/raid1/www/Hosts/bankrupt/TCRLA_Public/250128.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
Tuesday, January 28, 2025, Vol. 26, No. 20
Headlines
A R G E N T I N A
ARGENTINA: Caputo Flies Back for Talks With IMF Team
ARGENTINA: Economy Grew More Than Expected in November
ARGENTINA: Temporarily Reduces Export Duties in Boost For Farmers
B E R M U D A
NABORS INDUSTRIES: Approves Share Issuance for Parker Merger
B R A Z I L
BANCO BRADESCO: Fitch Assigns 'BB+' Rating on USD750MM Unsec. Notes
C H I L E
WOM SA: Court Extends Plan Exclusivity Period to March 21
WOM SA: Gets Court Approval to Raise $500MM to Exit US Bankruptcy
C O L O M B I A
GEOPARK LIMITED: Fitch Assigns 'B+' Rating on Sr. Unsecured Notes
GEOPARK LTD: S&P Rates Proposed Senior Unsecured Notes 'B+'
G R E N A D A
[*] GRENADA: Earns Nearly Half Billion From Citizenship Program
J A M A I C A
JAMAICA: Targets January Deadline to Implement Tax Deduction
P A R A G U A Y
UENO BANK: Fitch Assigns 'BB(EXP)' Rating on Upcoming Unsec. Notes
X X X X X X X X
LATAM: Inflation Drops Slightly Despite Uncertainty Over Trump
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Caputo Flies Back for Talks With IMF Team
----------------------------------------------------
Buenos Aires Times reports that Economy Minister Luis Caputo flew
back to Buenos Aires midweek to begin three days of talks with a
team from the International Monetary Fund (IMF).
Caputo, 59, chose to skip a planned trip to the World Economic
Forum in Davos, Switzerland, and prioritizes talks with an IMF
technical team over a new financing program for Argentina,
according to Buenos Aires Times.
Argentina has to settle commitments related to its 2018 deal with
the IMF, worth around US$44.5 billion, the report notes. It is
also seeking an additional US$11 billion in fresh funding, which
Milei says would allow the nation to remove the so-called 'cepo,'
strict currency controls that limit access to foreign currency, the
report relays.
Caputo, however, has rejected reports that exchange rate access
will be normalised imminently, despite Milei describing currency
controls as "aberrant," the report discloses.
A timeframe for a new financing program has not yet been set,
though IMF technicians recently signed off on a recent assessment
of Argentina's current program and policies, the report says.
Representatives from the IMF arrived in Buenos Aires to begin talks
in earnest over a new agreement and have begun meetings with
Argentina's economic team to make progress, government sources
confirmed to the Noticias Argentinas news agency, the report
notes.
Midweek, Caputo insisted that the IMF would not set policy,
maintaining that "the economic program will continue to be the one
proposed by Argentina," the report relays.
Caputo had travelled to the United States with President Javier
Milei to participate in US President Donald Trump's inauguration,
but decided to skip the high-profile summit in Davos, the report
says.
The talks in Buenos Aires come just days after the head of the IMF
met Milei in Washington, the report notes. After the talks, IMF
Managing Director Kristalina Georgieva expressed strong support for
the government's economic reforms and confirmed that negotiations
over a new program are underway, the report discloses.
Highlighting "Argentina's remarkable transformation," Georgieva
used a post on her X account to outline Milei's economic
improvements: "deficit eliminated, inflation reduced, and growth
recovering with positive prospects for the future," she wrote, the
report relays.
In mid-January, the IMF upgraded its growth projections for
Argentina's economy, forecasting growth of five percent for both
2025 and 2026 - surpassing the global average of 3.3 percent over
the same period, the report notes.
Under Milei, inflation in Argentina dropped 94 percentage points
last year from 2023 levels, down to 117.8 percent, the report
adds.
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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating. The S&P ratings have
been affirmed as of August 2024. 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 that it would likely consider to be distressed.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
ARGENTINA: Economy Grew More Than Expected in November
------------------------------------------------------
Manuela Tobias at Bloomberg News reports that Argentina's economy
expanded more than expected in November, continuing to show signs
of recovery after surpassing growth forecasts in the third
quarter.
Economic activity rose 0.9 percent from October, more than the 0.4
percent median estimate of economists surveyed by Bloomberg. From
a year ago, activity grew 0.1 percent, also more than expected,
according to government data published, according to Bloomberg
News.
South America's second-largest economy is showing signs of
improvement after a deep slump exacerbated by President Javier
Milei's austerity, Bloomberg News notes.
Wages in Argentina grew 4.6 percent in October from September,
surpassing monthly inflation for the seventh straight month after
price increases wiped out pay-cheques earlier in the year,
Bloomberg News says. With wages picking up, the government
estimates that the poverty declined below 39 percent in the third
quarter after surpassing 54 percent at the start of the year,
Bloomberg News discloses.
Fishing, finance and mining helped drive annual growth in November,
while construction and manufacturing posted declines. Argentina's
third-quarter growth was driven by capital expenditures, consumer
spending, and exports, Bloomberg News says.
Beyond wages, job growth is slowly picking up. Private sector
employment gained for the fourth consecutive month in October. The
International Monetary Fund (IMF) estimates gross domestic product
will expand five percent this year, Bloomberg News adds.
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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating. The S&P ratings have
been affirmed as of August 2024. 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 that it would likely consider to be distressed.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
ARGENTINA: Temporarily Reduces Export Duties in Boost For Farmers
-----------------------------------------------------------------
Buenos Aires Times reports that after repeated complaints from
farming lobbies, Argentinian Economy Minister Luis Caputo disclosed
a temporary reduction of grain export duties, along with the
elimination of export duties for regional economies.
At a press conference with Presidential Spokesman Manuel Adorni,
Caputo attributed the move to the prospects of drought and receding
global commodity prices, according to Buenos Aires Times.
The reported reductions, which will only extend until midyear, are
as follows: soy from 33 to 26 percent; soy-based products from 31
to 24.5 percent; wheat, barley, sorghum and maize all from 12 to
9.5 percent and sunflower from seven to 5.5 percent, although these
percentages still await final confirmation, the report notes.
According to INDEC statistics bureau, farm produce represented over
60 percent of Argentine exports last year, the report discloses.
"We are going to lower taxation but without compromising the
[fiscal] surplus. This decision permits farmers to plan better, the
report says. Given the particular situation of the countryside
with drought, this display of solidarity is very important. We're
trying to be fair, to lower taxes towards a fairer country,"
commented the economic czar, the report notes.
Caputo said that he would "love" to lower the grain levy to "zero"
but for that Argentina would need "a (fiscal) surplus equivalent to
US$8 billion," the report relays.
"We cannot compromise everything, whatever good intentions we might
have, by lowering taxes permanently," said Caputo, the report
says.
The four farming organisations forming the Mesa de Enlace industry
group had been pressing Caputo for a meeting to discuss this issue,
which he had vaguely promised for next month while admitting that
the demands were justified, but the government made its move ahead
of any meeting, the report discloses.
The libertarian administration simultaneously announced the
elimination of all export duties for regional economies - an area
which covers the sectors linked to sugar, cotton, leather, rice,
tobacco and forestry, among others, the report says.
Sociedad Rural Argentina President Nicolás Pino celebrated the
lowered export duties but assured that he would continue "working
to seek the total and definitive elimination of that tax," the
report adds.
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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating. The S&P ratings have
been affirmed as of August 2024. 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 that it would likely consider to be distressed.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
=============
B E R M U D A
=============
NABORS INDUSTRIES: Approves Share Issuance for Parker Merger
------------------------------------------------------------
Nabors Industries Ltd. on January 17, 2025, held a special general
meeting of shareholders to consider the proposals set forth in the
definitive proxy statement of the Company filed with the U.S.
Securities and Exchange Commission on October 31, 2024, as amended
on December 4, 2024, in connection with the Agreement and Plan of
Merger by and among the Company, Parker Drilling Company, Nabors
SubA Corporation, a Delaware corporation and a wholly owned
subsidiary of the Company, and Varde Partners, Inc., a Delaware
corporation, solely in its capacity as the representative of the
stockholders of Parker, providing for the merger of Nabors SubA
with and into Parker, with Parker surviving the merger as a wholly
owned subsidiary of the Company.
A total of 7,548,890 Nabors common shares, representing
approximately 70.49% of the Nabors common shares issued and
outstanding and entitled to vote as of the record date for the
Special General Meeting, were present virtually or by proxy at the
Special General Meeting, constituting a quorum to conduct
business.
At the Special General Meeting, the following proposals were
considered:
(1) the proposal to approve the issuance of Nabors common
shares, par value $0.05 per share, to stockholders of Parker, in
connection with the merger.
RESULT: Approved (91.17%)
(2) the proposal to approve the adjournment of the Special
General Meeting to a later date or dates, if necessary or
appropriate, to solicit additional proxies in the event there are
not sufficient votes at the time of the Special General Meeting to
approve the Nabors share issuance proposal.
RESULT: Approved (87.64%)
No other matters were submitted for shareholder action at the
Special General Meeting.
About Nabors
Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.
Nabors Industries reported a net loss of $11.8 million for the year
ended December 31, 2023, a net loss of $307.22 million in 2022, a
net loss $543.69 million in 2021, a net loss of $762.85 million in
2020, a net loss of $680.51 million in 2019, a net loss of $612.73
million in 2018, and a net loss of $540.63 million in 2017. As of
March 31, 2024, the Company had $4.64 billion in total assets,
$3.37 billion in total liabilities, and $522.82 million in total
stockholders' equity.
* * *
In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6' rating to
Nabors Industries, Inc.'s proposed senior guaranteed notes (PGN)
due 2031. Nabors plans to utilize the proceeds from these notes to
refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd.
(Bermuda) and for general corporate purposes. The proposed notes
will rank pari passu with Bermuda's existing PGN due 2026 and PGN
due 2028.
Nabors' existing 'B-' Long-Term Issuer Default Rating and Stable
Outlook reflect the softening U.S. drilling environment since the
beginning of 2023, alongside a steadily growing international
segment. Fitch's credit profile assessment is supported by the
expectation that free cash flow (FCF) will be directed toward gross
debt reduction, as well as the company's proactive management of
its maturity profile and its adequate liquidity.
However, these positive factors are partially offset by the
company's large note maturities starting in 2027, which Fitch
anticipates will likely require partial refinancing through capital
markets. Additionally, potential declines in rig activity and day
rates could negatively impact cash flow and restrict FCF and
near-term gross debt reduction. The company's complex capital
structure, combined with the current high-interest rate
environment, could also limit refinancing options and increase
interest expenses.
In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' issuer credit rating on Nabors
Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level
rating on the company's senior priority guaranteed notes, with a
recovery rating of '3,' and a 'CCC' issue-level rating on the
company's priority guaranteed notes, with a recovery rating of '6.'
The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' issuer credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.
In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6' recovery rating to Nabors Industries Ltd.'s proposed
$550 million senior guaranteed notes due 2031. The company's
subsidiary, Nabors Industries Inc., will issue the notes. The '6'
recovery rating indicates S&P's expectation of negligible (0%-10%;
rounded estimate: 0%) recovery of principal by creditors in the
event of a payment default.
===========
B R A Z I L
===========
BANCO BRADESCO: Fitch Assigns 'BB+' Rating on USD750MM Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' final long-term rating to Banco
Bradesco S.A.'s (Bradesco) USD750 million senior unsecured notes.
The notes were issued through its Cayman Islands Branch and are due
2030.
The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on Jan. 13, 2025. Please see "Fitch
Expects to Rate Bradesco Proposed Senior Notes 'BB+(EXP)".
Key Rating Drivers
The rating on the notes is at the same level of Bradesco's
Long-Term Foreign Currency Issuer Default Rating (IDR,
BB+/Negative) as the notes are senior obligations and the default
equates to default of bank and the expected recoveries are average
upon default. Bradesco's ratings are driven by its standalone
creditworthiness, as measured by its 'bb+' Viability Rating (VR).
For further information on Bradesco's rating rationale and
sensitivities please refer to latest press release "Fitch Affirms
Bradesco's IDRs at 'BB+'; Outlook Negative" dated Dec. 17, 2024 and
available.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The rating of the notes could be downgraded in the event of a
downgrade of Bradesco's VR and IDR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The rating of the notes could be upgraded in the event of an
upgrade of Bradesco's VR and IDR.
Date of Relevant Committee
16-Dec-2024
Public Ratings with Credit Linkage to other ratings
Bradesco´s Government Support Rating is linked to Brazil's
sovereign rating.
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 Prior
----------- ------ -----
Banco Bradesco S.A.
senior unsecured LT BB+ New Rating BB+(EXP)
=========
C H I L E
=========
WOM SA: Court Extends Plan Exclusivity Period to March 21
---------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware extended WOM SA and its affiliates' exclusive periods
to file a plan of reorganization and obtain acceptance thereof to
March 21, 2025 and May 20, 2025, respectively.
As shared by Troubled Company Reporter, Debtors claim that the
Company's business also involves a variety of stakeholders
including suppliers, customers, financial creditors, and
governmental regulators. The Debtors operate or franchise over 200
stores throughout Chile and employ approximately 7,000 employees
and independent contractors. These facts further demonstrate the
complexity and size of these Chapter 11 Cases, and the Debtors must
work through the myriad issues that a business of this scale faces
when rebuilding its operations through the chapter 11 process.
The Debtors believe that, in light of the progress made in these
Chapter 11 Cases, it is reasonable to request an additional
extension of the Exclusive Periods to allow the Debtors more time
to negotiate key documents with their stakeholders and solicit
votes on the Plan in order to ensure an efficient exit from chapter
11. Granting the requested extensions will facilitate the Debtors'
efforts by providing the Debtors with a full and fair opportunity
to continue these efforts without the distraction of competing
plans.
The Debtors assert that they have obtained support for the Plan
from the AHG and the Committee pursuant to the PSA. An extension of
the Exclusivity Periods would provide the Debtors with more time to
prosecute the Plan, negotiate key Plan documents, and reach
consensus with other constituencies, which would advance the
prospect of a fully consensual Plan confirmation hearing.
The Debtors further assert that the extension is not sought for the
purpose of pressuring creditors. Rather, the Debtors will use any
extension granted by this Court to work to obtain consensus support
to solicit the Plan and draft key documents for the reorganization
transactions. Further, the Debtors consulted with and provided
certain key constituents, including the AHG and the Committee, with
an opportunity to review and comment on the Debtors' second request
for an extension of the Exclusivity Periods prior to filing this
Motion.
Co-Counsel to the Debtors:
John K. Cunningham, Esq.
Richard S. Kebrdle, Esq.
WHITE & CASE LLP
Southeast Financial Center
200 South Biscayne Boulevard,
Suite 4900
Miami, Florida 33131
Tel: (305) 371-2700
Email: jcunningham@whitecase.com
rkebrdle@whitecase.com
- and -
Philip M. Abelson, Esq.
Andrew Zatz, Esq.
Samuel P. Hershey, Esq.
Andrea Amulic, Esq.
Lilian Marques, Esq.
Claire Tuffey, Esq.
1221 Avenue of the Americas
New York, NY 10020
Phone: (212) 819-8200
Email: philip.abelson@whitecase.com
azatz@whitecase.com
sam.hershey@whitecase.com
andrea.amulic@whitecase.com
lilian.marques@whitecase.com
claire.tuffey@whitecase.com
Co-Counsel to the Debtors:
John H. Knight, Esq.
Amanda R. Steele, Esq.
Brendan J. Schlauch, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, Delaware 19801
Tel: (302) 651-7700
Email: knight@rlf.com
steele@rlf.com
schlauch@rlf.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 U.S. 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 reports 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 Approval to Raise $500MM to Exit US Bankruptcy
-----------------------------------------------------------------
Steven Church of Bloomberg News reports that Chile's telecom WOM
received court approval to raise $500 million as part of an
agreement with noteholders to exit bankruptcy and end US judicial
oversight of the company.
Under the deal, noteholders, including funds managed by BlackRock
Financial Management and Moneda, will back WOM's issuance of enough
new convertible notes to facilitate its bankruptcy exit, according
to court filings.
During a court hearing on January 9, 2025, US Bankruptcy Judge
Karen Owens approved the rules for the rights offering, the report
relates. She also instructed the company to translate as many
documents as possible into Spanish and distribute notices, 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.
===============
C O L O M B I A
===============
GEOPARK LIMITED: Fitch Assigns 'B+' Rating on Sr. Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of
'RR4' to GeoPark Limited's (GeoPark) proposed benchmark size
unsecured bonds. Net proceeds of the notes will be used to
repurchase part or the total amount outstanding of the senior
unsecured notes due 2027, to repay up to $152 million of
outstanding prepayments under the offtake and prepayment agreement
with Vitol C.I. Colombia S.A.S. (Vitol), and for other general
corporate purposes. Fitch currently rates GeoPark's Long-Term
Foreign and Local Currency Issuer Default Rating (IDR) 'B+'/Outlook
Stable.
GeoPark's ratings reflect the company's track record of increasing
production and improving reserve life, and ability to implement an
effective cost-reduction plan. Fitch's base case estimates that
GeoPark's proved (1P) reserves will be close to 93 million of
barrels of oil equivalent (mmboe) by YE 2024, assuming a Reserve
Replacement Ratio (RRR) of at least 100%. Fitch also estimates that
the Reserve Life index (RLI) will remain above seven years
throughout the rating horizon. The base case production is 36,000
barrels of oil equivalent per day (boed) in 2024, and between
35,000 boed and 40,000 boed in 2026.
Key Rating Drivers
Growing Reserve Life: Fitch estimates GeoPark's RLI will remain
above seven years throughout the rating horizon, reversing the
declining trend of the last two years, in line with the current
rating threshold. In May 2024, the company acquired non-operated
working interest (WI) in four adjacent unconventional blocks (Mata
Mora and Confluencia) in the Neuquén Basin in Argentina, adding 39
mmboe in net 1P reserves and additional production of at least
6,000 boed to the current portfolio.
Production Profile: GeoPark's ratings remain constrained to the 'B'
category given its relatively small scale of operations. Fitch
expects GeoPark's daily production to increase yoy, reaching an
exit rate close to 38,000 boed for YE 2024. As of 3Q24, the company
reported production of 33,215 boed, 4% lower than the 3Q23 level.
Net production of acquired blocks in Argentina was 5,679 boed in
3Q24. Fitch's base case assumes Geopark's production will be
between 35,000 boed and 40,000 boed in 2026.
Effective Cost Producer: Fitch expects the company to continue to
maintain its cost-efficient production profile. GeoPark's
competitive advantages stem from its operations in Colombia's
onshore oilfields, which result in lower exploration costs, partly
from the low transportation costs enabled by selling at the
wellhead. In 2023, GeoPark's half-cycle cost was $20.7/boe and the
full-cycle cost was $32.3/boe. Lifting costs (excluding
transportation) were $5.8/boe for the Argentinian assets, compared
with $13.2/boe for the current operations, which should further
reduce overall production costs in 2025.
Financial Flexibility: Fitch's rating case assumes that GeoPark
will maintain its conservative financial policies, including
hedging a portion of its production and supporting its
cost-efficient production profile, while sustaining a conservative
leverage and liquidity positions. CFO is expected to cover capex by
an average of 1.5x times under Fitch's price deck assumption over
the rating horizon. GeoPark secured up to $500 million in funding
from Vitol, boosting liquidity between 2024 and 2026. Dividends are
assumed to be paid each year but will not materially exceed FCF.
Derivation Summary
GeoPark's credit and business profile is comparable to other small
independent oil producers in Latin America. The ratings of
SierraCol Energy Limited (B+/Stable), Frontera Energy Corporation
(B/Stable), and Gran Tierra Energy Inc. (B+/Stable) are all
constrained to the 'B' category, given the inherent operational
risk associated with the small scale and low diversification of
their oil and gas production. 3R Petroleum Oleo e Gas S.A.'s
(BB-/Stable) gas-focused business and robust reserves differentiate
it from the independent producers in Colombia.
GeoPark's production profile compares favorably with other 'B'
category peers in Colombia. Over the rating horizon, Fitch expects
GeoPark's production will be between 35,000 boed and 40,000 boed in
2026, compared with SierraCol's expected production at 43,000 boed,
Frontera's at 42,000 boed, and Gran Tierra's at 60,000 boed.
GeoPark's 1P RLI is expected to remain above seven years over the
rating horizon, in line with its Colombian peers. Geopark's
half-cycle cost of $20.7/boe and full-cycle cost of $32.3/boe are
on the lower side of the range for producers in the region. 3R's
half-cycle cost was at the higher side of the spectrum at $43.5 in
2023. Fitch expects GeoPark, like its Colombian peers, to maintain
leverage levels below 2.0x over the next four years.
Key Assumptions
- Fitch's revised price deck for Brent per barrel (bbl) of $80 bbl
for 2024, $70 bbl for 2025, and $65 bbl for 2026 and 2027;
- Average production of 36,000 boed in 2024; between 35,000-40,000
boed in 2026;
- Average annual dividends of $30 million;
- 2024 capex close to $200 million; annual average capex of $230
million between 2025 and 2027;
- Production cost per boe of $10.5 between 2024 and 2027;
- Exploration cost per boe of $1.0 between 2024 and 2027;
- SG&A cost per boe of $3.0 between 2024 and 2027;
- Reserve replenishment ratio annual average of 1P of 100%.
Recovery Analysis
The recovery analysis assumes that GeoPark would be a going concern
(GC) in bankruptcy and that it would be reorganized rather than
liquidated.
GC Approach:
- A 10% administrative claim.
- The GC EBITDA is estimated at $400 million. The GC EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of GeoPark.
- EV multiple of 5.0x.
With these assumptions, Fitch's waterfall generated recovery
computation (WGRC) for the senior unsecured notes is in the 'RR3'
band. However, according to Fitch's "Country-Specific Treatment of
Recovery Ratings Criteria," the Recovery Rating for corporate
issuers in Colombia is capped at 'RR4'. The Recovery Rating for the
senior secured notes is therefore 'RR4' with 50% recoveries in a
hypothetical event of default.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Sustainable production falls below 30,000 boed;
- Reserve life declines to below 7.0 years on a sustained basis;
- A significant deterioration of total debt/EBITDA to 3.0x or
more.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Net production rising consistently to 75,000 boed on a sustained
basis while maintaining 1P reserves reserve life of at least 10
years, consistently;
- Maintenance of a conservative financial profile, with gross
leverage of 2.5x or below;
- Diversification of operations and improvements in realized oil
and gas differentials.
Liquidity and Debt Structure
GeoPark had cash on hand of $123 million as of Sept, 30, 2024. This
compares favorably to its short-term debt of $6 million. In
November 2024, the company signed a committed credit line with
Banco BTG Pactual S.A. and Banco Latinoamericano de Comercio
Exterior S.A. with access to up to $100 million, which remains
undrawn, and close to $200 million of uncommitted credit lines. The
company also has access to committed funding from Trafigura for up
to $100 million in prepaid future oil sales-
Issuer Profile
GeoPark Ltd. is a small but growing oil and gas exploration and
production company, with producing operations in Colombia, Ecuador
and Brazil. It recently acquired working interest in four blocks in
the prolific Vaca Muerta basin in Argentina.
Date of Relevant Committee
19-Jul-2024
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
GeoPark Limited has an ESG Relevance Score of '4' for GHG Emissions
& Air Quality due to the growing importance of the continued
development and execution of the company's energy-transition
strategy. This 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 Recovery
----------- ------ --------
GeoPark Limited
senior unsecured LT B+ New Rating RR4
GEOPARK LTD: S&P Rates Proposed Senior Unsecured Notes 'B+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating to GeoPark Ltd.'s
proposed senior unsecured notes. GeoPark will use the proceeds to
repay certain existing indebtedness and for other general corporate
purposes.
For example, GeoPark will use proceeds for the announced cash
tender offer to purchase its 5.5% outstanding 2027 senior notes and
to prepay up to $152 million outstanding under its offtake and
prepayment agreement with Vitol. The tender offer on the 2027 notes
is subject to GeoPark's new notes issuance. In our view, this
issuance will improve the company’s liquidity and amortization
schedule while investments remain high in the next two to three
years to develop the acquired blocks of the Vaca Muerta formation
in Argentina.
S&P said, "We rate GeoPark's senior unsecured notes at the same
level as the issuer credit rating (B+/Stable/--), given the notes
receive a full and unconditional upstream guarantee from the
company's main cash-generating subsidiaries, GeoPark Colombia and
GeoPark Argentina. Combined, these subsidiaries generate over 90%
of GeoPark's EBITDA. Moreover, there is no material debt at the
level of the operating subsidiaries.
"The stable outlook on our issuer credit rating on GeoPark
incorporates our expectation that the company will maintain solid
operating performance and profitability. We expect the company’s
debt to EBITDA to increase to 1.7x for 2024 and drop to 1.4x in
2025 amid higher production and EBITDA contribution from the blocks
in Vaca Muerta. We also think the company will maintain a
manageable liquidity position with no meaningful debt amortization
in the next two years."
=============
G R E N A D A
=============
[*] GRENADA: Earns Nearly Half Billion From Citizenship Program
---------------------------------------------------------------
RJR News reports that Grenada earned nearly half a billion dollars
from the Citizenship by Investment Programme last year.
The authorities said nationals from China and Nigeria accounted for
more than 2,000 of the approved 5,443 new citizens approved in
2024, according to RJR News.
The government earned EC$472.9 million, but recently, the chairman
of the CBI Committee, Richard Duncan, said fewer than 600
applications are expected to be submitted for this year because of
Grenada's decision to stop accepting Russians to the program, the
report adds.
=============
J A M A I C A
=============
JAMAICA: Targets January Deadline to Implement Tax Deduction
------------------------------------------------------------
RJR News reports that Prime Minister Dr. Andrew Holness has
announced that the project to consolidate the various payroll taxes
into a single payroll tax deduction will be implemented early next
year.
"We are now well on our way to have it done. In fact, I've given
the tax authorities a deadline. I won't say the deadline publicly
yet, but they have a deadline. And I received an update from the
Ministry of Finance and the Tax Administration of Jamaica on the
project. And we are targeting implementation of this by January
2026," he announced, according to RJR News.
Dr. Holness was speaking at the Jamaica Stock Exchange 20th
regional investments and capital markets conference, the report
notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. In September 2023, S&P
Global Ratings raised its long-term foreign and local currency
sovereign credit ratings on Jamaica to 'BB-' from 'B+', and
affirmed its short-term foreign and local currency sovereign credit
ratings at 'B', with a stable outlook. In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive. In March 2022, Fitch Ratings affirmed Jamaica's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.
===============
P A R A G U A Y
===============
UENO BANK: Fitch Assigns 'BB(EXP)' Rating on Upcoming Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned Ueno Bank SA's (BB/Stable) upcoming
senior unsecured notes a 'BB(EXP)' expected rating. The U.S.
dollar-denominated notes are for an amount and tenor yet to be
determined at a rate to be set at the time of issuance.
The final rating is contingent on the receipt of final documents
materially conforming to the information already received. The use
of proceeds will be for general corporate purposes.
Key Rating Drivers
Ueno's proposed senior unsecured notes are rated at the same level
as its Long-Term Issuer Default Rating (IDR), as the likelihood of
default of the notes is the same as that of the bank.
The proposed notes will constitute Ueno's direct, unsecured,
unsubordinated and senior obligations and rank pari passu in right
of payment with other existing and future unsecured and
unsubordinated obligations.
Ueno's 'bb' Viability Rating (VR) drives its IDRs. The company's
ratings are highly influenced by Paraguay's stable operating
environment and Ueno's strong capitalization metrics post-merger
relative to similarly rated international peers - universal and
commercial banks rated in 'bb' category - and the system average.
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.
For more details on Ueno, see Fitch Rates UENO Bank's IDR 'BB';
Outlook Stable
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Ueno's senior unsecured debt ratings are directly linked to the
bank's Long-Term IDR. Any negative rating action on the IDR will
result in a similar rating action on the debt ratings.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Ueno's senior unsecured debt rating will generally move in tandem
with the bank's Long-Term IDR.
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
senior unsecured LT BB(EXP) Expected Rating
===============
X X X X X X X X
===============
LATAM: Inflation Drops Slightly Despite Uncertainty Over Trump
--------------------------------------------------------------
Dominican Today reports that Latin America begins 2025 with the
expectation of continuing the decline in inflation, albeit at a
slower pace than that observed in 2024, and with the challenges and
uncertainty posed by Donald Trump's arrival in the White House.
According to the latest report from the Economic Commission for
Latin America and the Caribbean (ECLAC), the projected Latin
American growth rate for 2024 is 2.2%, while 2025 stands at 2.4%,
the report notes.
The same organization points out that inflation in the region has
shown a downward trend, so it estimates that the total for 2024
would drop to 3.4%, according to Dominican Today.
However, Latin America's challenges, which closed 2024 with the
disparity between countries that recorded high inflation rates,
those that failed to meet their projections, and those that
achieved a better "control" of price variation, will be permeated
by Trump's economic policies, which will be sworn in for a new term
next January 20, the report notes.
Uncertainty About Trump
The U.S. president-elect has promised a tax cut and has threatened
to impose more substantial tariffs, which could generate a
"deficit" and pose a "risk" for exchange markets, according to
Alejandro Espitia, professor of Development and Macroeconomics at
Colombia's Javeriana University, the report relays.
For Espitia, it would be "almost impossible" to balance Trump's
proposed spending increase, tax cuts, his intention to "weaken the
dollar," and increased tariffs on his trading partners. He says
this "cocktail of measures" creates "great uncertainty and would
have brutal effects on the growth" of the economy, the report
discloses.
"We have to see what happens. Surely (with all these measures) the
Federal Reserve (Fed) will have to raise interest rates," predicts
the expert, who argues that the 'contradiction in the decisions'
taken by Trump will 'terribly' affect the region's markets. During
his first term (2017-2021), the Republican was a "bit stuck," says
Espitia, about the "obstacles" that even his party put in his way,
the report notes.
But, for his next administration, "the Republicans need Trump more
than Trump needs the Republicans," so "surely many things (of those
he proposes) he will be able to do." Countries with better
"control" of their inflation, the report discloses.
Among the region's inflation performers, Argentina stands out, the
report says. Its consumer price index (CPI) stood at 117.8%
year-on-year, the eighth consecutive deceleration under Javier
Milei's government, the report relays. In Venezuela, inflation was
48% in 2024, according to preliminary figures announced by Nicolas
Maduro, who was sworn in on January 10 as president for a third
six-year term, the report says.
Despite this figure, the independent Venezuelan Finance Observatory
(OVF) reported that inflation closed at 85%, a reduction of 108
points from 2023, when it ended at 193% the report relays.
Nicaragua had an inflation rate of 2.84%, 2.76 points lower than in
2023 the report recalls.
Ecuador closed the year with 0.53%, some 0.83 percentage points
below 2023 and the lowest since 2021 the report recalls. And
Colombia recorded inflation of 5.2%, -4.08 points from 2023 when it
stood at 9.28% the report notes.
Mexico's inflation rate, meanwhile, also fell to 4.21%, its lowest
level in nearly four years the report discloses. The US CPI rose
by two-tenths of a percentage point in December to 2.9%, closing
2024 far from the 2% target and with a rebound that complicates the
pace of interest rate cuts initiated in September by the Fed the
report relays. The Dominican Republic recorded inflation of 3.35%,
the lowest in the last six years and slightly lower than in 2023
(3.57%) the report says.
Brazil's inflation rate was 4.83%, above the target ceiling set by
the Central Bank (4.5%) and higher than the 2023 figure (4.62%) the
report discloses. Costa Rica reached 0.84%, outside the target
range set by the Central Bank of between 2% and 4%, for the third
consecutive year the report relays. In 2023, it posted a deflation
rate of 1.77% the report notes. Bolivia closed with a cumulative
inflation of 9.97%, the highest since 2008 (11.8%) the report
says.
In Chile, the CPI was 4.5%, below the Central Bank's estimates,
after ending 2023 at 3.9% the report discloses. Challenges and
expectations for 2025 After knowing the inflation figures in the
different Latin American countries, the expectation is focused on
Trump's actions, which, for Celso Melo, professor of Economics and
Finance at Jorge Tadeo Lozano University, will lean towards
"protectionism," the report relays.
This expert agrees with Espitia when considering the "degree of
uncertainty" generated by Trump's possession and the "tensions"
that -he assures- could be generated by his "abuse in the increase
of protectionist measures," the report notes.
The United States will bet on strengthening its economy,
controlling inflation, and accommodating employment," analyzes
Melo, who adds that the new government "will seek to recover lost
territories within the dynamics of international trade," the report
discloses.
Thus, beyond the "fiscal adjustments" implemented by Latin America,
the outlook for 2025 will also depend on the "social and political
order" of the region, warns Melo, as these dynamics "will
influence" Trump's measures, the report says.
For this reason, and concerning the trade war that the Americans
are waging with China, Melo suggests renegotiating or improving the
conditions of the Free Trade Agreements, which would be a "win-win"
for both the US and Latin America, a "natural partner" of what
"continues to be" the world's most important economic power, the
report adds.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2025. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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