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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

          Friday, May 5, 2023, Vol. 24, No. 91

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Stagnated as Inflation Surged Past 100%
ARGENTINA: Taps China Swap Line for Imports as Peso Drops


B R A Z I L

USINA CORURIPE: Moody's Cuts CFR to B2, Alters Outlook to Negative


G U Y A N A

MARRIOTT HOTEL: Guyana Government Postpones Sale of Marriott Hotel


P U E R T O   R I C O

BED BATH & BEYOND: Receives $40 Million to Fund Bankruptcy
ONE ALLIANCE: A.M. Best Affirms B(Fair) Financial Strength Rating
PUERTO RICO: Lack of Consensus Could Force PREPA Case Dismissal


T R I N I D A D   A N D   T O B A G O

CL FIN'L: CLICO Sold MHIL Shares to Reduce Debt to Gov't

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Economy Stagnated as Inflation Surged Past 100%
----------------------------------------------------------
Buenos Aires Times reports that Argentina's economy stagnated in
February as inflation surpassed 100 percent for the first time in
three decades and a record drought began to take a heavy toll on
industries tied to agriculture.

Economic activity was flat in February from January, according to
government data published by the INDEC national statistics bureau,
reports Buenos Aires Times.  From a year ago, the economy expanded
0.2 percent, the report relays.

Argentina returned to triple-digit inflation in February for the
first time in three decades as the government's unconventional
strategy of price freezes, currency controls and multiple exchange
rates has failed to cool pressure on the peso, Buenos Aires Times
notes.  Surging inflation sapped consumer spending as prices in
pesos outpace pay raises, Buenos Aires Times relays.  The drought
could cost Argentina up to US$19 billion of exports, according to
one estimate, Buenos Aires Times notes.

Economists surveyed by Argentina's Central Bank in March forecast
gross domestic product contracting 2.7 percent this year, with
sequential declines in the first and second quarters, Buenos Aires
Times says.  The economy shrank in the final quarter of last year
too, Buenos Aires Times notes.  It would be Argentina's sixth
recession in the past 10 years, Buenos Aires Times adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its 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.

Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



ARGENTINA: Taps China Swap Line for Imports as Peso Drops
---------------------------------------------------------
Patrick Gillespie, Yujing Liu & Wenjin Lv at Bloomberg News report
that Argentina is implementing another emergency measure by tapping
a currency swap line with China to finance imports from the world's
second-biggest economy as the peso endures a sell-off.

Argentina will finance about US$1.8 billion of Chinese imports
between April and May by tapping the swap line that's worth nearly
US$24 billion, Economy Minister Sergio Massa said, according to
Bloomberg News.  Massa met with China's ambassador to Argentina,
Zou Xiaoli, to roll out the announcement, Bloomberg News notes.

The measure speaks to the severity of Argentina's dire economic
crisis as a record drought ruins essential commodity exports while
inflation over 100 percent wipes out wages and consumer spending,
Bloomberg News relays.

Argentina has lost at least US$15 billion of exports due to the
worst drought in a century, a key source of dollars often used to
help finance imports, Massa said, Bloomberg News discloses.
Argentina's key soy crop is expected to produce 22.5 million metric
tons this year, less than half the production anticipated at the
start of planting season, Bloomberg News relays.

The economic havoc has translated into a peso sell-off in parallel
markets where it lost about 13 percent of its value, Bloomberg News
relays.

Argentina's planned use of the currency swap is another boost for
the yuan's global use, as the talk for de-dollarization rises
globally, Bloomberg News discloses.  Brazil in March agreed to
start settling some trade with China in local currencies and took
steps to make it easier to transact with China in yuan. China is
Brazil's biggest trading partner and Argentina's second-biggest,
Bloomberg News relays.

Both Argentina and Brazil are seeking to reduce their reliance on
the US dollar, with officials earlier this year launching
discussions on a common unit of account to bypass the dollar in
bilateral trade, Bloomberg News notes.

Other countries have also expressed greater interest in using the
yuan as China looks to bolster its currency's global appeal,
Bloomberg News relays.  Iraq is planning to pay for private-sector
imports from China in yuan, while Saudi Arabia and United Arab
Emirates are also exploring non-oil trade ties using currencies
other than the dollar, Bloomberg News notes.

In a milestone for the Chinese currency, the use of yuan in China's
cross-border transactions jumped ahead of the greenback's for the
first time in March, according to research by Bloomberg
Intelligence citing official data, Bloomberg News says.  However,
that's partly boosted by China's opening up of its capital account
and financial markets, and the use of the currency for settlement
of trade in goods and services is still much lower, Bloomberg News
discloses.

Created in 2009, the swap between Argentina and China is an
agreement between both countries' central banks, by which the
People's Bank of China has an account in renminbi at the Argentine
Central Bank, and the latter has an account in pesos in China,
Bloomberg News relays.

The swap line will be increased by 35 billion yuan (US$5 billion),
Argentina President Alberto Fernandez told reporters last year
after meeting with Chinese leader Xi Jinping on the sidelines of
the G-20 Summit in November, Bloomberg News discloses.

Although it makes up part of Argentina's foreign exchange reserves,
most analysts don't count the swap line as part of the government's
liquid cash on hand because it's so rarely utilized even during
volatile periods, Bloomberg News adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its 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.

Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.





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B R A Z I L
===========

USINA CORURIPE: Moody's Cuts CFR to B2, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
Corporate Family Rating of Usina Coruripe Acucar e Alcool
("Coruripe"). At the same time, Moody's downgraded to B2 from B1
the company's senior secured notes issued by Coruripe Netherlands
B.V. and backed by Coruripe and GTW Agronegocios S.A. The outlook
was changed to negative from stable.

Downgrades:

Issuer: Usina Coruripe Acucar e Alcool

Corporate Family Rating, Downgraded to B2 from B1

Issuer: Coruripe Netherlands B.V.

Backed Senior Secured Regular Bond/Debenture, Downgraded to B2
from B1

Outlook Actions:

Issuer: Coruripe Netherlands B.V.

Outlook, Changed To Negative From Stable

Issuer: Usina Coruripe Acucar e Alcool

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade was prompted by Coruripe's weakening liquidity with
an estimated BRL524 million in cash and BRL819 million in
short-term debt at the end of March 2023. Negative rating pressure
would increase if Coruripe is unable to refinance its short-term
lines and raise new debt to reinforce its liquidity during the
present harvest, April 2023 through March 2024.

Historically Coruripe's liquidity has been weak with large
short-term amortizations and some exposure to dollar denominated
debt entailing high refinancing risks. In 2022-23 estimated cash
interest expense increased by 48% to BRL638 million while capital
expenditures increased by 20% to BRL1.2 billion, contributing to a
reduction in the company's cash balance.

Coruripe's B2 ratings incorporate its scale as the 9th largest
sugar-ethanol group in Brazil with a crushing capacity of over 15
million tons of sugarcane per harvest and capacity utilization of
around 95% to 99%, cluster organization with ample access to
sugarcane and logistic infrastructure. The ratings are also
supported by the company's production in two distinct regions that
allow a more stable production throughout the year, because of
different harvest periods in each region.

The B2 ratings are constrained by a weak liquidity profile and
Coruripe's exposure to the volatile sugar-ethanol sector coupled
with its reliance on the Minas Gerais cluster which concentrates
78% of total crushing capacity. Coruripe has a lower cost than
Brazil's average, but higher than close peers such as Adecoagro
S.A. (Ba2, Stable) and Sao Martinho S.A. Despite the higher cost
profile, agreements with local farmers associations allow Coruripe
costs to fluctuate along with its selling prices, mitigating market
volatility and increasing flexibility for the company to create a
long-term hedging curve. Coruripe also presents a lower production
mix flexibility than peers, being more focused on sugar than
ethanol, which Moody's perceives as a competitive disadvantage in
the long-term, since the increasing demand for ethanol is likely to
support the profitability of the sector. In 2023-24 sugar offers a
premium to ethanol and allows Coruripe to secure a revenue curve
hedging the presently high price levels along the futures curve in
2024-25 and 2025-26. Coruripe is a family-owned private company,
with developing governance.

Coruripe has a good cash flow from operations to debt metric at an
average 18% in the last five harvests and relatively low gross
leverage at an average 3.7x, during the same period. Moody's
expects crushing levels to improve sequentially in 2022-23 to 14
million tons and approaching 15 million tons in 2023-24 as the
plantations recover from severe weather impact in 2021-22 when the
company crushed only 12 million tons. Moody's expects Coruripe to
maintain (EBITDA-Capex)/Interest Expense above 1.0x.

The negative outlook reflects the weak liquidity and increased
refinancing risk. Unless Coruripe is able to reinforce its
liquidity, and refinance its short-term debt, the ratings could be
further downgraded.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to an upgrade

A rating upgrade would require the refinancing of short-term debt
and reinforcement of liquidity with a cash position above
short-term debt levels during the harvest cycle. Also, an increase
in effective crushing levels, remaining consistently above 14
million tons per harvest. Quantitatively: maintenance of Cash/ST
Debt above 1.0x; Debt/EBITDA below 4.0x; Cash flow from
operations/debt above 15%; Interest coverage with EBITA/Interest
Expense above 2.0x.

Factors that could lead to a downgrade

A rating downgrade could result from Coruripe's inability refinance
its short-term debt and reinforce its liquidity during the harvest,
coupled with an expected negative free cash flow. Quantitatively:
EBITA/Interest Expense below 1.25x; Debt/EBITDA expected to remain
above 5.0x; Cash flow from operations/debt below 9%.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.



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G U Y A N A
===========

MARRIOTT HOTEL: Guyana Government Postpones Sale of Marriott Hotel
------------------------------------------------------------------
RJR News reports that the Guyanese government has rejected all the
offers made by private investors for the purchase of the
state-owned Marriott Hotel because they were too low.

Vice President Bharrat Jagdeo said the hotel will therefore remain
in government hands, according to RJR News.

Jagdeo told a press conference that none of the offers put on the
table, ranging from US$25 million to US$65 million, had met
expectations, the report adds.




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P U E R T O   R I C O
=====================

BED BATH & BEYOND: Receives $40 Million to Fund Bankruptcy
----------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that Bed Bath & Beyond
Inc. won permission April 25, 2023, to tap $40 million,
money the retailer said it needs to cover payroll for its roughly
14,000 employees and buy management time to try and locate a buyer
in Chapter 11 bankruptcy to rescue some or all of its stores.

US Bankruptcy Judge Vincent Papalia in a hearing said the
urgent funding provided by Bed Bath & Beyond's lenders averts a
potential "fire sale" and immediate liquidation of the 52-year-old
retail chain. The financing approved April 25, 2023,
includes a May 28, 2023 deadline for bids on the company's assets.

                      About Bed Bath & Beyond

Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values.  The Company also operates Decorist, an online interior
design platform that provides personalized home design services.

At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.

Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing chapter 11 cases, implementing full
scale winddowns of their Canadian business and the Harmon branded
stores.

Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code to pursue a wind down of operations.
The cases are pending before the Honorable Vincent F. Papalia and
have requested joint administration of the cases under Bankr.
D.N.J. Lead Case No. 23-13359.

Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frares & Co. LLC is serving as investment
banker, and AlixPartners LLP is serving as financial advisor.  Bed
Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to
assist with inventory sales.  Kroll LLC is the claims agent.




ONE ALLIANCE: A.M. Best Affirms B(Fair) Financial Strength Rating
-----------------------------------------------------------------
AM Best has removed from under review with negative implications
and affirmed the Financial Strength Rating (FSR) of B (Fair) and
the Long-Term Issuer Credit Rating (Long-Term ICR) of "bb+" (Fair)
of One Alliance Insurance Corporation (One Alliance) (San Juan,
Puerto Rico). The outlook assigned to the FSR is stable, while the
outlook assigned to the Long-Term ICR is negative.

The Credit Ratings (ratings) reflect One Alliance's balance sheet
strength, which AM Best assesses as adequate, as well as its
marginal operating performance, limited business profile and
marginal enterprise risk management.

The negative outlook on the Long-Term ICR reflects One Alliance's
weakened balance sheet strength. This is the result of the
company's aggressive growth strategy implemented in 2022, which
resulted in increased underwriting leverage metrics, reinsurance
dependence and overall decrease in its risk-adjusted
capitalization. In addition, policyholder surplus has considerable
exposure to weather-related events, which is intensified by higher
reinsurance costs and increased retention levels. However, One
Alliance's capital adequacy is expected to improve starting in
2023, due to a $2 million capital contribution in first-quarter
2023, as well as the scaling back on its growth strategy with
continued focus on profitability. Operating performance has
improved over the last few years and this trend has continued
through the first months in 2023. Management is expected to execute
on its plans over the near term.



PUERTO RICO: Lack of Consensus Could Force PREPA Case Dismissal
---------------------------------------------------------------
Robert Slavin of The Bond Buyer reports that the lack of consensus
on a proposed plan of adjustment risked dismissal of the Puerto
Rico Electric Power Authority bankruptcy proceedings, District
Court Judge Laura Taylor Swain warned parties April 24, 2023.

If proceedings are dismissed the immediate issue would be who
would run the authority, said John Hallacy, president of John
Hallacy Consulting. Would the bondholders continue with the
existing parties, Genera and LUMA Energy, or would they seek
others? PREPA would have to generate enough income to cover
bond payments, he said.

Bondholders would probably accept a modest haircut, Hallacy said.
But, he suggested, they should try to reach a deal now.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America. The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf       

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).  Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

CL FIN'L: CLICO Sold MHIL Shares to Reduce Debt to Gov't
--------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Colonial Life
Insurance Company (Trinidad) Limited (Clico)'s shares in Methanol
Holdings International Ltd (MHIL) were sold to reduce its debt to
the Government, Minister in the Finance Ministry Brian Manning has
said.

Opposition Senator Wade Mark, at the Senate sitting, raised a
matter on the adjournment of the Senate seeking answers on the sale
of the shares in a plant in Oman called MHIL, according to Trinidad
Express.

Mark asked detailed questions about the sale, and if they were sold
to the integrated petrochemical group Proman after independent
valuations were done, the report notes.

"The people would like to know what is the dollar value of the
Methanol Holdings International Ltd plant located in Oman.  We
understand that the plant is valued at US$1.5 billion.  We need
answers.

"Is the minister aware that the taxpayers of this country own 49
per cent of the shares in CLICO and some 14.3 per cent in CL
Financial, making CLICO a virtual State enterprise?" Mark asked,
the report relays.

He said he was informed the shares were sold for US$377 million
when it should have been over $600 million, the report discloses.

But Manning responded the shares were not sold to the Proman group,
the report relays.

He said on November 2, 2021, CLICO (which was under the supervision
of the Central Bank at the time) and CLICO Energy Ltd (CEL) entered
into a joint shared valuation agreement to conduct an independent
valuation of MHIL shares, the report says.

He said it was agreed that CLICO's offer for sale of MHIL's shares
would be a maximum of 36.63 per cent and a minimum of 16-per cent
stock, the report discloses.

Manning said MHIL's shareholding and any offered shares not taken
up by CEL would be offered to the T&T Government for "debt
reduction", and any remaining shares thereafter would be offered to
a non-competitive third party, the report relays.

He said the maximum offer of 36.63 per cent shares was sufficient
to cover the outstanding debt owed to the Government, while
allowing CLICO to retain the maximum percentage holding permitted
by the Insurance Act of 2018, which is 20 per cent, the report
relays.

Manning said the 36.63 per cent MHIL shareholding was made to CEL
by letter dated November 1, 2022, in accordance with the share
valuation agreement and the independent valuation report, the
report says.

He said CEL responded to CLICO's offer with counter offers as to
quantities, price and conditions that were all outside of the share
valuation agreement and the offer made to them, hence CEL's
response was deemed by CLICO as a rejection of its offer, the
report discloses.

Manning said further that on January 9, 2023, the Government
accepted an offer from CLICO of 19.63 per cent of CLICO's 36.63-per
cent shareholding in MHIL at the valuation price, as part of the
reduction of its debt owed to the Government of the Republic of
Trinidad and Tobago, the report notes.

On February 21, 2023, the National Investment Fund Holding Company
Ltd (NIF) accepted an offer from CLICO at the valuation price of
the remaining 17 per cent shareholding, the report says.

To date, Manning said CLICO has signed share-acquisition agreements
and share-transfer forms with the Government and NIF, but the share
register of MHIL has not been amended to reflect the share
transfers, the report adds.

                         About CL Financial/CLICO

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial is the parent company of Colonial Life Insurance
Company (Trinidad) Limited (Clico).  CLICO is now the Company's
insurance division.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.




                           *********


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 2023.  All rights reserved.  ISSN 1529-2746.

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