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/raid1/www/Hosts/bankrupt/TCRLA_Public/240131.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 Wednesday, January 31, 2024, Vol. 25, No. 23 Headlines B R A Z I L BRAZIL: Likely to Avoid a Technical Recession, UBS BB Says BRAZIL: Purchasing Power Plummets Over a Decade OSX BRASIL: Requests Bankruptcy Protection in Country E C U A D O R ECUADOR: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings J A M A I C A JAMAICA: JSE Should be Able to Float Green Bonds by June [*] DOMINICAN REPUBLIC: Macron Shows Support for Dev't Projects P E R U VOLCAN COMPANIA: Moody's Downgrades CFR to Caa3, Outlook Negative P U E R T O R I C O BBB FOOD: Seeks to Hire Juan C. Bigas Law Office as Legal Counsel BORINQUEN NATURAL: NGO Raises Plan Objections X X X X X X X X [*] Agricultural Crisis May Block Mercosur Deal, EU Chief Says - - - - - =========== B R A Z I L =========== BRAZIL: Likely to Avoid a Technical Recession, UBS BB Says ---------------------------------------------------------- Lachlan Williams at Rio Times Online reports that UBS BB, a prominent bank, predicts Brazil will likely avoid a "technical recession," defined as two consecutive quarters of declining production. This forecast emerges amidst global economic slowdowns, according to Rio Times Online. The bank expects no growth in Brazil's economy for the final quarter of 2023 and the first three months of 2024, the report notes. Based on recent data, analysts from UBS BB suggest minimal chances of a technical recession, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-', with a Stable Outlook. The upgrade reflects better-than-expected macroeconomic and fiscal performance amid successive shocks in recent years, proactive policies and reforms that have supported this, and Fitch's expectation that the new government will work toward further improvements. In mid-June 2023, S&P Global Ratings, revised the outlook on its long-term global scale ratings on Brazil to positive from stable. S&P affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. S&P also affirmed its 'brAAA' national scale rating, and the outlook remains stable. The transfer and convertibility assessment remains 'BB+'. The positive outlook reflects signs of greater certainty about stable fiscal and monetary policy that could benefit Brazil's still-low GDP growth prospects. Continued GDP growth plus the emerging framework for fiscal policy could result in a smaller government debt burden than expected, which could support monetary flexibility and sustain the country's net external position. Moody's credit rating for Brazil was last set at Ba2 in 2018 with stable outlook. Moody's affirmed the Ba2 issuer ratings and senior unsecured bond ratings in April 2022. DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term Foreign and Local Currency - Issuer Ratings to BB from BB (low). At the same time, DBRS Morningstar confirmed Brazil's Short-term Foreign and Local Currency - Issuer Ratings at R-4. The trend on all ratings is Stable (March 2018). BRAZIL: Purchasing Power Plummets Over a Decade ----------------------------------------------- Oliver Mason at Rio Times Online reports that over the past decade, Brazilians have seen their purchasing power nearly halve as rising product prices outpace wages. Initially, 100 Reais (US$20) could easily cover a basket of 13 basic groceries, according to Rio Times Online. Now, that same amount struggles to purchase half as much, the report notes. The official inflation measure, IPCA, surged by 88% over these years, the report relays. In contrast, average annual income saw a minimal 3% increase, moving from 38,480 Reais ($7,696) to 39,600 Reais ($7,920), the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the long-term ratings is stable. S&P affirmed Brazil's global scale short-term ratings at 'B' and its national scale long-term rating at 'brAAA'. S&P also raised the transfer and convertibility assessment on the country to 'BBB-' from 'BB+'. S&P said, "The stable outlook reflects our expectation that Brazil will maintain a strong external position, thanks to strong commodity output and limited external financing needs. We also believe Brazil's institutional framework can sustain stable and pragmatic policymaking based on extensive checks and balances across the executive, legislative, and judicial branches of government. We expect a very gradual fiscal correction but anticipate fiscal deficits will remain large." Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch said Brazil's ratings are supported by its large and diverse economy, high per-capita income, and deep domestic markets and a large cash cushion that support the sovereign's financing flexibility and its high local-currency debt share. Strong external finances support resilience to shocks, underpinned by a flexible exchange rate, robust international reserves and a sovereign net external creditor position. The ratings are constrained by weak economic growth potential, relatively low governance scores, high and rising government debt/GDP, and budgetary rigidities. A new fiscal framework introduced this year aims to anchor a gradual consolidation process and address these fiscal weaknesses, but its effectiveness is increasingly unclear. Moody's credit rating for Brazil was last set at Ba2 in 2018 with stable outlook. Moody's affirmed the Ba2 issuer ratings and senior unsecured bond ratings in April 2022. DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term Foreign and Local Currency - Issuer Ratings to BB from BB (low). At the same time, DBRS Morningstar confirmed Brazil's Short-term Foreign and Local Currency - Issuer Ratings at R-4. The trend on all ratings is Stable (March 2018). OSX BRASIL: Requests Bankruptcy Protection in Country ----------------------------------------------------- globalinsolvency.com, citing Bloomberg News, reports that Eike Batista's OSX Brasil SA has filed a new request for bankruptcy protection in a Brazilian court, it said in a filing. The filing said that the shipbuilding company, which previously filed for bankruptcy protection in 2013, has more than 7.9 billion reais (US$1.6 billion) in debt, according to globalinsolvency.com. Brazilian banks Caixa Economica Federal and Banco Santander Brasil SA are among its creditors, the filing indicated, the report discloses. A new judicial recovery process is necessary "in order to prevent irreversible damage" to the company, it said in the filing, the report notes. OSX requested the suspension of enforceability of all debts, as well as contractual provisions regarding early maturity of its obligations, including those related to its previous recovery process, the report relays. The Rio de Janeiro court in which the request was made will review the request, the report says. "The company is following the case closely and will keep the market and its shareholders informed and updated," OSX said in a statement to markets, the report adds. About OSX Brasil Brazilian shipbuilding firm OSX Brasil SA, controlled by businessman Eike Batista, filed for protection from creditors on November 2013 on liabilities of BRL5.34 billion (US$2.30 billion). OSX Brasil filed for bankruptcy -- called "judicial recovery" in Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30, 2013. OSX had outstanding debts of around US$2.2 billion as of June 30, 2013, including dollar-and real-denominated loans and bonds held by a mix of banks, investors and government institutions, such as Brazil's Merchant Marine Fund, according to The Wall Street Journal. The move on Nov. 11 at a Rio de Janeiro court follows a default and bankruptcy filing the prior month for Mr. Batista's flagship oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas, according to the WSJ report. The firm went public in 2008 for $4.1 billion but failed to produce nearly any of the up to 10.8 billion barrels it claimed to have. ============= E C U A D O R ============= ECUADOR: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on December 22, 2023, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Republic of Ecuador. EJR also withdraws the rating on commercial paper issued by the Company. ============= J A M A I C A ============= JAMAICA: JSE Should be Able to Float Green Bonds by June -------------------------------------------------------- Javaughn Keyes at RJR News reports that Finance Minister Dr. Nigel Clarke says the Jamaica Stock Exchange should be in a position to float green bonds by the middle of this year. Speaking at the JSE's annual conference, Dr. Clarke said work is underway with various partners to set up these facilities which will allow the raising of capital for climate smart projects, according to RJR News. "The Jamaica Stock Exchange will become the first stock exchange in the region to facilitate the issuance of green and blue and coloured bonds . . . . This will be a very important step because investors who invest in these kinds of instruments want to know that the criteria for calling something green or blue is very firmly established. By the end of June, the Jamaica Stock Exchange will be in that position where green bonds can be a reality in Jamaica," he announced, the report notes. Blue bonds support investments in healthy oceans and other marine resources, while green bonds support environment and climate projects, the report relays. It is estimated that Jamaica needs about US$5 billion to implement climate change mitigation measures, and about US$1 billion for adaptation measures, 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. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. The upgrade of Jamaica's rating to B1 reflects the government's sustained commitment to fiscal consolidation and debt reduction. The positive outlook reflects Moody's assessment that a continuation of the favorable fiscal trajectory will further increase Jamaica's credit resilience. S&P Global Ratings raised on September 13, 2023, its long-term foreign and local currency sovereign credit ratings on Jamaica to 'BB-' from 'B+', and affirmed its short-term foreign and local currency sovereign credit ratings at 'B'. The stable outlook reflects S&P's expectation that the government will remain committed to prudent fiscal policies and reducing debt, as well as supportive economic policies including a flexible exchange rate regime and effective monetary policy. In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. [*] DOMINICAN REPUBLIC: Macron Shows Support for Dev't Projects --------------------------------------------------------------- Dominican Today reports that in a letter to President Luis Abinader dated December 31, 2023, French President Emmanuel Macron expressed France's commitment to strengthening bilateral relations with the Dominican Republic. The letter underscores France's eagerness to contribute to infrastructure and urban mobility projects in the country, according to Dominican Today. The report notes that President Macron specifically commended the Dominican Government's trust in French companies for the development of key projects like the Santo Domingo Metro lines. He conveyed France's interest in participating in the construction of a third metro line in the Dominican capital, suggesting the possibility of an intergovernmental agreement and a financing offer to support this initiative, the report relays. Additionally, Macron addressed the situation in Haiti, appreciating the Dominican Republic's diplomatic efforts in advocating for a UN Security Council resolution to deploy a multinational mission in Haiti, the report discloses. Furthermore, Macron announced a forthcoming visit by a member of the French government to the Dominican Republic in early 2024. This visit aims to reinforce bilateral cooperation and further the progress of the discussed projects, the report says. The Dominican Presidency, in a press release, welcomed this gesture, seeing it as a sign of France's interest in fortifying ties with the Dominican Republic, the report discloses. The government views this as a positive step towards enhancing the partnership between the two nations, particularly in the realms of development and infrastructure, with a focus on transportation and urban mobility, 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. TCR-LA reported in April 2019 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. On December 4, 2023, the TCR-LA reported that Fitch Ratings has affirmed Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the Outlook to Positive from Stable. Fitch says the Positive Outlook reflects a trend improvement in governance, and robust growth prospects that should lead to continued gains in per capita income. According to Fitch, growth has decelerated in 2023, but it expects Dominican Republic to recover to high levels during 2024-2025. External liquidity metrics have improved in recent years, and foreign currency share of government debt is on a downward path. In August 2023, Moody's Investors Service changed the outlook on the Government of Dominican Republic's ratings to positive from stable and affirmed the local and foreign-currency long-term issuer and senior unsecured ratings at Ba3. Moody's said the key drivers for the outlook change to positive are: (i) sustained high growth rates have enhanced the scale and wealth levels of the economy; and (ii) a material decline in the government debt burden coupled with improved fiscal policy effectiveness will support medium-term debt sustainability. The affirmation of the Ba3 ratings balances the Dominican Republic's strong economic growth dynamics and relatively contained susceptibility to event risks, with a comparatively weaker fiscal position, reflecting long-standing credit challenges which include: (i) a shallow revenue base compared to peers, (ii) weak debt affordability metrics, and (iii) high exposure to foreign currency borrowing. S&P Global Ratings, in December 2022, raised its long-term foreign and local currency sovereign credit ratings on the Dominican Republic to 'BB' from 'BB-'. The outlook on the long-term ratings is stable. S&P affirmed its 'B' short-term sovereign credit ratings. S&P also revised its transfer and convertibility (T&C) assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's expectation of continued favorable GDP growth and policy continuity over the next 12-18 months that will likely stabilize the government's debt burden. In February 2023, S&P said its BB ratings reflect the country's fast-growing and resilient economy. It also incorporates the country's historical political and social challenges in passing structural reforms to contain fiscal deficits, despite recent improvements in the electricity sector. The ratings are constrained by relatively high debt, a hefty interest burden, and limited monetary policy flexibility. ======= P E R U ======= VOLCAN COMPANIA: Moody's Downgrades CFR to Caa3, Outlook Negative ----------------------------------------------------------------- Moody's Investors Service has downgraded Volcan Compania Minera S.A.A. y Subsidiarias ("Volcan")'s Corporate Family Rating and Senior Unsecured ratings to Caa3 from Caa1. The outlook remains negative. RATINGS RATIONALE The downgrade of Volcan's ratings reflects the increasing refinancing risk and risk of debt restructuring over the next few months given the lack of meaningful progress improving liquidity to refinance its upcoming debt maturities. The rating action also reflects limited financial flexibility over the next few quarters. The negative outlook reflects uncertainty around the Volcan's ability to address its near-term debt maturities given its limited financial flexibility, which increases the risk of a restructuring or distressed exchange. Moody's estimates that the company will generate around $150 million in negative free cash flow (FCF) in 2024 amid $105 million in debt maturities (three quarterly amortizations of $35 million each starting in 2Q23). This liquidity shortfall negatively compares to the company's $55 million in cash as of end of September 2023 and the recently approved $25 million in advance payments of future production, with Glencore plc ("Glencore", Baa1 positive) as the counterparty. Other sources of liquidity remain limited, since the company was not able to renew its $50 million in a committed revolving credit facility (RCF), expired in November 2023. Other sources of liquidity include potential assets sales; however, it remains unclear when these potential transactions would be concluded and which amount the company could obtain out of these alternative funding sources. While the company stated that it engaged with market participants for asset sales and refinancing alternatives since early 2023, Moody's believes that the announcement of Glencore, its controlling shareholder, that it commenced in February 2023 a process exploring the possible disposal of its 55% controlling stake in Volcan, adds uncertainty to the already challenging operating and financial market environment. The downgrade also reflects governance considerations as key drivers of the rating action including the lack of visibility over a comprehensive plan to refinance upcoming maturities and aggressive approach towards liquidity management, which are now reflected in the company's Management Credibility and Track Record assessment that was changed to 5 from 4. The overall exposure to governance risks (Issuer Profile Score or "IPS") remains G-5 and Volcan's Credit Impact Score (CIS-5) remains unchanged, since ESG considerations are a major constraint for the rating. Volcan's G-5 IPS also reflects the announcement that Glencore commenced a process exploring the possible disposal of its economic interest in Volcan, which together with recent shareholders disagreements, create additional uncertainty around Volcan's financial strategy and ability to improve its liquidity profile. Volcan's Caa3 ratings incorporate the company's refinancing risk and high earnings volatility because of its exposure to commodity prices coupled with high cost structure, historically tight liquidity and aggressive financial policies, as well as its modest scale compared with that of its global peers and its concentration of operations in one country. At the same time, Volcan's Caa3 reflects the company's limited operational diversification in terms of metals produced and assets, with seven mines; and status as a leading producer of zinc and silver globally, with some of the largest zinc reserves. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely at this point given the negative outlook. However, Moody´s could stabilize the outlook if there is evidence of liquidity improvements and the company manages to secure alterative liquidity sources to address its negative FCF gap and near-term debt maturities. Volcan's ratings could be downgraded if the company's liquidity worsens further or the company is unable to refinance the debt maturing in 2024 and 2025, increasing the risk of a distressed exchange or debt restructuring and leading to higher-than-expected losses for creditors. The principal methodology used in these ratings was Mining published in October 2021. Volcan Compania Minera S.A.A. y Subsidiarias (Volcan) is a Peruvian mining company that primarily produces zinc and lead concentrate and some copper concentrate, all with high silver content. The company operates through five operating units including seven operating mines, five concentrator plants and one leaching plant for silver oxide production. All of Volcan's operations are located in Peru, and it reported revenue of USD900 million for the 12 months that ended September 2023. Volcan is a holding company listed on the stock exchanges of Lima, Santiago and Madrid (Latibex). Since November 2017, Glencore has held a controlling stake of 55% in Volcan's Class A voting shares, which is equivalent to a 23.3% economic interest in Volcan. ===================== P U E R T O R I C O ===================== BBB FOOD: Seeks to Hire Juan C. Bigas Law Office as Legal Counsel ----------------------------------------------------------------- BBB Food Corp seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Law Office to handle its Chapter 11 case. Juan C Bigas Law Office received a retainer in the amount of $5,000, against which the firm will bill on the basis of $300 per hour. In addition, the firm will seek reimbursement for work-related expenses. As disclosed in court filings, Juan C Bigas Law Office is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Juan Carlos Bigas Valedon, Esq. JUAN C. BIGAS LAW OFFICE P.O. Box 7462 Ponce, PR 00732- 7462 Phone: (787) 259-1000 Email: cortequiebra@yahoo.com About BBB Food Corp BBB Food Corp sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-00152) on Jan. 19, 2024, listing $500,001 to $1 million in assets and liabilities. Juan C Bigas Valedon, Esq. at Juan C Bigas Law Office represents the Debtor as counsel. BORINQUEN NATURAL: NGO Raises Plan Objections --------------------------------------------- Creditor, NGO Health Distributor, Inc, filed an objection to Borinquen Natural, LLC's Chapter 11 Plan. At a hearing held on Sept. 26, 2023, the Court granted Debtor 45 days to Amended the Disclosure Statement and Plan, among other things, which was due on Nov. 10, 2023, however, they filed the Amended Disclosure Statement and the Amended Plan on Nov. 15, 2023, hence, leaving less than the 28 days afforded by Rule 2002 of the Federal Rules of Bankruptcy Procedure to object to the Disclosure Statement and Plan. Such Amended Disclosure Statement and Plan were again, amended on December 27, 2023, however, after review of the same, NGO's objection to both documents, the Amended Disclosure Statement and Amended Chapter11 Plan, remains since Debtor have failed to addressed the main issues involving the Priority Rule and the Liquidation Value, among many other concerns raised on the present objection. Also, as of Jan. 2, 2024, Debtor nor Debtor's attorney has circulated the ballots for the corresponding vote to the undersigned attorney nor to creditor and in accordance with the Order of the Court. NGO objects to the confirmation of Debtor's small business plan dated Dec. 27, 2023 for the following reasons: a. Plan must be proposed in good faith pursuant to 11 U.S.C. Sec. 1129(a)(3). Debtor's proposed plan dated December 27, 2023 makes reference to the income derived from the sale of goods. However, the majority of the goods sold by Debtor are the subject of the state civil court that is pursued by creditor NGO, since such goods are the result of a continued infringement of copyright laws and patents held by creditor, NGO. Part of the remedies requested to the State Court is the imposition of a prohibition for Debtor to continue selling products that violate the copyright laws. Therefore, if such prohibition is ascertain, and NGO is confident that the same will be obtained, then Debtor's continuance of the selling of such merchandise will be in violation of federal laws. b. Proposed Chapter 11 Plan contemplates a Liquidation Value that do not conform to a Chapter 7 case scenario. As per exhibit C of the Disclosure Statement, the Debtor does not contemplate the preferential transfers made by Debtor nor they are estimated, and also do not include the payments made by Debtor after the filing of the case and that might be considered preferential transfers that will be recoverable by a Chapter 7 Trustee and such monies increment the return percent to the unsecured creditors. c. Proposed Chapter 11 plan sections regarding effect of confirmation provides an injunction to the pursuit of any claim. The plan's language in section 81, 82, 91, 92 and 93 are not acceptable to NGO, as it provides an injunction barring any action against Debtor after confirmation. Part of NGO's claim stems from a violation of an exclusive distribution contract and also the copyright infringement as well as damages. As per the latest hearing, the stay was modified to let creditor, NGO, pursue such civil suit until judgement. NGO must retain the capability to pursue the civil suit. Moreover, NGO retains its right to proceed against any co-debtor of the Debtor, as there is no co-debtor's stay in Chapter 11. The foregoing would be particularly detrimental to NGO, after the stay is terminated upon the entry of a final decree. d. Proposed treatment of claims unfairly discriminates against unsecured creditors, class 2 and in violation of the Absolute Priority Rule. Debtor contemplates to pay in full with interest class 3, which is the class composed for insiders and equity security holders, when class 2, is offered either ZERO PAYMENT and/or in the alternative a $30,000.00 escrow account. e. Debtor's proposed plan does not contemplate the disposable income test and/or projections. Debtor's proposed plan only contemplates payments for 36 months in complete disregard of their 5 year projections, nor it considers other sources of income in the event Debtor is prohibited from selling the current products subject to violation of trademark and copyright infringement. Although Debtor's income may fluctuate over time, the projections to fund its Chapter 11 plan cannot be based on mere speculation, without any basis on prior performance. Debtor's monthly operating reports clearly show that Debtors have not met their $20,000.00 projected cap and therefore, it was changed to $5,000.00. However, if we consider the accounts payable, Debtor is on red figures most of the time. Counsel for NGO Health Distributor, Inc.: Jacqueline Hernandez Santiago, Esq. PO BOX 366431 San Juan, Puerto Rico 00936-6431 Tel: (787)766-0570 / 249-4264 E-mail: quiebras1@gmail.com About Borinquen Natural Borinquen Natural, LLC, is a corporation organized under the laws of the Commonwealth of Puerto Rico. It is a limited liability company engaged in the distribution and sale of a variety of health food products. Borinquen Natural owns no real estate properties. Borinquen Natural filed a voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 21-01058) on March 31, 2021, listing under $1 million in both assets and liabilities. Judge Mildred Caban Flores oversees the case. The Debtor tapped Myrna L. Ruiz-Olmo, Esq., at MRO Attorneys at Law, LLC, as bankruptcy counsel and Trebilcock & Rovira, LLC, as special litigation counsel. Albert Tamarez-Vasquez, CPA, at Tamarez CPA, LLC, is the Debtor's accountant. =============== X X X X X X X X =============== [*] Agricultural Crisis May Block Mercosur Deal, EU Chief Says -------------------------------------------------------------- Buenos Aires Times reports that the crisis affecting the agricultural sector in many members of the European Union could be an "obstacle" to the approval of the free-trade agreement with Mercosur, the EU's head of diplomacy Josep Borrell said. "We have to check whether the current European agricultural crisis is not another obstacle in the way," said Borrell during a seminar with European and Latin American legislators at the European Parliament, according to Buenos Aires Times. After two decades of negotiations on that agreement, "now the ball is in Europe's court. It's up to us to say whether we want it or not," stated the Spanish diplomat, the report notes. The remarks come amid European scepticism towards the deal. Yet according to Borrell, on the part of Latin American countries, "the willingness to sign the agreement is greater than ever," the report relays. Progress in talks between Mercosur and EU negotiators have coincided with a worsening of the crisis and renewed protests by voices from the European agricultural sector, the report discloses. At a gathering in Paraguay, the foreign ministers of the Mercosur nation (Argentina, Brazil, Uruguay, Paraguay and Bolivia) claimed in a joint statement that the bloc wishes to finalize the agreement with the EU as soon as possible, the report relays. "It will be a priority to conclude the pending aspects of the negotiations with the European Union and manage to sign a balanced agreement for both parties at the earliest opportunity," stated the ministers, the report adds. ********* 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 2024. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *