/raid1/www/Hosts/bankrupt/TCRLA_Public/230509.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
Tuesday, May 9, 2023, Vol. 24, No. 93
Headlines
A R G E N T I N A
ARGENTINA: Brazil to Finance Imports to Relieve Pressure on Reserve
ARGENTINA: U.S. Will Support IMF Speeding up Loan Disbursements
BLOCKFI INC: $275 Million Alternative Cash Deposits Okayed
B R A Z I L
AMERICANAS S.A.: Minority Shareholders Name New Board
BANCO BOCOM BBM: Fitch Puts BB(xgs) Ex-Government Support Rating
BR PROPERTIES: S&P Withdraws 'B+' Global Scale Issuer Credit Rating
BRAZIL: Holds Interest Rate, Citing 'Resilient' Inflation
BRAZIL: Market Raises Economic Growth Forecast to 1% in 2023
C A Y M A N I S L A N D S
ADAMAS CAPITAL: Appoints Crowe Cayman as Liquidator
J A M A I C A
JAMAICA: Courts Ready Cash Gets Approval for Microfinance Services
JAMAICA: Farmers & Fishers to Benefit From More Insurance Options
P U E R T O R I C O
BED BATH & BEYOND: Court OKs $240MM DIP Loan from Sixth Street
- - - - -
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A R G E N T I N A
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ARGENTINA: Brazil to Finance Imports to Relieve Pressure on Reserve
-------------------------------------------------------------------
Buenos Aires Times reports that Argentina has reached the outline
of an agreement with Brazil to finance imports coming from its
giant Mercosur partner, although some details still remain to be
defined.
At a four-hour meeting in Brasilia, President Alberto Fernandez and
his host Luiz Inacio Lula da Silva analysed alternatives for
bringing financial assistance to Argentina, which is in the grip of
runaway inflation, turbulence on exchange markets and dwindling
Central Bank reserves, according to Buenos Aires Times.
The credits will seek to finance the companies exporting from
Brazil over a longer term in an attempt to relieve the monthly
import bill by over US$1 billion, according to government sources,
the report notes. The aim is to reduce the demand for hard
currency which is draining Argentina's Central Bank reserves, for
which the Fernandez administration will have to apply guarantees
which have yet to be defined, the report relays.
According to information made available to the Noticias Argentinas
news agency, a credit scheme in Brazilian reales has been agreed
with the Sistema de Importaciones de la República Argentina (SIRA)
import authorisation body, offering a system of guarantees with
future flows of incremental exports from Argentina to finance this
year's imports, the report discloses.
There will be a new meeting between the economic teams with a
summons to Brazilian exporters and Argentine importers to advance
the agreement further, probably at the headquarters of the FIESP
São Paulo industrial confederation, the report relays.
The core of the bilateral agenda was to resume the credit lines of
Brazil's BNDES development bank to finance Argentine imports of
Brazilian products, while the government also wants funding from
the institution to pay for some of the infrastructure works related
for the Vaca Muerta gas pipeline, the report notes.
Other issues such as science, energy, defence and security were
also touched upon, but the urgency related to trade and finding
mechanisms to improve its depth and flow, the report says.
'Do Everything'
Lula said he is "willing" to help Argentina and find a way to
implement a credit line to support exports to Brazil's neighbour,
the report relays.
"I will do everything and make any sacrifice so that we can help
Argentina in this difficult moment," Lula da Silva said at a press
conference at the Alvorada Palace, the report discloses.
Following the meeting, Lula said he is "disposed" to converse with
businessmen and the Brazilian Congress to find "a solution" to the
Central Bank's lack of dollars, the report says.
Fernandez arrived in the Brazilian capital seeking to negotiate
assistance and incentives for Brazilian exports to Argentina,
permitting his nation to continue importing despite the shortage of
hard currency, the report notes.
Noticias Argentinas reported the scheme agreed at the meeting is
similar to the government's yuan currency swap with China,
approximating positions towards establishing a credit system with
SIRA in reales, the report relays.
Following the meeting the Brazilian president made it clear that
the discussion over the "guarantees" to implement the credits has
yet to be settled, the report says.
"We will do everything within our reach to try and resolve the
existing economic and legislative problems," promised Lula, who
also said he had held conversations with the members of the BRICS
(Brazil, Russia, India, China and South Africa) group to help
Argentina, the report discloses.
For his part, President Fernandez celebrated "the explicit support"
of Lula, the report notes.
"They have taken the decision to help Brazilian companies to
continue exporting to Argentina, asking us to do our duty which we
have done and which has to do with the necessary guarantees so that
Brazil can favour those credits," he said, the report relays. "We
are putting solutions into action. Lula's commitment is very
important. Now we have to find the points of agreement and get the
job done," he added.
He concluded: "We've agreed on the teams of [Brazilian Finance
Minister Fernando] Haddad and [Economy Minister Sergio] Massa
meeting so that we can sort out those things," the report notes.
Haddad told reporters earlier that some 200 Brazilian companies
"are not only not exporting, but are not receiving" the
corresponding payments for agreed sales, citing difficulties in
Argentina, the report relays.
Official sources indicated to Noticias Argentinas that the
objective was to generate "the financial engineering to make trade
more dynamic," using reales instead of greenbacks to "decompress
the use of dollars," the report notes.
Lula said that Fernandez could return to Argentina "calmer . . .
without cash but with plenty of political will," the report
discloses.
"When we talk about finding a way out for Argentina, we're talking
about South America, we're talking about Mercosur and we're talking
about Brazil's main trade partner," said the veteran leftist, the
report relays.
As confirmed from Brazil, credits will be sought for over 200
Brazilian companies so that they can export to Argentina, which
will thus not have to resort to dollars with the pesos being
directly converted into reales, financed by the Brazilian
government, the report notes. There will be a mechanism of
compensation between reales and pesos so as not to use the dollar
with the periods over which compensation is to be paid remaining to
be defined, the report says.
IMF Slam
Raising eyebrows with his choice of language, Lula went on to say
he would lobby the International Monetary Fund (IMF) on Argentina's
behalf, the report notes.
"I seek to converse via my finance minister with the IMF to remove
the knife from Argentina's throat. The IMF knows how heavily
indebted Argentina is and to whom they were lending the money so
that they cannot continue pressing a country which only wants to
grow, create jobs and improve the lives of its people," declared
the Brazilian leader, the report discloses.
Fernandez, in turn, praised Lula and his government for their
support: "I value the efforts of Brazil to help us. I also
celebrate his explicit stance on behalf of Argentina with the IMF.
As they know, we are rediscussing the programme to which we
committed ourselves with the IMF at the time because the conditions
have objectively changed with the war [in Ukraine] and the
drought," the report relays.
According to reports, the president held a one-on-one meeting with
Lula in the Alvorada Palace ahead of a meeting with six people from
each country participating. Representing Argentina were Cabinet
Chief Agustín Rossi, Foreign Minister Santiago Cafiero, Economy
Minister Sergio Massa, Presidential Chief-of-Staff Julio Vitobello,
Argentina's Ambassador to Brazil Daniel Scioli and Presidential
Spokesperson Gabriela Cerruti, the report discloses.
After the group meeting, the Brazilian president hosted a dinner to
round out the day, attended by some of the Argentine delegation,
including first lady Fabiola Yanez, the report discloses.
The meeting between Lula and Fernandez followed a 45-minute
video-conference call between the two heads of state on April 27,
the report says. In a communique issued after the meeting, the
leaders "highlighted the importance of deepening fraternal ties and
bilateral trade" among other issues, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.
Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
ARGENTINA: U.S. Will Support IMF Speeding up Loan Disbursements
---------------------------------------------------------------
Buenos Aires Times reports that Jhe Joe Biden administration would
support speeding up disbursements from Argentina's US$44.5-billion
program with the International Monetary Fund, if the nation's
authorities can successfully negotiate a new schedule with the
lender, according to US officials familiar with the matter.
Based on the current program, Argentina is scheduled to receive
US$10.6 billion from the IMF between June and December, according
to Buenos Aires Times. Yet the nation, pressured by dwindling
reserves, out-of-control inflation and a record drought, is seeking
to advance some or all of that financing from the IMF to June, the
report notes.
The United States would be supportive of frontloading the payments
because it sees the need to prevent Argentina's economic crisis
from getting worse, the officials said, asking not to be identified
without permission to speak publicly, the report discloses.
Argentina's government plans to make the case to the IMF that the
severe drought the country is suffering is beyond its control, and
it needs the funds as soon as possible to tame the crisis, the
report says.
US support is important, given its status as the IMF's largest
shareholder, and the Fund's desire to take decisions by consensus,
the report relays.
Conditions
But negotiating a front-loading of the loan with IMF staff will be
no easy task for Argentina, the report notes. The Fund is likely
to ask for conditions that could be difficult for the country to
meet, and Argentina has a long history of failing to meet the goals
set out for it by the IMF, the report says.
One other US official cautioned that the US would need to review
any staff agreement and consult with IMF leadership and other board
members before taking an official position, the report discloses.
The US Treasury Department, National Security Council and
Argentina's Economy Ministry declined to comment.
An IMF spokeswoman said that the Fund continues to work very
closely with Argentine authorities to strengthen the country's
program in the context of the drought, and that discussions about
the next review are ongoing and continue in a constructive way, the
report notes.
Argentina is the IMF's largest borrower and it has a complicated
history with the Fund after 22 different program in close to 70
years did little to fix a crisis-prone economy, the report relays.
The current program is already off-track with the government likely
missing key targets through the end of March while annual inflation
reached 104 percent and the peso plunged in parallel markets, the
report notes. Those setbacks forced policy-makers to go back to
the drawing board to overhaul the loan, the report relays.
Argentina also faces a volatile presidential election this year and
accepting a looser financial program could be seen by the
opposition as favoring the government ahead of the October vote,
the report notes.
Complicated History
Although unusual for its standards, the IMF has front-loaded cash
to Argentina before. In 2018, the IMF approved advancing
disbursements to the government of former president Mauricio Macri
as the economy nosedived into a currency crisis triggered by
another significant drought, the report relays. However, more cash
up front didn't stabilize the economy and the program was suspended
around the presidential election of 2019, the report notes.
To make things more complicated, Argentina's Vice-President
Cristina Fernandez de Kirchner, who over the years has repeatedly
criticized the IMF, blamed the existing program for the country's
economic malaise, complaining that the Fund's rules prevented the
Central Bank from intervening to stem the decline of the peso, the
report says.
Argentina's economy faces one of its severest moments with the
drought sending activity into recession and international reserves
slumping even after the Fund disbursed US$5.4 billion in fresh
funding at the start of April, bringing disbursements under the
extended fund facility deal to US$28.9 billion, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.
Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
BLOCKFI INC: $275 Million Alternative Cash Deposits Okayed
----------------------------------------------------------
Rick Archer of Law360 reports that a New Jersey bankruptcy judge,
on April 27, 2023, gave cryptocurrency platform BlockFi
permission to put $275 million in cash into a money market account
if it can't arrange for a Bankruptcy Code-compliant bank account
by May 1, 2023.
The Court ordered that the Debtors' motion granting a limited
waiver of the requirements of Section 345(b) of the Bankruptcy Code
is GRANTED IN PART and DENIED IN PART:
* Notwithstanding anything to the contrary in the Final Order
(I) Authorizing the Debtors to (A) Continue Use of Existing
Business Forms and Records,(B) Maintain Existing Corporate Bank
Accounts and Cash Management System, (C) Pay Prepetition Bank Fees
Associated with the Cash Management System, and (D) Continue
Performance of Intercompany Transactions, (II) Granting
Administrative Expense Status To Postpetition Intercompany
Balances, and (III) Waiving Certain U.S. Trustee Requirements
[Docket No. 306], or elsewhere, the requirements of section 345 of
the Bankruptcy Code, to the extent applicable and solely in
connection with these chapter 11 cases, may be waived solely with
respect to the Remaining Funds and solely on the terms set forth
herein.
* A limited waiver of section 345(b) is denied to the extent the
Debtors receive confirmation from First Citizens Bank and/or the
U.S. Trustee that First Citizens Bank has collateralized the
Remaining Funds (as that term is defined in the Motion) in an
amount equal to 115% of the Remaining Funds as required under the
Uniform Depository Agreement between First Citizens Bank and the
United States Trustee for Region 3 (the Confirmation) by 5:00 pm
prevailing Eastern time on May 1, 2023 (the Deadline), which
Deadline may be extended by mutual agreement between the Debtors
and the U.S. Trustee.
* A limited waiver of section 345(b) is granted if, and only if,
First Citizens Bank or the U.S. Trustee does not provide the
Debtors with the 345 Confirmation, prior to the Deadline. In such
event, the Debtors are authorized to invest the applicable
Remaining Funds in one or more money market funds that only invest
in U.S. government obligations in an amount up to $275 million with
Webster Bank or other authorized depository that has executed a
Uniform Depository Agreement with the United States Trustee for
Region 3. For the avoidance of doubt, the Debtors are authorized to
invest in U.S. government obligations directly at any time.
* With respect to the $24 million of Remaining Funds currently
held at BAML, the Debtors are authorized to transfer such funds to
First Citizens Bank if First Citizens Bank confirms prior to the
Deadline that they will open a bank account for BlockFi
International Ltd. (Account Confirmation). To the extent First
Citizens Bank fails to provide the Account confirmation directly
with the Debtors by the Deadline, or any agreed upon extension
thereof, the Debtors are granted a limited waiver of the section
345 requirements to allow such funds of BlockFi International Ltd.
to be deposited into one or more money market funds that only
invest in U.S. government obligations or to purchase U.S.
government obligations directly.
For the avoidance of doubt, nothing herein prohibits the Debtors
from placing these funds into an account with an approved
depository that will comply with the collateralization
requirementsof their UDA.
* The Debtors are not authorized to deposit any funds into any
insured cash sweep programs.
* The Debtors are authorized to take all actions necessary to
effectuate the relief granted pursuant to this Order in accordance
with the Motion.
About BlockFi Inc.
BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.
BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.
BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.
BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.
BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.
BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.
BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.
===========
B R A Z I L
===========
AMERICANAS S.A.: Minority Shareholders Name New Board
-----------------------------------------------------
Daniel Cancel of Bloomberg News reports that shareholders of
embattled Brazilian retailer Americanas SA voted to ratify most of
the names proposed for its board of directors, after the firm sank
into bankruptcy in January 2023 following the revelation of a
massive accounting error. At a general meeting held April 29,
2023, Carlos Sicupira, one of the billionaire founders of 3G
Capital Inc. that's also among Americanas' largest shareholders,
was reelected to the board. Minority shareholders managed to elect
Pierre Moreau. He was proposed by shareholders that include
Bonsucex Holding, Silvio Tini de Araujo, and EWZ Brasil Fundo.
Reuters reported May 1, 2023, that Americanas SA announced the
resignation of former chief executive officer Jose Timotheo de
Barros, who was relieved of most of his duties earlier this year
amid investigations over accounting "inconsistencies." Barros has
resigned from his position as head of Americanas' "brick and
mortar," logistics and technology, the company said in a filing.
Americanas, backed by the billionaire trio that founded investment
firm 3G Capital, entered bankruptcy protection last month after
disclosing "inconsistencies" in its accounting worth 20 billion
reais ($3.8 billion).
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in Rio
de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023. White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
BANCO BOCOM BBM: Fitch Puts BB(xgs) Ex-Government Support Rating
----------------------------------------------------------------
Fitch Ratings has assigned ex-government support or 'xgs' ratings
to Banco BOCOM BBM S.A. (Banco BOCOM BBM), Banco Procredit S.A.
(Banco Procredit) and Industrial and Commercial Bank of China
Limited Panama Branch (ICBC Pan). Fitch has assigned ex-government
support ratings, where an 'xgs' suffix is added to the
corresponding existing rating, to banks that are not rated as
public-sector policy banks and that have Long-Term Issuer Default
Ratings (IDRs) that incorporate assumptions of government support.
This rating action follows the publication of Fitch's Bank
Ex-Government Support Ratings Criteria on April 11, 2023. The
underlying ratings are unaffected by the rating action.
KEY RATING DRIVERS
The ex-government support ratings exclude assumptions of
extraordinary government support from the underlying ratings.
The Foreign Currency (FC) Long-Term IDR (xgs) of the following
subsidiary banks has been assigned at the higher of their Viability
Ratings (VRs) and the rating obtained by notching from the parent
banks' Long-Term IDRs (xgs) in accordance with the shareholder
support notching considerations as outlined in the relevant Master
Criteria.
- Banco BOCOM BBM
- Banco ProCredit
Local Currency (LC) LT IDR (xgs) of Banco BOCOM BBM has been
assigned in line with the Long-Term IDR (xgs).
Short-Term Foreign and Local Currency IDRs (xgs) have been assigned
in accordance with the respective Long-Term Foreign and Local
Currency IDRs (xgs) and Fitch's short-term rating mapping, taking
into account the respective parents' Short-Term IDRs (xgs).
The ex-government support ratings of ICBC Pan are aligned with
ex-government ratings of Industrial and Commercial Bank of China
Limited, which reflects its status as a branch of the latter.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The Long-Term IDRs (xgs) of Banco BOCOM BBM and Banco ProCredit
could be downgraded if the respective parent banks' ability or
propensity to provide support weakens, as assessed by Fitch. The
former could stem from a downgrade of the respective parent bank's
Long-Term IDRs (xgs) or from an increase in country risks as
assessed by Fitch.
The Long-Term IDR (xgs) of ICBC Pan would be downgraded if the
Long-Term IDR (xgs) of Industrial and Commercial Bank of China is
downgraded.
Short-term ex-government support ratings are primarily sensitive to
changes in the long-term ex-government support ratings and could be
downgraded if the latter are downgraded and the new long-term
ratings map to lower short-term ratings in accordance with Fitch's
criteria.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of the Long-Term IDRs (xgs) of Banco BOCOM BBM would
require an upgrade of the parent bank's Long-Term IDR (xgs) and, in
case of FC Long-Term IDR (xgs), an upgrade of Brazil's Country
Ceiling, provided Fitch's view on the parent bank's ability and
propensity to provide support remains otherwise unchanged.
An upgrade of the Long-Term IDR (xgs) of Banco ProCredit, which is
constrained by Ecuador's transfer and convertibility risks, would
require an upgrade of Ecuador's Country Ceiling, provided Fitch's
view on the parent bank's ability and propensity to provide support
remains otherwise unchanged.
The Long-Term IDR (xgs) of ICBC Pan would be upgraded if the
Long-Term IDR (xgs) of Industrial and Commercial Bank of China is
upgraded.
Short-term ex-government support ratings are primarily sensitive to
changes in the long-term ex-government support ratings and could be
upgraded if the latter are upgraded and the new long-term ratings
map to higher short-term ratings in accordance with Fitch's
criteria.
ESG CONSIDERATIONS
ESG considerations have remained unchanged since the last rating
review.
Entity/Debt Rating
----------- ------
Banco BOCOM
BBM S.A. LT IDR (xgs) BB(xgs) New Rating
LC ST IDR (xgs) B(xgs) New Rating
LC LT IDR (xgs) BB(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Industrial and
Commercial Bank
of China
Limited, Panama
Branch LT IDR (xgs) BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
Banco
ProCredit S.A. LT IDR (xgs) B-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
BR PROPERTIES: S&P Withdraws 'B+' Global Scale Issuer Credit Rating
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S&P Global Ratings withdrew its 'B+' global and 'brAA' national
scale ratings on Brazilian real estate operator BR Properties S.A.
at its request. Both ratings on the company had a stable outlook at
the time of withdrawal.
BRAZIL: Holds Interest Rate, Citing 'Resilient' Inflation
---------------------------------------------------------
Buenos Aires Times reports that Brazil's Central Bank held its key
interest rate steady for the sixth straight time, despite pressure
from President Luiz Inacio Lula da Silva for a rate cut to
kick-start Latin America's biggest economy.
Citing "resilient" inflation and an "external environment that
remains adverse," the bank's monetary policy committee said it had
decided to leave the benchmark Selic rate at 13.75 percent,
according to Buenos Aires Times.
The decision, which was in line with market expectations, came on
the same day the US Federal Reserve raised its key rate by a
quarter-point - the latest sign the world's main central banks are
not yet ready to take the brakes off monetary policy as they battle
to curb inflation, the report notes.
Brazil's Central Bank called for "patience" as it kept its key rate
at a more than six-year high. It showed no sign its stance would
change by its next meeting, scheduled for June 20 and 21, the
report relays.
"Considering the uncertainty around its different scenarios, the
[Central Bank's monetary policy] committee remains vigilant," it
said in a statement obtained by the news agency.
"It will persevere until not only the inflation rate but market
expectations have consolidated around its target. The committee
believes the situation calls for patience and serenity," it added,
the report relays.
Brazil's annual inflation rate came in at 4.65 percent for March,
returning within the Central Bank's target range - currently 1.75
to 4.75 percent - for the first time since January 2021, the report
notes.
But the bank, which has waged one of the most hawkish
anti-inflation campaigns in the world since starting its current
tightening cycle two years ago, continued to warn surging prices
were not yet under control, the report discloses.
Clashes with Lula
Lula has called Brazil's key interest rate "absurd," urging a cut
to boost the economy and openly clashing with Central Bank chief
Roberto Campos Neto, the report says.
The bank's monetary policy committee said uncertainty over the Lula
administration's spending plans was one of the factors in its
decision, the report relays.
Fearing a recession after Brazil's sluggish economy contracted 0.2
percent in the fourth quarter of 2022 - the last under far-right
ex-president Jair Bolsonaro - the veteran leftist is pushing for an
interest-rate cut to help spur growth, the report discloses.
Analysts polled by the Central Bank are currently predicting
Brazil's economy will grow one percent in 2023, with inflation of
6.05 percent for the year, the report notes.
Market expectations are for the bank to start easing the interest
rate from September, according to the its weekly poll, the report
discloses.
Haunted by a history of hyperinflation, Brazil has aggressively
raised its key interest rate from an all-time low of two percent
since inflation started to surge worldwide in early 2021, fueled by
the effects of the Covid-19 pandemic and then Russia's invasion of
Ukraine, the report relays.
Brazil currently has the world's highest real interest rate -
subtracting - according to São Paulo investment firm Infinity
Asset, the report adds.
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 was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.
As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.
Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022). The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook. Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).
BRAZIL: Market Raises Economic Growth Forecast to 1% in 2023
------------------------------------------------------------
Rio Times Online reports that the Brazilian financial market raised
from 0.96 to 1.00 percent the estimate of Gross Domestic Product
(GDP) growth for this year and maintained the forecast at 1.41
percent for next year, the Central Bank of Brazil disclosed.
According to the Focus survey conducted by the central entity among
the country's main financial institutions, the market estimate for
inflation was modified from 6.04 to 6.05 percent for the end of
2023 and maintained at 4.18 percent for 2024, 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 was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.
As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.
Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022). The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook. Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).
===========================
C A Y M A N I S L A N D S
===========================
ADAMAS CAPITAL: Appoints Crowe Cayman as Liquidator
---------------------------------------------------
Adamas Capital Partners Limited, which is in liquidation, tapped
Graham Robinson of Crowe Cayman Ltd. as liquidators.
The liquidators can be reached at:
Graham Robinson
Crowe Cayman Ltd
94 Solaris Avenue, Camana Bay
PO Box 30851, Grand Cayman
KYI-I1204
=============
J A M A I C A
=============
JAMAICA: Courts Ready Cash Gets Approval for Microfinance Services
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RJR News reports that the Bank of Jamaica has granted approval for
BlueStart Capital Jamaica, which trades as Courts Ready Cash to
provide microfinance services.
Under the new regulations, BlueStart Capital had to segregate its
businesses by creating a limited liability company that provides
financial services, according to RJR News.
Finance Minister Dr. Nigel Clarke says the regulations are aimed at
improving the standards of micro credit services to Jamaicans, the
report notes.
He said the approval of BlueStart's operation in the micro finance
space is in line with the government's broader strategy to promote
financial inclusion and support entrepreneurship and small business
growth in Jamaica, the report relays.
BlueStart plans to target low-income and under served communities
with its micro finance services, the report discloses.
Thirteen companies have received approval from the BOJ to provide
microfinance services, 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.
JAMAICA: Farmers & Fishers to Benefit From More Insurance Options
-----------------------------------------------------------------
RJR News reports that farmers and fishers in Jamaica now have
increased access to insurance options.
The announcement was made by Agriculture and Fisheries Minister
Pearnel Charles Jr. while making his contribution to the 2023-24
Sectoral Debate in the House of Representatives.
Mr. Charles said GK General Insurance Weather Protect is offering a
new type of micro-insurance designed to help non-salary income
earners cope with the effects of extreme weather.
This trigger-based policy takes into account weather indexes
measured in each parish, and payout is automatically triggered when
a value is reached.
Other insurance products are available for life, health, and home
insurance, including insurance for fishing vessels.
Minister Charles emphasized that these insurance facilities aim to
build resilience in the agricultural sector against climate
change-related stresses, safeguarding the livelihoods of farmers
and fishers.
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.
=====================
P U E R T O R I C O
=====================
BED BATH & BEYOND: Court OKs $240MM DIP Loan from Sixth Street
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Bed Bath & Beyond Inc. and its debtor-affiliates sought and
obtained entry of an order from the U.S. Bankruptcy Court for the
District of New Jersey authorizing the use of cash collateral and
obtain postpetition financing, on an interim basis.
Sixth Street Specialty Lending, Inc. serves as the administrative
agent under the DIP Credit Agreement.
Following round-the-clock, hard-fought negotiations, the Debtors
and the DIP Lenders agreed upon the terms of a debtor-in-possession
financing in the form of senior secured postpetition financing on a
superpriority basis under (1) a new money single draw term loan
facility consisting of up to $40 million, and (2) a roll-up of
Prepetition FILO Secured Obligations in the amount of $200 million
pursuant to the terms and conditions of the Interim Order and the
DIP Credit Agreement.
The Debtors are authorized to borrow the New Money Amount and
Roll-Up Amount, subject to any limitations on, or conditions to,
borrowing under the DIP Documents, which borrowings will be used
solely for purposes permitted under the DIP Documents.
The Debtors are required to comply with several milestones
including:
(a) On the Petition Date, the Debtors will have filed (i)
motions in form and substance satisfactory to the DIP Agent
requesting approval from the Bankruptcy Court to (a) continue going
out of business sales at all retail locations, and (b) assume their
prepetition Letter Agreement dated as of September 11, 2020 and
Letter Agreement dated as of March 2, 2021 with Hilco Merchant
Resources, LLC, and (ii) a motion seeking approval of a Bidding
Procedures Order, which motion will be in form and substance
reasonably acceptable to the Required DIP Lenders.
(b) On or before three days after the Petition Date, the
Bankruptcy Court will have entered the Interim Order and the Cash
Management Order; and
(c) On or before seven days after the Petition Date, the Court
will have entered an order in form and substance reasonably
acceptable to the Required DIP Lenders, approving the bidding and
auction procedures with respect to the sale by the Debtors of any,
all or substantially all of the Debtors' assets.
The Debtors ended 2021 and began 2022 with multiple disappointing
earnings misses. This was the culmination of a failed strategy
shift by the Company's prior management team to focus on private
label brands and a remodeled in-store experience. These efforts,
undertaken at a time in which the entire retail industry grappled
with the reduced customer store visits resulting from the COVID-19
pandemic, proved unsuccessful, disrupting the Debtors'
relationships with their vendors and customer base. Among other
operational missteps, the Debtors' failed to modernize their
business model to stay apace with industry wide trends, including
through building a robust omnichannel platform. Negative
macroeconomic forces, namely record levels of inflation and supply
chain problems induced by the COVID-19 pandemic, resulted in higher
inventory and labor costs as well as reductions in consumer
discretionary spending. This led to an aggressive lease
optimization strategy, resulting in the closure of hundreds of
underperforming stores. Additionally, the Company's stock
experienced extreme volatility resulting from, among other things,
"meme" stock investor Ryan Cohen's decision to sell massive amounts
of Bed Bath & Beyond shares.
To address their liquidity challenges, in August 2022, the Debtors
secured financing commitments for more than $500 million of new
financing, including their newly-expanded $1.13 billion ABL
Facility and a new $375 million FILO Facility. The proceeds of this
"bridge" financing were allocated to fund the Company's turnaround
plan, which helped extend the Company's operating runway and stave
off a more comprehensive restructuring solution. Entry into the
Amended Credit Agreement provided the Debtors with much-needed
liquidity ahead of the 2022 holiday season, and the Debtors hoped
that the holidays might stem the tide of operational losses.
However, the Debtors' vendor base did not fully return its support
in time, deepening the Debtors' liquidity troubles.
Despite efforts to right the ship, the Debtors' financial position
quickly became untenable. On January 13, 2023, the Debtors
delivered a notice of default to JPMorgan Chase Bank, N.A. and
Sixth Street Specialty Lending, Inc. as agents under the
Prepetition ABL Facility and Prepetition FILO Facility
respectively. The default notice informed the agents that the
Debtors had failed to timely deliver the weekly borrowing base
certificates and comply with the fixed charge coverage ratio for
the fiscal quarter ending November 26, 2022, as required under the
Prepetition Credit Agreement. Further, the Company subsequently
triggered an additional Event of Default under the Prepetition
Credit Agreement for failure to prepay revolving loans that were
over-advanced well in excess of what was otherwise permitted under
the credit agreement.
The Debtors attempted to facilitate a transaction that would avoid
a bankruptcy filing and offer the Company additional runway to
capitalize on management's turnaround plan. To that end, in late
January, Hudson Bay Capital Management, LP approached the Debtors'
advisors with a proposal to underwrite a public offering of the
Debtors' preferred stock and warrants. The Offering ultimately
contemplated raising approximately $225 million of gross proceeds
with the potential to raise an additional approximately $800
million of gross proceeds through future issuances.
The Debtors engaged in extensive and hard-fought negotiations with
HBC that culminated in the close of the Offering on February 6,
2023. Concurrently, the Debtors and the Prepetition Secured Lenders
entered into a waiver and amendment to the Amended Credit
Agreement, pursuant to which the Prepetition Secured Lenders agreed
to (i) waive any outstanding defaults under the credit facilities;
and (ii) rescind the implementation of acceleration, the
requirement to cash collateralize letters of credit obligations,
and the default interest owed on outstanding obligations, as each
is set out under the credit facilities. Notably, the Second
Amendment to the Credit Agreement decreased the total revolving
commitment from approximately $1.13 billion to $565 million. To
secure the consent of the ABL Lenders, and to facilitate
consummation of the HBC Offering, the FILO Lenders agreed to
increase the FILO Facility by $100 million from $375 million to
$475 million.
The Debtors used the net proceeds from the initial closing of the
Offering, along with the FILO Upsize, to repay outstanding
revolving loans under the Debtors' Prepetition ABL Facility. While
the Offering was critical to reducing burdensome funded-debt
obligations and paying vendors and other business counterparties,
the Debtors continued to suffer operating losses and struggled to
improve operating cash flow that would have allowed for greater
reinvestment in the business consistent with management's
turnaround plan. Making matters worse, the Debtors' stock price
continued to drop, jeopardizing their prospects for additional
equity investment. Against this backdrop, the Prepetition FILO
Lenders were unwilling to approve the Debtors' projected budget,
approval of which was a condition under the Second Amendment to the
Credit Agreement. In view of these circumstances, the Debtors were
no longer eligible to seek an additional injection of capital from
HBC.
Following termination of the HBC transaction, the Debtors announced
a second "at-the-market" equity transaction to offer and sell up to
$300 million of shares of its common stock from time to time. While
the ATM Transaction produced nearly $50 million of cash proceeds,
it was insufficient in addressing the Company's inventory and
liquidity problems.
The Debtors will use the proceeds of the DIP Facility to, among
other things: (a) provide working capital for the Debtors; (b)
finance interest, fees, expenses, and other costs related to the
DIP Facility; (c) make payments in respect of the Carve-Out and the
Reserves; (d) satisfy any adequate protection obligations owed
under the DIP Orders; and (e) make permissible payments, including,
but not limited to, honoring employee wages and benefits and
procuring goods and services, all in accordance with a budget
agreed to by the Debtors and the DIP Lenders.
The Prepetition Secured Parties are granted a variety of adequate
protection to protect against the postpetition diminution in value
of the cash collateral resulting from the use, sale, or lease of
the cash collateral by the Debtors and the imposition of the
automatic stay, including:
(a) Prepetition FILO AP Liens. Subject to the Carve-Out, as
adequate protection of the interests of the Prepetition FILO
Secured Parties in the Prepetition Collateral, the Debtors grant to
the Prepetition FILO Agent, for the benefit of itself and the
Prepetition FILO Secured Parties, (i) continuing, valid, binding,
enforceable, and perfected postpetition security interests in and
senior liens on Postpetition FILO Priority Collateral, and (ii)
continuing, valid, binding, enforceable, and perfected postpetition
security interests in and junior liens on Postpetition ABL Priority
Collateral.
(b) Prepetition ABL Superpriority Claim. Subject and
subordinate to the Carve-Out, as further adequate protection of the
interests of the Prepetition FILO Secured Parties in the
Prepetition Collateral, to the extent of any Diminution in Value of
such interests in the Prepetition FILO Priority Collateral, the
Prepetition FILO Agent, is granted, an allowed superpriority
administrative expense claim in each of the Chapter 11 Cases and
any Successor Cases. and
(c) Prepetition FILO Superpriority Claim. Subject and
subordinate to the Carve-Out, as further adequate protection of the
interests of the Prepetition FILO Secured Parties in the
Prepetition Collateral, the Prepetition FILO Agent, is granted an
allowed superpriority administrative expense claim in each of the
Chapter 11 Cases and any Successor Cases.
A final hearing on the matter is set for May 16, 2023 at 2 p.m.
A copy of the motion is available at https://bit.ly/3n2AqiD from
PacerMonitor.com.
A copy of the order is available at https://bit.ly/3LBmjdh from
PacerMonitor.com.
About Bed Bath & Beyond
Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values. The Company also operates Decorist, an online interior
design platform that provides personalized home design services.
At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.
Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing chapter 11 cases, implementing full
scale winddowns of their Canadian business and the Harmon branded
stores.
Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. D.N.J. Lead Case No.
23-13359) to pursue a wind down of operations.
The cases are pending before the Honorable Vincent F. Papalia.
Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frares & Co. LLC is serving as investment
banker, and AlixPartners LLP is serving as financial advisor. Bed
Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to
assist with inventory sales. Kroll LLC is the claims agent.
*********
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
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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.
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