/raid1/www/Hosts/bankrupt/TCRLA_Public/240517.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
Friday, May 17, 2024, Vol. 25, No. 100
Headlines
A R G E N T I N A
ARGENTINA: ECLAC Forecasts 3.1% Decline for Economy This Year
PAMPA ENERGIA: Seek Better Terms for $2 Billion Argentina Debt
YPF SA: US$2.5BB Shale Oil Pipeline Moves Ahead After Approval
C H I L E
CHILE: Inflation Accelerates, Stoking Caution on Rate Cuts
C U B A
[*] CUBA: Shows Interest in Opportunities in Dominican Tourism
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: CNUS President Pushes for Monotributo System
J A M A I C A
JAMAICA: Signs Deal with UK Export Finance
NCB FINANCIAL: Reports $65M Operating Income for 6 Mos. to March
- - - - -
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A R G E N T I N A
=================
ARGENTINA: ECLAC Forecasts 3.1% Decline for Economy This Year
-------------------------------------------------------------
Buenos Aires Times reports that the United Nations Economic
Commission for Latin America and the Caribbean (ECLAC) revised
Argentina's growth forecast for this year, predicting a 3.1 percent
decline in gross domestic product this year.
The new prediction came as ECLAC improved its growth projection for
the wider region, predicting a rise in GDP of 2.1 percent - in the
most part due to an improved performance by Brazil, according to
Buenos Aires Times.
According to ECLAC, "expected expansion for the region in 2024
remains on the path of low economic growth observed in recent
years," due to a "complex" international scenario, the report
notes.
Both economic activity and global trade are below their historical
averages, but also with interest rates that remain high, said the
United Nations agency, the report relays.
The report discloses that at a regional level, however, a fall of
inflation has led several countries to lower interest rates, "from
which a favourable impact on economic activity could be expected."
Brazil, the largest regional economy, will grow more than expected
this year, said ECLAC. Last December it had forecast an expansion
of 1.6 percent for the region's largest economy - the new report
sees growth of 2.3 percent, the report says.
Estimates for Chile, Peru and Uruguay were also improved.
In the case of Argentina, ECLAC revised its forecast significantly.
While last December it had predicted a decline of one percent, the
new figure of minus 3.1 percent is a huge drop, 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings 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.
PAMPA ENERGIA: Seek Better Terms for $2 Billion Argentina Debt
--------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Argentina's privately-run power producers will reject an offer by
the government to settle a debt that's mushroomed to about $2
billion, Pampa Energia SA Chief Executive Officer Gustavo Mariani
said.
The producers - led by Pampa and Central Puerto SA, which together
supply about 30% of Argentina's energy - want better terms for the
debt, which began to accumulate late last year when President
Javier Milei's government stopped paying them as part of a broader
effort to shrink its budget deficit, according to
globalinsolvency.com.
Most of the current offer by the government, published in the
federal register, is comprised of a sovereign bond in hard currency
maturing in 2038, globalinsolvency.com relays.
The bond is trading at about 50 cents on the dollar, so Milei is
essentially asking companies to take just half of the money due,
globalinsolvency.com notes.
In the period from December to February alone, Pampa says it's owed
$163 million by state power wholesaler Cammesa, some of which it's
already written off, the report relays.
The government covers a chunk of the cost of power generation for
Argentine residents and industry, and channels those subsidies to
producers through Cammesa, 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings 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.
YPF SA: US$2.5BB Shale Oil Pipeline Moves Ahead After Approval
--------------------------------------------------------------
Jonathan Gilbert at Bloomberg News reports that Argentina's biggest
oil and gas producer, state-run YPF SA, is moving ahead with plans
to build a US$2.5-billion cross-country pipeline that's key to
unlocking exports of crude from the vast Vaca Muerta shale patch in
Patagonia.
YPF recently received environmental authorisation for the so-called
Vaca Muerta Sur pipeline and is seeking bids from contractors to
build it, said Max Westen, head of strategy and business
development, according to Bloomberg News.
For years, YPF has spearheaded drilling in Vaca Muerta by teaming
up with other oil companies. Now, it's doing the same for building
pipelines and a liquefied natural gas plant, both of which require
partners to proceed, Bloomberg News notes.
"The environmental permit is a key milestone, and we are in
discussions with the rest of the oil industry -- there's a lot of
interest in participating," Westen said on an earnings call,
Bloomberg News relays.
Pipeline capacity is the chief bottleneck holding back Vaca Muerta,
a heralded but underdeveloped formation often likened to the
Permian in the United States, Bloomberg News discloses.
Last year, the government built a new trunk line for shale gas
that's helping to reduce the country's LNG imports, Bloomberg News
recalls. It's also reversing the flow of a pipeline originally
designed to bring in fuel from Bolivia, so that Argentina's
northern provinces can instead be supplied by domestic shale,
Bloomberg News says. The two projects may one day enable Argentina
to send its gas to neighboring Brazil, Bloomberg News notes.
But shipments of crude are a quicker way to generate the billions
of dollars a year that Argentina is seeking to help turn around its
struggling economy, Bloomberg News notes.
That's why drillers, including YPF, are shifting their attention to
Vaca Muerta's oil window, Bloomberg News relays. Already, the
companies have resumed crude sales to neighbouring Chile after a
years-long hiatus, Bloomberg News discloses.
They are also investing - via Oldelval SA - in expanding existing
facilities to ship crude overseas from Argentina's Atlantic coast,
Bloomberg News notes. That route will soon have an extra 45,000
barrels a day of capacity, plus another 200,000 barrels next year,
Mr. Westen added.
Bloomberg News relays that Vaca Muerta Sur will run from the shale
heartland of Neuquen province across northern Patagonia to Punta
Colorada, where a port must be built to load tankers. The conduit
is expected to transport 180,000 barrels a day in 2026 and may
eventually have capacity for 700,000 barrels, Bloomberg News
notes.
"Vaca Muerta Sur is the most competitive evacuation route to
monetise the crude in Vaca Muerta," Mr. Westen said, Bloomberg News
notes. "That's why YPF is pursuing it as a priority over any other
project," he added.
YPF's net shale oil production in the first quarter hit a record of
112,000 barrels a day, an increase of three percent from the
previous quarter, Bloomberg News relays.
YPF's new management - appointed by President Javier Milei - is
divesting aging, conventional oil fields to focus on Vaca Muerta in
a bid to boost its stock price and resume dividend payments to
shareholders, Bloomberg News notes.
The company pitched the blocks at an investor roadshow in Houston
and Calgary last month, generating interest from about 70
companies, Mr. Westen said, Bloomberg News discloses. YPF is
preparing to receive bids in June and hopes to complete sales by
the end of the year, Bloomberg News adds.
About YPF SA
YPF S.A. is a vertically integrated, majority state-owned
Argentine
energy company, engaged in oil and gas exploration and production,
and the transportation, refining, and marketing of gas and
petroleum products.
Founded in 1922, YPF was an oil company established as a state
enterprise. YPF was later privatized under president Carlos Menem
and was bought by the Spanish firm Repsol in 1999, and the
resulting merged company was call Repsol YPF.
In 2012, about 51% of the firm was renationalized and this was
initiated by President Cristina Fernandez se Kirchner. The
government of Argentina agreed to pay $5 billion compensation to
Repsol.
In April 2023, S&P Global Ratings lowered its local and foreign
currency ratings on YPF SA to 'CCC-' from 'CCC+'. The outlook on
these ratings is now negative. The downgrade follows a similar
action on S&P's long-term foreign currency ratings and T&C on
Argentina, following announced plans that, if implemented, would
oblige some nonfinancial public-sector entities to exchange or
sell
their holdings of global- and local-law dollar-denominated bonds
issued during the 2020 restructuring for other locally issued peso
debt, likely dollar- and/or inflation-linked bonds. In S&P's view,
the lack of clarity and the apparent motivation for the potential
transaction underscore heightened credit vulnerabilities, in
particular given the increasing pressures from the severe drought
that Argentina is facing, which further constrains the already
disrupted FX market. This expected greater pressure on the FX
markets also explains S&P's downward revision of the T&C
assessment
to 'CCC-'.
=========
C H I L E
=========
CHILE: Inflation Accelerates, Stoking Caution on Rate Cuts
----------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Chile's
consumer prices rose more than forecast, underscoring the central
bank's caution over further interest rate cuts after it spearheaded
reductions in Latin American over the past year.
Prices increased 0.5% from March, above the 0.4% median estimate
from analysts in a Bloomberg survey.
The annual inflation rate rose to 4% from 3.7% in the chained
series, the national statistics institute reported,
globalinsolvency.com notes.
Chile economists and traders expect the central bank to slow the
pace of its easing cycle for the second straight time by delivering
a half-point rate cut on May 23, globalinsolvency.com discloses.
Investors see the smaller drop after policymakers stressed global
risks including higher rates for a more prolonged period,
globalinsolvency.com relays. Still, cost-of-living forecasts
remain anchored at the 3% target in the two-year policy horizon,
globalinsolvency.com adds.
=======
C U B A
=======
[*] CUBA: Shows Interest in Opportunities in Dominican Tourism
--------------------------------------------------------------
Dominican Today reports that Cuban Tourism Minister Juan Carlos
Garcia Granda has expressed interest in fostering multi-destination
opportunities and sharing expertise in personnel training with the
Dominican Republic's Ministry of Tourism (Mitur).
Garcia Granda highlighted the significant presence of
Dominican-trained professionals in the Cuban tourism sector,
including pastry chefs and experienced managers, according to
Dominican Today. He emphasized the potential for strategic
alliances between the two countries, with Cuba's focus on
community-based, sustainable rural, and circuit tourism
complementing its renowned sun and beach offerings, which currently
support over 80,000 operational hotel rooms, the report notes.
"We possess a rich heritage, with seven cities designated as world
heritage sites, actively preserved and engaging local communities,"
he noted, the report relays. Despite enduring over 60 years of
economic blockade measures imposed by the United States, Garcia
Granda underscored the resilience of Cuba's tourism product, the
report notes.
In response, Dominican Tourism Minister David Collado affirmed
García Granda's interest in understanding Mitur's Tourist
Intelligence System (Situr) and the tax incentives provided by the
Tourism Development Council (Confotur) for new hotel investments,
the report says.
Collado also expressed the Dominican Republic's eagerness to learn
from Cuba's management of historic centers, with plans to apply
similar preservation measures in its own colonial areas, the report
relays. However, Collado clarified that discussions between the
two nations are in early stages, with no formal agreements or
detailed execution plans yet established, the report adds.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: CNUS President Pushes for Monotributo System
----------------------------------------------------------------
Dominican Today reports that Rafael Abreu (commonly known as Pepe),
the president of the National Confederation of Trade Union Unity
(CNUS), is advocating for the establishment of a social security
system in the Dominican Republic akin to the "monotributo" model
found in other parts of the world.
Abreu indicates that he is on the verge of finalizing an agreement
with President Luis Abinader, which entails the implementation of
the monotribute system, according to Dominican Today. This system
would involve registering the entire population through a
cooperative organization, the report notes.
The proposed methodology primarily targets informal workers who are
self-employed, requiring them to contribute a portion towards
insurance coverage, with the assurance that the State will cover
the remainder, the report relays.
"In the pact we aim to sign with the President, we aim to introduce
the monotax system, whereby individuals who operate independently,
such as street vendors, contribute to the system for their own
protection and that of their families," Abreu explained during an
interview with journalist Martina Espinal on the "Al Punto
Vespertino" program, the report discloses.
Abreu points to Uruguay as an example where a monotax system
exists, the report relays. In Uruguay, individuals from all walks
of life, including street vendors, are registered in the system and
contribute voluntarily because they recognize its benefits, the
report discloses.
Abreu's proposal coincides with the impending 23rd anniversary of
Law 87-01, which regulates the Dominican Social Security System
(SDSS), the report relays. He suggests that changes to the law
would be beneficial for a society that requires a government
willing to make a greater commitment to informal workers, the
report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income. According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.
In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3. Moody's said the key drivers
for the outlook change to positive are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
=============
J A M A I C A
=============
JAMAICA: Signs Deal with UK Export Finance
------------------------------------------
Javaughn Keyes at RJR News reports that Jamaica has signed an
agreement with UK Export Finance, in a bid to boost the country's
export financing.
UK Export Finance is the United Kingdom's export credit agency.
British High Commissioner to Jamaica Judith Slater says Jamaican
firms are set to benefit from millions of dollars, to help support
their plans to send goods and services overseas, according to RJR
News.
"So you have an appetite of GBP2 billion for Jamaica. In other
words, GBP2 billion for underwriting is available and we're working
on these four big projects that were named as part of that
agreement, but that . . . is not an exhaustive list. We are keen to
work on other big projects," she explained, the report notes.
She said trade and investment between Jamaica and the United
Kingdom have been increasing, the report relays.
"We've increased our bilateral trade with Jamaica by 50% in the
last couple of years. Obviously some of that is recovering from
COVID but you can go back before COVID and the numbers are still on
the rise which is really important. Most of that is services but
also it's not all services and we're really keen to grow British
exports and we're really keen to help with this agriculture sector
and it's moving up the value chain," Ms. Slater outlined, the
report discloses.
She said Jamaica will receive GBP19 million in development aid over
a four-year period, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
NCB FINANCIAL: Reports $65M Operating Income for 6 Mos. to March
----------------------------------------------------------------
Javaughn Keyes at RJR News reports that the NCB Financial Group
realised operating income of $65.25 billion for the six months to
March.
Group Chief Financial Officer Malcolm Sadler said this reflects a
17 per cent increase, or $9.4 billion, according to RJR News.
"Four of the seven business segments reported improved results,
with the life, health and pension segment accounting for the
largest increase. Net revenues from banking and investment
activities of $40 billion experienced a modest increase of $817
million or 2% over the prior year," he disclosed, the report notes.
He said improved net fee and commission income and interest income
were the main drivers, primarily resulting from growth in the loan
and investment portfolios as well as increased transaction volumes,
the report relays.
Chief Financial Officer at the NCB Financail Group, Malcolm
Sadler.
Mr. Sadler was speaking at the company's investor briefing.
NCB Financial Group Limited is a financial services conglomerate
operating in the Caribbean region and headquartered in Kingston,
Jamaica. NCB Financial Group
Limited is the parent company of the National Commercial
Bank of Jamaica.
As recently reported in the Troubled Company Reporter-Latin
America, Jamaica Observer relayed that the NCB Financial Group is
yet to complete negotiations with its former president and CEO
Patrick Hylton and his deputy, Dennis Cohen, over the settlement in
relation to their separation from the company. At the centre of
the negotiations is the size of the separation package for the two
men who served the financial conglomerate for the last two decades,
including what value the company should compensate the men for
shares they were asked to surrender in July 2021, according to
Jamaica Observer. Both men were asked to surrender 95.1 million
shares valued at $13.8 billion at the time with the understanding
that, over time, they would recoup that value, the report noted.
Some were recouped in compensation for both men to the tune of $3.6
billion in the last financial year, the report relayed.
*********
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 2024. All rights reserved. ISSN 1529-2746.
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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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* * * End of Transmission * * *