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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, June 20, 2019, Vol. 20, No. 123

                           Headlines



A R G E N T I N A

CUOTAS CENCOSUD VIII: Moody's Rates ARS16MM Class C Debt 'Ca'


B R A Z I L

ODEBRECHT SA: Files For Bankruptcy Amid Graft Charges


C A Y M A N   I S L A N D S

BANIF FINANCE: Creditors' Proofs of Debt Due on July 15
SAAD INVESTMENTS: Creditors to Hold Meeting on July 25


D O M I N I C A N   R E P U B L I C

ITABO POWER PLANT: Seaweed Invasion Shuts Down Major Power Plant


J A M A I C A

JAMAICA: Bartlett Calls For Equitable Distribution of Earnings


P U E R T O   R I C O

CHARLOTTE RUSSE: Exclusive Plan Filing Period Extended to Sept. 3
CHARLOTTE RUSSE: Meyers Roman Represents 3 Kohan Landlords
COPY DU SERVICES: Plan Outline Hearing Moved to Aug. 14
PUERTO RICO: Asks Court For More Time on Members' Appointments
REMLIW INC: July 18 Disclosure Statement Hearing Set



V E N E Z U E L A

PETROLEOS DE VENEZUELA: Jamaica Now Owns Refinery Shares

                           - - - - -


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

CUOTAS CENCOSUD VIII: Moody's Rates ARS16MM Class C Debt 'Ca'
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Cuotas Cencosud Serie VIII. This transaction
will be issued by TMF Trust Company 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 VIII" deal is as follows:

ARS395,110,960 in Class A Floating Rate Debt Securities (VDFA),
rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf)
(Global Scale)

ARS4,478,602 in Class B Floating Rate Debt Securities (VDFB),
rated Caa2.ar (sf) (Argentine National Scale) and Caa3 (sf)
(Global Scale)

ARS16,620,558 in Class C Floating Rate Debt Securities (VDFC),
rated Ca.ar (sf) (Argentine National Scale) and Ca (sf)
(Global Scale)

ARS344,650 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 141,309 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 July 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 100 bps).
The VDFA's interest rate will never be higher than 55.0% or lower
than 47.0%. The VDFB will bear a floating interest rate (BADLAR
plus 200 bps). The VDFB's interest rate will never be higher than
56.0% or lower than 48.0%. The VDFC will bear a floating interest
rate (BADLAR plus 300 bps). The VDFC's interest rate will never be
higher than 57.0% or lower than 49.0%.

Overall credit enhancement is comprised of: (i) subordination; ii)
overcollateralization and iii) a reserve fund. The transaction has
initial subordination levels of 26.2% for the VDFA, 25.4% for the
VDFB and 22.3% for the VDFC, calculated over the pool's
undiscounted principal balance.

Finally, the transaction has an estimated 42.8% 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 9
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 April 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 61.7% during the last
twelve months as of April 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 the building of
credit enhancement over time due to the turbo sequential payment
structure, when compared with the level of projected losses in the
securitized pool.



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B R A Z I L
===========

ODEBRECHT SA: Files For Bankruptcy Amid Graft Charges
-----------------------------------------------------
Aluisio Alves at Reuters reports that Brazilian conglomerate
Odebrecht SA filed for bankruptcy protection, aiming to restructure
BRL51 billion (US$13 billion) of debt in what would be one of Latin
America's largest-ever in-court debt restructurings.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, according to Reuters.

In the filing, the company asks the judge to bar the group's seven
largest creditors - six banks and an investment fund - from taking
possession or selling shares in the group's crown jewel, its
controlling stake in petrochemical company Braskem SA, the report
notes.

Shares in Braskem are pledged as collateral to the creditors, the
report relays.  But Odebrecht says the Braskem stake is essential
to its restructuring, as the petrochemical company was responsible
for nearly 80% of the conglomerate's revenues in 2018, the report
discloses.

Odebrecht said the bankruptcy protection was the best way to
conclude its debt restructuring as creditors have sought to seize
assets pledged as collateral for unpaid loans, the report notes.

Reuters says that the debt restructuring relates to the parent
company Odebrecht SA and a network of holding companies.

The group's main operating businesses are excluded, including
Braskem, construction unit OEC, oil company Ocyan, shipbuilder
Enseada, Odebrecht Transport and homebuilder Incorporadora OR.
Sugar and ethanol subsidiary Atvos Agroindustrial Participacoes SA,
which already filed for a separate bankruptcy protection, is also
excluded, the report relays.

Odebrecht said its total debt reaches BRL98.5 billion, including
intercompany loans and debt that is not subjected to in-court
restructuring, the report says.

                          Fall From Grace

Reuters notes that Odebrecht expanded from its construction roots
into one of Brazil's biggest conglomerates but began its fall from
grace in 2014, when it became a principal target of the country's
largest-ever corruption probe.

Former chief executive Marcelo Odebrecht, grandson of the founder,
was arrested in 2015 and later sentenced to 19 years in jail for
corruption. He has been under house arrest since 2017, barred from
having any say in the company's running, the report says.

In 2016, Odebrecht agreed to the world's largest-ever corruption
leniency fine with prosecutors in Brazil, the United States, and
Switzerland, paying at least $3.5 billion, the report recalls. The
scandal over bribes for public works contracts spread to other
countries where Odebrecht did business, including Peru, Mexico,
Argentina and Colombia, the report notes.

Since then, the group has been selling assets to raise cash as
borrowing costs climbed, the report says.  It sold Brazilian
sanitation company Odebrecht Ambiental to Canada's Brookfield Asset
Management for $800 million and Peruvian hydroelectric plant
Chaglla to China Three Gorges Corporation for $1.4 billion, the
report relays.

Still, some of the group's businesses have been forced to
restructure debts as their revenues dwindled, the report
discloses.

Reuters notes that Odebrecht's construction unit OEC is in talks to
restructure $3 billion of debt with bondholders.  The company
proposed a 70% haircut, which was rejected by its creditors, the
report relays.

After a failed attempt to negotiate an out-of-court solution with
its creditors, ethanol unit Atvos filed for bankruptcy protection
in May, the report says.

Odebrecht had been negotiating a sale of Braskem to LyondellBasell
Industries NV for a year and a half, but talks ended with no deal
earlier this month, the report notes.

The conglomerate's largest creditors are Brazilian state-owned
lenders Banco do Brasil SA, Caixa Economica Federal and BNDES, as
well as private-sector lenders Banco Bradesco SA, Itau Unibanco
Holding SA, Banco Santander Brasil SA and an investment fund,
totaling BRL33 billion in debt, the report notes.

The group is being advised by financial restructuring firm RK
Partners and law firm E. Munhoz Advogados, the report adds.

                       About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American engineering
and construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto is
the world's largest builder of hydroelectric plants, of sanitary
and storm sewers, water treatment and desalination plants,
transmission lines and aqueducts.  The Group's main businesses are
heavy engineering and construction based in Rio de Janeiro, Brazil,
and Braskem S.A., its chemicals/petrochemicals company, based in
Sao Paulo, Brazil.




===========================
C A Y M A N   I S L A N D S
===========================

BANIF FINANCE: Creditors' Proofs of Debt Due on July 15
-------------------------------------------------------
The creditors of Banif Finance Limited are required to file their
proofs of debt by July 15, 2019, to be included in the company's
dividend distribution.

The company's liquidator is:

          Martin Trott
          R&H Restructuring Cayman Ltd.
          Windward I, Regatta Office Park, PO Box 897
          Grand Cayman, KYI-1103, Cayman Islands



SAAD INVESTMENTS: Creditors to Hold Meeting on July 25
------------------------------------------------------
The creditors of Saad Investments Company Limited will hold their
meeting on July 25, 2019, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o Grant Thornton Specialist Services (Cayman) Limited
          10 Market Street, PO Box #765, Camana Bay
          Grand Cayman, Grand Cayman Islands KY1 9006




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

ITABO POWER PLANT: Seaweed Invasion Shuts Down Major Power Plant
----------------------------------------------------------------
Dominican Today reports that Units 1 and 2 of the Itabo power
plant, which supplies 238 megawatts to the National Grid (SENI),
were shut down due to "a high invasion of Sargasso seaweed" that
have swamped Dominican coasts.

The management company said that the cooling water channels to the
turbines are affected despite mitigation measures, according to
Dominican Today.

It said they are now in the process of cleaning the entire beach
with support staff, divers' crews and machinery, the report
relays.




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

JAMAICA: Bartlett Calls For Equitable Distribution of Earnings
--------------------------------------------------------------
RJR News reports that Jamaica Minister of Tourism Edmund Bartlett
has said for the sector to be truly sustainable, there must be
greater equality among all stakeholders and a more equitable
distribution of tourism earnings.

Mr. Bartlett said with revenues from international tourism totaling
US$1.7 trillion in 2018 and one in 11 of the world's jobs generated
by tourism, it raises the question of the distribution of this
wealth and the impact it is having on the highly tourism dependent
regions, according to RJR News.

He said this a real concern as many of the countries that have the
highest level of tourism dependence are characterized also by high
unemployment, a high debt to GDP ratio, social concerns and high
levels of income inequality, the report relays.

Mr. Bartlett was speaking at the 110th Executive Council meeting of
the United Nations World Tourism Organization in Azerbaijan, the
report adds.  

As reported in the Troubled Company Reporter-Latin America on Sept.
27, 2018, S&P Global Ratings revised its outlook on Jamaica to
positive from stable. At the same time, S&P affirmed its 'B'
long-and short-term foreign and local currency sovereign credit
ratings, and its 'B+' transfer and convertibility assessment on the
country.




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

CHARLOTTE RUSSE: Exclusive Plan Filing Period Extended to Sept. 3
-----------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware extended the period during which CR
Holding Liquidating Inc., formerly known as Charlotte Russe Holding
Inc., and its affiliates have the exclusive right to file a Chapter
11 plan through Sept. 3, and to solicit acceptances for the plan
through Oct. 31.

                   About Charlotte Russe Holding

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

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

Charlotte Russe Holding and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10210) on Feb. 3, 2019.  At the time of the filing, Charlotte
Russe Holding estimated assets of $100 million to $500 million and
liabilities of $100 million to $500 million.

The cases are assigned to Judge Laurie Selber Silverstein.

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


CHARLOTTE RUSSE: Meyers Roman Represents 3 Kohan Landlords
----------------------------------------------------------
In the Chapter 11 proceedings of Charlotte Russe Holding, Inc., et
al., Meyers, Roman, Friedberg & Lewis provided notice under Rule
2019 of the Federal Rules of Bankruptcy Procedure that it
represents these creditors:

    1. Esplanade Mall Realty Holding, LLC
       c/o Kohan Retail Investment Group
       1010 North Boulevard
       Great Neck, NY 11021

    2. Indian River Mall Realty Holding, LLC  
       c/o Kohan Retail Investment Group
       1010 North Boulevard
       Great Neck, NY 11021

    3. Virginia Center Common Realty  Holding, LLC
       c/o Kohan Retail Investment Group
       1010 North Boulevard
       Great Neck, NY 11021

The Creditors' claims are on account of retail leases.  Their
claims are presently unknown, subject to 11 U.S.C. Sec.
502(b)(6)and 503(b).

The firm can be reached at:

         David M. Neumann
         Meyers, Roman, Friedberg & Lewis
         E-mail: dneumann@meyersroman.com
         28601 Chagrin Blvd., Suite 500
         Cleveland, Ohio 44122
         Tel: 216-831-0042
         Fax: 216-831-0542

                   About Charlotte Russe Holding

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

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

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

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

The cases are assigned to Judge Laurie Selber Silverstein.

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


COPY DU SERVICES: Plan Outline Hearing Moved to Aug. 14
-------------------------------------------------------
Bankruptcy Judge Brian K. Tester granted Copy Du Services Corp.'s
motion requesting an extension of 30 days to file the disclosure
statement and plan of reorganization.

The hearing on approval of the disclosure statement scheduled for
July 17, 2019 at 2:00 PM will now be held on August 14, 2019 at
2:00 PM, at the United States Bankruptcy Court, Jose V. Toledo
Federal Building and U.S. Courthouse, 300 Recinto Sur, Courtroom
No. 1, Second floor, San Juan, Puerto Rico.

                About Copy Du Services Corp

Copy Du Services Corp filed its petition for reorganization under
the provisions of 11 USC Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 18-06268) on Oct. 26, 2018, estimating under $1
million in both assets and liabilities.  Juan Carlos Bigas Valedon,
Esq., at Juan C. Bigas Valedon Law Office, is the Debtor's
counsel.


PUERTO RICO: Asks Court For More Time on Members' Appointments
--------------------------------------------------------------
Karen Pierog at Reuters reports that Puerto Rico's federally
created financial oversight board asked a federal appeals court to
extend a July 15 deadline for its members to be confirmed by the
U.S. Senate, citing concerns that missing it could harm an ongoing
restructuring of the bankrupt U.S. commonwealth's debt.

The action followed an announcement by a U.S. Senate committee that
the confirmation process will not begin for several weeks,
according to Reuters.

"Without such an extension, the oversight board would be unable to
carry out its responsibilities on July 15, which will throw the
debt restructuring process into chaos and threaten irreparable
damage to the Puerto Rican economy," the board said in a statement
obtained by the news agency.

The board, which is overseeing the restructuring of about $120
billion of Puerto Rico debt and pension obligation through a form
of bankruptcy, asked the Boston-based First Circuit Court of
Appeals to extend the deadline pending a U.S. Supreme Court
decision on whether to review the matter, the report notes.

The appeals court in May extended a May 16 deadline for the board's
seven members to be reappointed or replaced to July 15, the report
relays.  In February, in a case brought by Puerto Rico creditors,
the court ruled that the members' 2016 appointments violated the
U.S. Constitution's Appointments Clause because they were not
confirmed by the Senate, the report says.

While the appeals court declined to void actions taken by the
board, the ruling cast uncertainty around the board as it continued
efforts to restructure Puerto Rico's debt and pension obligations
under a form of bankruptcy filed for the U.S. commonwealth in 2017,
Reuters notes.

The White House officially sent nominations for the board's current
members to the Senate Energy and Natural Resources Committee, which
said it expects to receive paperwork for the nominees "within
several weeks and will announce a hearing for (the nominations)
shortly thereafter," the report discloses.

Reuters says that the nominations cover only the remainder of the
members' terms, which all end on Aug. 30. A spokesman for the board
said the members would continue serving until they are formally
replaced.

The Supreme Court could announce as soon as June 24 whether it will
review the First Circuit's appointments ruling, the report relays.

After completing debt restructurings for Puerto Rico's sales
tax-backed debt and Government Development Bank, the board has said
it will soon unveil a core government debt adjustment plan that
includes outstanding general obligation bonds and unfunded pension
liabilities, the report adds.


REMLIW INC: July 18 Disclosure Statement Hearing Set
----------------------------------------------------
Bankruptcy Judge Edward A. Godoy is set to hold a hearing on July
18, 2019 at 9:30 a.m. to consider and rule upon the adequacy of
Remliw, Inc.'s disclosure statement.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served not less
than 14 days prior to the hearing.

The Troubled Company Reporter previously reported that general
unsecured claims will be paid on the Effective Date or the Closing
Date on a pro-rata basis from the available funds on that dated
after payment of Classes I, II, III, and IV.

A copy of the Disclosure Statement dated May 31, 2019 is available
at https://tinyurl.com/y2t4kes8 from Pacermonitor.com at no
charge.

A copy of the Liquidation Plan is available at
https://tinyurl.com/y4hk5m9s from Pacermonitor.com at no charge.

                     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 disclosed
$2,776,090 in total liabilities.  Damaris Quinones Vargas, Esq., at
LCDA Damaris Quinones, is the Debtor's counsel.




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

PETROLEOS DE VENEZUELA: Jamaica Now Owns Refinery Shares
--------------------------------------------------------
Luc Cohen at Reuters reports that the Jamaican government said it
already owns the 49% stake in a refinery on the island formerly
held by Venezuelan state oil company Petroleos de Venezuela, S.A.
(PDVSA), after the South American country's opposition requested it
not expropriate the shares.

Jamaica's Senate in February passed legislation clearing the way
for the government to acquire the 49% stake in the 36,000
barrel-per-day Petrojam refinery that PDVSA acquired in 2006, part
of late leftist President Hugo Chavez's energy diplomacy efforts in
the Caribbean, according to Reuters.

But over the weekend, an ad-hoc PDVSA board appointed by opposition
leader Juan Guaido sent Jamaica a letter asking that it halt the
expropriation process, the report notes.  The other 51% of the
shares were already owned by the Jamaican government, the report
relays.

Robert Nesta Morgan, parliamentary secretary for the office of
Jamaican Prime Minister Andrew Holness, said that the office
received the letter and sent it to the attorney general's office
for "advice," the report discloses.

"The shares however are now owned by Jamaica," Morgan said in a
statement, adding that the Jamaican government placed funds for
compensation for the shares an escrow account, and there was a
provision for parties to submit claims for the funds, the report
relays.  He did not say how much money was placed in the account.

Guaido, the leader of the opposition-controlled National Assembly,
in January invoked Venezuela's constitution to assume an interim
presidency, arguing President Nicolas Maduro's 2018 re-election was
illegitimate, the report says.  He has since been recognized by
dozens of countries as Venezuela's rightful leader, the report
notes.

Reuters relays that he appointed the ad-hoc board in part to
protect PDVSA's assets abroad.  Maduro calls Guaido a puppet of the
United States seeking to oust him in a coup, and remains in control
of most state functions, including PDVSA's operations within
Venezuela, the report discloses.

Jose Ignacio Hernandez, Guaido's overseas legal representative,
said he and PDVSA ad-hoc board chair Luis Pacheco had "already
requested that any compensation should be negotiated with the
legitimate government," the report adds.

As reported in Troubled Company Reporter-Latin America on June 3,
2019,  Moody's Investors Service has withdrawn all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the time
of withdrawal, the ratings were C and the outlook was stable.



                           *********


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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.


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