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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

               Tuesday, June 19, 2018, Vol. 19, No. 120


                            Headlines



A R G E N T I N A

ARGENTINA: President to Appoint New Ministers


B R A Z I L

BRAZIL: Firms Expect More Legal Action From Lorry Driver Strike
ELETROPAULO METROPOLITANA: European Utility Firms Fight Over Firm
RIO PARANA: Moody's Rates Proposed BRL480M Sr. Debentures 'Ba1'


C A Y M A N  I S L A N D S

SEADRILL LTD: J. Fredriksen Buys US$300MM+ in Claims From Banks


C O L O M B I A

COLOMBIA: President-Elect Duque Wants to 'Unite Country'
LHMC BIDCO: Moody's Assigns B1 CFR, Outlook Stable
* COLOMBIA: Oil Production Rises in May


M E X I C O

DOCUFORMAS SAPI: Fitch Affirms 'B+' IDRs, Outlook Stable
UNIFIN FINANCIERA: Fitch Affirms 'BB' LT IDRs, Outlook Stable


P E R U

CEMENTOS PROGRESO: Fitch Affirms 'BB+' LT IDRs, Outlook Positive


P U E R T O    R I C O

APB IMPORTS: Taps Fuentes Law Offices as Legal Counsel
SOUTHERN INTERNAL: Taps Jose Ramon Cintron as Counsel


                            - - - - -


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A R G E N T I N A
=================


ARGENTINA: President to Appoint New Ministers
----------------------------------------------
EFE News reports that Argentina's president on Saturday said he
would appoint new energy and production ministers, according to a
government statement, amid a currency crisis in the South American
country.

President Mauricio Macri announced that Dante Sica will be the
minister of production and Javier Iguacel will be the minister of
energy, according to EFE News.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on June 4, 2018, affirmed its 'B+' long-term
sovereign credit ratings on the Republic of Argentina. The outlook
on the long-term ratings remains stable.

On May 8, 2018, Fitch Ratings affirmed Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.



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B R A Z I L
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BRAZIL: Firms Expect More Legal Action From Lorry Driver Strike
---------------------------------------------------------------
Luis Bulcao Pinheiro at Latin Lawyer reports that Latin America's
biggest economy is slowly accelerating again after a lorry
drivers' strike brought the country to an abrupt halt, but the
legal consequences may just be beginning, say local lawyers.


ELETROPAULO METROPOLITANA: European Utility Firms Fight Over Firm
-----------------------------------------------------------------
Fredrik Karlsson at Latin Lawyer reports that Cescon, Barrieu,
Flesch & Barreto Advogados; Rosman, Penalva, Souza Leao, Franco,
Vale Advogados and Yazbek Advogados in Sao Paulo have helped
Italian utilities company Enel buy a 74% stake in Brazil's largest
power distributor Eletropaulo for BRL5.6 billion (US$1.4 billion).

The deal is however ensnared in dispute proceedings after a hard-
fought bid war ended in disagreement, according to Latin Lawyer.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings placed its 'BB-' global scale and
'brA+' national scale ratings on Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. (Eletropaulo) on CreditWatch with
positive implications, after the announcement that Enel Americas
S.A. (Enel Americas; BBB/Stable/--) has acquired indirect control
of the company.


RIO PARANA: Moody's Rates Proposed BRL480M Sr. Debentures 'Ba1'
---------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba1 rating on the global
scale and Aaa.br on the Brazilian national scale to Rio Parana
Energia S.A. (Rio Parana)'s planned issuance of BRL480 million
senior unsecured debentures with final maturity in 2025 (1st
Issuance). Rio Parana's Ba1/Aaa.br corporate family ratings remain
unchanged. The outlook for the ratings is 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 proposed debentures will be issued in two tranches with
issuance amounts and interest rates defined in the book building
process. The first tranche pegged to the Brazilian base rate (CDI)
will have a 5-year tenor and will amortize in two annual payments
starting on the fourth year after the issuance date. The second
tranche, adjusted by inflation (IPCA index), will have a 7-year
tenor with two annual amortization payments on the sixth and
seventh year. The debentures include acceleration clauses for,
among others, the following events: (i) the non-payment of any
financial obligation above BRL75 million, (ii) change of indirect
control from China Three Gorges Corporation (CTG, A1 stable),
unless the new shareholder is rated at least at Aa1.br, and (iii)
early termination of the concession contract. The debentures will
also comprise maintenance financial covenants of Net Debt to
EBITDA ratio lower or equal to 3.2x (0.8x as of the last twelve
months ended March, 31 2018), and EBITDA to Net Financial Result
higher or equal to 2.0x (4.3x as of March 31 2018), that will be
verified on an annual basis.

Proceeds of the issuance will be used to support the capital
investments in the Jupia and Ilha Solteira power plants, including
the reimbursement of certain costs and expenses related to
concession fee payments incurred in 2016. Those investments have
been given priority status by the Ministry of Energy and Mining
(MME), allowing the issuances to be classified as infrastructure
debentures pursuant to Law 12.431. The proposed debt issue is also
in line with Rio Parana's strategy to lengthen its debt
amortization schedule.

The Ba1/Aaa.br ratings assigned to the debentures are in line with
the corporate family ratings of Rio Parana, reflecting its stable
and predictable cash flows, derived from a long-term concession
agreement to operate and maintain two hydro power stations with
5.0 GW of combined installed capacity, with 70% of the physical
guarantee contracted to the regulated market under the quota
regime, which is reimbursed through fixed-capacity payments,
adjusted annually for inflation and insulated from hydrologic
risks. The ratings also incorporate Moody's assessment of the
likelihood of continued support from CTG, as Rio Parana's ultimate
controlling shareholder and guarantor of its other financing
arrangements.

On the other hand, Rio Parana's credit profile also reflects its
(1) limited asset diversification, along with the expectation of
an accelerated investment program to recover and upgrade its
existing 34 generation units in the first years of the
concessions; (2) exposure to foreign-currency volatility because
55% of its financial liabilities are related to an intercompany
loan denominated in US dollars without hedging to local currency;
(3) large refinancing needs in the short term, given a BRL2.7
billion loan due by mid-2019; and (4) aggressive dividend
distribution strategy.

In 2017, Rio Parana's cash flow from operations before working
capital changes CFO (pre-WC) to net debt, calculated according to
Moody's standard adjustments, reached 28%, while the cash interest
coverage ratio was at 3.9x. In 2018, Moody's expects a reduction
in the company's credit metrics owing to changes in the mix of its
power purchase agreements to the free market and a non-recurring
judicial deposit of BRL416 million, related to certain tax
disputes. As such, CFO (pre-WC) to net debt will likely decrease
to about 6% in 2018, while the cash interest coverage will be
close to 2.0x. Nevertheless, Moody's anticipates recovery in the
company's ratios to a CFO (pre-WC) in the 20%-25% range with cash
interest coverage in the 3.1x-3.8x range over the next three to
five years, supported by the predictable recurring revenues on the
regulated business.

RATING OUTLOOK

The outlook on the ratings is stable, reflecting the outlook on
the Government of Brazil (Ba2, stable). Given the highly regulated
nature of the energy sector and the operating environment in
Brazil, Moody's expects the company to be rated no more than one
notch above the sovereign bond rating. The stable outlook also
incorporates Moody's view of consistent operating performance and
prospective improvement in the company's credit metrics.

WHAT COULD CHANGE THE RATING -- UP / DOWN

An upgrade of the rating assigned to the debentures would take
into account the company's liquidity position and business
profile, and the regulatory environment in which Rio Parana
operates. Quantitatively, an upgrade would require a consistent
improvement in the company's credit metrics, as indicated by a
ratio of cash flow from operations before working capital changes
(CFO pre-WC) to net debt stays above 35% and the cash interest
coverage ratio above 4.5x.

The ratings for the debenture will face downward pressure if the
stability and transparency of the regulatory regime for the
generation segment is weakened, ultimately resulting in more
volatility or decreased visibility into Rio Parana's cash flow
base. The global-scale ratings can also be downgraded upon a
similar rating action on the Brazilian government's rating.
Moody's assumption of a decline in the shareholders' willingness
to support, as evidenced by higher than expected dividend
distributions could also increase downward rating pressure.
Quantitatively, a downgrade would be considered if the company's
ratio of CFO pre-WC to net debt remains below 20%, or the interest
coverage ratio stays below 2.8x, without the expectation of
improvement over the next 12 months.

Based in Sao Paulo, Rio Parana Energia S.A. is an operating power
company controlled by CTG Brasil, which holds 67% of the company's
voting capital. The other 33% is held by Huikai Clean Energy
S.A.R.L, a Chinese fund that invests in Latin America. In November
2015, the company won the bid for a 30-year concession to operate
the Jupia and Ilha Solteira hydropower stations. Located along the
Parana river, between the states of Sao Paulo and Mato Grosso do
Sul, the two power stations combined comprise 5.0 GW of installed
capacity and 2.6 GWaverage of physical guarantees. As of December
31, 2017, Rio Parana reported annual net sales of BRL3.7 billion
and annual net profit of BRL845 million.



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C A Y M A N  I S L A N D S
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SEADRILL LTD: J. Fredriksen Buys US$300MM+ in Claims From Banks
---------------------------------------------------------------
Mikael Holter at Bloomberg News reports that billionaire
John Fredriksen bought more than US$300 million in claims
against Seadrill Ltd. from the company's banks, further
tightening his grip on the offshore driller as it prepares to
emerge from bankruptcy protection.

According to Bloomberg, Mr. Fredriksen is set to remain the
biggest owner of Seadrill, which plans to exit Chapter 11
proceedings in the first half of next month after a Texas
court approved its restructuring plan.  The Norwegian-born
billionaire is taking the lead in a US$1.1 billion investment of
new capital, and will get more shares in the restructured company
from the claims he purchased, Bloomberg discloses.

The claims stem from swap agreements concluded by Seadrill and
its subsidiary North Atlantic Drilling Ltd. with six banks: ABN
AMRO Bank NV, Danske Bank A/S, DNB ASA, Nordea Bank AB, SEB AB
and Swedbank AB, Bloomberg states.

Mr. Fredriksen's Hemen Investments Ltd. bought a total of US$230
million of claims against Seadrill and US$75 million against
North Atlantic, Bloomberg relays, citing court filings.  No
transaction prices were given, Bloomberg notes.

Mr. Fredriksen, who founded Seadrill in 2005 and is its chairman,
currently owns about 24% of the company, Bloomberg says.

After a group of bondholders rebelled against an initial
restructuring plan he had backed, Mr. Fredriksen agreed to lower
his stake in the new capital contribution in a compromisewith
stakeholders including new investors, bondholders, shipyards and
banks, Bloomberg recounts.

According to Bloomberg, a person familiar with the matter said in
February that under that deal, he was set to get close to 30% of
the new shares.

                      About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employed 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate
functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million onUS$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, Seadrill Limited and 85
affiliated debtors each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 17-60079) on Sept. 12, 2017.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings in Bermuda to appoint
joint provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey
of Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel. Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk serves as claims agent.

The United States Trustee for Region 7 formed an official
committee of unsecured creditors with seven members: (i)
Computershare Trust Company, N.A.; (ii) Daewoo Shipbuilding &
Marine Engineering Co., Ltd.; (iii) Deutsche Bank Trust Company
Americas; (iv) Louisiana Machinery Co., LLC; (v) Nordic Trustee
AS; (vi) Pentagon Freight Services, Inc.; and (vii) Samsung Heavy
Industries Co., Ltd.

Kramer Levin Naftalis & Frankel LLP is serving as lead counsel to
the Committee.  Cole Schotz P.C. is local and conflicts counsel
to the Committee.  Zuill & Co (in exclusive association with
Harney Westwood & Riegels) is serving as Bermuda counsel.  London
based Quinn Emanuel Urquhart & Sullivan, UK LLP, is serving as
English counsel.  Parella Weinberg Partners LLP is the investment
banker to the Committee.  FTI Consulting Inc. is the financial
advisor.



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C O L O M B I A
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COLOMBIA: President-Elect Duque Wants to 'Unite Country'
--------------------------------------------------------
BBC News reports that Ivan Duque, the conservative political
newcomer who was elected as Colombia's president on Sunday, says
he wants to unite the Andean country.

Mr. Duque spoke of mending the fissures, which had opened up in
Colombia after a divisive election campaign, according to BBC
News.

But he also said he wants to see changes to the historic but
controversial peace deal agreed with Farc rebels in 2016, the
report relays.

The report notes that Mr. Duque beat his left-wing rival, Gustavo
Petro, by 12 percentage points.

He received 54% of the vote in run-off election.

The 41-year-old candidate for the Democratic Centre party says he
will overhaul the agreement that guaranteed the rebels seats in
Congress and allowed them to contest elections, the report relays.

The report discloses that he also said he will impose tougher
punishments on crimes allegedly committed by the rebels during the
brutal five-decade conflict with the government.

"With humility and honour, I tell the Colombian people that I will
give all my energies to unite our country. No more divisions," he
told a crowd of jubilant supporters, the report relays.

"I will not govern with hatred," he added.

The report notes that Mr. Duque is viewed as the business-friendly
choice because he wants to cut taxes and boost investment, raising
money by shrinking the state.

His running mate, Marta Lucia Ramirez, will become Colombia's
first female vice-president, the report says.

In conservative Colombia, it's another win for the right. Rival
Gustavo Petro put up a good fight and the fact that a left-wing
candidate got to the second round was something Colombia hadn't
seen before, the report relays.

The report discloses that the peace deal meant that left-wing
politics became more acceptable and not associated with violence
like in the past.

But in the end, the continued fear of the left in this country won
out, the report notes.  Mr. Duque was seen as the safer pair of
hands to lead after more than 50 years of conflict, the report
relays.

With his campaign promise of changing the agreement struck with
the Farc rebels, there's a lot of uncertainty about what that will
mean for the country's prospects of long-term peace, the report
notes.

Voters in the country were presented with a stark choice between
Mr. Duque and the leftist ex-guerrilla Gustavo Petro, the report
relates.

The report notes that Mr. Petro's campaign featured promises about
creating a more equal society and ensuring people have access to
health and education.

He also pledged to take on political elites and redistribute land
to the poor, the report says.

But the former Bogota mayor, who supports the peace deal, accepted
defeat, the report relays

"Eight million free Colombians taking a stand. There is no defeat
here.  For now we won't be the government," he said on Twitter,
the report adds.


LHMC BIDCO: Moody's Assigns B1 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and B1-PD probability of default rating (B1-PD) to
LHMC Bidco S.L.U. ("Cirsa", or "the company"). LHMC Bidco S.L.U.
will be the new holding company for the Cirsa group following the
completion of its acquisition by private equity funds managed by
Blackstone. Concurrently, Moody's has assigned ratings of B2
(LGD4) to LHMC Finco, S.a.r.l.'s EUR1,560 million proposed Senior
Secured Notes split across EUR, USD and EUR Floating Rate Note
tranches. Cirsa Funding Luxembourg S.A.'s B2 instrument ratings
for the existing notes (EUR 450 million senior notes due 2021 and
EUR500 million notes due 2023) remain unchanged, and the B1 CFR,
B1-PD and outlook for Cirsa Gaming Corporation, S.A. have been
withdrawn. The outlook for all the ratings is stable.

RATINGS RATIONALE

The rating reflects Cirsa's (i) leading market position in Spain
and Latin America, with an improved risk profile as Argentina will
no longer be part of the business; (ii) strong operating
performance with consistent growth in spite of challenging market
conditions (partially due to acquisitions); (iii) good
diversification by gaming segment and geography, and; (iv) strong
track record in successfully managing a difficult operating
environment and Moody's expectation that the company will continue
to mitigate the challenges arising in emerging markets.

The rating is constrained by the company's (i) relatively high
Moody's adjusted leverage of 4.6x (PF2017), albeit with an
expectation that this will moderately decrease within the next 12
months; (ii) significant presence in certain emerging markets and
therefore its exposure to high operational risk; (iii) ongoing
threat of regulatory and taxation risks inherent to the gaming
industry; (iv) exposure to foreign exchange fluctuations and
reliance on repatriation of cash, although the company has a good
track record of accessing cash from Latin American operations to
support debt servicing at the parent level, and; (v) its smaller
scale due to its divestment of the Argentinian operations which
improves the risk profile.

Liquidity

Moody's considers that Cirsa has good liquidity which is
underpinned by (i) c.EUR131.8 million cash on balance sheet at
transaction close; (ii) a EUR200 million revolving credit facility
(RCF), entirely undrawn at close; and (iii) no imminent debt
maturities. The RCF is subject to a springing covenant (senior
secured first lien leverage ratio not to exceed 7.5x ) which will
be tested when the facility is 40% drawn and is not expected to be
breached because it is set with large headroom.

Although the company has reasonable cash balances, approximately
EUR42 million of this is required for operations. Given Cirsa's
presence in certain emerging markets, the liquidity profile is
also contingent on it being able to access cash and cash flow on
an ongoing basis from these jurisdictions, which the company has a
long track record of being able to do successfully.

Structural Considerations

The proposed EUR1,560 million Senior Secured Notes all due 2025
will benefit from a security package including share pledges,
security over certain bank accounts, and assignment of
intercompany loans. They will also benefit from a guarantee
package from subsidiaries that will comprise 53.6% of the
company's pro forma adjusted EBITDA as of LTM March 31, 2018.

The B2 rating reflects their position as secured obligations
within the capital structure, pari passu to the new Super Senior
EUR200 million RCF (unrated), but ranking behind on enforcement,
and taking into account existing debt at the non-guarantor
operating company level of about EUR125 million.

Outlook

The stable outlook reflects Moody's expectation that there will be
continuity of management and no material change in strategy, that
the company will be able to achieve moderate deleveraging,
mitigate unfavorable currency movements, and continue to generate
strong free cash flow. Moody's also assumes that there will be no
further materially adverse regulations and/or taxation changes,
that there will be no deterioration in liquidity and that licences
will be successfully renewed.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure, while unlikely in the near term could be exerted
on the rating if Cirsa's strong operating performance enables the
company to improve its credit metrics such that the debt/EBITDA
ratio (as adjusted by Moody's) reduces sustainably below 3x and
EBIT/interest increases to above 2.5x on a sustainable basis.
Upward rating pressure would also require sustained and meaningful
cash flow generation and a financial policy consistent with a Ba
rating category.

Downward pressure on the ratings could occur if the criteria set
for a stable outlook were not met, if Moody's adjusted debt/EBITDA
increased sustainably towards 5x, Moody's adjusted EBIT/interest
were to trend towards 1.5x, or if the company's liquidity
deteriorated. Additionally, any material debt-funded M&A or
shareholder distributions could put immediate pressure on the
ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Industry published in December 2017.

CORPORATE PROFILE

Founded in 1978 by current owner Mr. Manuel Lao Hernandez and
headquartered in Terrassa, Spain, Cirsa is an international gaming
operator with 146 casinos, 180 arcades, 69 bingo halls, over
75,000 slot machines and more than 2,200 betting locations
(excluding Argentina). The company is present in 9 countries
(excluding Argentina) where it has market leading positions: Spain
and Italy in Europe; Panama, Colombia, Mexico, Peru, Costa Rica
and Dominican Republic in Latin America; and Morocco. Pro forma
for the acquisition by Blackstone, which includes the sale of
Argentina, revenues and EBITDA were EUR1.4 billion and EUR373
million (adjusted) in 2017.


* COLOMBIA: Oil Production Rises in May
---------------------------------------
The Latin American Herald Tribune reports that the Ministry of
Mines and Energy reports that oil production for the month of May
2018 continued the upward trend the country has been experiencing
since March 2017.

Crude oil production for May was 865,987 barrels a day, which
represents an increase of 1.6% compared to May 2017 production and
a 0.1% rise compared to April 2018, according to The Latin
American Herald Tribune.  Oil production for April 2018 averaged
864,781 barrels, the report notes.

The increase is mainly due to the stabilization of production and
the reactivation of the Sabanero, Durillo and Primavera fields,
the report relays.

For the year, production of crude oil has averaged 854,190 barrels
a day, surpassing the goal of the government's Medium Term Fiscal
Framework which had a 840,000 barrels per day minimum, the report
says.

Regarding gas, the production of May 2018 exceeded 1,000 million
cubic feet per day (MPCD), a level not achieved since April 2016,
reaching 1,005 MPCD and registering an annual growth of 11% and a
monthly increase of 7%, the report notes.  In April 2018,
production was 938.771 million cubic feet per day, the report
adds.



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M E X I C O
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DOCUFORMAS SAPI: Fitch Affirms 'B+' IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Docuformas S.A.P.I. de C.V.'s
(Docuformas) long-term, local- and foreign-currency Issuer Default
Ratings (IDRs) at 'B+' and short-term, foreign- and local-currency
ratings at 'B'. The long- and short-term National Scale ratings
were also affirmed at 'BBB+(mex)' and 'F2(mex)', respectively. The
entity has senior notes for USD150 million that Fitch has also
affirmed at 'B+'. The Recovery Rating is 'RR4', which denotes
average recovery prospects in the event of default. Fitch also
assigned a national long-term rating to Docuformas' upcoming
unsecured debt notes of 'BBB+(mex) '. The Rating Outlook for the
long-term ratings is Stable.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

Docuformas' ratings are highly influenced by its company profile,
which is underpinned by its stable business model and well-
positioned franchise among Mexican independent leasing companies,
although very low within the financial system. The ratings also
consider its pressured tangible capital metrics, strong
profitability although volatile as a result of non-cash items, a
stable funding structure with an adequate portion of unsecured
funding and relative diversification, and an adequate liquidity
position reflected in positive maturity gaps. Asset quality that
remains weaker compared with its closest peers, in terms of
impairments, and some management and corporate governance
limitations, were also factored in the ratings.

The company's franchise stands as one of the largest independent
leasing companies in Mexico (not related to a financial group),
with more than 20 years of operations and specialization in the
leasing segment. Its well-positioned franchise has been built
organically and inorganically, and although its business model is
concentrated in one business line, Fitch believes it has
demonstrated stability through the cycles. Docuformas' market
position, product offering and client base were enhanced
significantly after the acquisition of Analistas de Recursos
Globales, S.A.P.I. de C.V. (ARG) in 2014.

Docuformas' tangible leverage ratios are pressured by high balance
sheet growth and goodwill derived from recent business
acquisitions. Its debt to tangible leverage ratio stood at 9.8x
and 9.2x, at the close of first-quarter 2018 (1Q18) and year-end
2017, respectively. These levels stood well above the average of
6x from 2014 to 2016. The decision to reinvest all of 2017 and
2018 earnings after the shareholders agree to forgo their right to
dividends during these years, coupled with the expected fresh
capital of USD25 million will materially decrease leverage
according to Fitch's estimates. However, pressure could arise in
the medium term once the company resumes dividend payments,
subject to a revised shareholders' agreement with terms that are
currently being defined. Deferred dividends were paid during 2017
and the first months of 2018, with the only impact being in cash
flow as these terms had been already provisioned.

NPLs were 5.8% of the company's leases and loans portfolio as of
1Q18, close to the 6% average from 2014 to 2017. These levels are
higher than its closest peers but in line with the entity's 2014-
2016 average. As of December 2017, impairments were higher as
result of a past-due client that had an approximate exposure of
MXN80 million. Docuformas has a mortgage guarantee and estimates
some recovery of this exposure, however, this client has ample
financial commitments across the financial industry and the
feasibility of recoveries by all participants is yet to be
decided. Reserves are insufficient to cover impaired loans and
leases but are the result of the collateralized nature of
Docuformas' portfolio and in line with industry practices.
Portfolio concentrations are present in Docuformas; as of 1Q18,
the 20 main clients represented 1.4x its equity or 1.5x its equity
if residual values are considered. The two largest exposures each
represent 20% of equity, while the rest represent less than 10% of
equity individually. These concentrations are considered moderate
by Fitch and positively compare with similarly sized peers in the
market.

As of the close of 1Q18, 64.6% of Docuformas' funding was
unsecured, benefitting from its recent international debt
issuance; this increased its unencumbered portfolio to 63% as of
1Q18, up from 50% at the close of 2016. This portfolio covered 1x
its balance of unsecured debt at the close of 1Q18. In Fitch's
view, the recent issuance of international notes provided better
funding flexibility as it increased its unpledged asset base and
the duration of debt. Docuformas' funding mix is composed mainly
of the unsecured international bond issuance, a securitization
transaction, secured commercial bank facilities and vendor
financing (0.5%). The company pre-paid facilities in 2017 and
short-term local market debt issues with the proceeds of the
international bond to optimize funding costs and better manage
asset and liability duration.

Liquidity risk is low for the next two years, as liquidity gaps
are positive; nevertheless, refinancing risk increased as the
majority of its debt will mature in a bullet payment in five
years. The maintenance of unused credit facilities and liquidity
management should mitigate this risk.

Fitch believes that risk is present at Docuformas regarding the
company's founder, who currently acts as the CEO and chairman of
the board and whose personal expertise and involvement in the
company's strategy and operations has been key to the company's
performance. Key man risk is expected to decrease as a result of
organizational structure changes that will occur once a new
investment fund buys a stake in the company during the second half
of the year. Corporate governance practices have room for
improvement, especially when compared with regulated financial
companies in Mexico, in terms of independent member participation,
number of committees and members, the company's aggressive
dividend policy and its external communication with stakeholders.

Docuformas' global issuance rating reflects senior unsecured
obligations that rank pari passu with other senior indebtedness,
and therefore, the rating is at the same level as the company's
IDRs. The notes are unconditionally guaranteed by three
subsidiaries of the company: Analistas de Recursos Globales,
S.A.P.I. de C.V.; ARG Fleet Management, S.A.P.I. de C.V. and
Rentas y Remolques de Mexico, S.A. de C.V. The notes and the
subsidiary guarantees will be Docuformas' and the guarantors'
senior unsecured obligations.

The Recovery Rating is 'RR4', which denotes average recovery
prospects in the event of default.

RATING SENSITIVITIES

Docuformas' ratings could be upgraded if the company enhances its
company profile through an ordered growth while it strengthens its
internal capital generation and its loss absorption capacity, and
creates debt to tangible equity ratio consistently below 6x or a
relevant increase of loan loss reserves without demerit to its
strong profitability ratios, adequate funding and asset quality.
An improvement in corporate governance practices is also expected.

Ratings could be downgraded if Documformas' financial profile
considerably deteriorates as a result of an increased NPL ratio or
if its debt to tangible equity ratio stands consistently above 9x.

The ratings of the notes will mirror any movement in the company's
long-term IDRs, reflecting their senior unsecured nature. However,
the rating of the notes may diverge from the IDRs if asset
encumbrance increases to the extent that it materially
deteriorates the effective recovery for the senior unsecured
bondholders.

Fitch has affirmed the following ratings:

  -- Foreign- and local-currency, long-term IDRs at 'B+';

  -- Foreign- and local-currency, short-term IDRs at 'B';

  -- USD150 million Regs/144A senior unsecured notes at
     'B+'/'RR4';

  -- National long-term Rating at 'BBB+(mex)';

  -- National short-term Rating at 'F2(mex)'.

Fitch assigned the following rating:

  -- National long-term unsecured debt notes of 'BBB+(mex)'.


UNIFIN FINANCIERA: Fitch Affirms 'BB' LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Unifin Financiera, S.A.B. de C.V. Sofom
E.N.R.'s (Unifin) Long-Term and Short-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB' and 'B',
respectively. Unifin's long-term National Scale rating is also
affirmed at 'A(mex)'. The long-term Rating Outlook is Stable. The
company's ratings of its global unsecured debt and perpetual bonds
were also affirmed.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS and SENIOR UNSECURED DEBT

Unifin's ratings consider its leadership in the independent
leasing sector in Mexico (non-related to financial holding
company). The entity remains as the national leader and far above
peers despite increased competition in recent years, both by banks
and non-banks. Fitch considers that Unifin has been able to
maintain its leading position in the market due to its ample
expertise in its core market and focus on SMEs typically
unattended by the banking sector.

Fitch believes Unifin's good execution and strong market position
drives its sound ability to consistently generate earnings through
economic cycle. Over the past four years, pre-tax income to
average assets and operating ROE averaged 5.2% and 40%,
respectively. As of March 2018, pre-tax income to average assets
and operating ROE stood at 4.5% and 31.5%. The entity's good
financial results are also driven by controlled operational
expenses and credit costs, its business focus on SMEs and its
reasonable interest margins, albeit declining due to a natural
pressure given the entity reliance on wholesale funding. However,
Fitch considers Unifin's earnings as somewhat overestimated
because of its low reserve coverage relative to other
institutions.

Unifin's capitalization and leverage metrics remain as the
company's weakest link despite its strong profits. Historic
aggressive balance sheet expansion without full earnings retention
constantly pressures its capitalization and leverage metrics. As
of March 2018, Unifin's leverage ratio (measured as total debt to
tangible equity) reached 7.3x (March 2017 and 2016: 8.4x and 7.4x,
respectively). While leverage metrics have decreased partly
benefited by the recent issuance of the perpetual bond, Fitch
believes that Unifin's main challenge still is to improve and
maintain capitalization and leverage metrics aligned with its
current rating level.

Although Unifin has no explicit dividend policy, it has
consistently distributed dividends in the past years, averaging
20% of the annual reported net income for the latest five years
period, and expects to maintain a similar dividend pay-out ratio
in the coming years.

Unifin's asset quality is controlled and has had reasonable
nonperforming loans (NPLs) levels, almost no chargeoffs and very
low levels of unproductive assets. However, it still exhibits
limited reserve coverage. In Fitch's view, Unifin's adherence to
its credit policy, sound collection practices, ownership of the
leased assets and the solid legal methods to recover them mitigate
the possibility of a material deterioration of its portfolio.
Under Fitch's metrics, the NPL ratio (NPLs at 90 days overdue plus
the remaining contractual rents) averaged around 2.9% in the past
four years with reserves for impaired loans coverage of less than
25% impaired loans (as of March 2018 2.7% and 28.6%,
respectively). Unifin credit concentrations are better to that
shown by its closest peers. The top 20 obligors represented 0.8x
Unifin's total equity as of March 2018 (March 2017: 0.9x).

The company has a relatively diversified funding structure.
However, in Fitch's view, due to its business model and legal
figure it still holds important concentration in market debt
issuances. Unifin is heavily reliant on wholesale debt through
local debt issuances via securitizations and international senior
unsecured bonds (92% of its total interest bearing liabilities).
Nevertheless, this funding structure is functional for Unifin
because it helps in maturity matching of its earning assets, which
are long-term in nature and in Fitch's view, this adequately
mitigates Unifin's liquidity risk. Unifin is also proactive in
mitigate its market risks related to its funding sources (interest
rate and currency) through hedging practices.

Fitch considers that Unifin refinancing risk is carefully
monitored and managed because the company's has a more diversified
funding structure compared with some of its closest peers, has
well-planned liability maturities and good financial flexibility.
Also, the reasonable flexibility provided by the current portfolio
securitizations and adequate levels of unencumbered loans help to
mitigate refinancing risk. As of March 2018, Unifin's total
available funding was MXN22 billion, which Fitch considers
adequate for planned growth. In addition, the portion of unsecured
debt to total debt has remained at acceptable levels averaging 46%
for the last four years.

Unifin's outstanding global bonds are senior unsecured and rank
equally with all of the company's current and future outstanding
unsecured debt. The rating assigned to these bonds is the same as
Unifin's IDR of 'BB'.

SUBORDINATED DEBT

Unifin's subordinated notes are rated two notches below its Long-
Term IDR according to Fitch's methodology 'Non-Financial
Corporates Hybrids Treatment and Notching Criteria'. The two notch
differential represent incremental risk relative to the entity's
IDRs, reflecting the increased loss severity due to its
subordination and heightened risk of non-performance relative to
other obligations, namely existing unsecured debt.

Fitch analysed the terms of the instrument in order to identify
structural features that could constrain the company's ability to
activate the equity-like features of the hybrid. Therefore, Fitch
has granted 50% equity credit given the existence of a coupon
step-up of 500 bps in the event of a change of control, the
ability to defer coupon payments and its perpetual nature.

However, Fitch believes initial terms of the issuance incorporate
a feature considered an effective maturity date could be in place
in the future, 15 years after the first call date, due to the
existence of a cumulative step-up grater that 100 bps as per the
agency criteria, which could lead Fitch to stop assigning equity
credit five years prior to such effective maturity date.

Criteria Variation: Fitch applied a criteria variation from the
'Non-Financial Corporates Hybrids Treatment and Notching
Criteria'. The notes contain provisions that mandate the payment
of deferred interest in arrears in the event that distributions
are made to capital stock and parity securities. Fitch views these
provisions as a means of preserving seniority over capital stock
and not as look-back provisions, as these provisions are not
intended to constrain the issuer's ability to defer coupons
following the payment of distributions. Without applying this
variation equity credit would be 0% and the notes' ratings would
be 'BB-'.

RATING SENSITIVITIES

IDRs, NATIONAL RATINGS and SENIOR UNSECURED DEBT

Unifin's ratings could be downgraded if its capitalization and
leverage metrics deteriorates consistently. Specifically, if the
total debt to tangible equity ratio remains above 7x as a result
of pressures from aggressive growth or deterioration of financial
performance.

Upside potential is limited in view of the company's aggressive
capital management policies, but it could occur in the medium term
if the company is able to material improve its capitalization and
leverage metrics, particularly if the company's total debt to
tangible equity ratio is reduced and maintained consistently close
to 5x, while maintaining its sound other financial fundamentals
and a strong competitive position.

SUBORDINATED DEBT

Unifin's subordinated bonds rating are primarily sensitive to a
change in Unifin's IDR. Fitch expects that under most
circumstances the notes will remain rated two notches below the
IDR.

Fitch has affirmed the following ratings:

  -- Long-Term Foreign Currency IDR at 'BB';

  -- Long-Term Local Currency IDR at 'BB';

  -- Short-Term Foreign Currency IDR at 'B';

  -- Short-Term Local Currency IDR at 'B';

  -- National Scale Long-Term rating at 'A(mex)';

  -- National Scale Short-Term rating at 'F1(mex)';

  -- Seven-year USD450 million 7.00% senior unsecured bond at
     'BB';

  -- Seven-year USD400 million 7.25% senior unsecured bond at
     'BB';

  -- Eight-year USD300 million 7.375% senior unsecured bond at
     'BB'.

  -- Subordinated Perpetual notes USD250 million 8.875% at 'B+'.

The Rating Outlook is Stable.



=======
P E R U
=======


CEMENTOS PROGRESO: Fitch Affirms 'BB+' LT IDRs, Outlook Positive
----------------------------------------------------------------
Fitch Ratings has affirmed Cementos Progreso, S.A.'s (Cempro)
long-term, foreign- and local-currency Issuer Default Ratings
(IDRs) and senior unsecured notes due in 2023 at 'BB+'. The Rating
Outlook on the foreign-currency IDR is Stable, while the Rating
Outlook on the local-currency IDR is Positive.

Cempro's foreign-currency IDR and Rating Outlook are constrained
by Guatemala's 'BB+' Country Ceiling. The Positive Outlook on the
company's local-currency IDR reflects stronger than anticipated
EBITDA generation during the construction period of its San
Gabriel plant, which has allowed Cempro to fund the expansion with
minimal incremental debt since 2013 when the company issued the
2023 notes. This plant, which is expected to begin cement
shipments by the beginning of 2019, will solidify the company's
low cost structure and increase barriers to entry.

Fitch estimates that Cempro's net leverage will approach 1.5x
within 12-24 months following the completion of the access road to
its new plant. This compares with 2.1x as of first-quarter 2018.
Road construction has slowed due to delays in the acquisition of
rights of way. These delays have resulted in additional costs for
the project, which, together with higher than expected fuel
prices, have deferred expected deleveraging by about 12 months.

Timely start-up of the San Gabriel plant before year-end 2018
coupled with road completion by mid-2019 would increase the
visibility of Cempro's deleveraging and could result in an upgrade
of Cempro's local-currency IDR to 'BBB-'. Given the lack of
material exports, operations abroad and/or committed lines of
credit, Cempro's foreign-currency IDR and 2023 notes would not be
upgraded to 'BBB-', which is higher than the 'BB+' Country Ceiling
that has been assigned to Guatemala, if the local-currency IDR was
upgraded.

KEY RATING DRIVERS

Dominant Market Position: Cempro's market share, as measured by
volume, has remained stable since 2007 at about 82%. The company's
solid market position is supported by its retail network of
independent distributors that allows the company to serve a highly
fragmented consumer base. Barriers to entry are high in Guatemala,
as Cempro maintains an exclusive relationship with about 80% of
these distributors. About 80% of the cement sold by the company is
sold in bags, which gives the company a relatively strong position
from a pricing perspective.

High Profitability: Medium-term profitability should remain robust
at around 40% despite rising fuel costs, mainly due to the start-
up of Cempro's San Gabriel cement plant. This plant is located on
the opposite side of Guatemala City from the company's existing
plant. By having plants on both sides of the city, the company
should be able to reduce its transportation costs significantly,
which further improves its competitiveness in the market. Cempro
generated USD253 million of operating EBITDA during the last 12
months ended in March 2018, similar to the USD255 million
registered a year ago.

Cost Over Runs Manageable: Delays in the acquisition of rights of
way for the access road to the plant have resulted in an increase
of the project's budget by about USD150 million (excludes
capitalized interest) and pushed the start-up date of the new
plant by six months. Fitch believes that the company's long-term
cash flow generation and deleveraging will not be materially
affected as the company should be able to secure the rights of way
to a suitable route and complete the access road to the plant.
However, higher energy costs from temporary on-site electricity
generation will result in lower profitability during 2018 and 2019
and increased project costs have delayed projected deleveraging by
about 12 months.

Solid FCF Expected: Cempro's total capex, excluding capitalized
interest, should decline significantly in 2019 as the company
completes its USD1,056 million multiyear investment plan for the
construction of the San Gabriel plant. Fitch estimates that modest
expansion capex, and dividends averaging USD70 million per year
will result in recurring positive FCF of about USD80 million per
year in 2020 and beyond. Robust positive FCF should support net
debt deleveraging to levels below 2x over the next two to three
years compared with a projected peak close to 2.5x in 2018 as the
company makes the final investments to complete its plant.

New Capacity Entrenches Position: San Gabriel will increase
Cempro's cement capacity by 2.2 million metric tonnes (MTs), or
70% of its existing capacity. This new capacity should serve as a
deterrent for potential new entrants. Cempro expects to maintain
operating rates at around 80% by mothballing two production lines
representing about 1.5 MTs of existing cement capacity. This
capacity could be restarted to meet incremental or unexpected
demand.

Country Constraints: Cempro's performance is dependent upon
continued stability and economic development in Guatemala, where
the company derives almost all of its revenues. Fitch expects
cement demand to maintain annual growth rates in the 3% to 4%
range, in line with projected GDP growth. Growth expectations are
supported by an increasing population, high expected urbanization
rates and strengthening worker remittances. Infrastructure
investment from public and private partnerships has been mostly
stranded, but any traction should result in incremental demand for
cement.

DERIVATION SUMMARY

Cempro has a solid profile due to its 82% market share in
Guatemala, its position as a low-cost producer due to its
integration into high-quality limestone mines and a modern
production plant, and excess capacity that allows it to grow with
the market without additional expenditures. The company is the
clear price leader in its market. Combined, these factors make
imports unattractive and discourage other competitors from
entering the market with material investments. These factors
reduce the comparability of Cempro to other cement companies rated
by Fitch.

One of the closest comparisons is Cementos Pacasmayo (IDR: BBB-).
However, this company has limitations, as it only dominates the
northern region of Peru. Cempro's ratings are lower than those of
Pacasmayo because Fitch considers Guatemala to be a riskier market
to operate in than Peru. Fitch also believes that Pacasmayo will
maintain a stronger capital structure with its leverage projected
to gravitate toward 1.5x or less. This compares with Fitch's 2019
expectation of Cempro's net leverage of around 2x.

Cempro's capital structure is projected to be slightly stronger
than those maintained by investment-grade cement companies such as
CRH (IDR: BBB), Lafarge Holcim (IDR: BBB) and HeidelbergCement
(IDR: BBB) during the next two to three years. The lack of
geographic diversification of Cempro relative to these companies,
and its production in a higher risk market, results in its rating
being constrained at 'BB+'.

Cemex (IDR: BB) and InterCement (IDR: BB-) have lower ratings than
Cempro because their credit protection measures are projected to
be materially worse than Cempro during the next two years. Both of
these companies have strong businesses in several markets.
Votorantim Cimentos (IDR: BBB-), which is a much larger cement
producer with a dominant position in Brazil and operations
throughout the world, is not a direct peer, as its rating is tied
to that of the Votorantim Group, which includes mining, pulp and
financial services subsidiaries.

KEY ASSUMPTIONS

Fitch's key assumptions within the agency's rating case for the
issuer include:

  -- Cement volumes grow mid-to-low single digits in 2018 and
     beyond;

  -- Prices remain relatively stable over the rating horizon;

  -- Costs spike in 2018-2019 due to start-up expenses and higher
     fuel prices before declining due to distribution and other
     cost efficiencies of the new plant in subsequent years;

  -- Negative FCF in 2018, mostly due to expansion capex; positive
     FCF in 2019 and beyond;

  -- The Guatemalan Quetzal remains relatively stable for the next
     three years.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

Cempro's foreign-currency ratings would be capped at Guatemala's
Country Ceiling, limiting positive rating actions. Timely start-up
of the San Gabriel plant before year-end 2018, coupled with road
completion by mid-2019, would increase the visibility of Cempro's
deleveraging and could result in an upgrade of Cempro's local-
currency IDR to 'BBB-'.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

Factors that could lead to a negative rating action include a
significant deterioration in Guatemala's macroeconomic and
business environment; increasing competition from Cemex S.A.B. de
C.V.; operational efficiency loss resulting in EBITDA margin
deterioration; or sustained leverage levels above 3.5x on a gross
basis or 3x on a net basis. Further delays to access road
completion or cost overruns could defer expected deleveraging and
may result in the Outlook being revised to Stable.

LIQUIDITY

Cempro's liquidity is comfortable. This is due to the company's
ability to generate cash flow from operations (CFFO), its low
leverage, available cash balance and good access to local bank
lending, which should allow it to fund projected negative FCF of
USD50 million in 2018 and modest upcoming debt maturities. The
company's total debt was USD583 million as of first-quarter 2018,
and it mainly consisted of amortizing bank debt and Cempro's 2023
notes. The ability to reduce dividends should provide additional
financial flexibility.

Cempro expects to complete its investment plan with a combination
of cash flow and debt. Cempro's FFO was USD170 million as of
latest 12 months ended first-quarter 2018 and, as part of its
financing strategy, the company maintains local currency undrawn
uncommitted loan agreements for approximately USD124 million with
local banks. These loans rank equal in right of payment with
Cempro's existing unsecured debt.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings of Cementos Progreso,
S.A.:

  -- Foreign-currency IDR at 'BB+'; Outlook Stable;

  -- Local-currency IDR at 'BB+';Outlook Positive;

  -- Unsecured debt at 'BB+'.



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


APB IMPORTS: Taps Fuentes Law Offices as Legal Counsel
------------------------------------------------------
APB Imports, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Fuentes Law Offices, LLC
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.

Alexis Fuentes-Hernandez, Esq., the attorney who will be handling
the case, charges an hourly fee of $250.  The Debtor has agreed to
pay the firm a $20,000 retainer.

Mr. Fuentes-Hernandez disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Fuentes Law Offices can be reached through:

     Alexis Fuentes-Hernandez, Esq.
     Fuentes Law Offices, LLC
     P.O. Box 9022726
     San Juan, PR 00902
     Tel: (787) 722-5216
     Fax: (787) 722-5206
     Email: alex@fuentes-law.com

                      About APB Imports Inc.

APB Imports, Inc. and its affiliate Condado Realty Co. are lessors
of real estate based in San Juan, Puerto Rico.

APB Imports and Condado Realty sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case Nos. 18-03273 and
18-03274) on June 10, 2018.

In the petitions signed by Aurora M. Ray Chacon, secretary, APB
Imports estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million.  Condado Realty
estimated $1 million to $10 million in assets and liabilities.


SOUTHERN INTERNAL: Taps Jose Ramon Cintron as Counsel
-----------------------------------------------------
Southern Internal Medicine PSC seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Jose
Ramon Cintron, Esq. 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 $200 per hour for his services.

Mr. Crintron assures this Court that he and all members of my firm
are disintered 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 Southern Internal Medicine

Based in Mercedita, Puerto Rico, health care provider Southern
Internal Medicine PSC filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 18-03136) on June 1, 2018, estimating under $1 million in
both assets and liabilities.  Jose Ramon Cintron, Esq., is the
Debtor's counsel.


                            ***********


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.

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.
.


                   * * * End of Transmission * * *