/raid1/www/Hosts/bankrupt/TCRLA_Public/250206.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
Thursday, February 6, 2025, Vol. 26, No. 27
Headlines
A N T I G U A A N D B A R B U D A
ANTIGUA & BARBUDA: To Issue Low-Interest Bond to Tackle Debt
DOMINICAN REPUBLIC: US Has Great Weight in Economy
FTX GROUP: Reaches Settlement With K5 Global
B R A Z I L
BRAZIL: IDB OKs $180M Loan to Advance Digital Transformation
USINA CORURIPE: S&P Withdraws 'B-' Rating
D O M I N I C A N R E P U B L I C
[] DOMINICAN REPUBLIC: Exports Surpass US$12,000MM, Customs Says
[] DOMINICAN REPUBLIC: Grows 5% in 2024, Reports Central Bank
J A M A I C A
NCB JAMAICA: Reorganizes its Management Team
P E R U
MINAS BUENAVENTURA: Tender Offer of 2026 Notes Expires
- - - - -
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A N T I G U A A N D B A R B U D A
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ANTIGUA & BARBUDA: To Issue Low-Interest Bond to Tackle Debt
------------------------------------------------------------
RJR News reports that the Antigua & Barbuda government says it will
soon issue a long-term bond with a low interest rate to pay
outstanding short-term and high-interest debt.
Prime Minister Gaston Browne, speaking at the Latin America and the
Caribbean International Economic Forum 2025, which ended on the
island, said debt has perennially strangled small island developing
states, according to RJR News.
Mr. Browne said the initiative will help to create additional
fiscal space to fund development and build climate resilience, the
report notes.
DOMINICAN REPUBLIC: US Has Great Weight in Economy
--------------------------------------------------
Dominican Today reports that the United States is the most
important economic partner for the Dominican Republic and leads the
first statistics in terms of remittances with 85% of the total
received by the Dominican Republic, 50% of the tourists it receives
and represents 22% of Foreign Direct Investment (FDI), according to
2024 figures.
In commercial exchange, 33. 7% of the country's total imports come
from the United States and represent 15.19% of total national
exports and 72.64% of total exports from free zones, according to
Dominican Today .
Taking into account this economic and social weight, the economic
policies of that country under the new President Donald Trump can
affect or benefit the Dominican Republic, the report notes.
The economic behavior of the United States is one of the elements
that the Central Bank monitors to counteract the impact on the
Dominican economy of the challenging international outlook, in
order to guarantee the stability of prices and the foreign exchange
market, the report relays.
In the month of December 2024 alone, 80.3% of formal remittance
flows, equivalent to US$710.5 million, came from that country, out
of a total of US$1,003.5 million in that month, the report notes.
In all of 2024, the country received US$10,756.0 million, an
increase of 5.9% compared to 2023, the report recalls.
While in 2023 of total remittances 85.7% came from the United
States, in previous years, the figures are very similar and 84.5%
in 2023, 84.4% in 2022, 84.9% in 2021, 82.7% in 2020 and 76.6% in
2019, the report recalls.
The Central Bank explains that these remittances sent by the
Dominican diaspora abroad, as they generate a multiplier effect on
consumption, investment and financing of the most vulnerable
sectors of the country, the report discloses.
From January to September 2024, U.S. FDI in the country was
US$785.2 million, the total for was US$3,571.8 million, or 22%, the
report notes. In 2024, the second country with the highest FDI is
Spain with US$499.2 million and third Mexico US$395.9 million and
in fourth place US$187.8 million Canada by 2024, the report says.
In 2023 in the United States, FDI in the country was 30.2%, of
US$1,328.5 million and the total for the year for the country was
US$4,390.2 million, the report notes.
Regarding tourism, the U.S. contributed 46% of the foreign visitors
that the country received in 2024 (A total of 11,192,047 visits by
non-residents by air and cruise ships), the report relays. And
taking into account commercial flights, 50% of these came from the
United States. And of the total number of flights, 19% are by Jet
Blue, 10% American and 7% Delta, with American capital, the report
adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
FTX GROUP: Reaches Settlement With K5 Global
--------------------------------------------
FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust
(collectively "FTX") disclosed that they have reached a settlement
with venture capital firm K5 Global ("K5"), resolving the June 2024
lawsuit brought by FTX.
"T[he] settlement reflects another mutually beneficial solution to
the broader issues raised during the collapse of the FTX group,"
said John. J. Ray III, Chief Executive Officer of the FTX Recovery
Trust. "We are pleased to have reached an agreement with K5. Having
spent extensive time with Michael Kives and Bryan Baum, co-founders
of K5, it is clear that K5 is a bright spot in the FTX portfolio,
and the expected strong performance of their investments will be a
key driver in the recovery efforts for our stakeholders."
K5 Global co-founders Michael Kives and Bryan Baum said in a joint
statement, "We appreciate the extraordinary professionalism and
collaboration of John Ray and are grateful to have reached this
settlement. We are proud of the role that K5 will play in the
recovery process for all FTX stakeholders."
Additional Information about FTX Recoveries and Distributions
As previously announced, FTX's U.S. Bankruptcy Court-approved
Chapter 11 plan of reorganization (the "Plan") became effective on
January 3, 2025. The initial distribution record date for holders
of allowed claims in the Plan's convenience classes (the "Initial
Distribution") was also January 3, 2025. The Initial Distribution
is expected to occur within 60 days of January 3, 2025, with
participation subject to know-your-customer and other distribution
requirements. U.S. Bankruptcy Court filings, including the Plan and
other documents related to the U.S. Bankruptcy Court proceedings,
are available at https://cases.ra.kroll.com/FTX/.
About K5
K5 Global is a venture capital firm and incubation studio that
invests in category defining companies at all stages. The firm was
founded in 2018 by Michael Kives and Bryan Baum.
Advisors
The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as
legal counsel and is assisted by Alvarez & Marsal North America,
LLC as financial advisor, Perella Weinberg Partners LP as
investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as
special counsel and Landis Rath & Cobb LLP as Delaware counsel.
About FTX GROUP
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
===========
B R A Z I L
===========
BRAZIL: IDB OKs $180M Loan to Advance Digital Transformation
------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $150
million loan to implement PRODIGITAL, a joint program with the
Brazilian Development Bank (BNDES) to advance digital
transformation in Brazilian states and municipalities and enhance
public services for citizens. The BNDES will contribute an
additional $30 million to this financing, which has been approved
by the IDB's Board of Executive Directors.
The Federal Program for Digital Government and Infrastructure
(PRODIGITAL) will co-finance a credit line for the BNDES for
digital transformation projects in municipalities with more than
100,000 inhabitants, Brazilian states and the Federal District.
Projects chosen from a group of eligible initiatives will be able
to receive $2 million to $40 million in financing.
In addition to helping close the gap in funding for digital
transformation projects in Brazil, PRODIGITAL will provide
technical assistance to build up states' and municipalities'
institutional capacities. The aim is to give the population access
to more effective and efficient digital public services, digital
inclusion and literacy programs, and greater connectivity.
"Digital services, both in the public and private sectors, have
advanced very rapidly in Brazil and have made the country a
reference in the field. With this partnership, we will contribute
to bringing these advances to more Brazilian states and
municipalities, understanding the efficiency of public services as
an important way to promote transparency and efficiency for the
population and businesses in the country," said Ilan Goldfajn,
president of the IDB.
"BNDES is committed to the digital transformation of Brazil, which
involves increasing the availability of resources to finance these
initiatives, which are essential for the competitiveness of our
economy and for the inclusion of the country in the knowledge
society. Through this important operation, the Bank expands its
capacity to transform the lives of the Brazilian population,"
highlighted the president of BNDES, Aloizio Mercadante.
The program aligns with the federal government’s efforts to
expand coordination around e-government and with the BNDES
institutional strategy, which seeks to support state modernization
projects.
This is the ninth operation approved by the IDB under the 2021
Conditional Credit Line for Investment Projects, which is called
Brasil Mais Digital.
The IDB loan has a 24.5-year repayment period, a six-year grace
period, and an interest rate based on the Secured Overnight
Financing Rate (SOFR).
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.
In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook. S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB'
from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook. DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.
USINA CORURIPE: S&P Withdraws 'B-' Rating
-----------------------------------------
S&P Global Ratings withdrew its 'B-' ratings on S.A. Usina Coruripe
Açúcar e Alcool (Coruripe) and its financial arm, Coruripe
Netherlands B.V., at the company's request. The outlook on the
issuer credit rating on Coruripe was stable at the time of
withdrawal.
The company has issued bilateral and other capital market debts to
prepay most of its bond but still carries a large portion of
short-term debt, which will expose it to constant refinancing.
===================================
D O M I N I C A N R E P U B L I C
===================================
[] DOMINICAN REPUBLIC: Exports Surpass US$12,000MM, Customs Says
----------------------------------------------------------------
Dominican Today reports that Eduardo Sanz Lovatón, Director
General of Customs, highlighted the growing importance of logistics
as the Dominican Republic's leading economic sector, with exports
surpassing US$12,000 million and reaching over 160 countries. He
emphasized the country's capabilities in producing medical
supplies, artificial intelligence, and robotics, reinforcing its
potential as a global technology exporter, according to Dominican
Today.
Sanz Lovaton noted that the Dominican Republic is making
significant progress toward becoming the region's main logistics
hub, leveraging its strategic geographic position, the report
relays. Ramon Albuquerque Ramirez, rector of UFHEC, reaffirmed the
commitment of local universities to expanding logistics education
and training to meet industry demands, the report discloses.
Wady Ramirez, president of ADOU, stressed that transforming the
nation into a logistics hub is a shared responsibility, involving
not only the government and private sector but also academic
institutions that prepare future professionals, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
[] DOMINICAN REPUBLIC: Grows 5% in 2024, Reports Central Bank
-------------------------------------------------------------
Dominican Today reports that in 2024, the Dominican Republic's
economy grew by 5%, in line with projections from the Central Bank
and the government, reinforcing its position as a leader in Latin
America among the 17 largest economies. Inflation remained within
the target range of 4% ± 1%, closing the year at 3.35%, the lowest
in six years, according to Dominican Today.
The tourism sector saw 11.2 million visitors, with 8.5 million
arriving by air and about 2.6 million by cruise, the report notes.
The Central Bank continued to lower its monetary policy rate,
reducing it by 275 basis points since May 2023 to 5.75%, the report
relays. Additionally, the Monetary Board approved the release of
approximately RD$35,000 million in legal reserve resources,
providing liquidity to the financial system, the report discloses.
Private sector credit grew by 13.4%, while remittances reached a
historic US$10,756 million, a 5.9% increase, the report says.
Foreign direct investment (FDI) totaled US$4,512 million, exceeding
US$4,000 million for the third consecutive year, the report notes.
Preliminary data showed foreign exchange earnings of US$43,500
million, with a 5.0% depreciation of the Dominican peso, lower than
in other regional economies, the report discloses. International
reserves reached US$13,388 million by year-end, surpassing the
International Monetary Fund’s conventional metrics, the report
adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
=============
J A M A I C A
=============
NCB JAMAICA: Reorganizes its Management Team
--------------------------------------------
RJR News reports that Chief Executive Officer of National
Commercial Bank Jamaica Bruce Bowen says the company is
reorganising its management team to position itself for sustainable
growth while improving service to stakeholders.
As a result, Perrin Gayle has been brought in from Scotia Bank
Jamaica to take over as Executive Vice President in charge of
Retail Banking; NCB Fund Managers and NCB Insurance Agency,
according to RJR News.
Meanwhile, Sheree Martin, who once had these responsibilities has
been re-assigned to the post of Executive Vice President and Chief
Operating Officer, the report notes.
Saravanan Thangavelu has been appointed Chief Technology Officer,
the report relays.
As reported in the Troubled Company Reporter-Latin America in March
2024, Fitch Ratings upgraded National Commercial Bank Jamaica
Limited's (NCBJ) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) to 'BB-' from 'B+'. Fitch has also upgraded
NCBJ's Viability Rating (VR) to 'bb-' from 'b+'. The Rating
Outlooks on the Long-Term IDRs are Positive following a similar
Outlook on Jamaica's Long-Term IDRs.
=======
P E R U
=======
MINAS BUENAVENTURA: Tender Offer of 2026 Notes Expires
------------------------------------------------------
Compania de Minas Buenaventura S.A.A. ("Buenaventura") disclosed
the expiration of the cash tender offer (the "Tender Offer") for
any and all of its outstanding 5.500% Senior Notes due 2026 (the
"Notes") (144A CUSIP / ISIN: 20448 AA2 / US20448AA22 and Regulation
S CUSIP / ISIN: P6680P AA9 / USP6680PAA95), on the terms and
subject to the conditions set forth in Buenaventura's Offer to
Purchase dated January 23, 2025 (the "Offer to Purchase") and the
related notice of guaranteed delivery (the "Notice of Guaranteed
Delivery" and together with the Offer to Purchase, the "Tender
Offer Documents"). Capitalized terms used in this press release but
not otherwise defined have the meanings given to them in the Offer
to Purchase.
The Tender Offer expired on January 29, 2025 at 5:00 p.m., New York
City time (the "Expiration Time"). At the Expiration Time, valid
tenders had been received and had not been validly withdrawn with
respect to US$400,601,000 in aggregate principal amount of Notes,
or approximately 72.84% of the Notes outstanding. Additionally,
Notices of Guaranteed Delivery were submitted with respect to
US$850,000 in aggregate principal amount of Notes, or approximately
0.15% of the Notes outstanding, as of the Expiration Time. In order
to be eligible to participate in the Tender Offer, holders of Notes
reflected in such Notices of Guaranteed Delivery received by
Buenaventura prior to the Expiration Time must validly tender such
Notes pursuant to the Guaranteed Delivery Procedures by 5:00 p.m.,
New York City time on January 31, 2025 (the "Guaranteed Delivery
Expiration Time").
Subject to the satisfaction or waiver of the Financing Condition or
any of the General Conditions described in the Offer to Purchase,
Buenaventura expects to accept and make payment on February 4, 2025
(the "Settlement Date") and for (i) all Notes validly tendered at
or prior to the Expiration Time and not validly withdrawn at or
prior to the Withdrawal Deadline and (ii) all Notes with respect to
which a properly completed Notice of Guaranteed Delivery was
delivered at or prior to the Expiration Time and that are validly
tendered at or prior to the Guaranteed Delivery Expiration Time
using the Guaranteed Delivery Procedures.
Holders of Notes who (i) validly tendered their Notes at or prior
to the Expiration Time and did not validly withdraw their Notes at
or prior to the Withdrawal Deadline or (ii) delivered a Notice of
Guaranteed Delivery at or before the Expiration Time and validly
tender their notes at or prior to the Guaranteed Delivery
Expiration Time using the Guaranteed Delivery Procedures are
eligible to receive US$1,000 per US$1,000 principal amount of
Notes, plus accrued and unpaid interest from the last interest
payment date to, but excluding, the Settlement Date.
The final principal amount of Notes that will be purchased by
Buenaventura on the Settlement Date is subject to change based on
deliveries of Notes pursuant to the Guaranteed Delivery Procedures.
A press release announcing the final results of the Tender Offer is
expected to be issued on or promptly after the Settlement Date.
The complete terms and conditions of the Tender Offer are described
in the Offer to Purchase and the Notice of Guaranteed Delivery,
copies of which may be obtained from D.F. King & Co., Inc., the
tender agent and information agent (the "Tender Agent and
Information Agent") for the Tender Offer, at
www.dfking.com/buenaventura, by telephone at +1 (800) 370-1749
(U.S. toll free) or +1 (212) 269-5550 (collect), or by email to
buenaventura@dfking.com.
Buenaventura has engaged Banco BTG Pactual S.A. – Cayman Branch
and J.P. Morgan Securities LLC to act as the dealer managers (the
"Dealer Managers") in connection with the Tender Offer. Questions
regarding the terms of the Tender Offer may be directed to Banco
BTG Pactual S.A. – Cayman Branch, at +1 (212) 293-4600 (collect)
and J.P. Morgan Securities LLC, at +1 (212) 834-7279 (collect) or
+1 (866) 846-2874 (toll Free).
*********
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
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
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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
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