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                     L A T I N   A M E R I C A

               Thursday, February 15, 2018, Vol. 19, No. 33


                            Headlines



B A H A M A S

BAHAMAS: Losing 20% of GDP to Shopping Outside Its Borders


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Has Dollars & More Coming, Bank Says
DOMINICAN REPUBLIC: Electricity, Fiscal Pacts Are Stalled Progress


M E X I C O

MEXICO: Seek Solutions With EU Lawmakers to Shared Challenges


P U E R T O    R I C O

RISE ENTERPRISES: Plan Delayed Due to Unresolved Negotiations
SOCIEDAD EL PARAISO: Taps Harold A. Frye Maldonado as Attorney


V E N E Z U E L A

PDVSA: Venezuela Resorts to Swaps to Get Oil Imports for Curacao
PETROLEOS DE VENEZUELA: US Charges Ex-Officials in Bribery Probe
VENEZUELA: Colombia Says Open Humanitarian Channel Amid Crisis


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B A H A M A S
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BAHAMAS: Losing 20% of GDP to Shopping Outside Its Borders
----------------------------------------------------------
RJR News reports that the Bahamas Federation of Retailers (BFR)
revealed in a statement that the Bahamian economy loses an
estimated $2 billion or about 20 per cent of gross domestic
product (GDP) of business to online shopping and shopping in
Florida.

In an effort to recapture some of the revenue being lost, the BFR
said it believes the elimination of import duties for apparel,
shoes and fashion accessories in the Bahamas would improve the
competitive ability of local Bahamian wholesalers and retailers
and boost domestic competition, which would lead to an increase in
private sector employment and value-added tax (VAT) revenue,
according to RJR News.

A 20 per cent import tax is currently placed on clothing and
swimwear, shoes, belts, bras and underwear, scarves, and socks and
stockings, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2017, S&P Global Ratings affirmed its 'BB+/B' long- and
short-term sovereign credit ratings on The Commonwealth of The
Bahamas. The outlook remains stable.



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D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Has Dollars & More Coming, Bank Says
--------------------------------------------------------
Dominican Today reports that Central banker Hector Valdez Albizu
rebuffed reports by some sectors of a shortage of dollars in the
Dominican Republic.

"The Central Bank accumulated 940 million dollars more this year
than last year.  That is, we have US$6.8 billion available. What
happens is the same as last year, which in a certain period to pay
for the vehicles they brought, which they say they did not bring,
now they are looking to fulfill their obligations of their credit
rate," the official said, according to Dominican Today.

He said he believes that "there's no shortage and a lot of
currency flow in the market," the report notes.

"What happens is that banks often give priority to the largest
corporate customers and it's going to cover everything, but if
necessary we'll contribute to solve the problem," he said, the
report relays.

The report discloses that Mr. Valdez said the Central Bank covers
the dollar needs through various banking mechanisms every year,
"and then it's normalized."

He affirmed that the economy won't be affected because it has
never been "with the momentum that it has, it had never closed
with the momentum with it closed for the year," the report quoted
Mr. Valdez as saying

"It has dollars and dollars are coming because 1.8 billion dollars
arrive from the operation that was made (IMF) . . .  and if
dollars come there will be dollars to cover the needs of the
Government and the private sector," said the Central Banker after
laying a wreath at the National Altar to mark Month of the Nation,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Electricity, Fiscal Pacts Are Stalled Progress
------------------------------------------------------------------
Dominican Today reports that of the three essential pacts
stipulated in National Development Strategy (NDS) Law 1-12 for The
Dominican Republic to achieve its objectives of progress, only
Education has been hammered out. The electricity pact, which has
languished for five years, is almost ready to sign; while official
discussions for the fiscal accord, with three years after its
deadline, haven't even started, the report notes.

On the expected signature of the electricity pact, Economic and
Social Council (CES) Director Iraima Capriles told Diario Libre
that there's still no date set, but stressed that the final
document is in president Danilo Medina's hands to make the
necessary revisions and consultations, according to Dominican
Today.

As to the fiscal pact, Intec University School of Economics Dean
Rafael Espinal said that agreement is difficult to achieve at this
time due to the current political conditions, the report notes.

"I think that in the current conditions it is difficult for the
Government to consider making a fiscal pact, rather the Government
has opted for a transformation of the tax administration to
improve the efficiency of the management and avoid the strong
evasion of the ITBIS (tax)," he said, the report relays.

Nonetheless he noted that this, "obviously, is not enough because
of an issue of tax elasticity," the report discloses.

The report relays that Mr. Espinal said it's evident that there is
a need to make a fiscal pact because of the pressure that the
Government has when it drafts and executes the Budget.

He pointed out that while Law 1-12 stipulates the pact that was a
Medina campaign promise in 2012, it's difficult to enact it from
now to 2020 "for reasons of a political nature," the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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M E X I C O
===========


MEXICO: Seek Solutions With EU Lawmakers to Shared Challenges
-------------------------------------------------------------
World News En Espanol reports that the 24th meeting of the
European Union-Mexico Joint Parliamentary Committee got under way
with a commitment to forging common solutions to shared
challenges.

The institution of the joint parliamentary committee was created
on the basis of "mutual respect," Spanish EU lawmaker Teresa
Jimenez-Becerril said during the opening session, according to
World News En Espanol.

Among the items on the agenda for this the gathering are human
rights; gender equality and violence against women; ways to
promote small and mid-sized firms; and sharing best practices in
areas such as transportation and sustainable tourism, the report
notes.

Jimenez-Becerril, a member of Spain's governing Popular Party who
leads the EU contingent, noted the dangers faced by journalists
and human rights advocates in Mexico and Europe's struggle to
achieve an effective migration policy and combat human
trafficking, the report relays.

Issues affecting both Mexico and the EU include women's equality
in the workplace and public life and the task of expanding
opportunities for entrepreneurs, she said, the report notes.

The session of the Joint Parliamentary Committee coincides with
the start in Mexico City of a ninth round of talks on updating the
Mexico-EU trade accord, the report relays.

Early, the Euro lawmakers received a briefing from the EU's chief
negotiator on the trade pact, Helen Konig, who said last month
that she hoped to complete the renovation of the accord ahead of
March 30, when the campaign for Mexico's 2018 presidential
election officially begins, the report says.

Mr. Jimenez-Becerril said that last year saw "considerable"
progress in the negotiations, expressing confidence that both
sides would muster the "extra effort" needed to overcome the
remaining hurdles, the report relays.

Mexican Sen. Miguel Lucia Espejo predicted success in the drive to
adapt the accord to the world as it is now, while taking into
account "sensitivities" regarding certain industries and products,
the report notes.

More broadly, he said that the Joint Parliamentary Committee has
become an "efficient vehicle" for the exchange of ideas between
Mexico and Europe, the report adds.



======================
P U E R T O    R I C O
======================


RISE ENTERPRISES: Plan Delayed Due to Unresolved Negotiations
-------------------------------------------------------------
Rise Enterprises, S.E., asks the U.S. Bankruptcy Court for the
District of Puerto Rico for a 90-day extension of the period
within which the Debtor has the exclusive right to file a
Disclosure Statement and Plan of Reorganization, and to allow a
term of 60 days after the order approving the Disclosure Statement
is entered to procure the votes for the Plan.

The Debtor represents that:

      (a) There are still pending negotiations with its creditors
that need to be resolved prior to the filing of the Disclosure
Statement and Plan of Reorganization.

      (b) The Debtor is meeting its obligations as
debtor-in-possession -- Monthly Operating Reports have been filed
and quarterly fees have been paid.

      (c) Any extension of time will not harm the creditors but
rather, it will increase the possibilities of a successful
reorganization.

                     About Rise Enterprises

Rise Enterprises, S.E., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04678) on June 30,
2017.

In the petition signed by Ismael Falcon Ortega, partner, the
Debtor estimated assets of less than $1 million and liabilities of
$1 million to $10 million.  Judge Mildred Caban Flores presides
over the case.  Mary Ann Gandia, Esq., at Gandia-Fabian Law
Office, serves as the Debtor's bankruptcy counsel.


SOCIEDAD EL PARAISO: Taps Harold A. Frye Maldonado as Attorney
--------------------------------------------------------------
Sociedad El Paraiso S.E. and Conrado Rosa Guzman seek authority
from the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Harold A. Frye Maldonado as attorney to represent the
Debtors in this case.

Harold A. Frye Maldonado will charge an hourly rate of $150.00
plus actual and necessary out of pocket expenses. Prior to the
filing of this application, Mr. Frye received a retainer in the
amount of $3,000.00.

Harold A. Frye Maldonado, Esq., attests that he does not hold or
represent any interest adverse to the estate and that he is a
disinterested person pursuant to 11 U.S.C. Sec. 101(14).

The counsel can be reached through:

     Harold A. Frye Maldonado, Esq.
     Villa Nevarez, 301-PR 21 (Marginal)
     San Juan, PR 00927
     Tel: 787-668-3022
     Fax: (800) 204-0744
     E-mail: frye.maldonado@gmail.com

                      About Sociedad El Paraiso

Sociedad El Paraiso, SE, a special partnership organized by
Conrado Rosa Guzman in Puerto Rico, operates privately-owned
properties leased to third parties for residential and commercial
purposes.

Sociedad El Paraiso and Conrado Rosa Guzman sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Lead Case
No. 14-09700) on Nov. 24, 2014.  In the petition signed by Guzman,
as authorized representative, Sociedad El Paraiso estimated its
assets and debt at $1 million to $10 million.

The Debtors are represented by Harold A. Frye Maldonado, Esq.



=================
V E N E Z U E L A
=================


PDVSA: Venezuela Resorts to Swaps to Get Oil Imports for Curacao
----------------------------------------------------------------
Marianna Parraga at Reuters reports that Venezuela's state oil
firm Petroleos de Venezuela S.A. has resumed crude imports for its
335,000-barrel-per-day Isla refinery in the Caribbean island of
Curacao after a seven-month pause, as it seeks to turn around
falling fuel output, according to internal PDVSA documents.

PDVSA, which supplies the bulk of Venezuela's export revenue, is
increasingly in need of foreign crude as chronic underinvestment
slashes its own output, leaving it short of crude to refine and
blend, according to Reuters.

The increased activity at Curacao comes as more suppliers are
accepting oil swaps as a solution to the company's lack of
dollars, according to the documents, the report notes.  Cash-
strapped PDVSA is increasingly giving its own crude and products
away to obtain some of the barrels its refining network needs, the
report relays.

Refining problems due to outages and lack of oil have caused
intermittent fuel shortages in the OPEC-member nation, the report
relays.  The shrinking crude output and exports have not only cut
its ability to pay cash for imported oil, but also to buy the
food, medicine and supplies the country needs, the report says.

PDVSA's oil purchases -- typically used for refining and blending
its heavy crude for export markets -- declined to almost none
during the second half of last year as the company used most of
its cash to pay bondholders and avoid a default, the report
discloses.

The report relays that PDVSA has received in recent weeks 1.73
million barrels of U.S. West Texas Intermediate and DSW crudes,
and 1.44 million barrels of Russia's Urals crude at Curacao's
Bullenbay terminal, according to the PDVSA's internal data and
Reuters vessel tracking data, almost the same volume imported in
all of 2017.

Most imports came from tenders awarded in December to China Oil
and trading firm Citizens Resources LLC, the report notes.

PDVSA expects to receive two more U.S. crude cargoes from China
Oil, owned by state-run China National Petroleum Corp (CNPC) and
Sinochem Corp, and two additional Urals cargoes from trading firm
Glencore (GLEN.L) and Russia's Lukoil (LKOH.MM), the documents
said, the report relays.

PDVSA agreed to prices over $66 per barrel for the crude purchases
discharged this year, according to the same documents, the report
notes.  The numbers were close to market prices, but still are a
heavy load for a country struggling to afford basic goods, the
report relays.

Cash payments for the cargoes have been minimal since PDVSA also
has agreed to deliver up to 1 million barrels of fuel oil and 3.9
million barrels of Merey heavy crude in exchange for the imports,
the report relays.

Such barter deals have become common in recent years as PDVSA
strains to obtain hard currency for its crude. A series of oil-
for-loan agreements coupled with falling crude output have left
the company cash strapped, the report notes.  In 2017, its oil
production fell to the lowest level in almost three decades, the
report says.

Financial sanctions imposed by U.S. President Donald Trump in
August have also worsened its cash problems while limiting access
to long-and medium-term credit, the report notes.

PDVSA's Isla refinery in Curacao is one of its main facilities for
fuel oil output for exports, but a lack of crude last year limited
processing at the plant, causing delays in shipments to Asia,
PDVSA's main destination for exports, the report notes.

Venezuela's domestic refineries are also working well below
capacity, the report relays.  The country's largest facility,
Amuay, entirely halted processing in January. Some units restarted
days after, but its catalytic cracker stopped working again due to
lack of feedstock, according to union sources, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
22, 2017, S&P Global Ratings lowered its issue-level ratings on
Petroleos de Venezuela S.A.'s (PDVSA's) senior unsecured notes due
2024 and 2021 to 'D' from 'CC'.


PETROLEOS DE VENEZUELA: US Charges Ex-Officials in Bribery Probe
----------------------------------------------------------------
Associated Press reports that U.S. prosecutors in Houston have
unsealed charges against five former Venezuelan officials in
connection with an alleged major bribery scheme at Venezuela's
state-run oil Petroleos de Venezuela S.A..

Among those charged with money laundering are Rafael Reiter and
Deputy Energy Minister Nervis Villalobos, according to Associated
Press.  Both were aides to Venezuela's former oil czar and
recently removed ambassador to the United Nations, Rafael Ramirez,
who was not charged, the report notes.

The indictment alleges two PDVSA vendors sent more than $27
million in bribes to Swiss accounts controlled by Villalobos and
another former official, Luis Carlos Leon, who was also charged,
the report relays.  All three men were arrested in Spain last year
and are facing extradition, the report notes.

The Justice Department has now announced charges against a total
of 15 individuals as part of a larger probe into bribery at PDVSA,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
22, 2017, S&P Global Ratings lowered its issue-level ratings on
Petroleos de Venezuela S.A.'s (PDVSA's) senior unsecured notes due
2024 and 2021 to 'D' from 'CC'.


VENEZUELA: Colombia Says Open Humanitarian Channel Amid Crisis
--------------------------------------------------------------
EFE News reports that Colombian Foreign Minister urged Venezuela
to open a humanitarian channel to tackle the migration crisis and
to help its citizens receive medicines and food.

"We should once again call on the government of Venezuela to open
a humanitarian channel, to allow its citizens the possibility of
receiving medicines and food," Foreign Minister Maria Angela
Holguin said during a meeting by the Lima Group in the Peruvian
capital, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2018, S&P Global Ratings lowered its issue rating on the
Bolivarian Republic of Venezuela's global bond due 2020 to 'D'
from 'CC'. At the same time, S&P affirmed its long- and short-term
foreign currency sovereign issuer credit ratings at 'SD/D'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications, where S&P placed them on Nov. 3, 2017. Other foreign
currency senior unsecured debt issues not currently rated 'D' are
rated 'CC'


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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
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or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
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                            ***********


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 2018.  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
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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