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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Friday, October 26, 2018, Vol. 19, No. 213


                            Headlines



A R G E N T I N A

AES ARGENTINA: S&P Keeps 'B+' Global Scale ICR on Watch Negative
CLISA: Fitch Affirms B Longterm IDRs & Alters Outlook to Negative


B O L I V I A

BOLIVIA: Gets $78MM IDB Loan to Help Reduce Carbon Emissions


B R A Z I L

NAUTILUS INKIA: S&P Affirms 'BB' Issuer Credit Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Free Zone Exports Climb 10.9% to US$4.3-Bil.
DOMINICAN REPUBLIC: Top Official OKs With Proposal on Mining


J A M A I C A

JAMAICA: To Get $285MM IDB Loan to Help Country be Disaster Ready


P A N A M A

PROMERICA FINANCIAL: S&P Assigns B+ Long-Term ICR, Outlook Stable


P U E R T O    R I C O

INSITE CORPORATION: 1st Cir. Remands Suit vs. Walsh Construction
LUBY'S INC: Appoints Todd Coutee as Chief Operating Officer


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Agriculture Gets Smallest Piece of Pie


                            - - - - -


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A R G E N T I N A
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AES ARGENTINA: S&P Keeps 'B+' Global Scale ICR on Watch Negative
----------------------------------------------------------------
S&P Global Ratings kept its global 'B+' local and foreign currency
issuer credit ratings on AES Argentina Generacion S.A. (AES
Argentina) on CreditWatch with negative implications, where S&P
placed them on Sept. 3, 2018. The 'bb-' SACP remains unchanged.

S&P said, "The ratings on AES Argentina reflect our view that
despite our expectation that the company will maintain stable
operating performance and credit metrics while preserving its
liquidity position, the 'B+' sovereign rating on Argentina
(B+/Watch Neg/B) will continue to limit the ratings. We don't
expect the company to be able to withstand a sovereign stress
scenario, which would include a combination of high inflation,
sharp currency depreciation, a severe decrease in GDP, and frozen
tariffs for utilities."

Nevertheless, AES Argentina continues to perform as expected, with
strong and stable cash flow generation. This should allow the
company to keep its debt to EBITDA below 3x and an OCF-to-debt
ratio of 20%-30%.

In addition to the strength of its operating cash flows, the
company should continue to benefit from funds it receives from the
FONINVEMEM (the acronym in Spanish stands for "Fund For Necessary
Investments That Allows Increase The Offer Of Electric Energy In
The Wholesale Electric"), a government fund made up of
contributions from power generation companies since 2004 to fund
the development and construction of new power plants in the
country. The wholesale market administrator, Compa§ia
Administradora del Mercado Mayorista Electrico (CAMMESA), repays
contributions to FONINVEMEM in 120 dollar-linked monthly
installments (that accrue interest) over a 10-year period,
starting on the commercial operation date (COD) of each power
plant. After receiving the installments, each power generation
company receives a pro-rata ownership interest in the new plants.
As of June 2018, AES Argentina had $341 million outstanding in
CAMMESA receivables for the three FONINVEMEM funds and will hold
minority stakes in three operational power plants. These inflows
are positive credit factors, since they're dollar-denominated --
the same currency as AES Argentina's $300 million bullet debt --
and given that the tariffs are also dollar-denominated tariffs.
This helps eliminate currency mismatches.


CLISA: Fitch Affirms B Longterm IDRs & Alters Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed CLISA's Long-Term Foreign-and Local-
Currency Issuer Default Rating at 'B'. Fitch has also affirmed
CLISA's unsecured notes at 'B/'RR4'. The ratings have been removed
from Negative Watch and a Negative Outlook has been assigned.

The removal of the Negative Watch follows the decision by a
federal court in Argentina to replace ARS574 million of cash
collateral related to a legal action with a building owned by the
company's construction business, Benito Roggio e Hijos S.A. This
collateral is related to the alleged overpricing of construction
costs for a drinking water treatment plant at Parana de Las
Palmas.

The Negative Outlook reflects uncertainty surrounding this legal
case, as well as the challenging economic conditions CLISA faces
in Argentina due to high inflation, elevated interest rates,
significant local currency depreciation, and limited access to
debt markets. The notes 'B'/'RR4' rating reflects average recovery
expectations for these obligations in the event of default.

KEY RATING DRIVERS

Market Position and Diversification Reflected: CLISA's ratings
incorporate the company's strong market position as one of
Argentina's largest privately owned conglomerates, supported by
its businesses in various public infrastructure sectors. The
company originates substantially all of its consolidated sales
from its waste management, construction, water supply and
transportation segments, which represented approximately 54%, 30%,
9%; and 7%, respectively, of the company's LTM EBITDA, as of June
30, 2018. The company's EBITDA margin is expected to be around 14%
during 2018-2019.

Counterparty Risk & Weak Operating Environment: CLISA's ratings
and Outlook reflect its exposure to Argentina's business climate
and volatile economic conditions. CLISA's 'B' Local-Currency IDR
reflects the company's counterparty risk, which closely resembles
that of the Argentine government, as more than 65% of the
company's cash flow generation, measured as EBITDA, is
concentrated in the public sector.  The more stable waste
management business, where the counterparties are various
municipalities and provinces, accounts for the majority of this
figure. Fitch expects the cyclical constuction business to
experience slowdowns over the next few years.

High Regulatory, Political Risk: Approximately 55% of CLISA's
EBITDA is generated in its waste management business, which
includes the urban waste management (UWM) and landfill segments.
The company's UWM serves important cities such as Buenos Aires,
Santa Fe, Neuquen  and the county of San Isidro.  CLISA's main
landfill operations are Norte III and Mar del Plata in Buenos
Aires, the Neuquen landfill, and Rivadavia in Mendoza. Regulatory
risk exposure stems from lengthy renegotiations in public service
contracts. CLISA is vulnerable to possible delays in collection
with the public sector as a major client. CLISA is also highly
exposed to the government through its construction activities.
This segment has historically accounted for approximately 30% of
CLISA's consolidated annual EBITDA. Its main activities relate to
projects being developed by the federal, provincial and municipal
governments.

Moderate Leverage, High FX Risk: CLISA's net leverage was 3.5x as
of June 30, 2018, compared with 2.9x at Dec. 31, 2017. Fitch
expects net leverage to increase to around 3.7x during 2018 due to
further local currency devaluation. As of June 30, 2018, CLISA had
total debt of ARS 12 billion, which consists primarily of USD-
denominated unsecured debt. The ratings negatively incorporate
CLISA's high foreign currency risk. CLISA is exposed to currency
mismatch risk, as approximately 85% of its debt denominated in
foreign currency, while cash generation is concentrated in
Argentine pesos. Most of the company's contracts contain price
adjustment clauses that are triggered upon in cost structure,
primarily driven by inflation.

Recovery Analysis Assumptions: The 'RR4' Recovery Rating reflects
average recovery prospects in the event of default. Fitch assumes
a going-concern scenario in its recovery analysis for CLISA. Fitch
assumes a going-concern enterprise value of ARS12.5 billion based
on post-default EBITDA of approximately ARS2 billion (a 30%
discount from the company's LTM June 2018 EBITDA level of ARS2.9
billion, and a multiple of 6x. After deducting 10% for
administrative claims, the remaining ARS 9 billion of enterprise
value leads to recovery for CLISA's unsecured debt of 100%. Fitch
caps CLISA's recovery prospects to 'RR4'. Fitch applies a RR4 cap
for bonds issued by Argentine corporates.

DERIVATION SUMMARY

The company's operations are primarily focused in Argentina.
CLISA's ratings reflect an experienced and well-positioned
operator in Argentina's construction sector. The company also
maintains an important business position in Argentina's waste
management industry serving important cities like Buenos Aires,
Santa Fe, Neuquen and the county of San Isidro. CLISA's credit
metrics appear slightly weaker when compared with its main
regional peers.

Fitch views CLISA's EBITDA margin of around 14% 2017 as somewhat
lower than Elementia, S.A.B. de C.  (BB+/Stable), Tecnoglass Inc.
(BB-/Stable), and Cementos Argos S.A. (AA+(col)/Stable) with
EBITDA margins of 18%, 17% and 19%, respectively, during the same
period. CLISA (annual revenues around USD884 million) is bigger
than Tecnoglass (USD 314 millions) and much smaller than Elementia
(USD1.3 billion) and Cementos Argos (USD2.8 billion).

Fitch views CLISA's leverage as moderate and a credit positive.
Fitch expects the company's leverage, measured as net debt/EBITDA,
to increase to 3.7x in 2018. This is similar or slightly weaker
than Elementia, Tecnoglass, and Cementos Argos, which are expected
to reach net leverage ratios of 3.5x, 3.4x and 4.1x, respectively,
during the same period.

Cost of funding remains a credit negative for CLISA when comparing
it with peers due to Argentina's macroeconomic environment. In
terms of interest coverage, CLISA's EBITDA/ interest ratio is
anticipated to be around 1.7x during 2018-2019, which is weaker
than expected levels for Elementia (4.1x), Tecnoglass (3.5x), and
Cementos Argos (4.7x), respectively, during the same period. Fitch
views CLISA's credit profile as weaker than U.S. peers in the
waste management industry such as Waste Management Inc.
(BBB+/Stable) and Waste Connection Inc. (BBB/Stable). These
companies are stronger in terms of scale, margins and free cash
flow generation.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - 2018 annual revenue growth rate around 48% in line with
    annualized inflation;

  - 2018-2019 EBITDA margin around 13.9% due to cost increases
    staring in 3Q18

  - A 2018-2019 interest coverage ratio consistently below 2.0x;

RATING SENSITIVITIES

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

  - An upgrade of the Argentine sovereign rating could trigger a
    positive rating action.

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

  - A downgrade could be triggered by an Argentine sovereign
    rating downgrade;

  - A significant deterioration of the company's credit metrics
    leading to an interest coverage ratio below 1.5x or sustained
    net debt/EBITDA above 4.0x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The company had ARS 1.6 billion of cash and
cash equivalents and ARS 2.9 billion of short term debt as of June
30, 2018. In addition the company's account receivables portfolio
totalled ARS 7.4 billion, which could provide additional source of
financial flexibility if required. The Negative Outlook reflects
Fitch's concern is that reduced access to credit with local banks
and continued economic uncertainty could result in deterioration
of CLISA's liquidity position.



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B O L I V I A
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BOLIVIA: Gets $78MM IDB Loan to Help Reduce Carbon Emissions
------------------------------------------------------------
The loan will help Bolivia boost its power service coverage,
improve its energy matrix's sustainability, reduce carbon
emissions, and contribute to the goal of ensuring universal access
to electricity throughout the country.

To this end, the loan will finance construction over the next four
years of a 240 km high-voltage transmission line and furnish it
with all the equipment needed to link up San Ignacio de Velasco,
in Bolivia's Santa Cruz Department, with the interconnected
national grid. This will improve service quality in the area and
pave the way for a future expansion of the network to link up with
the isolated electric system of San Matias, 300 km away from San
Ignacio.

The program will also seek to reduce energy consumption in the
public lighting systems of the municipalities of Oruro and Potosi
by implementing power efficiency measures, including replacing
35,000-plus conventional fixtures with efficient and smart
appliances in those two cities' avenue, street and park public
lighting systems.

Investments in power systems have major positive impacts on
people's economic performance and standard of living, mainly
because interconnecting isolated systems is more cost-effective
than installing new generation plants in remote areas, and also
because linking up power systems reduces electricity generation's
operational costs and fuel consumption.

In addition, better street and public spaces lighting enhances
safety for all the community and particularly for women and girls
by reducing their exposure to potential sexual and physical
assault.

The project's total cost is $78 million, of which $66.3 million
will come from the IDB's ordinary capital, with a 24-year term, a
6.5-year grace period, and a LIBOR-based interest rate. The
remaining $11.7 million will come from the Bank's concessional
ordinary capital, with a 40-year term, a 40-year grace period, and
0.25% interest.

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
===========


NAUTILUS INKIA: S&P Affirms 'BB' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on
Nautilus Inkia Holdings LLC (Nautilus). The outlook remains
stable. S&P also affirmed its 'BB-' issue level ratings.

Nautilus' rating affirmation follows its acquisition -- announced
on Oct. 19 -- of the remaining 25% equity stakes that it didn't
previously own in Kallpa Generacion S.A. (Kallpa; not rated) and
Samay I.S.A. (Samay; not rated) from Energ°a del Pac°fico S.A.
(EdP; not rated). With this acquisition, Nautilus becomes the sole
shareholder of Kallpa and Samay. The purchase price was
approximately $342 million. Nautilus funded the transaction
through a combination of an 18-month $200 million bridge loan with
an interest rate starting at Libor +1.5%, a $100 million equity
contribution from its shareholder ISQ, and $42 million from cash
on hand. The company plans to refinance the shorter-term bridge
loan with a bond issuance in the next few months, allowing it to
preserve its level of cash while maintaining a comfortable debt
amortization schedule. Kallpa and Samay have a total installed
capacity of 2,250 megawatts (MW) and are 25% hydro-based and 75%
thermal.



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


DOMINICAN REPUBLIC: Free Zone Exports Climb 10.9% to US$4.3-Bil.
----------------------------------------------------------------
Dominican Today reports that free zone exports climbed 10.9%, from
US$3.9 billion to US$4.3 billion, from yearend 2017 to September
this year.

The figures mean an increase of US$430.0 million, said Dominican
Free Zones Association (Adozonas) president Federico Dominguez
Aristy, according to Dominican Today.

This sector paid RD$35.0 billion to more than 160 employees and
contributed over RD$150.0 billion to the economy, according to
Adozonas' first president Manuel Enrique Tavarez, the report
notes.

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: Top Official OKs With Proposal on Mining
------------------------------------------------------------
Dominican Today reports that Dominican Today Energy and Mines
Minister Antonio Isa Conde said he supports the Academy of
Sciences' proposal to develop the mining industry, noting that
they coincide with his agency's main goals.

The Academy of Sciences proposed the territorial zoning aimed at
an "environmentally friendly, socially feasible and economically
viable legal platform" and an "intelligent, but obligatory"
enforcement of the Mine Closure Plan, according to Dominican
Today.

The official said he's adamantly opposed to ignoring what is meant
by responsible mining to the development of the peoples, "which is
why I have waved the banner of sustainable mining, both
environmentally and socially and economically as well," the report
notes.

The report relays that Mr. Isa added that he has advocated the
approval of the Land Management Law to clearly define where it's
not possible to exploit the natural wealth of the subsoil.

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


JAMAICA: To Get $285MM IDB Loan to Help Country be Disaster Ready
-----------------------------------------------------------------
A $285 million contingent loan from the Inter-American Development
Bank (IDB) will bolster Jamaica's response efforts and help
protect its public purse.

The IDB financing allows Jamaica to pay for any extraordinary
public expenses that could arise from emergencies caused by
natural disasters. The loan is intended to buffer the financial
shock of a disaster on the Jamaica's fiscal balance. Thereby,
increasing the nation's financial stability and efficiency as well
as its disaster preparedness and response.

With a population of more than 2.7 million, Jamaica ranks 19th in
the world for its exposure to natural disasters, which include
hurricanes, earthquakes and droughts. Between 1988 and 2012,
eleven named storms made landfall in Jamaica. It's estimated that
hurricane Gilbert cost Jamaica 28% of its GDP.

As the effects of climate change intensify, Jamaica can expect
extreme weather events to become more frequent and more intense,
resulting in greater impacts on the environment, economy and
population. Moody's financial rating service lists Jamaica as
among the four most vulnerable small island countries when it
comes to the credit implications of climate change.

The contingent financing is funded from the IDB's Ordinary
Capital, has a maturity period of 25 years, a grace period of 5.5
years, and an interest rate based on LIBOR. The executing agency
will be Jamaica's Ministry of Finance and the Public Service
(MOFPS).

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.



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P A N A M A
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PROMERICA FINANCIAL: S&P Assigns B+ Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its long-term 'B+' and short-term 'B'
issuer credit ratings to Promerica Financial Corporation (PFC).
The outlook is stable.

The ratings constraint on PFC is its capitalization levels, with a
projected RAC ratio at about 4% for the next two years. The
ratings also reflect its business stability, business line
diversification, sound market share in the region, stable asset
quality metrics, and low-cost funding structure primarily composed
of retail deposits.

S&P said, "Our long-term 'B+' rating on PFC is one notch lower
than the 'bb-' group credit profile, given that PFC, the holding
company, is a non-operating company and its debt is structurally
subordinated to that of the operating companies. Due to PFC's
exposure to Ecuador (B-/Stable/B; 29% of loan portfolio), we ran a
sovereign stress test, which the company passes. The Ecuador
sovereign rating won't cap the ratings on PFC as long as the
company continues to pass our stress test.

"The 'bb-' anchor draws on our Banking Industry Country Risk
Assessment (BICRA) methodology and our view of our expected
weighted average economic risk in the countries where PFC has
exposure. We consider the company's loan portfolio exposures in
Ecuador at 29%, Nicaragua (16%), Guatemala (13%), Panama (13%),
Costa Rica (13%), El Salvador (9%), Honduras (4%), the Dominican
Republic (2%), and the Cayman Islands (1%) as of June 2018,
resulting in a weighted average economic risk of '8.7', which we
round up to '9'. We score BICRAs on a scale from '1' to '10',
ranging from the lowest-risk banking systems (group '1') to the
highest-risk (group '10'). The common factor driving this economic
risk score re low-income levels in the countries where the bank
operates--which increase the countries' vulnerability to external
shocks -- and borrowers' high debt and low payment capacity in
countries with weak rule of law. We expect PFC to maintain similar
exposures for the next 12 months. The industry risk score for
Panamanian banks is '5' with a stable trend."



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


INSITE CORPORATION: 1st Cir. Remands Suit vs. Walsh Construction
----------------------------------------------------------------
Appellant Insite Coroporation in the case captioned INSITE
CORPORATION, INC. Appellant, v. WALSH CONSTRUCTION COMPANY PUERTO
RICO, Appellee, No. 17-1436 (1st Cir.) is a bankrupt
subcontractor, which claims that a general contractor, Walsh,
improperly withheld payments belonging to its bankruptcy estate.
Insite sought to recover the payments by initiating an adversary
proceeding against Walsh in bankruptcy court in Puerto Rico. The
bankruptcy court found that the withheld payments were not
property of Insite's estate, the district court affirmed, and
Insite appeals.

The United States Court of Appeals, First Circuit vacates the
district court's judgment and remands the matter for further
proceedings.

Applying the Supreme Court's decision in Pearlman v. Reliance
Insurance Co., the First Circuit had held that, under Puerto Rico
law, funds withheld by a general contractor to cure a
subcontractor's default and to complete a subcontractor's work do
not become property of the subcontractor, and hence are not part
of the subcontractor's bankruptcy estate. The bankruptcy court
found that this well-established principle, known as the Pearlman
doctrine, prevented Insite from gaining a property interest in the
funds withheld by Walsh, and it accordingly granted summary
judgment to Walsh.

Because the Court concludes that Insite had no right under the
subcontract with Walsh to any of the funds it claims were
withheld, the Court does not rely on the Pearlman doctrine. In the
unusual circumstances of this case, neither that doctrine nor the
parties' contract answers the question that determines Insite's
right to payment: whether a defaulting subcontractor who has no
contractual right to compensation is nonetheless entitled to an
equitable recovery if the general contractor has benefited at the
subcontractor's expense. In that scenario, the subcontractor's
right to recovery, if any, must be determined by other principles
of local law. Thus, although the Court agrees with the bankruptcy
and district courts that Insite is not due funds under its
contract with Walsh, the courts still must consider whether Walsh
was benefited by Insite's post-default performance in such a way
that Insite has an equitable claim under Puerto Rico law.

The Court, therefore, vacates the judgment of the district court
and remands the matter to the district court with directions to
vacate the bankruptcy court's judgment and remand the matter to
the bankruptcy court for further proceedings.

A copy of the Court's Ruling dated Oct. 5, 2018 is available at
https://bit.ly/2R2wKHP from Leagle.com.

David Carrion-Baralt for appellant.

Paul T. DeVlieger, with whom DeVlieger Hilser P.C. was on brief,
for appellee.

The bankruptcy case is IN RE: INSITE CORPORATION, Chapter 11,
Debtor, CASE NO. 11-11209 (MCF)(Bankr. D.P.R.).


LUBY'S INC: Appoints Todd Coutee as Chief Operating Officer
-----------------------------------------------------------
Luby's, Inc. has appointed Benjamin (Todd) Coutee to chief
operating officer, effective immediately.  Mr. Coutee replaced
Peter Tropoli, who resigned as the Company's COO on Oct. 22, 2018.
Mr. Tropoli will continue to serve his term as a member of the
Board.

Chris Pappas, president and CEO, commented, "The board of
directors and I are pleased to announce the promotion of Todd
Coutee to COO. Todd brings extensive restaurant operations and
leadership experience to this role having most recently served as
SVP of Operations for Culinary Contract Services.  In addition, he
previously held operational leadership positions at each of our
brands, having served as SVP of Operations at Luby's Cafeterias,
and Fuddruckers.  Todd has demonstrated outstanding leadership in
restaurant operations as well as managing brands and maximizing
team performances.  His successful style of leadership, passion
for people, and invaluable knowledge from more than 30 years in
the industry provide the vision and management capabilities most
needed today for the future of our brand operations.  I am pleased
to have him in this role and excited about working closely with
Todd as we guide the company forward."

In conjunction with this management change, Peter Tropoli will now
assume the role of general counsel for Luby's, Inc.  Mr. Tropoli
has served in various senior executive management positions at the
Company for more than 18 years and has a broad range of corporate
management, restaurant industry, and public company legal
experience.

Pappas continued, "Peter has been a tremendous asset to our
Company since 2001.  His restaurant industry knowledge, extensive
company experience and deep understanding of real estate, coupled
with his expertise in legal, administrative and regulatory matters
will continue to provide significant value to our team."

Coutee has more than 30 years of hospitality and restaurant
operations experience.  He has led multiple teams at the Company
as a SVP of Operations at Culinary Contract Services, Luby's
Cafeteria's and Fuddruckers since rejoining Luby's in 2006 as an
Area Leader for the cafeteria segment.  Previously he spent ten
years in the hospitality and restaurant industry in various
operational leadership positions, including as the executive
director of Operations for Aramark's Educational Food Service
Division.  He began his career with Luby's Cafeteria in 1989 as an
assistant manager and then spent ten years in leadership roles in
operations and training.

There is no change in Mr. Coutee's compensation in connection with
his appointment as chief operating officer at this time.  In
connection with Mr. Tropoli's transition to general counsel and
corporate secretary, Mr. Tropoli will be entitled to receive an
annual base salary in the amount of $350,000.

                         About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) -- www.lubysinc.com
-- operates 146 restaurants nationally as of Aug. 29, 2018: 84
Luby's Cafeterias, 60 Fuddruckers, two Cheeseburger in Paradise
restaurants.  Luby's is the franchisor for 105 Fuddruckers
franchise locations across the United States (including Puerto
Rico), Canada, Mexico, the Dominican Republic, Panama and
Colombia. Additionally, a licensee operates 36 restaurants with
the exclusive right to use the Fuddruckers proprietary marks,
trade dress, and system in certain countries in the Middle East.
The Company does not receive revenue or royalties from these
Middle East restaurants.  Luby's Culinary Contract Services
provides food service management to 28 sites consisting of
healthcare, corporate dining locations, and sports stadiums.

Luby's reported a net loss of $23.26 million for the year ended
Aug. 30, 2017, compared to a net loss of $10.34 million for the
year ended Aug. 31, 2016.  As of June 6, 2018, the Company had
$208.95 million in total assets, $94.91 million in total
liabilities, and $114.03 million of total shareholders' equity.

The Company sustained a net loss of approximately $14.6 million
and approximately $31.7 million in the quarter ended and three
quarters ended June 6, 2018, respectively.  Cash flow from
operations has declined to a use of cash of approximately $4.9
million in the three quarters ended June 6, 2018.  The working
capital deficit is magnified by the reclassification of the
Company's approximate $44.0 million debt under it's Credit
Agreement from long-term to short-term due to the debt's May 1,
2019 maturity date.  As of June 6, 2018, the Company was in
default of certain of its Credit Agreement financial covenants.

"The Company's continuation as a going concern is dependent on its
ability to generate sufficient cash flows from operations to meet
its obligations and obtain alternative financing to refund and
repay the current debt owed under it's Credit Agreement.  The
above conditions raise substantial doubt about the Company's
ability to continue as a going concern," Luby's stated in its
Quarterly Report for the period ended June 6, 2018.



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


TRINIDAD & TOBAGO: Agriculture Gets Smallest Piece of Pie
---------------------------------------------------------
Aleem Khan at Trinidad Express, citing a Vision 2030 document
reports that Trinidad & Tobago gets the smallest piece of the pie
or budget allotment.

Trinidad Express relates that long before the weekend floods
washed away many farmers' produce, the Vision 2030 document
acknowledged that little was being done by the Trinidad & Tobago
State for agriculture.  The Vision 2030 reference document that
the Planning Ministry circulated to the media and public via its
website, in the wake of national budget 2018/2019, guides
government policy, 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


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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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