/raid1/www/Hosts/bankrupt/TCRLA_Public/190419.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, April 19, 2019, Vol. 20, No. 79

                           Headlines



B R A Z I L

AVIANCA BRASIL: To Return Eight Planes After Easter
CORNERSTONE VALVE: Seeks to Hire Sartaj Bal as Legal Counsel
VALID SA: Moody's Alters Outlook on Ba2/Aa3.br CFR to Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Banks Mull Progress in Trading Platform


M E X I C O

MINERA FRISCO: Moody's Withdraws B3 CFR for Business Reasons


P U E R T O   R I C O

FIRSTBANK PUERTO RICO: S&P Raises ICR to 'BB-, Outlook Positive
MAYANSA DREAMS: Taps Carrasquillo CPA as Accountant
PUERTO RICO: Group Seeks to Wrest Probing Power From Board
REMLIW INC: Seeks Court Approval to Hire Accountant


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Enters Wet Lease With Danish Air Transport


V E N E Z U E L A

CITGO PETROLEUM: Hangs in Balance in Creditor Appeal

                           - - - - -


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B R A Z I L
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AVIANCA BRASIL: To Return Eight Planes After Easter
---------------------------------------------------
Marcelo Rochabrun at Reuters reports that struggling Brazilian
airline Avianca Brasil will return eight planes to its lessors
after Easter, Brazilian aviation regulator ANAC said.

Avianca will begin returning the planes on April 22, ANAC said,
according to Reuters.  Earlier, Avianca was operating with a fleet
of 26 planes, the report notes.

                 About Avianca Brazil

Avianca Brazil, officially Oceanair Linhas Aereas S/A, is a
Brazilian airline based in Sao Paulo, Brazil. It operates passenger
services from more than 20 destinations.  It is hailed as the
fourth largest airline in Brazil.  Synergy Group is the parent
company of Avianca Brazil.

On December 10, 2018, Avianca Brazil filed for bankruptcy when
three lessors took a move to gain possession of 30% of the
airline's 50 all-Airbus fleet.  The airline further blamed high
fuel prices and a strong dollar for its troubles.  The airline
noted at that time that flights won't be affected.


CORNERSTONE VALVE: Seeks to Hire Sartaj Bal as Legal Counsel
------------------------------------------------------------
Cornerstone Valve, LLC, and Well Head Component, Inc., seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to hire Sartaj Bal, PC as their legal counsel nunc pro
tunc to the petition date.

The firm will advise the Debtors of their powers and duties under
the Bankruptcy Code; assist them in the preparation of a bankruptcy
plan; and provide other legal services in connection with their
Chapter 11 cases.

Sartaj Singh Bal, Esq., the firm's attorney who will be handling
the cases, will charge an hourly fee of $235.  The firm will charge
$210 per hour for other attorneys and $85 per hour for paralegals
and law clerks.

Prior to the petition date, the firm received advance payments of
$15,000 from each Debtor.    

The firm is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.

The firm can be reached through:

     Sartaj Bal, Esq.
     Sartaj Bal, PC
     5315 Cypress Creek Parkway, #B295
     Houston, TX 77069
     Phone: (713) 885-6395
     Fax: (281) 715-3231
     Email: ssb6509@me.com
            ssb@880mail.com

                    About Cornerstone Valve and
                        Well Head Component

Cornerstone Valve LLC -- http://www.cornerstonevalue.com/-- is a
manufacturer of fabricated metal products.  Well Head Component,
Inc., which conducts business under the name Avsco, provides supply
chain and project management services.  It offers engineering,
designing, and manufacturing services, as well as modification and
logistics services.  Well Head is an international OEM
representative and distributor of industrial products for the most
requested brands used by energy markets.  

Headquartered in Houston, Texas, Well Head has an in-country
presence in Nigeria, Libya, UAE and most recently in Brazil and
Italy.

Cornerstone Valve and Well Head sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case Nos. 19-30869 and
19-30870) on February 15, 2019.
  
At the time of the filing, Cornerstone Valve had estimated assets
and liabilities of between $1 million and $10 million.  Well Head
had estimated assets of between $1 million and $10 million and
liabilities of less than $1 million.


VALID SA: Moody's Alters Outlook on Ba2/Aa3.br CFR to Stable
------------------------------------------------------------
Moody's America Latina affirmed the Ba2 and Aa3.br ratings for
VALID S.A.. The outlook for the ratings changed to stable from
negative.

Issuer: VALID S.A.

Corporate Family Rating, Affirmed Ba2/Aa3.br

The outlook changed to stable from negative.

RATINGS RATIONALE

The stabilization in Valid's outlook reflects the improvement in
its credit metrics during 2018, driven by higher volumes and
margins in most of its business segments. Accordingly, the
company's adjusted leverage measured by gross debt / EBITDA
declined to 2.7x in 2018 from 3.1x in 2017, while RCF / Net debt
increased to 33.9% from 22.2% in the same period. The better
performance was supported by the economic recovery and increasing
banking activity in Brazil, along with a stabilization in the US
payment business.

Moody's expects leverage to trend below 2.5x over the next couple
of years as a consequence of higher EBITDA generation, although
margins should remain pressured by the mobile segment. Top line
growth will be mainly driven by (i) a gradual recovery in the
company's Brazilian operations and stability in the US businesses;
(ii) market share gains in the mobile segment, especially in Asia;
and (iii) new developments regarding identification and payments
projects.

Valid's Ba2/Aa3.br ratings reflect the company's diversification
and strong local market position in all of its operating segments
as a service provider for payments, identification and mobile.
Valid is one of Brazil's leading suppliers of plastic cards for
payments, SIM cards and digital certificates. It is also the
fifth-largest SIM card producer globally. The ratings are also
supported by the company's long-term client relationships with
financial institutions, state governments, and telecommunications
companies. The growth of value-added products in Valid's product
portfolio over the past few years, namely data management services,
proprietary software and applications is an additional credit
positive. Finally, the ratings incorporate the company's adequate
leverage and liquidity, and improved credit metrics following the
weaknesses observed in its operating performance in 2016 and 2017.

On the other hand, the ratings are constrained by (i) Valid's small
size in comparison with global peers; (ii) the still challenging
operating performance outlook, especially for the mobile segment;
(iii) its reliance on a small group of large clients in banking and
telecom; and (iv) the relatively low barriers to entry in the
plastic and SIM cards sector, although the ID system sector has
high entry barriers. Risks associated with the development of new
technologies that would make Valid's existing products obsolete and
the company's acquisitive growth strategy are additional
constraining factors. Still, Valid has a proven track record of
quickly adapting its product offering to new technologies and of
successfully integrating acquisitions.

Valid's liquidity profile remains adequate, with BRL311.6 million
in cash covering short-term debt maturities of BRL 212 million by
1.5x as of year-end 2018. Moody's believes Valid will continue to
pursue liability-management initiatives to lengthen its debt
amortization schedule. Moody's expects an increase in capital
spending requirements over the next 2 to 3 years, with BRL 117
million in 2019 from BRL 76 million in 2018, as a consequence of
the renewal of contracts in the identification segment in Brazil
and the contracts recently won in the US. Valid has historically
generated positive free cash flow, but its 50% dividend payout
target has been limiting reductions in gross debt levels.

The stable outlook reflects the expectation that Valid will
continue to increase and adapt its products and services portfolio
with a greater participation of more value-added projects. Moody's
also expects the company to maintain stable margins, to exercise
discipline with regards to acquisitions, and to maintain a healthy
liquidity profile. Moody's expects the company to prudently manage
capex and, if necessary, channel cash for debt reduction rather
than high dividend distributions.

Although unlikely in the short term, the ratings would experience
upward pressure if the company increases its scale and further
diversifies its geographic and client base while maintaining total
adjusted debt to EBITDA below 2.0x (2.7x in 2018), adjusted EBITA
to interest expense above 4.0x (3.7x in 2018) and healthy
liquidity. An upgrade of Brazil's sovereign rating would also be
required for an upgrade of Valid's ratings.

The ratings could be downgraded if the company's operating
performance deteriorates, causing revenue growth to stagnate and
debt metrics to weaken, with total adjusted debt to EBITDA above
3.0x and negative free cash flow generation without prospects for
recovery. Any sizable debt-financed acquisition would also affect
the rating negatively. Finally, given the company's increased
dependence on Brazil's regional and local governments to generate
cash, a downgrade of Brazil's sovereign ratings would result in a
downgrade of Valid's ratings.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Rio de Janeiro, Brazil, Valid is a provider of
services, mobile network connectivity, and identification system.
As such, the company is leading supplier of payment cards, SIM
cards and digital certificates in Brazil. The company is the
fifth-largest global producer of SIM cards with a 8.5% market
share, and operations in the Americas, Europe, Africa and Asia.
Valid also provides payment card and ID solutions for financial
institutions and local governments in the US. In 2018, Valid posted
net revenues of BRL 1.7 billion (USD 0.5 billion), with an adjusted
EBITDA margin of 20.6%.




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

DOMINICAN REPUBLIC: Banks Mull Progress in Trading Platform
-----------------------------------------------------------
Dominican Today reports that Central banker, Hector Valdez Albizu,
and the treasurers of multiservice banks evaluated the progress in
the implementation of the Foreign Currency Electronic Trading
Platform.

In February, the Central Bank had conducted a training session for
the multiple banks and S & Ls, to familiarize them with the
Platform's operation, according to Dominican Today.

Mr. Valdez Albizu affirmed that, after the training, the Central
Bank has carried out tests prior to the system's entry into
operation and reviews its regulations and instructions, the report
notes.

As reported in the Troubled Company Reporter-Latin America in
September 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
===========

MINERA FRISCO: Moody's Withdraws B3 CFR for Business Reasons
------------------------------------------------------------
Moody's de Mexico S.A. de C.V has withdrawn the B3/B1.mx corporate
family rating of Minera Frisco, S.A.B. De C.V. (Minera Frisco). The
rating had a stable outlook.

Withdrawal:

Issuer: Minera Frisco, S.A.B. De C.V.

  Corporate Family Rating, Withdrawn , previously rated
  B3/B1.mx

Outlook Action:

Issuer: Minera Frisco, S.A.B. De C.V.

  Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Minera Frisco is dedicated to the exploration and exploitation of
mining lots for the production and sale of gold and silver dore
bars, as well as copper cathode and copper concentrate, lead-silver
and zinc concentrates. The company has eight mining units in Mexico
and generated MXN14.4 billion in revenue in 2018.




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P U E R T O   R I C O
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FIRSTBANK PUERTO RICO: S&P Raises ICR to 'BB-, Outlook Positive
---------------------------------------------------------------
S&P Global Ratings said it raised its issuer credit rating on
FirstBank Puerto Rico to 'BB-' from 'B+'. The outlook is positive.
S&P also affirmed the 'B' rating on OFG Bancorp and 'BB-' rating on
Popular Inc. and revised the outlooks to positive from negative.

S&P said, "The rating actions primarily reflect our view that all
three Puerto Rican banks' operations have experienced significant
improvements in financial performance since Hurricane Maria, which
have exceeded our expectations and significantly exceeded
worst-case scenarios that we had contemplated given the
infrastructure and economic challenges. Specifically, our upgrade
and outlook revisions to positive reflect the three rated Puerto
Rican banks' higher capital ratios, increased profitability, and
steady improvement in funding and liquidity profiles since
Hurricane Maria. In addition, the banks have continued to work out
their troubled loans and build credit reserves against outstanding
problem loans, while at the same time reducing riskier loan
exposures including exposures to the Puerto Rican central
government and construction borrowers. Although nonperforming loans
remain much higher in Puerto Rico than other rated mainland U.S.
banks, we think the higher loan yields, to some degree, compensate
the local banks for higher loan losses. We also think the banks
have a decent reserve in place for nonperforming loans (NPLs). We
believe even if NPLs decline from current levels, banks will
maintain structurally higher NPLs in Puerto Rico relative to
mainland regional banks, given the lengthy foreclosure process.
However, barring any unexpected developments, we expect problem
loan balances to continue to decline modestly over the next two
years.

"We think Puerto Rico still faces substantial infrastructure,
economic, and fiscal challenges. Nonetheless, we expect rebuilding
to continue, and we think insurance proceeds, federal grants, and
loans have substantially offset much of the economic weakness and
the uncertainty that we expected austerity measures would bring. In
our view, uncertainty regarding the health of the local economy has
declined as small businesses resume operations, outmigration has
temporarily reversed, and the tourism sector has rebounded. We
think real estate prices have roughly stabilized, which could
suggest lower losses and better recoveries on real estate lending
portfolios. Still, we expect a full recovery to be lengthy, given
time lags in receiving some insurance payments, the timing of
federal aid and grants, and fiscal constraints of the commonwealth.
Longer term, it is also unclear if outmigration will reverse and if
companies will decide to move production given infrastructure
issues, smaller tax differentials, and fiscal austerity.

"We think financial improvements among the banks have been
significant in the past year. Specifically, total assets among the
three largest banks has risen substantially to roughly $66 billion
as of year-end 2018 from $55 billion at year-end 2015, aided by
consolidation and market-share gains by the largest banks.
Meanwhile, over the same timeframe, average tier 1 capital ratios
have risen to 18.9% from 16.4%, adjusted nonperforming asset (NPA)
ratios (excluding restructured loans) have declined to 5.1% from
7.4%, loan-to-deposit ratios have declined to 85% from 93%, and
funding ratios (e.g. our broad-liquid assets to short-term
wholesale funding, or BLAST ratio) have risen to 7.8x from 2.6x.
Many other metrics including profitability ratios, charge-off
ratios, core deposit ratios, and short-term funding ratios have
also improved meaningfully.

"Given the improvements we see in the local economy, we expect that
the local banks will see some further improvements in their loan
portfolios and lower loan losses over the next two years. Moreover,
we think the moratoriums on loans to consumer and commercial
borrowers immediately following the hurricane have likely resulted
in temporary cash build among many borrowers, which likely augments
their financial flexibility. In terms of capital ratios, it is
unclear how quickly the local banks will return capital to
shareholders, as they are all operating at higher capital levels
than managements' ultimate goal. However, we think the adoption of
current expected credit loss (CECL) accounting rules in 2020 and
generally conservative capital strategies likely suggests that
capital ratios will remain elevated for at least the next few
years."

FIRSTBANK PUERTO RICO

S&P said, "Our upgrade on FirstBank Puerto Rico mainly reflects our
view that the bank's expected write-downs will not be as high as we
had originally expected. While there is still potential for some
incremental nonaccrual buildup, we expect the losses to be less
severe than previously projected, as economic conditions improve.
The bank has meaningfully marked down the cost of its NPLs to
realizable value and appears to be well reserved. Its adjusted NPLs
(excluding TDRs), have declined substantially to 5.6% at Dec. 31,
2018 from 8.3% at Dec. 31, 2016, by our calculation, and are now in
line with its similar rated peer in Puerto Rico.

"Moreover, the positive outlook reflects the possibility that we
could raise our ratings on the bank in the next 12 months if we
were to become confident that economic conditions have stabilized
such that the bank's risk-adjusted capital (RAC) ratio (before
diversification) remains sustainably above 15%, even after
factoring in potential losses and expected capital deployment
toward additional strategic priorities. The positive outlook also
acknowledges that the bank's funding profile has improved
meaningfully with a lower reliance on wholesale funding and
brokered deposits, benefiting from the influx of liquidity on the
island. Still, the bank's loan-to-deposit ratio remains higher than
local rated banks, and we cannot rule out the risk that the recent
deposit inflows the bank has befitted from are temporary and not
long term. We may revise the outlook to stable if capital levels
were to decline substantially because of outsize share buybacks or
an acquisition, but we view this outcome as less likely.

"We believe FirstBank's operating performance has improved in the
past year with stronger capital, stable funding, consistent
quarterly profitability, and a reduction in NPLs as a result of
asset sales. Notwithstanding this improvement, we believe its
business position remains weak given the bank's very low domestic
market share, low proportion of noninterest revenue (only about 13%
of total revenue), and high reliance on the local economy
(approximately 82% of revenues were generated on the island in
2018). Our assessment of the bank's risk position incorporates
FirstBank's elevated adjusted NPA levels. However, favorably, loan
loss reserves to nonaccrual loans held for investment (excluding
nonaccrual loans charged off to realizable value) improved to 95%
as of December 2018 from 67% in 2017 and 47% in 2016. Funding has
improved materially, aided by lower reliance on brokered deposits,
but remains weaker than that of similar-size mainland U.S. banks.
We also believe the influx of federal relief aid, private insurance
money, and payment moratorium given to clients last year have aided
the bank's core deposit growth, and we continue to monitor the
stability and stickiness of these deposits."
  
OFG BANCORP

S&P said, "Our positive outlook on OFG Bancorp reflects the
likelihood that we may raise the ratings over the next 12 months if
economic conditions remain stable and we become confident that its
RAC ratio (before diversification) is likely to remain above 15% on
a sustainable basis. We expect the bank's financial performance to
improve based on the influx of relief and insurance funds following
Hurricane Maria, despite continuing economic and infrastructure
challenges on the island and the commonwealth government's
austerity measures. We could revise the outlook to stable if
capital returns to common shareholders are greater than we
currently expect, if loan performance were to deteriorate, or its
relatively untested move to grow commercial loans in the U.S. and
midmarket business lending in Puerto Rico were to result in higher
losses than we currently anticipate.  

"Most of OFG's financial metrics following the hurricane have
improved or remained stable, and the bank has been able to
capitalize on its excess liquidity by growing loans and core
deposits. However, despite economic improvement on the island and
stabilizing asset prices, we believe the bank continues to have
exposure to rising consumer delinquencies and still stressed
consumer balance sheets. This is particularly important for OFG
because it has higher exposure than its peers to residential
mortgages and has actively grown its concentration in auto lending
in Puerto Rico. While core deposits have remained stable, OFG
continues to rely heavily on wholesale funding, including brokered
deposits. Our assessment of the bank's business position remains
weak, as it lacks geographic diversification, has limited scale in
the local market, and continues to face significant competition
from larger banks across key businesses. We believe its strong
capital levels and consistent earnings generation will remain
credit strengths."

POPULAR INC.

S&P said, "The outlook on Popular Inc. is positive, reflecting our
view that the rating could rise within the next 12 months if we
believe that the bank will maintain its higher capital ratios or if
NPLs decline meaningfully. We think the improvements in the bank's
financial performance abetted by the inflow of relief and insurance
funds could more than offset the various economic and
infrastructure challenges on the island following Hurricane Maria
and the austerity measures that the commonwealth will continue to
implement. Conversely, we could revise the outlook back to stable
if loan performance were to deteriorate materially, which we do not
currently expect, or if capital ratios decline substantially,
potentially because of increased capital returns to common
shareholders, acquisitions, or additional purchases of loan
portfolios.

"We think Popular has made substantial financial improvements in
recent years and strengthened its local market position in Puerto
Rico. Specifically, Popular has improved its profitability,
increased its capital ratios, and strengthened its funding and
liquidity, among other factors. Most recently, we think the
acquisition of certain assets and liabilities related to Wells
Fargo & Co.'s auto finance business in Puerto Rico has been
successful. Despite significant economic challenges, we think
Popular is better positioned than other banks in Puerto Rico to
weather a local economic downturn, should it arise.

"We view the rise in capital ratios positively, but we are
uncertain whether they are sustainable at or near current levels.
Although NPLs remain much higher at Popular than at other rated
mainland U.S. banks, we think the higher loan yields in Puerto Rico
compensate the bank for higher loan losses, and we expect loan
losses to decline somewhat over the next few years. Popular has
lower NPA ratios relative to its local peers excluding restructured
loans, aided, we think, by its exposures to some of the larger
commercial borrowers on the island. Popular also has significant
loan portfolios outside of Puerto Rico in the mainland U.S. and in
the Virgin Islands, which helps diversify its revenues
geographically to some degree. In addition, the company's funding
has improved substantially in recent years, in part because of
deposit growth, reduced wholesale borrowings, and new deposits from
government-related entities that had previously used Government
Development Bank for Puerto Rico (GDB), an entity that has since
been liquidated. We believe that deposit trends could be--at least
partially--temporarily supported by insurance proceeds. Finally,
the bank has been consistently profitable in recent years,
excluding various nonrecurring items."


MAYANSA DREAMS: Taps Carrasquillo CPA as Accountant
---------------------------------------------------
Mayansa Dreams Group LLC received approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Carrasquillo CPA
Group, PSC as its accountant.

The services to be provided by the firm include bookkeeping, bank
reconciliations and tax services.  Carrasquillo will charge an
annual fee of $2,700 for its services.

The firm will also assist the Debtor in the preparation of monthly
operating reports, projected financial statements and liquidation
analysis, and will charge an annual fee of $3,000.  Additional
services will be paid at $100 per hour.  

The Debtor has agreed to pay the firm a retainer fee of $2,500.

Hector Carrasquillo, the firm's accountant who will be providing
the services, disclosed in court filings that he is
"disinterested"
as defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Hector Carrasquillo   
     Carrasquillo CPA Group, PSC
     Rafael Cordero Avenue
     M-30 Condado Moderno
     Caguas, PR 00726
     Tel: (787) 258-7835
     Fax: (939) 337-5744
     Email: hcarrasquillo@carrasquillocpagroup.com

                   About Mayansa Dreams Group

Mayansa Dreams Group LLC filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 19-00062) on Jan. 8, 2019, estimating under
$1 million in both assets and liabilities.  The Debtor tapped
Hatillo Law Office, PSC as its legal counsel, and Carrasquillo CPA
Group, PSC, as its accountant.


PUERTO RICO: Group Seeks to Wrest Probing Power From Board
----------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that a group of public labor
unions and other creditors asked a judge to grant it power to
pursue probes into individuals who contributed to Puerto Rico's
fiscal crisis because the U.S. commonwealth's federally created
financial oversight board has failed to do so.

The Official Committee of Unsecured Creditors, which includes
Service Employees International Union, American Federation of
Teachers, as well as suppliers and contractors to the Puerto Rican
government, said the board recently informed the committee it will
not pursue claims against advisers, underwriters and public
officials involved in debt sales by the island prior to its May
2017 bankruptcy filing, according to Reuters.

"The oversight board has alternated between slow-walking a proper
investigation into potential causes of action relating to Puerto
Rico's debt issuances, actively obstructing the committee's own
efforts to investigate the debtors' prior conduct and indebtedness,
and simply allowing causes of action to lapse by failing to
anticipate and meet statutory deadlines," the motion stated, the
report notes.

The committee asked the judge overseeing the island's bankruptcy to
appoint it as a trustee with the power to investigate past debt
issuances, as well as pursue fraud, negligence, and breach of
fiduciary duty claims against individuals, the report relays.

The board, which is attempting to restructure about $120 billion of
the island's debt and pension obligations through a form of
bankruptcy, said on Twitter that while it rejected "actions based
on fraud and other speculative theories," it has not ruled out
suing to recoup fees paid to underwriters and others, the report
notes.

The committee's motion zeroed in on $3.5 billion of general
obligation (GO) bonds Puerto Rico issued in March 2014 just months
before its government enacted a bankruptcy statute that was
subsequently voided in court and a declaration by its then-governor
that the island's debt was "unpayable," the report says.

Reuters discloses that the oversight board in January asked the
court to invalidate the 2014 bonds, as well as GO bonds sold in
2012 for violating a debt limit in the Puerto Rico Constitution.
While U.S. District Court Judge Laura Taylor Swain has yet to rule
on that and other motions seeking to void bonds, the statute of
limitations for the board to file lawsuits related to the debt runs
out next month, the report relays.

Swain is scheduled to take up the board's request for a deadline
extension related to its effort to pursue claims against
bondholders at an April 24 hearing, the report adds.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Youngis
the Board's financial advisor, and Citigroup Global Markets Inc. is
the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.


REMLIW INC: Seeks Court Approval to Hire Accountant
---------------------------------------------------
Remliw Inc. seeks authority from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire an external accountant.

The Debtor proposes to employ Carlos Quintana-Santiago, a certified
public accountant, to:

     a. reconcile financial information to assist the Debtor
        in the preparation of monthly operating reports;

     b. assist in the reconciliation and clarification of
        filed proofs of claims; and

     c. assist in the preparation of supporting financial
        documents for the Debtor's Chapter 11 reorganization
        plan.

The accountant and his staff will be paid at hourly rates:

     Carlos Quintana, CPA     $125
     Staff Accountant         $50
     Support Personnel        $30

The accountant received a retainer in the sum of $1,500.

Mr. Quintana assures the court that he does not hold interests
adverse to the Debtor and its estate.

The accountant can be reached at:

     Carlos Quintana-Santiago, CPA
     604 Road 104
     Mayaguez, PR 00682-7714
     Tel: 787-805-3700
     Fax: 787-805-3750
     Email: cqs@cpanetpr.com

                   About Remliw Inc.

Remliw Inc. is a privately held company, which owns a motel located
at Carr 639 Km 2.1 Arecibo, Puerto Rico.

Remliw Inc. filed a voluntary Chapter 11 petition (Bankr. D.P.R.
Case No. 19-01179) on March 2, 2019. In the petition signed by
Wilmer Tacoronte Negron, administrator, the Debtor estimated $3,300
in total assets and $2,776,090 in total liabilities.

Damaris Quinones Vargas, Esq., at Lcda Damaris Quinones, represents
the Debtor as counsel.




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

CARIBBEAN AIRLINES: Enters Wet Lease With Danish Air Transport
--------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has advised that
in addition to its core schedule on the domestic air bridge, the
airline has entered into a wet lease agreement with Danish Air
Transport.

This wet lease will be solely dedicated to the operation of the
domestic air bridge between Trinidad and Tobago, and will run from
April 17 to September 8 this year to cover major peak travel
periods, according to RJR News.

Caribbean Airlines ATR and Jet fleet together with the wet lease
flights, will provide a total of 55,316 seats from April 15-30,
which covers the Easter and Tobago Jazz Festival peak travel
period, the report notes.

             About Caribbean Airlines

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

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

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

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




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

CITGO PETROLEUM: Hangs in Balance in Creditor Appeal
----------------------------------------------------
Andrew Scurria at The Wall Street Journal reports that
Venezuela's creditors could threaten to seize not just Citgo
Petroleum Corp. but other state-owned assets in an effort to
collect on debts incurred under the ruling leftist regime,
according to a lawyer for the country's national oil company.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2019,  S&P Global Ratings said it assigned its 'B+'
issue-level rating and '1' recovery rating to U.S.-based refinery
and petroleum product marketer and distributor CITGO Petroleum
Corp.'s $1.2 billion senior secured term loan due in 2024. At the
same time, S&P Global Ratings placed the rating on CreditWatch with
developing implications.



                           *********


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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of the same firm for the term of the initial subscription or
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