/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/211108.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, November 8, 2021, Vol. 22, No. 217 Headlines B R A Z I L BRAZIL: New Vehicle Sales Drop 17% in October Year-on-Year GOL LINHAS: Resumes Int'l. Flights With Departure to Uruguay OURO VERDE: Fitch Affirms 'BB-' LT IDRs, Outlook Stable C O L O M B I A AVIANCA HOLDINGS: To Move Domicile to the United Kingdom D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Secure Meat Supply For Holidays, Gov't. Says M E X I C O FIDEICOMISO IRREVOCABLE 2400: S&P Cuts A-2 Notes Rating to 'BB-' GRUPO POSADAS: Seeks to Hire 'Ordinary Course' Professionals GRUPO POSADAS: Seeks to Tap Prime Clerk as Administrative Advisor T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Resuming Flights to Cuba in December X X X X X X X X LATAM: IDB Launches US$20MM Fund to Support 'Green' Fiscal Policies [*] BOND PRICING: For the Week Nov. 1 to Nov. 5, 2021 - - - - - =========== B R A Z I L =========== BRAZIL: New Vehicle Sales Drop 17% in October Year-on-Year ---------------------------------------------------------- Richard Mann at RJR News reports that last month, 276,033 new vehicles were licensed, compared to 332,852 sold in October 2020. The result, released by the National Federation of Automotive Vehicles Distribution (Fenabrave), considers all automotive segments, except tractors and agricultural machinery. In the year-to-date, from January to October 2021, sales increased 16.15% over the same period last year. There were 2,863,349 licensed vehicles, against 2,465,260 sold in the same period of 2020, according to RJR News. In the year-to-date, from January to October 2021, sales increased 16.15% over the same period last year, the report notes. There were 2,863,349 newly licensed vehicles, against 2,465,260 sold in the same period of 2020, the report relays. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Jair Bolsonaro is the current president, having been sworn in on Jan. 1, 2019. 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). GOL LINHAS: Resumes Int'l. Flights With Departure to Uruguay ------------------------------------------------------------ RJR News reports that the Brazilian airline Gol resumed operations after more than a year and a half stopped by the Covid-19 at the international level and had Uruguay as its first destination on a flight that departed from Sao Paulo (Brazil) and landed at the Carrasco International Airport, located on the outskirts of Montevideo. The airline informed in a press release, stating that the return to the skies of the continent took place in a festive atmosphere with champagne on board and gifts for customers who traveled on the plane, according to RJR News. Gol will have four weekly frequencies between Sao Paulo and Montevideo until the 14th and, from then on, there will be daily flights, the report notes. About Gol Linhas Founded in 2000 and based in Sao Paulo, Brazil, Gol is the largest low-cost carrier in Latin America, offering over 750 daily passenger flights to connect Brazil's major cities and various destinations in South America, North America and the Caribbean, along with cargo and charter flight services. Gol also owns 100% of Smiles, a loyalty program company with more than 18.5 million participants that allows members to accumulate miles and redeem tickets in more than 900 destinations around the world and offer non-ticket reward products and services. In the twelve months ended June 2021, Gol reported consolidated net revenues of BRL5.5 billion. As reported in the Troubled Company Reporter-Latin America, Fitch Ratings, in September 2021, upgraded GOL Linhas Aereas Inteligentes S.A.'s (GOL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+' and upgraded its Long-Term National Scale rating to 'BB+(bra)' from 'B-(bra)'. Fitch has also upgraded GOL Finance's unsecured bonds to 'B-'/'RR4' from 'CCC+'/'RR4'. Fitch has assigned a Stable Outlook for the IDRs and the Outlook for the national scale rating remains Stable. S&P Global Ratings, also in September 2021, revised the outlook on Brazilian airline Gol Linhas Aereas Inteligentes S.A. (Gol) to positive from stable and affirmed its global scale 'CCC+' issuer credit rating. OURO VERDE: Fitch Affirms 'BB-' LT IDRs, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed Ouro Verde Locacao e Servico S.A. Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-', and Long-Term National Scale Rating and local debenture issuances at 'A+(bra)'. The Rating Outlook for the corporate rating is Stable. Ouro Verde's ratings reflect its moderate scale in the competitive light vehicle fleet and heavy machinery and equipment rental sector in Brazil. The company's credit profile benefits from high revenue and cash flow generation predictability, due to long-term contracts with its customers. The analysis also considers that Ouro Verde will be successful in its growth strategy, maintaining a solid liquidity position and an adequate capital structure, despite the expected negative free cash flows (FCFs). An investment fund managed by Brookfield Asset Management Investimentos is Ouro Verde's main shareholder, and the ratings incorporate its positive track record in supporting the company in terms of capital injections and access to funding. KEY RATING DRIVERS Business Predictability; Medium-Size Player: Ouro Verde's moderate scale in a very competitive industry limits its IDRs. Positively, the company's strong and highly predictable cash flow generation, based on long-term contracts for fleet rental of light vehicles and heavy machinery and equipment, adds to its business profile. The diversification between these two segments is important to the company's credit profile. Fitch expects Ouro Verde to rightly price the sale of its light vehicles at the end of the contracts, as this is crucial for the fleet management performance. Improving Business Profile: Ouro Verde's business profile should improve over the rating horizon as the company delivers solid growth and improved margins. Regarding the IDR rating scenario, the compound annual grow rate for total fleet and net revenue will be around 20% during the 2021-2023 period. For 2021, Fitch forecasts total revenue at BRL905 million and a total fleet of 33,810 vehicles at year-end (73% light vehicles (LV)), reaching BRL1.4 billion and 40,686 vehicles (70% LV) in 2023. The company should also benefit from a more diversified client base, and from the financial strength of its controlling shareholder to support growth, as the 2021 BRL200 million capital increase showed. Growing EBITDA, Pressured FCF: Ouro Verde should show growing EBITDA and robust margins in the following years, as a result of resumed growth, better price environment and lower maintenance cost per vehicle. Fitch expects EBITDA of BRL451 million (49% margin) and BRL553 million (50% margin) in 2021 and 2022, respectively. In the LTM ended on June 2021, EBITDA reached BRL336 million (40% margin). The rating scenario considers that cash flow from operations (CFFO) should increase along with the EBITDA, with BRL509 million in 2021 and BRL615 million in 2022. Nevertheless, FCF should remain negative due to higher average annual gross capex of BRL1.3 billion in the 2021-2023 period. Low Leverage Rating Headroom: Fleet growth, primarily debt funded in the rating scenario, should leave Ouro Verde with low leverage rating headroom, considering the expected improvement in the company's operating margins. Ouro Verde's consolidated net leverage, measured by net debt/EBITDA, should be around 4.0x from 2021 to 2024, comparing with an average of 3.5x in the last four years. In the LTM ended on June 2021, which did not incorporate the BRL200 million capital increase effective on September 2021, net leverage was at 4.6x. Capital Intensive Industry: The capital-intensive nature of the rental industry, which demands sizable and regular investments to grow and renew the fleet, pressures the financial profile of the companies in the sector during strong expansion periods. Therefore, lower funding costs and strong access to credit markets are key competitive advantages. However, the business model allows the companies to postpone fleet renewal and adjust its size, if needed. A main risk for this industry in 2021/2022 is the uncertainty regarding new vehicles production recovery, which challenges pricing definition on contracts due to higher uncertainty related to price of used car sales in the future. Constrained credit markets, a stronger than expected increase in interest rates and worsening economic activity are also negative for the sector. DERIVATION SUMMARY Compared with Simpar S.A. (Simpar; Local Currency and Foreign Currency IDR BB-/ AA-(bra)/Outlook Positive), Ouro Verde has a much smaller scale, less diversified service portfolio, and an overall weaker business profile. While Ouro Verde has higher profitability (operating margins), both companies have similar leverage levels and strong liquidity position, while Simpar has stronger access to credit markets, both locally and abroad. Compared with Ouro Verde, Localiza Rent a Car S.A. (Localiza; Local Currency IDR BB+/Stable; Foreign Currency IDR BB/Negative; AAA(bra)/Stable) has greater scale, stronger negotiating power with OEMs, and an overall stronger business profile. Localiza also has a stronger financial profile, with lower leverage and lower cost of capital and stronger access to credit markets. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Ouro Verde: -- Average annual capex of BRL1.3 billion in the 2021-2024 period; -- Total Fleet of 33.8 thousand vehicles in 2021, and 37.3 thousand vehicles in 2022; -- Average ticket for asset acquisition of BRL86 thousand in 2021 and BRL92 thousand in 2022; -- Average ticket for light vehicles rental around BRL14 thousand in 2021 and 2022; -- Average ticket for heavy vehicles and equipment rental around BRL47 thousand in 2021 and BRL51 thousand in 2022; -- No dividends payout. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- An upgrade in the short-term is unlikely, but would be related to an improvement in Ouro Verde's scale, business position and client base, combined with a net debt-to-EBITDA ratio below 3.0x on a sustainable basis. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Failure to preserve liquidity and inability to access adequate debt funding; -- Increase in net leverage to more than 4.0x on a regular basis; -- Deterioration of the company's business position; -- Declining EBITDA and profitability levels; -- Perception of lower support from Brookfield. 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 Solid Liquidity Profile: Ouro Verde's credit profile benefits from a strong cash position and a well-spread debt amortization profile. Fitch expects the company will maintain a solid liquidity position, and that Brookfield will positively impact its ability to access long-term competitive capital. This will be crucial for Ouro Verde to fund its negative FCF, due to the company's growth strategy. As of June 30, 2021, Ouro Verde had BRL427 million of cash and equivalents, which cover the debt of BRL88 million due on the short-term and another BRL165 million until 2023. The company's total debt of BRL1.9 billion mainly comprises local debentures (52%) and Resolucao 4131 loans (34%). Around 3% of the company's debt is secured. Ouro Verde's ability to postpone growth capex to adjust to the economic cycle and the group's unencumbered fleet, with its book value over net debt close to 1.3x, reinforce its financial flexibility. ISSUER PROFILE Ouro Verde is a leading player in the still incipient and fragmented Brazilian market of heavy machinery and equipment rentals. The company also operates as a medium-size participant in the fleet rental of light vehicles. Ouro Verde is a private company fully owned by CEDAR Fundo de Investimento em Participacoes, an investment fund managed by Brookfield Brasil Asset Management Investimentos. 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. This announcement corrects Ouro Verde's 10th senior unsecured debenture issuance published on 7th June. =============== C O L O M B I A =============== AVIANCA HOLDINGS: To Move Domicile to the United Kingdom -------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Airline Avianca Holdings will move its domicile to the United Kingdom and its stock will no longer be traded on the Colombian stock exchange, the company said, a day after a U.S. court's approval of the company's restructuring plan. Colombia's flag carrier had filed for chapter 11 protection at a U.S. court in New York in 2020 amid the coronavirus pandemic. It now expects to exit the measure by the end 2021, after receiving around $2 billion in new financing under a debt-for-equity deal, according to globalinsolvency.com. Once its principle domicile is established in the UK, the company will be known as Avianca Group International Ltd, the report notes. Its current shareholders will not receive any payout or be included as shareholders in Avianca Group, the airline added, the report relays. The airline did not say why it was moving its domicile, or why it had chosen Britain, the report adds. About Avianca Holdings SA 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: Secure Meat Supply For Holidays, Gov't. Says ---------------------------------------------------------------- The Dominican Today reports that the production of pork and chicken, rice, bananas, potatoes and vegetables in the Dominican Republic achieved record figures as of November of this year, so that the food of the Christmas holiday would be assured, as announced by the Agricultural Cabinet, headed by President Luis Abinader, at the National Palace. The Government guaranteed the availability of chicken meat for Christmas thanks to the fact that the availability has had a monthly increase of more than 20 million birds, from 16.5 to 18.3 million units. The authorities foresee an increase in production in December 3.25 million units. The Minister of Agriculture, Limber Cruz, assured that swine fever is controlled, for which he affirmed that there will be enough of this meat to respond to the demand at the end of the year. 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). =========== M E X I C O =========== FIDEICOMISO IRREVOCABLE 2400: S&P Cuts A-2 Notes Rating to 'BB-' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term global and national scale ratings on Fideicomiso Irrevocable y Traslativo de Dominio Numero 2400's class A-1 notes and its national scale rating on the class A-2 notes. At the same time, S&P removed the ratings on the notes from CreditWatch with negative implications where they were placed on July 7, 2021. The notes are backed by a first-lien perfected security interest in a portfolio of nine properties developed by Grupo GICSA S.A.B. de C.V. (GICSA; CCC/Watch Neg/mxCCC/Watch Neg) and managed by its subsidiary, Desarrolladora 2054 S.A.P.I. de C.V. (Desarrolladora 2054; not rated), which are located in Mexico and have a combined gross leasable area of retail, office, and mixed-use space. S&P siad, "The rating actions reflect our opinion of a heightened operational risk in the transaction, as well as the increased vacancy rates reported on the properties, which we incorporated in our long-term valuation of the properties. As a result, the loan-to-value (LTV) metrics for both classes increased and are no longer consistent with their previous ratings. "We have updated our operational risk assessment of the transaction in order to incorporate the deterioration in the credit quality of GICSA, whose rating was recently lowered to 'CCC'. "As a result, we have updated our disruption risk assessment to 'very high' from 'high', which limits the ratings at 'BB'. Our assessment for severity risk and portability risk remained unchanged. "We have also revised our vacancy rate assumption up to 20.1% from 13.7%, to reflect market occupancy rates, as well as current adjusted vacancies on the properties. In its earnings release for the third quarter of 2021, GICSA reported an adjusted occupancy concept, which excludes abandoned commercial spaces, to 83.4% for the portfolio of securitized properties, down from 88.2% reported in June 2021, and below our previous occupancy assumption of 86.3%. "As a result, we revised our valuation of the securitized properties in order to incorporate these adjusted vacancy rate levels, as well as property rental income based on updated property information and COVID-19 discounts, which are greater than we previously estimated. "We updated our net cash flow estimate (calculated as net operating income minus capital items) for the securitized portfolio to MXN1.16 billion, down from MXN1.27 billion in our previous rating action. Based on our updated assumptions, we determined an S&P Global Ratings portfolio value of MXN12.53 billion, down from MXN13.77 billion considered previously. Our capitalization rate assumptions for the properties remained unchanged at 9.25% on average for the entire portfolio. "Our updated valuation resulted in S&P Global Ratings' loan-to-value (LTV) ratios (after considering foreign exchange rate stresses) of 75.3% for classes A-1 USD and A-1 MXN and of 79.4% for class A-2 MXN. These updated LTV ratios are no longer consistent with their previous rating levels. "We will continue to monitor the performance of the securitized properties, as well as that of the transaction manager. The ratings may be adversely affected if vacancy rates increase beyond our expectations. Also, a decrease in net cash flow could pressure the transaction's LTV ratios and could negatively affect the ratings." Ratings Lowered And Removed From CreditWatch Negative Fideicomiso Irrevocable y Traslativo de Dominio Numero 2400 Class Senior A-1 MXN: to 'BB(sf)' from 'BB+ (sf)'/Watch Neg Class Senior A-1 MXN: to 'mxA (sf)' from 'mxAA-(sf)'/Watch Neg Class Senior A-1 USD: to 'BB (sf)' from 'BB+ (sf)'/Watch Neg Class Senior A-1 USD: to 'mxA (sf)' from 'mxAA-(sf)'/Watch Neg Class Senior A-2 MXN: to 'BB-(sf)' from 'BB+(sf)'/Watch Neg Class Senior A-2 MXN: to 'mxBBB+(sf)' from 'mxA+(sf)'/Watch Neg MXN-- Mexican pesos. USD--U.S. dollars. GRUPO POSADAS: Seeks to Hire 'Ordinary Course' Professionals ------------------------------------------------------------ Grupo Posadas SAB de CV and Operadora del Golfo de Mexico, SA de CV seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ professionals used in the ordinary course of their business. The "ordinary course professionals" include: OCPs Service Provided Santamarina y Steta S.C. IP Counsel Ricardo Ahumada y Asociados Tax Litigation Counsel Sabola S.C. Litigation Counsel Ortiz Trujillo Diana Civil/Administrative Litigation Brigard & Castro S.C. Intellectual Property Counsel Diaz Saldana y Asociados S.C. Litigation Counsel Robles Otero Pedro Litigation Counsel Salazar Douglas Carlos Mauricio Criminal Law Counsel Minino Abogados S.R.L. IP Counsel Alvaro Echeandia Bustamante IP Counsel Garcia Velasco Ernesto Administrative Procedures for Governmental Authorizations and License Permits Galeana De La o Pedro Litigation Counsel Ortiz Sosa y Asociados S.C. Tax Litigation Counsel BS Abogados S.C. Litigation Counsel The Debtors estimate that they will not pay more than $75,000 per month per OCP. About Grupo Posadas Grupo Posadas S.A.B. de C.V. is the leading hotel operator in Mexico and owns, leases, franchises and manages 185 hotels and 28,690 rooms in the most important and visited urban and coastal destinations in Mexico. Urban hotels represent 87% of total rooms and coastal hotels represent 13%. Posadas operates the following brands: Live Aqua Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort, Grand Fiesta Americana, Curamoria Collection, Fiesta Americana, The Explorean, Fiesta Americana Vacation Villas, Live Aqua Residence Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma, IOH Hotels, and One Hotels. Posadas has traded on the Mexican Stock Exchange since 1992. Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-11831) on Oct. 26, 2021, listing up to $1 billion in both assets and liabilities. Judge Sean H. Lane oversees the cases. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as international legal counsel; Ritch, Mueller y Nicolau, S.C. and Creel, Garcia-Cuellar, Aiza y Enriquez SC, as Mexican legal counsel; and DD3 Capital Partners as financial advisor. Prime Clerk LLC is the claims agent and administrative advisor. GRUPO POSADAS: Seeks to Tap Prime Clerk as Administrative Advisor ----------------------------------------------------------------- Grupo Posadas SAB de CV and Operadora del Golfo de Mexico, SA de CV seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Prime Clerk, LLC as administrative advisor. The firm's services include: (a) assisting with, among other things, solicitation, balloting and tabulation of votes, preparing any related reports in support of confirmation of a Chapter 11 plan, and processing requests for documents; (b) preparing an official ballot certification and, if necessary, testifying in support of the ballot tabulation results; (c) assisting with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gathering data in conjunction therewith; (d) providing a confidential data room, if requested; (e) managing and coordinating any distributions pursuant to a Chapter 11 plan; and (f) providing such other processing, solicitation, balloting and other administrative services. Prior to the petition date, Prime Clerk received an advance retainer of $50,000. In addition, the firm received a payment of $74,972.21 for pre-bankruptcy fees and expenses. The hourly rates of Prime Clerk's professionals are as follows: Analyst $30 - $50 per hour Technology Consultant $35 - $95 per hour Consultant/Senior Consultant $65 - $165 per hour Director $175 - $195 per hour Solicitation Consultant $190 per hour Director of Solicitation $210 per hour Benjamin Steele, managing director at Prime Clerk, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Prime Clerk LLC One Grand Central Place 60 East 42nd Street, Suite 1440 New York, NY 10165 Telephone: (212) 257-5490 Email: bsteele@primeclerk.com About Grupo Posadas Grupo Posadas S.A.B. de C.V. is the leading hotel operator in Mexico and owns, leases, franchises and manages 185 hotels and 28,690 rooms in the most important and visited urban and coastal destinations in Mexico. Urban hotels represent 87% of total rooms and coastal hotels represent 13%. Posadas operates the following brands: Live Aqua Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort, Grand Fiesta Americana, Curamoria Collection, Fiesta Americana, The Explorean, Fiesta Americana Vacation Villas, Live Aqua Residence Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma, IOH Hotels, and One Hotels. Posadas has traded on the Mexican Stock Exchange since 1992. Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-11831) on Oct. 26, 2021, listing up to $1 billion in both assets and liabilities. Judge Sean H. Lane oversees the cases. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as international legal counsel; Ritch, Mueller y Nicolau, S.C. and Creel, Garcia-Cuellar, Aiza y Enriquez SC, as Mexican legal counsel; and DD3 Capital Partners as financial advisor. Prime Clerk LLC is the claims agent and administrative advisor. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Resuming Flights to Cuba in December -------------------------------------------------------- RJR News reports that Trinidad and Tobago-based Caribbean Airlines will be resuming flights to Cuba next month. The service was halted as a result of the measures taken to prevent the spread of the coronavirus pandemic, according to RJR News. CAL said, as of December 14, it will operate a weekly, non-stop service each Tuesday between Trinidad and Havana, Cuba with easy connections to other destinations, the report notes. 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 =============== LATAM: IDB Launches US$20MM Fund to Support 'Green' Fiscal Policies ------------------------------------------------------------------- The Inter-American Development Bank (IDB) has launched a US$20 million fund to strengthen green fiscal policies in Latin America and the Caribbean. The project has been launched in collaboration with the German government. The trust fund will finance country-specific technical assistance projects. It will also help create a regional knowledge-sharing platform for finance ministries to exchange best practices in the design and implementation of climate-related fiscal policies. [*] BOND PRICING: For the Week Nov. 1 to Nov. 5, 2021 ----------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Fospar S/A 6.5 1.2 5/15/2026 BR BRL Noble Holding Internat 6.2 62.2 8/1/2040 KY 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 Sylph Ltd 2.4 65.1 9/25/2036 KY USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Esval SA 3.5 49.9 2/15/2026 CL CLP Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR 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 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 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 Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD YPF SA 16.5 67.3 5/9/2022 AR ARS YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD YPF SA 16.5 67.3 5/9/2022 AR ARS 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 City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD 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 Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Provincia del Chubut A 4.5 2208 3/30/2021 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 ********* 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 * * *