/raid1/www/Hosts/bankrupt/TCRLA_Public/190408.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, April 8, 2019, Vol. 20, No. 70
Headlines
A R G E N T I N A
GAUCHO GROUP: Incurs $6.40 Million Net Loss in 2018
GEOPARK LIMITED: Fitch Affirms B+ LongTerm IDRs, Outlook Stable
B R A Z I L
AVIANCA BRASIL: Creditors Approve Plan as Antitrust Concerns Loom
BANCO ABC: Moody's Withdraws (P)Ba2 Rating on MTN Program
BANCO PAN: S&P Affirms 'B+/B' Ratings Amid Improving Capital Ratios
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: AIRD Prioritizes Electricity Pact
DOMINICAN REPUBLIC: Officials Disagree on Tax Reform Need
P U E R T O R I C O
MONITRONICS INT'L: Widens Net Loss to $678.8 Million in 2018
SPANISH BROADCASTING: HCN & Bardin Own 9.8% of Class A Shares
SPANISH BROADCASTING: Posts $16.5 Million Net Income in 2018
X X X X X X X X
[*] BOND PRICING: For the Week April 1 to April 5, 2019
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A R G E N T I N A
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GAUCHO GROUP: Incurs $6.40 Million Net Loss in 2018
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Gaucho Group Holdings, Inc., formerly Algodon Group, Inc., has
filed with the Securities and Exchange Commission its Annual Report
on Form 10-K reporting a net loss attributable to common
stockholders of $6.40 million on $3.09 million of sales for the
year ended Dec. 31, 2018, compared to a net loss attributable to
common stockholders of $8.25 million on $1.81 million of sales for
the year ended Dec. 31, 2017.
As of Dec. 31, 2018, Gaucho Group had $5.64 million in total
assets, $6.71 million in total liabilities, $9.02 million in series
B convertible redeemable preferred stock, and a total stockholders'
deficiency of $10.09 million.
Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, 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.
Gaucho Grouip said "Based upon our working capital situation as of
December 31, 2018, we require additional equity and/or debt
financing in order to sustain operations.
"During the years ended December 31, 2018 and 2017, we have relied
primarily on debt and equity offerings to third party independent,
accredited investors to sustain operations. During the year ended
December 31, 2018, we received proceeds of approximately $3,508,000
from the issuance of convertible debt, approximately $580,000 of
proceeds from loans payable and approximately $1,324,000 proceeds
from the sale of our common stock.
"During the year ended December 31, 2017, we issued 775,931 shares
of Series B convertible preferred stock at $10.00 per share to
accredited investors in a private placement transaction for gross
proceeds of approximately $7,759,000, received proceeds of
$1,280,000 from the issuance of convertible debt (of which
$1,260,000 was subsequently converted to Series B convertible
preferred stock), and issued 22,500 shares of common stock at $2.00
per share to accredited investors in a private placement
transaction for net proceeds of $40,500. We also received
approximately $519,000 of cash proceeds from a bank loan.
"The proceeds from these financing activities were used to fund our
existing operating deficits, expenditures associated with our real
estate development projects, enhanced marketing efforts to increase
revenues and the general working capital needs of the business. We
will need to raise additional capital in order to meet our future
liquidity needs for operating expenses, capital expenditures for
the winery expansion and to further invest in our real estate
development. If we are unable to obtain adequate funds on
reasonable terms, we may be required to significantly curtail or
discontinue operations."
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/SM4E7f.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com/-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. 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. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.
GEOPARK LIMITED: Fitch Affirms B+ LongTerm IDRs, Outlook Stable
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Fitch Ratings has affirmed GeoPark Limited's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'B+'/ Outlook
Stable. Fitch has also affirmed GeoPark's USD425 million senior
notes due 2024 at 'B+'/'RR4'.
The affirmation of GeoPark's ratings reflects the company's track
record of increasing production and improving reserve life, and
ability to implement an effective cost-reduction plan. Fitch's base
case scenario expects that GeoPark will reach production of nearly
50,000 barrels of oil equivalent per day (boed) by 2020-2021, and
will have an average total adjusted debt/operating EBITDAR of 1.7x
in 2019-2020.
Despite improved operating metrics, the ratings remain constrained
by the company's relatively small size and the low diversification
of its oil fields. Increasing production levels while maintaining
its reserve life and capital structure at existing levels bodes
well for GeoPark's credit quality. The rating also reflects Fitch's
expectations that GeoPark will continue to strengthen its capital
structure with a rapid deleveraging process that could result in
net leverage below 1.0x on average.
KEY RATING DRIVERS
Small Production Profile: GeoPark's ratings remain constrained by
its relative small size of operations and the low diversification
of its oilfields, despite its growing production profile. Fitch
expects GeoPark's daily production to increase year-over-year (yoy)
reaching close to 50,000 boed by 2020-21. During 2018, the company
reported an increase of 31% in Oil and Gas production reaching an
average of 36,027 boed; Fitch expects it to surpass 40,000 boed by
the end of 2019.
Adequate Reserve Life: GeoPark maintains an adequate reserve life,
and Fitch does not currently consider it a constraining factor for
the company's ratings. As of Dec. 31, 2018, GeoPark had proved,
developed and producing (PDP) oil and gas reserves of 44.2 million
barrels of equivalent (mmboe), while its proved reserves (1P)
totalled 114 mmboe; this translates into a 1P reserve life of 8.7
years.
Strong Capital Structure: GeoPark finished 2018 with a strong debt
profile, reporting gross leverage of 1.3x and interest coverage of
11.7x. Through the rating horizon, GeoPark should maintain leverage
at or around 1.0x-1.7x and coverage ratios of approximately
12.0x-15.0x, assuming the company continues to fund investment with
internal cash flow. A more aggressive development strategy could
result in additional debt; however, the company has significant
headroom at its current levels relative to its rating category. As
of year-end 2018, GeoPark's USD425 million bonds issuance matures
in 3Q'24. Fitch estimates GeoPark has total debt to 1P in reserves
of USD3.8bbl.
Effective Cost Producer: Fitch expects that the company will
continue to maintain its cost efficient production profile in the
low oil price environment. GeoPark's competitive advantages are
derived from its operations in onshore and growing oilfields, which
results in lower exploration costs, partially driven by its low
transportation costs by selling at the wellhead, than big players
in the region. In 2018, Fitch estimates GeoPark reduced its half
cycle cost by nearly 30% yoy to $10.1/boe and full-cycle costs by
3% to USD17.5/boe. Since 2015, the company has focused on lower
risk projects and concentrated production in Colombia, specifically
in the Tigana and Jacana oil fields in the Llanos 34 block. In
2018, the company continued its focus on preserving a solid cash
position by reducing capex, drilling costs and operating expenses.
Diversifying Away from Colombia: Fitch believes GeoPark is
diversifying away from its principal asset (Llanos 34), which
represented 85% of total production. In 2018, GeoPark acquired
Aguada Baguales, El Porvenir and Puesto Touquet Blocks in
Argentina, which are located in the Neuquen Basin for USD52
million; and in March 2019, the company announced its entry into
Ecuador through the acquisition of the Espejo and Perico blocks
50/50 with Frontera Energy (B+/Negative). The Oriente basin is one
of the most prolific petroleum systems in Latin America, currently
producing more than 500,000 boepd. Further, GeoPark's Peruvian
asset, Morona block in the Maranon basin, two wells drilled have
presented a combined production rate of up to 7,500 boepd of light
oil and an booked reserves of 18.5 mmbbl.
DERIVATION SUMMARY
GeoPark's 'B+' rating reflects the company's track record of
increasing production to an average of 36,027 boepd in 2018, amid
the past downturn in the oil and gas industry, and its proven
ability to maintain an effective cost reduction plan in growing
oilfields. The ratings also reflect Fitch's expectation that the
company will be able to maintain and grow its production size
further diversifying its asset base away from Colombia and maintain
and potentially further reduce production costs in the medium and
long term.
GeoPark's production size compares favourably to other 'B' rated
oil and gas E&P producers, which continues to constrain its rating
to the 'B' category. These peers include Frontera Energy
(B+/Negative), Gran Tierra Energy (B/Positive) and Compania General
de Combustibles (CGC, B/Negative). Over the rated horizon, Fitch
expects that GeoPark will reach nearly 50,000 boed by 2020-21
higher than Gran Tierra and CGC, both expected to be nearly 40,000
boed, but less than Frontera Energy 70,000 boed. Further, GeoPark
reported 113.9 million boe 1P reserves at the end of 2018 equating
to a reserve life of 8.7 years is higher than Frontera Energy's 4.3
years, Gran Tierra's 5.9 years and CGC's 5.3 years. GeoPark has a
strong reserve base, and Fitch estimates the company will be able
to maintain its reserve life of greater than seven years as it
continues to increase production size.
GeoPark's has a strong capital structure that is expected to
improve after 2018. Fitch expects gross leverage to decline to
approximately 1.2x in 2019 as a result of increased production and
improved prices. GeoPark's leverage is strong compared to CGC with
expected gross leverage in 2019 at 4.0x, and in line with Gran
Tierra's at 1.7x, but slightly higher than Frontera Energy at
0.7x.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
-- Fitch's price deck per barrel of Brent oil of USD65.50 in
2019, USD62.50 in 2020, USD60.00 in 2021 and USD57.50 thereafter;
-- Production of approximately 40,000 boed in 2019, in line with
management work program indications for Brent of USD50 per barrel
or above;
-- Annual production increasing at a steady pace for the next
four years reaching nearly 50,000 boed in 2020-21;
-- Half cycle costs averaging USD13boe with an average EBITDA per
boe of USD22;
-- Average annual capex of USD145 million from 2019-2021;
-- No dividends payments made between 2019-2021.
KEY RECOVERY RATING ASSUMPTIONS
-- The recovery analysis assumes that GeoPark would be liquidated
in bankruptcy;
-- Fitch has assumed a 10% administrative claim.
Liquidation Approach
-- The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realized in a reorganization
and distributed to creditors;
-- The 50% advance rate is typical of inventory liquidations for
the oil and gas industry.
-- The USD10 per barrel reflects the typical valuation of recent
reorganizations in the oil and gas industry. The waterfall results
in a 100% recovery corresponding to 'RR1' recovery for the senior
secured notes (USD425 million). However, the Recovery Rating is
limited to 'B+/RR4' due to the RR4 soft cap for several countries
in which the company operates, such as Colombia and Argentina.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Net production rising consistently to 75,000 boed on a
sustained basis while maintaining a total debt to 1P reserves of
$8bbl or below; and
-- Reserve life is unaffected as a result of production increase
at approximately 10 years.
-- Company's ability to maintain a conservative financial profile
with gross leverage of 2.5x or below;
-- Cash flow generated from take-or-pay contracts from high
quality off-takers covering interest expense by 1.0x;
-- Diversification of operations and improvements in realized oil
and gas differentials.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Sustainable production size decreased to below 30,000 boed;
-- Reserve life decreased to below seven years on a sustained
basis;
-- A significant deteriorate on of credit metrics to total
debt/EBITDA of 3.0x or more;
-- A persistently weak oil and gas pricing environment that
impairs the longer-term value of its reserve base or a reduction in
reserves due to a change in the Peruvian concession.
LIQUIDITY
Adequate Liquidity: As of Dec. 31, 2018, GeoPark had cash on hand
of USD128 million, which covers its interest expense through 2021.
The company does not have any major maturities until its USD425
million bond comes due in 2024. Fitch estimates the company will
finance capex through operating cash flow over the rating horizon.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following:
Geopark Ltd.
-- Long-Term Foreign and Local Currency IDRs at 'B+; Outlook
Stable;
-- Senior secured notes due 2024 at 'B+'/'RR4'.
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B R A Z I L
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AVIANCA BRASIL: Creditors Approve Plan as Antitrust Concerns Loom
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Marcelo Rochabrun at Reuters reports that creditors led by hedge
fund Elliott Management approved a restructuring plan for bankrupt
airline Avianca Brasil, hours after the country's antitrust
regulator announced preemptively that the plan could run afoul of
competition laws.
The regulator, known as CADE, said that it could block the plan,
which Avianca Brasil hopes could raise some $210 million, the
report relays. The carrier filed for bankruptcy protection in
December, according to Reuters.
CADE's warning means the creditor approval may not bring short term
relief to Avianca Brasil given that the regulator itself said its
review of the deal could last some eight months, the report
discloses. During that time, the cash-strapped carrier would have
to operate with its own funds, or take on additional debt, the
report says.
The plan was modified during a creditors' meeting, although the new
details were not immediately available.
Under Avianca Brasil's plan, Gol Linhas Aereas Inteligentes SA and
LATAM Airlines Group would buy Avianca Brasil's airport rights,
known as slots, in three high-traffic terminals, the report says.
Gol and LATAM already control over two-thirds of the slots in each
of those three airports, two of which are in Sao Paulo and one in
Rio de Janeiro, the report notes.
That plan would raise much-needed funds but is high-risk, lawyers
said, because the carrier could be left hanging for a long time
without access to new cash injections, the report discloses.
If Avianca Brasil fails as a business before receiving CADE
approval, then it will be too late and there will be no airport
slots to sell, the report says.
Avianca Brasil fell behind on its payroll obligations in March and
for months has been battling aircraft lessors trying to repossess
parts of its fleet, the report relays.
The carrier would not receive any funds until CADE greenlights the
operation, antitrust lawyer Tatiana Lins Cruz said in an
interview.
A person familiar with LATAM's thinking said the airlines hoped
CADE would approve the deals because they only involve a modest
increase in their presence at Brazil's busiest airports, the report
notes.
Azul Sidelined
Avianca Brasil's plan was a setback for rival Azul SA , which ranks
as Brazil's third largest airline and has a small presence in those
three airports, Reuters notes. In Sao Paulo's domestic Congonhas
airport, Gol and LATAM already control a combined 92 percent of the
slots, whereas Azul has just 3 percent, the report discloses.
Azul had struck a preliminary deal with Avianca Brasil to take over
the slots for $105 million and had already provided some $8 million
so the carrier could meet its March payroll, the report notes.
CADE appeared to take a more positive view of an Azul takeover.
"A scenario where Azul becomes the buyer represents a lower
antitrust concern than in a scenario with LATAM or Gol," the
regulator said in its report, Reuters relays.
The plan could also draw scrutiny from Brazil's civil aviation
regulator, because airport slots are not meant to be bought and
sold, the report notes. Azul was planning to buy Avianca Brasil's
assets as a single airline, but the new plan would create seven
different companies, each holding little more than slots, the
report says.
"In our view, it is not clear whether the Brazilian Civil Aviation
Agency (ANAC) will approve this new structure," wrote analysts at
Brazil bank Bradesco BBI in a note to clients, the report
discloses.
As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2018, Ana Mano and Marcelo Rochabrun at Reuters said that
Brazil's fourth-largest airline, Avianca Brasil, filed for
bankruptcy protection, saying its operations had been threatened
by potential repossession of aircraft, which could prevent the
carrier from continuing to operate. The unlisted airline said in
its bankruptcy filing that leasing companies seeking to take back
some 30 percent of its all-Airbus fleet threatened its ability to
fly some 77,000 passengers in December, according to Reuters.
Avianca said in a statement that the bankruptcy filing resulted
from a failure to reach a "friendly agreement." It also said its
flights would not be affected, the report relayed. The aircraft
are still under Avianca Brasil's control for now and it remains
unclear what their fate will be as the carrier is asking a
Brazilian court to allow it to keep the planes for now, the report
noted. The report disclosed that the airline said in the filing
it largely blamed high fuel prices and a strong dollar for its
troubles.
BANCO ABC: Moody's Withdraws (P)Ba2 Rating on MTN Program
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Moody's Investors Service has withdrawn Banco ABC Brasil S.A.'s
(BAB) long and short term foreign currency senior unsecured
provisional ratings of (P)Ba2 and (P)Not Prime assigned to the
bank's MTN program, for its own business reasons.
This action does not reflect a change in BAB's or the specific
program's creditworthiness.
Moody's has decided to withdraw the ratings for its own business
reasons.
BANCO PAN: S&P Affirms 'B+/B' Ratings Amid Improving Capital Ratios
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S&P Global Ratings affirmed its 'B+/B' global scale and
'brAA-/brA-1+' national scale ratings on Brazil-based lender, Banco
Pan S.A. The outlook remains stable. At the same time, S&P revised
the bank's SACP to 'bb-' from 'b+'.
In the past few years, Banco Pan has been overhauling its strategy
toward its core business, by focusing on payroll deductible and
auto loans while reducing sharply its operating costs. As a result,
the bank posted a recurring bottom-line result of R$221 million in
2018 after years of weak financial performance. In addition to
stronger internal capital generation, Banco Pan also received a
R$400 million capital injection from its shareholder in order to
support its regulatory capital ratio that was under pressure due to
regulatory deductions related to deferred tax assets (DTAs) and its
Tier II subordinated debt.
After the capital injection approval in April 2018, which returned
the bank's regulatory capital ratio to a comfortable level, and a
year of stronger internal capital generation through recurring
profits after reducing operating costs, the RAC ratio reached 5.6%
by the end of the year. S&P expects the bank to remain profitable
while focusing on less risky lending segments, such as payroll
deductible and auto loans, and maintaining its RAC ratio around
5.5% in the next two years. As a result, S&P revised its assessment
of the bank's capital and earnings to moderate from weak.
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: AIRD Prioritizes Electricity Pact
-----------------------------------------------------
Dominican Today reports that the signing of the Electricity Pact,
the labor reform and the protection of national production are
priorities for the Dominican Republic Industry Association (La
Asociacion de Industrias de la Republica Dominicana or AIRD), its
president Celso Juan Marranzini affirmed.
"There's a need to take urgent measures that allow industries to
compete quickly and flexibly in the international market and in the
local market, to realize a true strategy of promotion of exports
and business innovation," according to Dominican Today.
He said those measures would lead to a new productive model that
places them alongside nations that 40 years ago had a level of
development similar to Dominican Republic's, as is the case of
South Korea, the report notes.
He said industries need to adopt and adapt technologies already
available that improve productivity and competitiveness,
incorporate advanced capital assets and best practices, the report
relays.
"It is necessary to implement as soon as possible the proposed
measures within the National Competitiveness Council that
constitute an extension of the facilities of the Pro-Industry Law,
which provide mechanisms to stimulate industries to acquire,
improve and absorb technologies and capacities for promote
innovation in products and processes," he said, the report notes.
The businessman spoke to mark National Industry Day, in which
Jairon Severino, of outlet El Dinero, and Haydee Ramirez, of
Contacto magazine were awarded the industrial journalism prize, 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.
DOMINICAN REPUBLIC: Officials Disagree on Tax Reform Need
---------------------------------------------------------
Dominican Today reports that central banker Hector Valdez Albizu
said Friday that the government needs to take strong measures
either at the beginning or the end of its term to materialize a tax
reform, despite Finance minister Donald Guerrero's statement to the
contrary.
"I do not agree with him (Guerrero). We do need a reform. In the
Dominican Republic, a government needs to take strong measures
either at the beginning of its period or at the end. I think this
administration missed the time for a tax reform. I think that now
it's a political issue, with the upcoming elections, perhaps they
will try to pass it between the campaign and the beginning of the
next government," the official told the British magazine Latam
Investor, according to Dominican Today.
He added that the key to any new fiscal reform is "to make our
system more consistent," the report notes.
"We have a sale tax of 18% that is not currently applied to any
staple food, such as plantains or rice, nor to luxury goods, such
as salmon or imported cheese. That makes no sense. Having
exemptions gives people the opportunity to evade taxes by
incorrectly registering sales," he added.
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.
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P U E R T O R I C O
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MONITRONICS INT'L: Widens Net Loss to $678.8 Million in 2018
------------------------------------------------------------
Monitronics International, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $678.75 million on $540.35 million of net revenue for the
year ended Dec. 31, 2018, compared to a net loss of $111.29 million
on $553.45 million of net revenue for the year ended Dec. 31, 2017.
The increase in net loss is primarily related to the $563,549,000
goodwill impairment recognized in 2018 and reductions in net
revenue offset by the $28,000,000 legal settlement reserve
recognized in the second quarter of 2017.
As of Dec. 31, 2018, Monitronics had $1.30 billion in total assets,
$1.89 billion in total liabilities, and a total stockholders'
deficit of $588.97 million.
At Dec. 31, 2018, the Company had $2,188,000 of cash and cash
equivalents. The Company's primary source of funds is its cash
flows from operating activities which are generated from alarm
monitoring and related service revenues. During the years ended
Dec. 31, 2018 and 2017, the Company's cash flow from operating
activities was $104,503,000 and $150,204,000, respectively.
During the years ended Dec. 31, 2018 and 2017, the Company used
cash of $140,450,000 and $142,909,000, respectively, to fund
subscriber account acquisitions, net of holdback and guarantee
obligations. In addition, during the years ended Dec. 31, 2018 and
2017, the Company used cash of $14,903,000 and $14,393,000,
respectively, to fund its capital expenditures.
KPMG LLP, in Dallas, Texas, the Company's auditor since 2011,
issued a "going concern" qualification in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has substantial
indebtedness classified within current liabilities that raises
substantial doubt about its ability to continue as a going
concern.
Monitronics said "We have engaged financial and legal advisors to
advise us regarding potential alternatives to address the issues
described above. There can be no assurance that any such potential
alternatives or restructuring transactions will be possible on
acceptable terms, if at all. We may not be able to come to an
arrangement that is acceptable to all of our stakeholders. Our
failure to reach an arrangement on the terms of a restructuring
with our stakeholders would have a material adverse effect on our
liquidity, financial condition and results of operations, including
requiring us to potentially file a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code in order to
implement a restructuring plan."
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/iJVLzP.
About Monitronics
Farmers Branch, Texas-based Monitronics International, Inc. --
http://www.mymoni.com/-- provides residential customers and
commercial client accounts with monitored home and business
security systems, as well as interactive and home automation
services. The Company is supported by a network of independent
Authorized Dealers providing products and support to customers in
the United States, Canada and Puerto Rico. Its wholly owned
subsidiary, LiveWatch is a Do-It-Yourself home security firm,
offering professionally monitored security services through a
direct-to-consumer sales channel. Monitronics is a wholly-owned
subsidiary of Ascent Capital Group, Inc. Monitroics was
incorporated in the state of Texas on Aug. 31, 1994. At Dec. 31,
2017, the Company had more than 1,330 full-time employees and over
100 part-time employees, all of which are located in the United
States.
Monitronics reported net losses of $111.3 million in 2017, $76.30
million in 2016 and $72.44 million in 2015. As of Sept. 30, 2018,
the Company had $1.70 billion in total assets, $1.90 billion in
total liabilities and a total stockholders' deficit of $202.90
million.
* * *
In September 2018, S&P Global Ratings lowered its issuer credit
rating on Monitronics to 'CC' from 'CCC'. The downgrade follows
Monitronics' announcement on Aug. 30, 2018, of a proposed
transaction to exchange its 9.125% senior unsecured notes due 2020
for a combination of new $585 million cash and paid-in-kind (PIK)
(7.75% cash and 3.75% PIK) unsecured notes due 2023, up to $100
million of cash from parent company Ascent and warrants.
Monitronics is also proposing amendments to eliminate the
restrictive covenants governing the 2020 notes, including certain
events of default.
In July 2018, Moody's Investors Service, Inc., downgraded
Monitronics International's Corporate Family Rating to 'Caa2',
from 'B3'. The downgrade of Monitronics' CFR reflects strains on
the company's liquidity and capital structure caused by impending
maturities, as well as its continued lackluster operating
performance.
SPANISH BROADCASTING: HCN & Bardin Own 9.8% of Class A Shares
-------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of Class A common stock, $0.0001 par value, of Spanish Broadcasting
System, Inc. as of Dec. 31, 2018:
Shares Percent
Beneficially of
Reporting Person Owned Class
---------------- ------------ -------
Bardin Hill Investment Partners LP 416,000 9.8%
Halcyon Management Holdings GP LLC 416,000 9.8%
HCN LP 292,540 6.9%
HCN GP LLC 292,540 6.9%
Bardin Hill Event-Driven Master Fund LP 123,460 2.9%
Bardin Hill Fund GP LLC 123,460 2.9%
Jason Dillow 416,000 9.8%
The address of the principal business office of each of the
Reporting Persons is 477 Madison Avenue, 8th Floor, New York, NY
10022.
The securities reported are directly held by HCN LP and Bardin Hill
Master Fund. Bardin Hill Partners is the investment manager of
each of the Funds, and pursuant to Investment Management
Agreements, Bardin Hill Partners exercises voting and investment
power over securities directly held by the Funds. Halcyon
Management is the general partner of Bardin Hill Partners. HCN GP
is the general partner of HCN. Bardin Hill GP is the general
partner of Bardin Hill Master Fund. Jason Dillow is the chief
executive officer and chief investment officer of Bardin Hill
Partners.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/BYTVdQ
About Spanish Broadcasting
Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.
The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017. Cash from operations or the
sale of assets was not sufficient to repay the notes when they
became due. In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations. These factors raise substantial doubt about its
ability to continue as a going concern.
Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016. As of Sept. 30, 2018, Spanish
Broadcasting had $437.7 million in total assets, $530.24 million in
total liabilities, and a total stockholders' deficit of $92.57
million.
* * *
In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System. "We
withdrew the ratings because we were unlikely to raise them from
'D', based on SBS' ongoing plans to restructure its debt," said S&P
Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS
to 'D' on April 21, 2017, following the company's announcement that
it didn't repay its $275 million 12.5% senior secured notes that
were due April 15, 2017, as reported by the TCR on May 25, 2017.
In April 2017, Moody's Investors Service downgraded SBS's corporate
family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family
rating reflects an elevated expected loss rate following the
default under the company's 12.5% senior secured notes due April
2017, said Moody's.
SPANISH BROADCASTING: Posts $16.5 Million Net Income in 2018
------------------------------------------------------------
Spanish Broadcasting System, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting net
income of $16.49 million on $142.36 million of net revenue for the
year ended Dec. 31, 2018, compared to net income of $19.62 million
on $134.70 million of net revenue for the year ended Dec. 31, 2017.
The decrease in net income of $3.1 million was primarily due to the
reduction of income tax benefit offset by the increase in 89
operating income and the decrease in interest expense, net.
Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $50.1
million compared to $36.5 million for the same prior year period,
resulting in an increase of $13.6 million or 37%. The Company's
radio segment Adjusted OIBDA increased $12.3 million or 29%,
primarily due to the increase in net revenue of $6.9 million and a
decrease in operating expense of $5.4 million. Radio station
operating expenses decreased primarily due to decreases in legal
settlements, production and talent costs, and special event
expenses offset by increases in commissions and advertising
expenses. The Company's television segment Adjusted OIBDA
increased $2.3 million, due to the decrease in station operating
expenses of $1.5 million and the increase in net revenue of $0.8
million. Television station operating expenses decreased primarily
due to decreases in production costs, compensation and benefits,
professional fees and facilities expense offset by a decrease in
production tax credits and an increase in special events expense.
The Company's corporate expenses, excluding non-cash stock-based
compensation, increased $1.0 million or 11% primarily due to
increases in compensation and benefits and professional fees.
Operating income totaled $51.6 million compared to $40.5 million
for the same prior year period, representing an increase of $11.1
million or 27%. This increase in operating income was mainly due
to the increase in net revenue and decreases in operating expenses
and recapitalization costs offset by increases in corporate
expenses, an impairment of an FCC broadcasting license and having
recognized less gains on the sale of the New York property than
were recognized in the prior year for the sale of the Los Angeles
facility and spectrum assets.
As of Dec. 31, 2018, Spanish Broadcasting had $444.31 million in
total assets, $523.69 million in total liabilities, and a total
stockholders' deficit of $79.37 million.
Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" opinion in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the 12.5% Senior Secured
Notes had a maturity date of April 15, 2017. Cash from operations
or the sale of assets was not sufficient to repay the notes when
they became due. In addition, at Dec. 31, 2018 the Company had a
working capital deficiency. These factors raise substantial doubt
about its ability to continue as a going concern.
Quarter End Results
For the quarter-ended Dec. 31, 2018, consolidated net revenue
totaled $39.6 million compared to $36.4 million for the same prior
year period, resulting in an increase of $3.2 million or 9%. The
Company's radio segment net revenue increased $4.9 million or 16%,
due to increases in local, national, network, barter and digital
sales, partially offset by a decrease in special events revenue.
The Company's television segment net revenue decreased $1.7 million
or 29%, primarily from a reduction in subscriber based revenue,
partially offset by increases in local and national sales.
Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $17.4
million compared to $13.9 million for the same prior year period,
representing an increase of $3.5 million or 25%. The Company's
radio segment Adjusted OIBDA increased $5.0 million or 38%,
primarily due to the increase in net revenue of $4.9 million and a
decrease in operating expenses of $0.1 million. Radio station
operating expenses decreased mainly due to decreases in legal
settlements, production costs, professional fees and special event
expenses offset by increases in taxes and licenses, sales
commissions, and barter expenses. The Company's television segment
Adjusted OIBDA decreased $1.4 million, due to the decrease in net
revenue of $1.7 million, partially offset by a decrease in
operating expenses of $0.3 million. Television station operating
expenses decreased primarily due to decreases in production costs
and taxes and licenses offset by a decrease in production tax
credits. The Company's corporate expenses, excluding non-cash
stock-based compensation, increased $0.2 million or 9%, mostly due
to an increase in compensation and benefits.
Operating income totaled $14.3 million compared to $14.4 million
for the same prior year period, representing a decrease of $0.1
million or less than 1%. This decrease in operating income was
primarily due to having recognized the gain on the sale of spectrum
assets in the prior year and current year increases in
recapitalization costs and corporate expenses offset by an increase
in net revenue and decreases in operating expenses.
Discussion and Results
"Our fourth quarter and full year 2018 performance represent one of
the best operating results in our 35-year history and the true
power of our multi-media strategy and leading radio, television,
digital and experiential assets," commented Raul Alarcon, chairman
and CEO. "Our multi-year effort to transform our company from a
traditional broadcaster into an integrated multi-media company is
clearly evident in our financial results.
"This past year we generated solid top-line growth while also
prudently managing our costs, which resulted in consolidated
Adjusted OIBDA growth of 37%. We believe this operating margin
performance significantly outperformed both our Spanish- and
English-language peers. In addition to this industry-leading
performance, our audio rankings, as well as our TV, digital and
mobile engagement metrics, also grew significantly."
Mr. Alarcon continued, "We entered 2019 with significant momentum
in our business, a strong management team, a clear and unambiguous
operating strategy, and a 100% commitment to taking the next
critical steps in furthering our business transformation.
"Looking ahead, we are focused on building on our successes to date
and driving further strong performance in 2019 and beyond. Our key
priorities include further integration of our assets, prudently
managing our costs and delivering sustainable growth across all our
91 businesses."
Continued Recapitalization and Restructuring Efforts
"We have not repaid our outstanding 12.5% Senior Secured Notes due
2017 (the "Notes") since they became due on April 17, 2017, and
continue to evaluate all options available to refinance the Notes.
While we assess how to best achieve a successful refinancing of the
Notes, we have continued to pay monthly interest on the Notes,
payments that a group of investors purporting to own our 10 3/4%
Series B Cumulative Exchangeable Redeemable Preferred Stock (the
"Series B preferred stock") have challenged through the institution
of litigation in the Delaware Court of Chancery. The complaint
filed by these investors revealed a purported foreign ownership of
our Series B preferred stock, which we are actively addressing,
including before the Federal Communications Commission (the "FCC")
in order to protect our broadcast licenses. Our refinancing
efforts have been made more difficult and complex by the Series B
preferred stock litigation and foreign ownership issue. We provide
more information about each of these items in our Annual Report on
Form 10-K for the year ended December 31, 2018.
"We have worked and continue to work with our advisors regarding a
consensual recapitalization or restructuring of our balance sheet,
including through the issuance of new debt or equity to raise the
necessary funds to repay the Notes. We believe that the delay in
refinancing the Notes has adversely affected us, in that we have
been paying substantially more in interest expense on our
outstanding Notes than would be the case if we refinanced them in
the current market based on the feedback we have received from
several financial institutions and potential sources of capital;
there is a cloud on title regarding who validly owns our Series B
preferred stock, which has created uncertainty as to who owns these
shares, and the parties with whom the Company could potentially
negotiate a consensual restructuring; we are incurring higher legal
costs than otherwise would be the case due to our efforts to
resolve the situation in general, to defend ourselves against the
Series B preferred stock litigation and to address the foreign
ownership issue before the FCC; the trading price of our common
stock and preferred stock has been materially adversely affected;
our ability to attract interest from investment banks and third
party capital suppliers has been materially adversely affected; our
reputation has been similarly negatively affected as a general
matter despite our diligent efforts to resolve the situation; and
the negativity and complexity surrounding our situation has been an
unfortunate distraction from our otherwise successful and healthy
operating business. The resolution of the recapitalization or
restructuring of our balance sheet, the litigation with the
purported holders of our Series B preferred stock and the foreign
ownership issue are subject to several factors currently beyond our
control. Our efforts to effect a consensual refinancing of the
Notes, the Series B preferred stock litigation and the foreign
ownership issue will likely continue to have a material adverse
effect on us if they are not successfully resolved. We face
various risks regarding these matters which are summarized in our
Annual Report on Form 10-K for the year ended December 31, 2018,"
the Company stated in a press release.
The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/TZESnU.
About Spanish Broadcasting
Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.
The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017. Cash from operations or the
sale of assets was not sufficient to repay the notes when they
became due. In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations. These factors raise substantial doubt about its
ability to continue as a going concern.
Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016. As of Sept. 30, 2018, Spanish
Broadcasting had $437.7 million in total assets, $530.24 million in
total liabilities, and a total stockholders' deficit of $92.57
million.
* * *
In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System. "We
withdrew the ratings because we were unlikely to raise them from
'D', based on SBS' ongoing plans to restructure its debt," said S&P
Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS
to 'D' on April 21, 2017, following the company's announcement that
it didn't repay its $275 million 12.5% senior secured notes that
were due April 15, 2017, as reported by the TCR on May 25, 2017.
In April 2017, Moody's Investors Service downgraded SBS's corporate
family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family
rating reflects an elevated expected loss rate following the
default under the company's 12.5% senior secured notes due April
2017, said Moody's.
About Spanish Broadcasting
Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.
The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017. Cash from operations or the
sale of assets was not sufficient to repay the notes when they
became due. In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations. These factors raise substantial doubt about its
ability to continue as a going concern.
Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016. As of Sept. 30, 2018, Spanish
Broadcasting had $437.7 million in total assets, $530.24 million in
total liabilities, and a total stockholders' deficit of $92.57
million.
* * *
In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System. "We
withdrew the ratings because we were unlikely to raise them from
'D', based on SBS' ongoing plans to restructure its debt," said S&P
Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS
to 'D' on April 21, 2017, following the company's announcement that
it didn't repay its $275 million 12.5% senior secured notes that
were due April 15, 2017, as reported by the TCR on May 25, 2017.
In April 2017, Moody's Investors Service downgraded SBS's corporate
family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family
rating reflects an elevated expected loss rate following the
default under the company's 12.5% senior secured notes due April
2017, said Moody's.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 1 to April 5, 2019
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
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Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
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Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Polarcus Ltd 5.6 71.8 7/1/2022 AE USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Provincia del Chubut A 4.5 2208 3/30/2021 AR USD
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
Enel Americas SA 5.8 32.7 6/15/2022 CL CLP
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Empresa Provincial de 12.5 0.0 1/29/2020 AR USD
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Plaza SA 3.5 38.3 8/15/2020 CL CLP
Banco Security SA 3.0 5.6 7/1/2019 CL CLP
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Banco Security SA 3.0 27.4 6/1/2021 CL CLP
Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP
Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP
Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD
Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD
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Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Esval SA 3.5 49.9 2/15/2026 CL CLP
*********
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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2019. All rights reserved. ISSN 1529-2746.
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