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

             Monday, August 6, 2018, Vol. 19, No. 154


                            Headlines



B R A Z I L

OI SA: September 3 Meeting Set to Vote on Capital Injection


C A Y M A N  I S L A N D S

ABRAAJ GROUP: Investors Tap Alvarez & Marsal to Help Recover Money
ABRAAJ GROUP: TPG, KKR Emerge as Leading Contenders to Run Fund


M E X I C O

AEROMEXICO: Faces Lawsuit Over Flight 2431 Crash
MEXICO: New President to Take Pay Cut; May Mean Cut for Others Too
MEXICO: Consumer Confidence Soars; Optimistic for Coming Year
MEXICO: Economy Slipped in Second Quarter


T R I N I D A D  &  T O B A G O

GRENADA: Fails to Repay Debt to Trinidad and Tobago


X X X X X X X X X

* BOND PRICING: For the Week From July 30 to August 3, 2018


                            - - - - -



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B R A Z I L
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OI SA: September 3 Meeting Set to Vote on Capital Injection
-----------------------------------------------------------
Gram Slattery at Reuters reports that Oi SA, Brazil's largest
fixed line telecom firm, called a general shareholders' meeting on
Sept. 3 in Rio de Janeiro to formally vote on a BRL4 billion
(US$1.07 billion) capital injection.

In a securities filing made late on Aug. 1, the firm said
shareholders would also consider the composition of a new board of
directors and a number of by-law changes, Reuters relates.

Oi, which filed for bankruptcy protection in 2016 after buckling
under BRL65 billion of debt, is currently governed by a
transitional board of directors, Reuters notes.

Creditors in Oi approved a plan in December to swap much of their
debt for equity, Reuters recounts.  The shareholders' meeting is a
key step in sorting out the reorganized firm's governance and
formalizing the BRL4 billion capital raise, Reuters states.

As reported in the Troubled Company Reporter-Latin America on
June 4, 2018, Fitch Ratings affirmed Oi S.A.'s Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDR) at 'D', and
National Long-Term Rating and local debentures rating at 'D
(bra)'. Fitch has also affirmed the existing ratings for Oi's
senior notes as the debt exchange process is still underway.



==========================
C A Y M A N  I S L A N D S
==========================


ABRAAJ GROUP: Investors Tap Alvarez & Marsal to Help Recover Money
------------------------------------------------------------------
Dinesh Nair, Matthew Martin and Arif Sharif at Bloomberg News
report that investors in a US$1.6 billion-Abraaj Group fund have
hired advisory firm Alvarez & Marsal Holdings LLC to help recover
money owed by the floundering Middle Eastern private equity firm.

According to Bloomberg, people with knowledge of the matter said
the New York-based company will represent Abraaj Private Equity
Fund IV's backers in talks with liquidators as they seek to
recover more than $99 million owed by the Dubai-based buyout firm.

Two of the people said the stakeholders have formed an investor
committee led by Boston-based HarbourVest Partners, Bloomberg
relates.

Two of the people said Alvarez will also represent the fund if
it's elected to a liquidators' committee for Abraaj Investment
Management Ltd., which is the buyout firm's asset management
business, Bloomberg notes.

Court-appointed liquidators Deloitte LLP and
PricewaterhouseCoopers LLP are trying to settle more than US$1
billion of debt owed by Abraaj, once one of the most influential
emerging-market investors until its dramatic collapse this year,
Bloomberg discloses.  The private equity firm is undergoing a
court-supervised restructuring after it was found to have borrowed
money from some of its own funds to meet operating expenses
without investors' consent, Bloomberg relays, citing people with
knowledge of the matter.

The people, as cited by Bloomberg, said other large creditors may
also join the liquidators' committee.

A court in the Cayman Islands appointed provisional liquidators
for the holdings and investment management units of Abraaj in
June, months after investors, including the Bill & Melinda Gates
Foundation, commissioned an audit to investigate alleged
mismanagement of money, Bloomberg recounts.

Abraaj and its founder Arif Naqvi face cases in the Cayman Islands
and the United Arab Emirates for defaulting on loan payments,
Bloomberg states.


ABRAAJ GROUP: TPG, KKR Emerge as Leading Contenders to Run Fund
---------------------------------------------------------------
Saeed Azhar and Tom Arnold at Reuters report that buyout firms TPG
and KKR & Co have emerged as leading contenders to run Dubai-based
private equity firm Abraaj's troubled US$1 billion healthcare
fund, three sources familiar with the matter said.

According to Reuters, two of the three sources familiar with the
matter said the two firms have access to the healthcare fund's
virtual data room and are about to start due diligence, with
offers expected in the next few weeks.

They have emerged as frontrunners from an initial list of six
bidders, two of the sources, as cited by Reuters, said adding that
some had been told investors wanted a potential manager with a
large balance sheet and the ability to handle multiple regulators.

One of the sources said TPG is trying to do the deal through its
Rise Fund, its US$2 billion impact investment vehicle which counts
Irish rock star Bono among its founders, Reuters notes.

Abraaj's healthcare fund has been at the center of a dispute since
investors such as the Bill & Melinda Gates Foundation and
International Finance Corp. began questioning Abraaj on how it
used some of its money, Reuters discloses.

This triggered months of turmoil at the Middle East and North
Africa's biggest buyout fund, which halted its fundraising
activities and shook up its management as it tackled ensuing debt
repayment problems, Reuters states.

In June Abraaj filed for provisional liquidation in the Cayman
Islands, Reuters recounts.

                Investment Management Business Sale

Separately, Abraaj's joint provisional liquidators are seeking to
sell part of its investment management business, Reuters
discloses.  Potential buyers for that process have until Aug. 24
to submit their bids, Reuters relays, citing a separate source
familiar with the matter.

The sources told Reuters AlixPartners is managing the fund and is
also involved in the sale process, working closely with investors
and Deloitte.


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


AEROMEXICO: Faces Lawsuit Over Flight 2431 Crash
------------------------------------------------
Ese Olumhense, writing for Chicago Tribune, reports that
a lawsuit was filed on August 2 on behalf of a Northlake teacher
who was aboard Aeromexico Flight 2431 when it crashed while
attempting to take off from an airport in Durango, Mexico.

The suit is the first filed in a U.S. court against Aeromexico as
a result of the incident, according to the Chicago firm Corboy &
Demetrio, notes the report.

Chicago Tribune says the Embraer 190 aircraft crashed last Tuesday
after trying to take off in bad weather.  There were 97 passengers
and four crew members on board, the airline said. No one died.

The plaintiff in the lawsuit, Nestor Martinez, saw a plume of
black smoke and a burst of flame from his seat near the middle of
the plane, according to his attorneys, notes Chicago Tribune.
Martinez suffered injuries to his neck and one shoulder.

"Of the 103 people on board the flight, 17 are still receiving
medical attention, 24 are already on their way to their
destination and 16 are in the process of being transferred," the
airline said in a statement on its website, the report relays.

Multiple attempts to reach Aeromexico through a listed phone
number were unsuccessful, notes the report. Aeromexico said in its
online statement that it continues to work with authorities to
investigate the cause of the incident.

Attorneys at Corboy & Demetrio said they will begin their own
investigation, the report adds.


MEXICO: New President to Take Pay Cut; May Mean Cut for Others Too
------------------------------------------------------------------
Robbie Whelan and Juan Montes, writing for The Wall Street
Journal, reports that a plan by President-elect Andres Manuel
Lopez Obrador to slash top government salaries threatens to gut
the brain trust at institutions that have played pivotal roles in
stabilizing Mexico's economy for decades.

Mr. Lopez Obrador, a leftist nationalist who lives frugally, says
he has no bank accounts or credit cards and drives around town in
an old Volkswagen Jetta, plans to lead by example by cutting the
president's roughly $160,000 annual salary by more than half, to
about $69,500, when he takes office Dec. 1, says the report.

However, cutting others' pay could spark central bank and finance
ministry departures, WSJ relates.


MEXICO: Consumer Confidence Soars; Optimistic for Coming Year
-------------------------------------------------------------
Anthony Harrup, writing for The Wall Street Journal, reports that
consumer confidence in Mexico jumped to its highest level in more
than a decade following the presidential election victory of
leftist nationalist Andres Manuel Lopez Obrador, with consumers
especially optimistic about the economic outlook for the coming
year.

The seasonally adjusted consumer confidence index rose to 101.7 in
July from 86.3 a year before, reaching its highest level since
March 2008, the National Statistics Institute said on August 3.

The index was up from 88.6 the previous month, its biggest ever
rise, after Mr. Lopez Obrador won July 1 with more than 53% of the
vote, more than 30 percentage points clear of his closest rival,
according to the Journal.

The confidence boost was led by expectations for the economic
situation within the next 12 months, with that subindex up to
117.5 from 89 in June, a 31.9% increase, says the report.

According to WJS, Mexico's economic activity contracted slightly
in the second quarter, and inflation has picked up recently on
higher gasoline and propane gas prices. Economists polled by the
Bank of Mexico in July lowered their median estimate for 2019
economic growth to 2% from 2.3%.

Manufacturing business confidence increased in July to 50.7 from
48.6 the previous month, also led by higher expectations for the
future as confidence in the outlook rose to 54.3 from 50.7, where
50 marks the threshold between optimism and pessimism, says the
report.

Mr. Lopez Obrador, who is due to take office Dec. 1, pledged to
root out corruption and waste in government, and use the money
saved to spend more on social programs, relays WSJ.  Among those
is a $5 billion project, in collaboration with the private sector,
to provide training and jobs for 2.6 million unemployed youths
over several years.

Concerns about the fiscal cost of social spending under Mr. Lopez
Obrador, were assuaged for some as he and his team reiterated a
commitment to keeping the lid on public debt, saying projects will
only be carried out if there is enough money without widening the
public-sector deficit, adds the report.

The Mexican peso has gained about 7% against the U.S. dollar since
the election, notes WSJ.


MEXICO: Economy Slipped in Second Quarter
-----------------------------------------
Anthony Harrup, writing for The Wall Street Journal, reports that
Mexico's economic output shrank slightly in the second quarter as
a decline in industrial production offset gains in services.

Gross domestic product, which measures output of goods and
services, contracted 0.1% seasonally adjusted from the previous
quarter, the National Statistics Institute said, notes the report.



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


GRENADA: Fails to Repay Debt to Trinidad and Tobago
---------------------------------------------------
According to Sunday Express' Aleem Khan, an International Monetary
Fund country report dated July 25 disclosed that Trinidad and
Tobago is the only major lender-country from which Grenada has
borrowed money that it has not been paying back.

IMF Head of Mission to Grenada, Bogdan Lissovolik, noted Grenada
is yet to regularize its debt payments to T&T in his country
report on the Caribbean island, Sunday Express relates.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From July 30 to August 3, 2018
-----------------------------------------------------------

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD




                            ***********


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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