/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
- - - - -
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B R A Z I L
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BRAZIL: Likely to Avoid a Technical Recession, UBS BB Says
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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.
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E C U A D O R
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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.
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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.
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P E R U
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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.
*********
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