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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, November 2, 2018, Vol. 19, No. 218


                            Headlines



A R G E N T I N A

STONEWAY CAPITAL: Fitch Affirms B Rating on $665MM Sec. Notes


B R A Z I L

CYDSA SAB: Fitch Affirms BB+ LT IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Red Tape Hobbles Business Climate
* DOMINICAN REPUBLIC: Medina Arrives in Beijing for State Visit


J A M A I C A

* JAMAICA: Customs Revenue Collections Almost $2BB Above Target


M E X I C O

MEXICO: With Airport Bonds at 80 Cents, Adviser Warns of Default
OCEAN SERVICES: Gets Approval to Retain Royston as Special Counsel


P U E R T O    R I C O

LUBY'S INC: Bandera Entities Report 6.9% Stake as of Oct. 26


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Reports Profit For Nine-Month Period
TRINIDAD & TOBAGO: $17 Million PayOut Due for Floods


                            - - - - -


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A R G E N T I N A
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STONEWAY CAPITAL: Fitch Affirms B Rating on $665MM Sec. Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Stoneway Capital Corporation's $665
million senior secured notes due in 2027 at 'B'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

Summary: The rating reflects Stoneway's operational stage, the
power purchase agreements (PPAs) with sole off-taker CAMMESA,
moderate operating risks established through fixed-priced
operation and maintenance (O&M) and overhaul costs with an
experienced counterparty. The rating also reflects the project's
resilience to absorb penalties from commercial operations date
(COD) delays.

The project benefits from an adequate debt structure, with fixed
interest rate, adequate covenants and reserves. A debt service
coverage ratio (DSCR) profile of 1.32x at Fitch's Rating Case is
consistent with a higher rating category, even considering the
maximum applicable delays penalties under the PPAs, which would
lead to a DSCR profile closer to 1.15x up to 2022, and an overall
profile of 1.26x. Nonetheless, the rating is ultimately capped by
Fitch's view on the credit quality of the revenue stream derived
through payments by CAMMESA as sole off-taker and Argentina's 'B'
country ceiling.

Low Complexity of Works; Fixed Price, Date Certain EPC Agreement
[Completion Risk: Midrange]:

All the original four plants (686.5 MW) are fully operational, and
COD was reached with an average of 144 days of delay for each
plant, due to different reasons, such as permits and licensing
delays. Penalty delays as per the PPAs may be applicable, and
could be partially mitigated by the liquidated damages (LDs)
embedded in the engineering, procurement and construction (EPC)
agreements with Siemens and its affiliates. The combined cycle
expansion on San Pedro plant is being done with the same framework
from the original projects, through a full EPC turnkey-lump sum
contract with a strong-counterparty (Siemens) and other
contractors on a joint and several basis.

Experienced Operator and Defined Overhaul Costs [Operations Risk:
Midrange]:

All four plants benefit from O&M agreements and Long-Term Services
Agreements (LTSA) with Siemens S.A. for the entire tenor of the
debt. Plants benefit from a defined overhaul routine with fixed
prices for up to 60,000 hours (Las Palmas/San Pedro plants) and
75,000 hours (Lujan/Matheu plants). Considering the higher
dispatch scenario, an additional overhaul stress for the Las
Palmas and San Pedro plants was included for up to 80,000 hours.
Weaknesses of contract structure are the exposure to foreign
exchange (FX) risk, as a major part of the O&M fixed fee is
denominated in Argentine pesos (ARS), and LTSA for Las Palmas/San
Pedro plants are defined in Swedish kronas (SEK).

Supply Risk Embedded in the Offtake Agreement [Supply Risk:
revised to Stronger, from Midrange]:

Both oil and gas are fully supplied by CAMMESA, project's sole
off-taker. As per the PPA, in case of any supply failure the
project is not obligated to dispatch and still receives its fixed
capacity payment. This represents a stronger attribute that
isolated the fuel supply risk to the project.

Weak Counterparty with Sufficient Capacity Payments [Revenue Risk:
Weaker]:

The project's sole off-taker is CAMMESA, the wholesale power
market administrator in Argentina. CAMMESA is considered a
counterparty of weak financial profile and is dependent on
sovereign subsidies to honour commitments. Historically, CAMMESA
has presented some delays on payments, which could affect the
project's liquidity. Most of the project's revenues will come from
fixed capacity payments that cover fixed costs and debt service.
The project also benefits from a one year tail on the original
PPAs and a six year tail on the additional one.

Adequate Debt Structure with Overhaul Provisions [Debt Structure:
Stronger]:

The fixed-rate debt is fully amortizing and senior, and benefits
from a six month DSRA -that will be funded with cash generation -
and a 1.50x DSCR distribution test for the period between the
original project completion date and completion of the additional
project. DSCR distribution test will return to 1.40x after the
completion date of the additional project. Debt structure includes
an O&M Reserve Account, which accumulates overhaul provisions
whenever the project is dispatched and will be used to make
scheduled major maintenance payments. Additional debt can only be
issued with a rating confirmation after giving pro forma effect to
such new debt.

Financial Profile:

Rating case minimum and average DSCRs of 1.21x (in 2019) and 1.32x
(2019-2026 period) remain strong for the rating category,
according to applicable criteria, across dispatch scenarios that
go from 0% to full dispatch. Also, the project still present
strong metrics in case of maximum applicable delays as per the COD
delays, leading to an average DSCR of 1.26x (2019-2026), with a
DSCR profile closer to 1.15x in the years where the penalties
would be paid. In the 2018-2020 period, the DSCR calculation
considers net interest payments of drawdowns from the Interest
during Construction Account (IDC) of the notes.

Peers Analysis:

Stoneway presents metrics consistent to 'BB' and 'BB-' projects,
such as Plains End Financing, LLC (senior secured bonds rated BB,
the average senior DSCR of 1.34x). However, despite stronger
metrics, its rating is capped by the credit quality of CAMMESA as
sole-offtaker as well as Argentina's 'B' country ceiling rating.

RATING SENSITIVITIES

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

  -- An improvement in the credit quality of CAMMESA as sole off-
     taker to the revenue stream.

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

  -- Deterioration in the credit quality of CAMMESA as sole off-
     taker to the revenue stream;

  -- Delay on the COD of the expansion of San Pedro plant that
     could trigger a PPA cancelation;

  -- Delays from CAMMESA on the PPA payments leading to a
     deterioration of the project's liquidity;

  -- Change on the expected penalties payment schedule leading to
     a deterioration of the project's liquidity.

CREDIT UPDATE

In October 2017, Stoneway consent solicitation to the noteholders
was approved, and the add-on notes of $165 million was issued and
Stoneway acquired Araucaria Generation S.A., increasing the
project's installed capacity by 120 MW through the expansion of
San Pedro plant into a combined-cycle power generation project.

The original 686.5 MW installed capacity reached COD in 2018. All
four original plants reached COD between February and May of 2018,
on an average COD delay of 144 days per plant.

According to Stoneway, the COD delays were due to several
conditions, such as logistic issues, permits and licensing delays.
According to the PPA terms, projects should pay penalties related
to each respective delay, which could lead to a maximum USD77
million penalty to be paid.

Stoneway has already claimed to CAMMESA that part of the delays
were caused by force majeure, and so far, no final resolution was
defined and no penalty was charged. Fitch's scenarios consider
sensitivities on the penalties payments and the overall result is
still consistent with the current rating. Also, Stoneway benefits
from $66 million in LDs from Siemens, which could mitigate the
penalties payments as well.

In the first 10 months of 2018, Stoneway generated USD74.8 million
in revenues, below Fitch's scenarios of USD174 million, given the
COD delays on all projects and lower dispatch.

Despite this difference in revenues, 2017 and 2018 principal and
interest payments on the notes were partially covered by the pre-
funded IDC account: from the $112.4 million paid, $63.75 million
were drawdown from the IDC account. The remaining amount was
funded with cash generation.

Fitch Cases

Fitch's base case incorporates COD of Nov. 1, 2019 for the
combined-cycle, with no spot revenues derived from partial
completion of the additional San Pedro works, and a 80% dispatch
scenario throughout the life of the debt. O&M and LTSA costs were
considered as per the signed agreements. An excess fuel
consumption penalty in excess of the PPA heat rate of 2.5% and an
unscheduled maintenance downtime penalty of 5% due to
unavailability were considered. A 5% stress was also applied over
administrative and insurance costs. Fitch's base case scenario
resulted in average and minimum DSCRs of 1.34x (2019-2026 period)
and 1.11x (in 2025), respectively.

Fitch's rating case also incorporates COD of Dec. 1, 2017 for the
original capacity and COD of Nov. 1, 2019 for the combined-cycle,
with no spot revenues derived from partial completion of the
additional San Pedro works, and a 65% dispatch scenario throughout
the life of the debt. O&M and LTSA costs considered a 5.0% stress
from the signed agreements, according to Thermal Criteria guidance
for projects where the Operational Risk KRF is considered as
'Midrange'. Overhaul routines denominated in SEK were stressed
10%. An excess fuel consumption penalty in excess of the PPA heat
rate of 5% and an unscheduled maintenance downtime penalty of 7.5%
due to unavailability were considered. A 10% stress was also
applied over administrative and insurance costs. Fitch's rating
case scenario resulted in average and minimum DSCRs of 1.32x
(2019-2026 period) and 1.21x (in 2019, considering P+I net of IDC
proceeds), respectively.

Additional sensitivities considering the PPA delay penalties were
run over the Rating Case. Considering the maximum penalty of $77
million and the expected payment profile of the penalties (four
years with an interest rate of 1.7% p.a.), the average DSCR would
go from 1.32x to 1.26x; average DSCR in the 2019-2022 period
(where penalties would be paid) would be around 1.15x. Considering
only 50% of the maximum penalty, the average DSCR in the 2019-2022
period would be closer to 1.20x. Both sensitivities do not include
any settlement from Siemens' LDs.

Asset Description

Stoneway is a private company originally constituted with the
purpose of constructing, owning, and operating four simple-cycle
power-generating plants with a total installed capacity of 686.5
MW, through two indirect subsidiaries, Araucaria Energy S.A.
(Araucaria) and SPI Energy S.A. (SPI).

Stoneway installed capacity is being expanded by 120 MW through
the expansion of San Pedro plant into a combined-cycle power
generation project. After works completion, expected by 2019,
Stoneway installed capacity will reach 806.5 MW.



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B R A Z I L
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CYDSA SAB: Fitch Affirms BB+ LT IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Cydsa, S.A.B. de C.V.'s Long-Term
Local- and Foreign-Currency Issuer Default Ratings at 'BB+'. The
Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Cydsa's diversified business profile, its low
cost position resulting from recent investments, vertical
integration and strong domestic brand recognition in table salt.
The ratings also reflect Fitch's expectation that Cydsa's
underground storage business will further diversify its cash flow
sources over the intermediate term. The ratings are tempered by
Cydsa's limited geographic diversification, price volatility of
its chlorine and caustic soda business and the capital intensity
of its business lines relative to EBITDA generation.

Diversified Business Profile: Cydsa manufactures and
commercializes salt for household and food industry use as well as
chemicals and refrigerant gases. The company produces primarily
caustic soda, chlorine, sodium hypochlorite, salt and refrigerant
gas HCFC-22. It also commercializes refrigerant gases and other
chemicals. Its main household salt brand, La Fina, is the leading
salt brand in Mexico with very strong top of mind awareness among
Mexican consumers. Cydsa also provides liquefied petroleum gas
(LPG) underground storage services to a subsidiary of Petroleos
Mexicanos (Pemex; BBB+/Negative).

Domestic Participant: The company derives over 90% of its revenue
domestically, with substantially all of its assets in Mexico.
Consequently, Cydsa's financial performance is tied to Mexico's
political and economic developments. Further, the company has
limited ability to influence prices of chlorine and caustic soda,
which are volatile and significantly influenced by global supply
and demand dynamics. These co-products represent about 50% of
Cydsa's chemical portfolio and to some extent are influenced by
demand for polyvinyl chloride (PVC) resin, which is widely used in
construction and infrastructure and whose demand can be volatile.

Underground Storage: The company began providing LPG storage
services to a subsidiary of Pemex at one of its salt caverns in
fourth-quarter 2017. Additionally, Cydsa has made initial
investments to fit three other caverns to provide hydrocarbon
storage services to future interested third parties. Cydsa expects
future investment needs for these projects to be funded possibly
through the use of nonrecourse project finance debt with
investments already made accounting for the equity portion of
financing. The development of these remaining three caverns for
hydrocarbon storage could pressure credit quality, depending on
the speed of investment and the funding strategy used by Cydsa.
Positively, the company has gained leverage headroom that should
allow it to undertake investments in caustic soda production and
some undergrown storage investment without pressuring its credit
rating.

Low leverage:  Cydsa's latest twelve months EBITDA strengthened to
MXN3.1 billion as of third-quarter 2018 from MXN2.1 billion in the
same period last year primarily due to the start-up of underground
storage services and significantly higher caustic soda prices.
Increased sales and profitability in Cydsa's salt business was
also a positive driver. Cydsa's consolidated net leverage was 1.8x
as of third-quarter 2018, which positively compares with 2.8x a
year ago. Fitch's base case suggests that Cydsa's EBITDA should
remain strong, above MXN3 billion over the intermediate term

DERIVATION SUMMARY

Cydsa is well positioned against small scale chemical producers
with limited regional diversification, which are typically rated
in the low 'BB' or below rating categories. Cydsa's business
profile is more diversified and its cash flows are more stable
than companies such as Grupo IDESA (B-/Negative Outlook) or Unigel
Participacoes (B+/Outlook Stable). Cydsa's diversified business
profile is supported by the strong brand recognition of its
household salt products and its cost position in its chlorine-
alkali chain segment benefits from important investments in
technology. Larger and more diversified chemical companies with
similar leverage such as Mexichem, S.A.B. de C.V.  (BBB/Negative
Outlook) or Braskem (BBB-/Stable Outlook) are typically rated in
the low to mid 'BBB' category due to their stronger financial
access and broader geographic diversification. Chemical companies
rated in the 'BBB' category tend to be product leaders across
broader regions, often spanning several continents.

KEY ASSUMPTIONS

  -- Cydsa generates annual EBITDA above MXN3 billion over the
     intermediate term;

  -- Dividends do not increase materially from the MXN200 million
     paid in 2018;

  -- Excess cash flow is used to fund growth capex;

  -- Consolidated net debt/EBITDA does not exceed 3.5x over the
     intermediate term.

RATING SENSITIVITIES

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

  -- A rating upgrade is unlikely in the medium term, considering
     the company's business and financial profiles.

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

  -- Expectation of sustained Fitch-adjusted net debt/EBITDA above
     3.5x inclusive of off-balance-sheet/nonrecourse debt;

  -- A steep decline of chlorine and caustic soda prices that
     erodes Cydsa's EBITDA or competitive dynamics, weakening
     Cydsa's salt business;

  -- Large debt-financed acquisitions or investments.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity:  Completed investments in salt and chemicals have
reduced committed capex and should provide the company with FCF to
partially fund investments in the capital-intensive chemicals or
underground storage business lines. Fitch's base case suggests
Cydsa should generate about MXN1.8 billion of cash flow from
operations, which, after maintenance capex of approximately MXN500
million and dividends of about MXN200 million should result in
around MXN1.1 billion of annual cash flow to fund investments.

The company held cash of MXN1.7 billion as of third-quarter 2018
and raised USD157 million in October 2018 at one of its
underground storage subsidiaries under an 18-year amortizing
credit agreement, which should provide additional cash. Cydsa
faces no debt maturities in 2019 and MXN950 million in 2020 from a
credit facility. This amount is likely to be repaid with the
proceeds from October's financing, leaving MXN1.9 billion as
undrawn committed credit maturing 2020. Pro forma gross
consolidated leverage is estimated at 3x after both of these
transactions occur.



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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: Red Tape Hobbles Business Climate
-----------------------------------------------------
Dominican Today reports that the Dominican Republic declined three
positions in the ranking on the business climate that the World
Bank publishes every year.

According to the "Doing Business 2019" report released, the
country fell to 102th place from 99 registered last year, the
report notes.

The multilateral agency notes that the country has made reforms to
improve the situation, but failed to advance in the classification
because the pace of improvements in other countries was more
intense, according to Dominican Today.

The ranking that measures the business climate among 190 nations
does acknowledge progress in protecting minority investors, the
report notes.  It said that because the country made progress in
the degree of protection and control that increases the
independence of the boards of directors, the report relays.

However, there were a couple of setbacks that involve the time it
takes for companies to get construction permits and the cost for a
company to obtain electricity, the report says.

In the case of building permits, the World Bank report indicates
that they now take 206 days, when a year ago it was 184 days, the
report notes.

Last August, local authorities announced work on simplifying the
permit processes in this area, so that construction companies will
not have to wait more than 45 days in obtaining permits, the
report relays, Dominican Today adds.

                               Energy

Meanwhile, although the conditions in the access to electricity
for companies were kept with few changes, the most important is
that the cost skyrocketed to 276.7% of per capita income this year
from 248.5% in the last report.

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: Medina Arrives in Beijing for State Visit
---------------------------------------------------------------
Dominican Today reports that the President Danilo Medina began the
State visit to China when he arrived in Beijing where he was
received by a senior official, according to a video provided by
the Dominican Govt.

Also present at Zhang Run Airport was the first Dominican
Ambassador to China Briunny Garabito, according to Dominican
Today.

Mr. Medina arrived in Beijing for the state visit that starts
tomorrow with a wreath-laying at the Monument to the Chinese
People's Heroes, the report adds.

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: Customs Revenue Collections Almost $2BB Above Target
---------------------------------------------------------------
RJR News reports that Jamaica Customs is reporting that its
revenue collections for the second quarter were almost $2 billion
above target.

It amounted to $111.3 billion, according to RJR News.

This was $1.8 billion above the targeted collection of $109.4
billion, the report cites.

In the last fiscal year, Jamaica Customs also surpassed the
target, the report relays.

The agency is the second largest revenue collector for the
Jamaican Government, the report notes.

It currently contributes 38 per cent of the Government's tax
revenue, the report adds.

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


MEXICO: With Airport Bonds at 80 Cents, Adviser Warns of Default
----------------------------------------------------------------
Justin Villamil at Bloomberg News reports that Mexico City's
airport bonds finally showed signs of stabilizing after President
Andres Manuel Lopez Obrador caught investors by surprise with his
decision to scrap the controversial project.  Still, at just 80
cents on the dollar now, the bonds have had a rough October,
Bloomberg News notes.

Prices on the 30-year debt are down 3 cents this week and 9 cents
this month, a slump that pushed the yield up over 7 percent,
according to Bloomberg News.

To make matters worse, an adviser who helped arrange the offering
-- which was part of $6 billion of notes sold over two years --
is now warning that the cancellation could be "disastrous" for
creditors despite assurances from some members of Lopez Obrador's
team that the debts will be repaid in full, Bloomberg News notes.

Michael Fitzgerald, a lawyer with New York-based Paul Hastings who
was part of the team of legal advisers for the underwriters, said
a cancellation of the $13 billion project could create a default
leading to a mandatory redemption on all bonds outstanding,
Bloomberg News relays.  The problem is that without completing the
project, the airport group may not take in enough revenue to meet
the accelerated payment schedule, Bloomberg News notes.

A $1.6 billion security known as Fibra E -- a hybrid between a
master-limited partnership and a real estate investment trust --
may be hard hit as well, according to Fitzgerald, Bloomberg News
says.  While the security has a stipulated interest rate like a
bond, it is a hybrid asset with an equity component that would see
its value drastically slashed if there is no new airport to
support the equity valuation, he said, Bloomberg News discloses.

"The cancellation of the new airport will likely have a disastrous
effect on the value of the bonds and Fibra E instruments,"
Fitzgerald said, Bloomberg News relays.  "None of the investors in
the new airport counted on this cancellation," he added.

While AMLO, as the radical leftist is known, had stated during the
campaign that he would look to cancel the project because it was
ostentatious, corrupt and unnecessary, the disclosure that he'll
scrap it upon taking office next month shocked investors,
Bloomberg News discloses. They expected a more measured approach
to a public project years in the works, Bloomberg News relays.

Other Mexican assets followed the airport's bonds lower this week:
The peso has plunged 5 percent the stock market 4 percent, the
report notes.  And Fitch lowered Mexico's credit rating outlook to
negative from stable, Bloomberg News says.

The incoming government has given mixed messages on how it will
deal with airport creditors, Bloomberg News relays.

Julio Scherer, who was tapped as Lopez Obrador's chief counsel,
said in an interview with El Financiero Bloomberg TV that the
incoming government would enter into negotiations with bondholders
and that the schedule for bond payouts is yet to be determined,
Bloomberg News says.  Mr. Scherer said that not all bonds will
have to be paid back in 2019, Bloomberg News relays.  Meanwhile,
incoming Finance Minister Carlos Urzua said that the country's
budget next year will have the money to meet all obligations to
contractors and investors.  Those obligations will include the
possibility of paying the principal in full, Lopez Obrador's
spokesman Jesus Ramirez said in an interview with Bloomberg News.

"All rightful claims of contractors and investors will be fully
met," Urzua said in an emailed statement obtained by Bloomberg
News.


OCEAN SERVICES: Gets Approval to Retain Royston as Special Counsel
------------------------------------------------------------------
Ocean Services, LLC, received approval from the U.S. Bankruptcy
Court for the Western District of Washington to retain Royston
Rayzor as its special litigation counsel.

The firm will continue to represent the Debtor in a case filed by
Thrustmaster of Texas, Inc. (Civil Action No. 17-cv-02069), which
is pending in the U.S. District Court for the Southern District of
Texas.

The hourly rates for the firm's attorneys range from $110 to $325.
David Walker, Esq., the attorney handling the case, charges $325
per hour.

The firm neither represents nor holds any interest adverse to the
interest of the Debtor's estate, according to court filings.

Royston Rayzor can be reached through:

     David R. Walker, Esq.
     Royston Rayzor
     The Hunter Building
     306 22nd Street, Suite 301
     Galveston, TX 77550
     Tel: 713.224.8380
     Fax: 713.225.9945
     Email: david.walker@roystonlaw.com

                       About Ocean Services

Based in Seattle, Washington, Ocean Services and its subsidiaries
-- https://www.stabbertmaritime.com/ -- are a marine operations
group with over three decades of experience working with offshore
petrochemical companies, the US Government, fisheries, and
submarine telecommunications cable survey and installations
operators in the waters off the US East Coast, South America, Gulf
of Mexico and the Caribbean, the Aleutians, Arctic and Antarctic,
the Bering Sea and across the Pacific Ocean.  The Stabbert
Maritime group of companies offers a comprehensive package of
services to the subsea construction and offshore science sector as
well as shipyard and mobile vessel repair.  Ocean Services
provides support vessels to science and survey sectors for clients
including NOAA, US Navy, Johns Hopkins University, FUGRO, CP+ and
Shell, providing fisheries research, geotechnical/physical,
oceanographic, survey and testing services.  Stabbert Maritime,
through subsidiary Ocean Sub Sea Services (OS/3), provides dive
and construction support vessels to oil and gas clients in Gulf of
Mexico, Mexico, Brazil, California, and the Arctic.

Seven of the Stabbert Maritime Group companies, led by Ocean
Services, LLC, filed Chapter 11 cases (Bankr. W.D. Wash. Lead Case
No. 18-13512) on Sept. 7, 2018, and those cases have been
administratively consolidated.  The cases are assigned to Hon.
Timothy W. Dore.  The petitions were signed by Lindsay A.
Sckorohod, manager Thetis, LLC, manager Stabbert Mar. Hdgs. LLC,
sole member.

Ocean Services listed $2,037,223 in assets and $45,753,398 in
liabilities.  Ocean Carrier Holding S. de R.L. listed $16,492,038
in assets and $41,790,361 in liabilities.

Bush Kornfeld LLP, serves as the Debtors' counsel.



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P U E R T O    R I C O
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LUBY'S INC: Bandera Entities Report 6.9% Stake as of Oct. 26
------------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, Bandera Master Fund L.P., Bandera Partners LLC, and
Gregory Bylinsky, disclosed that as of Oct. 26, 2018, they
beneficially own 2,034,122 shares of common stock of Luby's, Inc.,
which represents 6.9% of the shares outstanding.

As of Oct. 26, 2018, Jefferson Gramm directly owned 10,000 Shares,
constituting less than 1% of the Shares outstanding.  The Shares
purchased by Mr. Gramm were purchased using personal funds.  The
aggregate purchase price of the 10,000 Shares owned directly by
Mr.Gramm is approximately $44,660, including brokerage
commissions.

The aggregate percentage of Shares reported owned by each person
is based upon 29,503,642 shares of Common Stock outstanding, which
is the total number of shares of Common Stock outstanding as of
July 11, 2018 as reported in the Issuer's Annual Report on Form
10-K filed with the SEC on July 23, 2018.

The Shares purchased by Bandera Master Fund were purchased with
working capital (which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business)
in open market purchases, except as otherwise noted.  The
aggregate purchase price of the 2,034,122 Shares owned directly by
Bandera Master Fund is approximately $6,557,864, including
brokerage commissions.

A full-text copy of the regulatory filing is available for free
at https://is.gd/R9rhku

                        About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://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.



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


CARIBBEAN AIRLINES: Reports Profit For Nine-Month Period
--------------------------------------------------------
RJR News reports that Caribbean Airlines limited said it has moved
into an operating profit for the nine-month period ending
September 30.

The unaudited results for the period show earnings before interest
and taxes at TT$96 million, according to RJR News.

Year to date revenues were up 15 per cent at TT$291 million, the
report notes.

The airline noted that fuel costs rose 30 per cent to TT$450
million, the report adds.

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

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

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

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


TRINIDAD & TOBAGO: $17 Million PayOut Due for Floods
----------------------------------------------------
Trinidad Express reports that insurance taken out by Finance
Minister Colm Imbert with the Cayman Islands-based Caribbean
Catastrophe Risk Insurance Facility (CCRIF) will result in the
payout of US$2.5 million to the Trinidad & Tobago government.  At
the official exchange rate, that is about TT$17 million, the
report cites.

"In 2017, the Government purchased a CCRIF policy for Excess
Rainfall (XSR) with coverage for Trinidad of US$15,793,290 and for
Tobago of US$2,126,360," Mr. Imbert related in a November 2, 2017
press release, the report notes.


                            ***********


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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