/raid1/www/Hosts/bankrupt/TCRLA_Public/231218.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, December 18, 2023, Vol. 24, No. 252
Headlines
A R G E N T I N A
ARGENTINA: Milei Government Confirms Massive Devaluation of Peso
ARGENTINA: Prepares Economic Package 'To Avoid Hyperinflation'
ARGENTINA: Supermarkets and Shops See Price Hikes of up to 50%
BLOCKFI INC: Bankruptcy Attorneys Want $40 Million in Fees
B R A Z I L
ATLAS LITHIUM: Inks Agreement to Dismiss Salomon Complaint
BRAZIL: Economy Faces a Tough 2024, World Bank Warns
BRAZIL: Inflation Cools, Bolstering Case for Interest Rate Cuts
P U E R T O R I C O
NATURAL DISASTER: Seeks to Hire Modesto Bigas Mendez as Counsel
ZAGACITY TECH: Seeks to Hire Tamarez CPA as Accountant
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Dec. 11 to Dec. 15, 2023
- - - - -
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A R G E N T I N A
=================
ARGENTINA: Milei Government Confirms Massive Devaluation of Peso
----------------------------------------------------------------
Buenos Aires Times reports that president Javier Milei's government
launched a major devaluation of the peso and a host of other
measures as it attempts to head off a major economic crisis.
Economy Minister Luis Caputo, speaking in a delayed pre-recorded
message, said that the peso would pass to 800 per United States
dollar -- a devaluation of more than 50 percent, according to
Buenos Aires Times.
"The official exchange rate will go to 800 pesos" to the US dollar,
up from 391 pesos earlier in the day, Caputo announced as part of a
raft of "shock" measures to tackle triple-digit-inflation and cut
spending, the report notes.
He also announced a reduction in the state's generous subsidies of
fuel and transport, without saying by how much, the report relays.
Caputo announced around 10 measures in total, with most dedicated
to slashing government spending, the report discloses.
They included pre-announced steps like halving the number of
government ministries and slashing secretariats, the report notes.
Money transfers to provincial governments ("discretionary
transfers") will also be trashed while all ongoing public works
projects without external financing will be immediately suspended,
the report relays.
"State employment contracts which have been in force for less than
a year will not be renewed," said Caputo, the report says.
Other spending cuts he announced include the suspension of all
state advertising for a year - which, he said, had cost 34 billion
pesos in 2023, the report notes.
Subsidies for transport and energy services - huge expenditure for
Argentina's government - will also be slashed, he said, without
providing further details, the report discloses.
"This is the correct path," declared Caputo, warning that
continuing the status quo would lead Argentina into an even deeper
crisis, the report relays.
"We have to avoid catastrophe," he said, due to "the worst
inheritance" in the nation's history, the report notes.
Echoing the line Milei used often on the campaign trail and in his
inaugural speech, the minister declared: "There is no money."
Moments before the announcement, the new Central Bank Governor
Santiago Bausili summoned representatives from all the nation's
banks to a meeting, the report says.
IMF Approval
In an attempt to compensate for the loss of purchasing-power,
Caputo said the government would raise child benefit and food stamp
payments by 50 percent, the report relays.
There was no word on any measures to protect the retired and
elderly, a sector of the population which will be hit hard by the
new measures, the report notes.
While Caputo announced the exchange rate would slide to 800 pesos
to the dollar, from about 391 in recent days, there was no
immediate mention of the lifting of strict currency controls which
have birthed a multitude of dollar exchanges and a thriving
black-market where the dollar has sold for up to three times the
official rate at times, the report relays.
Argentina's government has for years strictly controlled the
exchange rate of the peso to the dollar, which analysts have
derided as an expensive fiction, the report discloses.
The announcements won the immediate approval of the International
Monetary Fund (IMF), which said the austerity was "aimed at
improving public finances," the report says.
"IMF staff welcome the measures announced earlier by Argentina's
new Economy Minister Luis Caputo. These bold initial actions aim to
significantly improve public finances in a manner that protects the
most vulnerable in society and strengthens the foreign exchange
regime. Their decisive implementation will help stabilise the
economy and set the basis for more sustainable and private-sector
led growth," read a statement signed by IMF Communications Director
Julie Kozack, the report relays.
"IMF staff and the new Argentine authorities will work
expeditiously in the period ahead. Following serious policy
setbacks over the past few months, this new package provides a good
foundation for further discussions to bring the existing
Fund-supported programme back on track," it concluded, the report
notes.
'Economic Disaster'
In his recorded message - which included a lengthy opening section
in which Caputo tried to explain the rationale for the measures -
the minister attempted to underline the severity of the "economic
disaster" facing Argentina, the report discloses.
The minister said the country had an "addiction" to spending to
more than it earns, and had posted a fiscal deficit for 113 of the
past 123 years, the report notes.
Consumer prices have risen by more than 140 percent over the last
12 months and more than 40 percent of the population lives below
the poverty line, the report relays.
"The fiscal deficit exceeds 5.5 points of gross domestic product
with a Central Bank with an absolutely deteriorated balance sheet,
without dollars in its assets and printing money of more than 20
points of GDP, thus causing inflation to currently sail at 300
percent per year and punish Argentines every day," claimed Caputo,
the report discloses.
He assured that the genesis of the problem "has always been the
fiscal deficit," as he outlined the package of economic measures,
the report says.
"If we continue as we are, we are inevitably heading towards
hyperinflation," he declared. "What we come to do is the opposite
of what has always been done . . . to solve this problem at root,
precisely so that we do not have to suffer these consequences
anymore," said Caputo, the report relays.
In relation to discretionary transfers from the National State to
the provinces, Caputo maintained that they will be reduced "to a
minimum" and added that these are "funds which, unfortunately, in
our recent history have been used as a bargaining-chip to exchange
political favours," the report notes.
With regard to public works, Caputo announced that "the National
State will not tender any more new public works and will cancel the
approved tenders whose development has not yet begun," the report
discloses. "The reality is that there is no money to pay for more
public works which, as all Argentines know, often end up in the
pockets of politicians or businessmen on duty."
Presidential Spokesman Manuel Adorni had attempted to highlight the
inheritance received by the Milei administration in his daily press
conference and anticipated some of the announcements, such as a
complete suspension of state advertising in media outlets, the
report notes.
"The measures will be in line with a strong fiscal cut, with some
expansion in social items and this package will be accompanied by
the removal of privileges," trailed the spokesman, the report
discloses.
Caputo's presentation was made after markets closed. Reaction is
likely to come thick and fast.
Local reporting said a first take at the video had been rejected by
Caputo and others in Milei's government, the report notes. The
video was reportedly re-recorded and eventually released two hours
after initially planned, the report relays.
Milei's Vow
Upon taking office, Milei vowed to introduce a set of emergency
measures he argued would save the country from "hyperinflation,"
the report relays.
The 53-year-old libertarian and self-described "anarcho-capitalist"
took office vowing to slash public spending, warning the situation
was likely to get a lot worse before it gets better, the report
notes.
Annual inflation is currently at 140 percent and poverty levels at
40 percent in Latin-America's third-biggest economy, the report
says.
Milei has vowed to cut spending by five percent of gross domestic
product and has already streamlined the government from 18
ministries to nine, the report discloses.
Recent governments have been heavy on intervention in prices and
currency controls, welfare handouts and subsidies of fuel and
transport - bus tickets cost only a few dollar cents, the report
relays.
During his campaign Milei's main vow was to ditch the peso for the
US dollar and shut down the Central Bank, the report says.
However, with little power in Congress he has been forced to ally
with members from the right-wing PRO party and has watered down
some of his more fiery stances, the report notes.
Milei and his government have doubled down on the message that
inflation, and the general economic situation, will worsen
significantly before they get better, the report discloses.
The report relays that the Government's measures:
1) State labour contracts with less than one year in force will
not be renewed.
2) Suspension of the state advertising budget for one year.
3) Reduction in the number of ministries and secretariats.
4) Reduction of discretionary money transfers to provincial
governments (though Caputo actually said these would be reduced "to
a minimum.")
5) Elimination of public works tenders and suspension of the
execution of those tenders which have not yet started.
6) Reduction of energy and transport subsidies.
7) Freezing the Potenciar Trabajo work scheme expenditure
8) Official dollar exchange rate rises to 800 pesos per greenback.
Increase of PAIS tax on imports and non-agricultural export
duties.
9) Replacement of the SIRAs by an import system which does not
require prior approval.
10) Doubling of the child allowance and a 50 percent increase in
the Alimentar food card.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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: Prepares Economic Package 'To Avoid Hyperinflation'
--------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei's newly
inaugurated government is finalising its first batch of emergency
economic measures in order to "avoid hyperinflation," chief
spokesman Manuel Adorni said.
Confirming that the measures would not be announced on December 12
and would be communicated in an emergency broadcast by Economy
Minister Luis Caputo, Adorni said President Milei had taken the
decision to "avoid" a deeper crisis, according to Buenos Aires
Times.
"We are immersed in one of the deepest crises in history and we are
also heading towards hyperinflation. The decision is to avoid it,"
the official, Milei's main spokesperson, said at a morning press
conference at the Casa Rosada, the report notes.
Argentina is mired in a severe economic crisis, with annualized
inflation running at 143 percent and poverty affecting more than 40
percent of the population, the report relays.
Milei, an ultra-liberal economist, argues that the country needs
"shock" austerity measures and has vowed to slash five percent of
GDP off government spending, the report discloses.
The first concrete measures will be announced via a recorded
message from Economy Minister Caputo, Adorni said, the report
says.
"The inflation we are going to avoid will surely be much more
devastating than the hyperinflation of 1989 and 1990. That is why
we are concerned and why we are taking urgent measures," he argued,
the report notes.
"We understand that the situation is serious and we are well aware
that it could be much worse," he continued, the report relays.
"Everything that is effectively announced will be in line with what
was promised during the campaign and with what we are all convinced
that we have to do, which is to avoid Argentina from ending up in a
catastrophe," he concluded, the report notes.
Adorni's remarks came as Milei had chaired a second Cabinet
meeting. As well as the majority of his ministers and
Vice-President Victoria Villarruel, there was one other surprise
attendee: former Central Bank governor Federico Sturzenegger,
another top financial official who served in Mauricio Macri's
2015-2019 government, the report relays.
Adorni refused to outline any of the economic measures and avoided
giving definitions about the future of the 'cepo' currency controls
that govern the foreign exchange market, the report says.
He did, however, reiterate that there would be a significant
reduction in the size of the state and confirm that contracts
signed with the government over the last 12 months were under
review, the report discloses.
"A review of the contracts and of each one of the appointments made
by the national government in the last year has been initiated.
Each and every one of the appointments and contracts that were
formalized in the last year are under review," he declared, the
report relays.
Argentina's public sector accounts for 18 percent of total
employment, one of the highest percentages in Latin America,
totalling around 3.4 million people, the report discloses.
Adorni also announced the "suspension of media advertising for a
period of one year," without providing further details, the report
says. The move to slash state advertising, known locally as
'pauta,' had previously been trailed during the presidential
campaign, the report notes.
"The line is always the one that the President Milei has
transmitted and communicated in his electoral campaign . . . . The
situation is critical," said Adorni, who previously worked as a
journalist, the report relays.
The spokesperson also highlighted the reduction in government
ministries and secretariats confirmed the previous day, the report
says.
"Argentina went from having 18 ministries to having 9. There was a
50 percent reduction," he added.
Blaming "one of the deepest crises in Argentina's economic
history," Adorni said that the number of state secretariats had
been reduced by 49 percent, with sub-secretariats reduced by 23
percent, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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: Supermarkets and Shops See Price Hikes of up to 50%
--------------------------------------------------------------
Martin Fernandez Nadale at Buenos Aires Times reports that price
control agreements signed by Argentina's former economy minister
Sergio Massa with suppliers of food and other goods are terminated
and the prices of some products at some supermarkets and shops are
already increasing by up to 50 percent.
Sources in the industry reveal that things are "out of control."
Products were hiked massively, according to Buenos Aires Times.
"There's no control, it's over. A price stampede is coming between
15 and 20 percent," stated one supermarket chain executive, the
report notes.
The president of the FABA Buenos Aires Province Federation of
Grocers, Fernando Savore, in turn, points out hikes of between 30
and 40 percent had already been registered, the report notes.
"On November 21, we started restocking on goods, and they have
risen between 25 and 30 percent. Sugar was 900 pesos, now it's
1,100 pesos, a 32-percent increase. It has climbed to 1,350
pesos," said the supermarket employee, the report relays.
In parallel, Savore warned about shortages due to economic
uncertainty, the report discloses.
"Wholesalers have no oil. Before the PASO primaries, sunflower oil
was 550 pesos and it's above 1,500 pesos. It's impossible to sell.
At today's prices, people's pockets won't be able to cope," he
cautioned, he report relays.
Following that line, Savore also forecast the discontinuation of
certain items with above-average mark-ups which if unsold, expire
and bring a loss to corner shops, the report says.
Local neighbourhood supermarkets (those that aren't chains, locally
called 'chinos') are no exception to the rule. Representatives from
the sector revealed to this medium that price updates have varied
within a range between 12 and 25 percent over the last few days,
the report discloses.
"There are no goods for various products. They're being stocked,
awaiting the new government's economic measures," pointed out a
representative in relation to the caution prevailing among many
wholesalers and suppliers, the report says.
Price Controls
Amid the arrival of Javier Milei and his team in the national
government, many firms still do not have an official spokesperson
to consult and implemented adjustments which seek to offset the
delay have been incurred by agreeing on a ceiling under the
inflation over the last few months under Precios Justos (Fair
Prices) price-control scheme, the report relays.
In late October, Alberto Fernandez's administration extended the
programme up to December 31 and, thus, intended to freeze the
values of 52,300 mass consumer products, the report relays. Prior
to that, authorised updates were five percent per month, the report
notes.
However, the new president revealed that he would free prices to
correct delays and distortions and even announced the closedown of
the Trade Secretariat, in charge of discussing the value of
products on shelves with companies up to December 10, the report
discloses.
Alerted by the libertarian's discourse, thousands of citizens
flocked to wholesale and retail supermarkets to stock up before the
presidential inauguration, the report says. Indeed, there were
long queues in the Buenos Aires Metropolitan Area and elsewhere in
the country, the report relays.
Meat Soars
At the same time, meat rose by 20 percent the first week of
December and rose by a further 15 percent at the Canuelas cattle
market, the report notes. Thus, so far this month prices have
jumped by 35 percent, the report relays.
The price per kilo on the hoof is now 1,500 pesos, which entails
that half a carcass is 3,000 pesos and cuts have escalated to up to
6,000 pesos per kilo on average, the report discloses. According
to sources from the sector, the increase will begin to affect
butchers within 48 hours, the report says.
On this subject, former president of the Argentine Farming
Federation, Eduardo Buzzi, had revealed days ago that "if they let
it flow, we're heading for meat at 20,000 or 25,000 pesos per
kilo," clearly rejecting the policies of La Libertad Avanza, the
report relays.
"They're international values in dollars or euros. That's what a
kilo of meat is worth on the counter in European countries, and
it's what it would be worth if we want to compare ourselves with
Chinese demand. Some cuts are already worth 5,000 or 6,000 pesos.
Let's imagine if that doubles or trebles," Buzzi stated on the
radio, the report notes.
Tracking the Hikes
The LCG consultancy firm measured a 7.4-percent inflation of food
and beverages in the first week of December, which translates into
a 4.1-percent jump from the previous seven days, the report
relays.
Dairy products and eggs topped the rankings of increases with a
20-percent rise, followed by Household beverages and infusions (8.7
percent), Condiments and other food products (6.9 percent) and
Meats (6.4 percent), the report discloses.
"The average inflation continued to accelerate, reaching 12.3
percent, +1.8 points compared to the previous week. The
point-to-point measurement accelerated over the next few weeks
(17.5 percent)," the report stressed, Buenos Aires relays.
Between January and October this year, food and beverages had a
134.2-percent rise, above the overall 120 percent rate and were the
category which grew the most in 2023. Compared to the same month in
2022, it increased by 153.8 percent, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.
S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.
Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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: Bankruptcy Attorneys Want $40 Million in Fees
----------------------------------------------------------
Aislinn Keely of Law360 reports that law firms representing defunct
cryptocurrency lender BlockFi and its creditor committee through
the Chapter 11 process have requested roughly $40 million from the
estate ahead of a January hearing on compensation.
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 tapped 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
===========
ATLAS LITHIUM: Inks Agreement to Dismiss Salomon Complaint
----------------------------------------------------------
Atlas Lithium Corporation disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the lead plaintiff in the
complaint filed by Douglas Salomon against the Company and certain
members of the Company's senior management in the U.S. District
Court for the Central District of California opted to dismiss the
Complaint and filed a stipulation of dismissal signed by all
parties which ended the Complaint.
On the June 6, 2023 Form 8-K, the Company indicated that it
believed the Complaint to be without any merit. On Sept. 11, 2023,
the Court entered an order appointing a lead plaintiff. On Oct. 5,
2023, the Court entered a scheduling order providing, among other
things, a deadline of Nov. 27, 2023 for lead plaintiff to file a
consolidated amended Complaint.
About Atlas Lithium
Atlas Lithium Corporations formerly Brazil Minerals, Inc. is a
mineral exploration and development company with lithium projects
and exploration properties in other critical and battery minerals,
including nickel, rare earths, graphite, and titanium, to power the
increased demand for electrification. The Company's current focus
is on developing its hard-rock lithium project located in Minas
Gerais State in Brazil at a well-known, premier pegmatitic district
in Brazil. The Company intends to produce and sell lithium
concentrate, a key ingredient for the global battery supply chain.
Atlas Lithium reported a net loss of $5.66 million in 2022, a net
loss of $4.03 million in 2021, a net loss of $1.55 million in 2020,
a net loss of $2.08 million in 2019, a net loss of $1.85 million in
2018, a net loss of $1.89 million in 2017, a net loss of $1.74
million in 2016, and a net loss of $1.88 million in 2015. For the
nine months ended Sept. 30, 2023, the Company reported a net loss
of $25.60 million.
BRAZIL: Economy Faces a Tough 2024, World Bank Warns
----------------------------------------------------
Richard Mann at Rio Times Online reports that in 2024, Brazil's
economy faces a challenging period, as forecasted by the World
Bank.
The bank says that global economic trends could create obstacles
despite a promising 2023 with expected inflation drops and
above-anticipated growth, according to Rio Times Online.
Lower global growth, high interest rates, geopolitical tensions,
and China's economic uncertainty may impact Brazil, particularly
its commodity prices, 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.
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
BRAZIL: Inflation Cools, Bolstering Case for Interest Rate Cuts
---------------------------------------------------------------
Bloomberg News reports that Brazil's annual inflation rate fell to
within the central bank's target range, keeping policymakers on
track to deliver a fourth straight borrowing cost cut.
Official data released December 12 showed consumer prices rose
4.68% in November from a year earlier, just below the 4.7% median
estimate of analysts surveyed by Bloomberg.
Monthly inflation hit 0.28%, notes the report.
This year, the central bank targets annual inflation at 3.25% with
a tolerance range of plus or minus 1.5 percentage points, the
report notes.
Amid signs that Latin America's largest economy is slowing down,
policymakers are planning to lower the benchmark Selic by a
half-point to 11.75%, and then again in January, the report notes.
High borrowing costs have served to control consumer prices that
had climbed alongside the lifting of Covid-era restrictions, but
they are now weighing heavily on the growth outlook for next year,
the report relays.
The central bank, led by Roberto Campos Neto, began easing monetary
policy in August after bringing the annual inflation rate down from
near a two-decade high, the report discloses. Still, more
expensive fuel has caused alarm within the administration of
President Luiz Inacio Lula da Silva as he sets out to deliver on
campaign promises to improve the quality of life for Brazilians,
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.
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term Foreign
and Local Currency - Issuer Ratings to BB from BB (low). At the
same time, DBRS Morningstar confirmed Brazil's Short-term Foreign
and Local Currency - Issuer Ratings at R-4. The trend on all
ratings is Stable (March 2018).
=====================
P U E R T O R I C O
=====================
NATURAL DISASTER: Seeks to Hire Modesto Bigas Mendez as Counsel
---------------------------------------------------------------
Natural Disaster Proof Homes, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Modesto
Bigas Mendez, Esq., an attorney practicing in Ponce, Puerto Rico,
to handle its Chapter 11 case.
Mr. Mendez will be billed at his hourly rate of $250, plus
reimbursement for expenses incurred.
The Debtor paid the attorney a retainer of $5,000.
Mr. Mendez disclosed in a court filing that he is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The attorney can be reached at:
Modesto Bigas Mendez, Esq.
Modesto Bigas Law Office
P.O. Box 7462
Ponce, PR 00732
Telephone: (787) 844-1444
Facsimile: (787) 842-4090
Email: mbiasmendez@gmail.com
About Natural Disaster Proof Homes
Natural Disaster Proof Homes, Inc. filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
23-03863) on Nov. 27, 2023. In the petition signed by Hector M.
Rodriguez Edwards, president, the Debtor disclosed under $1 million
in both assets and liabilities.
Modesto Bigas Mendez, Esq., serves as the Debtor's counsel.
ZAGACITY TECH: Seeks to Hire Tamarez CPA as Accountant
------------------------------------------------------
Zagacity Tech LLC, also known as Era Zagacity Tech LLC, seeks
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to employ Tamarez CPA, LLC as accountant.
The Debtor requires an acocuntant to:
(a) reconcile financial information to assist the Debtor in
the preparation of monthly operating reports;
(b) assist in the reconciliation and clarification of proof of
claims filed and amount due to creditors;
(c) provide general accounting and tax services; and
(d) assist the Debtor and its counsel in the preparation of
the supporting documents for the Chapter 11 reorganization plan.
The hourly rates of the firm's professionals are as follows:
Albert Tamarez-Vasquez, CPA, CIRA $165
CPA Supervisor $110
Senior Accountant $90
Staff Accountant $70
The firm also received a post-petition retainer of $5,000.
Albert Tamarez Vasquez, CPA, owner of Tamarez CPA, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Albert Tamarez Vasquez, CPA
Tamarez CPA, LLC
1519 Ave. Ponce De Leon, Suite 412
San Juan, PR 00909
Telephone: (787) 795-2855
Facsimile: (787) 200-7912
Email: atamarez@tamarezcpa.com
About Zagacity Tech
Zagacity Tech LLC distributes and sells technological products,
home appliances, audio and TV, in the home and commercial lines.
Zagacity Tech LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-03787)
on November 17, 2023. The petition was signed by Nestor G. Cardona
as president. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.
The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates
LLC as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC
as accountant.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Dec. 11 to Dec. 15, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
Lani Finance 3.1 68.6 10/19/2048 KY AUD
Lani Finance 1.9 63.3 10/19/2048 KY EUR
Lani Finance 1.7 60 03/14/2049 KY EUR
Lani Finance 1.9 62.3 09/20/2048 KY EUR
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 05/28/2045 CO USD
Three Gorges Finance 3.2 74.2 10/16/2049 KY USD
Telecom Argentina SA 1 56.5 02/10/2028 AR USD
Telecom Argentina SA 1 64.2 03/09/2027 AR USD
eHi Car Services 7 64.9 09/21/2026 KY USD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
Banco Davivienda SA 6.7 66.5 CO USD
Banco de Chile 2.7 75.4 03/09/2035 CL AUD
Banco de Chile 1.7 69.5 04/26/2032 CL EUR
Banco del Estado 3.1 72.5 02/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 03/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris 7.5 73.3 04/16/2031 CO USD
Banco GNB Sudameris 7.5 73.4 04/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 02/28/2039 CL AUD
Kaisa Group Holdings 10.9 9.1 KY USD
Agile Group Holdings 6.1 41 10/13/2025 KY USD
Agile Group Holdings 5.5 45 04/21/2025 KY USD
Agile Group Holdings 5.5 39.2 05/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
Agile Group Holdings 5.8 50.2 01/02/2025 KY USD
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
QNB Finance 11.5 62.1 1/30/2025 KY TRY
QNB Finance 3.4 75.4 10/21/2039 KY AUD
QNB Finance 13.5 55.7 10/06/2025 KY TRY
QNB Finance 2.9 75.3 12/04/2035 KY AUD
Ruta del Maipo 2.3 53.5 12/15/2024 CL CLP
Santander Consumer 2.9 73.1 11/27/2034 CL AUD
Seagate HDD Cayman 3.4 73.4 07/15/2031 KY USD
Seazen Group 4.5 63.6 07/13/2025 KY USD
Silk Road Investments 2.9 68.8 01/23/2042 KY AUD
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.2 66.2 06/03/2050 KY USD
Tencent Holdings 3.2 66.5 06/03/2050 KY USD
Tencent Holdings 3.3 63 06/03/2060 KY USD
Tencent Holdings 3.3 63.5 06/03/2060 KY USD
Panama Bond 4.5 73.5 01/19/2063 PA USD
Panama Bond 4.3 74.8 04/29/2053 PA USD
Panama Bond 3.9 66.8 07/23/2060 PA USD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Chile Bond 1.3 52 01/22/2051 CL EUR
Chile Bond 3.1 66.9 01/22/2061 CL USD
Chile Bond 1.3 65.4 01/29/2040 CL EUR
Chile Bond 1.3 71.2 07/26/2036 CL EUR
Chile Bond 3.3 66.6 09/21/2071 CL USD
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
Transocean Inc 6.8 67.6 03/15/2038 KY USD
Inversiones Latin 5.1 44.6 06/15/2033 CL USD
Inversiones Latin 5.1 44.8 06/15/2033 CL USD
Fospar S/A 6.5 1.3 05/15/2026 BR BRL
Frigorifico 7.7 71.1 07/21/2028 PY USD
Frigorifico 7.7 71.4 07/21/2028 PY USD
Galaxy Digital 3 62.5 12/15/2026 KY USD
Generacion 9.9 73.1 12/01/2027 AR USD
Generacion 12.5 0 02/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs 2.3 75.9 06/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Earls Eight 1.7 71.4 06/20/2032 KY AUD
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
China Maple Leaf 2.3 75 01/27/2026 KY USD
China SCE Group 6 29 02/04/2026 KY USD
China SCE Group 7.4 56.2 04/09/2024 KY USD
China SCE Group 7 35.2 05/02/2025 KY USD
China SCE Group 6 42.9 09/29/2024 KY USD
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 3.9 54.8 02/15/2061 CO USD
Colombia Bond 4.1 61.9 02/22/2042 CO USD
Colombia Bond 5.6 72.7 02/26/2044 CO USD
Colombia Bond 3.1 74 04/15/2031 CO USD
Colombia Bond 3.3 72.1 04/22/2032 CO USD
Colombia Bond 5.2 67.3 05/15/2049 CO USD
Colombia Bond 4.1 58.8 05/15/2051 CO USD
Colombia Bond 5 66.9 06/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
VTR Comunicaciones 5.1 55.3 01/15/2028 CL USD
VTR Comunicaciones 5.1 53.6 01/15/2028 CL USD
VTR Comunicaciones 4.4 54.4 04/15/2029 CL USD
VTR Comunicaciones 4.4 54.5 04/15/2029 CL USD
Vista Energy 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 03/23/2034 KY AUD
YPF SA 1 69.8 01/10/2026 AR USD
YPF SA 7 61.6 12/15/2047 AR USD
YPF SA 7 61 12/15/2047 AR USD
UEP Penonome II SA 6.5 73.6 10/01/2038 PA USD
UEP Penonome II SA 6.5 74.1 10/01/2038 PA USD
Guaranteed 5.4 73.7 01/29/2038 KY USD
Guaranteed 5.3 71.9 03/23/2038 KY USD
Helenbergh China 8 32.9 11/07/2024 KY USD
SYN prop e tech SA 13.6 20.3 3/15/2024 BR BRL
Yango Cayman 12 3.9 09/15/2023 KY USD
MSU Energy SA 6.9 70.8 02/01/2025 AR USD
El Salvador Bond 6.4 62.3 01/18/2027 SV USD
El Salvador Bond 6.4 62 01/18/2027 SV USD
El Salvador Bond 7.1 48.5 01/20/2050 SV USD
El Salvador Bond 7.1 48.6 01/20/2050 SV USD
El Salvador Bond 5.9 46 01/30/2025 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 8.6 58.1 02/28/2029 SV USD
El Salvador Bond 8.6 57.9 02/28/2029 SV USD
El Salvador Bond 8.3 56.4 04/10/2032 SV USD
El Salvador Bond 8.3 56.3 04/10/2032 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 9.5 54.6 07/15/2052 SV USD
El Salvador Bond 9.5 54.5 07/15/2052 SV USD
El Salvador Bond 7.6 49.9 09/21/2034 SV USD
El Salvador Bond 7.6 50 09/21/2034 SV USD
Banda de Couro 8 69.1 01/15/2027 BR BRL
Alibaba Group 3.3 63 02/09/2061 KY USD
AMTD IDEA Group 4.5 52.5 KY SGD
AAC Technologies 3.8 68.6 06/02/2031 KY USD
ACEN Finance 4 70.9 KY USD
AES Tiete 6.8 0.7 04/15/2024 BR BRL
Agile Group Holdings 13.5 40.7 KY USD
Agile Group Holdings 8.4 38.1 KY USD
Agile Group Holdings 7.9 31 KY USD
Argentina Bonar Bonds 1 19.8 7/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury 2.5 25.3 11/30/2031 AR ARS
Argentine Bond 0.5 19.5 07/09/2029 AR EUR
Argentine Bond 1 23.7 07/09/2029 AR USD
Argentine Bond 0.1 21.5 07/09/2030 AR EUR
Argentine Bonos 16 72.6 10/17/2023 AR ARS
Argentine Bonos 15.5 22.2 10/17/2026 AR ARS
Ascent Finance 3.4 58.4 02/06/2043 KY AUD
Ascent Finance 3.8 59.8 06/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative 1.5 60.6 11/01/2029 KY 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
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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 * * *