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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, March 19, 2019, Vol. 20, No. 56

                           Headlines



A R G E N T I N A

ALGODON GROUP: Changes Name to Gaucho Group Holdings, Inc.


B R A Z I L

JBS SA: Executives Face U.S. Trial in Lawsuit Over Moy Park Deal


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Feb Prices Climb 0.37%, Paced by Transportation
DOMINICAN REPUBLIC: Has Dismal Access to Web, Study Shows


M E X I C O

CFG HOLDINGS: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
TUNEL DE ACAPULCO F/749: Moody's Cuts Sr. Sec. Bond Rating to Ba1


P U E R T O   R I C O

ACEMLA DE PUERTO RICO: Court Rejects Bid to Hold Peer in Contempt
CHARLOTTE RUSSE: SB360 Named Successful Bidder
INTEGRAND ASSURANCE: A.M. Best Cuts Fin. Strength Rating to C++


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: Secures New Bank Loans as Bond Repayment Looms


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Citgo Gets Deadline Extension for Dealings
PETROLEOS DE VENEZUELA: Venezuela Plans to Open Office in Russia
VENEZUELA: IDB Group Approves Nomination of New Governor

                           - - - - -


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A R G E N T I N A
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ALGODON GROUP: Changes Name to Gaucho Group Holdings, Inc.
----------------------------------------------------------
Effective March 11, 2019, Algodon Group, Inc. changed its name to
Gaucho Group Holdings, Inc. to better reflect the Company's focus
and strategy.  The Company's ticker symbol "VINO" will remain
unchanged as Algodon Fine Wines is still considered the genesis and
ambassador of the brand.

A Certificate of Amendment of the Amended and Restated Certificate
of Incorporation of the Company was filed with the Secretary of
State of the State of Delaware on March 1, 2019.

                     About Algodon Group

Through its wholly-owned subsidiaries, Algodon Group, Inc.,
formerly known as Algodon Wines & Luxury Development Group, Inc. --
http://www.algodongroup.com/-- invests in, develops and operates
real estate projects in Argentina.  Based in New York, Algodon
operates a hotel, golf and tennis resort, vineyard and producing
winery in addition to developing residential lots located near the
resort.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L.  AWLD distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Algodon Wines reported a net loss attributable to common
stockholders of $8.25 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common stockholders of
$10.04 million for the year ended Dec. 31, 2016.  As of Sept. 30,
2018, Algodon Group had $5.26 million in total assets, $4.89
million in total liabilities, $9.02 million in series B convertible
redeemable preferred stock, and a total stockholders' deficiency of
$8.65 million.

Marcum LLP, in New York, the Company's auditor since 2013, issued a
"going concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2017, citing that the
Company has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.



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B R A Z I L
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JBS SA: Executives Face U.S. Trial in Lawsuit Over Moy Park Deal
----------------------------------------------------------------
Marcelo Teixeira at Reuters reports that a Delaware judge ruled
that executives from Brazilian meat processor JBS SA and from its
U.S.-based subsidiary Pilgrim's Pride Corp will face trial
regarding a shareholder lawsuit questioning the acquisition of Moy
Park in 2017.

Based in Northern Ireland, poultry processor Moy Park was a
subsidiary of JBS SA as well, according to Reuters.  Minority
Pilgrim's shareholders sued the company's executives, including
board members appointed by its parent, after the $1.3 billion
acquisition, saying Pilgrim's was forced by JBS to make the
purchase in conditions that were not favorable, the report notes.

The report relays that the lawsuit contends JBS was in urgent need
of cash at the time.  Its controlling shareholder J&F
Investimentos, was fined more than $3 billion in Brazil. J&F's
owners, the brothers Joesley and Wesley Batista, testified that
they bribed more than 1,000 politicians, the report says.

There is no date set yet for the trial.

JBS did not immediately respond to a request for comment.

In a statement at the time of the acquisition, Pilgrim's Pride said
the deal was approved by an independent committee that "had been
granted full authority" over all aspects of the transaction, the
report adds.

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.



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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: Feb Prices Climb 0.37%, Paced by Transportation
-------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Central Bank
said that February prices rose 0.37% over January, paced by
transportation.

It said the accumulated inflation for the first two months stood at
0.20%, according to Dominican Today.

"With this result the annualized inflation, that is, measured from
February 2018 to February 2019, was 1.19%, below the lower limit of
the target range of 4.0% ± 1.0% established in the Monetary
Program of 2019," the Central Bank said on its website, the report
notes.

It adds that the 0.92% jump in gasoline prices in February had the
most influence on the higher cost of the transportation group, the
report relays.

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: Has Dismal Access to Web, Study Shows
---------------------------------------------------------
Dominican Today reports that the Economist Intelligence Unit ranks
the Dominican Republic 10 out of 100 countries evaluated, in terms
of its ability to access the Web, including skills, cultural
acceptance and support policy.

In that ranking figure, Qatar, Chile and Costa Rica in first,
second and third place respectively, according to Dominican Today.

Regarding affordability, however, the cost of access in relation to
income and competition in the internet market, the Dominican
Republic ranks 77 of the 100 evaluated, the report relays.

The first three places went to Canada, the United States and
France, respectively, 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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M E X I C O
===========

CFG HOLDINGS: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on CFG Holdings Ltd. (CFGLTD). S&P removed the rating from
CreditWatch with negative implications, where S&P placed it on Dec.
21, 2018. The outlook is stable.

S&P said, "The rating action follows the conclusion of our analysis
of the impact of the leveraged buyout for CFGLTD. After leveraging
the group with mezzanine debt issued at the NOHC level, the group's
debt to equity proportion shifted and the capital base decreased
significantly. This transaction also generated substantial
goodwill, which we deduct from the group's capital base to arrive
at our total adjusted capital (TAC). Both these factors decreased
the company's TAC to $104 million from $230 million year-on-year as
of December 2018. This translated into a decrease in our
risk-adjusted capital (RAC) ratio to 10.3% from 24.6% as of the
same date. Even after this decrease, we still consider CFGLTD's
capital base to be strong enough to support any future credit
growth from the group. We forecast our RAC ratio to be around 10.5%
for the next 12-14 months."


TUNEL DE ACAPULCO F/749: Moody's Cuts Sr. Sec. Bond Rating to Ba1
-----------------------------------------------------------------
Moody's de Mexico downgraded the Certificados Bursatiles TUCACCB 08
(the "Notes") issued by Tunel de Acapulco Banco Invex F/749
("TUCA") to Ba1 from Baa3 (Global Scale, local currency) and A1.mx
from Aa3.mx (Mexico National Scale). At the same time, Moody's
changed the outlook on the ratings to negative. The rating action
concludes the rating review that was initiated on December 27,
2018.

Downgrades:

Issuer: Tunel de Acapulco Banco Invex F/749

  Senior Secured Regular Bond/Debenture (Global Scale), Downgraded

  to Ba1 from Baa3 (TUCACCB 08)

  Senior Secured Regular Bond/Debenture (Mexico National Scale),
  Downgraded to A1.mx from Aa3.mx (TUCACCB 08)

Outlook Actions:

Issuer: Tunel de Acapulco Banco Invex F/749

  Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

The ratings downgrade reflects the sharp deterioration of TUCA's
financial metrics caused by weak traffic performance in 2017 and
2018. In addition, TUCA has been affected by rising interest rates
(the notes pay based on a variable rate) and growing principal
payments due to a back-loaded amortization schedule.

TUCA's traffic is exposed to the tourism sector of Acapulco and
exhibits highly volatile traffic. In 2018, traffic dropped by 2.2%
after a 7.4% decline in 2017. The poor performance and the higher
debt service payments led to poor financial performance of the toll
road, recording a DSCR of slightly above 1.0x in 2018, which is
only expected to improve marginally over the coming three years.
Nonetheless, Moody's acknowledges that "Non-resident" traffic has
performed better, growing 3.7% in 2018. Given that "Non-resident"
vehicles pay higher tolls and tolls are indexed to inflation,
TUCA's revenues actually increased approximately 9.8% in 2018.
However, revenue performance did not compensate the higher debt
service payments, that grew by 14% in 2018.

For 2019, Moody's estimates that the ratio of Funds From Operations
to debt ("FFO/Debt") will improve to close to 4.9% from 4.0%
recorded in 2018. Moody's Debt Service Coverage Ratio ("Moody's
DSCR") will be close to1.1x, a weak level and slightly above the
1.0x DSCR recorded in 2018. Notwithstanding, these metrics are
expected to improve gradually as the debt balance is reduced and
revenues continue to grow on the back of tariff increases. In
addition, the weak performance is partially compensated by adequate
project finance provisions in the structure, including a cash sweep
mechanism, a debt service reserve, distribution and additional
indebtedness tests, among others. Notwithstanding, the debt service
reserve is under its target level, equivalent to approximately 9.3
months of debt service instead of the next 12 months. Under the
trust cash waterfall, excess cash is trapped until the debt service
reserve is fully funded. However, given the growing amortizing
profile of the debt and higher interest payments, combined with low
excess cash flows, the structure hasn't had the capacity to
increase the reserve. Although this doesn't have transaction
covenant implications, it reflects TUCA's credit challenges.

The negative outlook reflects Moody's expectation that traffic
performance will continue to be a key challenge for TUCA, and could
lead to further weakening of key financial metrics and liquidity
pressures.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's does not expect upward pressure on the ratings in the near
term. Nonetheless, if TUCA is able to implement measures in the
very short term or receive authorizations from the State of
Guerrero that lead to a projected DSCR sustainably above 1.3x, the
outlook could change back to stable.

TUCA could be further downgraded if traffic continues to
underperform or tariffs are not adjusted such that DSCR remains
close to or below 1.0x on a sustained basis.

Tunel de Acapulco is a 2.9 km. (1.8 miles) tolled tunnel located
North of the Acapulco Bay, a popular tourist destination. It is an
important link to both the Mexico City-Acapulco Toll Road known as
"Autopista del Sol" as well as other key free and toll roads
connecting the area. TUCA operates under a concession granted by
the State of Guerrero (Ba2/A2.mx stable) in 1994 for 25 years; the
term of the concession was extended in 2002 for additional 15 years
and currently expires in June 2034. The Certificados Bursátiles
are issued by a special purpose trust (Banco Invex F/749) to which
the cash flows and rights under the concession are pledged to
service debt.



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

ACEMLA DE PUERTO RICO: Court Rejects Bid to Hold Peer in Contempt
-----------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte denied ACEMLA de Puerto Rico
Inc.'s urgent motion for Peer International Corporation of Puerto
Rico to show cause why it should not be held in contempt.

ACEMLA alleges that, pursuant to the court's order lifting the
automatic stay in favor of Peer, the creditor could pursue the
District Court action up to final judgment, but the collection
should've been channeled through the bankruptcy process.
Therefore, ACEMLA alleges that Peer's request for execution of
judgment in the District Court is in contempt of the court's
order.
As stated by ACEMLA, "Peer's request to execute the Judgment in the
District Court is in direct contempt of the order Lifting the Stay,
which clearly stated that any collection should be "through the
bankruptcy process." The "bankruptcy process is still extant, as
the Preliminary Motions for Reconsideration and the corresponding
Oppositions by Peer and SBS, are still pending before this
Honorable Court."

In its Opposition, Peer alleges that the Contempt Motions are
without merit, that the Dismissal Orders became effective
immediately upon their entry, thus terminating the automatic stay.
Furthermore, Peer states that upon the termination of the automatic
stay, the parties are returned to the status quo as existing prior
to the bankruptcy filings. The Creditor alleges that, upon entry of
the Dismissal Orders, Peer became free to take whatever actions it
is permitted to take under the law to enforce its rights against
ACEMLA and LAMCO.

Peer requested to the court the modification of the stay, to
continue to pursue an action in the District Court for the District
of Puerto Rico, up to final judgment.

Here, the court modified the stay to allow Peer to continue the
District Court action up to judgment. However, upon the dismissal
of ACEMLA's and LAMCO's case, the stay was terminated, and Peer
could continue to pursue the judgment execution proceedings in the
District Court without the restrictions imposed by the court in its
Order modifying and conditioning the stay. Therefore, the Urgent
Motion filed by ACEMLA is denied.

A copy of the Court's Opinion and Order dated March 1, 2019 is
available at:

    http://bankrupt.com/misc/prb17-02021-L11-483.pdf

             About ACEMLA de Puerto Rico Inc.

ACEMLA de Puerto Rico Inc. is one of the four "Performance Rights
Organization" (PRO), in the United States and No. 76 in the CISAC
world roster.  It controls and licenses LAMCO's non-exclusive
performance rights and those of its affiliate music publisher's
editors and composers.  This institution was created to defend the
Latin composer's rights in the United States and the world, and it
is as such that in 1985, by an appeal presented before the highest
federal court in this country, against a decision of the Copyright
Royalty Tribunal against ASCAP, BMI and SESAC, is successful, and
since then ACEMLA operates as the fourth society, or a performance
Rights Society (PRO), in the United States.

ACEMLA de Puerto Rico Inc. and Latin American Music Co Inc. filed
Chapter 11 petitions (Bankr. D.P.R. Case Nos. 17-02021 and
17-02023) on March 24, 2017.  In its petition, ACEMLA estimated
assets of less than $500,000 and liabilities of $1 million to $10
million.  LAMCO estimated assets and liabilities of less than $1
million.

The Hon. Enrique S. Lamoutte Inclan presides over the cases.

Gratacos Law Firm, PSC, serves as bankruptcy counsel.

CHARLOTTE RUSSE: SB360 Named Successful Bidder
----------------------------------------------
BankruptcyData.com reported that Charlotte Russe Holding, Inc., et
al., notified that they have selected SB360 Capital Partner, LLC as
the successful bidder in an auction of their inventory assets held
on March 5, 2019.

SB360 outbid a joint venture composed of Hilco Merchant Resources,
LLC and Gordon Brothers Retail Partners (the "Hilco/Gordon Brothers
JV"), agreeing to pay 37.0% of the aggregate retail value of the
Debtors' merchandise subject to that retail value being $160
million or greater.

In the event that the retail value is less than $160 million, the
parties have agreed to a sliding, descending scale (e.g. 32.8% at
$140 million).

The Hilco/Gordon Brothers JV, which had served as a stalking horse
bidder with an opening bid of 32.0%, has agreed to serve as back-up
bidder with a bid of 36.6%.

                  About Charlotte Russe Holding

Charlotte Russe Holding, Inc., is a specialty fashion retailer of
young women's apparel and accessories comprised of seven entities.
The company and its affiliates are headquartered in San Diego,
California and have one distribution center located in Ontario,
California.  In addition, the companies lease office space in Los
Angeles, California and San Francisco, California, where they
primarily conduct merchandising, marketing, e-commerce and
technology functions.

The companies sell their merchandise to customers in the contiguous
48 states, Hawaii, and Puerto Rico through their online store and
512 Charlotte Russe brick-and-mortar stores located in various
regional malls, outlet centers, and lifestyle centers.  The bulk of
the companies' apparel and accessory products are sold under the
Charlotte Russe brand with ancillary brands for denim and perfume
(Refuge), young women's plus-size apparel (Charlotte Russe Plus),
and cosmetics (Charlotte by Charlotte Russe).

Charlotte Russe Holding and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10210) on Feb. 3, 2019.

At the time of the filing, Charlotte Russe Holding estimated assets
of $100 million to $500 million and liabilities of $100 million to
$500 million.

The cases are assigned to Judge Laurie Selber Silverstein.

The Debtors tapped Bayard, P.A. and Cooley LLP as their bankruptcy
counsel; Guggenheim Securities, LLC as their investment banker; A&G
Realty Partners, LLC as lease disposition consultant and business
broker; Gordon Brothers Retail Partners LLC, Hilco Merchant
Resources LLC and Malfitano Advisors, LLC as liquidation
consultant; and Donlin, Recano & Company, Inc., as claims and
noticing agent.

INTEGRAND ASSURANCE: A.M. Best Cuts Fin. Strength Rating to C++
---------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C++
(Marginal) from B++ (Good) and the Long-Term Issuer Credit Rating
to "b" from "bbb+" of INTEGRAND Assurance Company (INTEGRAND) (San
Juan, Puerto Rico). Concurrently, AM Best has maintained the under
review with negative implications status for these Credit Ratings
(ratings).

The rating downgrades reflect INTEGRAND's balance sheet strength,
which AM Best categorizes as weak, as well as its marginal
operating performance, very limited business profile and marginal
enterprise risk management (ERM).

AM Best views the company's risk-adjusted capitalization as weak
based on the continued exposure to disputed reinsurance
recoverable, with heightened uncertainty regarding their ultimate
resolution. Additionally, these rating actions follow a recent
regulatory announcement from the Insurance Commissioner of Puerto
Rico, which limits the company from actively writing new business
in Puerto Rico, suspending any commission increases and several
other activities over the near term

The ratings previously were downgraded and placed under review with
negative implications on Nov. 29, 2018, in response to the
company's third-quarter statutory statement that reflected a
sizable decline in policyholder surplus due to adverse development
on losses related to hurricanes Maria and Irma of approximately $15
million. At that time, AM Best revised the assessment of
INTEGRAND's ERM to marginal. The assessment downgrade was driven by
the size of the additional catastrophe losses relative to amounts
previously disclosed to AM Best, which created uncertainty
regarding the company's ERM program.

As part of these latest rating actions, AM Best has revised its
assessment of INTEGRAND's business profile downward to very limited
from limited, largely due to the regulatory restrictions under
which the company must now operate. Furthermore, INTEGRAND's
operating performance assessment also was revised downward to
marginal from adequate, driven by weak operating performance over
the past few years, as the company's operating return measures
trails its peer and industry composites by a sizable margin.

These ratings will remain under review pending AM Best's analysis
of the company's business plans.



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T R I N I D A D   A N D   T O B A G O
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PETROLEUM CO: Secures New Bank Loans as Bond Repayment Looms
------------------------------------------------------------
Aaron Weinman, citing four people familiar with the matter, at
Reuters reports that Trinidad Petroleum Holdings (TPH), formerly
known as Petroleum Co. of Trinidad & Tobago (Petrotrin), is in
advanced debt restructuring talks with banks and has secured new
loans of up to US$1.4 billion based on oil reserves to ease a
looming US$850 million bond maturity in August.

TPH fka Petrotrin, is tapping the loan market as it faces the
uphill task of convincing investors of the merits of a new business
plan and smaller workforce, according to Reuters.

The report notes that the Trinidad & Tobago oil producer shut its
loss-making refinery in Pointe-a-Pierre, Trinidad, last November
because of its inability to generate profit, and would be expected
to pay a high interest margin on any new bonds.

"They (TPH) will have to pay a high coupon as the company is
reorganizing, so right now, the funding should come from the bank
market," an investor focused on the Caribbean said, the report
relays.

TPH is meeting rating agencies, sources said, to outline a plan
that prioritizes its more profitable oil and gas exploration and
production (E&P) sector over oil refining, which was previously
core to company operations, the report notes.

The company has split into three entities, Heritage Petroleum,
which will oversee the E&P business; Paria Fuel Trading Company;
and Guaracara Refining Company, alongside holding company TPH, the
report says.

"It is essentially a new company," the investor focused on the
Caribbean said, the report notes.

The report discloses that TPH's decision to scale back refining is
due to the island's lack of domestically produced crude oil and
millions of dollars of capital expenditure required to upgrade the
ageing asset, the sources said.

The refinery was producing 40,000 barrels per day (bpd) of crude,
but operated at a capacity to produce 140,000 bpd, LPC previously
reported, the report relays.  Petrotrin was importing 100,000 bpd
to make up the difference between production and capacity, the
report notes.

                          Cleaning House

Morgan Stanley, Credit Suisse, Panamanian trade bank Banco
LatinoAmericano de Comercio Exterior (Bladex), First Citizens Bank
and Ansa Merchants Bank are arranging approximately US$1.2
billion-US$1.4 billion of loans, the report relays.

The facilities will finance costs related to closing the refinery,
severance pay for the 1,700 direct jobs lost last year and cover
the US$850 million bullet bond payment in August, the people
familiar with the matter said, the report discloses.

Approximately US$400 million was lent on a short-term basis, and
proceeds were ring-fenced specifically for costs related to closing
the refinery and paying off retrenched staff, the sources said, the
report relays.

Morgan Stanley is also understood to be working with TPH on a
liability management exercise to repay, or refinance Petrotrin's
US$850m bond due in August, the sources said, the report says.

Reuters relays that TPH is expected to secure this financing with
proven oil reserves as collateral, but one source said the
government of Trinidad & Tobago, which owns TPH, is reluctant to
guarantee the funds as it may impact its own balance sheet and its
investment grade credit rating.

Trinidad & Tobago has a sub-investment grade of Ba1 on its
sovereign debt from Moody's Investors Service, but S&P Global
Ratings has the island in high-grade territory at BBB+, the report
relays.

"The lenders needed the reserves as a guarantee and I can't see
Petrotrin getting access to this money any other way," an
investment banker in the Caribbean said, the report notes.

TPH is also understood to have secured working capital credit lines
from local Caribbean banks including Republic Bank. These
short-term lines, valued between US$178 million to US$195 million
in total, are guaranteed by the government, the sources said, the
report discloses.

In another cost-saving measure, TPH has engaged Scotiabank to
oversee a sale of its refinery, two of the sources said, the report
relays.

The company has received expressions of interest from a mix of
private investors and strategic oil and gas players, the sources
said, Reuters notes.

"Names being thrown around include Parkland, Glencore and even
ExxonMobil," the investment banker said of potential suitors for
the Pointe-a-Pierre refinery, the report discloses.

Canadian petroleum products marketer Parkland Fuel Corp picked up
exposure to the Caribbean in October 2018 when it agreed to buy a
75% stake in SOL Investments for roughly US$1.2 billion, accessing
oil deposits off the coast of Guyana and neighboring islands,
Reuters says.

                         Long Road Ahead

TPH's corporate reorganization is its first step back to
profitability, but with an US$850 million bond payment due in less
than six months and approximately US$218.75 million outstanding on
a note maturing in May 2022, it has to act fast to convince
investors of a bankable future, the report says.

"[TPH] is making progress, cleaning house and has taken some bold
steps, but at a slow rate," a second investment banker said, the
report notes.  "But this whole restructuring will put the company
in a better position," he added.

State-backed TPH also has the added benefit of government support
as the company is Trinidad & Tobago's sole distributor of oil
products, a key supplier of oil and the island's major retail gas
station network, the report relays.

TPH, under former name Petrotrin, raised US$850 million in bonds in
August 2009 with a 9.75% coupon to mature in August 2019 and sold
US$750m in 15-year paper in May 2007 with a 6% coupon, the report
discloses.  Both of these securities have been reallocated under
TPH, S&P Global said in a report on January 16, 2019, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.



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V E N E Z U E L A
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PETROLEOS DE VENEZUELA: Citgo Gets Deadline Extension for Dealings
------------------------------------------------------------------
Spglobal.com reports that the US Department of the Treasury gave
Citgo at least 18 months to wind down contracts and transactions
with parent company PDVSA, which is currently subject to US
sanctions.

The 18-month extension "will enable Citgo to maintain operations in
markets that are based on long-term planning and contractual
commitments," Treasury said in a statement, according to
Spglobal.com.

Larry Elizondo, a Citgo spokesman, declined to comment.

Citgo is in the process of cutting its ties with PDVSA, in order to
avoid US sanctions, the report notes.

On January 28, the US unveiled sweeping sanctions on PDVSA,
Venezuela's state-owned oil company, imposing an immediate ban on
US exports of diluent to Venezuela and requiring payments made to
PDVSA to be through blocked accounts, setting up a de facto ban on
US imports of Venezuela crude, recalls the report.

The US has also disclosed that transactions between non-US firms
and PDVSA which involve the US financial system or US commodity
brokers would be prohibited after April 28, the report says.

The report notes that the US sanctions on Venezuela have halted
Citgo's primary source of crude for its US refineries, but will not
significantly slow the company's operations, Luisa Palacios,
Citgo's new chairwoman, said at CERAWeek by IHS Markit in Houston.

"It's a shock, but it's one that we are very well placed to
weather," the report quoted Mr. Palacios as saying.

Citgo has been developing contingency plans "for months," in
preparation for the sanctions, Palacios said, the report relays.

Citgo, which imported about 176,000 b/d of Venezuelan crude before
sanctions on PDVSA were imposed, imported 68 different types of
crude from 19 different countries in 2018, she said, the report
notes.

Roughly 66% of Citgo's crude is sourced in North America, the
majority in the US, she said, the report adds.

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).

PETROLEOS DE VENEZUELA: Venezuela Plans to Open Office in Russia
----------------------------------------------------------------
Sputnik News reports that Venezuela is intending to open an office
of its oil giant PDVSA in Russia, Venezuelan Oil Minister Manuel
Quevedo said.

"We continue to strengthen our cooperation [with Russia] and plan
to open an office of PDVSA in Russia", Mr. Quevedo said at the
OPEC-non-OPEC meeting in Baku, according to Sputnik News.

He also noted that Venezuela fulfills its obligations to Russian
energy giant Rosneft and would like to increase oil supplies, the
report notes.  "Our main goal is to strengthen relations with
Russia and China", the minister added.

Earlier this month, Venezuelan Vice President Delcy Rodriguez
announced that Caracas had decided to close PDVSA's office in
Lisbon and move it to Moscow, explaining that Europe does not
provide the necessary guarantees for asset protection, the report
said, Sputnik News relays.

In January, US National Security Adviser John Bolton stated that
the United States was imposing sanctions against Venezuelan
state-owned oil company PDVSA, adding that it will block $7 billion
in PDVSA's assets, the report says.

US Treasury Secretary Steven Mnuchin, in turn, emphasized that by
blocking PDVSA assets, the United States was preserving the assets
of the company in the interests of the people of Venezuela and also
protecting its own market, the report relays.  Caracas has blasted
the move as unlawful and accused Washington of seeking to get its
hands on Venezuelan oil reserves, the report adds.

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).

VENEZUELA: IDB Group Approves Nomination of New Governor
--------------------------------------------------------
The Governors of the Inter-American Development Bank approved a
resolution recognizing the appointment by Mr. Juan Guaido of
Ricardo Hausmann as IDB Governor for Venezuela.

In a separate vote, the Governors of Inter-American Investment
Corporation (known as IDB Invest), the IDB Group's private sector
lending arm, also approved Hausmann's appointment.

The Governors voted electronically, following guidelines
established by the Executive Directors of the IDB on, March 8,
stipulating that the Governors would have until 6:30 pm on March 15
to register their votes.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.


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

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

Copyright 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
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Information contained herein is obtained from sources believed to
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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,
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