Fund's member nations approved the biggest resource injection in the organization's history, with $650 billion worth of reserve assets -- known as special drawing rights -- meant to help countries deal with mounting debt and the fallout from the Covid-19 pandemic, the report adds. ===================== P U E R T O R I C O ===================== ALM LLC: Seeks Approval to Hire ODV Appraisal Group --------------------------------------------------- ALM, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire ODV Appraisal Group, PSC. The Debtor requires an appraiser to make an opinion related to the market value of its real property located at Los Manantiales, Km 42, State Road 852, Quebrada Grande Ward, Trujillo Alto, P.R. ODV Appraisal Group will receive a flat fee of $3,600. J. Javier Ortiz, a senior partner at ODV Appraisal Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. ODV Appraisal Group may be reached at: J. Javier Ortiz, MAI,CCIM ODV Appraisal Group, PSC Suite 266, PO Box 19-4000 San Juan, PR 00919-4000 Tel: 787-771-5580 Fax: 787-771-5587 Email: jortiz@odvappraisal.com About ALM LLC ALM, LLC, also known as Agua La Montana, is the owner of a fee simple title to a property in Trujillo Alto, P.R., having a current value of $860,943. ALM 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, listing total assets of $1,083,384 and total liabilities of $2,919,967. ALM President Kristian E. Riefkohl Bravo signed the petition. Judge Mildred Caban Flores oversees the case. Gandia Fabian Law Office and Jimenez Vazquez & Associates, PSC serve as the Debtor's legal counsel and accountant, respectively. ===================================== T R I N I D A D A N D T O B A G O ===================================== [*] Trinidad and Tobago Assets in Limbo in US$28BB Merger --------------------------------------------------------- Darren Bahaw at Trinidad and Tobago Newsday reports that Australian energy giants Woodside Petroleum and the BHP Group - which has significant investments in Trinidad and Tobago - announced a US$28 billion proposed merger. The deal is subject to stringent regulatory approvals in each country where BHP operates and is expected to be completed in the second quarter of 2022, according to Trinidad and Tobago Newsday. BHP's divestment of petroleum, which makes up just five per cent of its annual earnings, speeds up its exit from fossil fuels amid pressure from environmentally conscious investors, according to a Reuters report, the report discloses. Local energy experts anticipate the local BHP assets will likely be sold, the report relays. A holding statement on BHP's website says the companies will seek to "combine their respective oil and gas portfolios by an all-stock merger to create a global top ten independent energy company by production," the report says. It means that BHP shareholders will be paid in Woodside stock, giving BHP investors a 48 per cent stake in the merged group, the report discloses. Once the approvals are obtained, the release said, "BHP's oil and gas business would merge with Woodside, and Woodside would issue new shares to be distributed to BHP shareholders report relays. The expanded Woodside would be owned 52 per cent by existing Woodside shareholders and 48 per cent by existing BHP shareholders," the report says. It said the transaction is subject to confirmatory due diligence, negotiation and execution of full form transaction documents, and satisfying conditions including shareholder, regulatory and other approvals report discloses. The company said the proposed merger would create the largest energy company listed on the Australian Stock Exchange, with a global top-ten position in the LNG industry by production, the report relays. The combined company will have a high-margin oil portfolio, long-life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition, the report notes. The deal would see the disposal of some key assets, as well as investment in others, such as the Calypso field in TT, in the long term, the report says. BHP also has operations in Australia, the Gulf of Mexico, eastern Canada, Algeria and Barbados, the report discloses. In late June, BHP officials in TT met with the Prime Minister and other officials and reaffirmed their commitment to work together for the benefit of the population. A statement issued by the Office of the Prime Minister then said BHP officials updated Dr Rowley about the company's projects in TT, including Ruby/Delaware and the deepwater blocks off Trinidad's north and southeast coast, the report relays. Discussions also focused on BHP's plans for future development and the potential of smaller associated oil and gas fields, the report says. The Ruby Field is part of the Ruby-Delaware Field Development in Block 3(a), which will produce oil and natural gas resources using six development wells, with peak production rates expected at 12,000 bopd (barrels of oil per day) and 80 mmscf/d (million standard cubic feet per day) of natural gas, the report notes. All development wells are expected to be online at the start of the third quarter of 2021, the report adds. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Aug. 16 to Aug. 20, 2021 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- 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 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 Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Cia Latinoamericana de 9.5 73.9 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 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 Noble Holding Internat 6.2 62.2 8/1/2040 KY USD 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 Province of Santa Fe 6.9 74.7 11/1/2027 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 Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Argentine Republic Gov 8.3 72.9 12/31/2033 AR 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 Esval SA 3.5 49.9 2/15/2026 CL CLP 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 Provincia de Rio Negro 7.8 70.3 12/7/2025 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 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 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 * * *