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        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 25, 2018, Vol. 19, No. 80


                            Headlines



A R G E N T I N A

AMES XII: Moody's Gives B1.ar Rating to ARS5.04MM Class B Debt


B R A Z I L

AES TIETE: Moody's Gives Ba2/Aa1.br Ratings on BRL200MM Debentures


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Trade Deficit Topped US$23.2BB in Last 7 Years
DOMINICAN REPUBLIC: Risks Persist for Economic Outlook, IMF Says


J A M A I C A

JAMAICA: Losing Billions by Not Tapping Into Sea Resources
UC RUSAL: More Trouble for Firm
* JAMAICA: Legislation to Modernize BOJ to be Tabled in Parliament


P E R U

* PERU: President Urges Firms to Help Boost Development


P U E R T O    R I C O

AUTO MASTER EXPRESS: Taps Carlos Alberto Ruiz as Legal Counsel
INSTITUCION AMOR: U.S. Trustee to Determine Necessity of PCO


                            - - - - -


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A R G E N T I N A
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AMES XII: Moody's Gives B1.ar Rating to ARS5.04MM Class B Debt
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.  rates
Fideicomiso Financiero AMES XII, a transaction that will be issued
by TMF Trust Company (Argentina) S.A., acting solely in its
capacity as Issuer and Trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

- ARS42,041,558 in Class A Floating Rate Debt Securities (VRDA)
   of "Fideicomiso Financiero AMES XII", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba2 (sf) (Global Scale).

- ARS5,044,987 in Class B Floating Rate Debt Securities (VRDB) of
   "Fideicomiso Financiero AMES XII", rated B1.ar (sf) (Argentine
   National Scale) and Caa2 (sf) (Global Scale).

- ARS20,179,948 in Certificates of "Fideicomiso Financiero AMES
   XII", rated C.ar (sf) (Argentine National Scale) and C (sf)
   (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flows derived from
the assets of the trust, which is an amortizing pool of 1,839
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by the Asociacion Mutual de la
Econom°a Solidaria ("AMES"), for a principal amount of ARS
35,701,808.

The VRDA will bear a floating interest rate (BADLAR plus 300 bps).
The VRDA's interest rate will never be higher than 31.0% or lower
than 23.0%.

The VRDB will bear a floating interest rate (BADLAR plus 400 bps).
The VRDB's interest rate will never be higher than 32.0% or lower
than 24.0%.

These personal loans are granted to employees of the City of
Buenos Aires (rated B2/A1.ar) using a "Codigo de Descuento". The
"C¢digo de Descuento" is an identifier granted by a government-
related entity (in this case the City of Buenos Aires) that allows
deducting a personal loan's installment directly from the
borrowers' paycheck.

The originator must access an Internet-based system to verify the
borrower's disposable income and originate the personal loan. The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account. In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic payroll deduction of the loans' installments
significantly reduces the probability of default of the loans,
which is not dependent on the borrower's willingness to pay.

For this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires (GCBA), (ii) judicial
embargos, that may limit the maximum disposable income that can be
deducted by the GCBA, (iii) increases in the Minimum Wage that
increases the minimum disposable income that the employee must
receive net of deductions, (iv) variable components of the wages
that are not collected in a particular month and therefore
decreases the disposable income (v) and unpaid work licenses.

The initial negative overall credit enhancement is mitigated by a
turbo sequential structure and a significant level of excess
spread, which allow for the building of credit enhancement
starting with the first coupon payment. In addition, the
transaction has various reserve funds.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency and prepayment levels higher than Moody's
original expectations, or a disruption in the flow of payments
from the City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.



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B R A Z I L
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AES TIETE: Moody's Gives Ba2/Aa1.br Ratings on BRL200MM Debentures
------------------------------------------------------------------
Moody's America Latina assigned ratings of Ba2/Aa1.br
(respectively, in global scale and Brazil's national scale) to AES
Tiete Energia S.A.'s planned issuance of BRL200 million senior
secured debentures with final maturity in 2030 (8th issuance). The
outlook remained stable.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that
the debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and
reviewed by the rating agency, Moody's will assess the impact that
these differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The fully-amortizing debentures will have a 12-year maturity with
customized bi-annual amortization schedule. The debentures have a
6-month DSRA with standard project finance security package
including: (i) pledge of the project's shares; (ii) pledge of
receivables (iii) pledge of reserve accounts; (iv) the three SPV's
also guarantee the issuance. The interest payment is accrued until
November 2018 and has biannual interest payments starting in May
2019, with variable interest rate that will be defined in book
building.

The proposed debentures have a financial covenant of a minimum
DSCR of 1.20x annually tested according to the indenture's
calculation formula. AES Tiete may cover any amount necessary to
meet this threshold by capitalizing the project's complementation
account ("Conta de Complementacao do ICSD) in addition to the
project's cash waterfall structure. Among other acceleration
clauses and subject to creditor's waiver, a covenant breach could
trigger cross-default with other group's debt.

Proceeds of the issuance will be used to fund Boa Hora solar power
project investment needs. The project is comprised of three SPVs,
still under construction, authorized by Aneel/Ministry of Energy
and Mining to operate the solar farm with total installed capacity
of 91 megawatt peak (MWp) located in the State of Sao Paulo (Ba2,
stable) with official commercial operations date for 100% of the
project expected in November 2018. Its revenue profile is composed
of a long-term 20-year power purchase agreement (PPA) from the
2015 Reserve Energy Auction, which allows eventual surplus and/or
deficits in generation within the year to be compensated in
monthly installments during the following year. The project's
offtaker, is the CCEE (Brazilian Electricity Clearing House),
associated to the federal energy regulator with strong linkages to
the Brazilian sovereign (Ba2, stable).

The Ba2/Aa1.br ratings reflect AES Tiete's overall predictable and
strong cash generation that leads to adequate credit metrics for
the rating category as well as its resilient access to the local
banking and capital markets together with management's prudent
administration of the generation business. The rating also
incorporates AES Tiete's historical high dividend payout and the
potential cash outflow of the judicial dispute over the spot
market exposure during the hydrological crisis (BRL 711 million,
provisioned as of December, 2017). AES Tiete's ratings are further
constrained by its expansion strategy in renewable energy coupled
with the Capex pressures from the contractual obligation to expand
generation capacity by 15% in the State of Sao Paulo. Brazil's
sovereign rating also limits the company's rating given the local
revenue dependency and highly regulated business nature as well as
the overall more challenging hydrological conditions.

Rating Outlook

The stable outlook largely reflects Brazil's sovereign rating
outlook given the company's local-content profile. It also
incorporates our view of AES Tiete's relatively stable cash flows
in the projected period and our expectation that dividend outflows
and any acquisitions or M&A activity will be prudently managed to
maintain adequate leverage and credit metrics for the rating
category.

What Could Change the Rating - Up /Down

Moody's could upgrade the ratings if AES Tiete's operational
performance surpass its expectations or if liquidity improves. If
the credit metrics stay above our projections such that cash
interest coverage (CFO Pre WC + Interest/ Interest) stays above
4.5x and the CFO Pre WC/Debt above 35% for a sustainable period,
Moody's could also consider an upgrade. Nevertheless, AES Tiete's
ratings are constrained by Brazil's sovereign rating given its
close linkages to the local economic/regulatory environment and
ultimate credit quality.

A rapid or significant downturn in AES Tiete's credit metrics such
as cash interest coverage (CFO Pre WC + Interest/ Interest) stays
below 2.5x and the CFO Pre WC/Debt below 10% on a sustainable
basis could prompt a rating downgrade as well as the degradation
of the liquidity and overall credit quality. The company's
operating margin potentially coming under pressure from a
significant mismatch on spot market exposure or on contracted
levels could also weigh on the ratings. In addition, Moody's could
also review AES Tiete's rating downwards if the company's
expansion plan continues to lead to higher leverage thresholds.

AES Tiete is mainly a hydropower generation company with a 30-year
concession, granted in December 1999 to operate an installed
capacity of 2,658 MW, equivalent to around 2% of Brazil's
electricity capacity, and 1,247 MW of assured average energy. The
company has 9 hydro-power plants (HPPs) and 3 small hydro-power
plants (SHPPs) located in the State of Sao Paulo. As of December
2017, AES Tiete had 79% of its energy contracted for 2018 and did
not adhere to the law 13,203 that hedges the hydrological risk for
a premium as negotiated with the regulator, Aneel, although
Moody's expects the company to maintain an uncontract cushion of
up to 20% through its portfolio.

In 2017, the company started investing in non-hydro renewable
sources generation with four new projects until date: (i) Alto
Sertao II wind power plant with 386.1 MW of installed capacity
located in the State of Bahia, (ii) Boa Hora and Guaimbà solar
complexes with 91 MWp and 180 MWp of installed capacity
respectively and (iii) the AGV solar project acquired in Aneel's
auction held in December 2017 with 94 MWp installed capacity and
total investments of BRL280 million. These renewable contracts are
supported by long-term PPA agreements maturing around 2033-40 with
fixed prices yearly adjusted by inflation. AES Tiete's expansion
strategy is to continue investing in wind/solar power projects
that should represent 50% of EBITDA in the medium-term, partially
mitigating the company's exposure to local hydrological
conditions.

According to Moody's standard adjustments, AES Tiete reported net
operating revenues of BRL1.7 billion and EBITDA of BRL920 million
in the FY ended December 2017 while total debt amounted BRL3.6
billion in the period.



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


DOMINICAN REPUBLIC: Trade Deficit Topped US$23.2BB in Last 7 Years
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic-U.S.
cumulative trade deficit totaled US$23.2 billion in the last seven
years, according to the Energy and Mining Barometer bulletin #103.

The report said that from 2010 to November 2017, the great
imbalance of goods between the two countries resulted from exports
of US$34.7 billion, compared to imports worth US$57.0 billion,
according to Dominican Today.

It says the trade imbalance in that period fell 4.77%, totaling
24.07%, as a result of a 2.39% growth in exports, which reached
37.97%, in addition to a 2.39% decline in imports which ended at
64.42%, the report notes.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.


DOMINICAN REPUBLIC: Risks Persist for Economic Outlook, IMF Says
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF), on
April 11, 2018, concluded the Article IV consultation [1] with the
Dominican Republic, and considered and endorsed the staff
appraisal without a meeting.

After three years of robust expansion, the economy moderated to
close to its potential level.  Economic activity is estimated to
have expanded by 4.6 percent in 2017, following above-potential
growth of 7.1 percent on average during 2014-16. The growth
moderation was concentrated in the first three quarters of 2017
and was driven by a cyclical correction in domestic demand
(especially investment), tighter financial conditions, uncertainty
related to legislative reforms and economic disruptions caused by
the close passage of two category five hurricanes in September
2017. More accommodative monetary policy and a rebound in activity
following the hurricanes then contributed to a strong recovery in
the last quarter of the year. Labor markets continued to improve
with the recovery in employment and real wages over the past two
years, and unemployment fell further to 5.1 percent, near
historical lows. Headline inflation returned to the central bank's
4Ò1 percent target band, and the external position strengthened
significantly.

The economic outlook remains positive. The monetary easing in mid-
2017 is expected to support a continued recovery in economic
activity in 2018. Lower lending rates and stronger credit growth
following the easing, combined with higher real wages and
employment, and are expected to continue to support domestic
demand. Growth is expected to increase to 5.5 percent in 2018 and
then to moderate to its medium-term potential rate of around 5
percent. Inflation is expected to remain within the central bank's
4 +/- 1 percent target band, while the external current account
deficit will gradually widen to its historical levels with higher
oil prices and stronger domestic demand. However, risks around the
outlook persist, with the main downside risks stemming primarily
from external factors, including higher world oil prices, tighter-
than-anticipated global financial conditions, and weaker-than
projected external demand.

Executive Board Assessment

The timely policy response to the economic slowdown in early 2017
has put the economy back on an even keel. Economic activity and
its projected growth are reverting to potential, inflation is
within the central bank's target, unemployment is near historical
lows, and the external current account deficit has narrowed. The
overall economic outlook remains positive but risks persist, with
the main downside risks stemming from higher oil prices, weaker-
than-projected external demand, and tighter-than-anticipated
global financial conditions. In this context, the key challenge
will be to build resilience to these risks by rebuilding policy
buffers, reinvigorating structural reforms, and further reducing
poverty and inequality.

Despite welcome efforts to bolster the revenue base, more
meaningful action will be required to strengthen the fiscal
position. Favorable international financial conditions and strong
growth in recent years have kept fiscal vulnerabilities at bay,
but public debt continued to increase and the growing interest
burden relative to a narrow revenue base is making debt less
affordable. Welcome reforms to improve the debt profile and
address weaknesses in tax and customs administration are yielding
strong results, as evidenced by recent peso debt issuance in the
global markets, narrowing bond spreads and increases in the tax
base. However, these are not sufficient to offset structural
spending pressures, especially in the face of tightening global
financing conditions and increasing oil prices. A meaningful
fiscal adjustment will be needed to rebuild the buffers and
reverse the upward debt dynamic, but its design would need to be
particularly mindful of its impact on growth, poverty and
inequality. The adjustment should focus on widening the tax base
(including through streamlining of tax incentives and exemptions),
simplifying the tax system, and rationalizing inefficient
expenditures, while prioritizing fiscal space towards increasing
public investment and social spending to protect the most
vulnerable.

Strengthening the fiscal policy framework should support efforts
to improve the fiscal position. A medium-term fiscal framework,
which would anchor fiscal policy decision-making in longer-term
debt sustainability objectives, would reduce policy uncertainty
and strengthen its credibility with the markets. Ongoing efforts
to develop such a framework are welcome. Reforms to enhance
transparency in the public procurement processes, strengthen
public financial management practices and align public statistics
with international norms will further contribute to increase
policy transparency and predictability, and should be supplemented
by wider coverage and timeliness of fiscal statistics.

The neutral monetary policy stance with a tightening bias is
consistent with current economic conditions. The neutral stance
should help maintain output close to potential and inflation
within the central bank's target, but tighter monetary policy may
be required if inflation rises faster than expected. The central
bank's inflation targeting framework has contributed positively to
price stability and would be further enhanced through greater
exchange rate flexibility, which would increase resilience to
external shocks by providing an automatic adjustment mechanism.
The external position is moderately stronger than warranted by
medium-term fundamentals and desirable policy settings, but is
expected to realign over the medium term with the projected
recovery in private domestic demand, especially as structural
reforms to improve the investment environment and social outcomes
take hold. Its continued strength in the near-term provides an
important opportunity to continue building reserve buffers, which
have strengthened considerably since the 2003-04 financial crisis.

Perseverance with efforts to strengthen financial sector oversight
will enable the financial system to continue supporting strong and
inclusive growth. Reforms put in place in the fifteen years since
the financial crisis have supported a recovery in the health of
the financial system, which compares favorably to regional peers.
The ongoing emphasis on strengthening oversight over systemic
macro-financial risks will further contribute to financial
stability, especially as information on household and firm
indebtedness is developed, and as the macro prudential policy
framework is finalized to enhance policy flexibility to respond to
systemic risks. Continued efforts to improve prudential regulation
and supervision will complement these reforms, with the objective
of fully aligning the regulatory and supervisory framework with
international best practice. Remaining gaps in the supervisory
periphery, including the oversight of the largest nonbank
institutions, should be filled. Finally, efforts to strengthen the
anti-money laundering framework are welcome, with its effective
implementation important to promoting integrity in the financial
system.

Growth-and socially-oriented structural reforms will be important
to enhancing the economy's growth potential and addressing
remaining social challenges. The authorities' ongoing reforms to
strengthen the doing-business environment and improve outcomes in
health, education and infrastructure, as well as to advance the
reform agenda for the electricity sector, are welcome and will
help to boost the economy's growth potential. The challenge will
be to complement these efforts with concrete and immediate policy
actions to sustainably reform the electricity sector, and with
more ambitious reforms to reduce high transportation costs,
simplify the tax system and strengthen the institutional
environment. Reforms to widen the coverage of social security and
ensure an adequate retirement income will be important to
strengthen social outcomes. A stronger fiscal position would also
contribute to improved social outcomes by easing pressures on
financial resources and interest rates, and providing space to
refocus spending towards social safety nets and infrastructure.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.



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J A M A I C A
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JAMAICA: Losing Billions by Not Tapping Into Sea Resources
----------------------------------------------------------
RJR News reports that Jamaica is said to be losing out on billions
of dollars because of the country's failure to fully exploit the
resources of the sea and a continued stubborn reliance on its land
area only to generate economic growth.

Valerie Hickey, World Bank practice manager for environment and
natural resource global practice, Latin America and the Caribbean
Region, made the declaration while addressing a public lecture on
the blue economy, according to RJR News.

The report notes that Mr. Hickey stated that there is 95 per cent
focus on the 10 per cent of land.

But he argued that the Caribbean Sea alone holds an annual value
of US$400 billion, the report relays.

The report adds that Mr. Hickey said that, by 2030, it is
predicted that the entire sea economy could be generating US$3
trillion annually.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.



UC RUSAL: More Trouble for Firm
-------------------------------
RJR News reports that UC Rusal, the Russian owner of the Jamaica
based alumina plant, WINDALCO, is facing more problems following
the imposition of US sanctions against it.

Norwegian aluminum producer, Norsk Hydro, has notified Rusal that
it may have to declare force majeure on its contracts with the
company due to the sanctions, according to RJR News.

The report notes that force majeure is invoked when a company
cannot fulfill a contract due to causes beyond its control.

This is the latest sign of the fallout in Europe's aluminum
industry from the sanctions against Rusal and its founder Oleg
Deripaska, which were announced by the US Treasury on April 6, the
report relays.

Rusal is the biggest producer of aluminum outside of China, but
also supplies a large proportion of Europe's alumina, the raw
material used to make the metal, the report notes.

Mining company Rio Tinto has also said it is in the process of
declaring force majeure on its contracts with Rusal, the report
discloses.

Rio supplies Rusal's Irish refinery with bauxite. Alumina is then
turned into aluminum at smelters across Europe, the report relays.

The report says that UC Rusal has been particularly hard hit as
the US sanctions have caused concern among some customers,
suppliers and creditors that they could be blacklisted too through
association with the company.

In Jamaica, the Government and Opposition are to discuss the
implications of the US sanctions on Windalco, the report notes.

Mining Minister Robert Montague says he wants a united approach to
the issue, as the Government moves to safeguard the welfare of the
1200 workers at the alumina refinery, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings has revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's (Rusal)
Long-Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Simultaneously Fitch has
withdrawn all the ratings.


* JAMAICA: Legislation to Modernize BOJ to be Tabled in Parliament
------------------------------------------------------------------
RJR News reports that legislation to modernize the Bank of Jamaica
is to be tabled in Parliament within the next six months.

This was disclosed by Minister of Finance and the Public Service
Dr. Nigel Clarke, in a meeting with rating agencies while
attending the International Monetary Fund/World Bank Governors
meeting in Washington, D.C., according to RJR News.

Dr.Clarke said modernization of the Central Bank will result in
increased transparency as well as achieve greater accountability
in its operations, the report notes.

The Finance Minister also discussed the country's increasing
stable economic environment, in addition to the policies and
programs that the Government plans to implement, the report
relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.



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P E R U
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* PERU: President Urges Firms to Help Boost Development
-------------------------------------------------------
EFE News reports that Peruvian President Martin Vizcarra urged
business owners from across the Americas to collaborate with
governments to help boost the region's economic development and to
fight corruption.

During the third CEO Summit leading up to the Summit of the
Americas, Vizcarra encouraged a "productive dialog to be
established between the private and public sectors" so as to
properly identify the challenges facing the Americas -- as well as
the opportunities to be seized - to achieve "inclusive, quality
growth," according to EFE News.

"We cannot achieve integration if we do not reach a level of
connectivity efficient enough to guarantee Internet access," he
added, stressing the importance of this element in entering new
markets and making electronic payments.

"A third fundamental aspect is transparency and integrity," Mr.
Vizcarra said, the report notes.  "We must decisively face the
problem of corruption, promoting a culture of integrity," she
added.

The CEO Summit -- which brings together more than 700 business
owners and executives and is organized by the Inter-American
Development Bank -- will come to a close and produce a
recommendation document to be presented to the heads of state and
government attending the eighth Summit of the Americas in Lima
from April 13-16, the report adds.



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P U E R T O    R I C O
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AUTO MASTER EXPRESS: Taps Carlos Alberto Ruiz as Legal Counsel
--------------------------------------------------------------
Auto Master Express Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Lcdo. Carlos Alberto
Ruiz, CSP, as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

Ruiz will charge an hourly fee of $200 for its services.  The firm
received a retainer of $5,000 from the Debtor.

Carlos Alberto Ruiz Rodriguez, Esq., the attorney who will be
handling the case, disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Carlos Alberto Ruiz Rodriguez, Esq.
     Lcdo. Carlos Alberto Ruiz, CSP
     P.O. Box 1298
     Caguas, PR 00726-1298
     Tel: (787) 286-9775
     Fax: (787) 747-2174
     E-mail: carlosalbertoruizquiebras@gmail.com

                     About Auto Master Express

Auto Master Express Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-01464) on March 19,
2018.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million.

INSTITUCION AMOR: U.S. Trustee to Determine Necessity of PCO
------------------------------------------------------------
Judge Edward A Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico directs the U.S. Trustee to appoint an ombudsman
for Institucion Amor Real Corporation, unless the U.S. Trustee
and/or the Debtor inform the Court that the appointment of an
ombudsman is not necessary for the protection of the patients.

Institucion Amor Real Corporation filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 18-01737), on March 29, 2018. The Petition
was signed by Jose A. Santiago Santiago, president. The case is
assigned to Judge Edward A Godoy. The Debtor is represented by
Nydia Gonzalez Ortiz, Esq. at Santiago & Gonzalez. At the time of
filing, the Debtor had at least $50,000 in estimated assets and
$100,000 to $500,000 in estimated liabilities.


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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
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
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
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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.

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