/raid1/www/Hosts/bankrupt/TCRLA_Public/230824.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, August 24, 2023, Vol. 24, No. 170
Headlines
A R G E N T I N A
TARJETA NARANJA: Fitch Affirms Then Withdraws 'CCC-' LT IDR
B R A Z I L
BANCO DO NORDESTE: Moody's Affirms 'Ba2' Long Term Deposit Ratings
C H I L E
CHILE: Central Bank Could Consider 75bp, 100bp Rate Cuts
C O L O M B I A
AGENCIA DISTRITAL: Fitch Affirms LongTerm IDR at BB, Outlook Stable
M E X I C O
LA FAMILIA: Wins Cash Collateral Access Thru Oct 22
P U E R T O R I C O
NEW MEDICAL: Case Summary & Four Unsecured Creditors
V I R G I N I S L A N D S
KINGATE EURO: Creditors' Proofs of Debt Due Today
KINGATE GLOBAL: Creditors' Proofs of Debt Due Today
X X X X X X X X
CARIBBEAN: PM Calls for Increased Regional Cooperation
- - - - -
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A R G E N T I N A
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TARJETA NARANJA: Fitch Affirms Then Withdraws 'CCC-' LT IDR
-----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Tarjeta
Naranja, S.A.U.'s (TN) Foreign and Local Currency Long-Term Issuer
Default Ratings (IDR) of 'CCC-' and Foreign and Local Currency
Short-Term IDR of 'C'.
Fitch has chosen to withdraw the ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage for
this entity.
KEY RATING DRIVERS
TN's Long-Term IDR is driven by its standalone financial strength,
which is highly influenced by Argentina's volatile operating
environment and low sovereign ratings. TN's Long-Term IDR is one
notch below its implied standalone credit profile (SCP) as it is
highly influenced and constrained by Fitch's assessment of
Argentina's volatile sector risk operating environment (SROE). The
SROE remains very challenging due to a very weak economy, triple
digit inflation, a severe drought and political uncertainties
during an election year.
The ratings also consider TN's higher risk appetite relative to
bank peers due to its business concentration in credit cards
targeting low- and middle-income segments. However, in Fitch's
view, TN's robust niche franchise as the largest credit card issuer
in Argentina, as well as its good revenue generation capacity and
track record of adequate asset quality for its business model and
segments served, somewhat mitigate this risk.
As a non-bank financial institution with short-term assets, TN's
funding profile relies primarily on accounts payable and local debt
issuances. Almost 100% of its liabilities were unsecured at March
31, 2023. No-cost accounts payable to merchants (for an average
tenor of 45 days) represented roughly 55% of total funding, while a
further 23% derive from bank financing and local issues of
unsecured debt for 22%. While TN's on-balance sheet liquidity is
low (short term coverage of 0.1x), it is strengthened by the
predictable churn of its short-term loan assets.
In 2022 and 1Q23, TN's profitability was affected by the
significantly higher inflation adjustment due to the rise in the
inflation rate and the low loan growth. As such, TN's pre-tax
profit/total assets ratio decreased to 3.5% at Dec. 31, 2022, and
remained almost flat in 1Q23. The company has taken some measures
to partly hedge the impact of inflation, like investing in
inflation linked sovereign bonds. Fitch expects TN's profitability
to remain adequate based on its strong revenue generation capacity
and good risk management although it will likely be affected by the
persistently high inflation levels.
TN's NPL ratio has remained relatively stable since 2020 in the
range of 2.5%-3% favored by high inflation, higher charge offs,
measures taken by the company to strengthen collections and make
originations more conservative and the sale of impaired loans. As
of March 2023, TN's NPL ratio reached 3.0% (up from 2.6% in
December 2022), reflecting the tough operating environment (OE) and
loan loss reserve coverage declined to a still ample 175.6% of
NPLs, from 237.5% in December 2022. Fitch expects TN's asset
quality indicators to be under pressure due to the adverse OE, but
to remain under control.
TN's capitalization and leverage are adequate for its business
model and risk appetite, a trend that is expected to continue over
the medium term. Capital is mostly composed of tangible equity with
limited intangible assets. As of March 31, 2023, the company's
tangible leverage (debt/tangible equity) reached 4x, similar to the
levels reported through 2019. TN's capital and leverage position
benefit from strong internal capital generation and moderate
dividend payments, of around 20%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Not applicable as the ratings are being withdrawn.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Not applicable as the ratings are being withdrawn.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The company does not have any rated outstanding debt issuances.
ADJUSTMENTS
- The assessed SCP of TN is below its 'ccc' implied SCP due to the
following adjustment reason: sector risk operating
environment/sovereign rating constraint (negative).
- The Operating Environment score of 'ccc' has been assigned below
the implied score of 'bb' due to the following adjustment reason:
Sovereign Rating (negative), Macroeconomic Stability (negative).
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Tarjeta Naranja
S.A.U. LT IDR CCC- Affirmed CCC-
LT IDR WD Withdrawn CCC-
ST IDR C Affirmed C
ST IDR WD Withdrawn C
LC LT IDR CCC- Affirmed CCC-
LC LT IDR WD Withdrawn CCC-
LC ST IDR C Affirmed C
LC ST IDR WD Withdrawn C
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B R A Z I L
===========
BANCO DO NORDESTE: Moody's Affirms 'Ba2' Long Term Deposit Ratings
------------------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
assigned to Banco do Nordeste do Brasil S.A. (BNB), including the
Ba2 long-term and Not Prime short-term local and foreign currency
deposit ratings, Ba2 long-term and Not Prime short-term
counterparty risk ratings (CRR), in local and foreign currency.
Moody's has also affirmed the bank's baseline credit assessment
(BCA) and adjusted BCA of b1, as well as counterparty risk
assessments (CR Assessment) of Ba2(cr) and Not Prime(cr), for long-
and short-term, respectively. The outlook on the long-term deposit
ratings is stable.
RATINGS RATIONALE
The affirmation of BNB's b1 BCA acknowledges the bank's important
regional franchise and broad retail-bank footprint in the Northeast
region of Brazil, operating as a financial agent and manager of the
constitutionally mandated Fundo Constitutional de Financiamento do
Nordeste (FNE), established to promote the region's economic and
social development. As such, the bank benefits from a recurring
fee-income generation derived from the management of these
constitutional funds, and an entrenched operation in commercial
banking in the region. The b1 BCA reflects BNB's strong liquidity
profile that is supported by the FNE and good profitability levels
over time, while, at the same time also it incorporates the bank's
low levels of tangible capitalization compared to other state-owned
banks in Brazil and high sector and geographic concentration,
intrinsic to its regional development mandate.
The b1 BCA also factors credit risks derived from the guarantees
BNB provides for a sizeable off-balance sheet loan book managed by
the bank, that amounted to BRL49.6 billion, or around 3.5 times the
size of its own loan book, in March 2023. In terms of loan
breakdown, BNB's loans are highly concentrated in long-term
infrastructure projects, which accounted for 38% of total loans,
and agriculture, for an additional 22% in March 2023. BNB is also
the largest microcredit lender in Brazil with an important role in
financing small urban business and agricultural producers.
Historically, this segment had a high delinquency rate, adding
negative pressure to BNB's problem loan metrics that ended March
2023 at 3.8% of the bank's on balance credit exposure. These risks,
however, are adequately balanced by a high reserves for loan losses
maintained by the bank that reached 5.4% of total loans, covering
142% of problem loans in March 2023. Additional pressure on problem
loan metrics steems from the potential use of the bank by the new
federal administration to foster economic growth in the next 3 to 4
years.
BNB's b1 BCA also reflects its weak capital position.
Capitalization, measured by Moody's ratio of tangible common equity
to risk-weighted assets (TCE/RWA), was 6.25% in March 2023.
The bank's low capital levels reflect large amounts of deferred tax
assets (DTAs) and large amounts of Brazil's government securities
that are risk weighted at 100% as per Moody's calculation of
capital ratios. On a regulatory basis, the bank's Common Equity
Tier 1 capital ratio was 10.8% in March 2023.
Among the positive drivers to the b1 BCA is BNB's good
profitability, which benefits from a recurring fee income stream
related to its right to manage constitutional funds and to provide
guarantees to a portion of the funds credit exposures. The
management fee as of March 2023 is 1.5% of the fund's net worth per
year (March 2023), and the fees to cover 50% to 100% of credit risk
on the funds' credit operation range from 3% to 6% of the amount of
the loan. Net income to tangible banking assets has averaged 2.5%
over the past three years, above the 1.4% average reported by rated
Brazilian banks in the same period. However, if off-balance sheet
exposures are added to the asset base, the profitability metric
would decline to 1.5%.
The bank has low reliance on wholesale funding, benefiting from its
access to FNE resources, and relying on a granular deposit base. As
of March 2023, constitutional funds accounted to roughly 45% of
total funding, while deposits contributed to 30% and loans and
onlendings, the majority from the development bank Banco Nacional
de Desenvolvimento Economico e Social – BNDES (Ba2 stable, ba2),
accounted for an additional 5.6%.
As a federal-owned bank, the Ba2 deposit ratings incorporate
support associated with the 97.6% ownership by the Government of
Brazil (Ba2 stable) and the social development role from the bank.
As a result, Moody's asses a status of government-backed
institution to BNB, which results in two notches of support from
its BCA of b1. The stable outlook on the long-term deposit ratings
of Ba2 reflects Moody's perspective for the sovereign rating of
Brazil.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
BNB's deposit ratings are unlikely to be upgraded because they are
already positioned at the same level as Brazil's Ba2 sovereign
rating. Positive pressure on the bank's BCA could result from
sustained improvement on the bank's capital position, enhanced and
less-volatile profitability, as well as steady improvement in the
asset quality metrics as the bank grows its balance sheet in the
coming years.
BNB's ratings could be downgraded if the sovereign rating is
downgraded. Downward pressure to the bank's BCA would arise from a
sudden deterioration in its asset quality indicators and fall in
profitability metrics. Capital ratio is a negative driver, and as
such, further pressure in capitalization from fast growth or higher
dividend payout could lower the bank's capacity to absorb losses,
which could strain on its b1 BCA.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
=========
C H I L E
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CHILE: Central Bank Could Consider 75bp, 100bp Rate Cuts
--------------------------------------------------------
Reuters reports that Chile's central bank could consider interest
rate cuts of 75 or 100 basis points at its next meetings, minutes
from the board's July meeting showed on August 14, while also
cautioning that inflation remained high.
The bank's board voted unanimously in July to cut the benchmark
interest rate by 100 basis points to 10.25%, although some board
members expressed concern about the move, according to the minutes,
notes the report.
Chile became the first major central bank in Latin America to cut
rates in the current monetary policy cycle with the
larger-than-expected cut, which caused the Chilean peso to
depreciate against the U.S. dollar in following days, the report
notes.
The bank weighed a 100-basis-point rate cut against a
75-basis-point cut, though the board opted for the larger cut
despite the risk of peso weakening, the report relays.
"In the next meetings there could be movements around these
magnitudes," the minutes showed, though cautioning "the magnitude
of the first move did not impose any conditions on . . . the
subsequent moves," the report adds.
Reuters relates that by the end of the year, the central bank's
benchmark interest rate is expected to fall to between 7.75% and
8%, according to the minutes, as inflation slows down.
"In general, the evolution of the macroeconomic scenario pointed to
a rebalancing" of inflationary risks, the minutes showed, the
report relays.
However, all board members said that inflation remained "very
high," adds the report.
===============
C O L O M B I A
===============
AGENCIA DISTRITAL: Fitch Affirms LongTerm IDR at BB, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Agencia Distrital de Infraestructura del
Distrito de Barranquilla's (ADI) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook
is Stable. Fitch has also affirmed ADI's National Long- and
Short-Term Ratings at 'AA(col)'/Outlook Stable and 'F1+(col)',
respectively.
Fitch continues to consider ADI as an extension and proxy funding
vehicle with a public policy mission of the Special, Industrial and
Port District of Barranquilla (District or Barranquilla; BB/Stable,
AA(col)/Stable and F1+(col), with little cash flow of its own. ADI
has characteristics of an entity with a high level of control from
its supporting government and it is likely that Barranquilla will
support it if necessary. Because it is difficult to delink ADI from
Barranquilla, its Standalone Credit Profile (SCP) is not meaningful
and ADI's ratings are equalized to the District's.
KEY RATING DRIVERS
Status, Ownership and Control: 'Very Strong'
Fitch assesses this factor as 'Very Strong' because Barranquilla
has relevant influence over ADI operational and financial
activities. This, given the high and direct participation of the
District within the control bodies, mainly in the board of
directors, which is presided by the Barranquilla's mayor and its
secretaries of infrastructure and planning. Besides, ADI executes
projects included in the Barranquilla's development plan that are
considered as highly strategic.
ADI is part of Barranquilla's Infrastructure Secretariat and its
budget is part of that of Barranquilla. The agency follows Law 550
of 1999 for the insolvency regime, which establishes procedures and
minimum requirements to be followed by the entity to enter a
liability restructuring agreement. This procedure guarantees a
strong legal framework to re-establish operational deficiencies and
increase credibility to its debt holders. Neither being the current
or expected case, in the face of liquidation event, the final
responsibility would be entirely vested in the District as sole
owner.
Support Track Record: 'Very Strong'
ADI has received permanent transfers from Barranquilla, which has
funded its operation and, more recently, met its financial
obligations. ADI's long-term debt is composed mainly for 'Malla
Vial and Canalizacion de Arroyos' senior secured loans backed up by
Barranquilla's own revenues. In addition, Barranquilla's support
includes a debt guarantee of 'Canalizacion de Arroyos', which
represents close to 50% of debt balance at June 2023. ADI generates
little cash flow of its own.
There is an administrative agreement between ADI and Barranquilla,
whereby the latter is committed to transfer own revenues and
national transfers received, non-earmarked resources, to ADI. The
agreement stipulates that, if committed resources were
insufficient, Barranquilla would transfer additional own revenues
to avoid ADI's financial default in accordance with its organic
budget statute. During 2023, Barranquilla has transferred more
resources than committed. Therefore, Fitch evaluates this factor as
'Very Strong' considering the track record of financial support
from Barranquilla to ADI. Fitch expects this support to continue
going forward.
Socio-Political Implications of Default: 'Moderate'
A hypothetical event of default of ADI would not have a direct
material impact on continued provision of public services, as ADI's
projects are concentrated in urban infrastructure, such as parks
maintenance, roads mesh and maintenance of streams and construction
of storm water pipes, which would not be interrupted for a
prolonged period of time. Because of this, Fitch says that the
magnitude of the institutional, social and political impact would
be 'Moderate'.
Although, Barranquilla encounters significant problems in terms of
flooding, leading to important social implications (car accidents
and other material losses), with Canalizacion de Arroyos project
and its senior secured debt, ADI largely solved this problem.
There are other entities that could substitute ADI's service
without prolonged disruption. Including other Barranquilla's
decentralized entities, such as Empresa de Desarrollo Urbano de
Barranquilla y el Caribe (EDUBAR), or even, the Infrastructure
Secretariat, where ADI is attached.
Financial Implications of Default: 'Very Strong'
This factor is assessed as 'Very Strong'. ADI is considered as a
proxy funding vehicle for Barranquilla. ADI's debt service is fully
backed up by District revenues. That is why a financial default of
ADI would be associated with the Barranquilla's creditworthiness.
Although, decentralized entities debts are not included in the
regulatory debt indicator, Fitch considers ADI's long term debt as
"Other Classified Debt" in Barranquilla's debt metrics.
ADI is an active borrower, its debt is approximately COP1 trillion
at YE 2022, which represent close to 35% of those of Barranquilla.
Therefore, default would negatively impact the District and other
GREs' access to borrowing in the market and its financing cost.
Operating Performance
Although, ADI had an operating surplus positive at YE 2022 close to
COP83.000 million, it was lower than at the end of the immediately
preceding year (COP109.147 million). Fitch considers that happens
due to increasing of inflation in the second semester of 2022
reflected in higher general expenses and transfers to invest
respect to 2021 approximately 60% and 30%, respectively.
Derivation Summary
Under its Government Related Entity Criteria, Fitch classifies ADI
as an entity linked to Barranquilla and applies an equalized
approach based on its assessment of the strength of its linkage
with is sponsor and incentive to provide support from the District.
ADI's GRE support score is assessed at 45 of 60, reflecting a
combination of a Very Strong Status, Ownership, and Control; Very
Strong Support Track Record; Moderate Socio-Political Implications
of Default; and Very Strong Financial Implications of Default. This
GRE Score leads to the equalization of ADI's rating with
Barranquilla's.
This derivation takes into account national peers such as Instituto
de Valorizacion de Manizales and Empresa Distrital de Desarrollo y
Renovacion Urbano Sostenible de Santa Marta, as well as
internacional peers such as Jiaxing City Investment and Development
Group Co., Ltd and Fideicomiso para la Operacion, Mantenimiento y
Expansion de la Red Vial Principal de la Republica Dominicana.
An SCP is not relevant considering it is difficult to delink ADI
from Barranquilla given that it acts on behalf of the government to
perform a policy-driven mission, as a financing vehicle with little
cash flow of its own.
Debt Ratings
Fitch rates the bank loans with financial institutions such as
Bancolombia, Davivienda and Financiera de Desarrollo Nacional. It
applies the "Emerging Market Countries' Local and Regional
Governments´ Specific Securities Rating Criteria" to assign the
national long-term ratings. The analysis leads to a mix of strong,
midrange and weaker attributes, including debt service coverage
ratios below 1x in the rating case, thus the secured loans are
rated at the same level as Barranquilla's national long-term
ratings. The latter is supported considering the low debt service
coverage ratio (DSCR) in Fitch scenarios, considering the entity
could provide additional resources to make the full debt service
payments.
Liquidity and Debt Structure
As of Dec. 31, 2022, ADI's financial statements registered
approximately COP1 trillion in long-term debt. This was composed of
two loans and other liabilities with suppliers. Fitch currently
rates two loans (COP622 billion and COP600 billion), which
correspond to the entity's main programs. The assets pledged to
serve ADI's long-term debt are Barranquilla's own revenues, such as
property tax, value added taxes (VAT) on fuels and public lighting
and national transfers. Revenues from the Regional Corporation of
the Atlantic Department are also earmarked to serve debt.
ADI held approximately COP1.6 billion in cash, 33% less than that
observed at YE2020 (COP2.3 billion). ADI generally operates with
low year end cash, as its main obligations are payroll and debt
service, covered by the transfers made by Barranquilla.
Issuer Profile
ADI is a public establishment responsible for performing
administrative functions and providing public services as legally
stated. The agency has its own legal identity, financial and
independent patrimony, mainly composed of public funds. The main
objective of ADI is the structuring, contracting, managing and
evaluating public infrastructure works in the District. The agency
is also in charge of the preservation, conservation, protection,
improvement and environmental recovery of water resources, parks,
public spaces and gardens.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A downgrade of Barranquilla's ratings;
- A deterioration in ADI's linkage with Barranquilla, leading to a
score lower than 42.5.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- ADI's ratings are equalized to Barranquilla's ratings, therefore,
any change in the District´s ratings would be reflected in ADI's
ratings in the same direction.
ESG Considerations
Fitch is no longer providing ESG relevance scores for ADI as its
ratings and ESG profile are derived from its parent. Fitch does not
assess an SCP for ADI as it is not possible to dissociate it from
Baranquilla.
Entity/Debt Rating Prior
----------- ------ -----
Agencia Distrital
de Infraestructura
del Distrito de
Barranquilla – ADI LT IDR BB Affirmed BB
LC LT IDR BB Affirmed BB
Natl LT AA(col) Affirmed AA(col)
Natl ST F1+(col)Affirmed F1+(col)
===========
M E X I C O
===========
LA FAMILIA: Wins Cash Collateral Access Thru Oct 22
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Mexico authorized La
Familia Primary Care, P.C. to use cash collateral in accordance
with the budget, through October 22, 2023.
As of the Petition Date, the Debtor may be indebted to Bankers
Healthcare Group, LLC pursuant to certain loan documents.
Pursuant to the BHG Prepetition Loan Documents, the Debtor may have
granted BHG security interests in property of the Debtor that
includes accounts receivable, accounts or other cash collateral.
As of the Petition Date, the Debtor may be indebted to the United
States Small Business Administration pursuant to EIDL loan
documents, including a UCC Financing Statement filed with the NMSOS
on May 15, 2020.
Pursuant to the SBA Prepetition Loan Documents, the Debtor may have
granted the SBA security interests in the Prepetition Collateral,
which is inferior to the security interests of BHG. Pursuant to
Setions 363(c) of the Bankruptcy Code, Debtor seeks the use of the
Prepetition Collateral constituting cash collateral in the manner
provided for in the Order.
The Debtor is permitted to use cash collateral for only the
expenses approved by the Order, listed in the budget, or to which
additional expenses BHG, the SBA, and the Debtor mutually agree in
their respective sole discretion.
As adequate protection to BHG and the SBA, the Debtor grants BHG
and the SBA replacement liens in an amount equal to and in the same
priority as they had as of the Petition Date to the extent that
each had a properly perfected security interest in cash collateral
as of the Petition Date.
The Debtor is also authorized to make monthly cash payments to BHG
in the amount of $2,338, and to the SBA in the amount of $175, as
shown in the budget. The Debtor will pay immediately when due all
personal property taxes that accrue post-petition. The Debtor will
maintain general business, liability, and malpractice coverage and
will continue to maintain and protect all Prepetition Collateral
consistent with the BHG and SBA Prepetition Loan Documents.
A copy of the court's order is available at
https://urlcurt.com/u?l=XFt2OQ from PacerMonitor.com.
About La Familia Primary Care, P.C.
La Familia Primary Care, P.C. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 23-10566-t11) on
July 19, 2023. In the petition signed by Misbah Zmily, president,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge David T. Thuma oversees the case.
Shay Meagle, Esq., at Business Law Southwest, represents the Debtor
as legal counsel.
=====================
P U E R T O R I C O
=====================
NEW MEDICAL: Case Summary & Four Unsecured Creditors
----------------------------------------------------
Debtor: New Medical and Education Services Inc. C.S.P.
257 Ave. Lauro Pineiro
Ceiba, PR 00735
Chapter 11 Petition Date: August 22, 2023
Court: United States Bankruptcy Court
District of Puerto Rico
Case No.: 23-02588
Debtor's Counsel: Gloria Justiniano Irizarry, Esq.
Calle A. Ramirez Silva #8
Ensanche Martinez
Mayaguez, PR 00680
Tel: 787-831-2577
Fax: 787-805-7350
Email: justinianolaw@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Orvil Edgardo Ramos Diaz as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XFZ7JGA/NEW_MEDICAL_AND_EDUCATION_SERVICES__prbke-23-02588__0001.0.pdf?mcid=tGE4TAMA
===========================
V I R G I N I S L A N D S
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KINGATE EURO: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of Kingate Euro Fund, Ltd are required to file
their proofs of debt todaym Aug. 24, 2023, to be included in
the company's dividend distribution.
The company, which is under liquidation, intends to declare a
final dividend.
The company's liquidator is:
Paul Pretlove
Telephone: +1 (284) 346 9600
KINGATE GLOBAL: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of Kingate Global Fund, Ltd are required to file
their proofs of debt today, Aug. 24, 2023, to be included in
the company's dividend distribution.
The company, which is under liquidation, intends to declare a
final dividend.
The company's liquidator is:
Paul Pretlove
Telephone: +1 (284) 346 9600
===============
X X X X X X X X
===============
CARIBBEAN: PM Calls for Increased Regional Cooperation
------------------------------------------------------
Trinidad Express reports that the Caribbean region has the
"extraordinary opportunity" before it to "diversify, adapt, and
lead" in ways which can expand its economies and empower its
people, prime minister of the Bahamas Philip Davis has said.
"And the best way to fulfil this potential for innovation and
advancement is to work together and stand as a united Caribbean,"
Davis said, according to Trinidad Express.
Davis made the comments as he delivered the feature address at the
Trinidad and Tobago Coalition of Services Industries (TTCSI) "Doing
Business with the World Series" held at the Hyatt Regency,
Trinidad, the report notes.
"I have always been an advocate for increased regional cooperation.
As the chair of Caricom during the first half of 2023, I was
privileged to witness how strong we can be when we speak in one
voice and focus on areas of strategic important to the region," he
said, the report discloses.
"The urgency of doing so has perhaps never been greater. Climate
change poses and existential threat to small island nations, and we
must build readiness and resilience while simultaneously
confronting food insecurity, and epidemic of violence, illegal
firearms flooding the region, sanctions on our financial services
industries, and the weakening of our correspondent banking
relationship. This is our reality," he said, the report relays.
Davis said the good news is that together the region seems to be
finding its "sea legs" and setting sail in the same direction, the
report discloses.
"We are more frequently speaking with one voice because we
recognise the power of Caribbean unity as we seek to overcome these
very serious threats to our people and our way of life," he added,
the report says. "It is said that adversity is the mother of
invention and certainly we do don't lack ingenuity in the
Caribbean. When political and industry leaders come together to
have open and frank discussions, the experience generates ideas
that strengthen us all."
Davis said, we are at the point where "innovation is essential,
tenacity is a must, and excellence is the only viable standard,"
the report notes.
"The world is changing quickly and preserving the status quo will
only result in us being left behind," Davis added.
"Nowhere is this rapid growth cycle more apparent than within the
fintech sector. As digital assets and blockchain technology become
more integrated into the global financial system, Caribbean nations
must position ourselves for success," he said, the report relays.
Davis said the Bahamas embraced innovation and launched the world's
first Central bank Digital Currency in 2020, and since then Jamaica
and the Eastern Caribbean Currency union have followed suit, the
report discloses.
He said cryptocurrencies and digital assets have been advanced as
accessible solutions for unbanked populations.
"We have pledged to use our expertise and first mover position to
assist in this endeavor," he said, the report notes.
Davis said while there is not yet a large domestic market for
crypto in Caribbean countries, there is intense international
interest by investors who want to do business throughout Latin
America and the Western Hemisphere. In these instances, Caribbean
nations can serve as a strategic hub," he added.
Davis said as digital assets and fintech evolve, the Bahamas is in
conversation with leaders and thinkers in the industry, the report
relays.
Davis said one example of this is the Bahamas hosting the D3
conference from October 10-12, the report notes.
D3 stands for "Digital, Decentralised, Disruptive."
"Our themes include: Deploying Fintech solutions safely,
responsibly, and ethically; joining forces to foster global digital
innovation; and introducing Web3 and digital assets into mainstream
adoption. We invite you to join us for what will be an exciting
exchange in support of innovation," he said, the report says.
TTCSI president Mark Edghill said whether prime minister Davis is
speaking about climate resiliency, energy and food security, the
Haitian conundrum, or financial and economic inclusion, he
continues to be a champion for the Caricom, the report discloses.
"Mr Prime Minister just as you and your people of the Bahamas
discovered, the recent pandemic taught us here in T&T painful and
powerful lessons about what is important and what must be done to
save lives and livelihoods. Like you, prime minister, we
understand even more clearly that investment and co-operation in
education, infrastructure, food, and energy security will help to
support our national development in our respective countries—and
also as a Caribbean collective," Edghill said, the report relays.
Edghill quoted a previous speech by Davis where he said: "Working
alone, none of us will be able to fully seize the opportunities of
the new world order, where old certainties are fast disappearing,
and new technologies favour the agile and the clever," the report
notes.
Edghill said this is the goal of the TTCSI.
"It has also been the driving force behind many initiatives we have
undertaken to strengthen companies operating in our services sector
here in Trinidad and Tobago, thereby enhancing their regional and
international competitiveness," Edghill said, the report notes.
Edghill explained that the Doing Business with the World Series is
designed to help SMEs operating in Services Industries to connect
with each other, regardless of where in the world they are, the
report relays.
"It is about bringing hope to a sector that saw a combination of
devastation and rapid growth as a result of the recent pandemic,
depending on the sub-sector in which the respective SMEs were
operating," he added.
*********
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