/raid1/www/Hosts/bankrupt/TCRLA_Public/180727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, July 27, 2018, Vol. 19, No. 148


                            Headlines



A R G E N T I N A

COMPANIA LATINOAMERICANA: S&P Affirms 'B-' ICR, Outlook Negative


B O L I V I A

BOLIVIA: Ready to Sell More Gas to Argentina at Higher Price


B R A Z I L

ELETROPAULO METROPOLITANA: Fitch Hikes For. Currency IDR to BB+


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Locals Take Interest in China Investments Talk


J A M A I C A

UC RUSAL: Shares Leap to Three Month High


P E R U

PERU: Economy Recovers in 2018, IMF Says


P U E R T O    R I C O

APB IMPORTS: Taps Nilsa Santiago as Accountant
IGLESIA CASA DE ADORACION: Taps Nilda Cordero as Attorney
SBSH WINDDOWN: BDO Puerto Rico as Audit & Tax Services Provider


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Sees Revenue Increase


                            - - - - -


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


COMPANIA LATINOAMERICANA: S&P Affirms 'B-' ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings said it affirmed its 'B-' issuer credit and
issue ratings on CLISA - Compania Latinoamericana de
Infraestructura y Servicios S.A. (CLISA) and removed them from
CreditWatch with negative implications. The outlook on the issuer
credit rating is negative. The rating on the notes is the same as
the issuer credit rating because they are unconditionally and
irrevocably guaranteed by the two main subsidiaries, Benito Roggio
e Hijos S.A. and CLIBA IUSA, which account for around 80% of the
group's EBITDA.

The negative outlook reflects S&P's view that CLISA's cash flow
generation and liquidity will tighten due to the steep
depreciation of the Argentine peso, the rise in interest rates,
and the spending cuts to be implemented by the Argentine
government, which include public works. CLISA's currency mismatch
arises from its dollar-denominated debt ($312 million) and the
fact that its cash flows are mainly domestic. On top of this,
CLISA might lose the Metrovias S.A. operation as the concession
expires by year-end and continuation depends on winning the
bidding process. Metrovias is the subway operator of Buenos Aires
city and accounts for 10% of EBITDA and cash flow generation.

Policy rates in Argentina have risen to 40%-45% in the past weeks,
from 27%, pushing up borrowing costs for Argentine corporations.
Moreover, the Argentine peso depreciated around 50% against the
dollar in the first half of 2018, affecting the remaining 77% of
CLISA's debt, which is mainly composed of the $300 million senior
unsecured bonds due 2023 and reflects the currency mismatch
between the company's dollar-denominated debt and its domestic
cash flow generation. S&P estimates CLISA's interest expense will
rise to Argentine peso (ARS) 2.1 billion in 2018, from ARS1.4
billion in 2017, mainly because of these two factors.

S&P said, "We estimate the adjusted debt-to-EBITDA ratio will
reach 4.0x by the end of 2018, while interest coverage will drop
below 2.0x. Those ratios are likely to result in indebtedness
limits because covenants under CLISA's bond limit new indebtedness
when leverage is above 3.5x (net debt to consolidated EBITDA) and
coverage falls below 2.0x (consolidated EBITDA to consolidated net
interest expenses).

"Our ratings on CLISA also reflect the company's high exposure to
Argentine public-sector counterparties, which often translates
into profit volatility and unexpected swings in working capital."
To some extent, CLISA's experience in navigating Argentina's
changing political landscape, industry track record, and long-
standing ties with public-sector counterparties partly mitigate
these factors. CLISA has a good market position in the
construction business in Argentina.

Another source of concern is the investigations into Aldo Benito
Roggio, the group's chairman and largest shareholder. Although it
is unclear at this point whether these investigations have
substance, they could have repercussions for the company's
commercial ability. As seen in other cases involving engineering
and construction companies in the region, backlog replenishing
does become challenging.

These factors could further pressure the company's free cash flow
generation and increase uncertainty about the company's ability to
refinance its short-term obligations, which represent around 28%
of consolidated debt.

S&P's main assumptions include:

-- Argentina's real GDP increases by 1% in 2018 and 2% in 2019,
    affecting CLISA's construction backlog;

-- Inflation of 30% in 2018 and 20% in 2019, which affects the
    company's cost structure through price adjustment clauses
    contained in contracts that are triggered after a fixed period
    of time or upon cost increases from 5% to 7%, depending on the
    contract;

-- A year-end exchange rate of ARS30.0 to $1.00 in 2018 and
    ARS33.0 to $1.00 in 2019, generating financial losses due to
    foreign currency variations coming from financial debt
    denominated in U.S. dollars;

-- Its construction business (which contributed 28% of EBITDA in
    the 12 months ended in March 31, 2018) will have revenues of
    about ARS7.7 billion in 2018 and ARS9.2 billion in 2019, while
    S&P assumes EBITDA margins of approximately 11%-12%, supported
    by a backlog that approached $14 billion as of March 31, 2018;

-- In the waste management business (56% of consolidated EBITDA),
    S&P expects revenues of about ARS9.0 billion in 2018 and ARS11
    billion in 2019, while S&P assumes EBITDA margins of
    approximately 20%;

-- Stable EBITDA margin of 10% in CLISA's transportation division
    (10% of consolidated EBITDA), which mainly consists of the
    operation of the Buenos Aires' city subway system, whose
    concession S&P assumed will be renewed at year-end 2018;

-- The water distribution unit (9% of consolidated EBITDA) to
    increase revenues to around ARS1.7 billion in 2018 and ARS2.1
    billion in 2019 and to increase the EBITDA margin to 18% from
    15% in 2017, mainly due to tariff adjustments and a recent
    update of the company's revenue base as a result of a
    cadastral survey;

-- Capital expenditures (capex) of approximately ARS850 million
    in 2018, mainly to maintain and expand Norte III landfill
    operations and, to a lesser extent, to acquire new machinery;

-- Adjusted financial debt of ARS13.0 billion in 2018 and ARS13.5
    billion in 2019, which includes about ARS1.1 billion from
    fiscal liabilities (tax moratorium);

-- Interest payments increase to around ARS2.1 billion per year,
    mainly derived from higher devaluation and higher interest
    rates under the new macroeconomic context in Argentina; and

-- No dividend payments in the next two years.

Under S&P's base-case scenario, S&P expects the following credit
figures and metrics in the next two years:

-- Consolidated EBITDA margin of 15%-16%,
-- Debt to EBITDA of 3.5x-4.0x,
-- Funds from operations (FFO) to debt of 12%-15%, and
-- Negative free operating cash flow (FOCF) to debt of around
    1.5% in 2018 and turning slightly positive in 2019.

S&P assesses CLISA's liquidity as weak under the assumption that
liquidity uses will exceed sources in the next 12 months.
Additionally, S&P believes the company's ability to absorb high-
impact, low-probability events is limited and its future access to
refinancing of amortizing debt could be unpredictable.

Moreover, exposure to currency fluctuations represents a high risk
in a devaluation scenario given that 77% of CLISA's financial
obligations are denominated in foreign currency, mainly from the
senior unsecured bond due in 2023. However, the company has
entered into a derivative agreement with a recognized financial
institution and currently holds a long position in dollars through
NDF (non-delivery forward) contracts for the full amount of the
January 2019 interest payment on the 2023 bond to mitigate
exposure to currency fluctuations in the short term. The company
also has preapproved credit lines with local financial
institutions.

The negative outlook reflects CLISA's refinancing risks in the
next 12-24 months due to weak liquidity and expected cash flow
deficit amid Argentina's currently volatile market conditions.

S&P said, "We could lower the ratings on CLISA in the next 12
months if we perceive that the company's capital structure is
unsustainable or if the company's liquidity further weakens. This
scenario could be caused by higher depreciation and higher
interest rates resulting in heavier interest expenses, more
restricted access to bank loans, increased working capital
requirements arising from delays in collections from public
entities, the national government further reducing public works,
and termination of the Metrovias concession, reducing cash flow
generation. Any one of these factors, or a combination, would
reduce company revenue growth to just 8% (way below estimated
inflation around 28%) or EBITDA margins to around 13.5%, resulting
in FFO to debt below 12% and negative FOCF to debt.

"We could revise the outlook to stable in the next 12 months if
refinancing of short-term debt evolves faster and smoother than
anticipated, reducing the amount of short-term debt maturities.
That should be aligned with stronger free operating cash flow
generation, persistently above 5% of adjusted debt in coming
years."



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B O L I V I A
=============


BOLIVIA: Ready to Sell More Gas to Argentina at Higher Price
------------------------------------------------------------
EFE News reports that Bolivia said it is prepared to increase the
supply of natural gas to Argentina as long as Buenos Aires is
willing to pay more for the fuel.

"We cannot squander our gas," Hydrocarbons Minister Luis Sanchez
said after a Cabinet meeting in La Paz, according to EFE News.
"Our gas has a price," the report quoted Mr. Sanchez as saying.

The report notes that Mr. Sanchez said that Argentina has made
"unofficial" proposals about buying more gas, but on terms that
Bolivia deems unfavorable.

The minister emphasized that while Argentina is paying around $10
per million BTUs (British thermal units) for natural gas from
Chile, Bolivian gas goes for a little more than $6 per million
BTUs, the report relays.

"We can work on opening the contract up," Mr. Sanchez said, adding
that La Paz is willing to "negotiate new volumes, but with better
prices," the report says.

For that to happen, he said, Argentina must take the first step
with a proposal, the report relays.

The report discloses that the Bolivian government says that its
gas is the most competitively priced in the region compared with
that of Argentina and Chile.

Bolivia sits on some of the world's largest reserves of natural
gas, its chief export, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Fitch Ratings has affirmed Bolivia's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.



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B R A Z I L
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ELETROPAULO METROPOLITANA: Fitch Hikes For. Currency IDR to BB+
---------------------------------------------------------------
Fitch Ratings has upgraded Eletropaulo Metropolitana Eletricidade
de Sao Paulo (Eletropaulo)'s Long-Term Local and Foreign Currency
Issuer Default Ratings (IDRs) to 'BBB-' and 'BB+', respectively
from 'BB' and National Scale Rating to 'AAA(bra)' from 'AA(bra)'.
Fitch has also removed the ratings form Positive Watch and has
assigned a Stable Rating Outlook.

KEY RATING DRIVERS

The upgrades follow the conclusion of Enel Brasil S.A.'s (Enel
Brasil) acquisition of 93.3% of Eletropaulo's total capital. Fitch
believes that Eletropaulo's credit profile has improved after
consolidation into the Enel Brasil group, and has become a
relevant subsidiary of its indirectly controlling shareholder,
Enel Americas S.A. (Enel Americas; Local and Foreign Currency IDRs
BBB+/Outlook Stable). Fitch considers the operational, strategic
and legal ties between Eletropaulo (as part of Enel Brasil), and
Enel Americas as strong, according to Fitch's Parent and
Subsidiary Rating Linkage (PSL) methodology. The Foreign Currency
IDR is capped at one-notch above the Brazilian country ceiling
(BB) in accordance with Fitch's "Non-Financial Corporates
Exceeding the Country Ceiling Rating" methodology, while the Local
Currency IDR was based on a two-notch discount from Enel Americas'
IDR based on the PSL methodology.

Enel Brasil and its relevant subsidiaries, including Eletropaulo
in the near future, are included in cross default clauses in the
debt held by Enel Americas, demonstrating the strong linkages that
support Eletropaulo's current IDRs. The parent also has a track
record of substantial intercompany loans, capital increases and
guarantees provided to the Brazilian subsidiaries, including the
BRL9.3 billion bridge loan raised by its Brazilian subsidiaries to
finance Eletropaulo's acquisition (BRL7.1 billion) and the
committed BRL1.5 billion capital injection (BRL900 million already
disbursed) into Eletropaulo. Fitch views this capital increase as
positive to Eletropaulo's standalone credit profile, which will
finance the company's investment plan and is expected to improve
service quality indicators. The two-notch discount on the Local
Currency IDR considered Eletropaulo and Enel Americas different
jurisdictions. The two-notch discount also considers that any
potential debt payment at Enel Americas level, which carries the
cross default clause, would weaken the legal linkage.

Brazil became Enel America's main area of geographic operation
after Eletropaulo's acquisition (with a participation of 53% in
revenues and 37% in EBITDA on a pro forma basis). Eletropaulo also
contributes to Enel Brasil's consolidated business profile. The
company provides asset diversification and strength to Enel
Brasil's already strong market position as the largest group in
the Brazilian electricity distribution segment, where it also
controls the following entities:, Ampla Energia e Servicos S.A.
(Ampla, National Scale Rating AAA(bra)/ Outlook Stable), Companhia
Energetica do Ceara (Coelce, National Scale Rating
AAA(bra)/Outlook Stable) and Celg Distribuicao S.A. (Celg D).
Eletropaulo is the largest electric energy distribution company in
Brazil in terms of volume of energy sales. Eletropaulo is
responsible for 9.3% of the total energy consumed in Brazil
through its concession to serve 24 municipalities in the Sao Paulo
metropolitan area. .

On a combined basis, Fitch expects that Enel Brasil group will be
able to manage its free cash flow (FCF), which Fitch expected to
remain negative until 2020, due to an adequate liquidity position
and proven financial flexibility. This is benefited by financial
support from the controller. Fitch forecasts that Enel Brasil will
maintain consolidated gross and net leverage at conservative
levels and limited to around 3.5x and 3.0x, respectively at the
end of 2018, consistent with a 'BBB' category for the sector. This
scenario incorporates Enel Americas' support to repay 50% of the
bridge loan raised for the purchase of Eletropaulo. Excluding this
support, Enel Brasil's consolidated net leverage, on a pro-forma
basis, reaches 3.9x at the end of 2018. The ratings also consider
the moderate regulatory risk of the Brazilian electricity sector
and the hydrological risk, currently above the historical average.

DERIVATION SUMMARY

Eletropaulo's 'BB+' Foreign Currency IDR is rated one-notch above
the Brazilian country ceiling (BB), due to its strong linkage with
Enel Americas. AES Gener S.A. (BBB-/Stable) and Emgesa S.A. E.S.P
(BBB/Stable) benefit from a superior operating environment since
their revenue generation and assets are located in the investment
grade countries of Chile (A/Stable) and Colombia (BBB/Stable),
respectively. Compared to other Brazilian companies in the power
sector, like Engie Brasil Energisa S.A. (Engie Brasil), Alupar
Investimento S.A. (Alupar) and Transmissora Alianca de Energia
Eletrica S.A., the 'BB' Foreign Currency IDRs for all three
entities is capped by the Brazilian country ceiling. For the Local
Currency IDR, Engie Brasil, Alupar and Taesa are rated at the same
'BBB-' level as Eletropaulo, despite of their lower business risk
in the generation and/or transmission segments, due to
Eletropaulo's parent support. Fitch believes that the power
distribution segment is more volatile than other segments.

KEY ASSUMPTIONS

Main assumptions of Fitch's base scenario for the issuer include:

  -- Continue of tangible support from Enel Americas in the
     Brazilian subsidiaries;

  -- Absence of new acquisitions and / or participation in
     auctions.

RATING SENSITIVITIES

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

  -- An upgrade of Enel Americas' IDRs or a strengthening of the
     linkage between Enel Americas and Enel Brasil group could
     lead to an upgrade on Eletropaulo's Local Currency IDR;

  -- An upgrade of Brazil's sovereign rating could result on an
     upgrade of Eletropaulo's Foreign Currency IDR.

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

  -- A downgrade of Enel Americas' IDRs, or Fitch's perception of
     a reduction on the linkage between Enel Americas and Enel
     Brasil group, could lead to a downgrade on Eletropaulo's
     Local Currency IDR and National Scale Rating;

  -- A downgrade of Brazil's sovereign rating could result on a
     downgrade of Eletropaulo's Foreign Currency IDR.

LIQUIDITY

High Financial Flexibility: The ratings consider that Enel Brasil
group, including Eletropaulo, will maintain a robust liquidity
profile, due to significant cash position, proved access to bank
credit lines and capital market and its affiliation to Enel
Americas. At the end of 2017, Enel Brasil's consolidated cash and
cash equivalents of BRL1.7 billion covered its short-term debt of
BRL1.1 billion by 1.6x. For Eletropaulo, its BRL777 million
liquidity position at the end of March 2018 covered the short-term
debt of BRL1.4 billion by 0.5x, and was boosted by a BRL900
million capital injection from Enel Brasil group. On a combined
basis, the strong cash position is also important to cover the
expected negative free cash flow for the next couple of years.

Fitch has taken the following ratings actions:

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.

  -- Long-term Foreign Currency IDR upgraded to 'BB+' from 'BB';
     Stable Outlook;

  -- Long-term Local Currency IDR upgraded to 'BBB-' from 'BB';
     Stable Outlook;

  -- Long-term National Scale Rating upgraded to 'AAA(bra)' from
     'AA(bra)'; Stable Outlook;

  -- 9th senior unsecured debentures issuance in the amount of
     BRL250 million upgraded to 'AAA(bra)' from 'AA(bra)';

  -- 11th senior unsecured debentures issuance in the amount of
     BRL200 million upgraded to 'AAA(bra)' from 'AA(bra)';

  -- 15th senior unsecured debentures issuance in the amount of
     BRL750 million upgraded to 'AAA(bra)' from 'AA(bra)';

  -- 20th senior secured debentures issuance in the amount of
     BRL700 million upgraded to 'AAA(bra)' from 'AA(bra)'.



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


DOMINICAN REPUBLIC: Locals Take Interest in China Investments Talk
------------------------------------------------------------------
Dominican Today reports that Dominican Republic's decision to end
its nearly eight decades of diplomatic ties with Taiwan to embrace
China has piqued intense local interest in the Asian giant, which
has become fashionable on the Caribbean island.

Since both governments disclosed the start of high level bilateral
relations almost three months ago, there's been a stream of travel
by officials, business leaders and journalists from Santo Domingo
to Beijing, according to Dominican Today.

Practically every day since, news touts the benefits the measure
will produce in the nation with the Caribbean's most vibrant
economy and one with the fastest growth in Latin America, the
report notes.

A few days ago, a Dominican diplomat said Beijing could invest in
his country as much as US$10 billion in the coming years in
sectors such as tourism, energy and infrastructure, the report
relays.

For Dominican Foreign Ministry Asia relations director Luis
Gonzalez, local exports to the Asian nation could jump from US$140
million to US$600 million in the next two years, the report
relays.

In 2017, the trade deficit was US$2.3 billion for the Dominican
Republic, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings has assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.



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J A M A I C A
=============


UC RUSAL: Shares Leap to Three Month High
-----------------------------------------
RJR News reports that shares in Windalco's parent company, Russian
aluminium producer UC Rusal, jumped to a three-month high after US
Treasury secretary Steven Mnuchin suggested the United States was
open to finding a solution to sanctions placed on the company.

Mr. Mnuchin said in an interview with Reuters that Rusal had
approached the US on steps the company could take to get sanctions
lifted, according to RJR News.

Shares in Rusal jumped as much as 15.5 per cent on July 23, 2018,
before trimming gains to 10.5 per cent during trading, the report
notes.

The report relays that UC Rusal's owner Oleg Deripaska and his
business empire were hit by US sanctions in April that cut off
access to dollar transactions and any business with US citizens.

The sanctions, which targeted 24 Russian oligarchs and political
officials, were designed to punish Moscow for alleged interference
in the 2016 US presidential election, the report notes.

News came that the Jamaican Government had obtained clarification
from the US Department of the Treasury's Office of Foreign Assets
Control (OFAC), which should ease the fears of banks and other
entities afraid of doing business with Windalco, the report says.

Despite a stay of US sanctions against Windalco's parent company,
the alumina refinery is struggling as international financial
institutions shy away from conducting business with it, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's 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. Fitch simultaneously
withdrew all the ratings.



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P E R U
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PERU: Economy Recovers in 2018, IMF Says
----------------------------------------
The Executive Board of the International Monetary Fund (IMF), on
July 9, 2018, concluded the Article IV consultation with Peru.

The IMF notes that Peru has been one of the top performers in
Latin America since the turn of the century.  Robust growth has
helped close the income gap with the largest regional economies
and reduce poverty significantly, while inflation has remained
low.  Sound macroeconomic and structural reforms have played an
indispensable role in this.

The IMF continues to note that after a difficult 2017, the economy
is recovering. Extreme weather caused by El Nino and spillovers
from the Odebrecht investigation led to subpar growth in 2017, and
the poverty ratio increased. While high commodity prices are
currently supporting investment and broader economic activity,
domestic headwinds have continued. The Odebrecht case led to the
resignation of President Kuczynski. The authorities have also been
facing the challenge of rebuilding infrastructure damaged by El
Nino. In the face of this, the new Cabinet has moved quickly to
implement various measures and receive special legislative powers
from Congress to speed up the reconstruction and implement needed
reforms.  Recent indicators suggest a pickup in economic activity.

Against this backdrop, growth in 2018 is expected to increase to
3.7 percent, supported by countercyclical fiscal and monetary
stimulus, the IMF cites.  In 2019 to 2020, the recovery of private
domestic demand is expected to push growth above 4 percent, even
as gradual fiscal consolidation takes place.  In the medium term,
growth is projected to converge to its potential of 4 percent.
Headline inflation is expected to gradually increase to the center
of the central bank target range of 1-3 percent by end-2018.

                  Executive Board Assessment

Executive Directors commended the authorities for implementing
sound macroeconomic policies and key structural reforms over the
past two decades, which have helped keep inflation low, raise
incomes and reduce poverty.  While medium-term risks are tilted to
the downside, high copper prices and reduced political uncertainty
create a window of opportunity for addressing remaining challenges
and increasing potential growth.

Directors agreed that the fiscal policy stance should remain
countercyclical in 2018.  Given the negative output gap, Directors
supported the authorities' objective to expand public investment
to meet the significant reconstruction needs after the flooding
and landslides, while also stressing the importance of increasing
implementation capacity of subnational governments.

Directors welcomed the commitment to medium-term fiscal
consolidation, under the fiscal responsibility framework. They
supported the focus on revenue mobilization through strengthening
tax policy and administration, and streamlining current
expenditures to help free up space for much needed public
investment.

Directors considered that the accommodative monetary policy stance
remains appropriate and that monetary policy should remain data
dependent.  While the central bank has improved the communication
of its policy guidance, it could consider further enhancements in
this area.  Directors underscored that exchange rate flexibility
is an important shock absorber, and foreign exchange interventions
should continue to be two-sided and limited to addressing
disorderly market conditions.

Directors observed that the financial sector remains sound and
resilient to severe macroeconomic shocks, as shown by the stress
tests, thanks to a robust supervisory framework, although high
concentration, off-balance sheet positions, and common exposures
call for continued monitoring of risks and for increasing capital
surcharges for systemically-important banks. Directors welcomed
the reduction in financial dollarization, but stressed the
importance of taking steps to reduce it further.  Directors
recommended further improvement of the macroprudential framework,
including by giving enhanced mandates for macroprudential policy
to the central bank and the financial supervisor.

Directors underscored the need for continued structural reforms to
tackle the long-standing challenge of high informality and low
productivity.  Directors called for further efforts to strengthen
governance, improve education, increase labor market flexibility,
and enhance financial deepening and inclusion.  They highlighted
the importance of reforming the pension system to enhance social
protection and reduce inequities.



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


APB IMPORTS: Taps Nilsa Santiago as Accountant
----------------------------------------------
APB Imports, Inc., received approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Nilsa Santiago as
its accountant.

The services to be provided by the accountant include the
reconciliation of financial information to assist the Debtor in
the preparation of monthly operating reports; the reconciliation
of proof of claims filed and amount due to creditors; and
assistance with the preparation of the supporting documents for
its Chapter 11 reorganization plan.

Ms. Santiago will be paid a fixed monthly rate of $650 for the
reconciliation of monthly financial information, and a fixed rate
of $1,000 per year to complete all the financial returns.  The
Debtor has agreed to provide a retainer in the sum of $3,000.

In a court filing, Ms. Santiago disclosed that she neither holds
nor represents any interest adverse to the Debtor's estate.

Ms. Santiago can be reached through:

     Nilsa Santiago
     P.O. Box 363443
     San Juan, PR 00936
     Phone: 212.961.6166
     Email: nsantiago@rayae.com

                         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.

The Debtor hired Fuentes Law Offices, LLC, as its legal counsel.


IGLESIA CASA DE ADORACION: Taps Nilda Cordero as Attorney
---------------------------------------------------------
Iglesia Casa de Adoracion Jabes International, Inc., seeks
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to hire Nilda Gonzalez Cordero, Esq., as its legal counsel.

Ms. Cordero will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in negotiations with creditors to
formulate a plan of reorganization or arrange an orderly
liquidation of its assets; and provide other legal services
related to its Chapter 11 case.

The Debtor proposes to pay the attorney an hourly fee of $200.
The rate for paralegal services is $75 per hour.

Ms. Cordero disclosed in a court filing that she is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Ms. Cordero maintains an office at:

     Nilda M. Gonzalez-Cordero, Esq.
     P.O. Box 3389
     Guaynabo, PR 00970
     Tel: (787) 721-3437 / (787) 724-2480
     Email: ngonzalezc@ngclawpr.com

                 About Iglesia Casa de Adoracion
                     Jabes International Inc.

Iglesia Casa de Adoracion Jabes International, Inc., is a
religious organization based in Bayamon, Puerto Rico.

Iglesia Casa de Adoracion Jabes International sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No.
18-03374) on June 15, 2018.  In the petition signed by Nixon Cruz
Rivera, president, the Debtor estimated assets of $1 million to
$10 million and liabilities of $1 million to $10 million.

Judge Mildred Caban Flores presides over the case.


SBSH WINDDOWN: BDO Puerto Rico as Audit & Tax Services Provider
---------------------------------------------------------------
SBSH Winddown, Inc., f/k/a SeaStar Holdings, Inc., and its
debtor-affiliates seek authority from the U.S. Bankruptcy Court
for the District of Delaware to hire BDO Puerto Rico, P.S.C. as
audit and tax services provider.

Professional services BDO Puerto Rico will render are:

     (a) assist the Debtors' in the preparation of their financial
statements and related disclosures for the year ended December 31,
2016;

     (b) complete the audit of the financial statements of the
Debtors, which comprise the balance sheet as of Dec. 31, 2016, and
the related statements of operations and changes in stockholders'
deficit, and cash flows for the year then ended, and the related
notes to the financial statements;

     (c) prepare for SBPR Winddown, LLC PR Corporation lncome Tax
Returns for the years ending December 31,2017 and 201 8 and the PR
Annual LLC fee for the years 2016, 2017 and 2018;

     (d) prepare for SBVI Winddown, Inc. US Corporation lncome Tax
returns for the years ending December 31, 2016,2017 and 2018 and
PR
Department of state annual corporate report for the yeat 2015; and

     (e) prepare for SBSH Winddown, Inc. US Corporation Income Tax
returns for the years ending December 31, 2016, 2017 and 2018.

Ryan Marin, shareholder of BDO Puerto Rico, P.S.C., attests that
BDO is a "disinterested person" within the meaning of
Section l0l(14) of the Bankruptcy Code and as required by Section
327(a), and holds no interest materially adverse to the Debtors,
their creditors and shareholders for the matters for which BDO is
to be employed.

Fees BDO will charge for its services are:

     a) Financial Audit Fee: $53,115 flat fee.

     b) Tax Service Fees: $37,800 flat fee, which includes the
        preparation of returns for the entities listed in the
        Engagement Agreement.

The firm can be reached through:

     Ryan Marin
     BDO Puerto Rico, P.S.C.
     1302 Ponce De Leon Avenue, 1st Floor
     San Juan, PR 00907
     Phone: 787-754-3999
     Fax: 787-754-3105

                      About Seastar Holdings

Based in Puerto Rico, SeaStar Holdings, Inc., doing business as
Seaborn Airlines, serves local passengers within the Caribbean and
connecting traffic to numerous locations within or outside the
United States through code share or interline arrangements with
multiple airline partners.  The Company's fleet consists of seven
34-seat Saab 34088s and one 15-seat Twin Otter Seaplane.  The
majority of the Company's inter-island flights are via the Saab
fleet.  The Seaplane serves as the primary air transportation
between St. Croix and St. Thomas in the U.S. Virgin Islands.

SeaStar Holdings, Inc., along with affiliates Seaborne Virgin
Islands, Inc., and Seaborne Puerto Rico, LLC, sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 18-10039) on Jan. 8,
2018. SeaStar Holdings estimated assets of $1 million to $10
million and debt of $10 million to $50 million as of the
bankruptcy filing.

The Hon. Christopher S. Sontchi is the case judge.

Adam G. Landis, Esq., Kerri K. Mumford, Esq., and Travis J.
Ferguson, Esq., at Landis Rath & Cobb LLP, serve as the Debtors'
bankruptcy counsel.  Sonoran Capital Advisors LLC is the Debtors'
restructuring advisor.  Stinson Leonard Street LLP is the special
regulatory counsel.  Seabury Corporate Advisors LLC is the
investment banker.  Rust Consulting/Omni Bankruptcy is the claims
and noticing agent.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on Jan. 23,
2018, appointed two creditors to serve on the official committee
of unsecured creditors in the Chapter 11 cases.  The Committee
retained Bayard, P.A., as counsel; and Gavin/Solmonese LLC, as
financial advisor.



================================
T R I N I D A D  &  T O B A G O
================================


CARIBBEAN AIRLINES: Sees Revenue Increase
-----------------------------------------
RJR News reports that ongoing strength in passenger revenues, cost
management and network efficiency saw Caribbean Airlines continue
its robust performance for 2018.

The company released its unaudited half-year results for 2018,
with revenues and earnings significantly improved over the same
period in 2017, according to RJR News.

The report notes that revenue has increased year-on-year by
US$31.3 million or 19 per cent, while earnings before interest and
taxation improved over the same period in 2017 by US$17.8 million
or 77 per cent.

The increase was realized despite the impact of higher fuel costs,
which have gone up 32 per cent, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


                            ***********


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.
.


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