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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, August 10, 2021, Vol. 22, No. 153
Headlines
A R G E N T I N A
ARGENTINA: Met With IMF Staff to Rework Troubled Loan Program
TRANSENER SA: S&P Places 'CCC-' Rating on CreditWatch Positive
C O L O M B I A
ALPHA LATAM: Files for Bankruptcy Over Accounting Errors in Mexico
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Airlines Face Problems Due to Crew Shortages
J A M A I C A
JAMAICA: BOJ Injects US$30 Million Into Foreign Exchange Market
[*] JAMAICA: Tourism Professionals Urged to Secure Board License
P A N A M A
PANAMA: IDB OKs $30-M Project for Vaccines, Address COVID-19 Crisis
P U E R T O R I C O
AQUA ADVENTURE: Seeks to Hire Charles A. Cuprill P.S.C. as Counsel
AQUA ADVENTURE: Taps Luis R. Carrasquillo as Financial Consultant
X X X X X X X X
LATAM: World Bank Grants Record $29.1B for COVID Crisis, Disasters
- - - - -
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A R G E N T I N A
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ARGENTINA: Met With IMF Staff to Rework Troubled Loan Program
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Jorgelina Do Rosario and Eric Martin at Bloomberg News report that
Argentine officials met two weeks ago with representatives from the
International Monetary Fund in Washington as the government of
South America's second-largest economy seeks to rework its troubled
loan program.
Economic Policy Secretary Fernando Morra and Central Bank Economic
Research Deputy General Manager German Feldman traveled to the U.S.
to hold the in-person meetings with IMF staffers including
Argentina mission chief Luis Cubeddu, according to people with
direct knowledge of the matter who asked not to be named because
the meetings were private, according to Bloomberg News.
The talks focused on technical aspects of the negotiations,
including 2021 economic data, projections for 2022 and 2023, as
well as baseline assumptions on inflation and regulated prices,
said one of the people, Bloomberg News notes. The discussions
focused on the government's plans for expenses and revenues,
another person added.
The meetings show a sign of progress in Argentina's delayed talks
with the IMF for a new extended fund facility program to replace a
previous $45 billion loan, Bloomberg News relays. Negotiations
have stalled, with expectations rising that a deal won't be made
until 2022, after the country's midterm elections in November,
Bloomberg News says.
Bloomberg News discloses that reaching agreement on economic
projections for the basis of a new program is one of the key early
steps for talks to advance. Argentina is expected to send its
economic projections for 2022 to congress as part of a budget bill
it must submit by mid-September, Bloomberg News relays.
The country's new program with the IMF will also include a climate
change component, which is still under discussion, some of the
people said, Bloomberg News notes.
Argentina's Economy Minister Martin Guzman most recently met with
IMF Managing Director Kristalina Georgieva at a meeting of finance
ministers and central bank chiefs from the Group of 20 largest
economies in Venice last month. Guzman also met with Janet Yellen,
Treasury Secretary of the U.S., the IMF's largest shareholder, on
the sidelines of the same summit, Bloomberg Newsadds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.
Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020. Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC. DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.
As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors. The first
restructuring involved $65 billion in foreign-law bonds. The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds. DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.
DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement. Formal negotiations on the new financing
began in November 2020. Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.
TRANSENER SA: S&P Places 'CCC-' Rating on CreditWatch Positive
--------------------------------------------------------------
S&P Global Ratings placed its 'CCC-' ratings on Compania de
Transporte de Energia Electrica en Alta Tension TRANSENER S.A.
(Transener) on CreditWatch with positive implications, given that
it expects the company to repay its bond on Aug. 17, 2021. This
will improve its leverage metrics, while the company maintains a
conservative cash position to finance working capital needs.
On Aug. 4, 2021, the company announced that it intends to cancel
the August bond maturity of $86 million, which will eliminate
refinancing risks amid FX access restrictions and limited financing
alternatives, given the fragile business conditions in Argentina.
Transener's debt totaled ARP7.9 billion and liquidity ARP7.8
billion as of March 31, 2021. However, its cash position was
strengthened following the July 2021 disbursement of a ARP1 billion
working capital loan from Banco de la Nacion Argentina (not rated).
Moreover, the company has adhered to its repayment plan, including
all mechanisms related to the FX controls in the country, and we
now expect Transener to repay its debt at maturity. After the
repayment, Transener will only have the domestic-currency
denominated debt, and consequently, no longer any exposure to
currency mismatch.
The current administration froze energy and gas rates and created a
commission to review the power industry regulations in 2020. S&P
said, "As a result, our base-case scenario for Transener reflects
greater uncertainty over its cash generation capacity. We're
currently not applying any pass-through of inflation costs to rate
increases starting in 2021, because we currently view them as
uncertain and discretional. In January 2021, the government
announced that the electricity market regulator (ENRE) started the
rate adjustment process in order to establish a "Transitional
Tariff Regime" until a final agreement is met. Although we believe
this is a first step for the renegotiation of rates, the company
hasn't received any approvals for the rate increase, and we're
still uncertain over the timing and magnitude of the adjustment."
Therefore, these factors could severely erode Transener's credit
quality in the next 12 months.
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C O L O M B I A
===============
ALPHA LATAM: Files for Bankruptcy Over Accounting Errors in Mexico
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Becky Yerak at The Wall Street Journal reports that Alpha Latam
Management LLC, which makes payroll loans in Mexico and Colombia,
filed for bankruptcy after disclosing accounting errors in its
Mexican operations and putting the Colombian division up for sale.
Creditors said Alpha defaulted earlier this year when the privately
held nonbank lender disclosed accounting errors in its Mexican
segment, sending its bond prices tumbling, according to The Wall
Street Journal.
Alpha has $768.4 million in debt, mostly unsecured bonds, and has
lined up $45 million in emergency financing to get through chapter
11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del, the
report notes.
The Mexican segment didn't file for bankruptcy. Alpha asked the
bankruptcy court for permission "to continue operating the
Colombian business without interruption to ensure that collections
of all outstanding loans continue," the report relays.
Founded in 2011, Alpha extends credit to government and
private-sector employees in Mexico and Colombia. Customers repay
the loans through payroll deductions. The company also makes
small-business loans, the report discloses.
Alpha borrows money from bondholders and uses it to lend at
interest rates that average 24.4% annually in Colombia, the report
says.
In April, the company said that there were errors in the 2018 and
2019 financial statements for its Mexican business and that it
would have to revise them. Soon after, creditors sent default
notices to Alpha for, among other things, failing to accurately
report its finances, the report notes.
Efforts to negotiate forbearance and waivers with lenders were
unsuccessful, cutting off access to capital needed to continue
originating loans, John Castellano, Alpha's restructuring adviser,
said in court papers, the report discloses.
The company cut costs, including using a June grace period to miss
an interest payment, and decided the best option was to sell
substantially all of its Colombian assets in bankruptcy, he said,
the report says.
Alpha has roughly 260 employees in Colombia and in June and July
laid off about a dozen workers there. The company estimated that it
has more than 14,200 potential creditors and interested parties,
the report relays.
The company targets borrowers with monthly gross incomes of about
$180 to about $2,600. As of May 31, the bankrupt entities had
36,800 payroll-deduction loans outstanding with a total principal
amount of $174.4 million, the report notes.
Alpha has hired law firms White & Case LLP and Richards, Layton &
Finger PA, investment bank Rothschild & Co. and financial adviser
AlixPartners LLP for the bankruptcy case, numbered 21-11109, the
report adds.
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Airlines Face Problems Due to Crew Shortages
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Dominican Today reports that more than a year after the indemnity
and many countries worldwide decided to close their airports to
slow the spread of Covid-19, the airline industry is unable to
recover.
The low availability of pilots and crew members affects the
sector's recovery, creating delays and cancellations of hundreds of
scheduled flights, which keeps thousands of travelers irritated,
according to Dominican Today.
Unofficially, it is known that the cancellation of a considerable
number of flights in airlines recognized and in high demand for
their economical prices. There are also serious delays in the
arrival and departure of flights to and from the Dominican
Republic, the report notes.
The secretary-general of the National Association of Pilots (ANP),
the lawyer-pilot Cristian Alba, told ListÃn Diario that as a
result of the pandemic, airlines were affected by the ban on
international flights, leading directly to the suspension of
thousands of full crews so that currently it has not been possible
to return those flights that were suspended, the report relays.
He added that a portion of those pilots of retirement age took
advantage and requested their final retirement, which he said has
complicated the situation, the report notes.
He pointed out that the production of new pilots was affected
worldwide and that delays in airlines create a domino effect where
crews who must not fly more than 14 hours a day are forced to leave
the planes in ports and wait for another crew to take over, the
report discloses.
He explained that most of the time, air operators must pay up to
double the salary to pilots who are on rest to fulfill the
commitments made, the report says.
"We must add that we are in the summer which is the high season of
flights,so it is also an additional ingredient to the problem of
delays. In our case as the Dominican Republic, a large number of
people prefer to fly with certain airlines that have been involved
in conflicts with users and this is also because they are the most
used by our fellow citizens," said Alba, the report relays.
Cristian Alba explained that a significant lack of crew was
predicted for several years, but the Covid accelerated the
situation, the report notes.
JAC Not Accurate
The president of the Civil Aviation Board (JAC), Jose Marte
Piantini, told this newspaper that he could not specify the
information that airlines are being affected by a lack of pilots
available to meet current demand, the report discloses.
Complaints
In recent weeks, the media have echoed the complaints of many
travelers who have suffered flight delays of up to five and six
hours without a satisfactory explanation from the airline, the
report relays.
Situation
According to the airlines, the increase in demand resulting from
the summer holidays is met with announcements of strikes, reduced
staff, and even difficulties in the supply of fuel, the report
discloses.
An article published by The San Diego Union-Tribune, under the
signature of Associated Press's David Koenig, reports that U.S.
flights are setting new records in the pandemic era, and airlines
are struggling to keep up with crowds over the summer holidays, the
report says.
It notes that, Florida-based low-cost airline Spirit Airlines had
canceled 270 flights -- about a third of those scheduled, citing
weather and operational problems, the report notes.
The article notes that at least 5,000 delayed flights have been
recorded almost every day since the beginning of July. According to
figures from FlightAware, American, Southwest, and Spirit are among
the airlines with the most significant problems, the report
discloses.
It notes that at least 40% of Southwest and Spirit flights were
delayed, and 19% of Spirit flights were canceled, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).
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J A M A I C A
=============
JAMAICA: BOJ Injects US$30 Million Into Foreign Exchange Market
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RJR News reports that the Bank of Jamaica (BOJ) intervened in the
foreign currency market on Aug. 3.
It sold US$30 million to six banks and five cambios at an average
rate of $154.56, according to RJR News.
The central bank restricted re-sale to end-users, the report
notes.
This is the BOJ's tenth intervention since the start of the year,
the report adds
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook. Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020). Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).
According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.
The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.
[*] JAMAICA: Tourism Professionals Urged to Secure Board License
----------------------------------------------------------------
RJR News reports that persons operating in the tourism sector are
being encouraged to get assessed for a Jamaica Tourism Board
licence.
Deanna Keating Campbell, Director of Product Quality at the Tourism
Product Development Company (TPDCO), says it will give businesses a
competitive advantage on the global tourism market, according to
RJR News.
Mrs. Keating Campbell was speaking at a tourism webinar, the report
notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook. Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020). Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).
According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.
The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.
===========
P A N A M A
===========
PANAMA: IDB OKs $30-M Project for Vaccines, Address COVID-19 Crisis
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The Inter-American Development Bank (IDB) approved a project to
help Panama address the COVID-19 crisis by fully financing the
country's contracts with the COVAX Facility and the AstraZeneca
laboratory. This will help increase Panama's access to life-saving
vaccines.
The project has three main objectives: to increase the available
number of vaccines and support related vaccination processes; to
develop a communication campaign to inform the population about the
vaccine rollout; and to resume the provision of essential
healthcare services in vulnerable areas, especially for pregnant
women and patients with chronic diseases.
The project comes at a critical moment for helping Panama
accelerate its vaccine rollout, before potentially more contagious
or resistant variants spread. It is also key to helping restore
essential health services, which during the pandemic have fallen
between 54% and 87% in indigenous regions.
This initiative is expected to protect and improve the lives of
more than one million Panamanians by helping them get vaccines. It
also aims to save lives by preventing new outbreaks and by resuming
key healthcare services for the most vulnerable people.
The program forms part of the inclusive approach to development
that is a bedrock of Vision 2025, the IDB's blueprint for driving
sustainable socioeconomic growth throughout Latin America and the
Caribbean.
The initiative will promote equitable access to quality vaccines
and essential services for indigenous populations and vulnerable
women. It will also develop a differentiated approach to doing
this, adapting the vaccination and health care strategy to the
context and needs of indigenous peoples. It will also include
evaluations to measure compliance requirements related to the
program and to ensure equitable access to vaccines.
Funding for the $30 million project will be disbursed over a period
of 2.5 years with an interest rate based on LIBOR.
=====================
P U E R T O R I C O
=====================
AQUA ADVENTURE: Seeks to Hire Charles A. Cuprill P.S.C. as Counsel
------------------------------------------------------------------
Aqua Adventure, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Charles A. Cuprill P.S.C.
Law Offices to serve as legal counsel in its Chapter 11 case.
The firm's services include the preparation of the Debtor's plan of
reorganization, representation of the Debtor in adversary
proceedings and other legal services in connection with the case.
The firm will charge $350 per hour for work performed by Charles
Cuprill-Hernandez, Esq., $250 per hour for associates and $85 for
paralegals. It will also seek reimbursement for work-related
expenses incurred.
Charles A. Cuprill P.S.C. Law Offices received a retainer in the
amount of $15,000.
Mr. Hernandez, a principal at the firm, disclosed in court filings
that his firm is disinterested as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Charles A. Cuprill Hernandez, Esq.
Charles A. Cuprill P.S.C. Law Offices
356 Calle Fortaleza, Second Floor
San Juan, PR 00901
Tel: 787 977-0515
Email: ccuprill@cuprill.com
About Aqua Adventure Inc.
San Juan, P.R.-based Aqua Adventure, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 21-02244) on July 23, 2021. Aqua Adventure
President Jose L. Morera Perez signed the petition. At the time of
the filing, the Debtor disclosed $1,679,795 in assets and
$1,915,985 in liabilities. Charles A. Cuprill P.S.C. Law Offices
and Luis R. Carrasquillo & Co., P.S.C. serve as the Debtor's legal
counsel and financial consultant, respectively.
AQUA ADVENTURE: Taps Luis R. Carrasquillo as Financial Consultant
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Aqua Adventure, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Luis R. Carrasquillo & Co.,
P.S.C. as its financial consultant.
The Debtor needs a financial consultant to assist in the financial
restructuring of its affairs, advise on strategic planning, assist
in the preparation of a plan for reorganization, and participate in
the negotiation with creditors.
The firm's hourly rates are as follows:
Luis R. Carrasquillo, Partner $175 per hour
Marcelo Gutierrez, Senior CPA $125 per hour
Arnaldo Morales Rivera, Sr. Accountant $95 per hour
Carmen Callejas Echevarria, Sr. Accountant $90 per hour
Zoraida Delgado Diaz, Sr. Accountant $75 per hour
Enid O. Olmeda, Jr. Accountant $45 per hour
Victoria Medina Rivera, Jr. Accountant $35 per hour
Rosalie Hernandez Burgos, Support $35 per hour
Kelsie Lopez, Esq., Legal Support $45 per hour
The Debtor paid $10,000 to the firm as a retainer fee.
Luis Carrasquillo Ruiz, a principal at the firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Luis R. Carrasquillo Ruiz, CPA
Luis R. Carrasquillo & Co., P.S.C.
28th St., Turabo Gardens Ave.
Caguas, PR 00725
Tel: 787-746-4555
Fax: 787-746-4564
Email: luis@cpacarrasquillo.com
About Aqua Adventure Inc.
San Juan, P.R.-based Aqua Adventure, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 21-02244) on July 23, 2021. Aqua
Adventure
President Jose L. Morera Perez signed the petition. At the time
of the filing, the Debtor disclosed $1,679,795 in assets and
$1,915,985 in liabilities. Charles A. Cuprill P.S.C. Law Offices
and Luis R. Carrasquillo & Co., P.S.C. serve as the Debtor's legal
counsel and financial consultant, respectively.
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X X X X X X X X
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LATAM: World Bank Grants Record $29.1B for COVID Crisis, Disasters
------------------------------------------------------------------
RJR News reports that the World Bank Group deployed a record $29.1
billion to Latin America and Caribbean countries between April 2020
and June 30 this year in response to the COVID-19 pandemic as well
as challenges associated with hurricanes and migration.
The commitments and mobilizations during this period included a
combined $14.5 billion from the World Bank, according to RJR News.
Another $10.8 billion came from the International Finance
Corporation to promote private sector led sustainable development,
and $3.8 billion in guarantees by the Multilateral Investment
Guarantee Agency, the report notes.
*********
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 2021. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
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