/raid1/www/Hosts/bankrupt/TCRLA_Public/240828.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, August 28, 2024, Vol. 25, No. 173
Headlines
A R G E N T I N A
ARGENTINA: Economic Activity Seen Back in the Red in June
PROVINCE OF BUENOS AIRES: S&P Affirms 'CCC' ICR, Outlook Stable
B A H A M A S
FTX GROUP: Crypto Lobbyist Hit With Campaign Finance Charges
FTX GROUP: Objectors Push for Disputed Claim Reserve in Ch. 11 Plan
B E R M U D A
CARNIVAL (BERMUDA): Fitch Assigns 'BB' LT IDR, Outlook Positive
B R A Z I L
JBS SA: Releases 2023 Sustainability Report
NATURA &CO HOLDING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
C H I L E
CHILE: Economy Contracts for First Time in a Year, Recovery Stalls
C O L O M B I A
AGENCIA DISTRITAL: Fitch Affirms BB LongTerm IDR, Outlook Negative
P U E R T O R I C O
DP ENTERPRISE: Taps Licenciado Carlos Alberto Ruiz as Counsel
- - - - -
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A R G E N T I N A
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ARGENTINA: Economic Activity Seen Back in the Red in June
---------------------------------------------------------
Reuters reports that Argentina's economic activity likely fell in
June versus the same month a year earlier, analysts said, back in
the red after a rare rise the month before amid tough austerity
measures and cost-cutting under libertarian President Javier Milei.
The median forecast from 16 analysts sees economic activity down
1.9% year-on-year in the sixth month of the year, dropping back
from May's 2.3% rise, as growth in the grains and gas sectors is
weighed down by weak consumption and construction, according to the
report.
About Argentina
Argentina is a country located mostly in the southern half of
South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on Aug. 8, 2024, affirmed its 'CCC/C' foreign
and local currency sovereign credit ratings on Argentina. S&P also
affirmed its 'raB+' national scale rating on the country. The
outlook on the long-term ratings remains stable. S&P's 'CCC'
transfer and convertibility assessment for Argentina remains
unchanged.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and other
uncertainties with recent progress in making fiscal adjustments,
reducing inflation, and undertaking structural reforms to address
long-standing microeconomic weaknesses that have contributed to
poor economic performance for many years.s that it
would likely consider to be distressed.
Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default
event of some sort appears probable in the coming years,
regardless
of the outcome of upcoming elections. The affirmation of the LC
IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
PROVINCE OF BUENOS AIRES: S&P Affirms 'CCC' ICR, Outlook Stable
---------------------------------------------------------------
On Aug. 23, 2024, S&P Global Ratings affirmed its 'CCC' global
scale issuer credit rating on the Province of Buenos Aires (PBA).
The outlook remains stable. S&P also affirmed the 'CCC' issue-level
ratings.
Outlook
The stable outlook balances S&P's assessment of somewhat lower risk
in accessing foreign currency to service debt and a modest recovery
in Argentina's external liquidity with still fragile macroeconomic
conditions, the weak international reserves position, and the lack
of access to international markets.
Downside scenario
S&P said, "We could lower the long-term rating on the PBA in the
next six to 12 months if constrained fiscal space due to weak
macroeconomic conditions and/or policy decisions–-along with
limited market access--lead to a debt restructuring, as we would
likely consider it as distressed and tantamount to default. We
could also lower the ratings if the central government tightens
access to foreign exchange, impairing the Argentine local and
regional governments' (LRGs) ability to service foreign currency
debt."
Upside scenario
S&P could raise the ratings in the next 12 months if it sees
additional improvement in Argentina's external liquidity and in
LRGs' access to foreign currency to service debt. The upgrade of
Argentina will depend on successful execution of policies that
reduce its major macroeconomic imbalances and vulnerabilities,
setting the stage for sustainable fiscal outcomes, lower inflation,
and continued economic recovery. In such a scenario, the government
would have better access to voluntary capital market funding, which
would also augur well for LRGs.
Rationale
The 'CCC' ratings on the PBA capture the broader context of
Argentina. The Milei administration has undertaken comprehensive
reforms designed to stabilize the economy, reduce inflation,
address fiscal imbalances, and set the stage for economic growth.
However, Argentina's economic conditions remain fragile, and the
sovereign--as well as LRGs--lack access to external capital
markets.
The province has been adjusting its budget this year given lower
revenue, and it has remained current on all of its debt
obligations. Improving fiscal results will depend on revenue
recovery and financing alternatives, as S&P believes that the
administration will plan to resume spending, particularly capital
expenditure (capex). Increased access to capital markets will be
key to expand capacity to service debt over the next couple of
years.
The province adjusted spending in 2024 amid the stark drop in
revenue, but improvement in macroeconomic conditions will be key to
continue servicing debt.
S&P thinks Argentina's GDP will shrink 3.5% in 2024 overall,
although it will likely start recovering in the second half of the
year, with the PBA following a similar trend. GDP could grow 3.5%
in 2025 and 2026, depending on the success of the reform measures,
but our projections are subject to high uncertainty. Reaching a new
agreement with the IMF could help Argentina gain more access to
external liquidity and sustain growth.
Meanwhile, inflation in 2024 is likely to stay close to 200% year
over year, and will continue to stress the country's already weak
socioeconomic indicators. S&P expects sluggish economic growth and
exchange-rate depreciation will reduce GDP per capita for Buenos
Aires to $10,900 in 2024, just below the estimated national GDP per
capita of $11,800.
The administration has taken measures this year to weather the
decline in revenue amid the economic contraction and the
sovereign's fiscal adjustment. These included spending control
measures as well as updating valuations of some local taxes such as
real estate and automobile. In the recent past, amid increasingly
strained financial conditions including very limited access to
financing, the province decided to prioritize operating and capital
spending over timely debt payment obligations, which limits our
financial management assessment.
Financial planning capacity and credit quality of provinces more
broadly are constrained by macroeconomic imbalances in Argentina.
S&P said, "We assess the institutional framework for Argentina's
LRGs as very volatile and underfunded. In our view, the sovereign
has very weak institutional predictability and a volatile
intergovernmental system that has been subject to modifications to
fiscal regulations and lack of consistency over the years." Among
key structural problems, Argentina has not made much progress on
adjusting "coparticipation" allocations (federal tax revenue
distributed to provinces) to economic and social conditions.
Liquidity is higher than what fiscal performance suggests, but will
remain pressured.
S&P said, "We expect an operating surplus of 0.3% in 2024, similar
to the one in 2023 and reflecting the sharp drop in revenue, both
own-source as well as transfers from the national government, which
dropped to 40% as a share of total revenue as of June 2024 from 45%
the prior year. The offsetting factor is an operating spending
adjustment amid high inflation. The province has also cut capex to
4% of total spending as of the first half of the year from 7% in
2023. We expect balanced operating results starting in 2025 because
of revenue recovery, coupled with potential pressures on operating
spending, particularly payroll, as well as a gradual capex
recovery. Social and infrastructure needs underline the PBA's
budgetary constraints. We estimate deficits after capex should
remain at about 4% of total revenue in 2024-2026.
"Fiscal performance data reflects that high inflation hasn't
created significant cash flow and liquidity buffers for the PBA
since 2020, unlike most other Argentine provinces we rate. However,
we believe that there is a mismatch with the PBA's available
liquidity data, as it does not reflect a severe deterioration."
Given the sovereign's still weak international reserves position
and limited access to credit markets, building cash buffers and
maintaining their value in real terms are a key challenge for
Argentine LRGs. According to S&P's estimates, the PBA's free and
readily available cash will be fairly low and will cover less than
20% of debt repayment for the next 12 months.
S&P assumes international debt markets will remain closed to
Argentine LRGs, and the PBA will cover its funding needs with loans
from multilateral lending agencies and short-term notes issued in
the domestic market. Debt payments for the remainder of the year
include the international bonds for roughly US$350 million due
Sept. 1.
Domestic capital market dynamics have remained adequate, given high
captive liquidity and as investors seek to diversify government
peso-denominated holdings. S&P considers the province should
continue to successfully roll over all of its peso-denominated debt
amid the current domestic market conditions (the issuance amount
thus far in the year is equivalent to US$980 million). While the
PBA has built a solid reputation in the domestic market, once
capital controls are lifted, the dynamics could somewhat shift.
The PBA's debt stock is subject to volatility in the exchange rate
and inflation dynamics. The PBA's debt surged to just more than
100% of operating revenue in 2023 as the exchange rate virtually
doubled toward the end of the year (about 90% of debt is in foreign
currency). A real exchange-rate appreciation and still tight
financing conditions explain S&P's assumption of a moderation in
the debt burden in 2024-2026 toward 50% of operating revenue. In
this context, interest payments should remain at roughly 3% of
operating revenue and 8% if we take total debt service.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
BUENOS AIRES (PROVINCE OF)
Issuer Credit Rating CCC/Stable/NR
BUENOS AIRES (PROVINCE OF)
Senior Unsecured CCC
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B A H A M A S
=============
FTX GROUP: Crypto Lobbyist Hit With Campaign Finance Charges
------------------------------------------------------------
Rachel Scharf at law360.com reports that Manhattan federal
prosecutors announced that Michelle Bond, a crypto industry
lobbyist and the girlfriend of convicted former FTX executive Ryan
Salame, has been charged with getting the now-defunct digital asset
exchange to illegally finance her unsuccessful 2022 congressional
campaign.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX GROUP: Objectors Push for Disputed Claim Reserve in Ch. 11 Plan
-------------------------------------------------------------------
law360.com reports that the litigation administrator for the
Celsius Network Chapter 11 plan and the liquidators of Three Arrows
Capital have asked a Delaware bankruptcy court to reject FTX's
Chapter 11 plan, unless it reserves funds for disputed claims, as
part of a stream of objections filed against the onetime
cryptocurrency exchange giant's reorganization proposal.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
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B E R M U D A
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CARNIVAL (BERMUDA): Fitch Assigns 'BB' LT IDR, Outlook Positive
---------------------------------------------------------------
Fitch has assigned a 'BB' Long-Term Issuer Default Rating (IDR) to
Carnival Corporation, Carnival Holdings (Bermuda) Limited, and
Carnival plc. Fitch also assigned a 'BBB-'/'RR1' to the first-lien
term loans and notes of Carnival Corporation and a 'BB'/'RR4' to
the unsecured notes of the three entities. In addition, Fitch has
assigned a 'BB' IDR to Carnival Holdings (Bermuda) II Limited and
'BB/'RR4' to the revolving credit facility at Carnival Holdings
(Bermuda) II Limited. The Outlook is Positive.
Expected 2024 EBITDA leverage of 5.0x is slightly higher than the
'BB' midpoint, but this is offset by the company's scale, high
operating margins, strong liquidity and expectations of continued
deleveraging. Potential negatives include an economic downturn that
reduces leisure demand and higher fuel prices.
The Positive Outlook reflects Fitch's belief that strong booking
activity, which provides visibility over the near term, and
management's commitment to reduce debt will continue to lead to
stronger credit metrics. Fitch would look to resolve the rating
over a 12- to 18-month time frame.
Key Rating Drivers
Cruise Demand Remains Strong: Cruise companies continue to benefit
from the value proposition relative to resort vacations and a
large
base of repeat customers. Carnival, along with Royal Caribbean and
Norwegian Cruise Lines, have all expressed publicly that bookings
are at record levels not just for 2024, but also 2025. The
long-term nature of cruise bookings provides strong visibility
given that cancellations are typically not material.
Carnival continues to increase guidance every quarter since the end
of the pandemic and is projecting net yields to increase by
approximately 10.25% (constant currency) in 2024. Fitch expects
occupancy rates to approach pre-pandemic levels over the next two
years which, combined with net yield growth, should result in
EBITDA and FCF for 2024 above pre-pandemic levels.
Continued Debt Reduction: Carnival materially increased debt during
the pandemic to fund ship deliveries and address operating costs.
Debt increased from $11.5 billion in 2019 to $34.5 billion in 2022.
Since that time, debt has been reduced by over $5 billion, and
Fitch expects the combination of FCF growth and management's
commitment to investment-grade metrics will lead to rapid
improvement in credit metrics.
New ship deliveries are expected to decline over the next three
years, which should lead to greater FCF growth and debt reduction.
Carnival also has approximately $1.6 billion of convertible notes
that Fitch expects a significant amount to be settled through share
exchanges.
Increased FCF Growth: Fitch expects the combination of EBITDA
growth, lower interest costs from debt reduction and lower capex as
new ship deliveries slow will result in higher FCF through the
forecast horizon. Fitch estimates 2024 FCF at $1 billion,
essentially flat to 2023, but it is expected to grow materially
over the forecast period.
Cruise companies historically have paid minimal taxes, while debt
reduction and lower refinancing costs should provide for lower
interest costs. Carnival should also benefit from the benefit of
higher customer deposits given the continued growth in bookings.
Fitch does not anticipate any material returns to shareholders
until the company achieves investment grade status.
Leader in Cruise Industry: Carnival is the largest cruise operator
in the world with a presence across multiple brands and customer
segments. The company, because of its brand acceptance and market
leading capacity, has top market share in North American and in
European markets. North American and European middle market cruises
provide the majority of EBITDA contributions.
The company's scale has historically been a positive, but the
shutdown of cruises during the pandemic turned out to be more
severe to Carnival given its high fixed-cost structure and ship
delivery at the time. Under a normal cruise operating environment,
Fitch considers CCL's scale to be a positive factor.
Complex Capital Structure: Carnival's capital structure became more
complex during the pandemic as the company attempted to finance FCF
deficits. For example, a subsidiary issued senior first priority
notes on 12 ships that are not part of the collateral package for
other first-lien debt. Second-lien debt was issued although that
has been completely retired. The new revolving credit facility has
been issued at a subsidiary, which will be guaranteed by three new
ships. Fitch expects the capital structure will simplify over time
as debt is redeemed or refinanced under better credit metrics.
Moderate Industry Capacity Growth: Capacity growth is expected to
be somewhat muted over the next several years given the reduction
of new ship orders during the pandemic, as industry credit metrics
weakened. However, Fitch believes lower supply growth will be
supportive of net yield growth in the near term. Recent
announcements of new ship builds will mostly not affect the market
until the end of the decade, although capacity growth would still
be modest.
Favorable Industry Dynamics: The top players in the cruise line
industry benefit from high barriers to entry due to significant
ship capex spend, low global market penetration rates relative to
other leisure activities, mobile assets that allow companies to
move to other markets when existing markets are facing uncertain
economic or geopolitical issues, and favorable tax treatment given
their incorporation outside the U.S.
Carnival is the largest cruise ship operator in terms of berths and
passengers carried compared to Royal Caribbean Inc. (NR) and
Norwegian Cruise Line Holdings, Ltd. (NR). Carnival is also
compared to other high-'BB' and low-'BBB' leisure credits such as
Hyatt Hotels Corporation (BBB-/Stable) and Wyndham Hotels & Resorts
(BB+/Stable).
Carnival has materially greater scale and geographic
diversification than its comparables, although leverage is higher.
Fitch believes that Carnival's scale and FCF generation will result
in materially improved credit metrics that will be more indicative
of an Investment Grade credit over the forecast horizon.
Key Assumptions
- Passengers carried expected to grow by 10% in 2024 and low single
digits during the forecast horizon. Occupancy expected to increase
to 107% in 2026 and beyond;
- Net yields are expected to increase 9%-11% in 2024 and 2% over
the remainder of the forecast horizon;
- Adjusted cruise costs per available lower berth days (ALBD)
excluding fuel are forecast to increase 4%-5% in 2024 and increase
2%-3% over the forecast horizon;
- Capex including new ship deliveries are expected to $4.7 billion
in 2024, $3.5 billion in 2025 and $3 billion in 2026;
- There are no assumptions for share repurchases, common dividends,
acquisitions or asset sales;
- FCF is expected to be applied to debt reduction through the
forecast horizon.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Sustainable positive FCF with application to debt payment;
- EBITDA leverage approaching 4.5x;
- (CFO-capex)/debt is greater than 10%.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- EBITDA leverage sustaining above 5.5x;
- Economic or geopolitical event that lasts for an extended period
and results in a deterioration of the capital structure (i.e.,
increased debt, use of secured or priority guaranteed financing);
- A more aggressive financial policy that includes accelerates ship
building plans or increased shareholder allocations that would
allow for credit metrics to become vulnerable during a weaker
economic environment.
Liquidity and Debt Structure
Rapidly Improving Liquidity: Carnival had $1.6 billion of cash and
$3 billion of borrowings available under its current revolving
credit facility. The credit facility matures in August 2024, but
will be replaced by a new $2.5 billion credit facility (as of May
31, 2024) that matures August 2027. The new facility has an
accordion feature that allows it to be upsized. The company also
has $2.2 billion of undrawn export credit facilities to fund ship
deliveries planned through 2027. Fitch expects Carnival to be FCF
positive through the forecast horizon, which further enhances
liquidity.
Upcoming Maturity Wall: Carnival has material debt repayments due
over the next several years including $5.2 billion due in 2027 and
$8.7 billion due in 2028. Fitch believes a combination of debt
reduction, potential conversion of convertible debt exchanged into
shares and refinancing opportunities should allow the company to
address its debt repayment schedule.
New ship deliveries are expected to decline over the forecast
horizon. The company has taken on three ships in 2024 and will add
one in 2025, none in 2026, and one in both 2027 and 2028. Carnival
recently announced three new ships, but the first delivery is not
until 2029.
Issuer Profile
Carnival Corporation and Carnival plc (together, Carnival) is the
largest global cruise company and among the largest leisure travel
companies, with a portfolio of world-class cruise lines: AIDA
Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland
America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess
Cruises and Seabourn.
Date of Relevant Committee
30 July 2024
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3',
unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Carnival plc LT IDR BB New Rating WD
senior unsecured LT BB New Rating RR4
Carnival Corporation LT IDR BB New Rating WD
senior unsecured LT BB New Rating RR4
senior secured LT BBB- New Rating RR1
senior secured LT BBB- New Rating RR1
senior unsecured LT BB New Rating RR4
Carnival Holdings
(Bermuda) Limited LT IDR BB New Rating
senior unsecured LT BB New Rating RR4
Carnival Holdings
(Bermuda) II Limited LT IDR BB New Rating
senior secured LT BB New Rating RR4
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B R A Z I L
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JBS SA: Releases 2023 Sustainability Report
-------------------------------------------
JBS, a leading global food company and the majority shareholder of
Pilgrim's Pride Corporation, disclosed the release of its 2023
Sustainability Report. This publication outlines the company's
sustainability approach and initiatives, strategies in action
across the value chain, and progress toward our global goals.
"As a food company with operations in 20 countries, we are part of
a resilient global food system tasked with increasing food
production to feed a growing global population," said Gilberto
Tomazoni, JBS Global Chief Executive Officer. "Sitting in a pivotal
position in the food value chain – upstream from rural producers,
grain originators, and input suppliers, and downstream from
distributors, retailers, restaurants, and consumers, JBS can help
influence and drive change across a complex supply chain."
JBS has a number of key sustainability strategies across the
company's operations in Australia, Brazil, Canada, Europe, Mexico,
New Zealand, the United Kingdom and the United States. They include
assisting farmers with stewarding natural resources and enhancing
productivity; sourcing responsibly-produced agricultural
commodities; producing sustainable food; strengthening food systems
and communities; and operating responsibly.
"As we tackle the many sustainability topics that need our
attention, taking a systems approach is key," said Jason Weller,
JBS Chief Sustainability Officer. "This encourages and allows for
innovation, collaboration, prioritization, and investment – all
of which are essential to making meaningful progress."
Here are a few highlights from this year's report.
The company has invested more than $150 million across hundreds of
projects in facilities to reduce Scope 1 and 2 greenhouse gas
emissions, resulting in a 17 percent decrease in intensity since
2019.
More than $5 million in partnership projects have been approved to
further the company's Scope 3 greenhouse gas emissions reduction
strategy throughout the value chain.
In Brazil, JBS has driven groundbreaking initiatives to enhance
transparency and traceability in the livestock supply chain, such
as the Transparent Livestock Farming Platform.
In the U.K., investments have been made in climate-smart facility
upgrades and an off-grid poultry farm of the future.
In the U.S. and Australia, the company has established multiple
methane-to-renewable-energy conversion initiatives.
"There is much more work to do, and at JBS, we will keep doing our
part," Tomazoni said. "We seek to make food affordable to everyone
around the world, with excellence."
JBS is striving to set the food industry standard for profitable
and sustainable food production for a growing planet. This means
improving the sustainable performance and resiliency of not only
the company's own operations but also contributing to the enhanced
sustainability of the greater food production system as a whole.
"Our belief at JBS is that no one company or organization can
address the issues we face alone," Weller said. "As such, we look
to partner with stakeholders throughout the value chain to more
effectively address this critical work. We invest time, expertise,
and resources into creating a better future and a more resilient
food system in key areas such as economic viability, environmental
quality, global food security, affordable food choices, and
improved quality of life for people doing the work."
To learn more, the comprehensive report can be viewed here.
About JBS SA
As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.
NATURA &CO HOLDING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Natura &Co Holding S.A.'s (Natura) and
Natura Cosmeticos S.A.'s Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'BB+' and Long-Term National Scale
Rating at 'AAA(bra)'. Fitch has also affirmed Natura&Co Luxembourg
Holdings S.a.r.l's unsecured notes at 'BB+'. The Rating Outlooks
for the corporate ratings are Stable.
The affirmation reflects Fitch's view that Avon Products Inc.'s
(API) Chapter 11 filing is neutral to slightly negative to Natura's
credit profile, but not sufficient to trigger a downgrade, as
reputational and financial damages at the Natura level are still
unclear. However, the Chapter 11 suggests weak corporate governance
practices, which has resulted in Fitch lowering Natura's ESG
Relevance Score.
Natura's rating reflects its strong business positioning and brand
reputation in the CF&T market, its diversified asset base, and
ongoing challenges to turnaround Avon's operations amid weak brand
awareness, fierce competition and changing consumer behavior.
Key Rating Drivers
Weaker Governance Standards: On Aug. 12, 2024, API announced a
voluntary Chapter 11 filing, seeking to restructure its debt and
legacy liabilities as the company faces several talc product
related lawsuits. As of June 2024, there were 429 active individual
legal cases against API, while debt consisted of USD21 million in
unsecured bonds and working capital, and estimated USD2.0 billion
in intercompany loans from Natura, API's largest creditor.
The Chapter 11 filing aims to preserve Natura's cash flow and
liquidity against potential future lawsuits losses. Unsuccessful
strategic decisions related to Avon and The Body Shop acquisition,
along with significant cash outflow, also weigh on Natura's
governance, according to Fitch.
Ongoing Execution Risks: Natura continues to face challenges in
turning around Avon's international operations as it seeks to
revive the brand amid fierce competition with modern, digital
brands and changing consumer preferences. In Latin America, the
company has captured synergies as integration advances. Natura is
moving with Wave 2, focusing on cost-cutting initiatives and
portfolio rightsizing. It also plans to migrate from a direct sales
model, which is declining in certain markets, to an omnichannel
strategy.
Latin America Focus: Following the sale of Aesop in 3Q23 and The
Body Shop in 4Q23, Natura seeks to simplify its business and focus
on core brands and markets. In the first half of 2024, Latin
America represented 79% of revenues and 100% of cash flow, as
Avon's international operations remain loss-making. Strategic
studies for a possible separation of Avon and Natura have been
suspended until the Chapter 11 process is complete. Natura also
provided USD43 million in DIP financing for API and offered USD125
million to acquire Avon's international operations through a court
supervised auction process.
Robust Capital Structure: Fitch expects Natura to maintain a strong
capital structure within the rating horizon, benefiting from large
cash inflows from asset sales and a gradual improvement in Avon's
cash burn over the next few years. Fitch projects total and net
adjusted leverage ratios, including rental obligations per its
criteria to remain below 3.0x and 1.0x, respectively.
Profitability to Improve: Fitch forecasts Natura's EBITDAR and
margin to improve to BRL2.6 billion and 11.1% in 2024, and BRL3.2
billion and 11.7% in 2025, as the company simplifies the business
structure, focuses on the most productive consultants and continues
to turnaround Avon. Operating cash flow margin is expected to be
between 2.0% and 4.0%, negatively impacted by higher working
capital to finance receivables (Natura offers longer tenors to top
selling consultants) and inventories.
Fitch forecasts annual capex of BRL800 million and extraordinary
dividends of BRL980 million in 2024, leading to negative free cash
flow of BRL1.0 billion. This is expected to turn neutral to
slightly negative in 2025 after a dividend payout of 30%.
Natura Cosméticos Rating Cap: Natura holds full control of Natura
Cosméticos, which has a stronger credit profile. Fitch rates
Natura based on the group's consolidated credit profile due to
broad access and control over subsidiaries, including centralized
treasury and the lack of legal mechanisms that ring fences Natura
from accessing Natura Cosméticos' cash.
Derivation Summary
Natura's ratings reflect the combination of its good business
position in the CF&T industry, underpinned by strong brand
recognition and market position in Brazil and main markets in Latin
America, as well as conservative credit profile. Rated peers in the
consumer/beauty products space include Coty Inc. (BB+/Stable
Outlook). Coty's ratings reflect its leading market position as one
of the world's largest beauty companies with a recently improved
mix toward higher growth and higher margin prestige fragrance and
skin care, and signs of stabilization in its consumer beauty
business. Coty's adjusted leverage of 4.0x in 2024F negatively
compared with Natura's (below 3.0x).
Natura also faces strong competition from a local player, O
Boticario (not rated), which has a solid business profile,
supported mainly by its bricks-and-mortar franchise chain and
adequate leverage. Within the retail/consumer universe, Fitch rates
MercadoLibre, Inc.'s (MELI) 'BB+'/Stable. MELI's rating reflects
its leadership position in the competitive and underpenetrated
e-commerce and digital payments sectors in Latin America, solid
credit metrics and robust financial flexibility.
Key Assumptions
- Latam's revenues growing by approximately low single digits
during 2024-2026;
- International operations dropping 9% in 2024 and flat in 2025;
- Consolidated EBITDAR margins moving round 11%-12% in 2024-2026;
- Capex of around BRL800 million per year;
- USD43 million outflow from DIP finance to Avon;
- Dividend payment of BRL982 million in 2024 and around 30% of net
income afterwards.
RATING SENSITIVITIES
Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade
- An upgrade is unlikely in the short-term due to uncertainties
related to API's recent Chapter 11 filing.
In the medium to longer term, an upgrade will depend on the
following factors:
- Consistent EBITDA margins improvements commensurate with peers;
- Consolidated total adjusted debt/EBITDAR below 2,0x and net
adjusted debt/EBITDAR ratio below 1.5x on a consistent basis;
- Maintenance of strong liquidity and no refinancing risks within
18-24 months.
Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade
- Reputational damages to the brand, relevant contingency
materialization or perception of weaker access to the debt
markets;
- Consolidated EBITDAR margins declining to below 10% on a
recurrent basis;
- Consolidated net adjusted leverage consistently above 2.5x;
- Competitive pressures leading to severe loss in market-share for
either Natura and Avon.
Liquidity and Debt Structure
Robust Financial Flexibility: Natura should preserve strong
financial flexibility through robust cash position and lengthened
debt maturity. As of June 2024, cash and equivalents of BRL3.5
billion compared with BRL92 million of short-term debt. Natura
strengthened its liquidity even further with BRL1.3 billion of
debentures, issued in July 2024. This was used to prepay a more
expensive commercial note of BRL516 million due in 2025. There are
no relevant debt maturities before 2028, which gives the company
enough flexibility to cope with negative FCF, while executing
Avon's turnaround.
Issuer Profile
Natura is one of the largest conglomerates in the global CF&T
segment, consisting of two iconic brands, Natura and Avon.
Company's founders control approximately 38% of shares, while the
remainder are listed on the Brazilian stock exchange.
Summary of Financial Adjustments
- Fitch reversed IFRS-16 effects and applied a 5x multiple to
leasing expenses, adding the result to debt;
- Extraordinary items were removed from EBITDAR.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
Natura has an ESG Relevance Score of '4' for Management Strategy
due to its aggressive corporate governance practices regarding
API's chapter 11 and execution strategy, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Natura
Cosmeticos S.A. LT IDR BB+ Affirmed BB+
LC LT IDR BB+ Affirmed BB+
Natl LT AAA(bra)Affirmed AAA(bra)
senior
unsecured Natl LT AAA(bra)Affirmed AAA(bra)
Natura &Co
Holding S.A. LT IDR BB+ Affirmed BB+
LC LT IDR BB+ Affirmed BB+
Natl LT AAA(bra)Affirmed AAA(bra)
Natura &Co
Luxembourg
Holdings
S.a r.l.
senior
unsecured LT BB+ Affirmed BB+
=========
C H I L E
=========
CHILE: Economy Contracts for First Time in a Year, Recovery Stalls
------------------------------------------------------------------
Bloomberg News reports that Chile's economy contracted on a
quarterly basis for the first time in a year, marking a significant
downturn that bolsters the case for a resumption of interest rate
cuts.
Gross domestic product fell 0.6% in the second quarter from the
prior three months, in line with the median forecast of analysts in
a Bloomberg survey, according to the report.
From a year ago, it expanded 1.6%, the central bank reported, the
report relays. Chilean policymakers paused their easing cycle last
month as they weighed near-term inflationary pressures against a
downturn in the economic recovery, the report adds.
===============
C O L O M B I A
===============
AGENCIA DISTRITAL: Fitch Affirms BB LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Agencia Distrital de Infraestructura del
Distrito de Barranquilla's (ADI) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook
is Negative. Fitch has simultaneously withdrawn the ratings. In
addition, Fitch has affirmed ADI's National Long-Term Rating at
'AA(col)'/Negative and National Short-Term Rating at 'F1+(col)'.
The affirmation reflects Fitch's view that the District of
Barranquilla would extend extraordinary support to ADI if needed.
Fitch considers ADI to be the entity through which public policy is
implemented to develop public infrastructure projects in the
District. It is difficult to dissociate the two entities, as ADI
fulfills a mission driven by the territorial authority and
Barranquilla's influence over ADI is substantial.
Fitch has withdrawn ADI's IDR for commercial reasons. Fitch will
provide analytical coverage of ADI only using national scale
ratings.
KEY RATING DRIVERS
Support Score Assessment 'Virtually certain'
Fitch considers extraordinary support from the District of
Barranquilla to the ADI would be 'Virtually Certain' in case of
need, reflecting a support score of 50 (out of a maximum 60) under
Fitch GRE criteria. This reflects a combination of responsibility
and incentive to support factors assessment as below.
Responsibility to Support
Decision Making and Oversight 'Very Strong'
The assessment is based on Fitch's opinion regarding the
significant influence of the District of Barranquilla over ADI's
operations, project execution and financing. In terms of oversight,
both supporting entities and regulatory bodies for public entities
in the country conduct regular and timely reviews of ADI's
financial and operational information.
Precedents of Support 'Very Strong'
ADI continuously receives transfers from Barranquilla to fulfill
its social purpose. These resources are defined in district
agreements that specify fixed amounts from the district's property
tax (IPU) collection, percentages of district taxes, and/or
contributions such as public lighting, gasoline surtax and other
available current revenue.
The agreement stipulates that if the committed funds are
insufficient, Barranquilla will transfer more of its own revenue to
prevent a financial default by ADI. In fact, during 2023 and 2024
(January and April) Barranquilla made additional resource
contributions due to high interest rates, ensuring timely debt
service payments.
Incentives to Support
Preservation of Government Policy Role 'Strong'
Although ADI does not provide strategically important services such
as healthcare, education or social housing, Barranquilla faces
challenges in public infrastructure — particularly in addressing
floods and road mobility, which ADI is responsible for mitigating
and improving. In the event of a default, there could be political
repercussions as both its credibility and that of its supporting
government would be affected.
Contagion Risk 'Very Strong'
Contagion Risk is assessed as 'Very Strong', reflecting ADI's
active role in the domestic financial market. A financial default
by ADI would be associated with the credit credibility of
Barranquilla. This, in turn, could generate widespread financial
implications for both the District and other local decentralized
entities, particularly in terms of financing costs. Although the
debt of decentralized entities is not included in the regulatory
debt indicator, Fitch considers ADI's long-term debt to be "other
classified debt," which is factored into Barranquilla's credit
metrics.
Operating Performance
ADI is an entity whose operations are supported by the Distrito
Especial Industrial y Portuario de Barranquilla (DoB) via
transfers. ADI reported a net profit for YE 2023 (COP43.2 billion)
greater than YE 2022 (COP1.3 billion) due to an increase in
transfers from the District of Barranquilla, the main and only
source of revenue ADI that remains as the core urban development
entity in DoB. Public spaces in Barranquilla continue to grow as
five new city parks were delivered to the city by YE 2023. The
interventions for the new spaces took place in the Southeastern,
Southwestern and Metropolitan localities of DoB.
ADI is responsible for the maintenance of the city's parks. These
maintenance tasks include cleaning and supervising the parks,
watering green areas, mowing the lawns, and performing preventive
maintenance on outdoor fitness equipment, among other activities.
These tasks are carried out by personnel contracted by ADI, which
employs more than 350 contractors. ADI continues to carry out the
maintenance of the parks and works on the road network and
streams.
Derivation Summary
Under its updated GRE Criteria, Fitch classifies ADI as an entity
linked to DoB. The Standalone Credit Profile (SCP) cannot be
determined due to the significant level of influence or support
from DoB, making it difficult to separate the two entities. The
overall support score obtained is 50 out of 60 points, resulting in
ADI's rating being equalized with that of its supporting entity,
DoB, at 'AA(col)'/Negative Outlook and 'F1+(col)'.
Short-Term Ratings
The national Short-Term Ratings are the same as Barranquilla's,
'F1+(col)'.
National Ratings
Barranquilla's ratings are 'BB'/'RON' and 'AA(col)'/'RON'. ADI's
ratings are equalized to its supporting government ratings, and
therefore the national scale rating is assessed at
'AA(col)'/Negative.
Debt Ratings
Fitch rates two bank loans from ADI: Malla Vial and Arroyos, both
rated at 'AA(col)'. These bank loans correspond to the totality of
ADI's financial long-term debt.
Issuer Profile
ADI is a government related entity with a public policy mission;
its main objective is the structuring, contracting, managing and
evaluating of public infrastructure works in the district. It
operates as an extension for the District of Barranquilla, with
little cash flow of its own and a high level of integration from
its supporting government.
Liquidity and Debt Structure
As of YE 2023, ADI registered COP897.877 billion in long-term debt.
Fitch rates two bank loans raised with national banks as
Bancolombia and Davivienda y Financiera de Desarrollo Nacional
—COP622.000 million at 'AA(col)' and COP600.000 million at
'AA(col)' — corresponding to the main programs executed by the
entity. At year-end 2023, ADI registered around COP4 million in
cash, considerably lower than those registered in YE 2021 and YE
2022; the agency usually operates with low cash levels as most of
its ongoing operations and debt service is covered by transfers
from the District.
It's worth mentioning that Banco Davivienda has approved two loans,
which involves extending the loan term to 2032 from 2029, including
a two-year grace period commencing from the restructuring approval
date. Both parties are engaged in finalizing the addendum to the
loan agreement between ADI and Banco Davivienda.
Consequently, approximately 82% of the debt maturities are
concentrated between 2026 and 2031, resulting in a weighted average
life of debt indicator of approximately 5.1 years as at YE 2023.
Complete debt amortization is expected in 2032.
ADI made the full payment of supplier credits in 2023, which
included principal and interest payments of around COP 16.005
billion. The Scotiabank loan of around COP31.657 billion was also
paid in full.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A downgrade of Barranquilla's ratings;
- A deterioration in ADI's GRE support score assessment from
Barranquilla, leading to a score lower than 42.5.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- ADI's ratings are equalized to Barranquilla's ratings and,
therefore, any change in the District's ratings would be reflected
in ADI's ratings in the same direction.
ESG Considerations
Fitch is no longer providing ESG relevance scores for ADI as its
ratings and ESG profile are derived from its parent. Fitch does not
assess an SCP for ADI as it is not possible to dissociate it from
Baranquilla.
Following the withdrawal of ratings for ADI Fitch will no longer be
providing the associated ESG Relevance Scores.
Public Ratings with Credit Linkage to other ratings
ADI's ratings are linked to those of Barranquilla's.
Entity/Debt Rating Prior
----------- ------ -----
Agencia Distrital
de Infraestructura
del Distrito de
Barranquilla – ADI LT IDR BB Affirmed BB
LT IDR WD Withdrawn BB
LC LT IDR BB Affirmed BB
LC LT IDR WD Withdrawn BB
Natl LT AA(col) Affirmed AA(col)
Natl ST F1+(col)Affirmed F1+(col)
=====================
P U E R T O R I C O
=====================
DP ENTERPRISE: Taps Licenciado Carlos Alberto Ruiz as Counsel
-------------------------------------------------------------
DP Enterprise Corp seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Licenciado Carlos Alberto
Ruiz, LLC to handle its Chapter 11 case.
The firm will be paid at its hourly rate of $295, plus actual and
necessary expenses.
The firm received a retainer in the sum of $7,500.
Carlos Ruiz Rodriguez, Esq., an attorney at Licenciado Carlos
Alberto Ruiz, disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Carlos A. Ruiz Rodriguez, Esq.
Licenciado Carlos Alberto Ruiz, LLC
P.O. Box 1298
Caguas, PR 00726
Telephone: (787) 286-9775
Email: carlosalbertoruizquiebras@gmail.com
About DP Enterprise Corp
DP Enterprise Corp sought protection for relief under Chapter 11 of
the Bankrutpcy Code (Bankr. D.P.R. Case No. 24-03087) on July 25,
2024, listing $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities. Carlos Alberto Ruiz, Esq. at Licenciado
Carlos Alberto Ruiz, LLC represents the Debtor as 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
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.
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* * * End of Transmission * * *