/raid1/www/Hosts/bankrupt/TCRLA_Public/190923.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, September 23, 2019, Vol. 20, No. 190

                           Headlines



A R G E N T I N A

ARGENTINA: DBRS Hikes Short Term FC/LC Issuer Ratings to R-5


B R A Z I L

BRAZIL: DBRS Confirms BB(low) LongTerm FC/LC Issuer Ratings
ELETROBRAS: Brazil Unlikely to Privatize State Power Firm
OI SA: In Talks to Sell Mobile Unit to Telecom Italia, Telefonica


C H I L E

UBIOME INC: U.S. Trustee Forms 3-Member Committee


J A M A I C A

JAMAICA: Defends Using Funds From Fuel Tax in National Budget


P U E R T O   R I C O

PRINT PLUS: Court Conditionally Approves Disclosure Statement
SAN JUAN ICE: Court Conditionally Approves Disclosure Statement


X X X X X X X X

LATAM: Natural Disasters Have Left Great Losses in the Caribbean
[*] BOND PRICING: For the Week September 16 to September 20, 2019

                           - - - - -


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

ARGENTINA: DBRS Hikes Short Term FC/LC Issuer Ratings to R-5
------------------------------------------------------------
DBRS, Inc upgraded the Republic of Argentina's Short-Term Foreign
and Local Currency – Issuer Ratings from SD to R-5. At the same
time, the Short-Term Ratings have been placed Under Review with
Negative Implications (URN). The Long-Term Foreign and Local
Currency - Issuer Ratings, at CC, also remain Under Review with
Negative Implications (URN).

KEY RATING CONSIDERATIONS

DBRS downgraded Argentina to SD following the August 28
announcement that payments would be deferred on short-term debt
obligations, some of which came due on August 30. Argentina is now
making payments in accordance with the revised payment schedule,
prompting an upgrade of the short-term issuer ratings to R-5.

As noted in DBRS's August 30 press release, Argentine authorities
have announced their intention to launch a "voluntary" debt swap to
extend maturities on additional longer-term securities maturing
within the next ten years. This expected change in duration
combined with the implicit threat of nonpayment, if creditors do
not participate in the exchange, is also likely to meet DBRS's
definition of default, but the terms and timing of the exchange are
not yet clear. Consequently, the Long-Term Issuer Ratings remain at
CC and are Under Review with Negative Implications.

The repayment of the newly rescheduled short-term debt obligations
also remains in doubt, as these payments have been pushed back only
3-6 months and will now come due shortly after the inauguration of
a new administration. The recent imposition of capital controls
combined with the reprofiling of short-term debt alleviate the
immediate demands on reserves, but DBRS expects volatile conditions
to persist through the election period and subsequent transition.
In this context, Argentina may struggle to rollover or repay its
short-term obligations as they come due early in 2020. In the
absence of continued engagement from the IMF and a well-designed
macroeconomic adjustment program, DBRS sees risks of additional
difficulties in servicing Argentina's debt.

RATING DRIVERS

Argentina's ratings are likely to be downgraded to Selective
Default (SD) if Argentina compels creditors to extend maturities or
risk non-payment. Otherwise, downward pressure on the ratings could
emerge if (1) fiscal or monetary policy discipline weakens
considerably in the lead up to or following any change in
administration; or (2) the incoming government proves unwilling to
make policy commitments similar to those agreed under the current
IMF program, generating continued market pressures and limiting the
availability of non-inflationary financing heading into 2020 and
2021.

A stabilization of the ratings will likely hinge on the
administration's commitment to (1) preserve fiscal policy
discipline; and (2) maintain the main pillars of the existing
macroeconomic program, for example through passage of the law on
central bank independence.

Notes: All figures are in USD unless otherwise noted. Public
finance statistics reported on a general government basis unless
specified. Forecasts drawn from IMF. Governance indicator
represents an average percentile rank (0-100) from Rule of Law,
Voice and Accountability and Government Effectiveness indicators
(all World Bank). Human Development Index (UNDP) ranges from 0-1,
with 1 representing a very high level of human development.




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

BRAZIL: DBRS Confirms BB(low) LongTerm FC/LC Issuer Ratings
-----------------------------------------------------------
DBRS, Inc. (DBRS) confirmed the Federative Republic of Brazil's
Long-Term Foreign and Local Currency - Issuer Ratings at BB (low).
At the same time, DBRS confirmed the Federative Republic of
Brazil's Short-term Foreign and Local Currency - Issuer Ratings at
R-4. The trend on all ratings is Stable.

KEY RATING CONSIDERATIONS

The Brazilian government is pursuing a broad reform agenda to
repair fiscal accounts and strengthen the economy's weak growth
outlook. Passage of pension reform in the Lower House marked a
major step toward restoring fiscal sustainability. The legislation
is now in the Senate, where DBRS expects it will be approved
largely in its current form within the next 1-2 months. While the
reform reduces risks to the fiscal outlook, additional tightening
measures will be needed to put public debt dynamics on a
sustainable path.

The economic recovery continues to advance, albeit at an anemic
pace. In the near term, DBRS expects the cyclical recovery to
gradually accelerate on the back of expansionary monetary policy
and strengthening confidence. Prospects for higher medium-term
growth, however, depend on structural reforms. In this regard, the
government is moving on multiple fronts, with measures to lower the
cost of doing business, improve the efficiency of credit markets,
and open the economy to international competition.

The Stable trend indicates that upside and downside risks to the BB
(low) ratings are broadly balanced. Investment could revive faster
than expected if confidence builds on the back on an advancing
reform agenda. Stronger growth combined with ongoing fiscal
discipline could materially improve the outlook for debt
sustainability. On the other hand, political support for the reform
agenda could lose momentum or external conditions could
substantially worsen, thereby leaving Brazil vulnerable to shocks
in a low growth - high debt equilibrium.

RATING DRIVERS

The ratings could experience upward pressure if the underlying
fiscal position materially improves and the political support for
sound fiscal management remains strong. Economic reforms that
improve the growth outlook would also be credit positive.

On the other hand, the ratings could experience downward pressure
if the fiscal adjustment deviates materially from the expected
consolidation path. External shocks that exacerbate Brazil's growth
challenges could make the necessary fiscal adjustment even more
difficult to achieve.

RATING RATIONALE

Pension Reform Reduces Fiscal Risks But Additional Measures Are
Needed To Ensure Sustainability

The government is implementing a gradual fiscal consolidation plan
underpinned by a constitutional amendment that limits the growth of
primary spending to the rate of inflation. Compliance with this
spending cap was achieved in 2017 and 2018 and will likely be
achieved in 2019. However, pursuing an expenditure-based
consolidation is complicated by the high share of mandatory
spending that is either earmarked or indexed.

Pension reform will help alleviate rising pressures on mandatory
spending. If fully approved, the reform will stabilize pension
spending as a share of GDP. While this reduces a key source of
risk, prospects for narrowing the fiscal deficit will depend on the
implementation of additional measures. Controlling the civil
servant wage bill, restraining minimum wage adjustments that feed
through to various expenditures, and removing tax subsidies will
all likely be required in order to comply the spending cap through
2026, at which point the rules related to the ceiling can be
amended.

Public debt dynamics are expected to stabilize but risks to
sustainability are high. Assuming compliance with the spending cap,
DBRS estimates that the primary balance would shift to a surplus in
2023 and then rise to 1.7% of GDP in 2026. In such a scenario,
gross non-financial public sector debt (based on IMF definition)
would peak in 2024 at 96% of GDP and then gradually decline.
However, risks to the baseline scenario are two-sided. In a
positive scenario characterized by compliance with the spending
cap, stronger growth on the back of economic reforms, and
extraordinary receipts driven by windfall oil revenues and
privatizations, the debt ratio could remain stable at 92% of GDP
from 2019 to 2022 and then decline to 87% of GDP by 2026. On the
other hand, if spending is not tightly controlled and the recovery
fails to gain momentum, public debt ratios could continue to rise
over the outlook period, thereby jeopardizing the sustainability of
public finances and, potentially, macroeconomic stability.

Structural Reforms Could Improve Growth Prospects

The cyclical recovery is slowly advancing but Brazil's medium-term
growth prospects are weak. The IMF estimates potential growth at
just 2.2%, even after assuming some benefits from the current
reform drive. The poor outlook partly reflects a slowdown in labor
force growth as the population ages, but interlinking structural
constraints of low investment, high business costs and weak
competitive forces also play a role. Low investment is especially
evident in Brazil's underdeveloped infrastructure, which holds back
productivity. In addition, high tariff barriers, elevated
compliance costs, and inward-looking policy impede Brazil from more
fully benefiting from global trade.

However, strong implementation of the government's reform agenda
could raise potential growth. Following up on reforms passed during
the Temer administration, including labor market reform and credit
market reform, the new administration aims to boost productivity by
lowering the cost of doing business in Brazil, rationalizing tax
policy, pursuing privatizations, and opening the economy to
international competition. The central bank is also implementing
micro-reforms to reduce credit intermediation costs. While DBRS
anticipates that some measures, such as tax reform, will be
politically challenging and are likely to proceed slowly through
congress, other measures do not require legislation and can be
enacted more quickly. Overall, the direction of economic policy is
positive for the growth outlook, although the impact will likely be
felt in the medium term.

The Current Political Landscape Presents Opportunities and
Challenges

The opportunity lies in the fact that both Congress and the
Bolsonaro administration appear to be supportive of fiscal
consolidation and market-oriented reforms. This sets up the
possibility of deep and far-reaching changes to Brazil's policy
frameworks and economic structure. However, governability remains a
key risk. President Bolsonaro has a limited base in congress, and
there is a high degree of party fragmentation, all of which could
complicate efforts to build congressional coalitions sufficiently
large to pass legislation.

On an institutional level, the Car Wash investigations have
revealed widespread corruption but also highlighted some of
Brazil's strengths. According to the World Bank Governance
Indicators, Brazil compares poorly too many other emerging
economies in the area of corruption control. However, Brazil's
institutional response to corruption in recent years is
encouraging. The investigations themselves are the product of a
strong and independent judiciary, which has been supported by an
active civil society and vibrant media.

Inflation Expectations Are Anchored, The Banking System Is Healthy,
And External Accounts Are Sound

Prudent monetary policy has consolidated inflation at low levels
and anchored inflation expectations around the target. The central
bank is implementing expansionary monetary policy, in the context
of a large negative output gap, in order to support the economic
recovery. Enhanced central bank credibility combined with the
tapering of directed lending should also strengthen the
effectiveness of monetary policy over time.

The banking system has weathered the prolonged period of economic
weakness relatively well. Banks remain profitable and
well-capitalized. Asset quality is benefiting from the modest
recovery. Moreover, in the event of macroeconomic shocks, the
banking system appears sufficiently capitalized to digest
additional credit losses or manage unexpected financial market
volatility, including large swings in the exchange rate, without
major disruption.

Brazil's external accounts do not exhibit any significant
imbalances. Gross external liabilities are moderate, the current
account deficit is modest, and inflows of net foreign direct
investment provide a stable source of external financing. Moreover,
exchange rate flexibility facilitates Brazil's adjustment to global
conditions. In the event of an external shock, the central bank has
a large stock of reserves to provide foreign exchange liquidity if
necessary.

Notes: All figures are in U.S. dollars unless otherwise noted.
Fiscal Balance and Gross Debt figures are reported for the
non-financial public sector (NFPS) and based on the IMF definition.
NFPS debt includes central, state, and local governments, and
social security funds; it excludes the central bank, state-owned
enterprises, Petrobras and Electrobras. Domestic Credit refers to
domestic bank credit. Gross External Debt includes inter-company
loans and fixed income securities traded in the domestic market
held by non-residents. Short-Term External Debt is measured on a
residual maturity basis. Governance indicator represents an average
percentile rank (0-100) from Rule of Law, Voice and Accountability
and Government Effectiveness indicators (all World Bank). Human
Development Index (UNDP) ranges from 0-1, with 1 representing a
very high level of human development.


ELETROBRAS: Brazil Unlikely to Privatize State Power Firm
---------------------------------------------------------
Maria Carolina Marcello at Reuters reports that there is little
political appetite to privatize Brazil's state-run power firm
Centrais Eletricas Brasileiras S.A. (Eletrobras) and legislators
will instead focus on other possible privatizations, the president
of the nation's Senate said.

Speaking to reporters, Senator Davi Alcolumbre said many senators,
particularly from Brazil's northern and northeastern regions, were
deeply opposed to privatizing the sprawling firm, formally known as
Centrais Eletricas Brasileiras SA, according to Reuters.

"There's a sentiment: Why are we going to start with this if
there's resistance?" Alcolumbre said, the report notes.

Investors have cheered the idea of privatizing Eletrobras. However,
the idea has not gained significant traction among legislators,
even as the government of current President Jair Bolsonaro has
generally favored selling off state-owned enterprises, the report
adds.

As reported in the Troubled Company Reporter-Latin America on June
17, 2019, Fitch Ratings has affirmed Centrais Eletricas Brasileiras
S.A. (Eletrobras) and its wholly owned subsidiary Furnas Centrais
Eletricas S.A.'s Long-Term Foreign and Local Currency Issuer
Default Ratings at 'BB-' and Long-Term National Scale Ratings at
'AA(bra)'. In addition, Fitch also revised its assessment of
Eletrobras' consolidated stand-alone credit profile (SCP) to 'b'
from 'b-'. The Rating Outlook is Stable.


OI SA: In Talks to Sell Mobile Unit to Telecom Italia, Telefonica
-----------------------------------------------------------------
Carolina Mandl and Gabriela Mello at Reuters report that Brazilian
telecommunications firm Oi SA is in talks with Spain's Telefonica
SA and Italy's Telecom Italia SpA to sell its mobile network to
avoid insolvency, five people with knowledge of the matter said.

Oi has been struggling to turn around its business since filing for
bankruptcy protection in June 2016 to restructure approximately
BRL65 billion of debt, according to Reuters.

Brazil's largest fixed-line carrier expects to raise more than
BRL10 billion (US$2.4 billion) by selling its mobile operations,
according to two of the sources, who spoke on condition of
anonymity because the talks are confidential, the report notes.  Oi
reported some 35 million mobile clients in its most recent
earnings, the report says.

Proceeds from the sale would be used to boost fiber-to-home (FTTH)
broadband service, considered key to the company's growth,
according to its strategic plan in July, the report discloses.  Oi
currently has 223,700 miles (360,000 kilometers) of fiber in Brazil
and its infrastructure is also used by other carriers, the report
relays.

The company is also in preliminary talks with AT&T Inc and a
Chinese company, aiming to lure more operators that do not operate
in Brazil yet, two other sources said, the report notes.

Representatives for Oi, AT&T and the Brazilian units of Telefonica
and Telecom Italia declined to comment on the matter.

New entrants would not face the same antitrust hurdles as companies
already in Brazil, the report relays.  Brazilian antitrust watchdog
Cade and telecom regulator Anatel may resist the sale of Oi's
mobile network to one or two carriers with operations in the
country, two of the sources said, the report discloses.

Although current talks have focused on Oi's mobile network, the
sale of the entire company is not ruled out, one of the sources
added, although such a deal looks less likely, the report relays.

Since it filed for bankruptcy, Oi's mobile customer base has shrunk
over 20%, and the company is spending heavily to expand its fiber
network, the report notes.  Its cash position fell to BRL4.3
billion (US$1.1 billion) at the end of June, some BRL2 billion
below what it foresaw in its restructuring plan, according to
another source, the report notes.

If Oi runs out of cash, it could leave millions of Brazilians
without service or force regulator Anatel to intervene, creating a
potential burden on a tight federal budget, the report says.

In a report, Fitch calculated that Oi is likely to face a shortage
of BRL7 billion through 2021 due to intensive capital spending.
"Oi depends on assets sales and short-term regulatory changes to
finance its transition to a sustainable business model," the rating
agency noted.

Oi hired Bank of America to advise on the sale of non-core assets
in January, and two of the sources said it is now helping to
evaluate the sale of core operations which include the mobile
network, the report discloses.

                       Alternative Routes

While in negotiations to sell its mobile operations, Oi is mulling
short-term alternatives to raise money, according to the sources,
such as the issuance of up to BRL3 billion in debt backed by
proceeds of future asset sales, the report discloses.

The telecom carrier is also trying to speed up the sale of its
stake in Angolan carrier Unitel to some of its current
shareholders, which could raise around $1 billion and unlock unpaid
dividends, the report notes.

The company is also exploring a capital increase or financing round
by existing shareholders, which would give Oi more room to manage
its short-term liabilities, the report relays.

According to a source with direct knowledge of Oi's operations, Oi
Chief Executive Officer Eurico Teles and some shareholders oppose
the sale of its mobile network, the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Sept. 12, 2019, affirmed its global scale 'B'
issuer credit and issue-level ratings and revised the outlook to
negative from stable. At the same time, S&P lowered its national
scale rating to 'brA-' from 'brA' and assigned a negative outlook.




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C H I L E
=========

UBIOME INC: U.S. Trustee Forms 3-Member Committee
-------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Sept. 16
appointed three creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of uBiome, Inc.

The committee members are:

     (1) Bioquimica.cl S.A.
         Attn: Matias Gutierrez Mostafa
         Presidente Jose Battle Ordonez y Ordofez, 3745
         Nunoa Santiago 7790605
         Chile
         Phone: 415-849-5962   

     (2) Ecare India Private Limited
         Attn: Deepak Sanghi
         B.R. Complex, 2nd Floor
         27-28 Woods Rd., Chennai 600002
         India
         Phone: 813-666-0028   

     (3) Blue Cross Blue Shield Association
         Attn: Brendan Stuhan
         1310 G St. NW  
         Washington, DC 20005
         Phone: 202-942-1069
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                            uBiome Inc.

uBiome, Inc. -- https://ubiome.com/ -- is a microbial genomics
company founded in 2012.  uBiome combines its patented proprietary
precision sequencing with machine learning and artificial
intelligence to develop wellness products, clinical tests, and
therapeutic targets.  uBiome has filed for over 250 patents on its
technology, which includes sample preparation, computational
analysis, molecular techniques, as well as diagnostic and
therapeutic applications.  uBiome and its non-debtor foreign
affiliates currently employ approximately 100 individuals, of which
35 are located in the United States, 37 in Chile, and 28 in
Argentina.

On Sept. 4, 2019, uBiome, Inc., sought Chapter 11 protection
(Bankr. D. Del. Case No. 19-11938).

The Debtor estimated assets of $50 million to $100 million and
liabilities of $10 million to $50 million.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtor tapped Young, Conaway, Stargat & Taylor, LLP as counsel;
Goldin Associates, LLC, as restructuring advisor; GLC Advisors &
Co., LLC and GCLA Securities LLC as investment banker. Donlin
Recano & Company, Inc., is the claims agent.




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

JAMAICA: Defends Using Funds From Fuel Tax in National Budget
-------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Nigel Clarke has
defended his decision to use funds from the fuel tax in the
national budget.

Dr. Clarke was criticized by Opposition Spokesman on Energy Phillip
Paulwell for not using the funds for which it was initially
intended, according to RJR News.

However, Dr. Clarke has rebutted, arguing that "the idea that a tax
levied on all of the Jamaican people should be pocketed and put and
kept in one place is inconsistent with international best practices
of public financial management," the report notes.

He was speaking at a round table talk with members of the media,
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 Jamaican 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.




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

PRINT PLUS: Court Conditionally Approves Disclosure Statement
-------------------------------------------------------------
The Disclosure Statement of Print Plus Corporation has been
conditionally approved.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on October 10,
2019 at 9:30 a.m. at the United States Bankruptcy Court,
Southwestern Divisional Office, MCS Building, Second Floor, 880
Tito Castro Avenue, Ponce, Puerto Rico.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed and served on/or
before fourteen (14) days prior to the date of the hearing on
confirmation of the Plan.

Class 2 - Holders of Allowed General Unsecured Claims with an
estimated allowed claim amount of $11,319.23, are impaired, and are
estimated to recoup 8.83%.  General unsecured claim will receive
payment 8.83% of their Allowed Claims within the 30 days after the
Effective Date of the Plan, without interest.

The source of payments under the proposed Plan shall come from the
operation of Debtor's business.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/y37jre6p from PacerMonitor.com at no charge.

                About Print Plus Corporation

Print Plus Corporation is a Puerto Rican company, located in the
stately city of Ponce. Print Plus offer services such as printing,
labeling, embroidery and t-shirt printing, and designing web
pages.

Print Plus filed a Chapter 11 petition (Bankr. D.P.R. Case No.
19-00797) on February 15, 2019, listing under $1 million in both
assets and liabilities. The case has been assigned to Judge Edward
Godoy.  The Debtor tapped Noemi Landrau Rivera, Esq., as its
counsel.


SAN JUAN ICE: Court Conditionally Approves Disclosure Statement
---------------------------------------------------------------
The Amended Disclosure Statement of San Juan Ice Inc. has been
conditionally approved.

A hearing for the consideration of the final approval of the
Amended Disclosure Statement and the confirmation of the Amended
Plan and of such objections as may be made to either will be held
on October 16, 2019, at 9:00 AM, at the U.S. Bankruptcy Court,
Jose V. Toledo U.S. Post Office and Courthouse Building, 300
Recinto Sur Street, Courtroom 3, Third Floor, San Juan, Puerto
Rico.

Any objection to the final approval of the Amended Disclosure
Statement and/or the confirmation of the Amended Plan must be filed
on/or before fourteen (14) days prior to the date of the hearing on
confirmation of the Plan.

Class 3 Classes of General Unsecured Claims. Class 3 unsecured
claims filed by creditor shall be paid after the payment of all
secured and priority claims. General Unsecured claims shall be paid
21 % of their value of the claim.

Class 1 Classes of Secured Claims. Secured claims are held by
Symetric Engineering, CSP and CRIM. Class 1 claims to be paid in
the following manner: Secured claim to CRIM in the amount of
$2,460.84 to be paid within 5 years of the filing of the petition.
Secured creditor, Symetric Engineering, CSP, in the amount of
$189,038.91, shall be paid in full commencing 5 years after the
filing date of the petition in monthly payments to be paid within
the following 5 years.

Class 2 Classes of Priority Unsecured Claims. Class 2 Priority
claims to the Puerto Rico Treasury Department in the amount of
$86,673.37, to the Puerto Rico Department of Labor, $6,039.00 and
$16,126.00 shall be paid with five years. Class 3 unsecured claims
filed by creditor shall be paid after the payment of all secured
and priority claims.  

Payments and distributions under the Plan will be funded by income
generated from the sales from the ice plant performed by debtor.

A full-text copy of the Fifth Amended Disclosure Statement dated
September 9, 2019, is available at https://tinyurl.com/yxm45rdu
from PacerMonitor.com at no charge.

Attorney for Debtor:

     Robert Millan, Esq.
     MILLAN LAW OFFICES
     CALLE SAN JOSE #250
     SAN JUAN, PUERTO RICO, 00901-0000
     Tel: (787) 725-0946
     Fax: (787) 579-1533
     Email: rmi3183180@aol.com

                    About San Juan Ice, Inc.

San Juan Ice Inc., based in San Juan, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 18-01784) on April 3, 2018.  In
the petition signed by Ramiro Rodriguez Pena, president, the Debtor
disclosed $580,495 in assets and $1.17 million in liabilities.  The
Hon. Mildred Caban Flores presides over the case.  Robert Millan,
Esq., at Millan Law Offices, serves as bankruptcy counsel.




===============
X X X X X X X X
===============

LATAM: Natural Disasters Have Left Great Losses in the Caribbean
----------------------------------------------------------------
Dominican Today reports that in recent years there has been a
significant increase in natural disasters in the Caribbean, whose
impact in terms of human and economic losses is also increasing.

It is estimated that during the period 1990 and 2017 only in this
subregion 47.4 million people were affected and the amount of
damages is estimated at US $ 127 billion, according to the study
"Planning for sustainable territorial development in Latin America
and the Caribbean" published this month by the Economic Commission
for Latin America and the Caribbean (ECLAC), the report notes.

"In five years (1998, 2004, 2010, 2016 and 2017), more than US $ 5
billion was recorded in damages. During these intervals, 85.9% of
the destruction of assets during the entire period occurred. The
maximum was reached in 2017 (US $ 81 billion, or 63.4% of the total
damages for the period) due to the effects of hurricanes Irma and
María," is detailed in the document obtained by the news agency.

The storms have been responsible for the greater destruction of
assets, with 91.3% of the damages, according to Dominican Today.

                        Few Actions

Despite the increase in the frequency and magnitude of natural
disasters, the Caribbean countries have made little progress in
taking measures to mitigate risks, the report notes.

In the Dominican Republic, there has been a "notable deterioration"
in the adoption of measures to reduce the number of people affected
by disasters, the report adds.


[*] BOND PRICING: For the Week September 16 to September 20, 2019
-----------------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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
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
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
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
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
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
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
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
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



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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