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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

          Tuesday, February 12, 2019, Vol. 20, No. 30


                            Headlines



A R G E N T I N A

METROGAS S.A.: S&P Cuts GSR to CCC+ on Weak Liquidity


B E L I Z E

BELIZE: Makes Big Push Into Sustainable Tourism, LatAm Market


B R A Z I L

JBS SA: USA Unit Discloses Major Expansion of Pork Facility
MARFRIG SA: Uruguay Plants Cleared to Sell Beef to Japan


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Agro Chief Predicts Biggest Garlic Harvest


P U E R T O    R I C O

CHARLOTTE RUSSE: Moody's to Withdraw Ca CFR Amid Bankruptcy Filing
DISTRIBUIDORA LEQUAR: Wants Exclusivity Period Extended to April 3
SKYTEC INC: March 26 Plan Confirmation Hearing
STONEMOR PARTNERS: Axar Entities Own 19.5% of Common Units


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Has Not Opened New Accts, Gazprombank Says


                            - - - - -


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A R G E N T I N A
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METROGAS S.A.: S&P Cuts GSR to CCC+ on Weak Liquidity
-----------------------------------------------------
Argentina-based gas distribution company Metrogas plans to extend
its very tight debt maturity schedule in the short term, but S&P
believes the strategy entails significant execution risk amid the
country's volatile macroeconomic conditions.

Without new issuances in the domestic market or a refinancing of
its bank loan, S&P perceives a heightening risk of a liquidity
shortfall in the next six to seven months.

On Feb. 8, 2019, S&P lowered its global scale rating on Metrogas
S.A. to 'CCC+' from 'B-'. The negative outlook reflects the near-
term pressures on the company's liquidity and potential
difficulties in extending its debt maturity profile.

The downgrade reflects Metrogas's weak liquidity, with more than
$55 million short-term debt due within the next six months and
significant uncertainty and risk linked to the company's plans to
extend its maturity schedule through issuances of bonds in the
domestic market.

On Feb. 8, 2019, Metrogas started paying principal payments on its
$250 million syndicated bank loan from Industrial and Commercial
Bank of China (A/Stable/--) and from Itau Unibanco Holding S.A.
(BB-/Stable/--). The company paid the first installment with
proceeds from a $14 million, Argentine peso-denominated debt that
the company issued in the domestic market in late December 2018.
From now on, the company will face eight additional quarterly
installments in the $28 million area. S&P said, "We don't expect
Metrogas to meet the amortization, while it covers the mandatory
capital expenditures (capex) with its own cash flows. Therefore,
we believe the company will need to raise additional funds in the
domestic market amid Argentina's macroeconomic turbulence in a
very short period or to refinance its existing loan."

S&P's rating also incorporates its view of Metrogas as a non-
strategic subsidiary of its parent company, YPF  S.A. (B+/Watch
Neg/--). The latter has announced the sale of Metrogas, but with
no specific range of time. The sale could occur in 2019 or in the
following years.


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B E L I Z E
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BELIZE: Makes Big Push Into Sustainable Tourism, LatAm Market
-------------------------------------------------------------
EFE News reports that Belize is making a big push to create a
sustainable tourism industry, aiming to protect the environment
and avoid mass tourism by offering boutique hotels and crystal-
clear waters that are a diver's dream.

Belizean Tourism and Aviation Minister Manuel Heredia unveiled a
new tourism campaign, branded Belice: Tan exotico. Tan cerca
(Belize: So Exotic. So Close), this weekend in Mexico City,
targeting visitors from Latin America, especially Mexico, which is
close to the Central American nation and shares some cultural and
historical features, according to EFE News.

Belize, located in the Yucatan Peninsula between Guatemala and
Mexico, has a population of barely 400,000 yet welcomes about 1.5
million visitors from cruise ships and another 490,000 tourists
who mostly come from the United States, Europe and Canada, the
report notes.

Tourism accounts for 38 percent of the Caribbean country's gross
domestic product (GDP), the report relays.

"Our goal is sustainable tourism. None of that all-inclusive
stuff," Mr. Heredia said, referring to Belize's 25-year strategic
plan for the tourism industry, the report discloses.

The report says that Belize is serious about safeguarding its
environment and some 70 percent of the country's territory and
waters already enjoy protected status.

The country has just 9,000 hotel rooms spread over 807 small
boutique properties and restaurants feature local cuisine, with
ownership in the hands of Belizean entrepreneurs, the report
notes.

Residents, in turn, have dubbed the island Isla Carinosa (The
Loving Island), the report notes.

The report discloses that Bevans said Belize was hoping to attract
Mexican tourists because even though the countries were
geographically close and shared a Mayan heritage, they were
neighbors who did not know each other well.

Belize's tourism attractions are similar to those of southeastern
Mexico, offering many Mayan archaeological sites, but its cuisine
has more of a Caribbean vibe and the country has a bigger mix of
cultures, religions and ethnic groups, the report says.

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2017, S&P Global Ratings affirmed its long-term foreign
and local currency sovereign credit ratings of 'B-' and short-term
foreign and local currency sovereign credit ratings of 'B' on
Belize. The outlook on both long-term ratings remains stable. S&P
also affirmed its transfer and convertibility assessment at 'B-'.


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B R A Z I L
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JBS SA: USA Unit Discloses Major Expansion of Pork Facility
-----------------------------------------------------------
JBS USA disclosed a nearly $20 million expansion of its Plumrose
USA prepared foods business in Ottumwa, Iowa, to meet growing
foodservice and retail customer demand for high quality bacon
products.  The expansion includes additional bacon processing and
slicing capacities, bacon equipment upgrades and new state-of-the-
art slicing equipment.  The investment will result in 25 new job
opportunities at the Ottumwa fresh pork and bacon facility.

"Today's announcement demonstrates our continued commitment to the
Ottumwa community and reinforces our strategy to grow our business
through key customer partnerships," said Tom Lopez, president of
Plumrose USA. "This significant investment will create more
opportunities for local producers, strengthen our leading
portfolio of high quality, value-added pork products, and support
the growth aspirations of key customers."

The facility upgrades to improve operational efficiencies and
enhance product quality will be completed by September 2019. The
Ottumwa facility, built in 1976, produces more than 1 billion
pounds of fresh pork and bacon products per year, partners with
more 1,000 local family farmers and employs more than 2,000 team
members.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2018, Fitch Ratings has assigned an expected rating of
'BB-' to a proposed benchmark USD-denominated senior unsecured
notes issued by JBS Investments II GmbH, a wholly-owned subsidiary
of JBS S.A. (JBS). These notes will be unconditionally guaranteed
by JBS S.A. The notes will rank pari-passu with JBS's other
unsecured obligations. The proceeds are expected to be used to
refinance existing indebtedness including JBS's 2020 notes
pursuant to a cash tender offer.


MARFRIG SA: Uruguay Plants Cleared to Sell Beef to Japan
--------------------------------------------------------
Ana Mano and Marcelo Teixeira at Reuters report that Brazilian
food processors Marfrig Global Foods SA and Minerva SA said that
all seven of their plants in Uruguay have been authorized to
export fresh beef to Japan.

Marfrig and Minerva meat processing units in Uruguay will benefit
from an agreement signed in December between the governments of
Uruguay and Japan that ended a 19-year hiatus in fresh beef trade
between the two nations, according to Reuters.

"It is a great opportunity for the company," Miguel Gularte, chief
executive of Marfrig's South American operations said in a
statement obtained by the news agency.

U.S.-based National Beef Packing Company, which is majority-owned
by Marfrig, is the leading exporter of chilled beef from the
United States to Japan, Marfrig said in a statement, the report
relays.

With the new export permits, Marfrig said it will be able to cater
to the Japanese beef market via its Uruguayan operation,
leveraging the knowledge and experience of its commercial teams in
Chicago and Tokyo, the report discloses.

Marfrig is a leading beef supplier in Uruguay, with capacity to
slaughter 700,000 head of cattle per year, the company said, the
report says.

The report notes that Minerva said its three plants there have the
capacity to process 3,200 head per day.

Japan is the world's third largest beef importer, according to the
U.S. Department of Agriculture.

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2018, Fitch Ratings has affirmed Marfrig Global Foods
S.A.'s (Marfrig) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'BB-', its National Scale rating at
'A(bra)', and Marfrig Holdings (Europe) and MARB BondCo PLC's
senior unsecured notes at 'BB-' following the announced sale of
Keystone Foods to Tyson Foods (rated BBB/Stable) for $2.4 billion.
The Rating Outlook is Stable.


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


* DOMINICAN REPUBLIC: Agro Chief Predicts Biggest Garlic Harvest
----------------------------------------------------------------
Dominican Today reports that Agriculture Minister Osmar Benitez
disclosed that in 2019 the Dominican Republic's garlic harvest
will be the largest of the last 10 years, as evidenced by the
growers' own figures.

In a tour of various garlic plantations with members of La Vega
province (central) growers organizations, the official stressed
that the Govt. traditionally supports Constanza's garlic harvest.
"And this is what we have done," according to Dominican Today.

"The support of other institutions has arrived, such as the
Agricultural Bank. The government intervened, provided seeds to
the producers and today we have the whole valley planted," the
report quoted Mr. Benitez as saying.

                            Fertile Valley

At 1,300 meters above sea level, Constanza is the country's second
most fertile valley, and produces most of the vegetables consumed
by Dominicans and tourists, 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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P U E R T O    R I C O
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CHARLOTTE RUSSE: Moody's to Withdraw Ca CFR Amid Bankruptcy Filing
------------------------------------------------------------------
Moody's Investors Service downgraded Charlotte Russe, Inc. (New)'s
Probability of Default Rating to D-PD from Ca-PD. Concurrently,
Moody's affirmed the company's Corporate Family Rating (CFR) at Ca
as well as its $90 million principal senior secured term loan due
2023 at C, which reflects Moody's expectation for recovery on the
debt instrument. The downgrade of the PDR follows Charlotte Russe'
announcement that it has voluntarily filed for Chapter 11
bankruptcy on February 3, 2019. The ratings outlook remains
stable.

Subsequent to the actions, Moody's will withdraw Charlotte Russe'
ratings due to its bankruptcy filing.

The following ratings for Charlotte Russe, Inc. (New) were
downgraded and will be withdrawn:

Probability of Default Rating, Downgraded to D-PD from Ca-PD

The following ratings at Charlotte Russe, Inc. (New) were affirmed
and will be withdrawn:

Corporate Family Rating, Ca

$90 million principal Gtd Senior Secured Term Loan due 2023, C
(LGD5)

Outlook action:

Outlook, Remains Stable

RATINGS RATIONALE

In the application of Moody's Loss Given Default Methodology, the
family recovery rate was maintained at 35%, signaling what Moody's
believes is the current valuation of the company. The first lien
term loan rating was affirmed at C, with an expected loss rate of
greater than 65%.

The principal methodology used in these ratings was Retail
Industry published in May 2018.

Headquartered in San Francisco, California, Charlotte Russe, Inc.
(New) is a retailer of value-oriented 'fast fashion' apparel,
footwear and accessories. The company targets 18-24 year old women
and its key item categories include denim, dresses and shoes.
Charlotte Russe also entered the beauty category in April 2018
with the launch of its "Charlotte by Charlotte Russe" beauty line.
As of November 3, 2018, the company operated 536 retail stores in
the US and Puerto Rico and generated sales through its e-commerce
and mobile platforms. The company is primarily owned by its former
term loan holders following its February 2018 out-of-court debt
restructuring. Revenue for the twelve month period ended November
3, 2018 was approximately $850 million.


DISTRIBUIDORA LEQUAR: Wants Exclusivity Period Extended to April 3
------------------------------------------------------------------
Distribuidora Lequar, Inc. asked the U.S. Bankruptcy Court for the
District of Puerto Rico to extend the period during which it has
the exclusive right to file a Chapter 11 plan through April 3, and
to solicit acceptances for the plan through June 3.

The company's current exclusive filing period expired on Jan. 31
and the company had to solicit votes for its plan by April 30.

The request, if granted by the court, would allow Distribuidora
Lequar's management and financing consultant to evaluate the
results of the company's sales during the Christmas season
vis-a-vis its projections in order to determine the components of
the plan to be filed, according to court filings.

                    About Distribuidora Lequar

Founded in 1963, Distribuidora Lequar, Inc. sells men's, women's
and children's footwear.  It is located in Rio Piedras, Puerto
Rico.

Distribuidora Lequar sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05107) on Sept. 1,
2018.  In the petition signed by Albert Bejar Bitton, vice-
president, the Debtor disclosed $4,095,449 in assets and
$8,011,822 in liabilities.  Judge Enrique S. Lamoutte Inclan
presides over the case.  Charles A. Cuprill, P.S.C. Law Office is
the Debtor's legal counsel.


SKYTEC INC: March 26 Plan Confirmation Hearing
----------------------------------------------
The Disclosure Statement explaining Skytec Inc.'s Chapter 11 plan
is conditionally approved. A hearing for the consideration of the
final approval of the Disclosure Statement and the confirmation of
the Plan and of such objections as may be made to either will be
held on March 26, 2019 at 2:00 PM at the U.S. Bankruptcy Court,
U.S. Post Office and Courthouse Building, 300 Recinto Sur,
Courtroom No. 2, Second Floor, San Juan, Puerto Rico.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before ten (10) days prior to the
date of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before
ten (10) days prior to the date of the hearing on confirmation of
the Plan.

                          About Skytec Inc.

Skytec, Inc., is a privately-held company based in Puerto Rico
that provides wireless telecommunication solutions.  Skytec sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 18-05288) on Sept. 12, 2018.  In the petition signed by
Henry L. Barreda, president, the Debtor disclosed $2,119,734 in
assets and $5,848,090 in liabilities.  Judge Enrique S. Lamoutte
Inclan presides over the case.  The Debtor tapped Fuentes Law
Offices, LLC as its legal counsel.


STONEMOR PARTNERS: Axar Entities Own 19.5% of Common Units
----------------------------------------------------------
Axar Capital Management, LP, Axar GP, LLC, and Andrew Axelrod
disclosed in a Schedule 13D/A filed with the Securities and
Exchange Commission that as of Feb. 4, 2019, they beneficially own
7,384,970 common units representing limited partnership interests,
which represents 19.5% of the Common Units outstanding.

The Reporting Persons may be deemed to have economic exposure to
an additional 1,462,272 Common Units pursuant to certain cash-
settled equity swaps each between an Axar Vehicle and a broker-
dealer counterparty.  The cash-settled equity swaps will continue
until terminated as elected by the parties, and currently have an
initial reference termination date of June 20, 2022.  The
reference prices for such swaps range from $4.3358 to $7.5565.
The Reporting Persons do not have voting power or dispositive
power with respect to the Common Units referenced in those swaps
and disclaim beneficial ownership of the shares underlying such
swaps.

                 Credit Agreement Amendment & Waiver

On Feb. 4, 2019, certain funds affiliated with the Investment
Manager (the "Axar Lenders") entered into an eighth amendment and
waiver to the Issuer's pre-existing Credit Agreement, dated as of
Aug. 4, 2016, and as further amended restated, supplemented or
otherwise modified from time to time, with the Issuer's principal
operating company subsidiary, StoneMor Operating LLC, Capital One,
National Association, as administrative agent, and certain other
borrower and lender parties.  Pursuant to the Eighth Amendment and
Waiver, the Credit Agreement was amended and the Axar Lenders
became parties thereto as "Tranche B Revolving Lenders".

As Tranche B Lenders, under the terms of the Eighth Amendment and
Waiver and the Amended Credit Agreement, the Axar Lenders have
agreed to provide to StoneMor Operating and each of its
subsidiaries that are party to the Amended Credit Agreement from
time to time a last-out financing credit facility in the maximum
aggregate principal amount of up to $35 million, subject to
certain terms, conditions and adjustments, including, among other
things, that the availability of borrowings in excess of $25
million principal amount in the aggregate are subject to delivery
of a satisfactory fairness opinion.  On Feb. 4, 2019, in
connection with the closing of the Eight Amendment and Waiver,
StoneMor Operating borrowed $15 million of the Tranche B Revolving
Commitment net of an original issue discount of $700,000 such that
StoneMor Operating received cash proceeds of $14.3 million.  Under
the terms of the Amended Credit Agreement, any loans outstanding
under the Tranche B Revolving Commitment bear an interest rate of
8.00% per annum, with interest paid quarterly.  The Tranche B
Revolving Commitment will mature one business day following the
earlier of (i) May 1, 2020 and (ii) the date that is six months
prior to the earliest scheduled maturity date of any unsecured
indebtedness incurred by the Issuer prior to June 12, 2018.

The Eighth Amendment and Waiver and Amended Credit Agreement
provide for certain additional amendments to the Credit Agreement,
including: (i) that the Issuer and StoneMor Operating shall use
their reasonable best efforts to consummate a conversion of the
Issuer into a Subchapter C-corporation by no later than May 15,
2019 in a manner previously determined by the Issuer, StoneMor
Operating, Capital One, and the Investment Manager, and (ii) that
StoneMor Operating shall (a) retain Carl Marks & Co. or another
consultant of recognized national standing reasonably acceptable
to Capital One to, among other things, assist StoneMor Operating
in further developing its financial planning and analysis
function, prepare a detailed analysis of general and
administrative expenses and other overheard, and develop suggested
cost reductions and cost savings initiatives, (b) cause the
Consultant to be available, in a commercially reasonable manner,
to Capital One and its advisors, and the Axar Lenders, and (c)
cause the Consultant to present a monthly written update on
progress achieved with respect to the Consultant's
responsibilities to Capital One and the lenders under the Amended
Credit Agreement (including the Axar Lenders) and to answer any
questions from Capital One or any such lenders.

In addition, on Feb. 4, 2019, in connection with entering into the
Amended Credit Agreement, the Investment Manager, on behalf of the
Tranche B Revolving Lenders, entered into a letter agreement with
the Borrowers, pursuant to which the Borrowers have agreed to pay
the Axar Lenders as additional interest an amount equal to
$700,000, payable upon the occurrence of certain conditions,
including (i) payment in full of the loans made under the Tranche
B Revolving Commitment, (ii) prepayment of Tranche B Revolving
Commitment loans, (iii) a termination or reduction of the Tranche
B Revolving Commitments, if, after giving effect to such reduction
or termination and any concurrent prepayment of the loans under
such commitments, the sum of the aggregate Tranche B Revolving
Commitments and the credit exposure for the Axar Lenders would
equal $0, and (iv) the termination of the Amended Credit Agreement
at any time, for any reason.

A full-text copy of the regulatory filing is available for free
at:

                    https://is.gd/qQz1vN

                  About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of March 31, 2018, StoneMor had
$1.72 billion in total assets, $1.68 billion in total liabilities,
and $45.83 million in total partners' capital.

                          *     *     *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
'Caa1' from 'B3'.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."


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V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Has Not Opened New Accts, Gazprombank Says
------------------------------------------------------------------
Tatiana Voronova at Reuters reports that Russia's Gazprombank said
that Venezuela's state-run oil company Petroleos de Venezuela S.A.
(PDVSA) opened accounts with the bank several years ago and has
not opened any accounts recently.

Reuters reported that PDVSA was telling customers of its joint
ventures to deposit oil sales proceeds in an account recently
opened at Gazprombank.

"We stress that no new accounts have been opened and the bank does
not plan to open any new accounts," Gazprombank said, according to
Reuters.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2018, S&P Global Ratings affirmed its 'SD' global scale
issuer credit rating and 'D' issue-level ratings on Petroleos de
Venezuela S.A. (PDVSA).


                            ***********


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.

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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
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Information contained herein is obtained from sources believed to
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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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