/raid1/www/Hosts/bankrupt/TCRLA_Public/190708.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, July 8, 2019, Vol. 20, No. 135

                           Headlines



B R A Z I L

CBC AMMO: Moody's Withdraws B1 Corporate Family Rating
GAIA SECURITIZADORA: Moody's Rates 12th Certs Issue-Series 1 'Ba1'
MARFRIG GLOBAL: Moody's Raises CFR to B1, Outlook Stable
QUICKFOOD SA: Moody's Hikes Unsec. Notes Rating to B1


H A I T I

HAITI: To Get $55MM-IDB Loan to Finance Government Project


J A M A I C A

JAMAICA: Provides Loan for Micro to Medium-Sized Enterprises


P U E R T O   R I C O

KONA GRILL: Creditors Panel Hires Kelley Drye as Lead Counsel
KONA GRILL: Creditors Panel Hires Province Inc as Financial Advisor


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: Review Non-Disclosure of Colman Report, Judge Says


X X X X X X X X

[*] BOND PRICING: For the Week July 1 to July 5, 2019

                           - - - - -


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B R A Z I L
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CBC AMMO: Moody's Withdraws B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service withdrawn CBC AMMO LLC's B1 corporate
family rating, B1-PD probability of default rating and the stable
outlook. At the time of withdrawal, there was no instrument rating
outstanding.

RATINGS RATIONALE

In December 2017, CBC AMMO LLC redeemed USD 250 million global
notes.

Headquartered in Ribeirao Pires, Brazil, CBC AMMO LLC is a global
manufacturer of small-caliber ammunition, with production sites in
Brazil, Germany and the Czech Republic, as well as distribution
facilities in the US. CBC sells its products to military, law
enforcement agencies and commercial customers in more than 100
countries worldwide through four brands: CBC, MEN, Sellier & Bellot
and Magtech. During the 2018 fiscal year, the company generated net
revenue of $542 million and $133 million in Moody's-adjusted
EBITDA.


GAIA SECURITIZADORA: Moody's Rates 12th Certs Issue-Series 1 'Ba1'
------------------------------------------------------------------
Moody's America Latina Ltda. assigned definitive ratings of Ba1
(sf) (global scale, local currency) and Aaa.br (sf) (national
scale) to the first series of the 12th issuance of agribusiness
certificates issued by Gaia Securitizadora S.A. (Gaia, not rated).
The CRA are backed by agricultural production financial notesand
agribusiness receivables certificates (certificados de direitos
creditorios do agronegocio, or CDCAs) issued and payable by
agricultural producers and distributers, respectively. The
transaction is a securitization program sponsored by Nufarm
Industria Quimica e Farmaceutica S.A. (Nufarm Brasil, not rated), a
subsidiary of Nufarm Limited (Nufarm, long-term rating Ba3, global
scale, outlook stable). The receivables backing the securities
benefit from a credit insurance policy from Euler Hermes SA (Euler
Hermes, long-term rating Aa3, global scale, outlook stable).

Issuer: Gaia Securitizadora S.A.

  First series, 12th issuance -- Ba1 (sf) (global scale,
  local currency) / Aaa.br (sf) (national scale)

RATINGS RATIONALE

The transaction is a 3-year revolving securitization program to
provide financing to agricultural producers and distributors of
agricultural inputs to acquire defensives and other products
provided by Nufarm Brasil, as well as other agricultural inputs
provided by other approved suppliers. The transaction is backed by
either (i) CPR Financeiras, which are notes issued by the
agricultural producers, as obligors or (ii) CDCAs, certificates
issued by the distributors, as obligors.

The definitive ratings on the Senior CRA are based on the following
factors, including:

  - Credit enhancement of 15% for the benefit of the Senior CRA
(first series) in the form of subordination from the Mezzanine CRA
and subordinated CRA, each representing 10% and 5% of the capital
structure, respectively. The available subordination absorbs the
first 15% of collateral losses and is sufficient to cover the
exposure to the three largest three obligors. The transaction has
an overcollateralization trigger which prevents the acquisition of
new receivables when the Senior CRA represents more than 85% of
non-delinquent assets, unless Nufarm Brasil invest in newly issued
subordinated CRA to maintain the minimum overcollateralization
level.

  - Credit insurance policy. The underlying receivables benefit
from a credit insurance policy provided by Euler Hermes that covers
any credit losses in excess of the initial 15% subordination,
subject to the parameters set forth in the policy. The Senior CRA's
ratings consider Euler Hermes's ability and willingness to make
payments under the insurance policy, and the potential for claim
rejections which may arise under various circumstances. The
6-months lag between the legal final maturity of the CRA and the
maximum term of the receivable provides sufficient time to receive
any outstanding payments on insurance claims. Payments of
indemnification from the insurance company can occur up to 44
business days after the defaulted credit's maturity date.

  - Nufarm's financial and operational stability and the quality of
their origination process. Nufarm's failure to comply with its
obligations as per the credit insurance policy could lead to claim
rejections by Euler Hermes. The transaction benefit from a put
option on defaulted receivables against Nufarm Brasil if the
insurance company disputes a presented claim due to: (i) Nufarm
Brasil's failure to deliver monitoring reports, (ii) incorrect
formalization of receivables, and (iii) misrepresentation of
obligor's information and other documents provided to the insurance
company. Nonetheless to minimize this exposure, a formalization
agent ACE - Agriculture Collateral Experts Ltda (ACE, not rated)
and, together with Laure, Volpon e Defina Advogados (LVD Advogados,
not rated), provided a legal opinion addressing each individual
receivable's existence, validity, enforceability and
effectiveness.

  - Interest rate mismatch risk. The receivables will be purchased
at a fixed discount rate and the CRA are indexed to the DI rate
(interbank deposit rate). This risk is mitigated through interest
rate options negotiated with B3 S.A. -- Brasil, Bolsa, Balcao (B3
S.A., long-term rating Ba1, global scale, outlook stable). The
interest rate options cover the period from the receivables'
acquisition date until their maturity date.

  - Segregated assets. The CRA benefit from a fiduciary regime
(regime fiduciario) whereby the assets backing the CRA are
segregated. These segregated assets are destined only for payments
on the CRA and payment of certain fees and expenses, and are
segregated from all other assets on the issuer's balance sheet.
However, the transaction is subject to residual legal risk because
Gaia's agribusiness credits can be affected by the securitization
company's tax, labor and pension creditors.

The senior CRA's legal final maturity is in March 2023 and the
notes will accrue, on a daily basis, a floating interest rate
equivalent to DI (cumulative daily average accrual of interbank
deposits) rate plus 120 bps spread. Accrued interest and principal
is due on the senior CRA by the legal final maturity date. During
the revolving period, the securitization company will be able to
use collection proceeds to provide additional financing to the
obligors that paid the receivables by the scheduled due date.

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

A deterioration in the ratings of Nufarm Brasil's parent company,
Euler Hermes or B3 S.A. could lead to a downgrade in the ratings on
the Senior CRA. In addition, a change in Moody's opinion regarding
the residual legal risk related to the securitization company and
operational risks related to Nufarm Brasil could also trigger a
downgrade of the senior CRA ratings.

A significant improvement in the ratings of Nufarm Brasil's parent
company, together with high relevance of the Brazilian subsidiary
and a strong track record of claim payments related to similar
insurance policies could lead to an upgrade on the Senior CRA
ratings.


MARFRIG GLOBAL: Moody's Raises CFR to B1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service upgraded Marfrig Global Foods S.A.
corporate family rating and the senior unsecured ratings of its
wholly-owned subsidiary Marfrig Holdings B.V. to B1 from B2. The
outlook is stable.

Ratings actions:

Issuer: Marfrig Global Foods S.A.

  LT Corporate Family Rating: upgrade to B1 from B2

Issuer: Marfrig Holdings (Europe) B.V.

  $21.6 million senior unsecured global notes due 2021; upgraded
  to B1 from B2

  $446.1 million senior unsecured global notes due 2023; upgraded
   to B1 from B2

The outlook is stable

RATINGS RATIONALE

The upgrade of Marfrig to B1 reflects the estimated improvements in
credit metrics during 2019 and beyond along with the lower
refinancing risk after the payment, with proceeds from the Keystone
sale, of the $900 million bridge loan raised for the National Beef
acquistion and the $1 billion bond issuance in May 2019. The
upgrade incorporates the expectation that , despite the increased
concentration in the beef segment, Marfrig will be able maintain or
modestly improve its operating margins when compared to historical
levels. Accordingly, profitability will be supported by US
operations and the strategy of adding higher value-added products
through National Beef and Quickfood brands, as well as processed
foods in Brazil.

The B1 ratings also consider the evolution observed in corporate
governance practices. Marfrig has revised its Code of Ethics and
Conduct and its Anticorruption Policy, while it implemented new
governance policies, including clear formal financial policies on
liquidity risk (limiting concentration of debt maturities in the
short-term and cash levels) and leverage targets (net debt/adjusted
EBITDA not exceeding 2.5x in December 2018 and 3.5x on each
subsequent quarter), also incorporated into the Shareholders'
Agreement.

The B1 ratings remain supported by Marfrig's scale as the second
largest beef producer globally, its good geographic footprint and
distribution capabilities. Diversification in terms of raw material
sourcing, in Latin America and the US, reduces risks related to
weather and animal diseases. It also mitigates some of the
volatility inherent in commodity cycles and supply-demand
conditions for each specific region.

Marfrig's credit profile is constrained by its cash flow dependence
and exposure to the volatile beef segment, as well as the high
gross leverage, measured by Moody's adjusted debt/EBITDA, and weak
interest coverage. Liability management initiatives that reduce
cost of debt will support improvements in interest coverage, while
cash flow from operations will allow the company to reduce debt
levels and improve leverage overtime.

The stable outlook reflects its expectations that Marfrig will
present steady credit metrics in the next 12 to 18 months, despite
its higher concentration in the beef segment. The outlook also
incorporates its expectations that the company will maintain an
adequate liquidity profile and will manage capital spending and
dividend distribution in a prudent manner, avoiding compromising
its leverage and cash flow.

An upward rating movement would require Marfrig to maintain a
strong liquidity position and improve credit metrcis, with
leverage, measured by Moody's total adjusted debt/EBITDA declining
towards 4x and interest coverage, measured by EBITA/interest
expense, improving towards at least 3x. An upgrade would also
require improvements in operating performance, with CFO/Debt
reaching at least 15%, and the company complying with its financial
policies.

Marfrig's ratings could be downgraded if the company's operating
performance weakens, its financial policy becomes more aggressive
or its liquidity deteriorates. Quantitatively, the ratings could be
downgraded if total debt/EBITDA stays above 5x over the next 12-18
months, EBITA/interest expense falls below 2x or CFO/debt stays
below 12%. All credit metrics incorporate its standard
adjustments.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Marfrig Global Foods S.A., headquartered in Sao Paulo, Brazil, is
the second-largest beef producer globally, with consolidated
revenue of R$36.7 billion (around $10.0 billion) in the 12 months
ended March 2019. The company has a relevant scale and it is
geographically diversified in terms of operating production
facilities, with total slaughtering capacity of 33.5 thousand heads
per day (including National Beef) through its 24 slaughtering
plants (including one lamb slaughtering unit) and 12 processing
facilities located in Brazil, Argentina, Uruguay and the US. In
June 2018, Marfrig acquired the control of National Beef (through a
51% stake), headquartered in Kansas City, Missouri.


QUICKFOOD SA: Moody's Hikes Unsec. Notes Rating to B1
-----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.,
upgraded Quickfood S.A.'s guaranteed senior unsecured notes'
ratings to B1/Aa3.ar from B2/A2.ar following the upgrade of the
guarantor's ratings, Marfrig Global Foods S.A. (Marfrig, B1
stable), to B1 with stable outlook on July 4, 2019. At the same
time, Moody's has affirmed Quickfood's corporate family rating at
B3/Baa2.ar. The outlook is stable.

Upgrades:

Issuer: Quickfood S.A.

  Gtd Senior Unsecured Regular Bond/Debenture, Upgraded
  to B1/Aa3.ar from B2/A2.ar

Affirmations:

Issuer: Quickfood S.A.

  Corporate Family Rating, Affirmed at B3/Baa2.ar

RATINGS RATIONALE

The upgrade to B1/Aa3.ar of Quickfood's guaranteed notes mirrors
the rating upgrade to B1 from B2 of its guarantor, Marfrig, by
Moody's Investors Service on July 4, 2019. Marfrig fully and
unconditionally guarantees the instruments, which would cause an
acceleration of most of the parent's debt in the event of a
default.

Quickfood's B3/Baa2.ar CFR continues to reflect its weak credit and
financial profiles, and its modest scale and concentration in
Argentina, with a consequent strong correlation with the country's
macroeconomic environment. Some of its raw materials are
commodities or correlated with them, mainly livestock and trimming,
which add both price and foreign-exchange rate volatility risk.
Quickfood's B3/Baa2.ar ratings incorporate an uplift from its
standalone credit profile because of the support from its parent,
Marfrig. The ratings are also supported by the company's position
as one of the main meat processing companies in Argentina, with
high-quality products and well-recognized brands, such as Paty, the
local leader in the beef hamburger market, and Vienissima, one of
the local leaders in the sausages market.

Quickfood's credit metrics experienced some improvement in late
2018 and in the first quarter of 2019, as a result of (i) a capital
contribution in August 2018 of ARS1 billion ($34 million) by the
company's former parent company, BRF S.A. (Ba2 negative), that was
used to pay down short term debt; and (ii) the triggering of a
'change of control' clause in early March 2019 following Marfrig's
acquisition of the company in January 2019, which led to the
repurchase of most of Quickfood's guaranteed notes. However,
Moody's expects Quickfood's debt levels to increase through the
next 12 to 18 months to fund both working capital requirements and
capital spending. Quickfood's profitability improved recently as a
result the company's actions to improve productivity in 2018, with
reported gross margin rising to 11.8% as of the last twelve months
of March 2019 from 8.9% in fiscal-year 2017. But the company
continues to derive negative profit at the operating and the net
income levels, resulting in increasingly negative retained earnings
in Quickfood's equity. In recent years, the company's low or even
negative value of equity derived from high negative retained
earnings forced former parent company BRF to strengthen Quickfood's
equity through capital contributions. Moody's expects the Argentine
economic environment (75% of sales derive from the domestic market)
to remain weak in 2019, with real GDP down by about 1.5%, which
will continue to prevent the company from fully passing through
higher costs of raw materials (mainly livestock and packaging) and
further expanding gross margins.

The stable outlook reflects its view that Marfrig will continue to
support the company to take advantage of its leading position in
the processed food market in Argentina, as well as its export
platform, given the recent US opening for import of fresh beef. In
addition, Moody's believes Quickfood will benefit from the group's
solid business model and position as one of the largest food
conglomerates in the world.

The B1/Aa3.ar rating of the guaranteed notes could be upgraded or
downgraded if Marfrig 's ratings were to be upgraded or downgraded,
respectively.

An upgrade of Quickfood's B3/Baa2.ar CFR could result from
continued strengthening of the company's revenue and profitability,
along with continued improvement in its leverage metrics.
Additionally, a more predictable outlook on the economic activity
in Argentina would be important for a rating upgrade.

A rating downgrade of Quickfood's B3/Baa2.ar CFR could be prompted
if Marfrig's credit profile weakens, or in case of significant
deterioration in Quickfood's operating performance. Indications of
weakening market share in the domestic protein market could also
place pressure on the rating, especially if Quickfood is unable to
remain among the leading protein entities in Argentina

Founded in 1960 and headquartered in Buenos Aires, Argentina,
Quickfood is dedicated to the manufacturing and commercialization
of processed, refrigerated and frozen foods under specific brands.
For the last twelve months ended in March 2019 revenues amounted to
ARS9.6 billion (approximately $307 million). The company operates
three processing plants and two distribution centers in Argentina.

Marfrig Global Foods S.A. (Marfrig), headquartered in Sao Paulo,
Brazil, is the second-largest beef producer globally, with
consolidated revenue of R$36.7 billion (around $10.0 billion) in
the 12 months ended March 2019. The company has a relevant scale
and is diversified in terms of operating production facilities,
with total slaughtering capacity of 33.5 thousand heads per day
(including National Beef) through its 24 slaughtering plants and 12
processing units located in Brazil, Argentina, Uruguay and the US.
In June 2018, Marfrig acquired the control of National Beef
(through a 51% stake), headquartered in Kansas City, Missouri.




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H A I T I
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HAITI: To Get $55MM-IDB Loan to Finance Government Project
----------------------------------------------------------
The Inter-American Development Bank (IDB) approved a donation of
$55 million to finance a project that will strengthen public
management and improve service delivery in Haiti.

The project will contribute to expand the coverage of services
provided by the Ministry of Agriculture, Natural Resources and
Rural Development (MARNDR) and the Ministry of Public Works,
Transportation, and Communications (MTPTC), through improvements in
management and labor productivity of resources human beings of the
public administration.

To strengthen the management of public sector personnel, the
project will support the Office of Human Resources Management
(OMRH) and the Ministry of Economy and Finance (MEF) in the
implementation of policies that guarantee meritocracy in access to
public positions and improving the control of spending on salaries.
It will also support measures to promote the professionalization
and improvement of public human resources skills, training plans
and continuous development of competencies, and the implementation
of management tools such as a new job classification structure to
improve the composition of resources human beings in these
ministries.

The project will contribute to improving the quality of spending by
strengthening the computer systems for the management of human
resources and salaries, and the implementation of a Biometric
Registry to improve the control of personnel management.

In addition, it will support the functional reorganization, the
strengthening of the administration of human and financial
resources, and the operation of key services in the aforementioned
ministries. Finally, the Superior Court of Accounts will be
supported in the review and simplification of control procedures,
and the preparation of annual reports of accountability to
citizens.




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

JAMAICA: Provides Loan for Micro to Medium-Sized Enterprises
------------------------------------------------------------
RJR News reports that owners of micro, small and medium-sized
Enterprises (MSMEs) will soon be able to access loans for their
businesses with help from the Government of Jamaica, at 4.75 per
cent.

This was announced by Floyd Green, Minister of State in the
Ministry of Industry and Commerce, at a workshop dubbed: Time for
Growth: Unlocking the Power of the SME, at the Terra Nova All-Suite
Hotel in St. Andrew, according to RJR News.

The government is seeking up to $600 million that will be given to
the EX-IM Bank to lend in the micro, medium and small enterprise
sector, largely focusing on manufacturers, the report notes.

As reported in the Troubled Company Reporter-Latin America on June
27, 2019, RJR News said that Steven Gooden, Chief Executive Officer
of NCB Capital Markets, is warning that the increasing liquidity in
the economy might result in heightened risk to the financial market
if left unchecked.  This, he said, is against the background of the
local administration seeking to reduce the debt to GDP to 60% by
the end of the 2025/26 fiscal year, which will see Government
repaying more than J$600 billion which will get back into the
system, according to RJR News.

TCRLA reported 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.




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

KONA GRILL: Creditors Panel Hires Kelley Drye as Lead Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Kona Grill, Inc.,
and its debtor-affiliates, seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain Kelley Drye
& Warren LLP, as lead counsel to the Committee.

The Committee requires Kelley Drye to:

   (a) advise the Committee with respect to its rights, duties
       and powers in these cases;

   (b) assist and advise the Committee in its consultations with
       the Debtors in connection with the administration of these
       cases;

   (c) assist the Committee in its investigation of the acts,
       conduct, assets, liabilities, and financial condition of
       the Debtors;

   (d) assist the Committee in connection with the proposed sale
       process;

   (e) assist the Committee in analyzing the claims of the
       Debtors' creditors;

   (f) advise and represent the Committee in connection with
       matters generally arising in these cases, including the
       Debtors' motion to incur post-petition financing;

   (g) appear before this Court, and any other court;

   (h) prepare, on behalf of the Committee, any pleadings,
       motions, memoranda, complaints, objections, and responses
       to any actions taken in these cases or matters filed in
       these cases; and

   (i) perform such other legal services as may be required or
       are otherwise deemed to be in the interests of the
       Committee in accordance with the Committee's powers and
       duties as set forth in the Bankruptcy Code, Bankruptcy
       Rules, or other applicable law.

Kelley Drye will be paid at these hourly rates:

     Partners                    $680 to $1,075
     Special Counsel              $540 to $800
     Associates                   $415 to $620
     Paraprofessionals            $185 to $300

Kelley Drye will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Not applicable.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Yes. For the period from May 16, 2019 through June
              30, 2019.

Jason R. Adams, partner of Kelley Drye & Warren LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of
the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Kelley Drye can be reached at:

     Jason R. Adams, Esq.
     James S. Carr, Esq.
     Lauren S. Schlussel, Esq.
     KELLEY DRYE & WARREN LLP
     101 Park Avenue
     New York, NY 10178
     Tel: (212) 808-7800
     Fax: (212) 808-7897
     E-mail: jadams@kelleydrye.com
             jcarr@kelleydrye.com
             lschlussel@kelleydrye.com

                         About Kona Grill

Kona Grill, Inc. -- https://www.konagrill.com/ -- owns and operates
27 casual dining restaurants in 18 states, as well as Puerto Rico,
serving contemporary American favorites, sushi, and alcoholic
beverages throughout the United States and Puerto Rico.

Kona Grill, Inc., and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
19-10953) on April 30, 2019. As of Dec. 31, 2018, the Debtors
disclosed total assets of $53,613,000 and total liabilities of
$74,049,000. The petition was signed by Christopher J. Wells, the
CRO.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Piper Jaffray as investment banker; Alvarez & Marsal North America,
LLC as restructuring advisor and Epiq Corporate Restructuring, LLC,
as claims and noticing agent.

Andrew Vara, acting U.S. trustee for Region 3, on May 16, 2019,
appointed five creditors to serve on an official committee of
unsecured creditors in the Chapter 11 cases.  The Committee
retained Kelley Drye & Warren LLP, as lead counsel; Bayard, P.A.,
as co-counsel; and Province, Inc., as financial advisor.


KONA GRILL: Creditors Panel Hires Province Inc as Financial Advisor
-------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Kona Grill, Inc.,
and its debtor-affiliates, seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain Province,
Inc., as financial advisor to the Committee.

The Committee requires Province to:

   a. familiarize with and analyze the Debtors' DIP budget,
      assets and liabilities, and overall financial condition;

   b. review financial and operational information furnished by
      the Debtors to the Committee;

   c. monitor the going concern sale process, interfacing with
      the Debtors' professionals, and advising the Committee
      regarding the process;

   d. analyze the Debtors' proposed business plan and develop
      alternative scenarios, if necessary;

   e. assess the Debtors' various pleadings and proposed
      treatment of unsecured creditor claims therefrom;

   f. prepare, or review as applicable, avoidance action and
      claim analyses;

   g. assist the Committee in reviewing the Debtors' financial
      reports, including, but not limited to, SOFAs, Schedules,
      cash budgets, and Monthly Operating Reports;

   h. advise the Committee on the current state of these chapter
      11 cases;

   i. advise the Committee in negotiations with the Debtors and
      third parties as necessary;

   j. if necessary, participate as a witness in hearings before
      the bankruptcy court with respect to matters upon which
      Province has provided advice; and

   k. other activities as are approved by the Committee, the
      Committee's counsel, and as agreed to by Province.

Province will be paid at these hourly rates:

     Principal                 $790 to 835
     Managing Director         $620 to 685
     Senior Director           $570 to 610
     Director                  $480 to 560
     Sr. Associate             $395 to 475
     Associate                 $350 to 390
     Analyst                   $285 to 345
     Paraprofessional              $150

Province will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Carol Cabello, aa managing director of Province, Inc., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Province can be reached at:

     Carol Cabello
     PROVINCE, INC.
     2360 Corporate Circle, Suite 330
     Henderson, NV 89074
     Tel: (702) 685-5555

                         About Kona Grill

Kona Grill, Inc. -- https://www.konagrill.com/ -- owns and operates
27 casual dining restaurants in 18 states, as well as Puerto Rico,
serving contemporary American favorites, sushi, and alcoholic
beverages throughout the United States and Puerto Rico.

Kona Grill, Inc., and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
19-10953) on April 30, 2019. As of Dec. 31, 2018, the Debtors
disclosed total assets of $53,613,000 and total liabilities of
$74,049,000. The petition was signed by Christopher J. Wells, the
CRO.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Piper Jaffray as investment banker; Alvarez & Marsal North America,
LLC as restructuring advisor and Epiq Corporate Restructuring, LLC,
as claims and noticing agent.

Andrew Vara, acting U.S. trustee for Region 3, on May 16, 2019,
appointed five creditors to serve on an official committee of
unsecured creditors in the Chapter 11 cases.  The Committee
retained Kelley Drye & Warren LLP, as lead counsel; Bayard, P.A.,
as co-counsel; and Province, Inc., as financial advisor.




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

CL FINANCIAL: Review Non-Disclosure of Colman Report, Judge Says
----------------------------------------------------------------
Trinidad Express reports that High Court Judge Frank Seepersad
called on the government to review urgently the decision not to
make public the report of the Colman Commission of Inquiry into the
collapse of CL Financial, the parent company of CLICO, British
American Insurance Company and CMMB.

In November 2010, Sir Anthony Colman, a British Queen's Counsel,
was appointed as the sole commissioner to probe the January 2009
collapse of CL Financial, according to Trinidad Express.

                 About CL Financial

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial however experienced a liquidity crisis that resulted
in a "bail out" agreement by which the government of Trinidad and
Tobago loaned the company funds ($7.3 billion as of December 2010)
to maintain its ability to operate, and obtained a majority of
seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.




===============
X X X X X X X X
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[*] BOND PRICING: For the Week July 1 to July 5, 2019
-----------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
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
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



                           *********


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.
.


                  * * * End of Transmission * * *