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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

             Monday, January 14, 2019, Vol. 20, No. 9


                            Headlines



C O L O M B I A

TERMOCANDELARIA POWER: S&P Assigns 'BB+' ICR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: May Be Pushed Out of Free Trade Pact


G U Y A N A

BAUXITE COMPANY OF GUYANA: US Sanctions on UC Rusal to be Lifted


J A M A I C A

JAMAICA: TT Chamber of Industry Seeks to Strengthen Connection


M E X I C O

MEXICO: President Appeals for Calm Amid Fuel Shortages


P U E R T O    R I C O

KONA GRILL: Marcus Jundt Assumes Full CEO Responsibilities
QUE GOLAZO: Unsecured Creditors to Receive 5% of Allowed Claims


T R I N I D A D  &  T O B A G O

CL FIN'L: Monteil Transfers $400+MM Worth of Shares Back to CLICO
TRINIDAD & TOBAGO: Rowley Twisting the Truth, Tewarie Says


X X X X X X X X X

* BOND PRICING: For the Week January 7 to January 11, 2019


                            - - - - -


===============
C O L O M B I A
===============


TERMOCANDELARIA POWER: S&P Assigns 'BB+' ICR, Outlook Stable
-------------------------------------------------------------
On Jan. 10, 2019, S&P Global Ratings assigned its 'BB+' long-term
issuer credit rating to Termocandelaria Power Ltd (TPL). At the
same time, S&P assigned a 'BB+' rating to the proposed senior
unsecured notes.

TPL plans to issue senior unsecured notes, the proceeds from which
the company will downstream to its operating subsidiaries in order
to pay existing debt and to distribute dividends. The issuance
should result in additional financial and operating flexibility.

S&P said, "The 'BB+' ratings on TPL reflect that we view it as a
strategic in-situ power generation company. It has dispatch
priority on the dispatch curve because it's positioned immediately
after the hydropower and coal-fired plants. In addition, our
ratings incorporate our view of the favorable and transparent
regulatory, legal, and contractual framework in Colombia. Finally,
we view as positive the company's long-term contracts with the
unique liquefied natural gas (LNG) regasification plant in
Colombia that improves the company's ability to withstand
operating disruptions, particularly given the likely scenario of
gas scarcity in Colombia in the next few years.

"On the other hand, our ratings reflect our view of TPL as a
smaller company with exposure to uncontracted generation revenues
(in-merit and out-of-merit) due to the nature of the business
model and concentration in one asset (TEBSA), compared with other
strong players in Colombia that have short- to medium-term power
purchase agreements (PPAs) that mitigate price volatility.
Nevertheless, we acknowledge that the assets' strategic location
in a region with grid constraints gives some stability to TPL's
profitability.

"From a financial standpoint, we expect TPL to maintain
conservative debt levels compared with its expected EBITDA
generation because of the stability stemming from its annual cash
inflow from an availability charge and from using LNG as fuel. In
addition, stable EBITDA generation is likely due to TPL's
strategic location in the Atlantic coast region where other more
efficient generation companies are unable to gain market share due
to grid constraints, which require in-situ generation from
regional companies such as TPL.

"In the next two years, EBITDA generation will be in the range of
$200 million to $230 million assuming normal hydrological
conditions (we don't expect the La Ni§a abundant rain phenomenon
to occur) and, including the expected issuance, net financial debt
will average around $300 million. In addition, we're including in
our forecast only maintenance capex, around $20 million per year,
over existing assets with no expansion investments.

"The stable outlook on TPL reflects our expectations of
conservative leverage, resulting in a net-debt-to-EBITDA ratio of
1.5x-2.0x and free operating cash flow (FOCF) to debt of 25%-30%
in the next 18 months. We expect cash flows to be enough to cover
TPL's limited maintenance capital expenditures (capex) and debt
service needs, while dividend distribution is discretionary."

Termocandelaria Power Ltd (TPL) has 1,283 megawatts (MW) of
installed capacity in Colombia's Atlantic Coast region and
operates through its owned and consolidated subsidiaries,
Termobarranquilla S.A. (TEBSA; not rated, installed capacity of
959 MW) and Termocandelaria S.A. (TECAN; not rated, 324 MW).


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


DOMINICAN REPUBLIC: May Be Pushed Out of Free Trade Pact
--------------------------------------------------------
Dominican Today reports that amid the hopes of some Dominican
officials and business leaders to revise the United States-Central
America-Dominican Republic Free Trade Agreement (Cafta-DR) to reap
additional advantages from the pact, it's now come to light that
Donald Trump's administration has threatened Dominican Republic's
permanence in Cafta-DR.

Agriculture minister, Osmar Benitez, had recently said that
Dominican Republic was in the process of requesting a review of
the pact and already counted with president Danilo Medina's
authorization, according to Dominican Today.

But deputy Faride Raful cautioned Dominican Republic on the
intentions of Trump to push Dominican Republic out of the
agreement and El Salvador and Nicaragua as well, the report says.
She urged unity among all Dominicans to deal with the situation,
the report relays.

"The news that the US government is studying the expulsion of DR
from Cafta-DR should move all sectors of the nation to design an
action plan that averts a measure like that, which will affect us
all," tweeted the legislator of the opposition party (PRM) citing
the Miami-based El Nuevo Herald, the report discloses.

Dominican pundit Bernardo Vega cited Dominican Republic's waffling
in its position regarding Venezuela, and its recently-established
ties with China as the possible reasons behind Washington's
displeasure with Santo Domingo, the report relays.

Dominican Foreign minister, Miguel Vargas labeled as 'journalistic
rumors' Dominican Republic's possible ouster along with other
Central American countries from the agreement with the US, 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.


===========
G U Y A N A
===========


BAUXITE COMPANY OF GUYANA: US Sanctions on UC Rusal to be Lifted
----------------------------------------------------------------
Caribbean360.com reports that the Ministry of Natural Resources
says it is "cautiously optimistic" after the Donald Trump
administration said it was ready to remove the sanctions on the
Russian-owned and world's second-largest aluminum company RUSAL,
which is the majority owner of Bauxite Company of Guyana
Incorporated (BCGI).

The move, expected to take effect in 30 days unless it is blocked
by the United States (US) Congress, would reduce the threat of
hundreds of job losses in the bauxite sector in Guyana, the
government said, according to Caribbean360.com.

The US Treasury said it will lift sanctions on the core empire of
Russian businessman Oleg Deripaska, including RUSAL, after an
agreement was met to significantly reduce his stakes, the report
notes.  The sanctions were imposed in April on Deripaska, RUSAL,
and other companies in which Deripaska owned shares, citing
"malign activities," the report says.  Mr. Deripaska himself will
remain under sanctions, the report relays.

"The Government of Guyana and the Ministry of Natural Resources
are cautiously optimistic, and happy, with this recent development
of the matter of the US Government sanctions instituted against
RUSAL, heading towards resolution; thus, further ensuring that the
jobs of the local workforce will not be in jeopardy," the Ministry
of Natural Resources said in a statement after the US
announcement, the report notes.

"The Ministry has been monitoring this unfolding saga for several
months, and making necessary interventions, in conjunction with
the Ministry of Foreign Affairs, which has provided quiet
diplomatic support, and is pleased that following a series of
extensions that led to the postponement of the enforcement of the
sanctions, a permanent and favourable resolution is in sight," the
report discloses.

RUSAL, in a statement, said it would do everything necessary to
return the company to regular working conditions, the report adds.

RUSAL owns 90 per cent of the Berbice-based BCGI.  It employs over
500 people at its operations, most of them Guyanese.


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


JAMAICA: TT Chamber of Industry Seeks to Strengthen Connection
--------------------------------------------------------------
RJR News reports that the Trinidad and Tobago Chamber of Industry
and Commerce is trying to strengthen its connection with Jamaica.

It hosted a seminar designed to help local firms do business in
Jamaica, ahead of a trade mission next month, according to RJR
News.

Jamaica's High Commissioner David Prendergast encouraged the
mission, pointing out that it will provide an opportunity for
collaboration, the report relays.

Mr. Prendergast said the mission would be an opportunity to
present buyers and sellers from both countries with investment
opportunities and better understand each other's markets, 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.



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


MEXICO: President Appeals for Calm Amid Fuel Shortages
------------------------------------------------------
EFE News reports that Mexico's President appealed for calm amid a
growing fuel-scarcity problem in several states and the capital,
saying that normal service will resume shortly.

"I urge citizens to remain calm and integrate . . . we're in the
process of normalizing the supply," Andres Manuel Lopez Obrador,
known as AMLO, said in his daily press conference, according to
EFE News.

There is sufficient fuel to meet demand, according to AMLO, who
said the supply problems stemmed from his government's decision to
distribute gasoline and diesel to service stations via tanker
trucks instead of pipelines (a frequent target of fuel thieves),
the report relays.

Fuel shortages have occurred in at least eight states, where
motorists have been making panic purchases and waiting in hours-
long lines to fill up their tanks, and the problem spread to
Mexico City, the report notes.

The report discloses that the president said the supply problems
could be solved immediately by reopening government pipelines but
that would mean "accepting and tolerating theft" and therefore
urged the population to "resist."

Stealing fuel from pipelines owned by state oil company Petroleos
Mexicanos (Pemex) and re-selling it in the black market has become
a major criminal enterprise in Mexico, the report says.

Theft of fuel from pipelines cost Mexico some MX$3.4 billion last
year, the government said, the report notes.

The amount of fuel robbed was equivalent to just 27 tanker trucks,
AMLO said, adding that nearly 1,000 tanker trucks of fuel per day
were stolen before he took office on Dec. 1, the report relays.

He added that a leak in a pipeline that runs from the central
state of Hidalgo to Mexico City -- where dozens of service
stations were closed -- had caused a drop in supply in the
capital, the report relates.  But he said that duct would be
repaired.

For his part, the head of Mexico's Business Coordinating Council,
Juan Pablo Castanon, said that business leaders support efforts to
tackle fuel theft but that the government must have an emergency
plan in place for coping with the fuel shortages, the report
relays.

A long period of scarcity could lead to a crisis if no clear
strategy is in place, Mr. Lopez said in an interview with Milenio
Television, the report notes.

Mr. Castanon noted that the shortages were not only affecting
people commuting to work but also the productive sector and the
automotive industry in particular, the report adds.


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


KONA GRILL: Marcus Jundt Assumes Full CEO Responsibilities
----------------------------------------------------------
Steve Schussler resigned as co-chief executive officer and as
member of the Board of Directors to focus on his ongoing
commitments to his existing restaurant concepts developed through
Schussler Creative, Inc.  Marcus Jundt will remain as the
Company's chief executive officer.

"I have enjoyed my years of service as a director of Kona Grill
and enjoyed working with Marcus Jundt as Co-CEO in helping
revitalize the Kona Grill brand.  As a founder of Kona Grill,
Marcus is committed to the Company's success and I wish he and the
Kona Grill team the best," said Steve Schussler.

"Steve Schussler's creativity and attention to customer service
has been a valuable asset to Kona Grill through his service as
both a director and officer.  We are sad to see him leave, but
understand the commitments that he has to his existing
restaurants," said Marcus Jundt, chief executive officer.

                Implements Salary Deductions

On Jan. 9, 2019, the Company entered into Amendment No. 1 to
Amended and Restated Employment Agreement with Berke Bakay, the
Company's executive chairman.  The Amendment amends and restates
the Amended and Restated Employment Agreement to reduce Mr.
Bakay's annual compensation to $1.00 effective Jan. 1, 2019.

The Company's Board of Directors also reduced the annual Board
cash retainer for each non-employee director from $30,000 to $1.00
effective Jan. 1, 2019.  The Company's Board of Directors also
reduced the annual cash retainer for the Chairperson of the Audit
Committee from $10,000 to $1.00 effective Jan. 1, 2019 and reduced
the annual cash retainer for the Chairperson of the Compensation
Committee from $3,000 to $1.00 effective Jan. 1, 2019.

                      About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona
Grill, Inc. -- http://www.konagrill.com/-- currently owns and
operates 44 restaurants in 22 states and Puerto Rico.  Its
restaurants feature a global menu of contemporary American
favorites, award-winning sushi and craft cocktails.  Additionally,
Kona Grill has two restaurants that operate under a franchise
agreement in Dubai, United Arab Emirates, and Vaughan, Canada.

Kona Grill incurred a net loss of $23.43 million in 2017 and a net
loss of $21.62 million in 2016.  As of Sept. 30, 2018, Kona Grill
had $78.59 million in total assets, $75.74 million in total
liabilities, and $2.84 million in total stockholders' equity.

The Company has incurred losses resulting in an accumulated
deficit of $88.5 million and outstanding borrowings under a credit
facility of $33.5 million as of Sept. 30, 2018.  As of Sept. 30,
2018, the Company has cash and cash equivalents and short-term
investment balance totaling $4.0 million and net availability
under the credit facility of $2.2 million, subject to compliance
with certain covenants.  The Company has implemented various
initiatives to increase sales and reduce costs to increase
profitability.  "Management expects to utilize existing cash and
cash equivalents and short-term investments, along with cash flow
from operations, and the available amounts under the credit
facility, to provide capital to support the business, to maintain
and refurbish existing restaurants, and for general corporate
purposes.  Any reduction of cash flow from operations or an
inability to draw on the credit facility may cause the Company to
take appropriate measures to generate cash.  The failure to raise
capital when needed could impact the financial condition and
results of operations.

Additional equity financing, to the extent available, may result
in dilution to current stockholders and additional debt financing,
if available, may involve significant cash payment obligations or
financial covenants and ratios that may restrict the Company's
ability to operate the business.  There can be no assurance that
the Company will be successful in its plans to increase
profitability or to obtain alternative capital and financing on
acceptable terms, when required or if at all," the Company stated
in its Quarterly Report for the period ended Sept. 30, 2018.


QUE GOLAZO: Unsecured Creditors to Receive 5% of Allowed Claims
---------------------------------------------------------------
Que Golazo Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a small business disclosure statement
describing its plan of reorganization.

Que Golazo is a for-profit corporation organized under the laws of
the Commonwealth of Puerto Rico, since Jan. 26, 2010. Its primary
business is the retail sale of sporting effects of soccer like
specialized footwear, apparel, equipment, accessories, etc., from
the main brands on the market like Adidas, Nike, Joma, Reusch,
Select, and others.

General unsecured creditors under the plan are classified in
Classes 3 and 4 and will receive a distribution of 5% of their
allowed claims over a period of five years.

Payments and distributions under the plan will be funded by
business income or any other income to which the Debtor may be
eligible.

A copy of the Disclosure Statement is available at
https://is.gd/8TRPeE from Pacermonitor.com at no charge.

                     About Que Golazo

Based in San Juan Puerto Rico, Que Golazo, Inc., filed a Chapter
11 petition (Bankr D.P.R. Case No. 18-01468) on March 19, 2018. In
the petition signed by its president, Horacio Tierno Copioli, the
Debtor estimated assets of less than $50,000 and debt under
$500,000.  Mary Ann Gandia-Fabian, Esq., at Gandia-Fabian Law
Office, is the Debtor's counsel, and Jimenez Vazquez & Associates,
PSC, is the accountant.



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


CL FIN'L: Monteil Transfers $400+MM Worth of Shares Back to CLICO
-----------------------------------------------------------------
Rickie Ramdass at Trinidad Express reports that more than $400
million worth of shares was transferred by former CLICO Investment
Bank (CIB) Chairman Andre Monteil back into the company in
exchange for it to negate a $78 million loan he had acquired to
facilitate one of his own companies in 2007.

The claim was made when Monteil continued his testimony at the
Hall of Justice in Port of Spain in a multi-million-dollar trial
brought against him by CIB, according to Trinidad Express.  The
company is seeking to recoup the borrowed money plus interest -- a
grand total of approximately $110 million, the report relays.

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: Rowley Twisting the Truth, Tewarie Says
----------------------------------------------------------
Denyse Renne at Trinidad Express reports that opposition Member of
Parliament, Dr. Bhoe Tewarie, is claiming that Prime Minister Dr.
Keith Rowley is misrepresenting facts regarding his claim that the
previous administration wasted $29 billion.

Speaking at his annual luncheon, at the Signature Hall Centre in
Longdenville, for members of the religious community of his
constituency, Mr. Tewarie said, "Dr. Rowley made his presentation
to give the impression that $29 billion was wasted, stolen or
unaccounted for and that if his Government had that $29 billion
they would have been able to do several projects with it. Again
this is a misrepresentation of the facts and a manipulation of
numbers," according to Trinidad Express.


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



* BOND PRICING: For the Week January 7 to January 11, 2019
----------------------------------------------------------

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

Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    USD



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  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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