Alsacia Swaps CEOs

Jose Ferrer has been named CEO of Chilean bus transportation provider Inversiones Alsacia, the company says. He replaces Ruben Alvarado. Alsacia had its ratings cut last month to CC/Caa2, on a heightened risk of default. Alsacia has been hurt by a new concession contract that is less favorable than its previous agreement, resulting in higher costs and strained financial metrics. Holders granted Alsacia covenant debt service and account waivers last month.