/raid1/www/Hosts/bankrupt/TCRLA_Public/241230.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
Monday, December 30, 2024, Vol. 25, No. 1
Headlines
A R G E N T I N A
CLISA: Posts Results of Consent Solicitation of Senior 2027 Notes
VICENTIN SAIC: Distressed Fund Wins Key Role in Bankruptcy Case
B R A Z I L
BRF SA: Board OKs Update to Financial Risk Management Policy
C H I L E
WOM SA: Benesch Friedlander Represents Ad Hoc Group of Noteholders
WOM SA: Gets Court Nod on $500M Takeover Terms, Chap. 11 Exit
WOM SA: US Trustee Slams $62.5-Mil. Breakup Fee as Unnecessary
M E X I C O
PETROLEOS MEXICANOS: To Pay Suppliers in Next 3 Months, Pres. Says
P A R A G U A Y
UENO BANK: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
P U E R T O R I C O
BOWLING CENTER: Unsecured Creditors Will Get 5% of Claims in Plan
X X X X X X X X
[*] BOND PRICING: For the Week from Dec. 23 to 27, 2024
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A R G E N T I N A
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CLISA: Posts Results of Consent Solicitation of Senior 2027 Notes
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CLISA - Compania Latinoamericana de Infraestructura & Servicios
S.A. ("Clisa") - Clisa disclosed the results of its previously
announced consent solicitation, according to which it solicited
consents (the "Consents") from the holders (the "Noteholders") of
its outstanding Step-Up Senior Secured Notes due 2027 (CUSIP/ISIN
No. 20445P AH8 / US20445PAH82 (144A) and P3063X AJ7 / USP3063XAJ74
(Reg. S)) (the "Notes") to certain amendments (the "Proposed
Amendments"), including, among others, reducing the aggregate
principal amount to U.S.$270,000,000, extending the maturity date
to December 10, 2031, for an aggregate principal amount of
U.S.$200,000,000, and to December 10, 2034, for the remaining
aggregate principal amount of U.S.$70,000,000, modifying the
applicable interest rate and scheduled interest payments, adding
new collateral, strengthening certain covenants and adding others,
including a covenant to issue the Clisa-Only Redeemable Notes (as
defined in the Consent Solicitation Statement), granting a waiver
of past defaults and modifying other material terms of the Notes as
set forth in the consent solicitation statement dated as of
November 19, 2024 (the "Consent Solicitation Statement"), by
amending the indenture dated as of August 17, 2021, among Clisa,
the subsidiary guarantors party thereto (the "Note Guarantors"),
The Bank of New York Mellon, as trustee, registrar, paying agent
and transfer agent (the "Trustee") and TMF Trust Company
(Argentina) S.A., as registrar, paying agent, transfer agent,
trustee representative in Argentina and collateral agent (the
"Collateral Agent") (as amended and supplemented from time to time,
the "Indenture") governing the Notes (the "Consent Solicitation").
The terms and conditions of the Consent Solicitation, as well as
the Proposed Amendments, were described in the Consent Solicitation
Statement. Clisa hereby confirms that it has waived the requirement
of the Consent Solicitation Statement that Noteholders have to
submit Instruction Letters in order for their Consent to be validly
submitted as per the terms of the Consent Solicitation Statement.
The Consent Solicitation expired at 5:00 p.m. New York City time
(7:00 p.m., Buenos Aires City time) on December 17, 2024 (the
"Expiration Date"). Clisa has been advised that, as of the
Expiration Date, Noteholders of U.S.$ 336,576,550 in aggregate
principal amount of the Notes, or approximately 94% of the
outstanding aggregate principal amount of the Notes, have validly
delivered and not revoked their Consents under the Consent
Solicitation.
Pursuant to the Indenture, the Proposed Amendments require the
prior Consent of Noteholders representing not less than 75% of the
aggregate principal amount of the outstanding Notes (such Consents,
the "Requisite Consents"). Accordingly, Clisa has received the
Requisite Consents and will effect the Proposed Amendments under
the Indenture.
Eligible Noteholders (as defined below) whose Consents were validly
delivered and received on or prior to the Expiration Date and not
validly revoked prior to the Expiration Date, are entitled to
receive an aggregate consent consideration of U.S.$25,000,000 (the
"Consent Consideration"), to be divided pro rata among them on the
Consent Closing Date (as described in the Consent Solicitation
Statement). The Consent Closing Date is currently expected to be
December 19, 2024. Non-consenting Noteholders will not receive the
Consent Consideration.
Information Relating to the Solicitations
BCP Securities, Inc. and Santander US Capital Markets LLC acted as
the Solicitation Agents with respect to the Solicitations (as
defined in the Consent Solicitation Statement) outside Argentina,
and Banco CMF S.A acted as the Solicitation Agent with respect to
the Solicitations in Argentina. Outside Argentina, Noteholders with
questions may contact BCP Securities, Inc. (James Harper, +1 (203)
629-2186, jharper@bcpsecurities.com) or Santander US Capital
Markets LLC (Attn: Liability Management Team, +1 (212) 350-0660
Email: AmericasLM@santander.us). In Argentina, Noteholders with
questions may contact Banco CMF S.A. at (Attn: Mercado de
Capitales, +54 11 4318-6800, mercadodecapitales@bancocmf.com.ar).
As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2024, S&P Global Ratings raised its global scale
issuer credit rating on Argentine conglomerate CLISA–Compania
Latinoamericana de Infraestructura y Servicios S.A. (CLISA)
to 'CCC' from 'SD' and our issue-level rating on its senior
notes to 'CCC' from 'D'. At the same time, S&P revised upward
CLISA's stand-alone credit profile (SACP) to 'ccc+' from 'sd'.
In September 2024, Fitch Ratings downgraded Compania
Latinoamericana de Infraestructura y Servicios' (CLISA)
Long-Term Local Currency and Foreign Currency Issuer Default
Ratings (IDRs) to 'RD' from 'C'. Fitch has also affirmed
CLISA's senior secured bond maturing July 2027 at 'C'/'RR4'.
VICENTIN SAIC: Distressed Fund Wins Key Role in Bankruptcy Case
---------------------------------------------------------------
Jonathan Gilbert at Bloomberg News reports that a former Wall
Street trader turned distressed-asset investor has become a major
player in the bankruptcy case of Vicentin SAIC, a company that was
once the crown jewel of Argentina's huge soy industry.
Esteban Nofal, an Argentine who runs Cima Investments SA, has swept
up almost 35 percent of Vicentin's US$1.3 billion of unsecured debt
from a group of global banks for just 11 cents on the dollar,
according to Bloomberg News. He stands to reap an impressive gain
from the investment if a takeover plan led by Bunge Global SA is
approved. And if it falls through, Cima is in a position to
determine Vicentin's fate, Bloomberg News says.
"I saw an opportunity where you could enter the transaction and
have very few instances where you'd lose money," Nofal said in a
phone interview with Bloomberg News.
Vicentin was built up over decades by a family dynasty that took on
the might of global commodity trading houses such as Cargill Inc
and Louis Dreyfus Co, Bloomberg News discloses. That all
unravelled in 2019 as Vicentin left itself exposed to a currency
run, Bloomberg News notes. It defaulted on its debt and plunged
into bankruptcy protection -- upending the crop-dealing industry in
South America's oldest grains exporter, Bloomberg News says.
A rescue plan came in the form of a severe debt restructuring and
takeover spearheaded by Bunge and Glencore-backed Viterra Inc,
which are completing a merger, Bloomberg News relays. Under that
plan, Nofal would almost double the US$50 million he raised for the
acquisition, Bloomberg News notes. That's because Vicentin would
pay about 10 cents of the dollar straight away and another 10 cents
a year later, Bloomberg News says. There's also a provision down
the line for 10 cents more, Bloomberg News discloses.
However, the Bunge-led deal is at risk after a hostile creditor
group led by brokerage house Grassi alleged that it was
unconstitutional, Bloomberg News says. A high court took on the
complaint in October and must now rule, Bloomberg News relays.
Should judges agree with Grassi, the case would likely get pushed
open into a so-called cramdown where competing proposals could be
lodged, Bloomberg News discloses.
In that scenario, Cima would control the future of Vicentin,
because any new rescue bid would require sign-off from creditors
holding at least two thirds of the unsecured debt, Bloomberg News
notes. With Cima now owning a little more than one third, it has,
in essence, veto powers, Bloomberg News relays.
"If the current deal gets ratified, you get 20 cents," the report
quotes Nofal as saying. "If it doesn't, we want to sit down with
every party that's been litigating for five years and say, 'OK
guys, let's fix this.'"
He said he is open to having an equity stake in the new Vicentin,
Bloomberg News notes.
Nofal, 58, began his career at Oppenheimer in New York before
turning to distressed investing in emerging markets like Venezuela
and Russia, Bloomberg News discloses. Back in Argentina, renowned
for its boom and bust cycles, he co-founded Cima, Spanish for
summit, in 1998, Bloomberg News says.
The Vicentin case has broad significance for global soy trading
because Argentina is the largest supplier of processed meal and oil
-- and up for grabs is Vicentin's stake in Renova SA, its venture
with Viterra that operates one of the world's biggest crushing
plants, Bloomberg News says.
It's unclear in a cramdown whether Bunge-Viterra would revive a
proposal, Bloomberg News relays. Grassi, meanwhile, is preparing a
bid and has held talks with Cima, Bloomberg News says.
Vicentin in a December 17 statement urged the high court to
greenlight the current deal. It said it was running out of cash
flow to survive and doesn't have the resources to finance itself
through a cramdown, Bloomberg News discloses.
Construction of Renova's main plant was funded by some of the banks
that have sold their debt, totalling US$447 million, to Cima,
Bloomberg News relays. They include International Finance Corp,
the private-lending arm of the World Bank, Dutch-based outfits
including FMO and Rabobank, and other lenders in France and Japan,
Bloomberg News says. Nofal started negotiations with the banks
more than two years ago, Bloomberg News notes.
"Argentina is the king of opportunities. There's big value here,"
he said, notes the report. "I think Vicentin, if you turn it on
again, is a US$1-billion plus company any day of the week," he
added.
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B R A Z I L
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BRF SA: Board OKs Update to Financial Risk Management Policy
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tipranks.com reports that BRF S.A., a publicly held company, held
an ordinary meeting of its Board of Directors on December 17, 2024,
where they unanimously approved an update to the company's
Financial Risk Management Policy.
This update signifies the company's proactive approach in managing
financial risks, potentially impacting its market positioning by
enhancing its financial stability and offering reassurance to
stakeholders, according to tipranks.com.
As reported in the Troubled Company Reporter-Latin America on Dec
20, 2024, S&P Global Ratings revised the outlook on its global
scale rating on BRF S.A. to positive from stable. S&P also affirmed
its 'BB' global scale and 'brAAA' national scale ratings on the
company, as well as its 'BB' issue rating on its senior notes. The
recovery rating on the notes remains '3' (65%).
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C H I L E
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WOM SA: Benesch Friedlander Represents Ad Hoc Group of Noteholders
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In the Chapter 11 cases of WOM S.A.., et al., the Benesch Ad Hoc
Group of Noteholders filed a verified statement pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure.
The Benesch Ad Hoc Group of Noteholders is comprised of holders of
(or investment managers to holders of) (i) 6.875% senior unsecured
notes due 2024 (the "2024 Notes") issued by Kenbourne Invest S.A.
and (ii) 4.7% senior unsecured notes due 2028 (the "2028 Notes"
and
together with the 2024 Notes, the "Unsecured Notes") issued by
Kenbourne (the "Benesch Ad Hoc Group of Noteholders").
Benesch does not represent the interests of any creditor, party in
interest or other entity in connection with the Debtors' chapter
11
cases other than the Benesch Ad Hoc Group of Noteholders. No
member
of the Benesch Ad Hoc Group of Noteholders represents or purports
to represent any other member in connection with the Chapter 11
Cases.
In addition, no member of the Benesch Ad Hoc Group of Noteholders
(i) assumes any fiduciary or other duties to any other member of
the Benesch Ad Hoc Group of Noteholders and (b) does not purport
to
act or speak on behalf of any other member of the Benesch Ad Hoc
Group of Noteholders in connection with the Chapter 11 Cases.
The names, addresses, and disclosable economic interests of all
the
members of Benesch Ad Hoc Group of Noteholders, are as follows:
1. Certain funds managed or advised by: ACR Alpine Capital
Research
LLC, in its capacity as
investment manager
190 Carondelet Plaza, Suite 1300,
St Louis, MO 63105
Attn: Mark Unferth & Credit Legal
* 2024 Notes: $5,724,000
* 2028 Notes: $2,000,000
2. Certain funds managed or advised by: Livello Capital Management
LP, in its capacity as
investment manager
104 West 40th Street, 19th Floor
New York, NY 10018
Attn: Joseph Salegna
* 2024 Notes: $300,000
* 2028 Notes: $7,050,000
3. Certain funds managed or advised by: Mirabella Financial
Services LLP, in its capacity as
investment manager
50 Pall Mall, Floor 1
London, SW1Y 5JH United Kingdom
Attn: William Moreno & Beshar Jabbar
* 2024 Notes: $18,659,000
* 2028 Notes: $0
Counsel for the Benesch Ad Hoc Group of Noteholders:
BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP
Michael J. Barrie, Esq.
Steven L. Walsh, Esq.
1313 N. Market Street, Suite 1201
Wilmington, Delaware 19801
Telephone: (302) 442-7010
Email: mbarrie@beneschlaw.com
swalsh@beneschlaw.com
-and-
Sven T. Nylen, Esq.
71 S. Wacker Drive, Suite 1600
Chicago, Illinois 60606
Telephone: (312) 212-4949
Email: snylen@beneschlaw.com
About WOM SA
WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.
WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition
filed by Timothy O'Connoer, as independent director, the Debtor
estimated assets and liabilities between $1 billion and $10
billion
each.
The Honorable Bankruptcy Judge Karen B. Owens oversees the case.
The Debtors tapped White & Case, LLP as general bankruptcy
counsel;
Richards, Layton & Finger, P.A. as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker. Kroll Restructuring Administration,
LLC, is the claims agent.
WOM SA: Gets Court Nod on $500M Takeover Terms, Chap. 11 Exit
-------------------------------------------------------------
Carolina Gonzalez of Bloomberg News reports that Chile's WOM
secured court approval to exit bankruptcy after agreeing to a
takeover and restructuring proposal from a creditor group, eight
months after filing for Chapter 11.
The framework for the Chilean mobile phone operator's $500 million
restructuring plan was approved by the Delaware bankruptcy court
on Friday, Dec. 20, Alex Wittenberg at law360.com reported. The
Court held that the debtor had exercised sound business judgment
in selecting the deal to reduce some $650 million in debt.
The Court rejected an objection to the bid from a competing
creditor group, according to a company statement. The Court
ruled the offer as the only viable path for WOM to emerge
from Chapter 11 proceedings, according to Bloomberg News.
"This decision represents a significant milestone in the Chapter
11
process and highlights the efforts of our team to achieve the
financial restructuring of the company," said Martin Vaca Narvaja,
CEO of WOM, the report adds.
About WOM SA
WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.
WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition
filed by Timothy O'Connoer, as independent director, the Debtor
estimated assets and liabilities between $1 billion and $10
billion
each.
The Honorable Bankruptcy Judge Karen B. Owens oversees the case.
The Debtors tapped White & Case, LLP as general bankruptcy
counsel;
Richards, Layton & Finger, P.A. as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker. Kroll Restructuring Administration,
LLC, is the claims agent.
WOM SA: US Trustee Slams $62.5-Mil. Breakup Fee as Unnecessary
--------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that the
U.S. Trustee's Office has requested that a Delaware bankruptcy
judge reject WOM SA's proposal to pay a $62.5 million fee to a
noteholder group if its planned rights offering for exit financing
falls through, contending that the debtor has not shown the fee to
be essential.
About WOM SA
WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.
WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition
filed by Timothy O'Connoer, as independent director, the Debtor
estimated assets and liabilities between $1 billion and $10
billion
each.
The Honorable Bankruptcy Judge Karen B. Owens oversees the case.
The Debtors tapped White & Case, LLP as general bankruptcy
counsel;
Richards, Layton & Finger, P.A. as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker. Kroll Restructuring Administration,
LLC, is the claims agent.
===========
M E X I C O
===========
PETROLEOS MEXICANOS: To Pay Suppliers in Next 3 Months, Pres. Says
------------------------------------------------------------------
Ana Isabel Martinez and Raul Cortes at Reuters report that Mexican
state energy company Pemex is working with the country's finance
ministry to pay suppliers over the next three months, President
Claudia Sheinbaum said, without specifying the amounts.
Despite efforts to reduce debt under Sheinbaum's predecessor Andres
Manuel Lopez Obrador, the company remains one of the world's most
indebted energy companies, according to Reuters.
"Nobody will be without receiving a payment," Sheinbaum said in her
regular morning press conference, the report notes. "There are
resources to do so, and we're working with the finance ministry on
this."
In late November, the association that represents the interests of
some of the most important oil service providers in Mexico asked
Pemex to pay overdue debts totaling 103.6 billion pesos ($5.1
billion), the report discloses.
As reported in the Troubled Company Reporter-Latin America on Dec.
20, 2024, Fitch Ratings has affirmed Petroleos Mexicanos' (PEMEX)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B+' with a stable outlook. Additionally, Fitch has affirmed the
rating of approximately USD80 billion of PEMEX's international
notes outstanding at 'B+' with a Recovery Rating of 'RR4'.
===============
P A R A G U A Y
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UENO BANK: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
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Fitch Ratings has assigned UENO Bank S.A. (UENO) a 'BB' Foreign and
Local Currency Long-Term Issuer Default Rating (IDR) and 'B'
Short-Term IDR. The Rating Outlook for the Long-Term IDR is Stable.
Fitch has also assigned UENO a 'bb' Viability Rating (VR) and 'b+'
Government Support Rating (GSR).
Key Rating Drivers
IDRs AND VR
IDRs Driven by Intrinsic Creditworthiness: Ueno's 'bb' VR drives
its IDRs. Paraguay's stable operating environment and Ueno's strong
capitalization metrics post-merger relative to similarly rated
international peers (universal/commercial banks rated in 'bb'
category) and the system average highly influence the bank's
ratings. Additionally, the VR considers the bank's moderate, albeit
small on a regional basis, franchise in Paraguay, sound asset
quality, strong profitability, as well as its stable and moderately
concentrated funding.
Modest Franchise: Ueno's focuses on the retail banking sector,
primarily SMEs, using a fully digital onboarding process to drive
growth and scale its business model, according to Fitch. Ueno's VR
reflects a strengthened franchise post-merger with Vision,
resulting in a 5.6% market share of total assets, 5.8% in deposits,
and 4.2% in loans as of October 2024. The bank now serves nearly
two million clients, the largest in the banking system. The merger
multiplied Ueno's balance sheet by 4.5x, establishing it as a
mid-tier institution in Paraguay's.
Strong Capitalization: Fitch considers Ueno's capitalization a key
financial strength. Post-merger, the bank's Fitch Core Capital
(FCC) ratio rose to 18.3%, exceeding the peers' average of 16.2% in
2023. Fitch anticipates Ueno's capitalization will remain robust
due to earnings retention and high transaction and credit lending
volumes. THe FCC ratio is expected to stay within 18%-19% in 2025,
as Ueno benefits from higher net income despite increased RWAs from
35% loan growth.
Good Asset Quality: Ueno's asset quality is sound, with NPLs at
0.76% (impaired loans over gross loans) in 3Q24, down from the
2020-2023 average of 2.45% and 5.2% in 2019. Fitch attributes this
trend to Ueno's strong underwriting standards and risk controls,
supported by strong investments in systems and technology. A high
loan loss reserve over impaired loans at 9.8x at 3Q24 reflects
provisions transferred from former Vision bank to Ueno's balance
sheet and separate accounting for legacy NPLs. Fitch believes
Ueno's good risk profile and robust technology will help it
maintain sound asset quality despite post-merger risks.
Improved Profitability: Ueno reached a strong 7.33% operating
profit/RWA in 3Q24 post-merger, driven by a solid net interest
margin and strong credit card-related fees from Vision. The bank's
efficiency (non-interest expense/gross revenues) improved to 56.3%
at 3Q24, better than the four-year average of 62.7%, due to
cost-efficient non-banking branches. Fitch expects Ueno's
profitability will remain strong, supported by its improved
franchise, stable Paraguayan operating environment, higher NIM,
credit card fees, and lower funding costs, despite increased RWA
from loan growth.
Stable Funding: The bank relies predominantly on customer deposits,
which make up 85% of its funding at 3Q24. This reliance allows the
entity to maintain an adequate funding cost. The bank's funding is
complemented by senior unsecured debt, subordinated debt, and
approved credit lines with a number of local financial
institutions. The loan-to-deposit ratio was 72.7% and has remained
relatively stable, compared to peers. Ueno has a mildly
concentrated deposit base, with its top 10 depositors representing
14% of total deposits in the same period.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
VR AND IDRs
- A sustained deterioration in Ueno's FCC ratio to a level below
13% or a reduction of the bank's operating profit to RWA ratio
falls and remains below 2%, could be negative for
creditworthiness.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
VR AND IDRs
- A consolidation of their business model and risk structure
post-merger that leads to an improvement in the bank's overall
financial profile.
Government Support Rating (GSR)
UENO's GSR of 'b+' reflects Fitch's opinion that a default of the
bank could result in contagion risks for the rest of the system
because it is considered a domestic systemically important bank
(D-SIB) by the Central Bank of Paraguay (BCP) and has the largest
position in terms of the number of clients within the banking
system. However, the GSR also reflects that there is limited
probability of support being forthcoming because of significant
uncertainties about the ability or propensity of the government to
do so.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The GSR could be downgraded if Fitch believes that the
government's propensity to support the bank has declined due a
material loss in the market share of customer deposits.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade of the GSR is limited and could only occur over time
with a material gain in the bank's systemic importance.
VR ADJUSTMENTS
- The Operating Environment score of 'bb' has been assigned above
the 'b' category implied score due to the following adjustment
reasons: Sovereign Rating (positive).
- The Business Profile score of 'bb-' has been assigned above the
'b' category implied score due to the following adjustment reasons:
Business Model (positive).
- The Earnings & Profitability score of 'bb' has been assigned
above the 'b' category implied score due to the following
adjustment reasons: Historical and Future Metrics (positive).
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
----------- ------
Ueno Bank SA LT IDR BB New Rating
ST IDR B New Rating
LC LT IDR BB New Rating
LC ST IDR B New Rating
Viability bb New Rating
Government Support b+ New Rating
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P U E R T O R I C O
=====================
BOWLING CENTER: Unsecured Creditors Will Get 5% of Claims in Plan
-----------------------------------------------------------------
Bowling Center, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Plan of Reorganization dated December 11,
2024.
The Debtor is engaged in the family entertainment business offering
bowling activities, games rooms, food, drinks, and other related
activities in its entertainment center located at Campo Rico
Avenue, Carolina, P.R.
Revenues are generated from the blowing activities, shoe rentals,
bar, food, and other related sources. Debtor also has ten
commercial spaces leased to third parties and early in 2025, it
will have available three additional office spaces for lease. Its
current management consists of Mr. Roger Acosta Hernandez and his
spouse, Mrs. Sandra Padilla Soto.
As a result of the filing by Debtor of its Chapter 11 petition,
Debtor has received the benefits of Section 362(a) of the
Bankruptcy Code, which has stayed all collection actions and
judicial proceedings against Debtor, providing Debtor the
opportunity to file the Plan, without the pressures that drove
Debtor into Chapter 11, as envisioned by the Bankruptcy Code.
During the reorganization period, Debtor has been actively
restoring and remodeling the facilities to improve its services and
increase its revenues. Also, five of the ten leased spaces were
completed and delivered to the lessees during that period.
The Plan contemplates a 5% dividend to Holders of General Unsecured
Claims, under Articles I and II hereof, $1,000,000 to Luna
Commercial, and 100% to all other creditors.
Therefore, confirmation of the Plan will ensure that Holders of
Administrative Expense Claims, Priority Claims, and General
Unsecured Claims will receive prompt and fair dividends on their
claims. Thus, Debtor believes that the interest of creditors and
the goals of Chapter 11 are better served by the confirmation of
the Plan.
Class 2 consists of Allowed General Unsecured Claims. Holders of
Allowed General Unsecured, except for the deficiency claim of Luna
which will not receive dividends under this Class, will be paid in
full satisfaction of their claims 5% thereof, on the Effective Date
from the DIP financing described under Class 1. The allowed
unsecured claims total $1,428,806.06. This Class will receive a
distribution of 5% of their allowed claims. This Class is
impaired.
Class 3 consists of Interest in Debtor. The Holder of the Equity
Interest in Debtor, the Estate of Secundino Acosta, will not
receive any distributions under the Plan, but will retain its
shares in Debtor unaltered.
Except as otherwise provided for in the Plan, Debtor will effect
payments of Administrative Expense Claims, Priority Tax Claims, and
General Unsecured Claims, on the Effective Date, from the proceeds
of the DIP financing. Payments of the DIP loan will be made from
Debtor's business operations.
A full-text copy of the Plan of Reorganization dated December 11,
2024 is available at https://urlcurt.com/u?l=3MTWUk from
PacerMonitor.com at no charge.
Bowling Center, Inc. is represented by:
Charles A. Cuprill, Esq.
CHARLES A. CUPRILL, P.S.C., LAW OFFICES
356 Fortaleza Street 2nd Floor
San Juan, PR 00901
Tel: (787) 977-0515
Email: ccuprill@cuprill.com
About Bowling Center
Bowling Center, Inc., is engaged in the family entertainment
business offering bowling activities, games rooms, food, drinks,
and other related activities in its entertainment center located at
Campo Rico Avenue, Carolina, P.R.
The Debtor filed its voluntary petition for Chapter 11 protection
(Bankr. D.P.R. Case No. 24-00215) on January 25, 2024, listing
$3,592,343 in assets and $2,581,376 in liabilities. Roger Acosta
Hernandez, president, signed the petition.
The Debtor tapped Charles A. Cuprill, PSC Law Offices as legal
counsel and CPA Luis R. Carrasquillo & Co., PSC as financial
consultant.
===============
X X X X X X X X
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[*] BOND PRICING: For the Week from Dec. 23 to 27, 2024
-------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
---------- --- ----- -------- ----- ----
Alibaba Group Holding 2.7 68.5 2/9/2041 KY USD
Alibaba Group Holding 3.3 63.4 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55 KY SGD
Amwaj 6.4 69.7 KY USD
Amwaj 4.5 49.6 KY USD
Argentina Bonar Bonds 1 43.3 7/9/2029 AR USD
Argentina Treasury Bond 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Te 15.5 39.7 10/17/2026 AR ARS
Argentine Gov't Int'l 1 46.4 7/9/2029 AR USD
Argentine Gov't Int'l 0.5 41.4 7/9/2029 AR EUR
Argentine Gov't Int'l 0.1 42 7/9/2030 AR EUR
Ascent Finance 1.2 61.6 7/12/2047 KY EUR
Ascent Finance 3.8 67 6/28/2047 KY AUD
Ascent Finance 3.4 65.7 2/6/2043 KY AUD
Astra Cumulative 2019 1.5 62 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70 5/12/2028 KY USD
AYC Finance 3.9 62.2 KY USD
Banco Davivienda SA 6.7 64.1 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 3.6 75.7 11/18/2039 CL AUD
Banco de Chile 3.5 75.4 9/5/2039 CL AUD
Banco de Chile 2.7 74.7 3/9/2035 CL AUD
Banco del Estado de Ch 3.1 70.5 2/21/2040 CL AUD
Banco del Estado de Ch 2.8 67 3/13/2040 CL AUD
Banco Nacional de Pana 2.5 74.7 8/11/2030 PA USD
Banco Santander Chile 3.1 70.6 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.5 11/29/2034 CL EUR
Banda de Couro Energe 8 54.4 1/15/2027 BR BRL
Baraunas II Energeti 8 12.4 1/15/2027 BR BRL
Bishopsgate Asset Fi 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov't Int'l 4.5 55.6 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
Bolivian Gov't Int'l 4.5 55.8 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
BOPREAL 5 64.7 10/31/2027 AR USD
BOPREAL 3 60.9 5/31/2026 AR USD
Brazilian Gov't Int'l4.8 73.8 1/14/2050 BR USD
BRF SA 5.8 73.5 9/21/2050 BR USD
BRF SA 5.8 73.6 9/21/2050 BR USD
Camposol SA 6 72.1 2/3/2027 PE USD
Camposol SA 6 72.5 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.6 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.1 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 8.7 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov't Int'l Bond 3.5 72.6 1/25/2050 CL USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Chile Gov't Int'l Bond 3.1 62.7 1/22/2061 CL USD
Chile Gov't Int'l Bond 3.5 72.1 4/15/2053 CL USD
Chile Gov't Int'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov't Int'l Bond 1.3 54 1/22/2051 CL EUR
Chile Gov't Int'l Bond 3.3 62.8 9/21/2071 CL USD
Chile Gov't Int'l Bond 1.3 74.2 7/26/2036 CL EUR
China Overseas Cayman 3.1 75.1 3/2/2035 KY USD
China Yuhua Education 0.9 65.8 12/27/2024 KY HKD
CK Hutchison Int'l 19 3.4 74 9/6/2049 KY USD
CK Hutchison Int'l 19 3.4 73.9 9/6/2049 KY USD
CK Hutchison Int'l 20 3.4 73.7 5/8/2050 KY USD
CK Hutchison Int'l 20 3.4 73.8 5/8/2050 KY USD
Colombia Gov't Int'l 3.9 2/15/2061 CO USD
Colombia Gov't Int'l 4.1 61.6 5/15/2051 CO USD
Colombia Gov't Int'l 5.2 72.9 5/15/2049 CO USD
Colombia Gov't Int'l 4.1 67 2/22/2042 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 5 72 6/15/2045 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Telecom 5 66.9 7/17/2030 CO USD
Colombia Telecom 5 67 7/17/2030 CO USD
Colombian TES 7.3 71.6 10/26/2050 CO COP
Colombian TES 6.3 73.4 7/9/2036 CO COP
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.6 74 7/22/2039 CL AUD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Dibens Leasing S/A 10.9 30.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 34.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 29.2 3/1/2035 BR BRL
Earls Eight 1.7 72 6/20/2032 KY AUD
Earls Eight 0.1 64.2 12/20/2031 KY AUD
Ecopetrol SA 5.9 74.2 5/28/2045 CO USD
Ecopetrol SA 5.9 70.7 11/2/2051 CO USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 72.9 9/21/2034 SV USD
El Salvador Gov't Int 7.6 73.3 2/1/2041 SV USD
El Salvador Gov't Int 5.9 65.1 1/30/2025 SV USD
El Salvador Gov't Int 7.6 73.5 9/21/2034 SV USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 73.5 2/1/2041 SV USD
Embotelladora Andina 6.5 23.3 6/1/2026 CL CLP
EFE 3.8 65.8 9/14/2061 CL USD
EFE 3.1 60 8/18/2050 CL USD
EFE 3.1 59.9 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.2 1/1/2026 CL CLP
ETESA 5.1 71.8 5/2/2049 PA USD
Empresa de Transmision 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.2 9/13/2061 CL USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 5.5 50.2 7/15/2027 CL CLP
Edsa SA 5 62.6 5/11/2025 AR USD
ENAP 4.5 73.3 9/14/2047 CL USD
ENAP 4.5 73.4 9/14/2047 CL USD
ENA Master Trust 4 70.8 5/19/2048 PA USD
ENA Master Trust 4 71.1 5/19/2048 PA USD
Enel Generacion Chile 6.2 29.4 10/15/2028 CL CLP
Equatorial Energia 11 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1 5/15/2028 BR BRL
Esval SA 3.5 13.2 2/15/2026 CL CLP
Farfetch 3.8 4.3 5/1/2027 KY USD
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA 2.5 0 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterrane 4.6 0 11/12/2024 AR ARS
General Shopping Finan 10 66.2 KY USD
General Shopping Finan 10 65.1 KY USD
Genneia SA 2 56.4 7/14/2028 AR USD
Greenland Hong Kong 10.2 12.9 KY USD
Guacolda Energia SA 4.6 70.4 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Guacolda Energia SA 4.6 70.6 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Hector A Bertone SA 1.9 0 4/7/2024 AR USD
Hilong Holding 9.8 65.7 11/18/2024 KY USD
Hilong Holding 9.8 62.2 11/18/2024 KY USD
Hilong Holding 9.8 65.6 11/18/2024 KY USD
ICBC DO Brasil 3.3 59.5 BR USD
IMPSA 1 75 12/30/2031 AR USD
Itau Unibanco SA/Nassau 5.8 20.1 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 73 12/21/2061 JM JMD
Lani Finance 1.7 64.1 3/14/2049 KY EUR
Lani Finance 1.9 66.5 9/20/2048 KY EUR
Lani Finance 1.9 67.5 10/19/2048 KY EUR
Lani Finance 3.1 64.7 10/19/2048 KY AUD
Link Finance Cayman 2.2 69.8 10/27/2038 KY HKD
LIPSA Srl 1 0 8/23/2024 AR USD
Logan Group Co 7 5 KY USD
Longfor Group Holdings 4 45.2 9/16/2029 KY USD
Longfor Group Holdings 3.4 58 4/13/2027 KY USD
Longfor Group Holdings 3.9 40.2 1/13/2032 KY USD
Longfor Group Holdings 4.5 55.2 1/16/2028 KY USD
Luminis III 2.3 41.5 9/22/2048 KY USD
Luminis III 2.4 54 9/22/2048 KY AUD
Luminis IV 3.2 69.6 1/22/2042 KY AUD
Luminis 2.3 53.5 9/22/2048 KY AUD
Lunar Funding I 1.7 70.7 8/11/2056 KY GBP
MTR Corp CI 3 72.6 3/11/2051 KY HKD
MTR Corp CI 2.8 72.7 9/6/2047 KY HKD
MTR Corp CI 3.2 73.1 2/5/2055 KY HKD
MTR Corp CI 3 72.5 3/11/2051 KY HKD
Panama Gov't Int'l Bon 4.5 64.1 4/1/2056 PA USD
Panama Gov't Int'l Bon 2.3 70.3 9/29/2032 PA USD
Panama Gov't Int'l Bon 3.9 56.6 7/23/2060 PA USD
Panama Gov't Int'l Bon 3.3 75.7 1/19/2033 PA USD
Panama Gov't Int'l Bon 4.5 65.7 4/16/2050 PA USD
Panama Gov't Int'l Bon 4.5 63 1/19/2063 PA USD
Panama Gov't Int'l Bon 4.5 67.3 5/15/2047 PA USD
Panama Gov't Int'l Bon 4.3 63.8 4/29/2053 PA USD
Peruvian Gov't Int'l 2.8 57.2 12/1/2060 PE USD
Peruvian Gov't Int'l 3.2 57 7/28/2121 PE USD
Peruvian Gov't Int'l 3.6 71.3 3/10/2051 PE USD
Peruvian Gov't Int'l 3.6 65.4 1/15/2072 PE USD
Peruvian Gov't Int'l 3.3 74 3/11/2041 PE USD
Petroleos del Peru SA 5.6 66.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 66.4 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.7 10/27/2026 AR USD
Provincia de la Rioja 4.5 55.5 1/20/2027 AR USD
Provincia de la Rioja 7.5 51.1 7/20/2032 AR USD
Chaco Argentina 4 0 12/4/2026 AR USD
QNB Finance 13.5 65.4 10/6/2025 KY TRY
QNB Finance 11.5 73.2 1/30/2025 KY TRY
QNB Finance 2.9 73.4 9/16/2035 KY AUD
QNB Finance 2.9 72.1 12/4/2035 KY AUD
QNB Finance 3 74.6 2/14/2035 KY AUD
QNB Finance 3.4 70.7 10/21/2039 KY AUD
Radiance Holdings Grou 7.8 69.6 3/20/2024 KY USD
Rio Alto Energias Reno 7 28.7 7/15/2027 BR BRL
Santander Consumer Ch 2.9 72.5 11/27/2034 CL AUD
Seazen Group 6 70.3 8/12/2024 KY USD
Seazen Group 4.5 30.6 7/13/2025 KY USD
Shui On Dev't 5.5 73.2 3/3/2025 KY USD
Shui On Dev't 5.5 61.7 6/29/2026 KY USD
Silk Road Investments 2.9 66 1/23/2042 KY AUD
Skylark 1.8 59.1 4/4/2039 KY GBP
Autopista Central 5.3 37.3 12/15/2026 CL CLP
Vespucio Norte 5.3 50.7 12/15/2028 CL CLP
Minera de Chile SA 3.5 65.5 9/10/2051 CL USD
Minera de Chile SA 3.5 65.4 9/10/2051 CL USD
Southern Water Services 3 70.9 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.7 1/15/2042 BR BRL
SPE Saneamento RIO 2 6.9 10.3 1/15/2034 BR BRL
SPE Saneamento RIO 3 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 4 6.9 10.3 1/15/2034 BR BRL
Spica 2 74.6 3/24/2033 KY AUD
Spirit Loyalty Cayman 8 72.1 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72.5 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72 9/20/2025 KY USD
Spirit Loyalty Cayman 8 70.9 9/20/2025 KY USD
Sylph 2.7 68.3 3/25/2036 KY USD
Sylph 2.4 64.1 9/25/2036 KY USD
Sylph 3.1 74.6 9/25/2035 KY USD
Sylph 2.9 74.1 6/24/2036 KY AUD
SYN prop e tech SA 11.1 21.1 3/15/2024 BR BRL
Telecom Argentina SA 1 74.1 3/9/2027 AR USD
Telecom Argentina SA 1 66.2 2/10/2028 AR USD
Telefonica Moviles Chi 3.5 74.1 11/18/2031 CL USD
Telefonica Moviles Chi 3.5 74.2 11/18/2031 CL USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.3 6/3/2050 KY USD
Tencent Holdings 3.3 63.6 6/3/2060 KY USD
Tencent Holdings 3.9 73.4 4/22/2061 KY USD
Tencent Holdings 3.8 74.8 4/22/2051 KY USD
Tencent Holdings 3.2 67.2 6/3/2050 KY USD
Tencent Holdings 3.3 63.8 6/3/2060 KY USD
Tencent Holdings 3.9 73.2 4/22/2061 KY USD
Three Gorges Finance 3.2 70.5 10/16/2049 KY USD
Grupo Travessia 9 1.6 1/20/2032 BR BRL
Vina Santa Rita SA 4.4 63.8 9/15/2030 CL CLP
Volcan Cia Minera SAA 4.4 61.7 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 61.8 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 62.5 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 62.9 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 63.1 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 63.1 4/15/2029 CL USD
YPF SA 7 72.5 12/15/2047 AR USD
YPF SA 7 72.1 12/15/2047 AR USD
YPF SA 1 65.9 4/25/2027 AR USD
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *