/raid1/www/Hosts/bankrupt/TCRLA_Public/181119.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, November 19, 2018, Vol. 19, No. 229
Headlines
A R G E N T I N A
ALGODON GROUP: CEO Mathis is "Excited About the Future"
B R A Z I L
CAMIL ALIMENTOS: S&P Affirms Long-Term 'BB-' Global Scale ICR
C A Y M A N I S L A N D S
VANTAGE DRILLING: Moody's Ups Corp. Family Rating to Caa1
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Most Fuels Post Considerable Declines
ODEBRECH-TECNIMONT: Budget Shows Govt. Seeks Investors for Plant
M E X I C O
TV AZTECA: Fitch Affirms B+ LT IDRs, Outlook Stable
P U E R T O R I C O
LUBY'S INC: Reports Q4 Loss from Continuing Operations of $1.9M
T R I N I D A D & T O B A G O
CL FIN'L: Sale of CLICO Near
PETROLEUM CO: Government Saving Firm, Imbert Says
V E N E Z U E L A
VENEZUELA: To Share Macroeconomic Data With IMF to Avoid Penalties
X X X X X X X X X
* BOND PRICING: For the Week November 12 to November 16, 2018
- - - - -
=================
A R G E N T I N A
=================
ALGODON GROUP: CEO Mathis is "Excited About the Future"
-------------------------------------------------------
Algodon Group, Inc. sent a letter from its Chief Executive Officer
and President, Scott Mathis, to its stockholders and business
associates on Nov. 7, 2018, as follows:
Dear Algodon Stockholders,
Algodon Group's mission is to increase our scale in reach, in
revenues and in profitability. We believe our goal of becoming
the LVMH of South America (Moet Hennessy Louis Vuitton SE) can
help us to achieve that. To that end, this year we created and
brought to reality the e-commerce driven, high-end fashion and
leather accessories brand called Gaucho - Buenos Aires, which we
believe offers the potential for immediate revenues and
growth/scale on a global basis.
Navigating the storm of doing business in Argentina, and the peso
devaluation
It certainly has not been easy weathering the storm of the rapid
peso devaluation that started earlier in the year, but that
negative has brought some equivalent positives. The IMF is
recently back on board with an approved 57 Billion USD loan
package, Morgan Stanley (MSCI) has upgraded Argentina from a
Frontier Market to Emerging Market status, and as was recently
published in Forbes magazine, Argentina's Perfect Storm Creates a
Buying Opportunity.
(https://www.forbes.com/sites/thomaslandstreet/2018/08/03/argentin
a-a-perfect-storm-creates-a-buying-opportunity/#3ced68ce6438)
Algodon Group is in the process of pivoting operations to focus
primarily on e-commerce sales, in addition to our wines which also
serve as ambassador to our substantial 4,138 acre wine and real
estate development. We believe that our pivot and ongoing
restructuring of our Argentine operations can have a positive
impact and overall improvement on our business in 2019.
As previously reported, we have completed infrastructure on many
lots that allow us to recognize revenues, and we anticipate the
infrastructure will be complete on 97 lots by Q2 2019.
Through the efforts of our US wine importer, Seaview Imports, our
US wine distribution continues to grow through many retail
channels across the US.
Our goal for 2019 is to focus on actions that can result in
immediate revenues, such as e-commerce, continued deeding of lots
and real estate sales and greater distribution of our wines by
supporting our importer and their network partners.
Gaucho - Buenos Aires Press Launch
For those who were not able to join us for the live streaming of
Gaucho - Buenos Aires' media launch on October 28, you can watch a
few videos of the event at the links below.
If you haven't already followed @gauchobuenosaires on Instagram,
please take this opportunity to do so!
Judging by the feedback of the Argentine press and media that
attended, our inaugural PR launch at Algodon Mansion was
successful in generating an early buzz about our brand, our
designers, and our soon to launch e-commerce platform.
We are very pleased that our launch created a significant amount
of press and interest, and has provided a generous amount of
content for our social media and marketing team.
CLICK HERE TO VIEW OUR PR REPORT AND MEDIA COVERAGE FROM THE
EVENT.
https://www.algodongroup.com/Gaucho_Media_Nov_2018.pdf
https://www.facebook.com/gauchobuenosaires/videos/323484811568808/
Over the last several days, we've seen nearly a 1000% increase in
our social media follower base, which continues to grow daily.
For this, we thank all those who have shared news of our arrival
to the world fashion scene to their social platforms, including
social media influencer Neels Visser, our designers Santiago Gallo
and Carmen Vils, and numerous Argentine and International
celebrities that attended the launch (see the list below).
Among others, some notable celebrity attendees of the launch
include:
* Neels Visser (World Famous Social Media Influencer with 2.7
Million followers on Instagram)
* Rosella Della Giovampaola (Argentine/International Actress)
* Carla Quevedo (Argentine Actress with 62.5k followers on
Instagram)
* Ferro Toto (Argentine Actor - Star of "El Angel" - with 250k
followers on Instagram)
* Emilia Attias (Argentine Actress with 1.1 Million followers
on Instagram)
* Michel Noher (Argentine Actor with 352k followers on
Instagram)
Significant press mentions from the launch include:
* Nista.com.ar (http://www.nista.com.ar/inside/el-espiritu-
argentino-by-gaucho-buenos-aires)
* Loqueva.com (https://loqueva.com/llego-gaucho-buenos-aires-
una-nueva-marca-de-lujo- argentino/)
* Numeral.com.ar (https://www.numeral.com.ar/gaucho-el-
espiritu-de-la-argentina/)
We have also been interviewed by Forbes Argentina as well as El
Cronista, one of the largest business publications in Argentina
(we hope to share both articles with you soon), and we look
forward to more press on Gaucho in the days ahead.
Gaucho - Buenos Aires Retail Location
Over the next few weeks we are working hard to secure a location
in Punta Del Este, Uruguay to set up a short-term (1 month lease
or less) retail store (commonly referred to as pop-up) for the
summer high season (during our winter).
Our future goal of course is to also secure pop-up locations in
several targeted US cities, such as NYC, LA, Chicago, Aspen,
Dallas, Houston and Miami.
Pre-Sale Orders Available Soon
Additionally, we are planning a Family and Friends "discounted"
holiday pre-sale of early production items, which we hope will be
available for online ordering by mid-November or early December.
This pre-sale opportunity gives us a solid foundation to sell
inventory and subsequently collect and analyze sales data. This
early market action may help to inform subsequent decisions on
target demographics, sizes, quantities, and styles, as well as
branding and website development. Furthermore, these sales
channels can provide a platform for Gaucho - Buenos Aires to
expand on its media content for digital distribution.
US Trademark Process
We are currently in the process of solidifying US trademarks on
our name and logo. Please follow this link (on Trademarkia.com)
to view our progress. (https://www.trademarkia.com/gaucho"buenos-
aires"87743647.html)
We are excited about the future, and we are very happy that you
are with us on this journey.
There are no guarantees in life, but we think that Gaucho - Buenos
Aires has the potential to be a global brand. If we are able to
achieve that, then the effort and time will likely be well worth
it. We are witnessing the power and potential of this brand. The
inherent brand recognition associated with the word "Gaucho", not
just in Argentina or the US, but all over the world, is a built-in
asset that should not be underestimated.
Sincerely,
Scott L. Mathis
Chairman & Founder
(212) 739-7650
smathis@algodongroup.com
www.AlgodonGroup.com
About Algodon Group
Through its wholly-owned subsidiaries, Algodon Group, Inc.,
formerly known as Algodon Wines & Luxury Development Group, Inc. -
- http://www.algodongroup.com/-- invests in, develops and
operates real estate projects in Argentina. Based in New York,
Algodon operates a hotel, golf and tennis resort, vineyard and
producing winery in addition to developing residential lots
located near the resort. The activities in Argentina are
conducted through its operating entities: InvestProperty Group,
LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L,
Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L.
AWLD distributes its wines in Europe through its United Kingdom
entity, Algodon Europe, LTD.
Algodon Wines reported a net loss attributable to common
stockholders of $8.25 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common stockholders of
$10.04 million for the year ended Dec. 31, 2016. As of June 30,
2018, the Company had $5.39 million in total assets, $4.67 million
in total liabilities, $9.02 million in series B convertible
preferred stock, and a total stockholders' deficiency of $8.30
million.
Marcum LLP, in New York, the Company's auditor since 2013, issued
a "going concern" opinion in its report on the consolidated
financial statements for the year ended Dec. 31, 2017, citing that
the Company has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
===========
B R A Z I L
===========
CAMIL ALIMENTOS: S&P Affirms Long-Term 'BB-' Global Scale ICR
-------------------------------------------------------------
S&P Global Ratings affirmed its long-term 'BB-' global scale and
'brAAA' national scale issuer credit ratings on Camil Alimentos
S.A. (Camil). The outlook is stable.
The affirmation reflects the company's resilient business
performance and comfortable credit metrics for its rating
category, which gives it financial flexibility to pursue its
acquisitive growth strategy. S&P said, "We estimate that an
acquisition of up to R$600 million would still fit into the
current rating and outlook, even without considering the benefits
of additional EBITDA contributions or business strengths. In this
hypothetical scenario, leverage measured by net debt to EBITDA
would be closer to 3.0x from the 1.8x we currently forecast for
February 2019 (pro-forma with the acquisition of SLC Alimentos),
cushion, which is reflected in our cash flow volatility assessment
for Camil's current financial risk metrics."
Camil's recent acquisition of SLC Alimentos for R$308 million will
slightly strengthen its already leading position in the Brazilian
rice and bean market, increasing its exposure mainly in southern
Brazil. In S&P's forecast, it considers that Camil could generate
about R$10 million of operational synergies in selling, general,
and administrative expenses (SG&A) and cost reductions, as per the
management's guidance, improving SLC Alimentos' EBITDA margin from
the reported 6.2% to close to 8%. However, that's still below the
10.5% expected consolidated EBITDA margin of Camil, which has been
fairly stable. Camil also could recover about R$80 million in tax
credits, mainly related to PIS/Cofins taxes on SLC Alimentos' raw
rice acquisition that it could recover mainly by the revenue
stream of Camil's canned fish.
One of Camil's main business strengths is the ability to sustain
resilient margins despite the commodity nature of its products.
The company kept EBITDA margins consistently between 9.5%-11.0% in
the past several years despite the economic downturn in Brazil,
its main market; the recent swings in grain prices; and the impact
of the truck drivers' strike in the country. Lower rice prices
also brought additional competition from smaller processors,
mainly in the low-value added products segment. S&P expects this
competition to smooth because reference paddy rice prices have
recovered to over R$40 per bag in November from R$35 per bag in
February.
Camil has also kept its solid position in international markets,
posting increasing profitability in Chile while sustaining
volumes. Political instability pressured its volumes in Peru, but
S&P expects them to recover in the next few quarters. In Uruguay,
the delay in scheduled deliveries will hamper volumes in the
current fiscal year, but S&P also expects volumes to return to
historical levels in the next quarters.
==========================
C A Y M A N I S L A N D S
==========================
VANTAGE DRILLING: Moody's Ups Corp. Family Rating to Caa1
---------------------------------------------------------
Moody's Investors Service upgraded Vantage Drilling
International's Corporate Family Rating to Caa1 from Caa3 and
assigned a Caa1 rating to the company's proposed offering of $300
million first lien senior secured notes. The proceeds from the
proposed offering will be used to repay the senior secured first
lien term loan borrowings, second lien senior secured notes and
also the closing installment for the acquisition of Soehanah
jackup rig. The proceeds will also be used to pay the accrued
interest on the debt being repaid as well as offering expenses,
with the remainder to be used for general corporate purposes.
Concurrently, Moody's upgraded Vantage's Probability of Default
Rating (PDR) to Caa1-PD from Caa2-PD and affirmed its SGL-3
Speculative Grade Liquidity (SGL) rating. Moody's also changed
Vantage's rating outlook to stable from negative.
Moody's will withdraw the B2 rating on Vantage's senior secured
first lien credit facility comprised of the first lien term loan
and first lien letter of credit facility, after the issuance of
the new $300 million first lien senior notes and the planned full
repayment of the first lien term loan and withdrawal of letter of
credit facility is completed. As of September 30, 2018 Vantage had
$134.3 million outstanding under its term loan and $12 million
issued in letters of credit.
"Vantage's ratings upgrade reflects the company's significantly
reduced risk of default arising from a potential adverse action
from the investigations into Vantage's alleged violations of the
U.S. Foreign Corrupt Practices Act (FCPA), enhanced liquidity and
extension of debt maturities from the refinancing transaction.
While Vantage's ratings also benefit from modestly improved
utilization and high quality fleet providing substantial asset
coverage cushion, the company's relatively small scale and weak
cash flows owing to anemic industry conditions constrain the
ratings," commented Sreedhar Kona, Moody's Senior Analyst.
Debt List:
Assignments:
Issuer: Vantage Drilling International
$300 million 1st lien senior secured notes, Assigned Caa1 (LGD3)
Upgrades:
Issuer: Vantage Drilling International.
Corporate Family Rating, Upgraded to Caa1 from Caa3
Probability of Default Rating, Upgraded to Caa1-PD from Caa2-PD
Affirmations:
Issuer: Vantage Drilling International
Speculative Grade Liquidity Rating, Affirmed SGL-3
Outlook Actions:
Issuer: Vantage Drilling International
Outlook, changed to Stable from Negative
Ratings Unchanged, to be withdrawn at close:
Issuer: Vantage Drilling International
Senior Secured first lien credit facility, rated B2 (LGD2)
RATINGS RATIONALE
Vantage's ratings upgrade is driven by the company's likelihood of
reaching an agreement with the U.S. Securities and Exchange
Commission (SEC) to a proposed offer of settlement on the
investigation into Vantage's FCPA violation allegations. Vantage's
proposed settlement mitigates the risk of adverse action, and the
consequent acceleration of its debt obligations, an action that
could have potentially resulted in an event of default. With the
reduced risk of the acceleration of Senior Secured 3rd lien
convertible notes, and pro forma for the issuance of the new $300
million 1st lien notes, the company's debt obligations would
effectively be reduced to just the new notes. The company's high
quality fleet provides a substantial asset coverage cushion for
its debt obligations, and the refinancing transaction enhances
Vantage's liquidity while extending its debt maturities.
Vantage's Caa1 CFR is constrained by the company's relatively
small scale with three drillships and five jackups (including
Soehanah jackup rig), poor market demand and industry
overcapacity, and high financial leverage. Although there is a
moderate prospect of contracting additional drillships in 2019,
albeit at significantly low day rates, the company currently has
one of its drillships contracted through the end of 2020 and the
jackups coming off contracts between the second quarter of 2019
and the second quarter of 2020. Unless there is substantial
improvement in offshore sector's fundamentals, Vantage will be
challenged to command high dayrates and generate significant cash
margins even with the improvement in the utilization of its
drillships. The company must demonstrate its execution track
record through recontracting of its drillships and positive free
cash flow generation.
Vantage benefits from its improved utilization of Jackups, which
are all under some form of term contract, albeit relatively
shorter term lengths. Platinum Explorer drillship is on a three
year contract with ONGC India through late 2020 and Tungsten
Explorer recently came off contract and is undergoing certain
equipment modifications and upgrades, while the Titanium Explorer
is warm stacked. Offshore rig market continues to be under intense
pressure because of oversupply of rigs and the volatile commodity
price environment. Although Vantage has demonstrated improved
utilization, Moody's expects the day rates for these rigs to
continue to remain depressed for a prolonged period. Vantage
should generate very modest positive EBITDA in 2019, however cash
will continue to be consumed, to service its debt.
The $300 million first lien senior secured notes issue due 2023 is
rated Caa1, the same as the CFR, under the Moody's Loss Given
Default methodology, given the preponderance of the debt capital
structure and reflecting the notes' first lien claim on
substantially all assets of Vantage. (Vantage's $750 million third
lien notes are convertible as follows: (i) at any time, at the
discretion of a majority of the holders of the third lien notes
(excluding affiliates), (ii) prior to February 10, 2019, upon full
and final resolution of all potential U.S. and Brazilian claims
related to the Petrobras FCPA matter as determined by the board,
including a supermajority of non-management directors, and (iii)
from and after February 10, 2019, upon approval by the board,
including a supermajority of non-management directors.
Accordingly, the third lien convertible notes do not provide
ratings uplift to the first lien secured notes).
Vantage will maintain adequate liquidity profile as reflected in
its SGL-3 rating because of its sizable cash balance. Pro forma,
the issuance of the secured notes, Vantage will have approximately
$200 million of cash on the balance sheet. In the short-term, the
company will not be able to generate sufficient cash flow from its
operations to meet its debt service and capital expenditures
needs. At year-end 2019, Moody's projects, Vantage will have
approximately $130 million of balance sheet cash to meet its
liquidity needs. Vantage's secured first lien notes will not have
any financial maintenance covenants. The company's assets are
fully encumbered by the secured facilities, but the high quality
rigs could potentially be a source of liquidity as their asset
valuation would be higher than first lien notes obligation of $300
million.
The ratings outlook is stable given the company's liquidity
position due to substantial balance sheet cash, which will offset
the near-term negative free cash flow.
Vantage's ratings could be downgraded if the company consumes cash
at a greater rate than projected and results in a significantly
deteriorated liquidity situation.
A ratings upgrade is unlikely in the near-term. Vantage's ratings
could be considered for an upgrade if the company is able to
contract its rigs at dayrates that result in sufficient EBITDA to
improve cash interest coverage ratio to exceed 1.5x and there is
good visibility into contracted utilization.
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
Vantage Drilling International is an international offshore
drilling company headquartered in the Cayman Islands. The company
is focused on operating a fleet of modern, high specification
drilling units.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Most Fuels Post Considerable Declines
---------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry on
Nov. 16 posted the fuel prices for the week from November 17 to
23, when premium gasoline will cost RD$224.60, or RD$5.50 less and
regular will cost RD$212.60, or RD$5.70 less per gallon.
Regular diesel will cost RD$191.20, or RD$2.60 less; optimum
diesel will cost RD$201.50, or RD$4.40 less and avtur will cost
RD$148.60, or RD$5.60 lower per gallon, according to Dominican
Today.
Kerosene will cost RD$176.60, or RD$5.50 less, and the fuel oil
will cost RD$125.25, or RD$4.10 less per gallon, the report
relays.
Propane will cost RD$111.60 per gallon, or RD$4.80 lower, while
natural gas continues at RD$28.97 per cubic meter, the report
notes.
The Central Bank's average posted exchange rate of RD$50.19 per
dollar was used to calculate all fuel prices, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.
ODEBRECH-TECNIMONT: Budget Shows Govt. Seeks Investors for Plant
----------------------------------------------------------------
Dominican Today reports that Finance Minister, Donald Guerrero,
said Article 59 of the 2019 Budget seeks private investors to
finance the controversial Punta Catalina power plant, being built
by the conglomerate Odebrech-Tecnimont-Estrella.
The official said the sale of shares of public companies seeks to
"reduce the financing needs of the Government," after a meeting
with the Bicameral Commission that studies the Budget, according
to Dominican Today.
Article 59 would authorize the Executive Branch to sell shares of
public companies or projects equal to 10 percent of the public
debt of the non-financial public sector, or US$3.0 billion, the
report notes.
For opposition party (PRM) deputy Ginnete Bournigal, a member of
the commission, article 59 would violate Congress' role and
compared it with the 1997 law that privatized several State-owned
companies, the report adds.
===========
M E X I C O
===========
TV AZTECA: Fitch Affirms B+ LT IDRs, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed TV Azteca, S.A.B. de C.V.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'B+' and
removed them from Rating Watch Negative. Fitch has also affirmed
the company's 'B+'/'RR4' senior unsecured notes due 2024. The
Rating Outlook is Stable.
The affirmation of TV Azteca's ratings and removal of the RWN
reflect the agreement reached between TV Azteca and the Mexican
subsidiary of American Tower Corp (ATC), which prevented a cross-
default clause activation under the company's bond indenture
documentation. During the third quarter of 2018 (3Q18), TV Azteca
signed an agreement with ATC through which TV Azteca paid in cash
USD59.5 million, including interests, to extinguish its existing
loan agreement with ATC. The remaining USD39 million are amortized
through the use by ATC of available space on TV Azteca's
transmission towers in Mexico. ATC and TV Azteca signed a
Commercialization Rights Agreement regarding space not used by TV
Azteca on approximately 190 of its broadcast towers. The announced
agreement would modestly reduce TV Azteca's total debt, interest
expenses and its exposure to exchange rate movements, since the
payment of the USD53 million was funded with a peso-denominated
bank facility. The renegotiation of the original terms of the loan
and Rights Agreement with ATC supports Fitch's view of TV Azteca's
aggressive treatment to different stakeholders throughout the
company's history.
TV Azteca's ratings and Stable Outlook reflect the company's
second largest market position in the Mexican broadcasting
industry and its solid content production. The ratings are
tempered by its volatile operating results and inability to
maintain a steady financial profile due to past investments in
telecom operations in Colombia and Peru. Positively, the company
has taken initiatives to focus its resources into core content
generation and broadcasting operation. Fitch does not foresee any
substantial cash outflows related with non-broadcasting related
business activities. As such, Fitch expects the company's capex to
be fully covered by its operational cash flow generation over the
medium term.
KEY RATING DRIVERS
Negotiation With ATC Resolved: TV Azteca recent renegotiation with
ATC mitigates the company's risk of default in its obligations
that could have triggered a cross default on its bonds. However,
TV Azteca's management renegotiation outside the original contract
terms supports Fitch's view of TV Azteca's aggressive treatment to
company's stakeholders. In the agency's opinion, this has resulted
in limited flexibility in terms of access to different financial
alternatives.
Adequate Liquidity: Fitch believes TV Azteca has a solid financial
liquidity position enough to comfortably service its debt
obligations. As of Sept. 30, 2018, the company's cash balance was
MXN4.8 billion. TV Azteca does not face any sizable maturities
until 2020, when the Banco Azteca loan of MXN1,708 million used to
pay off the USD53 million ATC loan becomes due. The company has
market debt in the form of MXN4 billion Certificados Bursatiles
(CBs) due in 2022 and USD400 million in senior notes due in 2024.
Stable Operational Outlook: Industry growth outlook should remain
stable in the near term, in Fitch's view, due to price increases
by the operators and a World Cup impact in 2018, despite
relatively weak macro conditions. Negatively, long-term growth
headroom would be limited given the increasing importance of pay-
TV and the internet as alternate advertising platform, amid
increasing competitive pressures, including the entrance of Grupo
Imagen into the market, which began operations in 4Q16.
Positive FCF Generation: Fitch forecasts TV Azteca's FCF
generation to remain broadly positive in the short to medium term.
The company's annual capex is expected to remain light at about
USD30 million without any cash contribution to its overseas
telecom operations or any sizable investment needs for its
broadcasting segment. Fitch forecasts about a 5% FCF margin by
year-end 2018 amid stable CFO generation of about MXN1.3 billion
during the period. This will enable TV Azteca to maintain its net
leverage close to 2.5x over the medium term.
DERIVATION SUMMARY
TV Azteca's direct peers in the region are in different rating
categories. TV Azteca's competitor, Grupo Televisa, which is rated
'BBB+'/Outlook Stable, boasts stronger content generation, market
share, and financial profile, as well as more diversified cash
flow generation with strong cable and Direct-to-Home operations.
Compared to the company's regional peer, Globo Comunicacao e
Participacoes (Globo), which is rated 'BB+'/Outlook Stable, TV
Azteca's relative market position and financial profile are
considered significantly weaker. Also, Globo's ratings are
constrained by the Country Ceiling of Brazil. No Parent/Subsidiary
Linkage is applicable and no Country Ceiling constraint or
operating environment influence was in effect for these ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
-- Low-single-digits domestic advertising revenue growth in
2018, excluding once a year golf event impact;
-- EBITDA margin of 23%-24% in 2018;
-- Capex to sales ratio of about 4.0%-4.5% over the medium term;
-- Average FCF margin of 3% over the medium term;
-- Net leverage to remain in the range of 2.5x-3.0x over the
medium term.
For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
rating is derived from the IDR and the relevant Recovery Rating
(RR) and notching, based on the going concern enterprise value of
a distressed scenario or the company's liquidation value.
The recovery analysis assumes that TV Azteca would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim. Fitch's recovery analysis for TV Azteca
places a going concern value under a distressed scenario of
approximately MXN6.9 billion; based on a going-concern EBITDA of
MXN1.9 billion and a 4.0x multiple. The going-concern EBITDA
estimate reflects Fitch's view of a sustainable, post-
reorganization EBITDA level upon which Fitch bases the valuation
of the company.
Fitch assumes that any potential distress that provoked TV
Azteca's default could occur due to weak economic factors,
dampened advertising demand for free-to-air TV, and potential
unpopular content amid high production costs. The MXN1.9 billion
going-concern EBITDA assumption reflects a 45% discount from the
average annual EBITDA generation during the last four years, which
should be sufficient to cover its interest expenses, working
capital, and maintenance capex. An EV multiple of 4x is used to
calculate a post-reorganization valuation and reflects Mexican
operating environment and a mid-cycle multiple.
Fitch calculates the recovery prospects for the senior unsecured
debtholders in the 31%-50% range based on a waterfall approach
after covering the company's available credit facility. This level
of recovery results in the senior unsecured notes being rated in
line with its IDR at 'B+'/'RR4'.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to a
Positive Rating Action:
-- An upgrade is unlikely in the medium term given the
aggressive management strategy that negatively impact Fitch's view
on Corporate Governance and flexibility.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Net leverage increasing to above 4.0x with negative FCF on a
sustained basis;
-- Weak advertising industry growth coupled with the company's
gradual market share loss.
-- A weakening in corporate governance practices.
LIQUIDITY
Liquidity Profile: TV Azteca has a sound liquidity profile; it had
cash holdings of about MXN4.8 billion at September 2018. During
the 3Q18, TV Azteca disposed a credit loan with Banco Azteca in
MXN pesos to paid USD59.5 million in cash and extinguished its
loan agreement with ATC. The company does not face any debt
maturity until 2020, when this MXN1.7 billion bank loan becomes
due. The renegotiation with ATC modestly reduces TV Azteca's total
debt, interest expenses and its exposure to exchange rate
movements; nevertheless it limits the company's position with
creditors that may result in a reduced access to capital markets
and other financial alternatives. The company has two senior
notes, MXN4 billion notes due in 2022 and USD400 million due in
2024.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings and removed from them
Rating Watch Negative. The Rating Outlook is Stable.
TV Azteca
-- Long-Term Foreign- and Local-Currency IDRs at 'B+'; Outlook
Stable.
-- Senior unsecured notes due 2024 at 'B+'/'RR4'.
======================
P U E R T O R I C O
======================
LUBY'S INC: Reports Q4 Loss from Continuing Operations of $1.9M
---------------------------------------------------------------
Luby's, Inc., announced unaudited financial results for its 52-
week fiscal year 2018 and its twelve-week fourth quarter fiscal
2018, which ended on Aug. 29, 2018.
Fiscal Year 2018 Summary:
* Total sales were $365.2 million, including $332.5 million in
restaurant sales, compared to total sales of $376.0 million,
including $350.8 million in restaurant sales, in fiscal 2017.
* Total same-store sales decreased 0.5%, including a 1.5% sales
increase at the Luby's Cafeterias and a 3.6% sales decrease
at Fuddruckers.
* Culinary contract services revenue increased $7.8 million, or
43.7%, to $25.8 million compared to fiscal 2017.
* Loss from continuing operations was $33.0 million, or $1.10
per diluted share, in fiscal 2018, compared to a loss of
$22.8 million, or $0.77 per diluted share, in fiscal 2017.
Excluding special items, loss from continuing operations was
$19.4 million, or $0.65 per diluted share, in fiscal 2018,
compared to a loss of $5.8 million, or $0.19 per diluted
share, in fiscal 2017.
* Adjusted EBITDA was less than $0.1 million in fiscal 2018
compared to $13.3 million in fiscal 2017.
* The company announced an asset sales program of $25 million
in April 2018 and expanded this program up to $45 million in
July 2018, with the goal of reducing our debt balance. Ten
owned property locations were sold in fiscal 2018 (eight
after the announcement of the program) generating $14.8
million in net cash proceeds.
* 21 underperforming company-owned restaurants were closed in
fiscal 2018 and nine were closed in fiscal 2017. These
restaurants accounted for $3.3 million in pre-tax loss, or
$2.4 million in after-tax loss, from continuing operations,
in fiscal 2018. These same 30 restaurants accounted for
$21.6 million in restaurant sales in fiscal 2018 and $38.6
million in fiscal 2017.
Chris Pappas, president and CEO, commented, "While we are not
pleased with our financial results in the quarter or the fiscal
year, we are taking actions to improve our financial results and
restaurant operating performance. Over the past several months we
have embarked on a number of significant changes.
"We continued our plan to pay down our debt significantly, by
selling company-owned restaurants whose property values exceeded
the unit economics of continued restaurant operations at the
locations. We sold 10 properties in fiscal 2018 generating $14.6
million in proceeds, which is approximately 25% of the value of
the assets in our asset sales program. As we execute on the asset
sales program, we are also pursuing a refinancing of our debt
under a new credit facility.
"We continually review our portfolio of owned and leased
restaurant locations, evaluating them on profitably. Based on
that metric we have closed 21 restaurants in fiscal 2018. Along
with the restaurant closures, asset sales program and pending
refinancing, we have also made reductions in certain corporate
support staffing in the fourth quarter.
"Last month we announced an important executive management change,
with the promotion of Todd Coutee to the position of Chief
Operating Officer. Todd has over 30 years of experience in food
service. He started at Luby's as a manager and through the years
has held leadership positions of SVP for Luby's Cafeterias,
Fuddruckers, and Culinary Contract Services. He is a proven team
leader and sales builder of hospitality operations and we are
excited to have him in this role.
"We believe the right team and leadership are in place to grow our
sales and margins, improve our corporate costs, reduce our debt,
and enhance our returns. Each step we are taking is with the goal
of establishing a foundation from which the company is poised for
future profitability."
Fourth Quarter Same-Store Sales:
* Luby's Cafeterias same-store sales increased 3.9% in the
fourth quarter. A 10.3% increase in average spend per guest
was partially offset by a 5.8% decrease in guest traffic.
* Fuddruckers Restaurants same-store sales decreased 3.9% in
the fourth quarter. A 8.3% decrease in guest traffic was
partially offset by a 4.8% increase in average spend per
guest.
* Combo location same-store sales (representing all six Combo
locations) decreased 1.5% in the fourth quarter.
* Cheeseburger in Paradise same-store sales (representing two
Cheeseburger in Paradise locations) decreased 4.4% in the
fourth quarter.
Fourth Quarter Total Restaurant Sales:
* Restaurant sales in the fourth quarter decreased to $75.8
million versus $79.1 million in the fourth quarter fiscal
2017. The decrease was due primarily to the closure of 21
stores, partially offset by a 1.2% increase in same-store
sales.
* Store level profit, defined as restaurant sales plus vending
revenue less cost of food, payroll and related costs, other
operating expenses, and occupancy costs, was $8.2 million, or
10.8% of restaurant sales, in the fourth quarter compared to
$8.6 million, or 10.8% of restaurant sales, during the fourth
quarter fiscal 2017.
* Culinary Contract Services revenues increased to $6.4 million
with 28 operating locations at the end of the fourth quarter
compared to $5.8 million with 25 operating locations at the
end of fourth quarter fiscal 2017.
* Franchise revenue was approximately level at $1.6 million in
the fourth quarter and in the fourth quarter fiscal 2017.
The Company ended fiscal 2018 with a franchise network of 105
locations; during fiscal 2018 four franchise locations opened
and a twelve franchise locations ceased operations.
* Selling, general and administrative expenses increased $1.2
million, or 13.9%, to $9.5 million in the fourth compared to
fourth quarter fiscal 2017. This increase included one-time
employee separation costs and higher professional and
consulting fees related to our refinancing efforts.
* Loss from continuing operations was $1.9 million, or a loss
of $0.06 per diluted share, in the fourth quarter compared to
a loss of $4.1 million, or $0.14 per diluted share, in the
fourth quarter fiscal 2017. Excluding special items, loss
from continuing operations in the fourth quarter was $3.3
million, or $0.11 per diluted share, compared to a loss of
$1.5 million, or $0.05 per diluted share, in the fourth
quarter fiscal 2017.
Balance Sheet and Capital Expenditures
The Company ended the fourth quarter with a debt balance
outstanding of $39.3 million, a decrease from $44.0 million at the
end of the third quarter fiscal 2018. During the fourth quarter,
its capital expenditures were $1.5 million, compared to $2.4
million in the fourth quarter fiscal 2017. For the full year,
capital expenditures were $13.2 million for fiscal 2018, compared
to $12.5 million for fiscal 2017. At the end of the fourth
quarter, the Company had $3.7 million in cash and $112.6 million
in total shareholders' equity.
About Luby's
Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 146 restaurants nationally as
of Aug. 29, 2018: 84 Luby's Cafeterias, 60 Fuddruckers, two
Cheeseburger in Paradise restaurants. Luby's is the franchisor
for 105 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama and Colombia. Additionally, a licensee operates 36
restaurants with the exclusive right to use the Fuddruckers
proprietary marks, trade dress, and system in certain countries in
the Middle East. The Company does not receive revenue or royalties
from these Middle East restaurants. Luby's Culinary Contract
Services provides food service management to 28 sites consisting
of healthcare, corporate dining locations, and sports stadiums.
Luby's reported a net loss of $23.26 million for the year ended
Aug. 30, 2017, compared to a net loss of $10.34 million for the
year ended Aug. 31, 2016. As of June 6, 2018, the Company had
$208.95 million in total assets, $94.91 million in total
liabilities, and $114.03 million of total shareholders' equity.
The Company sustained a net loss of approximately $14.6 million
and approximately $31.7 million in the quarter ended and three
quarters ended June 6, 2018, respectively. Cash flow from
operations has declined to a use of cash of approximately $4.9
million in the three quarters ended June 6, 2018. The working
capital deficit is magnified by the reclassification of the
Company's approximate $44.0 million debt under it's Credit
Agreement from long-term to short-term due to the debt's May 1,
2019 maturity date. As of June 6, 2018, the Company was in
default of certain of its Credit Agreement financial covenants.
"The Company's continuation as a going concern is dependent on its
ability to generate sufficient cash flows from operations to meet
its obligations and obtain alternative financing to refund and
repay the current debt owed under it's Credit Agreement. The
above conditions raise substantial doubt about the Company's
ability to continue as a going concern," Luby's stated in its
Quarterly Report for the period ended June 6, 2018.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Sale of CLICO Near
----------------------------
Trinidad Express reports that Bank Governor Dr. Alvin Hilaire said
that a preferred bidder has been identified to purchase the
traditional portfolios of local insurance companies CLICO and
British American (Trinidad) and that the sale process is nearing
completion.
"Sale and purchase agreements are expected to be signed shortly by
CLICO, BAT and the party . . . We have the lawyers involved at
this time," said Hilaire at a news conference at the Central Bank
called to unveil the November Monetary Policy Report, according to
Trinidad Express.
As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders vowed to pay back a
TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.
Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated. Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board. High Court Judge Kevin Ramcharan however
sided with the company shareholders, ruling that the action by the
Government was premature.
The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited. The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.
On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.
In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO. The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state. The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.
At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related. Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.
TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.
PETROLEUM CO: Government Saving Firm, Imbert Says
-------------------------------------------------
Trinidad Express reports that in just the last six months
Government had to guarantee TT$2.6 billion in loans for Petroleum
Co. of Trinidad & Tobago's (Petrotrin) to avert the collapse of
the company.
So said Finance Minister Colm Imbert as he piloted the Heritage
Petroleum, Paria Fuel Trading and Guaracara Refining Vesting bill
in the House of Representatives, according to Trinidad Express.
As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.
=================
V E N E Z U E L A
=================
VENEZUELA: To Share Macroeconomic Data With IMF to Avoid Penalties
------------------------------------------------------------------
RJR News reports that OPEC Member Venezuela is getting ready to
share macroeconomic data with the International Monetary Fund
(IMF) to avoid penalties including possible exclusion from the
multilateral lending agency.
Two people with direct knowledge of the issue told Bloomberg that
the central bank of Venezuela is preparing to hand over crucial
economic statistics to the IMF to meet a November 30 deadline,
according to RJR News.
Venezuela has not provided economic data to the IMF since 2016,
when its crisis started to become severe, the report notes.
The IMF issued a declaration of censure against Venezuela in May
this year because the country failed to provide adequate data and
implement remedial measures, the report adds.
As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, in May 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at
'CC'.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week November 12 to November 16, 2018
-------------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Banco do Brasil SA/Cayman 6.25 75.043 KY USD
Rio Energy SA 6.875 71.638 2/1/2025 AR USD
Cia Latinoamericana 9.5 60.447 7/20/2023 AR USD
CSN Islands XII Corp 7 69.44 BR USD
Agua y Saneamientos 6.625 71.982 2/1/2023 AR USD
Odebrecht Finance Ltd 7.5 39.15 KY USD
YPF SA 16.5 50.96 5/9/2022 AR ARS
Odebrecht Finance Ltd 4.37 35.715 4/25/2025 KY USD
Banco Macro SA 17.5 50 5/8/2022 AR ARS
Odebrecht Finance Ltd 7.12 37.293 6/26/2042 KY USD
China Huiyuan 6.5 75.1 8/16/2020 CN USD
Odebrecht Finance 5.125 45.754 6/26/2022 KY USD
Noble Holding 6.2 74.46 8/1/2040 KY USD
Noble Holding 5.25 70.444 3/15/2042 KY USD
Odebrecht Finance 7 58.985 4/21/2020 KY USD
Noble Holding 6.05 73.508 3/1/2041 KY USD
Odebrecht Finance 5.25 36.2 6/27/2029 KY USD
Rio Energy SA 6.875 71.551 2/1/2025 AR USD
BCP Finance Co 1.751 74.397 KY EUR
Provincia del Chubut 4 10/21/2019 AR USD
YPF SA 16.5 50.96 5/9/2022 AR ARS
Argentina 7.125 76 6/28/2117 AR USD
Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD
Odebrecht Finance 6 37.193 4/5/2023 KY USD
Banco do Brasil 6.25 76.375 KY USD
Cia Latinoamericana 9.5 60.621 7/20/2023 AR USD
Polarcus Ltd 5.6 70 7/1/2022 AE USD
Argentina 6.875 74.985 1/11/2048 AR USD
Provincia del Chubut 7.75 72.304 7/26/2026 AR USD
Banco Macro SA 17.5 50 5/8/2022 AR ARS
CSN Islands XII Corp 7 74.375 BR USD
Provincia de Rio Negro 7.75 70.153 12/7/2025 AR USD
Provincia de Entre Rios 8.75 71.083 2/8/2025 AR USD
Argentina 4.33 70 12/31/2033 AR JPY
Provincia de Entre Rios 8.75 72.333 2/8/2025 AR USD
Odebrecht Finance Ltd 4.375 35.242 4/25/2025 KY USD
Ironshore Pharma 13 69.621 2/28/2024 KY USD
Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD
Odebrecht Finance Ltd 7.125 38.674 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 36.187 6/27/2029 KY USD
Province of Santa Fe 6.9 74.177 11/1/2027 AR USD
Provincia del Chubut 7.75 71.654 7/26/2026 AR USD
Argentina 6.25 72.711 11/9/2047 AR EUR
Cia Energetica 6.1827 1.105 1/15/2022 BR BRL
Odebrecht Finance 7.5 43.5 KY USD
Argentina 0.45 31.75 12/31/2038 AR JPY
SACI Falabella 2 7/15/2020 CL CLP
Province of Jujuy 8.625 72.788 9/20/2022 AR USD
Province of Santa Fe 6.9 73.44 11/1/2027 AR USD
Ironshore Pharma 13 69.621 2/28/2024 KY USD
Tanner Servicios 3.8 52.42 4/1/2021 CL CLP
AES Tiete Energia SA 6.78 1.06 4/15/2024 BR BRL
Odebrecht Finance Ltd 6 37.19 4/5/2023 KY USD
Provincia de Rio Negro 7.75 70.15 12/7/2025 AR USD
Odebrecht Finance 7 59.466 4/21/2020 KY USD
Odebrecht Finance Ltd 5.12 47.298 6/26/2022 KY USD
Provincia de Cordoba 7.12 74.286 8/1/2027 AR USD
Argentina 7.125 75.752 6/28/2117 AR USD
Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD
Enlasa Generacion 3.558 11/15/2023 CL CLP
Metrogas SA/Chile 645 8/1/2024 CL CLP
Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD
Provincia del Chaco 9.375 72.315 8/18/2024 AR USD
Fospar S/A 6.53 1.034 5/15/2026 BR BRL
Sociedad Concesionaria 2.9547 6/30/2021 CL CLP
Esval SA 3.453 3/15/2028 CL CLP
Caja de Compensacion 7.75 35.23 3/27/2024 CL CLP
Sociedad Austral 318.478 9/20/2019 CL CLP
Provincia de Neuquen 7.5 74.753 4/27/2025 AR USD
Caja de Compensacion 5.2 9/15/2018 CL CLP
Empresa de Transporte 4.341 7/15/2020 CL CLP
Corp Universidad 5.968 11/10/2021 CL CLP
Provincia de Cordoba 7.125 74.802 8/1/2027 AR USD
Provincia del Chaco 9.375 72.585 8/18/2024 AR USD
Argentine Republic 7.125 75.322 6/28/2117 AR USD
Sylph Ltd 2.367 61.194 9/25/2036 KY USD
Banco Security SA 311 7/1/2019 CL CLP
Sylph Ltd 2.657 73.081 3/25/2036 KY USD
***********
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.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
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
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
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.
.
* * * End of Transmission * * *