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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, June 14, 2018, Vol. 19, No. 117
Headlines
A R G E N T I N A
* ARGENTINA: President Meets With Paraguay President-Elect
B R A Z I L
BRAZIL: Imposes Stricter Environmental Standards for Mining
G U A T E M A L A
GUATEMALA: Continues to Bury its Dead While Volcano Does Not Rest
J A M A I C A
CW2W MUSIC: Rescue Plan is Not Takeover, JSE Director Insists
JAMAICA: Bank of Jamaica Reports 0.4% Deflation in April
M E X I C O
MEXICO: Must Strengthen Agro Production, Quality to Compete in EU
MEXICO: Hurricane Bud Affects Several Western Mexican States
N I C A R A G U A
NICARAGUA: C. Rica Pres Emphasizes Seriousness of Crisis to OAS
P U E R T O R I C O
PUERTO RICAN PARADE: Hires Sergio & Banks as Real Estate Broker
PUERTO RICAN PARADE: Court Denies Approval of Disclosure Statement
STAR BODY: Seeks to Hire GSP LAW as Counsel
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A R G E N T I N A
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* ARGENTINA: President Meets With Paraguay President-Elect
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The Latin America Herald Tribune reports that Argentine President
Mauricio Macri received at his office in the Casa Rosada in Buenos
Aires the president-elect of Paraguay, Mario Abdo Benitez, who
will take office next August 15, government officials said.
The meeting, of which just a single photo has been released, is
the second stop on an international tour that Benitez began in
Brasilia, where he met with Brazilian President Michel Temer, and
that will next take him to Moscow, where he will meet with
Vladimir Putin and will attend the kickoff of the 2018 World Cup
in Russia, according to The Latin America Herald Tribune.
About his meeting with President Macri, the president-elect's
Cabinet disclosed that it would involve topics related to
security, fighting transnational crime on their common border,
holding the first meeting of ministers and governors on the common
border, and energy matters, the report notes.
Already last April 23, President Macri called Mr. Benitez to
congratulate him on his electoral victory the day before, the
report relays.
"I hope we can soon work together for the well-being of our
people," President Macri then posted on his Twitter account, the
report says.
Mr. Benitez, candidate of the ruling Colorado Party, won 46.44
percent of the vote, compared with 42.74 percent for his principal
rival, the liberal Efrain Alegre, the report discloses.
The new Paraguayan president will be sworn-in next August 15 in
Asuncion, the report adds.
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B R A Z I L
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BRAZIL: Imposes Stricter Environmental Standards for Mining
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EFE News reports that President Michel Temer signed into law new
standards for mining which, among other requirements, expand the
environmental liability of companies exploiting mineral resources
in Brazil.
"These are reforms affecting an activity that is very important
for the country's development, not just now but since the time of
colonial Brazil," President Temer said during the ceremony at
which the legislation establishing procedures to facilitate the
financing of mining and research in the strategic industry was
released, according to EFE News.
As reported in the Troubled Company Reporter-Latin America in
February 2018, Fitch Ratings downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.
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G U A T E M A L A
=================
GUATEMALA: Continues to Bury its Dead While Volcano Does Not Rest
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EFE News reports that Guatemalans bid farewell to their relatives
and friends who lost their lives during Fuego Volcano's eruption
on Jun. 3, one of the most violent in recent years.
Although no search and rescue work was carried out in the area,
heavy equipment did enter the affected area to clean the mud,
stones and ashes that the Fuego Volcano, located only 50 km west
of Guatemala City, unleashed during the last hours, according to
EFE News.
As reported in the Troubled Company Reporter-Latin America on
June 13, 2018, Moody's Investors Service has affirmed the
Government of Guatemala's Ba1 issuer and Ba1 senior unsecured bond
ratings. The outlook remains stable.
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J A M A I C A
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CW2W MUSIC: Rescue Plan is Not Takeover, JSE Director Insists
-------------------------------------------------------------
RJR News reports that Managing Director of the Jamaica Stock
Exchange, Marlene Street Forrest, said the rescue plan being
undertaken by listed company C2W Music should not be considered a
takeover.
C2W's Board has called an extraordinary general meeting for June
27 to discuss the rescue operation that will be implemented by
Stocks and Securities Limited, according to RJR News.
The report notes that C2W's recently released audited financial
statements showed it had a large debt burden.
C2W, which is a music publishing company, is listed on the junior
market of the Jamaica Stock Exchange, the report says.
In 2017, C2W made a loss of more than US$300,000 and had a deficit
of US$1.5 million, the report recalls.
The report relays that its current liabilities exceed assets by
more than US$200,000.
Its auditors say from inception, the company has not achieved the
level of revenues projected and required to sustain its
operations, the report adds.
JAMAICA: Bank of Jamaica Reports 0.4% Deflation in April
--------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) is reporting that
there was deflation of 0.4% in April as declines in the Housing,
Water, Electricity and Gas category were partly offset by higher
prices for petrol and related products.
The Central Bank notes that moderate inflation was expected in
May, according to RJR News.
The report notes that this is due in part to moderate price
increases for vegetables and starchy foods as well as transport
costs.
Inflation this month is anticipated to mainly reflect increases in
the costs of utilities, petrol and the prices of non-processed
foods, the report relays.
As it relates to the outlook for the 2018/19 fiscal year, the BOJ
maintains that inflation is expected to remain towards the lower
end of the forecast range for the next three quarters before
converging towards the midpoint of the forecast range, the report
adds.
As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.
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M E X I C O
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MEXICO: Must Strengthen Agro Production, Quality to Compete in EU
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The Latin American Herald reports that Mexico needs to strengthen
the production and quality of its agricultural products to compete
in the European Union and at the same time, diversity its exports
with the goal of relying less on the US market.
Increasing exports is one of the greatest challenges for Mexico as
it renegotiates the North American Free Trade Agreement and feels
the pressure of US President Donald Trump's scornful comments, Dr.
Luis Alberto Lightbourn, the director of Mexico's Bioteksa
biotechnology firm, said in Paris, according to The Latin American
Herald.
The report notes that Mr. Lightbourn spoke at the International
Biotechnology and Industrial Revolution Summit, which concludes in
the French capital.
"At the Lightbourn Institute, we have discovered a group of
specific genes that give quality, productivity, safety and, above
all, sustainability to crops," he said, the report relays.
He added that Mexico is a pioneer in the discovery of
heterotrimeric G proteins, which are the basis for cellular
signaling, the report discloses.
"We've made studies on 'capsicum annuum' (hot peppers) and we've
discovered a series of biogenetic pathways that help us to
optimize the crop," he said, the report notes.
The report relays that Mr. Lightbourn pointed to the example of
biogenetic advances in the cultivation of hot peppers as proof of
the potential of Mexico's agricultural sector and its capacity as
the biggest producer and exporter of this product.
In his Paris speech, he explained the characteristics of the
proteins and the properties of biogenetic products, the report
notes.
"I'm an enemy of genetically modified organisms. That is to say,
I'm a naturally an epigeneticist and all our research projects at
the Lightbourn Institute and our production line at Bioteksa are
focused on epigenetics, on the genetic modification of organisms
and on food safety by measured sustainability," the report quoted
Mr. Lightbourn as saying.
"We have two bioethical principles that we must respect: first, do
no harm and second, don't disrupt. Do no harm regarding the soil
or environment, plants, water and atmosphere, and don't disturb
the process that the plant itself develops to defend itself
against all the aggressive changes of these elements," Mr.
Lightbourn added.
Mr. Lightbourn also said that in every agricultural process each
kilogram of product or food must be measured against the quantity
of water it requires and that "the production of tons per hectare
is already obsolete and now we have to measure in tons per cubic
meter of water used," the report notes.
MEXICO: Hurricane Bud Affects Several Western Mexican States
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EFE News reports that Hurricane Bud lost strength on June 12 to a
Category 3 storm after strengthening overnight to Category 4 on
the Saffir-Simpson scale but it continues to bring intense and at
times torrential rains to several western Mexican states, the
National Weather Service (SMN) reported.
At 10:00 am, Bud was located 360 kilometers (223 miles) west-
southwest of Playa Perula, in Jalisco state, and 270 km east of
Isla Socorro, moving northwest at 9 kph, according to EFE News.
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N I C A R A G U A
=================
NICARAGUA: C. Rica Pres Emphasizes Seriousness of Crisis to OAS
---------------------------------------------------------------
EFE News reports that Costa Rica's new president, Carlos Alvarado,
in a speech before the Organization of American States in
Washington emphasized the crisis in neighboring Nicaragua and
lobbied for the defense of the democracies in the region.
President Alvarado, who is on his first trip abroad since taking
office, insisted before the 34 OAS member states that the
situation in Nicaragua is getting "ever worse," and he urged
President Managua to abide by the recommendations of the
International Commission on Human Rights to put an end to the
violence, according to EFE News.
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P U E R T O R I C O
======================
PUERTO RICAN PARADE: Hires Sergio & Banks as Real Estate Broker
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Puerto Rican Parade Committee of Chicago, Inc., seeks authority
from the U.S. Bankruptcy Court for the Northern District of
Illinois to employ Sergio & Banks Real Estate, as real estate
broker to the Debtor.
Puerto Rican Parade requires Sergio & Banks to market and sell the
Debtor's real property located at 1237 N. California Avenue,
Chicago, Illinois.
Sergio & Banks will be paid a commission of 4% of the purchase
price.
Ron Ohr, a partner at Sergio & Banks Real Estate, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Sergio & Banks can be reached at:
Ron Ohr
SERGIO & BANKS REAL ESTATE
2100 W. Armitage
Chicago, IL 60647
Tel (773) 235-6100
About Puerto Rican Parade
Committee of Chicago
Puerto Rican Parade Committee of Chicago, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
17-03480) on Feb. 6, 2017. In the petition signed by Angel Medina,
president, the Debtor estimated assets of less than $1 million.
The case is assigned to Judge Carol A. Doyle. Paul M. Bach, Esq.,
and Penelope N. Bach, Esq., at the Bach Law Offices, serve as the
Debtor's bankruptcy counsel.
PUERTO RICAN PARADE: Court Denies Approval of Disclosure Statement
------------------------------------------------------------------
Judge Carol A. Doyle of the U.S. Bankruptcy Court for the Northern
District of Illinois denied approval of the third amended
disclosure statement explaining Puerto Rican Parade Committee of
Chicago, Inc.'s plan of reorganization.
As previously reported by The Troubled Company Reporter, the Plan
provides that on its Effective Date, the Debtor will retain all of
its assets and will thereafter be responsible for paying the
Claims of their creditors.
The plan proposes to pay Class 7 general unsecured creditors $330
monthly for 60 months, then $1,000/month until balance is paid in
full with 1% interest.
The Debtor intends to continue the operations of its business
which, based upon historical data, should generate funds
sufficient to pay the monies required under this Plan. All
distributions under the Plan will be made from the ongoing
business operations.
A full-text copy of the Third Amended Disclosure Statement is
available at http://bankrupt.com/misc/ilnb17-03480-38.pdf
About Puerto Rican Parade Committee
Puerto Rican Parade Committee of Chicago, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
17-03480) on Feb. 6, 2017. In the petition signed by Angel
Medina, president, the Debtor estimated assets of less than $1
million.
The case is assigned to Judge Carol A. Doyle. Paul M. Bach, Esq.,
and Penelope N. Bach, Esq., at the Bach Law Offices, serve as the
Debtor's bankruptcy counsel.
STAR BODY: Seeks to Hire GSP LAW as Counsel
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Star Body Experts, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto to employ GSP LAW, P.S.C., as
attorney to the Debtor.
Star Body requires GSP LAW to:
a. prepare pleading and applications and conducting of
examinations incidental to administration;
b. develop the relationship of the status of the Debtor to the
claims of creditors in the bankruptcy case;
c. advise the Debtor of its rights, duties, and obligations as
the Debtor operating under Chapter 11 of the Bankruptcy
Code;
d. take any and all other necessary action incident to the
proper preservation and administration of the Chapter 11
estate; and
e. advise the Debtor in possession and assist the Debtor in
the formulation and presentation of a plan pursuant to
Chapter 11 of Bankruptcy Code, the disclosure statement and
concerning any and all matters relating thereto.
GSP LAW will be paid at the hourly rate of $200.
GSP LAW will be paid a retainer in the amount of $4,289. The firm
will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Gerardo L. Santiago Puig, a partner at GSP LAW, P.S.C., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
GSP LAW can be reached at:
Gerardo L. Santiago Puig, Esq.
GSP LAW, P.S.C.
Doral Bank Plaza Suite 801
33 Resolucion St
San Juan, PR 00920
Tel: (787) 777-8000
Fax: (787) 767-7107
E-mail: gsantiagopuig@gmail.com
About Star Body Experts
Star Body Expert, Inc., operates an auto body shop in Toa Baja,
Puerto Rico. Founded in 1984, the company recently added a store
specializing in auto paints sold to other shops.
Star Body Expert previously sought protection from creditors on
Aug. 11, 2015 (Bankr. D.P.R. Case No. 15-06125).
Star Body Expert Inc., based in Toa Baja, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 18-02960) on May 29, 2018. In
the petition signed by Carlos Oliveros, president, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities. The Hon. Brian K. Tester presides over
the case. Gerardo L. Santiago Puig, Esq., at GSP LAW, P.S.C.,
serves as bankruptcy counsel to the Debtor.
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
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for actual trades are probably different. Our objective is to
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issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
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latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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***********
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 2018. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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