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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, February 16, 2024, Vol. 25, No. 35
Headlines
A R G E N T I N A
CLISA: S&P Lowers ICR to 'SD' on Consent Solicitation Acceptance
B A R B A D O S
BARBADOS: IDB Approves US$100-Mil. Loan for Dev't. Policy Program
B R A Z I L
GOL LINHAS: U.S. Trustee Appoints Creditors' Committee
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Investment at Border Exceed 12BB Pesos in 2023
DOMINICAN REPUBLIC: Minerd Marks Over 50% Surge in Spending
J A M A I C A
JAMAICA: PM Holness Urges Investors to Speed up Development
M E X I C O
AXTEL SAB: Posts MEX$11 Billion Revenue for 2023
OPERADORA DE SERVICIOS: Moody's Puts B3 CFR on Review for Downgrade
P U E R T O R I C O
LUNA DAIRY: Unsecureds Will Get 2% of Claims Over 5 Years
- - - - -
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A R G E N T I N A
=================
CLISA: S&P Lowers ICR to 'SD' on Consent Solicitation Acceptance
----------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit rating to
'SD' from 'CC' on CLISA - Compania Latinoamericana de
Infraestructura y Servicios S.A. (CLISA). At the same time, S&P
lowered its global scale issue-level rating on the 2027 notes to
'D' from 'CC'.
S&P will review the issuer credit rating after assessing the
company's credit profile and liquidity.
CLISA announced that 93.6% of bondholders of its outstanding $343
million 2027 senior secured notes accepted the consent solicitation
to modify the portion paid in cash and the PIK portion on the Jan.
25, 2024, coupon. According to the original indenture, CLISA would
pay 6.25% in cash and 2.25% in kind. However, after the acceptance
of the proposed amendment, the company will pay the full amount in
kind. Additionally, bondholders who consented are entitled to
receive a consent consideration of $3.25 million to be divided pro
rata among them.
S&P said, "In our view, this implies that investors will receive
less value than the original promise of the securities. Also, we
view the consent solicitation as distressed because, without
considering the amendment, we assess there would be a possibility
of a conventional default through a missed coupon payment,
considering CLISA's fragile liquidity.
"We will reassess the company's credit profile and liquidity and
likely raise the ratings to 'CCC-'."
===============
B A R B A D O S
===============
BARBADOS: IDB Approves US$100-Mil. Loan for Dev't. Policy Program
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$100
million loan that allows Barbados to continue modernizing its
policies, laws and regulations as it strives to achieve sustainable
development. The operation is the third in a series of three
policy-based loans designed to enhance how Barbados plans its land
use, controls development, and manages its water resources, natural
assets, resilience, and disaster risk.
In Barbados, sustainability is key because most development
opportunities are related to tourism and natural assets which are
largely located in coastal areas. The way land and environmental
risks are managed in these areas is critical. Also, Barbados gets
its drinking water from underground, so pollution risks must be
controlled in the context of changing rainfall patterns. The
country's location and exposure to climate change also make
disaster risk policies especially important in safeguarding lives,
investments, and the economy.
The operation is expected to benefit the country's entire
population of nearly 300,000 people. Programs for coastal zone
management, resilience, and disaster management will have a larger
effect on low- and middle-income households, which are more
vulnerable to climate impacts.
The loan, which has been approved by the IDB's Board of Executive
Directors, will help advance ongoing regulatory reforms to improve
land-use planning, control over development, water resource
management and natural asset management. The reforms also aim to
enhance resilience and disaster management. Other measures include
protocols for more systematic private sector involvement in
disaster response which will strengthen a facet of post-disaster
governance. This affected households. Another reform includes
policies and protocols for retrofitting low and middle-income homes
to improve their resilience in the face of hurricanes and
storm-force winds.
The IDB loan has a 20-year repayment term, a 5.5-year grace period
and an interest rate based on the Secured Overnight Financing Rate
(SOFR).
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B R A Z I L
===========
GOL LINHAS: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of GOL
Linhas
Aereas Inteligentes S.A. and its affiliates.
The committee members are:
1. SMBC Aviation Capital Limited
IFSC House, IFSC
Dublin 1, Ireland
Attn: Shane Matthews
Tel: 353 1 859 9000
shane.matthews@smbc.aero
2. WWTAI AirOpCo II DAC
c/o FTAI Aviation LLC
415 West 13th St., 7th Fl.
New York, NY 10014
Attn: Stacy Kuperus, Chief Portfolio Officer
Tel: 332 239 7604
skuperus@ftaiaviation.com
3. Genesis Aircraft Services Limited
7th Floor Block I, Central Park,
Leopardstown, Dublin 18, D18 HCP5, Ireland
Attn: Anna Reimers, Chief Legal Officer
Tel: +353 1 525 0999
areimers@genesis.aero
4. Honeywell International
855 S. Mint St.
Charlotte, NC 28202
Attn: Dieter Hase, Assistant Treasurer
Tel: 980 326 9337
dieter.hase@honeywell.com
5. Inframerica Concessionaria do Aeroporto de Brasilia S.A.
Area especial s/n. Lago Sul, Brasilia, Distrito Federal
Brasil, CEP 71608-900
Attn: Valter Barcellos Costa, Legal Officer
Tel: +55 61 3214-6932
vcosta@inframerica.aero
6. Sindicato Nacional dos Aeronautas (SNA)
Brazil, Sao Paulo SP
Rua Barao de Goiania, n#76
Congonhas 04612-020
Attn: Henrique Hacklaender, President
Tel: +55 11 5090-5100
presidencia@aeronautas.org.br
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About GOL Linhas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes and its affiliates and subsidiaries
voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 24-10118) on Jan. 25, 2024. As of the bankruptcy filing,
the Debtors estimated $1 billion to $10 billion in both assets and
liabilities.
Judge Martin Glenn oversees the cases.
The Debtors tapped Milbank, LLP as bankruptcy counsel; Seabury
Securities, LLC as restructuring advisor, financial advisor and
investment banker; Alixpartners, LLP as financial advisor; and
Hughes Hubbard & Reed, LLP as aviation counsel. Kroll
Restructuring Administration, LLC is the claims agent.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Investment at Border Exceed 12BB Pesos in 2023
------------------------------------------------------------------
Dominican Today reports that the Minister of Economy, Pavel Isa
Contreras, disclosed that public investment in the border area is
set to surpass 12,000 million pesos in 2023. This revelation came
during the presentation of the Progress in the Execution of the
Development Strategy for the Border Area, an event presided over by
President Luis Abinader.
Isa Contreras highlighted the project's success in creating a more
diversified, modern border with improved infrastructure and a
greener environment, the report notes.
The government's objective with this program is to enhance the
visibility and productivity of border provinces, ultimately
preventing the migration of residents and addressing territorial
disparities, the report relays.
The report discloses the Key Public Investment Projects:
1. Cabo Rojo Ecotourism Development Project (Pedernales):
- Coordinated by the General Directorate of Public-Private
Partnerships and involving entities like the Ministry of
Public Works, Inapa, and Edesur.
- Total investment exceeding RD$40,000 million.
2. Manzanillo Bay Development Project:
- Coordinated by the Ministry of the Presidency.
- Public investment surpassing RD$17,800 million, with
an additional private investment nearing
RD$140,000 million.
3. Road Infrastructure Construction and Improvement:
- Advancing in the construction and improvement of over
385 kilometers of road infrastructure.
- An investment of RD$15,000 million led by the Ministry
of Public Works and Communications.
These initiatives aim to foster sustainable development in the
border region, promoting economic growth, environmental
consciousness, and improved living conditions for the local
population.
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.
DOMINICAN REPUBLIC: Minerd Marks Over 50% Surge in Spending
-----------------------------------------------------------
Dominican Today reports that the Ministry of Education of the
Dominican Republic (Minerd) has disclosed a noteworthy increase of
over 50 percent in spending on teaching personnel in 2023 compared
to 2019, underscoring its unwavering commitment to the well-being
of teachers over the past four years.
Government initiatives, spearheaded by Minerd, aimed at enhancing
the well-being of teachers manifest in various significant aspects,
with a notable surge in salary investment for educators, according
to Dominican Today.
Minerd outlined the positive changes, revealing that the average
salary of primary teachers rose from 50,600 pesos in 2019 to 63,829
pesos in 2023, representing a substantial 26.14% increase, the
report notes. Meanwhile, secondary school teachers experienced an
uptick in their average salary from 58,610 to 63,092 pesos,
reflecting a 7.65% increase, the report relays.
In 2023, Minerd implemented a salary increase benefiting 21,464
retired and pensioned teachers, the report says. Those earning
less than 25,000 pesos saw their salary raised to that amount, and
those earning above 25,000 but less than 30,000 pesos received an
increase to 30,000 pesos, the report notes.
Compared to 2019, Minerd augmented contributions to the National
Institute of Teacher Welfare (INABIMA) by 76.94% to fund pensions
for retired teachers, the report discloses.
Investment in teacher training through the National Institute for
Teacher Training and Training (Inafocam) surged by 77.6%, and
contributions for teachers' health care via ARS SEMMA increased by
136.56%, the report says.
This salary adjustment for the teaching sector is part of the
historic agreement Minerd signed in 2023 with the Dominican
Association of Teachers (ADP), aiming to secure improved living
conditions for active and retired teachers and their families, 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.
=============
J A M A I C A
=============
JAMAICA: PM Holness Urges Investors to Speed up Development
-----------------------------------------------------------
RJR News reports that Jamaica Prime Minister Andrew Holness is
urging investors to pick up the pace of development in the
country.
He says investment and output need to increase two folds, in order
to hit some productivity targets, according to RJR News.
"If you look at the net of the new investment coming in versus
things that are becoming obsolete, depreciated, of no value, then
you begin to get an appreciation that the rate of how we are
investing needs to increase double time than what we are doing now.
So I'm saying that the economy is doing well, but the economy
needs to do much better. We need to be working much harder than we
are now," he admitted, the report notes.
The Prime Minister was speaking at the ground breaking for the
Portmore Promenade, an $8.4 billion commercial development in the
Bernard Lodge area in St. Catherine, 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.
===========
M E X I C O
===========
AXTEL SAB: Posts MEX$11 Billion Revenue for 2023
------------------------------------------------
Axtel SAB reported full year 2023 earnings. The key financial
results are:
- Revenue: Mex$11.0 billion (up 4.5% from FY 2022)
- Net income: Mex$314.3 million (up from Mex$38.8 million
loss in FY 2022)
- Profit margin: 2.9% (up from net loss in FY 2022).
The move to profitability was driven by higher revenue.
- EPS: Mex$0.02 (up from Mex$0.014 loss in FY 2022).
Axtel, S.A.B. de C.V., an information and communications technology
(ICT) company, provides ICT solutions for enterprise, government,
and mass-markets operators in Mexico. As reported in the Troubled
Company Reporter-Latin America on Feb. 14, 2024, Moody's Investors
Service affirmed Axtel, S.A.B. de C.V.'s B2 corporate family
rating. The outlook changed to stable from negative.
OPERADORA DE SERVICIOS: Moody's Puts B3 CFR on Review for Downgrade
-------------------------------------------------------------------
Moody's Investors Service changed the direction of its rating
review of Operadora de Servicios Mega, S.A. de C.V., SOFOM, E.R.'s
("Mega") from review direction uncertain to review for downgrade.
The ratings under review for downgrade include its B3 corporate
family rating, and its Caa1 long-term local and foreign currency
issuer ratings, as well as its Caa1 foreign currency senior
unsecured debt ratings. In the same action, Moody's affirmed the
Not Prime short-term local and foreign currency issuer ratings.
Moody's had placed Mega's ratings under review with direction
uncertain on November 30, 2023, to reflect the significant increase
in refinancing risk and uncertainties around the finance company's
completion of a new refinancing plan following its failure to
successfully exchange its existing $350 million senior unsecured
notes due in February 2025.
RATINGS RATIONALE
The change in the direction of the review reflects the reduced
rating upside and growing challenges that the company is facing in
managing its liquidity ahead of the refinancing of its existing
$350 million senior unsecured notes due in February 2025.
While Mega's management continues its endeavors and efforts to find
new financing options to carry out its funding strategy, limited
progress has been announced so far. Any further delays in securing
the liquidity will have negative effects on Mega's financial
performance in 2024, making it more difficult for the company to
restore business viability.
The company's significant cash shortfall highlights the immediate
requirement to strengthen its cash reserves, since, as of September
2023, the firm's available cash could meet only 46.1% of its
short-term obligations. This percentage would drop to 14.6% if the
$350 million bond due is considered a short-term obligation, making
it crucial for the company to secure new financing promptly so as
to avoid default.
Mega's financial performance has steadily weakened, as the finance
company has preserved its liquidity by restricting loan issuance
and focusing on collections, which has slowed down its cash
outflows throughout 2023. At the same time, higher funding expenses
and increased provisions for loan losses have negatively impacted
the company's asset quality and profitability. Moody's expects that
the company's delays in securing necessary financial resources to
sustain its operation will continue to tighten financial conditions
for the company in 2024, which in turn will continue to strain
performance and make it more difficult for the company to restore
business growth.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could downgrade Mega's rating if (1) there is insufficient
progress in its refinancing plans in the upcoming months which
would highlight increased liquidity management issues, (2) if there
is an unfavorable recovery of Mega's business prospects that
impairs profitability and, in turn, asset quality and capital
metrics, or (3) Moody's assesses that management decisions could
imply higher than expected losses for senior unsecured creditors. A
downgrade to the lender's CFR would add negative pressure on Mega's
issuer and senior unsecured ratings.
The change in the direction of the review reflects limited
likelihood of an upgrade of Mega's ratings. Moody's could confirm
Mega's rating if the issuer strikes a timely refinancing of its
international senior unsecured note and is able to secure new
funding to support a recovery of its business, prompting core
earning generation, while maintaining sound asset quality and
capital metrics. A swift resolution of its refinancing plan is key
to relieving the company's liquidity pressure in 2024 and
facilitate a gradual recovery of its business operations. Mega's
senior unsecured rating could be upgraded should its CFR be
upgraded.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
=====================
P U E R T O R I C O
=====================
LUNA DAIRY: Unsecureds Will Get 2% of Claims Over 5 Years
---------------------------------------------------------
Luna Dairy Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Disclosure Statement and Proposed Plan of
Reorganization dated February 6, 2024.
Mr. Jorge Lucena Betancourt commenced in the cattle and milking
industry in the year 1976, when he acquired a small farm in Barrio
Dominguito, Arecibo, P.R. In 1997, another cattle farm is purchased
from Ms. Iraida Garcia and the first corporation with the name
Lucena Dairy Inc., is born.
By the year 2005, Mr. Jorge Lucena y la Sra. Myrna Perez, purchased
an additional farm purchased from Sucn. Mr. Gilberto Rivera, Jr.
That same year, Luna Dairy Inc. is incorporated and starts doing
business as a parallel and independent entity.
Class 7 consists of the allowed general unsecured non-priority
claims of governmental entities. IRS filed Proof of Claim No. 7 in
the case of Luna Dairy, Inc., as an unsecured claim in the amount
of $3,442.77. The Treasury Department of P.R. filed claim No. 2 in
the case of Lucena Dairy, Inc., with a claim of $1,322.22. Any
allowed general unsecured claim filed by IRS or any governmental
entity will be provided treatment under this Class. This Class will
be paid 2% of its allowed claim, with a period of 5 years from the
effective date of the Plan. This Class is impaired.
Class 8 consists of all other pre-petition general unsecured
claims. Debtor scheduled these claims in the total amount of
$151,165.78 for Luna Dairy, Inc. and $360,331.55 for Lucena Dairy,
Inc. Thereafter, Proofs of Claim filed, and deficiency claims from
secured creditors raised this debt amount to approximately $9.6M
for both Debtors. The Bar Date for non-governmental entities to
file proof of claims expired on January 2, 2024. All allowed
general unsecured claims will receive treatment under this Class.
This Class will be paid 2% of its allowed claim, within a period of
5 years from the effective date of the Plan. This Class is
impaired.
The Consolidated Plan will be funded with the income generated from
its operations, the potential sale of assets not necessary for the
reorganization of the Debtors, shareholders' contribution of at
least $1M from the sale of certain real estate in Aguadilla, PR and
a potential post-petition exit financing.
A full-text copy of the Disclosure Statement dated February 6, 2024
is available at https://urlcurt.com/u?l=pubjvX from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Carmen D. Conde Torres, Esq.
Law Firm of C. Conde & Assoc.
254 De San José Street, Suite 5
Old San Juan, PR 00901-1523
Phone: 787-729-2900
Fax: 787-729-2203
Email: condecarmen@condelaw.com
About Luna Dairy Inc.
Luna Dairy Inc. is engaged in the production of cows' milk and
other dairy products and in raising dairy heifer replacements.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. P.R. Case No. 23-02837) on September 9,
2023. In the petition signed by Jorge Lucena Betancourt, president,
the Debtor disclosed $4,102,639 in assets and $11,316,130 in
liabilities.
Judge Edward A. Godoy oversees the case.
Carmen D. Conde Torres, Esq., at C. Conde & Associates, represents
the Debtor as legal counsel.
*********
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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
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