/raid1/www/Hosts/bankrupt/TCRLA_Public/190422.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

          Monday, April 22, 2019, Vol. 20, No. 80

                           Headlines



A R G E N T I N A

CUOTAS CENCOSUD VI: Moody's Gives Ca Rating to ARS30MM Class C Debt


B R A Z I L

CYRELA BRAZIL: S&P Affirms 'BB-' ICR, Off UCO on Updated Criteria


M E X I C O

CELADON GROUP: Divests Logistics Business Division
JUST ONE MORE: Gets Approval to Hire McHale, Appoint CRO
JUST ONE MORE: Taps Berger Singerman as Legal Counsel
SU CASITA: Fitch Affirms CC Rating on Class A Debt


P E R U

NAUTILUS INKIA: Fitch Withdraws BB(EXP) Rating on $200MM Sr. Notes


P U E R T O   R I C O

KONA GRILL: CFO Christi Hing Gets Additional Role as PEO
KONA GRILL: Incurs $32 Million Net Loss in 2018
LIBERTY CABLEVISION: S&P Alters Outlook to Pos. on Earnings Growth
UNIVERSITY OF PUERTO RICO: S&P Affirms 'CC' Rating, Outlook Neg.
WESTERN HOST: Cranes Buying San Juan Commercial Bldg. for $1.5M



S U R I N A M E

SURINAME: S&P Affirms 'B' Sovereign Credit Ratings, Outlook Stable


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: CCJ Orders CLICO to Pay Up EC1.4MM to 2 Brothers
[*] BOND PRICING: For the Week April 15 to April 21, 2019


V E N E Z U E L A

VENEZUELA: Bars Guaido From Public Office for 15 Years

                           - - - - -


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A R G E N T I N A
=================

CUOTAS CENCOSUD VI: Moody's Gives Ca Rating to ARS30MM Class C Debt
-------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rated
Fideicomiso Financiero Cuotas Cencosud Serie VI. This transaction
will be issued by TMF Trust Company (Argentina) S.A. acting solely
in its capacity as issuer and trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information included
in the transaction documentation. Any pertinent change in such
information or additional information could result in a change of
this credit rating.

The full rating action for the "Fideicomiso Financiero Cuotas
Cencosud Serie VI" deal is as follows:

  - ARS451,035,365 in Class A Floating Rate Debt Securities
    (VDFA), rated Aaa.ar (sf) (Argentine National Scale)
    and Ba2 (sf) (Global Scale)

  - ARS5,394,443 in Class B Floating Rate Debt Securities (VDFB),
    rated B2.ar (sf) (Argentine National Scale) and Caa2 (sf)
    (Global Scale)

  - ARS30,988,077 in Class C Floating Rate Debt Securities (VDFC),
    rated Ca.ar (sf) (Argentine National Scale) and Ca (sf)
    (Global Scale)

  - ARS368,807 in Certificates (CP), rated C.ar (sf)
    (Argentine National Scale) and C (sf) (Global Scale)

RATINGS RATIONALE

The rated securities are payable from the cash flow derived from
the trust assets, which includes a static and amortizing pool of
approximately 187,295 eligible purchases in credit card
installments denominated in Argentine pesos and originated by
Cencosud Argentina S.A. ("Cencosud Argentina"), the local
subsidiary of Cencosud S.A. ("Cencosud" Baa3, Negative). Cencosud
is among Latin America's largest retailers, with presence in Chile,
Argentina, Peru, Colombia and Brazil. Only installments payable
after May 1st, 2019 will be assigned to the trust.

The assigned installments pertain to credit cards issued by
Cencosud Argentina. Cencosud credit cardholders can make purchases
in affiliated stores and split the payments in several monthly
installments bearing no interest. The monthly installments are
detailed in the cardholder's monthly credit card statements. Not
all installments due under a given credit card will be assigned to
the trust; a given credit card account may also have other
installments that do not serve as collateral for this transaction.

In this transaction, the minimum payment level of cardholders'
credit card monthly statement will always include 100% of the
installments assigned to the trust and due in that month.
Therefore, the trust will receive the expected cash flows without
any delays as long as the cardholder is considered a performing
obligor.

A reserve fund covering two times the next interest accrual of the
VDFA and VDFB will be funded using collections received on the
pool.

Moody's based the analysis on the following factors: (i) the strong
credit profile of Cencosud and Cencosud Argentina and their
position as key players in the retail sector of Argentina and the
region; (ii) the relatively short expected life of the notes; and
(iii) the strong performance of Cencosud's portfolio.

TRANSACTION STRUCTURE

The VDFA will bear a floating interest rate (BADLAR plus 150 bps).
The VDFA's interest rate will never be higher than 50.0% or lower
than 42.0%. The VDFB will bear a floating interest rate (BADLAR
plus 250 bps). The VDFB's interest rate will never be higher than
51.0% or lower than 43.0%. The VDFC will bear a floating interest
rate (BADLAR plus 350 bps). The VDFC's interest rate will never be
higher than 52.0% or lower than 44.0%.

Overall credit enhancement is comprised of: (i) subordination; ii)
overcollateralization and iii) expense reserve accounts. The
transaction has initial subordination levels of 24.8% for the VDFA,
23.9% for the VDFB and 18.7% for the VDFC, calculated over the
pool's undiscounted principal balance.

Finally, the transaction has an estimated 40.8% of negative annual
excess spread, before considering losses, taxes or prepayments and
calculated at the interest rate cap for the notes. As mentioned,
the assigned monthly installments do not bear interest. Available
credit enhancement and a relatively short estimated term of 8
months for Class A largely mitigate this risk.

Moody's analyzed the historical performance data of previous
transactions and the dynamic credit card portfolio of Cencosud
Argentina, ranging from January 2015 to February 2019.

The rating agency also analyzed the payment levels in the seller's
overall credit card dynamic portfolio, identifying a payment rate
(monthly payment / monthly balance) averaging 62.4% during the last
twelve months as of February 2019.

In assigning the ratings to this transaction, Moody's assumed a
lognormal distribution of losses for the static securitized pool
with a mean expected loss of 7.7% and a PCE of 16.0% (PCE, or the
portfolio credit enhancement, represents the credit enhancement
consistent with the highest rating achievable -i.e., the local
currency ceiling- in the country). These assumptions were derived
considering the historical performance of Cencosud's loan pools and
prior transactions.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include a
downgrade in Argentina's local currency ceiling and an increase in
delinquency levels beyond the level Moody's assumed when rating
this transaction. Although Moody's analyzed the historical
performance data of previous transactions and similar receivables
originated by Cencosud, the actual performance of the securitized
pool may be affected, among others, by the economic activity, high
inflation rates compared with nominal salaries increases and the
unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include an
upgrade in Argentina's local currency ceiling and stronger than
expected collateral performance.




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B R A Z I L
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CYRELA BRAZIL: S&P Affirms 'BB-' ICR, Off UCO on Updated Criteria
-----------------------------------------------------------------
S&P Global Ratings, on April 17, 2019, affirmed its 'BB-' global
scale and 'brAAA' national scale issuer credit ratings on
Brazil-based homebuilder Cyrela Brazil Realty S.A., and removed the
UCO designation.

S&P said, "The application of our revised Ratios and Adjustments
criteria lead to a weaker FFO to debt ratio for Cyrela, which we
now forecast below 12% for the next two years, compared with
roughly 20% under the previous methodology. This is because we no
longer include interest income in the FFO calculation. As a result,
we revised our financial risk profile on Cyrela to aggressive from
significant.

"Nevertheless, our view of the company's underlying
creditworthiness hasn't changed, given its low leverage, with debt
to capital below 25%, and solid cash flow generation compared with
those of other homebuilders operating in Brazil. This results, in
part, from Cyrela's greater scale and revenue diversification
through operations in the low-, mid-, and high-income housing
segments.

"We believe improving consumer confidence in Brazil and lending
from banks at lower interest rates should continue bolstering
housing demand in the country. In 2018, the company advanced
launches in top-line segments, reaching pre-sales value of roughly
R$3.4 billion, compared with R$2.1 billion in 2017. In the next two
years, we expect Cyrela to increase launches to R$3.9 billion -
R$4.1 billion, while the company sells its inventory and maintains
a conservative approach toward landbank acquisitions by maintaining
a repository profile for its landbank and majority of acquisitions
through swap. As a result, we expect Cyrela to maintain sound
operating cash flows, similar to R$865 million in 2018."





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

CELADON GROUP: Divests Logistics Business Division
--------------------------------------------------
Celadon Group, Inc., has disposed of substantially all of the
assets used in its Logistics business division in an all cash
transaction.

The Company continued its strategic plan to streamline operations,
reduce total debt, and focus on its core trucking business by
completing the sale of Logistics, with an effective financial
transfer date of April 1, 2019.  The purchaser was TA Services,
Inc., a PS Logistics, LLC subsidiary.  PS Logistics is a rapidly
growing full-service provider of asset-based transportation,
brokerage, 3PL, and supply chain services.  The Logistics Division,
which provides a full spectrum of freight brokerage, transportation
management, and warehousing solutions, contributed approximately
$139 million in revenue to the Company in the fiscal year ended
June 30, 2018.  The proceeds were used to pay transaction expenses,
to reduce borrowings under the Company's revolving credit
agreement, and to provide additional liquidity.

The transaction will include an ongoing strategic relationship
under which the Company will have access to the Logistics platform
to continue to serve customers' needs on a revenue sharing basis as
well as a commitment for the Company not to conduct independent
brokerage operations.  The transition of customer relationships,
IT, and other activities will be ongoing. Jon Russell, the
Company's president and chief operating officer and former
president of Logistics, will remain a member of the Company's
senior management team, while serving as a consultant to TA
Services through the transition process.  Post-transition, Mr.
Russell is expected to become part of TA Services management team.

Paul Svindland, the Company's chief executive officer, commented:
"The sale of Logistics marks another important milestone in
executing our strategic plan to simplify our business and reduce
debt.  Over the past several quarters, we have divested the former
Quality business, the joint venture with Element, our flatbed
business, our West Coast dedicated business, A&S/Buckler, and now
Logistics.  Giving effect to these dispositions, the go-forward
Celadon has returned to its roots as an asset-based truckload
carrier serving the North American market, with particular focus on
the eastern half of the United States and cross border traffic with
Mexico and Canada.  On a pro forma basis, we remain one of the
largest industry competitors, with key locations in approximately a
dozen states and provinces and a consolidated annual revenue run
rate of approximately $550 million.

"From a leverage perspective, this transaction and our recent sale
of our A&S Kinard and Buckler subsidiaries have reduced our
outstanding borrowings and capital leases by approximately $185
million.  We continue to work with existing and new financing
sources toward both an extension of our current facility and a
longer-term capital structure that will support our ongoing
operational and financial improvement efforts."

Mr. Svindland continued, "We expect that TA Services' significant
existing footprint and resources, combined with Jon Russell's
expertise, will provide an excellent platform for Logistics'
continued growth and dedication to excellent customer service.  We
look forward to the ongoing strategic alignment between our
companies and are confident in delivering continued value to our
customers as well as an excellent new home for the Logistics
employees."

                   Credit Agreement Amendment

On April 12, 2019, Celadon entered into a Sixteenth Amendment to
Amended and Restated Credit Agreement by and among the Company,
certain subsidiaries of the Company as guarantors, Bank of America,
N.A., as lender and Administrative Agent, Wells Fargo Bank, N.A.,
and Citizens Bank, N.A., both as lenders, which amends the
Company's existing Amended and Restated Credit Agreement dated Dec.
12, 2014, among the same parties.  Among other changes, the
Amendment (i) consented to the disposition of the Company's
Logistics Business; (ii) consented to the Company's entry into a
settlement agreement and the making of an initial payment required
by such agreement; (iii) deferred to April 30, 2019 the previously
scheduled reductions to the aggregate commitments by all lenders,
maximum level of outstanding loans and letter of credit
obligations, and loan sub-limit; (iv) provided that upon
consummation of the disposition of the Logistics Business each of
the Maximum Outstanding Amount and Maximum Borrowing Amount would
be reduced by the greater of (A) $51.1 million and (B) the actual
net cash proceeds received by the Company in the disposition, less
$4,138,600; (v) provided that upon consummation of the disposition
of the Logistics Business, the Aggregate Commitments would be
reduced to an amount equal to the Maximum Outstanding Amount, plus
$13.0 million; and (vi) amends financial covenant levels for the
Lease-Adjusted Total Debt to EBITDAR Ratio for the April 30, 2019
testing period, Fixed Charge Coverage Ratio for the April 30, 2019
testing period, and Maximum Disbursements for the April 28, 2019
through May 24, 2019 testing period, primarily to permit potential
delays in consummating the Logistics Business disposition and
certain updates to the Company's budget.

After giving effect to the Logistics Business disposition, the
Aggregate Commitments were approximately $146.2 million, the
Maximum Outstanding Amount was approximately $133.2 million, and
the Maximum Borrowing Amount was approximately $98.2 million.

                   Loaned Employee Agreement

On April 15, 2019, in connection with the disposition of the
Logistics Business, the Company entered into a Secondment (Loaned
Employee) Agreement with the Buyer concerning the employment of Jon
Russell.  Under the Loaned Employee Agreement, the Company agreed
to provide Mr. Russell's services to the Buyer as a seconded
employee of the Company.  The Loaned Employee Agreement provides
that Mr. Russell will devote approximately 50% of his time to the
Buyer and approximately 50% of his time to the Company and that the
Buyer will reimburse the Company for approximately 50% of the cost
of Mr. Russell's salary, benefits, and other employee costs,
excluding incentive compensation.  The Loaned Employee Agreement is
scheduled to expire on April 15, 2020, but may be terminated
earlier by the parties under certain circumstances.

In connection with the Loaned Employee Agreement, Mr. Russell
ceased to be the principal operating officer of the Company on
April 15, 2019.  Paul Svindland, the Company's chief executive
officer, assumed the role of the Company's principal operating
officer on that date.

Mr. Svindland, 48, has served as the Company's chief executive
officer and a member of its board of directors since July 2017. Mr.
Svindland previously served as chairman and chief executive officer
of Farren International Holdings, Inc., a private equity backed
holding company for multiple trucking companies, and held such
positions since its merger with EZE Trucking Holdings, Inc. in July
2016.  Prior to the merger, Mr. Svindland had served as chief
executive officer of EZE Trucking Holdings, Inc. since April 2014.

                            About Celadon


Celadon Group, Inc. -- http://www.celadongroup.com/-- provides
long haul, regional, local, dedicated, intermodal,
temperature-protect, and expedited freight service across the
United States, Canada, and Mexico.  The Company also owns Celadon
Logistics Services, which provides freight brokerage services,
freight management, as well as supply chain management solutions,
including logistics, warehousing, and distribution.  The Company is
headquartered in Indianapolis, Indiana.

In a press release dated April 2, 2018, Celadon stated that based
on issues identified in connection with the Audit Committee
investigation and management's review, financial statements for
fiscal years ended June 30, 2014, 2015, 2016, and the quarters
ended Sept. 30 and Dec. 31, 2016, will be restated.  Celadon's new
senior management team, led by the Company's new chief financial
officer and new chief accounting officer, commenced a review of the
Company's current and historical accounting policies and
procedures.  The internal investigation and management review have
identified errors that will require adjustments to the previously
issued 2014, 2015, 2016, and 2017 financial statements.

The New York Stock Exchange notified the Securities and Exchange
Commission on April 18, 2018 of its intention to remove the entire
class of the common stock of Celadon Group, Inc. from listing and
registration on the Exchange on April 30, 2018, pursuant to the
provisions of Rule 12d2-2(b) because, in the opinion of the
Exchange, the Common Stock is no longer suitable for continued
listing and trading on the Exchange.  The Exchange reached its
decision to initiate delisting proceedings because the Company was
delayed in re-filing with the Commission its withdrawn June 30,
2016 Form 10-K, and Form 10-Q filings for March 31, 2016, June 30,
2016 and September 30, 2016; and is also delayed in filing its Form
10-Q filings for March 31, 2017, June 30, 2017 and September 30,
2017.  The Company informed the NYSE that it will not be able to
complete the Late SEC Filings by May 2, 2018, the maximum allowable
trading period under Section 802.01E of the NYSE's Listed Company
Manual.  The Exchange, on April 3, 2018, determined that the Common
Stock of the Company should be suspended from trading, and directed
the preparation and filing with the Commission of this application
for the removal of the Common Stock from listing and registration
on the Exchange.  The Company was notified by phone and letter on
April 2, 2018.  Pursuant to the authorization, a press release
regarding the proposed delisting was issued and posted on the
Exchange's website on April 3, 2018.  Trading in the Common Stock
was suspended prior to market open on April 3, 2018.  The Company
had a right to appeal to a Committee of the Board of Directors of
the Exchange the determination to delist the Common Stock, provided
that it filed a written request for such a review with the
Secretary of the Exchange within ten business days of receiving
notice of the delisting determination.  The Company did not file
such request within the specified time period.


JUST ONE MORE: Gets Approval to Hire McHale, Appoint CRO
--------------------------------------------------------
Just One More Restaurant Corp. and Just One More Holding Corp.
received approval from the U.S. Bankruptcy Court for the Middle
District of Florida to hire McHale PA as their restructuring
advisor and appoint the firm's president Gerard McHale as chief
restructuring officer.

Mr. McHale and his firm will provide restructuring services in
connection with the Debtors' Chapter 11 cases, which include
overseeing and managing all aspects of the Debtors' business and
operations; evaluating liquidity options including restructuring,
refinancing, and reorganizing; and assisting the Debtors in
developing possible restructuring plans or sales of their assets.

The firm's hourly rates are:     

   Gerard McHale              $400     
   Susan Sprehn               $275     
   Veronica Larriva           $200     
   Indira Cruz                $140     
   Other Staff                 $80 to $200

The Debtors have agreed to a $25,000 pre-bankruptcy retainer and
$50,000 bankruptcy retainer.

Mr. McHale disclosed in court filings that he and his firm are
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

         Gerard A. McHale, Jr.     
         McHale PA     
         1601 Jackson Street, Suite 200     
         Fort Myers, FL 33901     
         Phone: (239) 337-0808     
         Fax: (239) 337-1178     
         E-mail: jerrym@thereceiver.net

                        About Just One More
     
Just One More Restaurant Corp. holds the Palm Restaurant
steakhouse's intellectual property -- a series of trademarks and
service marks, design elements of the Palm.  JOMR licenses the Palm
IP to the Palm Restaurants through individual licensing agreements.
There are 24 Palm Restaurants currently operating in the United
States and Mexico. The Debtors do not own any of the Palm
Restaurants.

Just One More Restaurant Corp. and Just One More Holding Corp.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Lead Case No. 19-01947) on March 7, 2019.
At the time of the filing, Just One More Restaurant estimated
assets of between $100 million and $500 million and liabilities of
between $10 million to $50 million.  Just One More Holding
estimated assets and liabilities of between $1 million and $10
million.

The Debtors tapped Berger Singerman LLP as their legal counsel, and
McHale, P.A. as their restructuring advisor.


JUST ONE MORE: Taps Berger Singerman as Legal Counsel
-----------------------------------------------------
Just One More Restaurant Corp. and Just One More Holding Corp.
received approval from the U.S. Bankruptcy Court for the Middle
District of Florida to hire Berger Singerman LLP as their legal
counsel.

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

The hourly rates range from $295 to $725 for the firm's attorneys
and from $85 to $240 for legal assistants and paralegals.

Paul Steven Singerman, Esq., and Christopher Jarvinen, Esq., the
attorneys who will be handling the cases, will charge $695 per hour
and $625 per hour, respectively.

The firm received retainer fees in the total amount of $400,000.

Paul Steven Singerman, Esq., at Berger Singerman, disclosed in
court filings that his firm is "disinterested" as defined in
Section 101(14) of the Bankruptcy Code. The firm can be reached
through:

         Paul Steven Singerman, Esq.     
         Berger Singerman LLP     
         1450 Brickell Avenue, 19th Floor     
         Miami, FL 33131     
         Tel: 305-714-4341     
         Fax: 305-714-4340     
         E-mail: singerman@bergersingerman.com

         - and -

         Christopher A Jarvinen, Esq.     
         Berger Singerman LLP     
         1450 Brickell Avenue, Suite 1900     
         Miami, FL 33131     
         Tel: 305-714-4363     
         Fax: (305) 714-4340     
         E-mail: cjarvinen@bergersingerman.com

                        About Just One More
     
Just One More Restaurant Corp. holds the Palm Restaurant
steakhouse's intellectual property -- a series of trademarks and
service marks, design elements of the Palm.  JOMR licenses the Palm
IP to the Palm Restaurants through individual licensing agreements.
There are 24 Palm Restaurants currently operating in the United
States and Mexico. The Debtors do not own any of the Palm
Restaurants.

Just One More Restaurant Corp. and Just One More Holding Corp.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Lead Case No. 19-01947) on March 7, 2019.
At the time of the filing, Just One More Restaurant estimated
assets of between $100 million and $500 million and liabilities of
between $10 million to $50 million.  Just One More Holding
estimated assets and liabilities of between $1 million and $10
million.

The Debtors tapped Berger Singerman LLP as their legal counsel, and
McHale, P.A. as their restructuring advisor.


SU CASITA: Fitch Affirms CC Rating on Class A Debt
--------------------------------------------------
Fitch Ratings has affirmed the 'CCsf' and 'D(mex)' ratings of Su
Casita Trust's class A and class B residential mortgage backed
securities (RMBS), respectively.

KEY RATING DRIVERS

Asset Analysis:

As of February 2019, the ratio of +90 days defaulted loans divided
by their original balance is 18.9% and 18.5% for +180 days metrics;
this indicator has clearly decreased from a high 25% reported in
2014. The observed decrease in defaults reflects dynamic activities
on REO repossessions implemented by the substitute servicer.
However, nearly 70% of the current portfolio exhibit +90 days
defaults and continue to be exposed to special servicing activities
needed to monetized deteriorated assets.

Based on information provided by Adamantine Servicios, S.A. de C.V.
(Adamantine, rated AAFC3+(mex)/Stable), as of February 2019, the
securitized portfolio is composed of 3,083 loans with an average
interest rate of 10.3% and a reported CLTV of 61.9%. Around 23% of
the loans are Peso-denominated and 77% UDI-denominated; at
origination all loans were UDI-denominated.

Operational Risk:

The securitized loans represent a static mortgage portfolio
originated by Hipotecaria Su Casita S.A. de C.V.. Currently, they
are serviced by Adamantine after being serviced by Patrimonio S.A.
de C.V. (rated AAFC3+(mex)/Negative) until 2015. Collections (and
resources from REO sales) are initially and directly received in a
bank account opened on behalf of the trustee at CI Banco S.A.,
Institucion de Banca Multiple rated 'A-(mex)' with Stable Outlook
by Fitch and then transferred to The Bank of New York Mellon rated
'AA' with a Stable Outlook. Given existing servicing fee structure,
it considers another servicing substitution process to be remote in
the foreseeable future.

Cash Flow Analysis:

As part of its analysis, Fitch calculated the Recovery Estimates
(RE) for the class A outstanding balance (without taking into
account the third party guarantee) is approximately 65% (RE65%).
Bond repayment continues dependent of an unrated third party
guarantor. Current ratings reflect very high levels of intrinsic
credit risk but not yet a default or a default-like process
corresponding to a 'Csf' rating for the class A given the guarantee
provided and available by an unrated guarantor.

Financial Structure:

As of March 2019, class A overcollateralization (excluding +91 days
delinquent loans from the loan pool) still negative and stands at
-135.8%, and -203.3% for class B. The class B rating also considers
the tranche's structural subordination to class A and its
consistent default on accrued interest payments. The repayment on
the class A notes continues being dependent on an unrated third
party guarantee. Fitch notices the servicing efforts would continue
on promoting cash flows through restructuring delinquent/defaulted
loans and speeding up REO sales.

RATING SENSITIVITIES

Class A's ratings exhibit limited upgrade potential. Among other
factors, they would be downgraded if REO dynamics change, if
special collection efforts do not result in better recovery
prospects in the foreseeable future, or if the third party
guarantee stops making payments since class A's interest and
principal payment have become more dependent on such external
credit protection.

DUE DILIGENCE USAGE

Fitch was not provided with due diligence information.

Fitch has affirmed the following ratings:

  -- Class A floating rate notes due 2035 at 'CCsf'; RE65% and
'CC(mex)vra';

  -- Class B UDI-indexed notes due 2035 at 'D(mex)'.




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P E R U
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NAUTILUS INKIA: Fitch Withdraws BB(EXP) Rating on $200MM Sr. Notes
------------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB(EXP)' expected rating on
Nautilus Inkia Holdings LLC proposed USD200 million senior
unsecured notes.

KEY RATING DRIVERS

The rating has been withdrawn as Inkia did not proceed with the
senior unsecured notes issue within the previously envisioned
timeline. Inkia's other ratings are unaffected by the withdrawal.

RATING SENSITIVITIES

Rating sensitivities are not applicable to this action, as the
ratings have been withdrawn.

FULL LIST OF RATING ACTIONS

Nautilus Inkia Holdings LLC

  - The rating of 'BB(EXP)' on the proposed USD200 million senior
unsecured notes has been withdrawn.




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P U E R T O   R I C O
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KONA GRILL: CFO Christi Hing Gets Additional Role as PEO
--------------------------------------------------------
The Board of Directors of Kona Grill, Inc. appointed Christi Hing,
currently the Company's chief financial officer, to also serve as
the Company's principal executive officer while the Company seeks
to fill the chief executive officer role resulting from the
previously disclosed resignation of Marcus Jundt effective March
31, 2019.

                       About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona Grill,
Inc. -- http://www.konagrill.com/-- currently owns and operates 34
restaurants in 20 states throughout the United States and Puerto
Rico.  In addition, the Company has two international restaurants
that operate under franchise agreements. Its restaurants feature
contemporary American favorites, award-sushi and an extensive
selection of alcoholic beverages.


KONA GRILL: Incurs $32 Million Net Loss in 2018
-----------------------------------------------
Kona Grill, Inc., has filed with the Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$31.96 million on $156.94 million of revenue for the year ended
Dec. 31, 2018, compared to a net loss of $23.43 million on $179.08
million of revenue for the year ended Dec. 31, 2017.

As of Dec. 31, 2018, Kona Grill had $53.61 million in total assets,
$74.04 million in total liabilities, and a total stockholders'
deficit of $20.43 million.

Kona Grill said its failure to satisfy financial covenants and/or
repayment requirements under its credit facility could harm its
financial condition which could materially adversely affect its
financial performance.

The Company has a secured credit facility consisting of a $20.0
million revolver and a $15.0 million term loan.  As of Dec. 31,
2018, the Company had $33.2 million outstanding under the credit
facility.  The credit facility requires the Company to maintain
certain financial covenants.  At Dec. 31, 2018, the Company was in
compliance with these covenants.  On April 2, 2019, the Company
received a Notice of Default and Reservation of Rights Letter for
failure to pay its quarterly principal payment due March 31, 2019,
failure to provide audited financial statements within 90 days of
fiscal year end, and failing to provide a covenant compliance
certificate that was due April 1, 2019.  As a result, the Company
is in default in the performance of its obligations under the
credit facility and the lenders have the right to accelerate the
due date of such debt.  The failure to maintain compliance with
these financial covenants combined with insufficient liquidity to
repay the debt balance when due materially adversely affects the
Company's financial condition and performance.

"There can be no assurance that in the future the Company will be
in compliance with all covenants or that its lenders would waive 50
any violations of such covenants.  Non-compliance with debt
covenants by the Company could have a material adverse effect on
the Company's business, results of operations and financial
condition and could impact our ability to continue as a going
concern," Kona Grill said the Report.

BDO USA, LLP, in Phoenix, Arizona, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 16, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, stating that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company's report on Form 10-K is available from the SEC's
website at https://is.gd/r3Ro9l.

                       About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona Grill,
Inc. -- http://www.konagrill.com/-- currently owns and operates 34
restaurants in 20 states throughout the United States and Puerto
Rico.  In addition, the Company has two international restaurants
that operate under franchise agreements. Its restaurants feature
contemporary American favorites, award-sushi and an extensive
selection of alcoholic beverages.


LIBERTY CABLEVISION: S&P Alters Outlook to Pos. on Earnings Growth
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Cable
TV operator Liberty Cablevision of Puerto Rico LLC (LCPR) and
revised the outlook to positive from stable given the company's
better visibility into future earnings, cash generation, and debt
repayment.

The outlook revision reflects LCPR's strong operating and financial
performance, as well as the inherent strength of the business
despite extensive damage to critical infrastructure, including
roads and power lines, across Puerto Rico following category five
hurricanes in late 2017. S&P expects S&P Global Ratings-adjusted
leverage to decrease to the high-4x area in 2019 from 7.1x at
fiscal year end Dec. 31, 2018, on earnings growth and voluntary
debt repayment as the full benefit of more customers coming online
helps 2019 financials. Since the devastation, LCPR has restored its
network, helping to return the business back to more normalized
levels. The restoration was faster than previously expected and
better, with fourth-quarter 2018 high-speed data (HSD) subscribers
at about 95% of pre-hurricane levels. Because of this demonstrated
resilience, S&P revised its assessment of the business risk upwards
to fair. In addition, the receipt of $77 million in advanced
insurance proceeds and $11 million from the U.S. Federal
Communications Commission to restore the communications network on
the island has helped shore up the company's liquidity position.

S&P said, "The positive rating outlook on LCPR reflects our
expectation that due to the full impact of customers coming online,
strong EBITDA growth, and continued debt repayment, leverage will
decline to the high-4x area by fiscal year end 2019.

"We could raise the rating if the company reduces leverage below
5.0x, in conjunction with maintaining EBITDA margins in the 40%
area and capital intensity at current levels. Any upside scenario
would depend on our view of the company's financial policy and
management's commitment to maintaining these stronger metrics
longer term.

"We could revise the outlook to stable due to greater competition,
deteriorating economic conditions, or materially less debt
repayment than anticipated, which causes leverage to remain above
5.0x. Given our expectation for healthy free operating cash flow
(FOCF) generation, we believe this is less likely barring material
shareholder returns or debt-financed acquisitions."


UNIVERSITY OF PUERTO RICO: S&P Affirms 'CC' Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CC' long-term rating and
underlying rating (SPUR) on the University of Puerto Rico's (UPR)
series P and series Q bonds, and affirmed its 'CC' long-term rating
on the series 2000A bonds issued by the Puerto Rico Industrial,
Tourist, Educational, Medical, and Environmental Control Facilities
Authority for the Plaza Universitaria Project (Desarollos
Universitario Inc.; DUI) bonds. At the same time, S&P affirmed its
'CC' rating on the university. The outlook for all ratings remains
negative.

On July 14, 2016, UPR filed a notice indicating that given the
suspended payments to the trustee for its debt obligations,
defaults on its series P and Q bonds could occur. In addition, S&P
understands that on Aug. 5, 2016, the trustee for the series 2000A
Plaza Universitaria bonds notified UPR that it had missed a basic
monthly lease payment to the trustee, due on July 25, 2016, and was
thereby in default of its lease agreement, and in turn, its bond
trust agreement. In May 2017, the university re-established the
payments to the trustee of the series P and Q and DUI bonds and
paid all the basic lease payments due.

Through the most recent payment dates of Dec. 1, 2018 and Jan. 1,
2019, UPR has made debt service payments through a Standstill
Agreement that was extended through June 30, 2019, and allowed UPR
to make timely transfers to the trustee, equivalent to debt
service, and exempt from the prohibition of debt service payments
under the commonwealth's debt service moratorium.

However, as the July 1, 2016 debt service payment (and all
subsequent payments) to bondholders were made in full, we
understand that UPR and DUI are not in default to bondholders at
this time. According to management, the trustee has sufficient
funds in hand and paid bondholders on Dec. 1 for series P and Q
bonds, and on Jan. 1, 2019 for the series 2000A Plaza Universitaria
payment.

"We affirmed the rating on the university given the limits imposed
by the executive order, and the potential for default on the series
P, Q, and 2000A bonds, combined with the Jan. 10, 2019 notification
of 'show cause' accreditation status from Middle States Commission
on Higher Education Middle States," said S&P Global Ratings credit
analyst Charlene Butterfield. Management indicates that it has a
year, until spring 2020, to remedy the show-cause status by
producing an audit for fiscal 2018, along with a budget and updated
progress against the university's fiscal plan to restructure the
University operations for each campus; UPR remains fully accredited
in the interim. To date, S&P Global Ratings does not have audited
financial statements for fiscal 2018, as they have not yet been
finalized.

S&P said, "Per our definition, institutions with a 'CC' rating
indicate cases where S&P Global Ratings "expects default to be a
virtual certainty, regardless of the anticipated time to default."
In our opinion, the university's recent history of management
turnover, campus strikes, steep cuts proposed in the fiscal plan,
and June 30, 2019 expiration of current forbearance agreement
represent significant operating challenges for the institution, and
could impede its ability to make future debt payments beyond the
June 30, 2019 payment, all of which are reflected in the negative
outlook. Debt payments to the trustee are being made under a
forbearance agreement, which expires June 30, 2019; for future debt
payments to be made, UPR would have to seek an extension of the
agreement.

"We will continue to monitor UPR's operations as they relate to
possible disruption risk and debt repayment plans for the Dec. 1,
2019 and Jan. 1, 2020 due dates given the potential for default."

The negative outlook reflects the potential for a default on UPR's
rated bonds following the implementation of the executive order
suspending trustee payments for future bond payments. In addition,
the negative outlook reflects uncertainty regarding receipts of
future state appropriations given the commonwealth's ongoing fiscal
crisis, potential future spending cuts, and debt restructuring, all
of which contribute to the potential for default.


WESTERN HOST: Cranes Buying San Juan Commercial Bldg. for $1.5M
---------------------------------------------------------------
Western Host Associates, Inc., asks the U.S. Bankruptcy Court for
the District of Puerto Rico to authorize the sale of the four-story
hotel building constructed in reinforced concrete and concrete
blocks, located at 202 San Jose Street, Old San Juan, Puerto Rico,
with 487 square meters, Cranes, LLC for $1.5 million.

Triangle Cayman Asset Co. filed proof of claim #12-1 in the amount
of $4,687,788.  On March 19, 2019, the Court held a hearing in
which granted Triangle their request to lift the automatic stay,
and also, granted Triangle's request to receive the funds consigned
from the insurance in the amount of $633,806.

In the case, the Debtor asked an appraisal in which the property is
valued at $1.5 million.  The Debtor received an offer from Cranes,
through their authorized representative Mr. Mauricio Noguera, to
purchase the building in the amount of $1.5 million.  Said
transaction is being made in good faith and at fair market value.

It is the Debtor's intention to pay the following secured creditors
with the amount offered: a) Municipal Revenue Collection Center
("CRIM"), and b) Triangle.  The amount owed to CRIM, according to
their proof of claim, is $68,161.

According to the appraisal the property's market value is in the
amount of $1.5 million; which would be Triangle's secured portion;
pending is a 3012 motion filed by the Debtor.

Therefore, the amount of $1.5 million would be disbursed in the
following manner:

a) The amount of $68,161 for CRIM according to the certification
included with their proof of claim.

b) The amount of $1,428,000 for Triangle as a payoff of the debt,
if the amount of $633,806 is returned to the estate.  The Debtor
filed reconsideration to that end, if Triangle is to keep the
amount of $633,806 from the insurance then it should be subtracted
from the $1,428,000 and Triangle would receive $798,033.

In this case, included in schedule E/F is Mr. Jesús M. Ruiz
Brignoni recognized as an unsecured creditor.  He is not a secured
creditor because, after Triangle, there is no equity left for him
to be recognized as secured. Therefore, he is unsecured as to the
whole amount.

The offer is made so that the sale will transfer the property free
and clear of any liens.  The Debtor asks that the present motion
announcing the sale of the property be approved.  The sale is made
in favor of buyers with no attachments or liens.

A copy of the Offer attached to the Motion is available for free
at:

      http://bankrupt.com/misc/WESTERN_HOST_146_Sales.pdf

          About Western Host Associates

Western Host Associates, Inc., owns a four-story commercial hotel
building located at 202 San Jose Street, Old San Juan, Puerto Rico.
The hotel is currently non-operational and is valued by the company
at $1.35 million.

The company previously sought bankruptcy protection on Nov. 14,
2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr.
D.P.R. Case No. 11-04152).

Western Host Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018.
In the petition signed by Luis Alvarez, president, the Debtor
disclosed $1.36 million in assets and $4.82 million in
liabilities.

Judge Brian K. Tester oversees the case.

The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and
the Law Offices of Jose R. Olmo-Rodriguez, as special counsel.




===============
S U R I N A M E
===============

SURINAME: S&P Affirms 'B' Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
On April 18, 2019, S&P Global Ratings affirmed its 'B' long-term
sovereign credit rating, 'B' short-term sovereign credit rating on
the Republic of Suriname, and its 'B' senior unsecured debt rating
on Suriname's US$550 million bond due in 2026. At the same time,
S&P Global Ratings also affirmed its 'B+' transfer and
convertibility assessment. The outlook is stable.

Outlook

S&P said, "The stable outlook reflects our expectations that, in
the next 12 months, real GDP growth will remain positive, with
resource-led export growth leading to sustained current account
surpluses and moderate growth in central bank reserves. We also
assume the government will delay implementing the value-added tax
(VAT) until after the 2020 election, deferring previously expected
improvement in fiscal results. The election increases uncertainty
in our fiscal forecast, as spending could increase significantly in
the run-up. We also expect that the exchange rate will remain
stable, inflation will continue to inch down, and pressure on the
domestic banking system will ease." The announcement of additional
steps to boost investor confidence and GDP growth, in conjunction
with continued production from Suriname's gold mines, could further
accelerate the government's movement toward long-term fiscal
sustainability.

A clear track record of continuing economic growth at rates typical
of countries with similar levels of development and fiscal
consolidation that results in improved fiscal balances and lower
debt and interest burdens on a sustainable basis could lead to an
upgrade in the next 12-24 months.

Alternatively, a weaker external liquidity position could put
greater strain on the exchange rate, boost inflation expectations,
undermine domestic confidence, and stress the domestic financial
system. We could downgrade Suriname as a result.

Rationale

Another year of production at the country's two gold mines has
established real GDP growth on a positive footing, albeit at the
expense of making the economy more vulnerable to gold prices. Gold
exports has supported current account receipts (CARs). This has
contributed to a gradual improvement in Suriname's external
finances, a trend that we expect will continue over the next year.
However, improvements in general government deficits that we had
expected from the proposed VAT have not materialized, because the
implementation has been delayed until after the election in 2020.
The postponement has pushed out the fiscal consolidation that was
to begin in the second half of 2018. As a result, our forecast of
Suriname's near-term fiscal performance metrics and debt and
interest burdens has weakened.

S&P forecasts Suriname's GDP per capita to be about US$6,300 in
2019, and we expect that it will increase further in the next few
years. The country has strong oil prospects. An oil boom is
developing in neighboring Guyana and exploration work will begin in
Suriname's territorial waters later this year. The country has a
stable democratic government, but poor public policy choices have
threatened financial sustainability before. The election in 2020
looms large because possible increases in government spending in
the election's run-up could undo the progress the government has
made on moving closer to fiscal sustainability in the past few
years.

Increased gold production and exports have increased the country's
current account receipts and narrowed its current account deficits.
The current account should be in a modest surplus by 2021.
Furthermore, central bank reserves have strengthened considerably
in the past two years, with further improvement likely in the next
year. S&P said, "We expect postponing VAT implementation will
result in higher levels of general government debt and interest
expense. We do not expect material improvement in fiscal results
until 2020 at the earliest, and possibly later if VAT
implementation is subject to more delays." The exchange rate has
been stable for the past two years and any change in the next year
should be modest. Inflation has fallen significantly from its peak
of 52% in 2016 to about 6% for 2019 where it should remain.

Institutional and economic profile: Gold production will continue
to power the Surinamese economy in the next year.

-- With two gold mines producing year-round, real GDP has grown
for two consecutive years and should remain positive for the next
year, leading to improvements in the country's external position as
well.

--The economy, however, has become more vulnerable to swings in
commodity prices, gold and oil specifically.

Real GDP growth is now firmly on positive footing following an
increase in output of 1.7% in 2018. Real GDP growth should be 2% or
higher in 2019, with even faster growth expected in 2020 and 2021.
Growth should be propelled in part by improving domestic demand,
further development at the Merian and Rosebel mines, continued oil
exploration work, officially funded infrastructure projects, and
the potential redevelopment of the airport. Additional economic
stimulus could come in the run-up to the next general election in
2020.

GDP per capita should be about US$6,300 in 2019, and approach
US$7,200 by 2021. With Merian's opening, the Suriname economy now
relies more on gold mining and production, which tempers S&P's view
of the country's economic strength because it has become more
vulnerable to changes in gold prices. Suriname has good long-term
prospects in oil and in agriculture. An oil boom is developing in
neighboring Guyana and exploration work will begin offshore in
Suriname's territorial waters later this year.

Suriname has a stable democratic government but poor public policy
choices have threatened financial stability. The government
previously over-relied on natural resource revenues from gold and
oil and failed to develop more stable and sustainable revenue
sources, leaving the country vulnerable to the downturn in
commodity prices. In the run-up to the most recent election,
general government spending increased dramatically and large
deficits ensued when commodity prices fell. Central bank reserves
were in danger of being exhausted. There will be an election in
2020 and a change in fiscal policy could undo the progress the
government has made on fiscal consolidation. S&P believes that the
checks and balances that are the hallmark of stronger institutional
frameworks are weak in Suriname. Policy choices are difficult to
predict because of highly centralized decision-making. "Key person"
risk remains high.

Suriname's society, however, remains civil. Relations between
ethnic groups have been harmonious. Power sharing has been
broad-based but has come at the cost of constraining the
government's ability to formulate policies and implement timely
reforms. Nevertheless, the government continues to make progress
and practices continue to improve. Central bank reserves have
strengthened, inflation has eased, and the exchange rate is
stable.

Flexibility and performance profile: Strengthening central bank
reserves have reduced Suriname's external vulnerabilities.

-- CARs have increased with production from two gold mines, and
with less reliance on external funding expected in the next few
years, leading to improving external metrics, including stronger
central bank reserves.

-- General government deficits will rise slightly in the next few
years, but then shrink in 2021 and 2022, reaching as low as 4% of
GDP.

-- Suriname's small capital markets, lack of monetary policy
tools, and high dollarization of both bank assets and liabilities
constrain its monetary flexibility.

S&P expects Suriname's current account to improve to a 1% surplus
of GDP in 2021 and 2022. The country's current account was in a
deficit position in 2018, partially because of the repatriation of
capital by Newmont Mining Corp. for the development of its Merian
mine, after achieving near-balance in 2017. S&P expects the
government to finance its deficits domestically in the next two
years, supporting external metrics. Gross external financing needs
should be 93% of CARs and usable reserves for 2019-2022; narrow net
external debt should represent 54% of CARs in 2019 and could
decline to 43% of CARs by 2022. Improving central bank reserves
have reduced Suriname's external vulnerabilities, as they reached
US$580 million (more than four months of import cover), and should
rise further, potentially reaching over US$1 billion by 2022.

S&P said, "Given the delay in VAT implementation, we now expect
fiscal balances to improve only slightly in 2019 and 2020. The net
general government deficit should shrink to about 7% of GDP in 2019
and 6% in 2020, from almost 8.5% in 2018. The deficit should shrink
more substantially with VAT implementation, reaching as low as 3%
by 2022. We expect net general government debt will increase to 67%
and 68% in 2019 and 2020, respectively, before declining to about
64% of GDP by 2022.

"We believe that the financial system will remain a limited
contingent liability to the government. Banking system risk is
declining and the central bank's oversight is good. Suriname's
financial system is not large, and we do not expect it to become
so. The gross assets of other depository corporations totaled about
SRD$17.6 billion and represented 88% of GDP in 2018.

"We believe that Suriname will continue to lack monetary policy
flexibility. Small capital markets and high dollarization of both
bank assets and liabilities should continue to constrain the
effectiveness of monetary policy. The central bank has limited
monetary policy tools. Its primary tool is reserve requirements on
local and foreign currency deposits, which it uses to manage credit
growth in the local banking system. We expect inflation will be
close to 6% for 2019-2022."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Suriname

    Sovereign Credit Rating     B/Stable/B
    Transfer & Convertibility Assessment
    Local Currency             B+
  
  Suriname

    Senior Unsecured             B




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

CL FINANCIAL: CCJ Orders CLICO to Pay Up EC1.4MM to 2 Brothers
--------------------------------------------------------------
Trinidad Express reports that the Caribbean Court of Justice (CCJ)
ordered CLICO International Life Insurance Limited (CLICO) to pay
more than EC$1.4 million (One EC dollar=US$0.37 cents) to two
Dominican brothers within ten days.

Justice David Hayton, who delivered the judgment on behalf of the
Court, said that the CLICO judicial manager had to pay the debt of
EC$1.423 million to Octavius John and Laurent John within ten days
of the judgment, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders vowed to pay back a
TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was in
response to attempts by the company's shareholders to take control
of the board. High Court Judge Kevin Ramcharan however sided with
the company shareholders, ruling that the action by the Government
was premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015, that
the Constitution Reform Forum (CRF) has called on Finance Minister
Larry Howai to refrain from embarking on an "unnecessary drain on
the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not only
will it be a waste of finance but such a course of action will also
demonstrate a "lack of commitment by the Government to the spirit
and intent of the Freedom of Information Act FOIA", under which the
request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement. The
bank's statement follows protest action by CLICO workers, supported
by their union, the Banking, Insurance and General Workers' Union
(BIGWU), outside the Central Bank in Port of Spain, according to
Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government welcomed an Appeal Court
ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself at
the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues to
discuss a letter of intent hammered out by the Ministry of Finance
and CL Financial's 400 shareholders, which envisions taxpayers will
recover the more than TT$20 billion Government has injected since
2009 to keep CL subsidiary CLICO and other companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord to
recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank, Angostura
Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing Reuters,
said that the cost of the Trinidad and Tobago government bailout of
CL Financial Limited is likely to rise to more than TT$3 billion.


[*] BOND PRICING: For the Week April 15 to April 21, 2019
---------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP




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

VENEZUELA: Bars Guaido From Public Office for 15 Years
------------------------------------------------------
Jorge Rueda at Associated Press reports that the Venezuelan
government said it has barred opposition leader Juan Guaido from
holding public office for 15 years, though the National Assembly
leader brushed off the measure and said it would not derail his
campaign to oust President Nicolas Maduro.

The announcement by state comptroller Elvis Amoroso, a close Maduro
ally, cited alleged irregularities in Guaido's financial records
and reflected a tightening of government pressure on an opposition
movement backed by the United States and its allies, according to
Associated Press.

Mr. Guaido, who was elected to the assembly in 2015, has taken 90
international trips without accounting for the origin of the
estimated $94,000 in expenses, Mr. Amoroso said, the report notes.
He also accused the opposition leader of harming Venezuela through
his interactions with foreign governments, dozens of which support
Guaido's claim that he is interim president of the country, the
report relays.

"We're going to continue in the streets," Mr. Guaido said soon
after Amoroso's statements on state television, the report says.
He dismissed the comptroller's announcement as irrelevant because,
in his view, Maduro's government is illegitimate, the report
discloses.

In Washington, U.S. State Department spokesman Robert Palladino
described the ban on Guaido as "ridiculous."

The United States was the first nation to recognize Guaido as
interim president, asserting that Maduro's re-election last year
was rigged. It has stepped up sanctions and other diplomatic
measures in the hopes of forcing him to give up power, the report
adds.

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'.



                           *********


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

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

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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