/raid1/www/Hosts/bankrupt/TCRLA_Public/250423.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Wednesday, April 23, 2025, Vol. 26, No. 81
Headlines
A R G E N T I N A
ARGENTINA: Bessent Expects Country to be Able to Pay Off China Swap
B E R M U D A
NABORS INDUSTRIES: BlackRock Holds 5.1% Stake as of March 31
B R A Z I L
GOL LINHAS: Seeks to Extend Plan Exclusivity to July 25
ODEBRECHT ENGENHARIA: Peru Court Jails Ex-President Humala
C O L O M B I A
BANCOLOMBIA SA: Extraordinary Meeting for Bondholders Set for May 2
J A M A I C A
JAMAICA: Inflation Rate Holds Steady
P E R U
BANCO DE CREDITO: S&P Rates New Subordinated Notes 'BB+'
TELEFONICA DEL PERU: Parent Sells Firm to Integra Tec for USD992K
P U E R T O R I C O
26 METAL RECYCLING: Hires Jose Ramon Cintron as Legal Counsel
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A R G E N T I N A
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ARGENTINA: Bessent Expects Country to be Able to Pay Off China Swap
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Manuela Tobias, Patrick Gillespie & Annmarie Hordern at Bloomberg
News report that US Treasury Secretary Scott Bessent praised
President Javier Milei's policies in Argentina as a model for other
market-friendly governments in Latin America, in a symbolic show of
support for the libertarian leader.
"Today was what I would call a fulcrum day," Bessent said in an
interview after meetings with both Milei and his economic team,
during a rare bilateral visit to the crisis-prone nation, according
to Bloomberg News.
Argentina last hosted a US Treasury chief during a Group of 20
summit in 2018, before its last market-friendly president was swept
from power by a left-wing populist, Bloomberg News notes.
Bessent's presence in Buenos Aires emphasised how sharply Milei has
swung the pendulum back, Bloomberg News relays.
"This is a completely new government and new policies," the
Treasury secretary told Bloomberg News at the US ambassador's
residence, the report relayes. "I don't like the word unprecedented
-- but it's unprecedented."
Milei's government is coming off a string of victories that reached
a crescendo when it signed a landmark deal with the International
Monetary Fund for a new US$20-billion lending programme, more than
half of which will be given up front, Bloomberg News discloses.
And, it began easing currency and capital controls that have held
back foreign investment for years.
Securing support from US President Donald Trump's administration
was key in the process, Bloomberg News discloses. Argentina will
receive US$12 billion of the IMF funds up front, a major victory
amid hesitancy among member countries to increase their exposure to
the perennially troubled economy. But the US is the biggest
shareholder at the Washington-based lender and Bessent dismissed
concerns about frontloading, even though Argentina is the fund's
biggest debtor, the report notes.
"The good thing about having the money is the bigger your war
chest, the more unlikely that you're going to have to intervene,"
the report quotes Bessent as saying. "It's going to be a smoothing
function. I'm going to be watching it closely," he added.
Argentina renewed a portion of its US$18-billion currency swap line
with China, despite criticism by a Trump administration official
who said it was an extortionate arrangement that should come to an
end, Bloomberg News says. The announcement of Bessent's visit soon
after those comments led some investors to speculate that he would
bring an offer of alternative financing, Bloomberg News relays.
Though Bessent said in an earlier interview with Bloomberg
Television that the US government isn't currently considering a
direct credit line for Argentina, he signaled afterward that it
remains a possibility, Bloomberg News discloses. "At the end of
the day, we have the Exchange Stabilization Fund, too. We haven't
committed to being part of that, but could be," he added.
Argentine officials have not requested access to the line, Bessent
added.
However, Bessent also said that if Milei's government continues
with its economic reforms the country should have enough foreign
exchange inflows to pay off the active US$5 billion portion of its
swap with Beijing, Bloomberg News relays.
"What we are trying to keep from happening is what has happened on
the African continent," Bessent said in the television interview,
Bloomberg News notes. "China has signed a number of these
rapacious deals marked as aid, where they've taken mineral rights
and added huge amounts of debt onto these countries' balance
sheets."
Bloomberg News relays that Bessent's visit to Argentina also caused
a flurry of speculation in Buenos Aires about what the relatively
small economy did to merit attention amid Trump's escalating trade
war. Alongside Israel, Bessent said Argentina will be "toward the
front of the line" for reduced tariffs, although larger economies
will be prioritised, Bloomberg News notes.
The Trump administration sees Argentina playing a mostly symbolic
role as an economic beacon for the rest of the region while the US
tries to counter China's weight, Bloomberg News says.
"The [Barack] Obama administration missed a big opportunity during
their eight years when numerous Latin American countries installed
centre-right governments," Bessent said, Bloomberg News relays.
"It's important to make Argentina the exemplary example of what
happens when you put in very sound economic policies," he added.
He also flagged the reelection of President Daniel Noboa in Ecuador
in the run-off vote as a significant milestone, Bloomberg News
notes. "I could see the free-market ideology spreading back through
Latin America as we see more examples of it working."
Earlier, Bessent met with Milei and Economy Minister Luis Caputo at
the Casa Rosada presidential palace, Bloomberg News notes. The
Treasury chief and the libertarian leader recorded a joint
declaration that the president's office later released on social
media, Bloomberg News discloses.
Bessent's visit coincided with the first day Argentina allowed the
peso to trade freely, within a set range, as it started to remove
other financial restrictions, Bloomberg News notes. Those are key
steps for the country to eventually reenter capital markets after
its most recent sovereign debt default in 2020. Investors cheered
as the country's bonds climbed while the peso weakened, almost
eliminating the gap between the parallel market and official rates
entirely, Bloomberg News says.
The Treasury secretary, a former hedge fund manager, recalled his
time restructuring Argentina's debt and criticised former president
Mauricio Macri for hesitating on policy reforms as political
pressures built up, relays the report.
"I helped engineer the 2016 debt restructuring, and then they
blinked on the policy when things got tough. And I don't think this
government's going to blink," Bessent said. "Most importantly, I
think the Argentine people have looked into the precipice and have
made the decision not to be poor forever, because they were close
to it," he added.
Milei prioritised his relationship with Trump even before the
president took the oath of office, recounts Bloomberg News. On the
heels of a visit from then-US secretary of state Antony Blinken
early last year, Milei flew to Washington to tell Trump he hoped
he'd become president again.
Since the US election, Trump and Milei have met three times,
Bloomberg News discloses. The Argentine leader has been playing up
his ideological similarities to Trump, voting in line with him at
the United Nations at the expense of alienating close ally
Volodymyr Zelenskyy. He has also stepped up his anti-woke rhetoric
at the World Economic Forum in Davos, Switzerland, as well as at
conservative rallies in the US, Spain, Italy and neighbouring
Brazil.
Caputo met with Bessent in Washington in February, after a meeting
between Milei and Trump, Bloomberg News notes. Most recently,
Caputo and Milei flew to the US president's Mar-a-Lago resort in
Florida, hoping to get a fourth meeting only to return empty
handed, adds the report.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
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.
On April 11, 2025, the International Monetary Fund (IMF) approved
a 48-month Extended Fund Facility (EFF) arrangement for Argentina
totaling US$20 billion (or 479 percent of quota), with an immediate
disbursement of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion. The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.
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.
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B E R M U D A
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NABORS INDUSTRIES: BlackRock Holds 5.1% Stake as of March 31
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BlackRock, Inc. disclosed in a Schedule 13G (Amendment No. 5) filed
with the U.S. Securities and Exchange Commission that as of March
31, 2025, it beneficially owned 738,609 shares of common stock of
Nabors Industries Ltd., representing 5.1% of the class of the
company's outstanding common shares. BlackRock, Inc. has sole
voting power over 718,860 shares and sole dispositive power over
738,609 shares.
BlackRock, Inc. may be reached through:
Spencer Fleming, Managing Director
50 Hudson Yards
New York, NY 10001
Tel: (212) 810-5800
A full-text copy of BlackRock's SEC report is available at:
https://tinyurl.com/448re4z2
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 Company 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-' Company 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-' Company 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.
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B R A Z I L
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GOL LINHAS: Seeks to Extend Plan Exclusivity to July 25
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GOL Linhas Aereas Inteligentes S.A., and its affiliates asked the
U.S. Bankruptcy Court for the Southern District of New York to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to July 25 and September 25, 2025,
respectively.
Since entry of the order granting the Second Exclusivity Motion,
the Debtors have made substantial progress in advancing these
Chapter 11 Cases to a successful resolution. Although the Debtors
have made substantial progress towards achieving the objectives of
chapter 11, they believe that they require the requested
extensions
of the Exclusive Periods to gain further consensus for their
restructuring, finalize the debt and equity exit financing
contemplated by the Plan, and seek confirmation of the Plan
without
the disruption of potential competing plans.
The Debtors explain that the international nature of these Chapter
11 Cases in particular has necessitated resolution of complex
questions of finance, securities, tax, and regulatory laws of
various U.S. and non-U.S. jurisdictions, which the Debtors and
their advisors continue to analyze in connection with the proposed
implementation of the Plan. Given the size and complexity of these
Chapter 11 Cases, the Debtors need additional time to ensure that
they can obtain confirmation of the Plan and implement the Plan in
accordance with its terms.
The Debtors believe that the vast majority of the Debtors'
creditors already support or will support the Debtors' Plan and
continue to engage with all parties in interest to reach full
consensus. The requested extensions of the Exclusive Periods will
benefit all parties in interest by allowing the Debtors to build on
the momentum they have achieved thus far and work toward reaching
resolution with those creditors that do not already support the
Plan. Thus, this factor weighs in favor of granting the requested
extension of the Exclusive Periods.
The Debtors assert that they have been timely paying their
undisputed postpetition obligations in the ordinary course
throughout the course of these Chapter 11 Cases. The Debtors will
continue to do so, as they have more than enough cash on hand due
to the substantial liquidity provided by the DIP financing and the
Court-approved factoring arrangements. As such, this factor also
weighs in favor of granting the requested extension of the
Exclusive Periods.
The Debtors further assert that they continue to progress toward
confirmation and emergence from chapter 11, any ambiguity regarding
the ability of third parties to propose competing plans may lead to
value-destructive chaos, especially as the Debtors may need to make
modifications to the Plan as circumstances may require. The Debtors
believe that maintaining their exclusive rights to pursue
confirmation of the Plan is critical to their ability to achieve
their restructuring goals.
The Debtors' Counsel:
Evan R. Fleck, Esq.
Andrew C. Harmeyer, Esq.
Bryan V. Uelk, Esq.
MILBANK LLP
55 Hudson Yards
New York, NY 10001
Telephone: (212) 530-5000
Facsimile: (212) 530-5219
Email: efleck@milbank.com
aharmeyer@milbank.com
buelk@milbank.com
- and -
Gregory A. Bray, Esq.
MILBANK LLP
2029 Century Park East, 33rd Floor
Los Angeles, CA 90067
Telephone: (424) 386-4000
Facsimile: (213) 629-5063
Email: gbray@milbank.com
- and -
Andrew M. Leblanc, Esq.
Erin E. Dexter, Esq.
MILBANK LLP
1850 K St. NW, Suite 1100
Washington, DC 20006
Telephone: (202) 835-7500
Facsimile: (202) 263-7586
Email: aleblanc@milbank.com
edexter@milbank.com
About Gol Linhas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring Administration
LLC is the claims agent.
ODEBRECHT ENGENHARIA: Peru Court Jails Ex-President Humala
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globalinsolvency.com, citing Reuters, reports that a Peruvian court
sentenced ex-President Ollanta Humala to 15 years in prison for
receiving illicit campaign funds from a Brazilian construction
firm, making him the nation's latest former leader to head behind
bars.
Humala and his wife were accused of receiving funds from Brazilian
builder Odebrecht, now known as Novonor, in his successful 2011
election campaign, according to globalinsolvency.com.
Humala's wife, Nadine Heredia, was also sentenced to 15 years in
prison, the report relays.
About Odebrecht Engenharia
Odebrecht Engenharia e Construcao SA is a Brazilian company
specializing in large-scale civil engineering, construction, and
infrastructure development projects. It offers turnkey solutions,
managing every phase of construction from planning to execution
for both public and private sector clients. The Company operates
in five key sectors: urban development, energy, sanitation,
industrial plants, and transport and logistics. As a wholly owned
subsidiary of Novonor, OEC serves markets in Brazil, Angola, Peru,
and the United States.
Odebrecht Engenharia e Construcao SA sought relief under Chapter
15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10482)
on March 14, 2025.
The Debtor's foreign representative is Adriana Henry Meirelles and
Luke A. Barefoot, Esq. and Thomas S. Kessler, Esq. are the Debtor's
foreign representative counsel.
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C O L O M B I A
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BANCOLOMBIA SA: Extraordinary Meeting for Bondholders Set for May 2
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Bancolombia S.A. disclosed an extraordinary meeting for holders of
its sustainability-linked bonds, scheduled for May 2, 2025. The
meeting will address the distribution of certain assets and
subsidiaries between Bancolombia S.A., Banca de Inversion
Bancolombia S.A. Corporacion Financiera, and Grupo Cibest S.A., as
well as proposed amendments to the bond indenture. The outcomes of
this meeting could significantly impact the company's asset
distribution strategy and its bondholders.
As reported in the Troubled Company Reporter on Aug. 7, 2024, Fitch
Ratings has affirmed Colombia's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'BB+' with a Stable Rating Outlook.
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J A M A I C A
=============
JAMAICA: Inflation Rate Holds Steady
------------------------------------
RJR News reports that there was no change in Jamaica's overall
inflation rate for March 2025, as the latest figures from the
Statistical Institute of Jamaica show the All-Jamaica Consumer
Price Index held steady at 141.8 -- the same as in February.
This was influenced by stability in prices for March as mixed
movements across key sectors balanced each other out, according to
RJR News.
The index for Housing, Water, Electricity, Gas and Other Fuels
jumped by 2.4 per cent -- driven mainly by higher electricity bills
and increased rent rates, the report notes.
But this was offset by a one per cent drop in Food and
Non-Alcoholic Beverages, due in large part to a sharp 4.9 per cent
fall in vegetable prices, including items such as cooking bananas
and tubers, the report relays.
The Transport category also helped ease the overall index, dipping
by 0.2 per cent due to lower petrol prices, the report discloses.
Meanwhile, the point-to-point inflation rate, which measures price
changes from March last year to March this year, stood at five per
cent, the report notes.
This was mainly influenced by price increases in food, housing, and
restaurant services -- all of which recorded inflation above five
per cent, 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.
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P E R U
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BANCO DE CREDITO: S&P Rates New Subordinated Notes 'BB+'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Banco
de Credito del Peru's (BCP; BBB-/Stable/A-3) proposed subordinated
10.25-year (noncall 5) notes, subject to market conditions.
S&P said, "We rate the notes one notch below the 'BBB-' issuer
credit rating on the bank (which is below its 'bbb+' stand-alone
credit profile) to reflect contractual subordination. The rating
also incorporates that the notes are nondeferrable and don't have a
mandatory contingent capital clause. In addition, we assign minimal
equity content because these notes--considered as Tier II by the
Peruvian financial regulator--don't have characteristics of going
concern contingent capital. Therefore, we don't consider the
instrument as loss-absorbing capital under our capital model. We
believe that the notes would be subject to a possible write-down
only in resolution."
BCP will use the proceeds from the offering for general corporate
purposes, including asset-liability management. S&P considers the
bank's debt maturity profile to be manageable, and it has a record
of adequate debt management. It maintains sufficient liquidity
cushion to handle cash outflows for the next 12 months.
The proposed issuance does not affect our view of the bank's
creditworthiness. The notes will represent less than 3% of the
bank's total funding base. BCP's customer deposits remain its main
funding source, accounting for about 80% of its total funding base,
while interbank credit lines and senior and subordinated bonds make
up the remaining share.
TELEFONICA DEL PERU: Parent Sells Firm to Integra Tec for USD992K
-----------------------------------------------------------------
globalinsolvency.com, citing MercoPress, reports that Telefonica
has sold its Peruvian subsidiary, Telefonica del Peru, to Argentine
company Integra Tec International for approximately US$ 992,000,
marking its exit from the Andean country after three decades.
The sale, part of Telefonica's strategy to reduce Latin American
exposure, follows divestments in Argentina and Colombia, according
to the report. Telefonica del Peru, holding 99.3% of shares, faced
a financial crisis, entering bankruptcy proceedings in February,
globalinsolvency.com notes.
In a separate report, Developing Telecoms said that Telefonica
disclosed that the objectives of the new shareholder are the
maintenance and expansion of the service, the restructuring of the
company's debt within the framework of the bankruptcy process and
the establishment of a sustainable business plan with a solid
capital structure.
Developing Telecoms added that Integra Tec intends to work amicably
with creditors, suppliers, workers, the Government of Peru and all
parties related to Telefonica del Peru. The deal, says Telefonica,
will ensure the continuity of telecommunications services for more
than 13 million customers in urban and rural areas of Peru.
As part of the deal, Integra Tec will assume the EUR1.24 billion
(about US$1.4 billion) debt that Telefonica's Peruvian unit owes
the local tax agency and bond holders, notes the report. Integra
Tec has also committed to buying the 0.7% of Telefonica del Peru
shares held by minority shareholders.
Developing Telecoms, citing Reuters, reports that Telefonica had
bought the former state-owned Peruvian telecom monopoly in 1994 for
about US$2 billion.
The transaction apparently also involves the indirect transfer of
control over the shares that Telefonica del Peru holds in the rural
operator Internet para Todos, adds the report.
As reported in the Troubled Company Reporter-Latin America on March
17, 2025, Moody's Ratings has downgraded Telefonica del Peru S.A.A.
(TdP)'s corporate family rating and senior unsecured ratings to C
from Caa3. The outlook was revised to stable from negative.
Following the actions, all TdP's ratings will be withdrawn, in
accordance with Moody's Policy for Withdrawal of Credit Ratings.
Moody's views TdP's bankruptcy procedure filing as a default on all
its debt.
=====================
P U E R T O R I C O
=====================
26 METAL RECYCLING: Hires Jose Ramon Cintron as Legal Counsel
-------------------------------------------------------------
26 Metal Recycling Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Jose Ramon Cintron,
Esq., a professional practicing law in Puerto Rico, as counsel to
assist and represent it in all its proceedings.
Mr. Cintron will assist the Debtor in preparation of court
documents, appearance at the 341 meeting of creditors and other
court hearings, accounting, tax & financial analyses, and
preparation of a Plan & Disclosure Statement.
The Debtor has paid Mr. Crintron a $5,000 retainer fee against
which all future fees and costs will be charged until exhausted.
Mr. Crintron will charge $250 per hour for his services.
Mr. Crintron assures this Court that he and all members of his firm
are disinterested persons as the term is defined under the
Bankruptcy Code.
The counsel can be reached through:
Jose Ramon Cintron, Esq.
Calle Condado 605, Suite 602
Santurce, PR 00907
Tel: (787) 725-4027
Fax: (787) 725-1709
Cell: (787) 605-3342
E-mail: jrcintron@prtc.net
About 26 Metal Recycling Corp.
26 Metal Recycling Corp. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-01362) on
March 28, 2025, listing $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities. Jose Ramon Cintron, Esq., is the
Debtor's counsel.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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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.
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written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
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