/raid1/www/Hosts/bankrupt/TCRLA_Public/181005.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, October 5, 2018, Vol. 19, No. 198


                            Headlines



A R G E N T I N A

CAPEX SA: S&P Keeps 'B+' Currency Ratings on Watch Negative
METROGAS SA: S&P Lowers Global Scale ICR to B-, Outlook Negative


B R A Z I L

JBS SA: To Pay Discounted BRL2.4 Billion in Farm Tax Over 20 Yrs
J&F INVESTIMENTOS: S&P Withdraws 'B-' Issuer Credit Ratings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Deputies Ok US$300MM Loan Despite Critique
DOMINICAN REPUBLIC: Budget Chief Downplays Spiraling Debt


P A N A M A

C&W SENIOR: Moody's Rates New $500MM Sr. Unsec. Notes B2
PANAMA: Economy is Poised for Rebound, IMF Says


P E R U

ANDINO INVESTMENT: S&P Alters Outlook to Stable & Affirms CCC+ ICR


P U E R T O    R I C O

HORNED DORSET: Court Rejects Bid to Vacate Restraining Order


T R I N I D A D  &  T O B A G O

CL FIN'L: Government Control of CLF Linked to Debt Repayment
TRINIDAD & TOBAGO: Prime Minister Slams Aluminum Shutdown


                            - - - - -


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A R G E N T I N A
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CAPEX SA: S&P Keeps 'B+' Currency Ratings on Watch Negative
-----------------------------------------------------------
S&P Global Ratings kept its 'B+' local and foreign currency
ratings on CAPEX S.A. on CreditWatch with negative implications,
where S&P placed them on Sept. 3, 2018. Its 'b+' SACP remains
unchanged.

S&P said, "In our view, the 'B+' sovereign rating on Argentina
continues to limit CAPEX's credit quality because the company
wouldn't be able to withstand a sovereign stress scenario due to
its high exposure to the country's regulatory framework. The
sovereign stress scenario includes high inflation, sharp currency
depreciation, a severe decrease in GDP, and frozen tariffs for
utilities.

"From a business perspective, in our view, the regulatory
framework under which CAPEX operates continues to be weaker than
that of regional peers. This is despite the government's amendment
of the framework in 2017, in terms of electricity rates, which set
in motion a long-term radical change, which was positive for the
Argentine energy industry in general. We also view CAPEX's scale
as small and its diversification as narrow, because it operates a
single 672 megawatt (MW) plant in the province of Neuquen."

On the other hand, CAPEX benefits from the dollar denominated
revenue at its oil and gas segment, which represents more than 60%
of EBITDA. This segment operates under regulation because it sells
part of its gas output to Argentina's electricity clearing house,
Compania Administradora del Mercado Mayorista Electrico (Cammesa).
The latter controls and freely provides the supply of gas (as
fuel) to the electricity generation plants in Argentina. For the
following years, S&P expects the company's oil and gas segment to
increase its contribution to the total EBITDA due to the recent
acquisition of a hydrocarbon area located in southern Argentina,
'Pampa del Castillo - La Guitarra'. This will increase CAPEX's oil
production close to 650 cubic meters (m3) per day from the current
150 m3/day, starting in 2019.

In addition, CAPEX benefits from vertical integration, given that
the company produces gas its sells to Cammesa, generating an extra
income, and consumes part of its output at its thermal energy
plant.


METROGAS SA: S&P Lowers Global Scale ICR to B-, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit rating
on Metrogas S.A. to 'B-' from 'B'. The outlook is now negative.

S&P said, "The downgrade reflects our view that Metrogas'
refinancing risk is increasing, particularly in light of the
payments of its  $250 million syndicated bank loan from Industrial
and Commercial Bank of China (ICBC; A/Stable/A-1) and Itau
Unibanco Holding S.A. (Itau; BB-/Stable/B) that starts to amortize
in February 2019 in nine quarterly installments. In addition, the
steep depreciation of the Argentine peso in the past five months
has weakened Metrogas' liquidity, given that the company's cash
flow generation is in the domestic currency, while its dollar-
denominated debt amortizes in the following months. Our base-case
scenario assumes that the company will have to access additional
financing amid the domestic market's turbulence in order to meet
payments of principal, particularly those that mature in less than
one year starting in August 2019."

Although the company's leverage is still manageable, the sharp
currency depreciation acted as a drag on Metrogas' operating
results. This is because the price of the gas that the company
buys, which represents around 70% of total operating costs, is in
dollars and paid in pesos at the spot exchange rate of the end of
each month, while the rates Metrogas receives are in domestic
currency and reassessed every six months. In order to avoid a
market disruption, since April 2018, the government allowed
Metrogas and the rest of the gas distributors in the country to
purchase gas at a fixed exchange rate of $20.345, similar to the
exchange rate for billing customers. However, given that Metrogas
has been required to account these purchases at the spot exchange
rate, which was higher, it generated a non-cash shortfall of
around $25 million, which reduced the company's EBITDA.



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B R A Z I L
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JBS SA: To Pay Discounted BRL2.4 Billion in Farm Tax Over 20 Yrs
----------------------------------------------------------------
Raquel Stenzel at Reuters reports that Brazil's JBS SA has joined
a farm tax regularization program and agreed to pay a reduced
BRL2.4 billion (US$597.37 million) in levies under the plan.

The decision will mean about a BRL2.4 billion hit to third quarter
results, the company said, according to Reuters.

As part of the program to regularize its payment of the farm tax
known as Funrural, JBS will pay BRL123.7 million upfront, BRL369.8
million with tax credits from prior losses, and the remaining
BRL1.9 billion over nearly 20 years in over 200 monthly
installments, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2018, Moody's Investors Service upgraded JBS S.A. (JBS)'s
corporate family rating to B1 from B3. At the same time, the
senior unsecured ratings of its wholly-owned subsidiary JBS USA
Lux S.A. ("JBS USA") were upgraded to B1 from B2 and its senior
secured ratings to Ba3 from B1. The outlook for all ratings is
stable.

JBS S.A. is a Brazilian company that is one of the largest meat
processing company in the world, producing factory processed beef,
chicken and pork, and also selling by-products from the processing
of these meats. It is headquartered in Sao Paulo. It was founded
in 1953 in Anapolis, Goias.


J&F INVESTIMENTOS: S&P Withdraws 'B-' Issuer Credit Ratings
-----------------------------------------------------------
S&P Global Ratings withdrew its 'B-' global scale and 'brBBB-'
national scale issuer credit ratings on J&F Investimentos S.A. and
on Eldorado Brasil Celulose S.A. Prior to the withdrawal, the
outlook on J&F was developing and on Eldorado was negative. S&P
also withdrew its issue-level ratings on both companies, given
that these rating actions were at the issuer's request.

S&P said, "At the time of the request, we had no updated
information related to J&F that could influence its credit
quality. In addition, given the lack of sufficient information on
J&F, Eldorado's controlling shareholder, we couldn't maintain the
ratings on the latter, because we were unable to assess how
potential group support or intervention could affect Eldorado's
creditworthiness."



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Deputies Ok US$300MM Loan Despite Critique
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic Chamber of
Deputies approved a US$300 million loan from the Inter-American
Development Bank (IDB) to "complement" the 2018 Budget, a measure
rejected by the opposition and critique of the spiraling foreign
debt.

The initiative passed with vote of 106 deputies, and defended by
the Finance Commission for the ruling party (PLD), according to
Dominican Today.

The major opposition party (PRM) rejected the loan and criticized
the increasing public debt during president Danilo Medina's term
in office, the report notes.

The Chamber of Deputies is the lower chamber of the Congress
which, along with the Senate, composes the legislature of the
Dominican Republic.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Budget Chief Downplays Spiraling Debt
---------------------------------------------------------
Dominican Today reports that Budget Director Luis Reyes said that
by 2019, the Dominican Republic government will only be increasing
the debt by RD$75.5 billion net (US$1.4 billion) to cover the
fiscal deficit of 1.7% of GDP, consigned in the bill for that
year's Budget.

Mr. Reyes said RD$231.9 billion in internal and external financing
will be sought, and RD$156.4 billion from that will be used to
amortize debts and liabilities, according to Dominican Today.  "In
that sense, the net increase in the debt caused by the budget
management of 2019 would be only RD$75.5 billion, or US$1.5
billion at a rate of RD$52.18 per dollar," the report quoted Mr.
Reyes as saying.

The report notes that he added that they are borrowing to pay the
debt due. "That leaves us in the same situation as we're in.  It's
as if we were doing a rollover of the debt, that you pay credit
that was due this month and that leaves you in the same
situation."

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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P A N A M A
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C&W SENIOR: Moody's Rates New $500MM Sr. Unsec. Notes B2
--------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
USD500 million senior unsecured notes due 2026 to be issued by C&W
Senior Financing Designated Activity Company, a trust-owned
special purpose vehicle that Cable & Wireless Communications
Limited consolidates. The Ba3 corporate family rating of CWC, as
well as the ratings of the other debt instruments of the group,
remain unchanged. The rating outlook is stable.

The SPV Issuer will on-lend the USD500 million proceeds from the
notes issuance to Sable International Finance Limited, through a
proceeds loan. The new USD500 million notes will rank pari passu
with the SPV Issuer's existing USD700 million notes due 2027 and
with SIFL's existing USD750 million senior unsecured notes due
2022. CWC will use the notes proceeds to (1) repay in full the
GBP147 million (around USD200 million) notes issued by Cable &
Wireless International Finance B.V. (CWIF) at maturity (March
2019); (2) partially redeem the existing USD750 million SIFL notes
due 2022; and (3) pay related transaction fees.

Although the notes will not benefit from a direct guarantee at the
SPV level, the proceeds loan will benefit from the same direct
subsidiary guarantees as SIFL's existing USD750 million senior
unsecured notes.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and that these
agreements are legally valid, binding and enforceable.

Assignment:

Issuer: C&W Senior Financing Designated Activity Company

  USD500 million Senior Unsecured Regular Bond/Debenture,
  Assigned B2

RATINGS RATIONALE

The B2 rating of the new USD500 million notes issued by the SPV
Issuer, which is in line with the existing USD700 million notes at
the SPV Issuer and the existing USD750 million SIFL notes,
reflects their positioning in the waterfall, ranking behind SIFL's
USD1,875 million senior secured term loan and USD625 million
senior secured revolving credit facility (RCF). While the term
loan and RCF only benefit from a share pledge security, which
Moody's considers of limited value, the existence, in case of
security enforcement, of a standstill period on the unsecured
notes and the option by secured creditors to release existing
guarantees on the senior unsecured notes, results in the notes
having access to CWC's cash flows after the term loan creditors,
ranking behind in the priority of claims.

The issuance of the new notes does not have a material effect on
CWC's absolute debt levels and will extend its maturity profile.
According to the indenture of the new USD500 million SPV Issuer
notes and the existing USD700 million SPV Issuer notes, under
certain group refinancing transactions (i.e. full redemption of
the USD750 million SIFL notes), the notes could be assumed by a
new intermediate holding company and their guarantors would
subsequently be released. This would enable CWC to eventually
simplify its debt structure by having two layers of debt, one
secured and one unsecured.

CWC's Ba3 corporate family rating continues to reflect its
effective business model, strong profitability and leading market
positions throughout the Caribbean and Panama. At the same time,
the rating also takes into consideration the company's large
exposure to emerging economies, high competitive pressures in most
of its markets and its fairly high leverage for the Ba3 rating.

CWC is one of the three rated Latin American and Caribbean credit
pools owned by Liberty Latin America Limited (LLA), which was
split off from Liberty Global plc (Liberty Global, Ba3 stable) in
December 2017. While CWC reaps some benefits from being part of a
wider group and still having certain links with Liberty Global
through a two-year service agreement and sharing of technology,
the ownership by LLA also raises some risks. LLA, which is a
holding company and does not have operating activities, aims to
grow its Latin American and Caribbean business further, both
organically and through acquisitions, and may need to upstream
cash from its subsidiaries to fund these acquisitions.

The stable outlook on CWC's rating reflects Moody's expectations
that the company's revenue growth will be modest, with its EBITDA
margin (including Moody's adjustments) maintained at around 40%
and liquidity remaining adequate in the next 12-18 months. The
outlook also incorporates slightly positive free cash flow for the
next 12-18 months and a gradual decline in adjusted debt/EBITDA.
A rating upgrade could be considered if more conservative
financial policies lead to deleveraging to under 2.5x (adjusted
debt/EBITDA) on a consolidated basis, while maintaining a stable
adjusted EBITDA margin and generating strong positive free cash
flow, all on a sustained basis.

CWC's ratings could be downgraded if (1) the company's adjusted
debt/EBITDA remains over 4.0x (on a consolidated basis) on a
sustained basis; (2) its adjusted EBITDA margin declines toward
35% on a sustained basis; (3) the company's market shares decline
or its liquidity position weakens; (4) it makes a large cash
distribution to its parent company.

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.


PANAMA: Economy is Poised for Rebound, IMF Says
-----------------------------------------------
An International Monetary Fund team led by Alejandro Santos
visited Panama from September 24 to October 3 to conduct the
discussions for the 2018 Article IV consultation.  The team met
with the Minister of Economy and Finance Eyda Varela de
Chinchilla, Banks Superintendent Ricardo Fernandez, as well as
other senior public officials and private sector representatives.

Despite temporarily slowing in 2018, the economy is poised for a
rebound in the near term and will remain among the most dynamic in
Latin America.  The outlook is positive, albeit set against
heightened downside risks.  Policies should aim at maintaining the
conditions for sustained growth by preserving Panama's competitive
advantage as an attractive destination for business. Strengthening
AML/CFT oversight and enhancing tax transparency and information
exchange will be important to cement Panama's position as a
regional financial center.  It will also be important to preserve
fiscal discipline as this is the main macroeconomic stabilization
instrument and to reinforce the fiscal framework with the
establishment of a fiscal council.  Given the importance of the
financial system in the Panamanian economy, the authorities should
continue to bolster systemic risk assessment, risk-based
supervision and put in place robust frameworks for macroprudential
policy and crisis management.

The economy has slowed down temporarily but fundamentals remain
strong.

Weaker activity.  High frequency data indicate that economic
activity has softened, with growth estimated at 3.7 percent in H1-
2018 (compared to 5.4 percent in 2017), reflecting a sharp slowing
down in key sectors including construction, which was affected by
a prolonged strike in April/May. The unemployment rate increased
marginally to 5.8 percent in March 2018 from a year ago,
reflecting less dynamic activity.

Tamed inflation.  Inflation remains low and stable at around 1
percent (y/y) in August 2018 (compared to 0.5 percent in December
2017), despite supply shocks that have increased food and fuel
prices.

Fiscal discipline.  The overall deficit of the NFPS reached 1.6
percent of GDP in H1-2018 (compared to deficit of 0.2 percent of
GDP in the first half of 2017), due to an underperforming tax
revenue and a strong growth in current and capital expenditures to
support the economic weakening.

Stable external position.  The current account deficit remained at
8 percent of GDP in 2017 and it has deteriorated further in the
first half of 2018 as international oil prices have rebounded.
However, the current account deficit remains mostly covered by
foreign direct investment.

The outlook is positive but the balance of risks is to the
downside

Panama will remain among the most dynamic economies in Latin
America. The mission will finalize its revised growth projections
for 2018-19 in the coming weeks, and stressed that the balance of
risks to the current forecast (i.e., 4.6 percent for 2018 and 6.8
percent for 2019) is to the downside. In any case, and despite the
recent slowdown, the revised growth forecast will remain above 4
percent in 2018, and it will continue to be above 6 percent in
2019, supported by a recovery in construction, transport,
logistics and exports from a new copper mine. Over the medium-
term, growth is expected to moderate to its potential of 5 1/2
percent.  Inflation will remain subdued to about 2 percent.
External imbalances are expected to continue declining and to
remain broadly consistent with fundamentals. The fiscal position
will remain stable, with the overall deficit of the NFPS projected
at about 1 1/2 percent over the medium term, keeping public debt
on a declining path.

Risks are elevated and tilted to the downside. A key domestic risk
is failure to demonstrate progress in addressing outstanding FATF
recommendations, notably criminalization of tax evasion ahead of
the next FATF Plenary in February 2019 and advancing tax
transparency initiatives, which could expose Panama to
reputational damage, among other consequences. Continued
oversupply in the domestic property markets could impact financial
stability and the real economy. Panama also faces heighten
external risks. A weaker-than-expected global growth and
escalating trade tensions in advanced economies, could dampen
exports and government revenue. A sharp tightening of global
financial conditions, and a stronger US dollar would erode
Panama's competitiveness.

Financial integrity and tax transparency should continue to be
strengthened.

Effective implementation of the AML/CFT framework must remain a
priority.  Building on the recent positive assessment by GAFILAT,
the authorities should continue strengthening supervisory capacity
for AML/CFT oversight.  Further development of risk-based
approaches to AML supervision will be essential to effectively
channel available resources to critical areas. Enhancing the
understanding of AML/CFT risks to which Panama is exposed,
particularly in the highly vulnerable sectors will help map out
strategies to mitigate AML/CFT risks. Outstanding gaps in the
legal framework should be addressed to fully align it with
international standards.  Making tax crimes a predicate offense to
money laundering by approving the draft legislation under
consideration without further delay and ensuring the availability
of beneficial ownership and accounting records of Panamanian
entities are important to avoid being listed as a non-cooperative
jurisdiction, and thereby eroding the recent gains. Continued
efforts to sensitize the international community on progress with
financial integrity is paramount.

Efforts to further enhance tax transparency and information
exchange should continue . Actions being taken to share tax
information more widely and promptly under the OECD's common
reporting standard and the Multilateral Competent Authority
Agreement should continue. Going forward, the priority should be
to further advance the implementation of tax transparency
initiatives towards a successful Global Forum's forthcoming
assessment against enhanced standards. In addition, the
authorities are also encouraged to implement the minimum standards
on Base Erosion and Profit Shifting (BEPS), in line with Panama
commitments as a member of the OECD/G20's Inclusive Framework on
BEPS.

The fiscal framework needs additional strengthening to sustain
budgetary discipline.

A simplified fiscal rule will improve transparency. To this end,
the authorities recently sent legislation to the National Assembly
to modify the SFRL improving transparency. The new SFRL
establishes a ceiling on the headline deficit of the NFPS of 2
percent of GDP in 2018, 1 3/4 percent in 2019-20, and 1 1/2
percent of GDP after 2020, with the target over the medium-term
broadly consistent with the current limit under the law. If
approved this year, the new legislation will allow for a higher
fiscal deficit by 1/2 of GDP for 2018 (compared with the current
SFRL), which would be appropriate given the weakening activity. In
the event this legislation is not approved, the fiscal stance
would be broadly neutral for 2018.  In any case, the track-record
of fiscal discipline ensures debt sustainability.

Measures to further reinforce the fiscal framework should be
adopted.  The proposal to establish a fiscal council will further
promote accountability and help nurture informed public debate on
fiscal policy. The authorities submitted legislation to this
effect in 2017.

Continued and sustained progress to strengthen revenue
administration is needed. Governance and institutional capacity of
the custom administration needs to urgently improve, along several
dimensions, namely, human resources, ad hoc exemptions, control
processes, and data collection and management. In addition to
initiatives to modernize tax administration, strong action is also
needed to publish a list of estimated foregone revenues due to tax
incentives and exemptions to help initiate public debate to review
these complex schemes that continually erode Panama's tax base.

    Financial Sector Reforms Are Required to Build Resilience

Systemic risk oversight should be strengthened to build financial
resilience and guard against macro-financial feedback loops.
Addressing data gaps with respect to household and corporate
balance sheets and property prices remains a top priority.
Coordination on the assessment of systemic risk across financial
sector supervisors and with the Ministry of Finance should also be
enhanced through the Financial Coordination Council (CCF). An
institutional framework for macroprudential policy and tools
should be developed to provide more policy flexibility in
addressing macrofinancial risks.

The alignment of prudential regulations with Basel III should
continue.  With the regulatory framework now broadly aligned to
Basel III, the priority should shift to a strengthening of risk-
based supervision of both banks and non-banks. It will also be
important to put in place a robust framework for crisis
management, including adequate liquidity support for banks and
deposit insurance, and to strengthen the bank resolution framework
by enhancing the range of resolution tools available to facilitate
the timely resolution of troubled banks. FinTech has the potential
to transform Panama's regional banking sector, with close
supervision and adequate regulation of developments needed to
nurture the benefits while preserving financial stability



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ANDINO INVESTMENT: S&P Alters Outlook to Stable & Affirms CCC+ ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Andino Investment
Holding S.A.A. (AIH) to stable from negative. S&P also affirmed
its 'CCC+' issuer rating on the company. Subsequently, S&P
withdrew the rating at issuer's request.

S&P said, "The outlook revision was based on our assumption that
the company will be able to repay the existing senior debt of
around $20 million and any future operating and financial needs
with proceeds stemming from the sale of 100% of its core business
line, which was part of an organizational overhaul during late
2017 and early 2018. AIH decided to sell its principal business
lines to DP World Peru for around $225 million. The companies that
AIH sold include Cosmos S.A.C. (which owns 50% of Paita's shares),
Trit¢n Transports S.A., and Neptunia S.A., which on an aggregate
basis accounted for around 93% of AIH's total revenue. Therefore,
its EBITDA shrunk during the first half of 2018.

"The company used a significant portion of the proceeds to prepay
bonds for $115 million that AIH issued in 2013. We believe the
company could use remaining amount to cancel an existing $20
million credit facility and continue investing in new projects as
part of its organizational restructuring. However, there's still
some uncertainty about how these new projects will impact Andino's
new business and its cash flows. Even if the impact were to be
positive, we believe there will be a transitional period until we
perceive an improvement on EBITDA generation.

"The stable outlook on AIH reflected our expectations that it will
meet its financial and operating obligations within the short to
medium term, based on its stronger liquidity position since the
company decided to sell its core business lines as part of its
organizational restructuring."



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HORNED DORSET: Court Rejects Bid to Vacate Restraining Order
------------------------------------------------------------
In the case captioned The Horned Dorset Primavera Inc.
Plaintiff/Debtors, v. Francisco Domenech Fernandez and Veronica
Ferraiuoli Hornedo Defendants, Adv. Proc. No. 16-00141 (Bankr.
D.P.R.), Bankruptcy Judge Enrique S. Lamoutte denied Plaintiff's
Urgent Motion to Vacate Restraining Order, which enjoined the
Plaintiff from disconnecting the utility services to the
Defendants. However, Plaintiff's request to modify the Order to
require bond from the Defendants is granted.

On August 7, 2017, the Defendants filed an Urgent Motion
Requesting Order Preserving Status Quo and Response to "Motion to
Inform Status of Settlement Negotiation."  Defendants stated that
pursuant to an agreement reached amongst the parties on June 9,
2017, the Plaintiff restored electricity to Defendants' property
on June 28, 2017. However, on August 3, 2017, the Plaintiff
disconnected the electrical power, without warning or
notification.

The Defendants requested preliminary injunctive relief from the
court, arguing that the determination of the Plaintiff to
disconnect the electricity service impeded the proper maintenance
of the pool, which was initially demanded by the Plaintiff through
these proceedings. Additionally, the Defendants alleged that the
disconnection of the utility services interfered with the
enjoyment of their property. Defendants, therefore, requested the
court to order the Plaintiff to reconnect the electricity service,
and to enjoin it from disconnecting the utilities during the
pendency of the case.

On August 7, 2017, the Court granted Defendants' Urgent Motion and
ordered Plaintiff to return electricity to Villa 10, and enjoined
it from disconnecting electrical power and/or utilities without
authorization from the court

The Court of Appeal for the First Circuit has crafted a four-part
framework in order to determine whether to grant or deny
preliminary injunctive relief. Under this formulation, trial
courts must consider (1) the likelihood of success on the merits;
(2) the potential for irreparable harm if the injunction is
denied; (3) the balance of relevant impositions, i.e., the
hardship to the non-movant if enjoined as contrasted with the
hardship to the movant if no injunction is issued; and (4) the
effect (if any) of the court's ruling on the public interest.

After analyzing the factors, the Court concludes that the
Defendants met the four-prong test that warrants injunctive
relief, and therefore, Plaintiff's request to vacate the Order
entered on August 7, 2017, is denied. However, the court modifies
the Order, granting the Horned Dorset's request for security, in
the amount of $3,000, which the Defendants must provide within the
next 21 days.  Furthermore, the Defendants are required to
reimburse the Plaintiff monthly for the consumption of electricity
services, as measured by the meter installed in the breaker box of
their property. Failure to comply will prompt the dissolution of
the relief.

A copy of the Court's Opinion and Order dated Sept. 18, 2018 is
available at https://bit.ly/2DAFN0M from Leagle.com.

THE HORNED DORSET PRIMAVERA INC, Plaintiff, represented by EDUARDO
J. CAPDEVILA DIAZ --  ecapdevila@garciaarreguifullanalaw.com --
GARCIA ARREGUI & FULLANA PSC & ISABEL M. FULLANA --
ifullana@garciaarreguifullanalaw.com -- GARCIA ARREGUI & FULLANA
PSC.

FRANCISCO J DOMENECH, Defendant, represented by ALBERTO JUAN
ENRIQUE ANESES, CHARLES ALFRED CUPRILL , CHARLES A CURPILL, PSC
LAW OFFICE & VERONICA FERRAIUOLI HORNEDO .

VERONICA FERRAIUOLI HORNEDO, Defendant, represented by ALBERTO
JUAN ENRIQUE ANESES & CHARLES ALFRED CUPRILL, CHARLES A CURPILL,
PSC LAW OFFICE.

VERONICA FERRAIUOLI HORNEDO, Defendant, pro se.

THE HORNED DORSET PRIMAVERA INC, Counter-Defendant, represented by
EDUARDO J. CAPDEVILA DIAZ, GARCIA ARREGUI & FULLANA PSC.

              About The Horned Dorset Primavera

The Horned Dorset Primavera Inc. operates the Horned Dorset
Primavera, a small luxury hotel located in northwestern Puerto
Rico, two miles from the town of Rincon.  The hotel --
http://www.horneddorset.net/-- is set among rolling hills at the
edge of the beautiful Caribbean Sea and is known for reserved
European service executed in an atmosphere unique in  Puerto Rico
and the award-winning Restaurant Aaron.  The hotel is a member of
Relais & Chateaux.

The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy
case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto
Rico on May 22, 2015.

According to the docket, the Debtor's Chapter 11 plan is due Nov.
18, 2015.

The Debtor has tapped Isabel M. Fullana, Esq., at Garcia Arregui &
Fullana PSC, as counsel.



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


CL FIN'L: Government Control of CLF Linked to Debt Repayment
------------------------------------------------------------
Anthony Wilson at Trinidad Express reports that Trinidad and
Tobago Finance Minister Colm Imbert said the Government intends to
end its involvement with the CL Financial/CLICO group once the
group's debt to taxpayers for the 2009 bailout is repaid.

Minister Imbert also said the Government is "very close" to
resolving two sticking points that have prevented it from
monetising the CLICO's 56 per cent stake in Oman-based Methanol
Holdings Internation Ltd (MHIL), that has been valued at between
$2.85 billion, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders vowed to pay back a
TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board. High Court Judge Kevin Ramcharan however
sided with the company shareholders, ruling that the action by the
Government was premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


TRINIDAD & TOBAGO: Prime Minister Slams Aluminum Shutdown
---------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Prime Minister
Dr. Keith Rowley has criticized the People's Partnership
administration for "foolishly" shutting down the aluminium
industry in 2010 when it came into office in 2010 and "misleading"
the public about the proposed aluminium smelter in La Brea.

The prime minister was speaking at the relaunch of the Alutech
project with the construction of a manufacturing facility at the
Tamana Intech Park, Wallerfield, according to Trinidad Express.


                            ***********


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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