/raid1/www/Hosts/bankrupt/TCRLA_Public/230102.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, January 2, 2023, Vol. 24, No. 2
Headlines
B E R M U D A
NABORS INDUSTRIES: Egan-Jones Retains CCC- Sr. Unsecured Ratings
TEEKAY TANKERS: Egan-Jones Retains BB- Senior Unsecured Ratings
B R A Z I L
ANDRE MAGGI: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
BRAZIL: Weather Again Affects Grain Production in Rio Grande
EMBRAER SA: Egan-Jones Retains B Senior Unsecured Ratings
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Interest Rate Rose From 4.50 to 8.50 in 2022
J A M A I C A
[*] JAMAICA: Economy Grew 5.9% for July to September 2022
M E X I C O
FAST RADIUS: Unsecureds to Recover 1% in Sybridge Sale Plan
X X X X X X X X
[*] BOND PRICING: For the Week Dec. 26 to Dec. 30, 2022
- - - - -
=============
B E R M U D A
=============
NABORS INDUSTRIES: Egan-Jones Retains CCC- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 13, 2022, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Nabors Industries, Inc. EJR also maintained its
'C' rating on commercial paper issued by the Company.
Headquartered in Hamilton, Bermuda, Nabors Industries, Inc.
provides oil and gas drilling services.
TEEKAY TANKERS: Egan-Jones Retains BB- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on December 15, 2022, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Teekay Tankers Ltd.
Headquartered in Hamilton, Bermuda, Teekay Tankers Ltd. provides
oil transportation services through a fleet of mid-size tankers,
including Suezmax and Aframax crude oil tankers and Long Range 2
product tankers.
===========
B R A Z I L
===========
ANDRE MAGGI: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Andre Maggi Participacoes S.A.'s
(Amaggi) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB' and National Long-Term rating at 'AA+(bra)'.
Fitch has also affirmed Amaggi Luxembourg International S.a r.l.'s
senior debt at 'BB'. The Rating Outlook is Stable.
KEY RATING DRIVERS
Expected Decrease in RMI-Adjusted Net Leverage Ratio: Amaggi's RMI
net-adjusted leverage is projected to increase towards 3.8x in 2022
(3.6x in 2021), and decrease toward 3.5x in 2023. Net leverage in
2022 was impacted by higher capex following the acquisition of
Tropical land farms (USD120 million) and lower profitability from
the agro-division, due to weak cotton yields resulting from adverse
weather conditions and higher logistic costs.
Fitch expects total investments of about USD453 million in 2022
(USD142 million in 2021), and projects an increase of adjusted
EBITDA to close to USD500 million in 2022 (USD453 million in 2021),
driven by the good performance of the commodity segment due to
higher prices for corn and soybean. Fitch expects the production of
crops (soybean, corn, cotton) from the new land acquired to
materially contribute to EBITDA from 2024 onward.
For credit purposes, Fitch considers RMI-adjusted leverage when
evaluating agricultural processors and calculates RMI-adjusted
leverage by first subtracting the structural inventory required to
operate a downstream processing facility on a steady state basis.
This inventory is generally not readily available for liquidation
purposes with a going-concern entity. A 10% discount is taken for
the remaining merchandisable inventory (25% of cotton) to account
for potential basis risk loss. RMI is projected close to USD350
million at YE 2022.
Integrated Business Profile: Amaggi has a regionally-integrated
agribusiness footprint with a leading position in the production,
origination, and commercialization of grains from Mato Grosso state
in Brazil. The company produces and commercializes agricultural
products that include soybeans, corn, cotton (second crop), soybean
meal and fertilizers. The company is self-sufficient in terms of
energy and benefits from its logistic segment, which includes the
management of its own hydro transportation system (Hermasa) and
access to other navigation routes, warehouses and terminals through
JVs or companies where the group has a minority interest.
The group's competitive advantages include its location,
vertical-integration and export-driven business model.
Approximately 83% of revenues are generated outside Brazil. The
company owns 306,000 hectares of agricultural land, of which
175,000 hectares are farmable as of 3Q22. The company also leases
another 60,000 hectares of farmable land from third parties, for a
total of 235,000 hectares of land available for production.
Price and FX Risk Management: Amaggi and other agricultural
processors are subject to commodity price and margin call
variations affected by a wide range of unpredictable
macro-environmental conditions, and supply and demand imbalances
for commodities. Future contract transactions to avoid exposure to
commodity prices result in relevant volumes of margin calls that
the company closely monitors. Margin calls amounted to about
approximately USD244 million in 2021 and are expected to reach
approximately USD65 million in 2022.
Origination and Counterparty Risks: Amaggi is subject to intense
competition with other large multinational grain companies (ADM,
LDC, Cargill, Bunge) in the acquisition of grains in Mato Grosso,
which is an abundant region for soy and corn. This risk is
mitigated by the group's capacity to process large volumes thanks
to its logistics, which enable the company to compete with peers in
terms of market share.
Advances in financing to farmers are provided under strict criteria
with the use of CPRs (rural credit notes) for collateral. No single
producer represents more than 1.4% of Amaggi's annual origination.
Working capital is seasonal, and part of its grain origination
requires some advances to suppliers. Margin calls are subject to
price changes and volume originated. Net derivatives exposure (FX,
commodities, interest rates) was approximately -USD18 million and
USD160 million, respectively, as of YE 2021 and Sept. 30, 2022.
Country Ceiling Analyst: The Foreign Currency IDR is not capped by
Brazil's 'BB' Country Ceiling rating, due to the company's exports
in hard currency and cash abroad that cover Foreign Currency
interest expenses. A multi-notch downgrade of Brazil's Country
Ceiling could lead to a downgrade of the company's ratings.
DERIVATION SUMMARY
Fitch views Amaggi's business risk profile as weak relative to
peers, Bunge Limited (BBB/ Positive), Cargill Incorporated
(A/Stable), and Archer Daniels Midland Company (ADM) (A/Stable),
due to its smaller operational scale, lower diversification, and
substantial concentration in one region. Fitch also considers the
risks related to the agribusiness industry in Brazil, which
includes the exposure to great supply and demand imbalances,
weather patterns, trade-related wars, government policies,
agricultural crop breaks, deforestation and alternative usage of
the land.
Although Amaggi´s consolidated profitability is satisfactory, it
remains exposed to strong competition within the industry, with the
presence of important international groups operating with strong
credit profiles.
The company's operations are concentrated in Mato Grosso, Brazil,
which subjects the company to the Brazil's 'BB' Country Ceiling. As
most revenues are derived from export markets, Fitch believes the
rating could be maintained if the Brazilian country ceiling were
downgraded by no more than one notch. When combined with higher
average leverage, these factors result in lower ratings than peers
(Bunge, ADM, Cargill).
KEY ASSUMPTIONS
- Adjusted EBITDA of about USD500 million;
- Relatively stable yoy RMI levels close to USD350 million;
- RMI adjusted net leverage of about 3.8x by YE 2022 and toward
3.5x at YE 2023.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Improved scale and geographical diversification;
- RMI-adjusted net leverage (RMI adjusted total net debt to
operating EBITDA) below 2.5x range on a sustained basis;
- Liquidity ratio (cash and marketable securities+RMI+account
receivables/Total short-term liability) above 1x on a sustainable
basis;
- Secured debt/EBITDA below 1x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Loss of business diversification;
- RMI-adjusted net leverage (RMI adjusted total net debt to
operating EBITDA) sustained above 3.5x range on a sustainable
basis;
- Liquidity ratio (cash and marketable securities+RMI+account
receivables/Total short liabilities) below 0.8x at year-end;
- Secured debt/EBTIDA above 2.5x;
- A multi-notch downgrade of Brazil's Country Ceiling and inability
to cover hard currency interest expenses by offshore cash and
exports.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: The diversified sources of external liquidity
used for short-term working capital financing -- combined with
cash, short-term marketable securities and high levels of liquid
RMI -- provide Amaggi with adequate financial flexibility. As of
Sept. 31, 2022, Amaggi reported consolidated cash and marketable
securities of USD894 million, covering 0.7x the USD1.3 billion of
short-term debt. The company also has access to several uncommitted
bank lines and maintains a minimum cash policy of USD400million.
The company's liquidity ratio based on total current liabilities
was about 0.8x as of Sept. 30, 2022.
ISSUER PROFILE
Amaggi operates in an integrated and synergistic way throughout the
agribusiness chain: agricultural production, river and road
transport, port operations, origination, processing and
commercialization of grains and inputs, generation and
commercialization of electricity.
ESG CONSIDERATIONS
Andre Maggi Participacoes S.A. has an ESG Relevance Score of '4'
for Waste & Hazardous Materials Management; Ecological Impacts due
to due to the ecological impact related to land use, as a large
part of the volume of grain coming from the commodity business come
from Amazon and Cerrado Biomes, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.
Andre Maggi Participacoes S.A. has an ESG Relevance Score of '4'
for Group Structure due to related-party transaction and the
complexity of group structure, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.
Andre Maggi Participacoes S.A. has an ESG Relevance Score of '4'
for Governance Structure due to due to lack of board independence
as the company is privately controlled, 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.
Entity/Debt Rating Prior
----------- ------ -----
Amaggi Luxembourg
International
S.a r.l.
senior unsecured LT BB Affirmed BB
Andre Maggi
Participacoes
S.A. LT IDR BB Affirmed BB
LC LT IDR BB Affirmed BB
Natl LT AA+(bra) Affirmed AA+(bra)
BRAZIL: Weather Again Affects Grain Production in Rio Grande
------------------------------------------------------------
Richard Mann at Rio Times Online reports that the La Nina
phenomenon, which influences the rainfall regime in the South of
Brazil for the third consecutive season, has already brought the
first negative impact for the grain crop in Rio Grande do Sul in
this 2022/23 cycle.
With the problems, consultancy StoneX reduced to 4.5 million tons
its estimate for the summer corn harvest in the state from the 5.4
million tons projected at the beginning of December, according to
Rio Times Online.
In August 2022, Emater-RS' projection pointed to a summer corn
harvest of 6.1 million tons, down from 2.9 million, the report
notes.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He will be sworn in on January 1, 2023,
as the 39th president of Brazil, succeeding Jair Bolsonaro.
In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative. In June 2022, S&P Global
Ratings also affirmed its 'BB-/B' long- and short-term foreign and
local currency sovereign credit ratings on Brazil. Moody's, in
April 2022, affirmed Brazil's long-term Ba2 issuer ratings and
senior unsecured bond ratings, (P)Ba2 senior unsecured shelf
ratings, and maintained the stable outlook. On the other had,
DBRS, in August 2022, confirmed Brazil's Long-Term Foreign and
Local Currency Issuer Ratings at BB (low).
EMBRAER SA: Egan-Jones Retains B Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on December 12, 2022, maintained its
'B' foreign currency and local currency senior unsecured ratings on
debt issued by Embraer SA.
Headquartered in Sao Jose dos Campos, State of Sao Paulo, Brazil,
Embraer SA manufactures and markets commercial, corporate, and
defense aircraft.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Interest Rate Rose From 4.50 to 8.50 in 2022
----------------------------------------------------------------
Dominican Today reports that amid a complex international context
caused by the post-pandemic, increases in the cost of maritime
freight, and the war in Russia and Ukraine, among other things,
inflation has affected most of the region's countries, including
the Dominican Republic, causing an increase in interest rates and,
as a result, an increase in the cost of money.
In the Dominican Republic, 2022 began with an interest rate of 4.50
percentage points and will end with 8.50, for a total of 550
points, despite economists' warnings that these monetary policy
increases will slow down the Dominican economy, as evidenced by
economic growth that barely moderated in the fourth quarter of the
year, according to Dominican Today. 2021 ended with an increase
from 3.50 to 4.50%, a 100 basis point increase in monetary policy,
at a time when the war between the two countries had not yet begun,
which began on February 24, the report notes.
Since then, the interest rate has risen aggressively month after
month, following countries such as the United States, which has
raised its interest rate to its highest level in 40 years, the
report relays. However, the rate has remained at 8.50 percentage
points since October, the report discloses. According to Central
Bank records, the last time the monetary policy rate was this high
was in January 2009, when it was set at 8.50%, the report relays.
This would represent the highest rate in the previous 13 years, the
report notes. Economists such as Haivanjoe NG Cortinas have noted
that the tightening of monetary policy has had an impact on
Dominican banks, albeit to a lesser extent, the report says.
According to Cortinas, the minimum difference between monetary
policy and the weighted rate of the financial system explains why
inflation in the Dominican Republic has not fallen as expected, the
report discloses. While Professor Antonio Ciriaco, dean of the
Faculty of Economics at the Autonomous University of Santo Domingo
(UASD), has stated that these measures (raising the monetary policy
rate), while necessary, raise the cost of credit and money,
affecting investment in the Dominican Republic, the report relays.
According to the economist, to the extent that this rise influences
both the active and passive rates, but primarily the active rate,
credit, and the cost of money, investment decisions, and
consumption would undoubtedly slow, 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.
TCRLA reported in April 2019 that the Dominican 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.
On Dec. 19, 2022, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects
S&P's expectation of continued favorable GDP growth and policy
continuity over the next 12-18 months that will likely
stabilize the government's debt burden.
Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
=============
J A M A I C A
=============
[*] JAMAICA: Economy Grew 5.9% for July to September 2022
---------------------------------------------------------
RJR News reports that Jamaica's economy grew by 5.9 per cent for
the July to September 2022 quarter.
The Statistical Institute of Jamaica (STATIN) says third quarter
Gross Domestic Product growth was attributable to a six per cent
increase in the services industry, according to RJR News.
Real value added for the goods producing industry amounted to 5.6
per cent for the period, the report notes.
STATIN says the performance reflects the continued recovery of the
economy from the effects of the COVID-19 pandemic, the report
relays.
The GDP outturn also exceed projections by the Planning Institute
of Jamaica, the report discloses.
In November, the institute estimated that growth for the period
would amount to 4.3 per cent, the report relays.
STATIN says GDP for all services industries rose during the period,
when compared with the similar quarter in 2021, the report
discloses.
The hotels & restaurants industry also advanced due to increased
activities in hotels and other short-stay accommodation and
restaurants, the report notes.
Accommodation was positively influenced by a 49.2 per cent increase
in foreign national arrivals during the period, the report adds.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===========
M E X I C O
===========
FAST RADIUS: Unsecureds to Recover 1% in Sybridge Sale Plan
-----------------------------------------------------------
Fast Radius, Inc., and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Combined Disclosure
Statement and Joint Chapter 11 Plan dated December 19, 2022.
During the chapter 11 cases, the Debtors, their management team,
and their advisors continued work tirelessly to market the Debtors'
business with the goal of identifying the optimal buyer or
financial partner as part of the chapter 11 process.
On Dec. 7 and Dec. 8, 2022, the Debtors conducted the auction in
person and via remote video for the sale of substantially all of
their assets. Upon the conclusion of the auction, 36 hours
later,
SyBridge Digital Solutions LLC was named the successful bidder and
BigBear and TRG were named the backup bidders.
The Debtors estimate that the SyBridge going-concern transaction
generates a total estimated value of nearly $17 million, inclusive
of more than $13 million of cash, offers to 75% of the Debtors'
employees, the proposed assumption of more than 100 contracts and
up to more than $2.4 million of liabilities, among other things.
The SyBridge transaction was proposed and entered into by the
Purchaser and the Debtors in good faith, after arm's length
negotiations, and without collusion. The SyBridge transaction
constitutes the highest or otherwise best offer for the assets,
and
the Debtors' determination, in consultation with the consultation
parties, that the transactions contemplated under the Purchase
Agreement constitute the highest or otherwise best offer for the
Debtors' assets based on a review of the components of the bid as
compared to the next highest bid and discussion of those factors
with both the consultation parties and the Debtors' board of
directors (excluding Mr. Rassey) and based on advice the Board
received from its professional advisors: Lincoln, DLA Piper LLP
(US), and Alvarez & Marsal North America, LLC.
On Dec. 16, 2022, the Closing Date the Debtors and the Purchaser
consummated the Sale Transaction. Pursuant to, and subject to the
terms of, the Sale Order, on the Closing Date, the Debtors
distributed approximately $7.8 million of Cash to SVB and
approximately $2.0 million to SVB Capital while escrowing the
remaining $2.0 million of Cash consideration paid by the Purchaser
as part of the Sale Transaction. The Debtors also escrowed $1.5
million pursuant to the Sale Order in respect of Lincoln's
potential fees.
Class 4 shall consist of all General Unsecured Claims against the
Debtors. Class 4 Claims are Impaired by the Plan. Each Holder of an
Allowed General Unsecured Claim shall receive, in full and final
satisfaction, settlement, and release, and in exchange for, such
General Unsecured Claim, (i) its Pro Rata share of the GUC
Recovery; and (ii) if such Holder votes to accept the Plan, such
Holder shall be deemed a Released Party for all purposes hereunder.
This Class will receive a distribution of less than 1% of their
allowed claims.
Class 5 shall consist of all Intercompany Claims and Intercompany
Interests. Each Allowed Intercompany Claim or Intercompany
Interest, unless otherwise provided for under the Plan, will either
be Reinstated or cancelled and released at the option of the
Debtors.
Class 6A shall consist of all Interests in Debtor Fast Radius, Inc.
Because Holders of such Class 6A Interests will not receive any
Distribution under the Plan, Holders of Class 6A Interests are
deemed to reject the Plan and, therefore, not entitled to vote on
the Plan. On the Effective Date, Interests in Debtor Fast Radius,
Inc. shall be canceled, released, and expunged without any
Distribution on account of such Interests, and such Interests will
be of no further force or effect.
The Wind-Down Debtor will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or the Wind-Down Debtor, including the remaining Sale
Transaction Cash proceeds due and payable under the Purchase
Agreement and Sale Order after the Closing Date, the proceeds of
any non-Cash assets held by the Wind-Down Debtor, and the
assumption of liabilities by the Purchaser under the Purchase
Agreement and Sale Order.
On the Effective Date, Debtor Fast Radius Operations, Inc. shall
continue in existence after the Effective Date as the Wind-Down
Debtor for purposes of (a) winding down the Debtors' businesses and
affairs as expeditiously as reasonably possible and liquidating any
assets held by the Wind-Down Debtor after the Effective Date and
after the consummation of the Sale Transaction, (b) performing the
Debtors' obligations under the Purchase Agreement or any transition
services agreement entered into on or after the Effective Date by
and between the Debtors and the Purchaser, (c) resolving any
Disputed Claims, (d) paying or otherwise satisfying Allowed Claims,
(e) filing appropriate tax returns, and (f) administering the Plan
in an efficacious manner.
A full-text copy of the Combined Disclosure Statement and Plan
dated Dec. 19, 2022, is available at https://bit.ly/3I4faAV from
Stretto, Inc., claims agent.
Co-Counsel for Debtors:
Rachel Ehrlich Albanese, Esq.
DLA Piper, LLP (US)
1251 Avenue of the Americas
New York, NY 10020
Phone: 212-335-4775
Fax: +1 212 884 8575
Email: Rachel.albanese@us.dlapiper.com
R. Craig Martin, Esq.
1201 N. Market Street, Suite 2100
Wilmington, Delaware 19801
Telephone: (302) 468-5700
Facsimile: (302) 394-2341
Email: craig.martin@us.dlapiper.com
W. Benjamin Winger, Esq.
444 West Lake Street, Suite 900
Chicago, Illinois 60606
Telephone: (312) 368-4000
Facsimile: (312) 236-7516
Email: benjamin.winger@us.dlapiper.com
Co-Counsel for the Debtors:
Daniel N. Brogan, Esq.
Bayard, P.A.
600 N. King Street, Suite 400
P.O. Box 25130
Wilmington, DE 19899
Tel: (302) 429-4242
Email: dbrogan@bayardlaw.com
About SyBridge
Technologies
SyBridge Technologies was established in 2019 by Crestview Partners
to create a global technology leader that provides value-added
design and manufacturing solutions across multiple industries.
SyBridge is the combination of 13 acquisitions made to combine
different products, services and technologies into a singular
technology enabled solution. SyBridge is based in Southfield,
Michigan and has operations in the United States, Canada, Mexico
and Ireland. On the Web: http://www.sybridgetech.com/
About Fast
Radius
Fast Radius, Inc. (OTCMKTS: FSRDQ) is a cloud manufacturing and
digital supply chain company in Chicago, Ill.
Fast Radius, Inc. and affiliates, Fast Radius Operations, Inc. and
Fast Radius PTE Ltd., sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11051) on
Nov. 7, 2022. In the petition signed by Patrick McCusker,
authorized signatory, Fast Radius, Inc. disclosed $69.329 million
in assets and $55.212 in liabilities.
The Debtors tapped DLA Piper LLP (US) and Bayard, P.A., as legal
counsels; Lincoln Partners Advisors, LLC, as investment banker;
Alvarez & Marsal North, America, LLC as financial advisor; and
Stretto, Inc. as claims and noticing agent and administrative
advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Nov. 18,
2022. The committee is represented by Potter Anderson Corroon,
LLP.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Dec. 26 to Dec. 30, 2022
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
City of Cordoba Argent 7.9 73.1 9/29/2024 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 de Cordoba 7.1 74.7 8/1/2027 AR USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY 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
Esval SA 3.5 49.9 2/15/2026 CL CLP
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Province of Santa Fe 6.9 75.2 11/1/2027 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
*********
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 2023. 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 * * *