/raid1/www/Hosts/bankrupt/TCRLA_Public/250325.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, March 25, 2025, Vol. 26, No. 60
Headlines
A R G E N T I N A
ARGENTINA: IMF Deal Will Be Agreed by Mid-April, Says Milei
ARGENTINA: Waiting on Yields on Sovereign Bonds to Fall Below 10%
B R A Z I L
AZUL SA: Moody's Affirms 'Caa2' CFR, Outlook Remains Negative
NEXA RESOURCES: Moody's Affirms 'Ba2' CFR, Alters Outlook to Stable
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Has Opportunity To Export More Meat
J A M A I C A
JAMAICA: As Food Prices Fall, Inflation Drops
JAMAICA: BoJ to Float Another 6.25% per Annum Fixed Rate CD
M E X I C O
ACCURIDE CORP: Davis Polk Advised ABL Agent in Chapter 11 Case
P A N A M A
BANISTMO SA: S&P Affirms 'BB+/B' ICR, Outlook Negative
P U E R T O R I C O
MIGUEL ANGEL ROSARIO: Objection to Creditor Stipulation Overruled
- - - - -
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A R G E N T I N A
=================
ARGENTINA: IMF Deal Will Be Agreed by Mid-April, Says Milei
-----------------------------------------------------------
Buenos Aires Times reports that President Javier Milei says that
Argentina's new agreement with the International Monetary Fund will
be announced in around a month's time.
A report by the Bloomberg Linea website, directly quoting the La
Libertad Avanza leader, said that Milei gave the answer "mid-April"
when consulted as to when a staff-level agreement with the IMF
would be sealed, according to Buenos Aires Times.
The estimated timeline comes after Argentina's lower house of
Congress voted in favour of Milei's emergency executive decree
backing a new deal with the IMF, a key legislative step that clears
the way for a formal announcement on the details of a future
program, the report notes.
Lawmakers in the Chamber of Deputies voted 129-108 in favour of a
new deal, with six abstentions, the report relays. That cements
the decree into law as decrees only need approval from a single
congressional chamber to enter into effect, the report discloses.
No details about the new deal have been published, though the
government has confirmed Argentina will receive grace periods on
repayments lasting more than four years, the report says.
To date, Milei's economic team has avoided providing details about
the IMF deal - if anything, it's been mixed signals, the report
notes. Despite claiming earlier this month that only the finer
details remained, Economy Minister Luis Caputo said that the amount
of fresh funds the IMF will grant Argentina had not been agreed,
the report says.
Speculation on Wall Street sees President Milei's government
receiving new disbursements of between US$5 billion and US$20
billion under a new deal, 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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
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.
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: Waiting on Yields on Sovereign Bonds to Fall Below 10%
-----------------------------------------------------------------
Buenos Aires Times reports that Argentina is waiting for yields on
its sovereign bonds to edge below 10 percent before exploring a
long-awaited return to international capital markets, a government
official told investors in a presentation in Buenos Aires.
Finance Secretary Pablo Quirno's comments, made during a meeting,
reflect a more concrete signal from authorities who previously said
they expect to sell debt again by January 2026, according to Buenos
Aires Times. The information comes from people in attendance,
asking not to be named because the meeting was private, the report
notes.
Money managers have cheered President Javier Milei's efforts to
boost economic growth, keep inflation down and maintain budget
surpluses, the report relays. The extra yield investors demand to
hold Argentine debt over US Treasuries, a measure of country risk,
is down some 1200 basis points since Milei took office in December
2023, according to a JPMorgan Chase & Co index. Sovereign bonds
were ranked as one of the best trades in emerging-markets last
year, the report discloses.
While Quirno didn't specify which measure he was looking at, some
of the country's notes yield between 11 percent and 13 percent when
measuring yield-to-worst, a metric that assumes several scenarios
but not a default, the report notes. When using yield to maturity,
some of Argentina's bonds are between seven percent and 10 percent,
according to data compiled by Bloomberg.
"The economic reform program we're carrying out in Argentina will
restore our access to markets so we can refinance our bonds at some
point in the future," Quirno said in a written reply to questions,
the report says. "To speculate when or at what levels is to engage
in fortune-telling and that's something we don't do," he added.
Argentina, a serial defaulter which last reneged on debt payments
in 2020, hasn't tapped markets since 2018, the report recalls.
Lawsuits, IMF
The government faces a wave of legal challenges abroad, including
disputes over the state's takeover of oil-driller YPF and changes
to GDP-linked bond payments.
Argentina is subject to enforcement action on some judgments in UK
and US courts, and investors and litigation funds are waiting for
the government to negotiate on potential settlements to those
claims. The lawsuits may complicate the country's foray into
issuing debt.
The rally in bonds has also faded this year, with Argentina lagging
peers amid concerns over the country's currency policy and as EM
investors shift away from junk-rated debt toward higher-quality
dollar bonds.
For gains to resume, the government needs to secure fresh funding
from the International Monetary Fund, according to asset managers.
Milei also needs to secure more congressional seats during midterm
elections in October to expand his political support, they say.
Quirno told investors that he was optimistic the deal would allow
officials to bolster the Central Bank's reserves and lay the
groundwork for lifting a litany of currency and capital controls,
according to one of the people in attendance. He did not disclose
how much Argentina would get from the IMF, the person added.
Firms like UBS Group AG, Morgan Stanley and Bank of America Corp,
see the Washington-based lender giving Argentina up to US$20
billion, including anywhere between US$5 billion and US$10 billion
in disbursements for 2025.
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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
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.
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 R A Z I L
===========
AZUL SA: Moody's Affirms 'Caa2' CFR, Outlook Remains Negative
-------------------------------------------------------------
Moody's Ratings has affirmed Azul S.A. (Azul)'s Caa2 corporate
family rating. At the same time, Moody's downgraded to Caa3 from
Caa1 the rating of the backed senior secured first lien notes due
2028 and to Caa3 from Caa2 rating of the backed senior secured
notes of Azul Secured Finance LLP (Delaware) due 2029 and 2030. The
Caa3 backed senior unsecured notes rating of Azul Investments LLP
was affirmed. Moody's have also assigned a Caa1 rating to Azul
Secured Finance LLP's backed superpriority senior secured notes due
2030 and the exchanged backed first-lien senior secured notes due
2028, and a Caa3 rating to the exchanged backed senior secured
notes due 2029 and 2030 that will be converted into a convertible
instrument issued by Azul Secured Finance LLP (Delaware). The
outlook for the issuers remain negative.
RATINGS RATIONALE
Azul's Caa2 corporate family rating (CFR) reflects Azul's exposure
to the volatility of the airline industry and rising macroeconomic
risks, combined with its still-weak credit metrics. Azul has a
highly leveraged balance sheet and weak interest coverage, which
limit the company's free cash flow (FCF) generation. The company's
ability to raise liquidity, refinance its financial obligations and
control cash burn or cash needs will remain key in assessing its
rating. Finally, the rating captures the company's intrinsic
exposure to foreign-currency and fuel price volatility.
Azul has a unique business position in Government of Brazil (Ba1
positive) as the only carrier on about 80% of its routes, which
results in lower competition and strong pricing power. Azul's
ability to reduce costs during the pandemic and its conservative
financial policies are additional credit positives. The rating also
captures the faster-than-expected post-pandemic recovery in
passenger traffic in Brazil, and more rational competition and
capacity in the Brazilian market, which has enabled carriers to
increase airfares, mitigating the effect of higher jet fuel prices
and other inflationary cost pressures.
In January 2025, Azul concluded an exchange offer and new issuance
as part of its debt restructuring. The deal consists of an exchange
offer for its $829 million (around BRL5 billion) notes due 2029 and
2030 in which the noteholders will convert 35% of the notes'
principal amount into equity and 52.5% into a new convertible
instrument that will bear a 10% interest rate (4% cash payment and
6% PIK). Upon a future capital increase, Azul will be able to
convert the remaining 12.5% into equity. The equity conversion will
be priced based on the shares' trading prices plus a discount. Azul
also exchanged its around $1 billion notes due 2028, in which
noteholders exchanged the notes for new notes mirroring the
existing ones and consented to the assignment of Azul's cargo
business as collateral, the pledge of the collateral of the 2028
notes to the new superpriority notes and subordination of the
instrument to second-lien vis-à-vis the new superpriority notes,
which will be first lien. The offer also eliminates substantially
all of the restrictive covenants, events of default and related
provisions in a customary exit consent solicitation and releases
the collateral securing the existing notes, meaning that the
remaining outstanding notes after the exchange will be unsecured.
Moody's viewed the deals as a distressed exchange given the
conversion of debt into equity and that the exchange offer avoids a
potential default in light of Azul's weak liquidity and untenable
capital structure.
The transaction is part of a broader debt restructure that will
improve Azul's capital structure and liquidity. In addition to the
exchange offer, Azul announced agreements with an ad-hoc group of
creditors to provide $525 million through the issuance of
superpriority notes. Earlier on October 2024, Azul announced that
it had reached commercial agreements with lessors and OEMs. Under
these agreements, lessors and OEMs agreed to eliminate their
pro-rata share of the current balance of the equity issuance
obligations totaling BRL3.1 billion ($550 million) and, in
exchange, to receive 96 million new preferred shares of Azul in a
one-time issuance.
The exchange offer and other transactions will help alleviate
Azul's cash needs in the medium term, but even so, liquidity risks
remains high and its balance sheet highly leveraged. Azul generated
BRL3.4 billion in EBIT in 2024, but high working capital needs and
debt burden led to a cumulative cash burn of BRL684 million in the
same period. Azul's cash position declined to BRL1.2 billion at the
end of 2024 from BRL1.9 billion at the end of 2023, and the company
will still have around BRL4.5 billion in financial and lease
obligations coming due until the end of 2025 pro forma to the
conclusion of the transactions. Its cash position will increase to
around BRL1.5 billion with the debt restructure and new money, but
its total leverage would still be at around 5.5-6.5x or higher
assuming a recurring EBITDA of about BRL6-7 billion, and the
company will still face operational headwind related to the
depreciation of the local currency.
NOTCHING CONSIDERATIONS
The Caa3 rating on Azul's unsecured notes due 2026 and the
remaining senior notes due 2028, 2029 and 2030 is one notch lower
than the company's Caa2 CFR, reflecting the effective subordination
of unsecured creditors. The senior unsecured notes rank below
Azul's existing and future secured claims, which account for around
95% of the company's debt after the financial restructuring. Azul's
consolidated debt is mainly composed of finance leases
collateralized by aircraft, secured notes collateralized by cash
flow and receivables generated by Azul Cargo, Azul Fidelidade and
Azul Viagens, and debentures collateralized by credit card
receivables.
The exchanged secured notes due 2029 and senior secured notes due
2030 are rated Caa3, one notch below Azul's CFR because despite the
protection features, the instrument will be converted into a
convertible instrument. The instruments' pool of collaterals
include a second-priority lien on, among other assets, certain cash
flow and receivables generated by Azul Cargo, Azul Fidelidade and
Azul Viagens, TAP's bonds and certain intellectual property of the
two businesses, and intellectual property of the Azul airline
business.
The exchanged first priority secured notes due 2028 and the super
priority notes due 2030 are rated Caa1, one notch higher than the
company's Corporate Family Rating, reflecting the instruments'
collateral package and protection features, which include first
priority lien on, among other assets, certain cash flow and
receivables generated by Azul Cargo, Azul Fidelidade and Azul
Viagens, TAP bond and certain intellectual property of the two
businesses, and intellectual property of the Azul airline business;
fiduciary assignments and transfers in place to ring-fence the
receivables for the noteholder's protection even in a bankruptcy
scenario; high affirmation likelihood of the collateral because of
the mission-critical intellectual property required for Azul to
continue operations under the airline brand; the intellectual
property included in the transaction scope, which will be owned by
a bankruptcy-remote offshore special-purpose vehicle; and
segregated collection accounts with a protective lockbox structure,
whereby cash collections are blocked at all times until enough cash
is reserved for debt obligations due on the next payment date. The
2030 notes have priority over the 2028 notes in the instrument's
collateral package and in the payment waterfall.
RATING OUTLOOK
The negative outlook reflects Azul's tight liquidity profile and
the company's reliance on additional renegotiations with lessors or
additional refinancing initiatives that could be considered
distressed exchanges to remain solvent.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could downgrade Azul's ratings if liquidity concerns
increase, or the company is unable to strengthen its credit metrics
further increasing the risk of default on its financial
obligations.
Moody's could upgrade Azul's ratings if risks and uncertainties
reduce significantly, and passenger demand exceeds pre-pandemic
levels on a sustained basis. An upgrade would also require Azul to
continue to improve its capital structure; maintain adequate
liquidity, with cash consistently above 15% of revenue; and improve
key metrics, with debt/EBITDA below 6x and (funds from operations +
interest)/interest above 3x on a sustained basis.
COMPANY PROFILE
Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul
S.A. is a Brazilian airline founded by David Neeleman in 2008. The
company is the largest airline in Brazil by number of cities
covered and departures, serving more than 160 destinations with an
operating fleet of 168 aircraft and operating more than 900 flights
daily. The company also flies its aircraft to select international
destinations, including Fort Lauderdale, Orlando, Paris, Punta del
Este and Lisbon. Azul is the sole owner of the loyalty program Azul
Fidelidade, a strategic revenue-generating asset that has more than
17 million members. In 2024, Azul generated BRL19.5 billion ($3.2
billion) in net revenue.
The principal methodology used in these ratings was Passenger
Airlines published in August 2024.
NEXA RESOURCES: Moody's Affirms 'Ba2' CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed Nexa Resources S.A.'s (Nexa) Ba2
corporate family rating and its Ba2 senior unsecured ratings. The
outlook changed to stable from negative.
RATINGS RATIONALE
The change in outlook to stable from negative reflects improved
operating performance in 2024, which supported a decline in gross
leverage to levels below 3x at the end of 2024 (2.8x, including
Moody's standard adjustments) and positive free cash flow
generation for the first time since the company started investments
in Aripuana. The contribution of Aripuana, fully operational, and
the integration project in Cerro Pasco will ensure further
expansion in production volumes and mine life, supported by
lower-cost operations, which will bring more resilience to credit
metrics overtime supported by capacity to generate stronger cash
flow at lower costs.
Nexa Ba2 ratings remain supported by the company's strong presence
in the global zinc market (fifth-largest producer of mined zinc and
fifth largest zinc smelter producer globally) and its production
profile, with integrated mining and smelting operations in Brazil
and Peru.
Constraining the ratings is Nexa's exposure to commodity price
volatility, given its high concentration in zinc (51% of total
production in FY 2024) and its exposure to a single mine - Cerro
Lindo - that is responsible for 45% of total mine output on a zinc
equivalent basis. Nexa's relatively modest revenue size ($2.8
billion in FY 2024) compared to its global peers is an additional
constraint.
Nexa has very good liquidity, supported by a cash balance of $640
million at the end of 2024 and $320 million in committed credit
facilities fully available, due in 2028. Moreover, Nexa extended
its debt maturity profile with liability management initiatives
carried out in 2024, with proceeds from the issuance of $600
million in cross-border bonds due in 2034 used to repurchase $484
million of the $700 million notes due in 2027 and $100 million of
the $500 million notes due in 2028.
The conservative financial strategy is further enhanced by the
dividend policy approved in December 2024 and effective January
2025, aiming at target dividends of up to 20% of free cash flow
pre-events, with a minimum payout of $0.08 per common share.
The stable rating outlook reflects Moody's expectations that Nexa
will maintain its credit metrics at levels commensurate with the
Ba2 rating while implementing its capital spending plan according
to budget and schedule, leading to increased zinc and by-products
production overtime. The outlook also incorporates Moody's
expectations that there will be no significant changes in ownership
or in the strategic importance of Nexa to Votorantim S.A.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A rating upgrade or outlook movement would require consistent
performance across all operations over time, consistent positive
free cash flow (FCF) and stable credit metrics. Positive rating
pressure would also require a competitive cost position in mining
and smelting operations, comfortably within the first or second
quartile of the industry cost curve on a sustainable basis.
Additionally, Moody's could upgrade the ratings if the company
maintains sound liquidity, with leverage, measured as total
Moody's-adjusted debt/EBITDA, trending toward 3.0x or lower;
interest coverage, measured as Moody's-adjusted EBIT/interest
expense, trending toward 4.0x and above; cash flow from operations
minus dividends/total debt above 30% on a sustained basis.
Moody's could downgrade Nexa's ratings if its profitability and
cash generation capacity are impaired by operational challenges, or
there is a structural decline in metal prices (mainly zinc), with
EBIT margin remaining below 12.5% and FCF staying negative on a
sustained basis, production costs increasing significantly, falling
to the third or fourth quartile of the industry cost curve;
leverage, measured as total Moody's-adjusted debt/EBITDA, returning
to levels above 3.5x, and a higher dividend payout, jeopardizing
the company's liquidity position and causing cash flow from
operations minus dividends/debt to stay below 25%.
The principal methodology used in these ratings was Mining
published in October 2021.
Nexa Resources S.A. (Nexa) is a subsidiary of Votorantim S.A.
(64.7%), with integrated operations (mines and smelters) in Brazil
and Peru, mostly concentrated in zinc, but also with exposure to
copper, silver, lead and gold. Nexa is the fifth-largest zinc
producer in the world, with operations spread out in three mines in
Peru (Cerro Lindo, Atacocha and El Porvenir) and two in Brazil
(Vazante and Aripuanã), and a zinc smelter in Peru (Cajamarquilla)
and two zinc smelters in Brazil (Tres Marias and Juiz de Fora). In
year-end 2024, Nexa reported revenue of $2.8 billion.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Has Opportunity To Export More Meat
-------------------------------------------------------
Dominican Today reports that meat farming has a promising future
worldwide because production has not increased in recent years,
while purchasing power has increased in some countries, such as
China, which has lifted 800 million people out of poverty in the
last 25 years.
This is a great opportunity for the Dominican Republic, although
consumption has also increased due to the more than 11 million
tourists the country receives annually, said Marcelino Vargas, a
consultant and agribusinessman, according to Dominican Today.
He states that the Dominican Republic and others during this
century, the consumption of meat and milk has increased, and the
increase in production has not been significant, although the
country returned last year to export beef to the United States, the
report notes. He recalls that at the beginning of this century,
imports of quality cuts of meat were insignificant, but last year,
the country imported more than 100 million dollars' worth, the
report relays.
He believes that the Dominican Republic should set up a group of
cattle farmers to produce 50% of these cuts in the coming years and
thus save on foreign currency investment, the report discloses.
Vargas, a milk, meat, and rice producer, explains that the
Dominicans have a tropical country, and as a result, they must
crossbreed Bos taurus with Bos indicus, the latter consisting of
Brahman, Nelore, Guzerat, and Gyr, the report says.
He adds that these produce offspring that can adapt to the sun,
heat, and high relative humidity, the report discloses. For that,
here the Dominicans have a Bos Taurus that adapts perfectly to the
inclement weather of tropical countries; we are referring to the
Senepol breed, the report says. He points out that, besides
Senepol, the European breeds Dominicans use most here are mainly
Simmental for beef and dairy, red and black Angus, Charolais,
Hereford, and Wagyu, the report says. By crossing Brahman with
these European breeds, we get Simbrah, Brangus, Charbray, Braford,
and Senepol with Angus to form Senangus, he explains, the report
relays. As cattle breeders, Dominicans must choose the cross that
suits us best, according to the location of the farm and economic
availability, above all, taking into account various parameters
such as: fertility, ease of calving, birth and weaning weight, age
at first pregnancy and first calving, disease resistance, feed
conversion ratio, the report notes.
"The price they will pay us per kilo or per band must also be taken
into account," the report relays. Without a doubt, the most
important factor in beef cattle farming is the quality of the
pastures and good management of the paddocks, the report discloses.
Vargas believes that if Dominicans don't do it that way, the
country should do something other than livestock farming, the
report notes. Fortunately, in the tropics, people can graze the
cattle 12 months of the year, which is not the case in temperate
climates, 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.
S&P Global Ratings affirmed its 'BB' long-term foreign
and local currency sovereign credit ratings on the
Dominican Republic on December 3, 2024. The outlook remains
stable. S&P also affirmed its 'B' short-term sovereign
credit ratings and kept the transfer and convertibility
(T&C) assessment unchanged at 'BBB-'.
Fitch, on November 26, 2024, affirmed the Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'.
The Rating Outlook is Positive.
Moody's credit rating for Dominican Republic was last set at Ba3
in August 2023 with the outlook changed to positive.
=============
J A M A I C A
=============
JAMAICA: As Food Prices Fall, Inflation Drops
---------------------------------------------
Dashan Hendricks at Jamaica Observer reports that Jamaica's
inflation fell 0.9 per cent in February, marking the second
consecutive month of deflation as food and utility costs declined,
the Statistical Institute of Jamaica (Statin) reported.
The decline was "mainly attributed to a 2.0 per cent fall in the
index for the 'Food and Non-Alcoholic Beverages' division,"
according to Statin, notes Jamaica Observer.
Agricultural produce prices led the decrease, with the "Vegetables,
Tubers, Plantains, Cooking bananas and Pulses" category falling 8.8
per cent due to lower prices for items including cabbage, carrot,
escallion, sweet pepper, tomato and yam, the report notes.
Household budgets also benefited from a 0.2 per cent decline in the
"Housing, Water, Electricity, Gas and Other Fuels" division,
primarily due to a 1 per cent reduction in electricity rates, the
report notes. This decrease was partially offset by a 2 per cent
increase in home maintenance costs - as fees charged by carpenters,
masons, painters, plumbers and electricians went up - and a 1 per
cent rise in water and sewage rates, the report says. Meanwhile,
the "Information and Communication" division recorded the largest
sectoral decrease of 5.9 per cent due to downward adjustments in
telecommunication service rates, the report discloses.
February's deflation follows a 0.3 per cent price decline in
January, bringing the point-to-point inflation rate to 4.4 per cent
compared to 4.7 per cent in January, and well below the 7.4 per
cent recorded in January 2024, the report says.
The data come as the Bank of Jamaica's monetary policy committee
(MPC) prepares to meet on March 25-26, with a decision on the
policy interest rate expected March 27, shortly after the U.S.
Federal Reserve announces its own monetary policy decision, the
report relays. The Fed is widely expected to hold rates steady at
its meeting as US inflation has remained stubbornly above target,
potentially delaying Jamaica's own monetary easing path, the report
adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. 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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
JAMAICA: BoJ to Float Another 6.25% per Annum Fixed Rate CD
-----------------------------------------------------------
RJR News reports that the Bank of Jamaica will be floating another
6.25% per annum fixed rate CD, in order to mop up 4 billion dollars
in liquidity to contain inflation as well as to stabilise the
dollar.
The settlement date will be March 21, while the maturity date is
April 17, according to RJR News.
About $3.8 billion of the $4 billion will be allocated under
competitive bidding, while $200,000 will be allocated under
non-competitive bidding, the report notes.
Interest paid on the instrument will be taxable at 25 per cent, the
report says.
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.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. 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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
===========
M E X I C O
===========
ACCURIDE CORP: Davis Polk Advised ABL Agent in Chapter 11 Case
--------------------------------------------------------------
Davis Polk advised the administrative agent and collateral agent
under an asset-based revolving credit agreement among Accuride
Corporation and other parties, in connection with Accuride's
chapter 11 restructuring.
On October 9, 2024, Accuride Corporation and its affiliated debtors
filed voluntary chapter 11 petitions in
the United States Bankruptcy Court for the District of Delaware.
The Bankruptcy Court confirmed Accuride's plan of reorganization on
February 12, 2025, and Accuride emerged from chapter 11 on March 7,
2025. In connection with the plan, the prepetition revolving
lenders received an approximately $40.2 million paydown of
outstanding prepetition ABL obligations and agreed to provide a new
$70 million exit ABL facility at emergence.
Accuride is a diversified manufacturer and supplier of commercial
vehicle components in North America. Based in Livonia, Michigan,
the company designs, manufactures and markets commercial vehicle
components. Accuride's brands are Accuride Wheels, Gunite Wheel End
Components and KIC Wheel End Components. Its products include
commercial vehicle wheels, wheel-end components and assemblies.
The Davis Polk restructuring team included partner Eli J. Vonnegut,
counsel Stephanie Massman and associate Motty (Mordechai) Rivkin.
The finance team included partner Kenneth J. Steinberg, counsel
Demian von Poelnitz and associates Matthew Vallade and Maggie Li.
All members of the Davis Polk team are based in the New York
office.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
About Accuride Corp.
Accuride Corporation and its affiliates are a global leader in
steel and aluminum wheels and wheel-end components and assemblies,
supplying innovative products to over 1,000 customers in the
commercial vehicles, passenger cars, agriculture, construction and
industrial equipment markets.
Headquartered in Livonia, Michigan, the Debtors are part of a
global enterprise that employs approximately 3,600 individuals at
facilities in the United States, Canada, Mexico, Germany, France,
Turkey, Russia, and China.
Accuride's U.S. entities first filed for Chapter 11 protection in
October 2009, also in Delaware, to restructure in excess of $675
million in debt. The Court confirmed the Company's Plan of
Reorganization in February 2010.
On Oct. 9, 2024, Accuride Corp. and its U.S. entities filed
voluntary petitions for protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12289). Accuride
reported $500 million to $1 billion in assets and liabilities as of
the bankruptcy filing.
In the new chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as bankruptcy counsel, Young Conaway Stargatt & Taylor, LLP, as
local bankruptcy counsel, and Perella Weinberg Partners LP as
investment banker. Alvarez & Marsal North America, LLC is the CRO
provider. Omni Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
===========
P A N A M A
===========
BANISTMO SA: S&P Affirms 'BB+/B' ICR, Outlook Negative
------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB+/B' issuer credit
ratings on Banistmo S.A. The outlook on the long-term ratings
remains negative.
Banistmo will continue facing pressures on its asset quality
metrics in the next 12 months. The bank has not been able to
recover from the aftermath of the pandemic and the country's
lingering challenging economic conditions, which resulted in a
weaker payment capacity from some of its customers. The resolution
from restructures resulting from relief programs--especially in the
mortgage segment--is further burdening Banistmo's already pressured
asset quality metrics. The bank's nonperforming assets (NPAs)
climbed to 7.9% in 2024, while net charge-offs (NCOs) stood at
1.2%. These metrics remain widening and comparing unfavorably with
those of the banking system of 2.6% and 0.7%, respectively. In
addition, the bank continues to hold a relevant amount of loans in
its stage 3 risk category (according to IFRS 9), representing 9.5%
of its total loan portfolio, reflecting additional pockets of risk
for the bank.
S&P said, "In our opinion, the bank's strategy to improve its asset
quality through strengthening its underwriting standards and
focusing its lending portfolio to low-risk segments and secured
products, will take time to materialize. In this sense, we consider
the bank's asset quality metrics will peak in 2025--posting NPA +
NCO levels at around 9.7%--and will slowly improve towards 2026 and
2027--at 9.4% and 9.1%, respectively-. The latter as Banistmo
writes-down deteriorated exposures while the loan portfolio
recovers dynamism and dilutes the troubled loans. If the bank is
unable to revert this trend or if it posts NPAs + NCOs above our
expectations, consistently above 10.0%, we could revise our risk
position assessment to a weaker category and, thus, lowering the
bank's stand-alone credit profile (SACP).
"We project lower capitalization levels for the next 12 months
while persistent risks could further erode its capital build-up.
The sovereign downgrade and our recent revision of Panama's BICRA
economic risk score to a weaker category and a higher-than-expected
dividend payout during 2024, contracted Banistmo's risk-adjusted
capital (RAC) ratio around 150 bps, currently standing at 7.4%,
narrowing its cushion for our adequate category threshold of 7.0%.
For the next 12 months, we project steady RAC ratio levels, due to
modest loan growth and a gradual recovery in its internal capital
generation. Nonetheless, if the bank's dividend payout is higher
than our expectations (with payouts around 100% of retained
profits), or if its profitability weakens due to higher cost of
risk, and/or its loan portfolio grows significantly above our
expectations without being compensated with internal capital
generation, it could further erode Banistmo's RAC ratio below 7.0%,
which could negatively affect our view of the bank's capital and
earnings and, thus, its SACP.
"We anticipate Banistmo will maintain a structurally weaker
profitability compared with the banking system mainly due to a
higher cost of risk reflecting its asset quality pressures, which
will be partly compensated by the bank's adequate margins and
controlled efficiency levels. We project the bank's cost of risk to
stand at 1.4% and 1.2% in the next two years, respectively,
gradually converging to its historic levels of 1.0%. Overall, we
project the bank's return on assets (ROA) and return on equity
(ROE) to be around 0.5% and 5.0%, respectively, on average during
the next two years, still below pre-pandemic levels and lagging
those of the banking system of 2.3% and 16.6% for the same period.
"In our opinion, Banistmo will gradually recover its lending growth
and business stability during the next 12 months. We expect the
bank to maintain its existing client base and strategically
increase it with customers with a stronger credit profile. However,
we are anticipating prolonged tight competitive dynamics within the
housing and commercial segment, which could somewhat dampen
Banistmo's lending portfolio dynamism. We consider this hurdle will
be partially compensated by a sound demand in the consumer segment,
as economic conditions ease and unemployment gradually recovers.
Overall, we expect Banistmo's loan portfolio growth to hover around
2.0% - 3.0% during the next 12 months, slightly below the projected
5.0% of the banking system for the same period."
This loan portfolio growth, coupled with relatively stable margins
and higher fees and commissions from complementary business lines,
will be sufficient to support a modest increase on the bank's
operating revenues. S&P said, "In this sense, we project operating
revenue to grow 1.7% on average during the next two years, after
contracting 7.1% during 2024, mainly because of lower margins and
reduced lending volume. In our view, the bank has struggled to
recover its business stability and has posted lower resilience than
its primary peers; with a higher decline on its operating revenues
during periods of turbulence and lower growth during recovery
phases. We anticipate that the bank will gradually revert this
trend, supported by its diversified product offerings and robust
business franchise, as the second largest bank in Panama, which
continues to support our business position assessment."
Stable core customer deposit base and low refinancing risk provide
cushion amid economic hurdles. S&P said, "We anticipate Banistmo
will continue benefitting from a broad and highly diversified
deposit base, which we consider to be more stable during economic
turbulence than wholesale funding sources. We expect the bank to
slightly grow its deposit base during the next 12 months, supported
by the bank's marketing efforts to retain and increase its customer
base through digital channels and a competitive savings rate. In
this sense, we project deposits will continue representing the
majority of the bank's funding base at around 80% --of which about
85% are retail--followed by 12% of interbank facilities, and 8% of
capital markets. The expected increase in the Banistmo will
continue facing pressures on its asset quality metrics in the next
12 months. The bank has not been able to recover from the aftermath
of the pandemic and the country's lingering challenging economic
conditions, which resulted in a weaker payment capacity from some
of its customers. The resolution from restructures resulting from
relief programs--especially in the mortgage segment--is further
burdening Banistmo's already pressured asset quality metrics. The
bank's nonperforming assets (NPAs) climbed to 7.9% in 2024, while
net charge-offs (NCOs) stood at 1.2%. These metrics remain widening
and comparing unfavorably with those of the banking system of 2.6%
and 0.7%, respectively. In addition, the bank continues to hold a
relevant amount of loans in its stage 3 risk category (according to
IFRS 9), representing 9.5% of its total loan portfolio, reflecting
additional pockets of risk for the bank."
S&P said, "In our opinion, the bank's strategy to improve its asset
quality through strengthening its underwriting standards and
focusing its lending portfolio to low-risk segments and secured
products, will take time to materialize. In this sense, we consider
the bank's asset quality metrics will peak in 2025--posting NPA +
NCO levels at around 9.7%--and will slowly improve towards 2026 and
2027--at 9.4% and 9.1%, respectively-. The latter as Banistmo
writes-down deteriorated exposures while the loan portfolio
recovers dynamism and dilutes the troubled loans. If the bank is
unable to revert this trend or if it posts NPAs + NCOs above our
expectations, consistently above 10.0%, we could revise our risk
position assessment to a weaker category and, thus, lowering the
bank's stand-alone credit profile (SACP).
"We project lower capitalization levels for the next 12 months
while persistent risks could further erode its capital build-up.
The sovereign downgrade and our recent revision of Panama's BICRA
economic risk score to a weaker category and a higher-than-expected
dividend payout during 2024, contracted Banistmo's risk-adjusted
capital (RAC) ratio around 150 bps, currently standing at 7.4%,
narrowing its cushion for our adequate category threshold of 7.0%.
For the next 12 months, we project steady RAC ratio levels, due to
modest loan growth and a gradual recovery in its internal capital
generation. Nonetheless, if the bank's dividend payout is higher
than our expectations (with payouts around 100% of retained
profits), or if its profitability weakens due to higher cost of
risk, and/or its loan portfolio grows significantly above our
expectations without being compensated with internal capital
generation, it could further erode Banistmo's RAC ratio below 7.0%,
which could negatively affect our view of the bank's capital and
earnings and, thus, its SACP.
"We anticipate Banistmo will maintain a structurally weaker
profitability compared with the banking system mainly due to a
higher cost of risk reflecting its asset quality pressures, which
will be partly compensated by the bank's adequate margins and
controlled efficiency levels. We project the bank's cost of risk to
stand at 1.4% and 1.2% in the next two years, respectively,
gradually converging to its historic levels of 1.0%. Overall, we
project the bank's return on assets (ROA) and return on equity
(ROE) to be around 0.5% and 5.0%, respectively, on average during
the next two years, still below pre-pandemic levels and lagging
those of the banking system of 2.3% and 16.6% for the same period.
"In our opinion, Banistmo will gradually recover its lending growth
and business stability during the next 12 months. We expect the
bank to maintain its existing client base and strategically
increase it with customers with a stronger credit profile. However,
we are anticipating prolonged tight competitive dynamics within the
housing and commercial segment, which could somewhat dampen
Banistmo's lending portfolio dynamism. We consider this hurdle will
be partially compensated by a sound demand in the consumer segment,
as economic conditions ease and unemployment gradually recovers.
Overall, we expect Banistmo's loan portfolio growth to hover around
2.0% - 3.0% during the next 12 months, slightly below the projected
5.0% of the banking system for the same period."
This loan portfolio growth, coupled with relatively stable margins
and higher fees and commissions from complementary business lines,
will be sufficient to support a modest increase on the bank's
operating revenues. S&P said, "In this sense, we project operating
revenue to grow 1.7% on average during the next two years, after
contracting 7.1% during 2024, mainly because of lower margins and
reduced lending volume. In our view, the bank has struggled to
recover its business stability and has posted lower resilience than
its primary peers; with a higher decline on its operating revenues
during periods of turbulence and lower growth during recovery
phases. We anticipate that the bank will gradually revert this
trend, supported by its diversified product offerings and robust
business franchise, as the second largest bank in Panama, which
continues to support our business position assessment."
Stable core customer deposit base and low refinancing risk provide
cushion amid economic hurdles. S&P said, "We anticipate Banistmo
will continue benefitting from a broad and highly diversified
deposit base, which we consider to be more stable during economic
turbulence than wholesale funding sources. We expect the bank to
slightly grow its deposit base during the next 12 months, supported
by the bank's marketing efforts to retain and increase its customer
base through digital channels and a competitive savings rate. In
this sense, we project deposits will continue representing the
majority of the bank's funding base at around 80% --of which about
85% are retail--followed by 12% of interbank facilities, and 8% of
capital markets. The expected increase in the bank's deposits,
coupled with a modest loan portfolio growth, will result in a
stable funding ratio (SFR) slightly above 110% during the next two
years, levels that still aligned with historic figures."
Banistmo will maintain a healthy liquidity position supported by a
comfortable debt maturity profile, along with sufficient liquid
assets, mostly government bonds, to meet next year's financial
obligations. As of December 2024, the bank's broad liquid assets to
short-term wholesale funding ratio stood at 1.9x, like its previous
year's figure, and S&P anticipates it to remain similar since we
don't expect changes on its liquidity management.
Banistmo will remain a core subsidiary for Bancolombia's
diversification strategy. S&P said, "In our opinion, Panama remains
a strategic market for Bancolombia, providing broad diversification
and supporting the group's strategy to maintain its leading
position in Central America and Panama. Banistmo represents about
15% of the group's total assets and equity. Moreover, the
subsidiary will remain fully integrated with the group in terms of
product offering, target markets, operating efficiencies, risk
controls, and corporate governance policies. We expect Banistmo
would receive additional support through capital injections or
funding sources, if needed. Therefore, our ratings on Banistmo
mirror those on Bancolombia."
S&P said, "The negative outlook on Banistmo for the next 12 months
mirrors that on its parent, Bancolombia, which in turn reflects our
negative outlook on Colombia. The ratings on Banistmo will move in
tandem with those on its parent, reflecting its key role for
Bancolombia's growth and diversification strategy in Central
America.
"If we lower the ratings on Bancolombia, we will also downgrade
Banistmo. This could happen if we downgrade Colombia or if
Banolombia's credit fundamentals erode, which could occur if its
RAC ratio falls below 3%, or if its NPAs deteriorate beyond our
expectations.
"We could revise the outlook on Banistmo to stable if we were to
take the same rating action on its parent, reflecting our opinion
of the bank's core strategic importance to the group."
=====================
P U E R T O R I C O
=====================
MIGUEL ANGEL ROSARIO: Objection to Creditor Stipulation Overruled
-----------------------------------------------------------------
Judge Maria de los Angeles Gonzalez of the United States Bankruptcy
Court for the District of Puerto Rico overruled Debtor Miguel Angel
Rivera Rosario's objection to the approval of a stipulation filed
by Wigberto Lugo Mendere, the Chapter 7 trustee, and LSREF2 Island
Holdings, LTD, Inc.
Debtor listed in his schedules secured claims in the amount of
$556,873.99. It also listed priority claims in the amount of
$18,942 and general unsecured claims in the amount of $297,642.17.
Moreover, the Claims Register reflects total claims filed by
creditors in the amount of $7,537,238.57. No objection to any of
these claims has been filed.
Filed on Dec. 6, 2024, the Stipulation settled a damages claim held
by Debtor against LSREF2 for the alleged malicious prosecution in
relation to the foreclosure of a real property owned by Debtor. The
Debtor included the Claim in Schedule B filed with the instant
petition on July 28, 2023 in the amount of $5,000,000. On Dec. 26,
2024, Debtor opposed the approval of the Stipulation and requested
the abandonment of the Claim.
Debtor argued that the Trustee is abusing his discretion and acting
inappropriately by favoring LSREF2 in settling a millionaire
complaint for the totally insignificant and ridiculous sum of
$20,000. He further asserted that after various years of arduous
litigation between himself and LSREF2, the Trustee is violating his
right to have a day in court. Moreover, Debtor pointed out that the
Trustee had filed a notice of abandonment on May 17, 2024
abandoning the Claim, which triggered him to file a new complaint
in the District Court. However, Debtor explained that he dismissed
this new complaint without prejudice once the Trustee filed an
amended notice of abandonment eliminating the Claim from the
abandoned assets after withdrawing the original notice of
abandonment.
In this case, the Court finds the Trustee exercised sound business
judgment in deciding to settle the Claim for $20,000. In making
this decision, the Trustee acknowledged that the outcome of
litigating the Claim was uncertain and that pursuing a new case
would require significant investments of estate funds and time --
efforts likely to outweigh any potential benefits to the estate.
This is particularly relevant considering the seven years of
litigation the Debtor has already funded, which have yielded no
results. Moreover, the Stipulation allows for the expeditious
administration of the estate, allowing creditors to receive prompt
distributions of estate funds. Therefore, the Court will not
intervene as the Stipulation falls within the scope of the
Trustee's business judgment, which is entitled to great deference.
The Court emphasizes that although Debtor has repeatedly claimed
that pursuing the Claim could lead to a multi-million-dollar
judgment that would result in a surplus, he has failed to establish
a reasonable possibility of successfully litigating the Claim and
obtaining the substantial amount necessary for a surplus after
payment of all claims and the Trustee's fees. Actually, the amount
of the filed claims surpasses the value of the Claim as per the
schedules filed in this case. And furthermore, Debtor has not
addressed the costs associated with the litigation of the Claim,
nor the potential detriment to the estate in doing so.
The Trustee also asserted that Debtor lacks standing to oppose the
approval of the Stipulation. The Court concurs with the Trustee
that Debtor lacks standing to object to the Stipulation in this
case.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=iUbsMS from PacerMonitor.com.
Miguel Angel Rivera Rosario filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 23-02291) on July 28, 2023,
listing under $1 million in both assets and liabilities. The Debtor
was represented by Nilda Gonzalez Cordero, Esq.
The case was converted to Chapter 7 on November 22, 2023. Wigberto
Lugo Mender is the Chapter 7 Trustee.
*********
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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of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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* * * End of Transmission * * *