/raid1/www/Hosts/bankrupt/TCRLA_Public/200212.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

          Wednesday, February 12, 2020, Vol. 21, No. 31

                           Headlines



A R G E N T I N A

COOL HOLDINGS: Disposes of Argentina Electronic Stores Business


B A R B A D O S

BARBADOS: Continues to Make Progress in Implementing Program


B R A Z I L

BRAZIL: Fiscal Outperformance Doesn't Remove Structural Challenge
BRAZIL: Military Fear French Intervention, Conflict With Venezuela


C A Y M A N   I S L A N D S

FGL HOLDINGS: Fitch Puts BB+ Unsec. Rating on Watch Positive
FGL HOLDINGS: Moody's Reviews Ba3 Issuer Rating for Upgrade
FGL HOLDINGS: S&P Places 'BB+' LT ICR on CreditWatch Positive


J A M A I C A

[*] JAMAICA: Pressure Mounts on Britain to Delay Deportation Flight


P U E R T O   R I C O

GONZALEZ & COLON: Creditor to Get Monthly Payments in Plan
PUERTO RICO: Bondholders Strike $35-Bil. Debt Restructuring Deal
PUERTO RICO: Deal Reached to Cut Bankrupt Debt by $24 Billion


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: To Get $7 Million From UN's Climate Fund


V E N E Z U E L A

VENEZUELA: To Survive, Leader Gives Up Decades of Control Over Oil

                           - - - - -


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

COOL HOLDINGS: Disposes of Argentina Electronic Stores Business
---------------------------------------------------------------
Cool Holdings Inc., through its subsidiaries, OneClick License LLC
and OneClick International, LLC (collectively, the "Sellers"),
entered into an agreement by and among the Sellers and Messrs.
Mariano AndrEs Turinetto and HernAn Gustavo Dreier. Pursuant to the
Purchase Agreement, the Company transferred all of its ownership in
OneClick Argentino S.R.L. held indirectly through the Sellers'
membership interest in OneClick S.R.L., to the Purchasers.  The
closing of the Disposition occurred concurrently with the execution
of the Purchase Agreement on Jan. 31, 2020.  OneClick S.R.L. owns
and operates the Company's business in Argentina, consisting of six
retail consumer electronic stores that are authorized resellers of
Apple products, and other consumer electronic brands.

The Purchase Agreement contains representations, warranties and
commitments customary for a transaction of its size and nature. The
total consideration for the Disposition was $10, on an "as is,
where is" basis, that entails the Purchasers assuming all
obligations contained in the Purchase Agreement, including the
assumption of an aggregate of $320,715 debt owed by OneClick S.R.L.
to its two major distribution suppliers in connection with
commercial agreements, which the Purchaser's shall personally
guaranty if not fully discharged and satisfied within thirty
business days of the closing.  The Sellers will refrain, either on
their own or through third parties, carrying out retail sales
through the Mercado Libre or similar e-commerce platforms for a
period of three years.  Also, subject to certain limitations, the
parties have agreed to indemnify each other for breaches of their
respective representations, warranties, commitments and other
specified matters therein.  Furthermore, all trademarks owned by
OneClick International, LLC in Argentina and related to "OneClick"
will be assigned to OneClick S.R.L. by way of a trademark
assignment agreement.  The Company believes the hyperinflationary
economy in Argentina and the resulting instability of its currency
has made it very risky for foreign companies to do business there,
and as a result has decided to focus on its North American
operations.  Based on the Company's analysis of the cash outlay it
would incur to shut down and liquidate OneClick S.R.L.'s
Argentinean operations, including significant severance payments to
the employee base as dictated by existing Argentinean labor laws,
the Company concluded that the Disposition through the Purchase
Agreement was clearly the best course of action.

                        About Cool Holdings

Cool Holdings, Inc., formerly known as InfoSonics Corporation --
http://www.coolholdings.com/-- is a Miami-based company currently
comprised of Simply Mac and OneClick, two chains of retail stores
and an authorized reseller under the Apple Premier Partner, APR
(Apple Premium Reseller) and AAR MB (Apple Authorized Reseller
Mono-Brand) programs and Cooltech Distribution, an authorized
distributor to the OneClick stores and other resellers of Apple
products and other high-profile consumer electronic brands.

Cool Holdings reported a net loss of $27.27 million for the year
ended Dec. 31, 2018, compared to a net loss of $7.54 million for
the year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company
had $29.57 million in total assets, $41.07 million in total
liabilities, and a total stockholders' deficit of $11.50 million.

Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 16, 2019, on the Company's consolidated
financial statements for the year ended Dec. 31, 2018, citing that
the Company's significant operating losses raise substantial doubt
about its ability to continue as a going concern.




===============
B A R B A D O S
===============

BARBADOS: Continues to Make Progress in Implementing Program
------------------------------------------------------------
At the request of the Government of Barbados, an International
Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown
from February 4-7, to discuss implementation of Barbados' Economic
Recovery and Transformation (BERT) plan, supported by the IMF under
the Extended Fund Facility (EFF). To summarize the mission's
findings, Mr. van Selm made the following statement:

"Barbados continues to make good progress in implementing its
economic reform program. International reserves reached US$740
million at the end of 2019, from a low of US$220 million in May
2018. The completion of the external debt restructuring in December
2019 has reduced economic uncertainty, and the agreed terms with
creditors will help to keep public debt on a clear downward
trajectory. On December 11, 2019, Standard and Poor's upgraded
Barbados' foreign currency sovereign credit rating from Selective
Default to B-.

"All indicative targets for end-December under the EFF have been
met. The program target for Net International Reserves was met by a
wide margin, as was the target for the Central Bank of Barbados'
Net Domestic Assets. The primary surplus for the first three
quarters of FY2019/20 amounted to almost 5 percent of (annual) GDP,
and Barbados is on track to reach the 6 percent primary surplus
target for FY2019/20.

"Good progress also continues to be made towards implementing the
structural benchmarks under the EFF. A revised Central Bank of
Barbados (CBB) law is expected to be ready to be sent to Parliament
shortly. Preparation of the budget for FY2020/21 targeting a
primary surplus of 6 percent of GDP is well underway.

"The team is looking forward to return to Barbados in May to
conduct the discussions for the third review under the EFF and
would like to thank the authorities and the technical team for
their openness and candid discussions."




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

BRAZIL: Fiscal Outperformance Doesn't Remove Structural Challenge
-----------------------------------------------------------------
Brazil's better-than-expected fiscal performance in 2019 was partly
due to one-off factors and low interest rates, Fitch Ratings says.
Permanently stabilising and reducing the debt burden will depend on
the government's ability to implement its fiscal reform agenda and
the strength of the economic recovery.

Recent data from Banco Central do Brasil (BCB) show that gross
general government debt fell to 75.8% of GDP at end-2019 from 76.5%
a year earlier. The consolidated public sector primary deficit
dropped to 0.85% of GDP, helping the headline public sector deficit
narrow to 5.9% of GDP. Fiscal performance was boosted by one-off
factors, including the signing of bonus receipts from the transfer
of rights surplus oil field auctions in November. But it also
reflected spending restraint and lower interest costs as the BCB
cut the Selic rate by 200 bp in 2H19. It cut rates by a further 25
bp to a fresh historical low of 4.25% on 5 February, but said that
it was "appropriate to interrupt the monetary easing process."

Deficit reduction supported the decline in debt/GDP as did other
factors such as prepayments of loans from the development bank,
BNDES, to the Treasury, and BCB's sales of foreign exchange in the
spot market, which reduced the central bank's outstanding repo
operations (included in gross government debt). However, net public
sector debt continued to rise, to 55.7% of GDP from 53.6% in 2018.


Fitch said, "We acknowledged when we affirmed Brazil's 'BB-'/Stable
sovereign rating last November that medium-term debt dynamics could
benefit from non-recurrent revenues. But last year's fall in gross
debt/GDP does not alter our view that absent other large one-off
receipts, prepayment of BNDES loans, and additional BCB sales of
international reserves, the trend will be for debt to rise
steadily, albeit more slowly, given continued primary deficits and
a fragile economic recovery. Permanently lower government borrowing
costs could facilitate a more benign debt dynamics, and these
issues remain important parts of our rating assessment in 2020."


BRAZIL: Military Fear French Intervention, Conflict With Venezuela
------------------------------------------------------------------
Juan Martinez at Rio Times Online reports that according to a
Brazilian armed forces crisis scenario, Venezuela and France are
the greatest threats for the next 20 years.

After French President Emmanuel Macron described the Amazon as a
"universal heritage", President Jair Bolsonaro's troops consider a
"war over the Amazon" a potential event, the newspaper Folha de Sao
Paulo reported on February 7, referring to confidential documents
from the armed forces command, according to Rio Times Online.

The paper writes that this is a hitherto secret draft of scenarios
for the country's defensive strategy, the report relays.  The
relevant document was to be submitted to Congress in June, the
report notes.

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.




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

FGL HOLDINGS: Fitch Puts BB+ Unsec. Rating on Watch Positive
------------------------------------------------------------
Fitch Ratings placed all ratings for FGL Holdings and its
subsidiaries, which include the 'BBB+' Insurer Financial Strength
Ratings for the U.S. life insurance subsidiaries, Fidelity &
Guaranty Life Insurance Company and Fidelity & Guaranty Life
Insurance Company of New York, (referred to collectively as F&G
Life) on Rating Watch Positive.

KEY RATING DRIVERS

The rating action follows the company's announcement that it has
reached an agreement to be acquired by Fidelity National Financial,
Inc. (FNF) for approximately $2.7 billion. FNF intends to fund the
acquisition of F&G Life through a combination of cash on hand,
proceeds from the issuance of additional debt, and issuance of
common stock. The transaction is expected to close, subject to
customary closing conditions and regulatory approvals, in the
second or third quarter of 2020.

At close, F&G Life is expected to retain its senior management
team, organizational structure, and to maintain its current
financial profile.

Fitch expects F&G Life's ratings will be upgraded one notch
following the close of the transaction based on group support from
FNF, which is higher rated (IFS ratings A, senior debt BBB).

F&G Life's credit profile is expected to benefit from FNF ownership
as a material subsidiary of a larger, more diversified insurance
group. F&G Life is expected to comprise roughly one-third of the
pro forma consolidated shareholder's equity, and offers material
earnings and risk diversification to FNF's core title insurance
business. Fitch expects integration risk to be limited.

Additionally, Fitch views favorably FNF's familiarity with F&G
Life's business, having already been a common and preferred equity
investor in F&G Life since 2017.

Fitch's ratings for F&G Life reflect the company's consistent and
strong operating performance, strong statutory capitalization, and
improvement in the company's business profile. The ratings also
consider F&G Life's above-average exposure to structured securities
and risky assets relative to the industry, which is partially
mitigated by investment manager Blackstone Insurance Solutions
Group Advisors' strong expertise in structured securities and
alternative assets.

RATING SENSITIVITIES

The following could result in an upgrade of F&G Life's ratings:

  -- Successful close of the F&G Life acquisition by FNF as
planned.

Failure to close the F&G Life acquisition by FNF would result in
removal of the Rating Watch Positive.

The following sensitivities could result in an upgrade to F&G
Life's ratings should the F&G Life acquisition fail to close:

  -- The company maintains operating ROEs above 10% on a consistent
basis;

  -- A Prism capital model score well into the 'Strong' category on
a sustained basis;

  -- Continued stable investment performance;

  -- Financial leverage below 25%.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Fidelity & Guaranty Life Holdings, Inc.

  - LT IDR BBB- on Rating Watch Positive

  - Senior unsecured; LT BB+ on Rating Watch Positive

Fidelity & Guaranty Life Insurance Company

  - Insurer Financial Strength Ratings BBB+ on Rating Watch
Positive

Fidelity & Guaranty Life Insurance Company of New York

  - Insurer Financial Strength Ratings BBB+ on Rating Watch
Positive

FGL Holdings

  - LT IDR BBB- on Rating Watch Positive

F&G Life Re Ltd

  - Insurer Financial Strength Ratings BBB- on Rating Watch
Positive

F&G Reinsurance Ltd

  - Insurer Financial Strength Ratings BBB- on Rating Watch
Positive

CF Bermuda Holdings Limited

  - LT IDR BBB- on Rating Watch Positive


FGL HOLDINGS: Moody's Reviews Ba3 Issuer Rating for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the ratings of FGL Holdings
(LT issuer rating at Ba3, NYSE: FG) and the Baa2 insurance
financial strength (IFS) ratings of FGL's insurance subsidiaries on
review for upgrade following the company's announcement that it has
entered into a definitive agreement to be acquired by Fidelity
National Financial, Inc. (NYSE: FNF; senior unsecured at Baa2) for
US$3.3 billion in cash and stock, including the assumption of FGL's
senior notes and preferred stock. The transaction is expected to
close in the second or third quarter of 2020, and is subject to
shareholder and regulatory approvals.

RATINGS RATIONALE

According to Moody's, the review for upgrade of FGL's ratings is
driven by its prospective alignment with the stronger credit
profile of FNF, along with FNF's strong track record in making and
integrating acquisitions. The combined organization would benefit
from more diversified revenue and earning streams.

Moody's expects FGL's business strategy and risk profile to remain
essentially unchanged and the current management team and other key
employees to remain in place. The review for upgrade also reflects
the anticipated improvement in FGL's financial flexibility
post-close, as it will benefit from its ownership by an ultimate
parent with an ability to help support FGL's capital needs. Moody's
review will focus on the approval and execution of the acquisition,
ultimate organizational structure, and financial/capital management
plans for FGL.

While FGL's primary distribution channel is via independent
marketing organizations (IMOs), it should be able to leverage FNF
to further penetrate the broker/dealer channel and establish bank
distribution relationships as well as potential cross selling
opportunities. The strong capital generation and cash flows
associated with FNF's title insurance business should benefit FGL
in managing the capital strain of new business growth.

The Baa2 IFS ratings of FGL's insurance subsidiaries reflect the
company's growing market position in the fixed indexed annuity
(FIA) space, solid capital levels and improved investment yield
from portfolio repositioning efforts. Fidelity & Guaranty Life
Insurance Company (FGLIC), the primary insurance operating entity
has been able to balance the healthy growth of its FIA business,
while expanding its modest footprint in the indexed universal life
(IUL) insurance market. These strengths are offset by the
concentration in FIAs, along with hedging challenges in writing
FIAs, which similarly affect other writers of these products, and
the company's relatively small size in a consolidating industry.

RATING DRIVERS

FGL's ratings could be upgraded upon closing of the transaction
depending on Moody's assessment of implicit and explicit support
and their continued stable operating performance and credit
fundamentals in the coming quarters. Additional factors that could
lead to an upgrade of the ratings include the following: 1)
sustained statutory return on capital exceeding 6%; and 2) more
balanced growth in profitably priced new FIA business and life
insurance.

Conversely, a termination of the planned transaction, with no
material change to FGL's current financial profile, would most
likely result in a confirmation of the current ratings with a
stable outlook.

The following ratings have been placed on review for upgrade:

FGL Holdings -- issuer rating at Ba3;

CF Bermuda Holdings Limited -- issuer rating at Ba2;

F&G Life Re Ltd -- insurance financial strength rating at Baa2;

Fidelity & Guaranty Life Insurance Company -- insurance financial
strength rating at Baa2;

Fidelity & Guaranty Life Holdings, Inc. -- senior unsecured debt
rating at Ba2.

The outlooks for the entities changed to Ratings Under Review from
Stable.

FGL Holdings is an insurance holding company headquartered in the
Cayman Islands. As of September 30, 2019, FGL Holdings reported
total assets of about $36 billion and shareholders' equity of
approximately $2.6 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

The principal methodology used in these ratings was Life Insurers
Methodology published in November 2019.


FGL HOLDINGS: S&P Places 'BB+' LT ICR on CreditWatch Positive
-------------------------------------------------------------
Fitch Ratings placed all ratings for FGL Holdings and its
subsidiaries, which include the 'BBB+' Insurer Financial Strength
Ratings for the U.S. life insurance subsidiaries, Fidelity &
Guaranty Life Insurance Company and Fidelity & Guaranty Life
Insurance Company of New York, (referred to collectively as F&G
Life) on Rating Watch Positive.

KEY RATING DRIVERS

The rating action follows the company's announcement that it has
reached an agreement to be acquired by Fidelity National Financial,
Inc. (FNF) for approximately $2.7 billion. FNF intends to fund the
acquisition of F&G Life through a combination of cash on hand,
proceeds from the issuance of additional debt, and issuance of
common stock. The transaction is expected to close, subject to
customary closing conditions and regulatory approvals, in the
second or third quarter of 2020.

At close, F&G Life is expected to retain its senior management
team, organizational structure, and to maintain its current
financial profile.

Fitch expects F&G Life's ratings will be upgraded one notch
following the close of the transaction based on group support from
FNF, which is higher rated (IFS ratings A, senior debt BBB).

F&G Life's credit profile is expected to benefit from FNF ownership
as a material subsidiary of a larger, more diversified insurance
group. F&G Life is expected to comprise roughly one-third of the
pro forma consolidated shareholder's equity, and offers material
earnings and risk diversification to FNF's core title insurance
business. Fitch expects integration risk to be limited.

Additionally, Fitch views favorably FNF's familiarity with F&G
Life's business, having already been a common and preferred equity
investor in F&G Life since 2017.

Fitch's ratings for F&G Life reflect the company's consistent and
strong operating performance, strong statutory capitalization, and
improvement in the company's business profile. The ratings also
consider F&G Life's above-average exposure to structured securities
and risky assets relative to the industry, which is partially
mitigated by investment manager Blackstone Insurance Solutions
Group Advisors' strong expertise in structured securities and
alternative assets.

RATING SENSITIVITIES

The following could result in an upgrade of F&G Life's ratings:

  -- Successful close of the F&G Life acquisition by FNF as
planned.

Failure to close the F&G Life acquisition by FNF would result in
removal of the Rating Watch Positive.

The following sensitivities could result in an upgrade to F&G
Life's ratings should the F&G Life acquisition fail to close:

  -- The company maintains operating ROEs above 10% on a consistent
basis;

  -- A Prism capital model score well into the 'Strong' category on
a sustained basis;

  -- Continued stable investment performance;

  -- Financial leverage below 25%.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Fidelity & Guaranty Life Holdings, Inc.

  - LT IDR BBB- on Rating Watch Positive

  - Senior unsecured; LT BB+ on Rating Watch Positive

Fidelity & Guaranty Life Insurance Company

  - Insurer Financial Strength Ratings BBB+ on Rating Watch
Positive

Fidelity & Guaranty Life Insurance Company of New York

  - Insurer Financial Strength Ratings BBB+ on Rating Watch
Positive

FGL Holdings

  - LT IDR BBB- on Rating Watch Positive

F&G Life Re Ltd

  - Insurer Financial Strength Ratings BBB- on Rating Watch
Positive

F&G Reinsurance Ltd

  - Insurer Financial Strength Ratings BBB- on Rating Watch
Positive

CF Bermuda Holdings Limited

  - LT IDR BBB- on Rating Watch Positive




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

[*] JAMAICA: Pressure Mounts on Britain to Delay Deportation Flight
-------------------------------------------------------------------
RJR News reports that as pressure mounts on the British Government
to halt the deportation of scores of Jamaicans, a team which looked
into the Windrush scandal, including a former senior immigration
judge, has warned against the resumption of mass deportation
flights to Jamaica until after its report is published.

Up to 50 people are due to be deported in what will be the second
immigration removal charter flight to Jamaica since the Windrush
scandal in 2018, according to RJR News.

The BBC reported that it had seen a leaked copy of the Windrush
review and it recommended that the government consider ending the
deportation of foreign-born offenders who came to the UK as
children, the report notes.

Earlier, British officials continued to insist that all those set
for removal are criminals, and that no Windrush victims are
involved, the report relays.

The Guardian newspaper has been informed that other recommendations
in the review may include a broadening of who counts as a Windrush
victim, the report discloses.

Asked about that possibility, James Hanratty, a former president of
the Council of Immigration Judges, who sat on the review's advisory
panel, drew a distinction between people being deported for
criminal offences and people who had suffered due to the Windrush
scandal, the report notes.

Hundreds of persons descended on Downing Street in London to
protest the deportation of the 50 Jamaicans, the report says.

The area was shut down by activists who say the move marks the
return of the government's hostile environment policy, which led to
thousands of Commonwealth citizens being wrongly classified as
illegal immigrants in the Windrush scandal, the report notes.

                          Building Cases

Meanwhile, the Guardian newspaper has been informed that many of
those due to be removed from the UK are trying to build cases to
prevent their deportation, the report relays.

However, they have been hampered by a lack of network coverage for
their Home Office-issued mobile phones in the area around Heathrow
where many are being detained, the report notes.

It is understood that the Home Office admitted there were ongoing
problems with the phone network affecting up to 678 detainees, and
pledged to provide 1,000 new sim cards, the report relates.

Detainees with tickets for the Jamaican charter flight have
reportedly been prioritised for new sim cards, the report notes.

Initially, the Home Office told the Guardian that the problem had
been resolved last month, the report adds.

                            About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019 raised its long-term foreign and
local currency sovereign credit ratings on Jamaica to 'B+' from
'B'. The outlook is stable. At the same time, S&P Global Ratings
affirmed its 'B' short-term foreign and local currency sovereign
credit ratings on the country. S&P Global Ratings also raised its
transfer and convertibility assessment to 'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned 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
=====================

GONZALEZ & COLON: Creditor to Get Monthly Payments in Plan
----------------------------------------------------------
Gonzalez & Colon Investment Group Inc. filed a plan of
reorganization.

Class 1 Secured Claim pertains to Banco Santander Puerto Rico's
Claim No. 1, in the total amount of $105,361.22.  The claim will
receive a lump sum payment of $23,000 as first payment and will be
paid in full thru 55 monthly payments of $1,500 commencing on the
1st month after the effective date of the plan. The amount of the
Payments to be made to Banco Santander totals $105, 361.

There are no general unsecured claims.

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 dated January 31,
2020, is available at https://tinyurl.com/v85qtnk from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Miriam A. Murphy-Lightbourn
     PO Box 372519
     Cayey, Puerto Rico 00737
     Tel: 787-263-2377
     Email: mamurphyli82@gmail.com

            About Gonzalez & Colon Investment Group

Gonzalez & Colon Investment Group Inc., is authorized by Puerto
Rico Department of State to operate as a privately owned
corporation.  It Debtor classifies as single asset property,
constituting a single property with 4 commercial units, that
generates substantially all of the gross income of the debtor.

Gonzalez & Colon Investment Group sought Chapter 11 protection
(Bankr. D.P.R. Case No. 19-05905) on Oct. 11, 2019.  Miriam A.
Murphy-Lightbourn, Esq., at MIRIAM A. MURPHY & ASSOCIATES PSC, is
the Debtor's counsel.


PUERTO RICO: Bondholders Strike $35-Bil. Debt Restructuring Deal
----------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico
announced Feb. 9, 2020, that it reached an agreement with certain
bondholders of the Commonwealth of Puerto Rico on a substantially
enhanced framework for a Plan of Adjustment to resolve $35 billion
of debt and non-debt claims.

The new agreement reduces the Commonwealth's debt service
(including principal and interest from the COFINA Senior Lien
bonds) by 56% -- to $39.7 billion from $90.4 billion.  Relative to
the previous Plan Support Agreement the Oversight Board reached
with a smaller group of bondholders last year, this agreement
reduces total debt service by an additional $5 billion. Under the
new agreement, Puerto Rico would completely resolve its legacy debt
in 20 years, 10 years sooner than under the previous agreement.

"The new and more favorable agreement is a win for Puerto Rico,"
said the Oversight Board's Chairman Jose Carrion. "It lowers total
debt payments relative to the agreement we reached last year, pays
off Commonwealth debt sooner, and has significantly more support
from bondholders, further facilitating Puerto Rico's exit from the
bankruptcy that has stretched over three years."

The new agreement reduces $35 billion of debt and other liabilities
by 70%, or $24 billion, to less than $11 billion, an additional $1
billion reduction relative to the previous agreement. Holders of $8
billion of bonds support the agreement, including Puerto Rican
credit unions and traditional municipal investors. This support
increases the Oversight Board's ability to move forward towards
exiting bankruptcy this year.  The previous agreement was
terminated.

"The new agreement is another step forward for Puerto Rico, one
that gets the island much closer to ending bankruptcy and to the
beginning of a true economic recovery," said the Oversight Board's
Executive Director Natalie Jaresko.  "Bankruptcy is holding Puerto
Rico back.  We need to resolve it and with this agreement, Puerto
Rico will resolve it faster, protecting the pensions of retirees
and the government services the people of Puerto Rico need and
deserve as specified in the Oversight Board's certified Fiscal Plan
and budget."

The new agreement provides a 29% average reduction for general
obligation (GO) bondholders and a 23% average reduction for holders
of Puerto Rico Public Buildings Authority (PBA) bonds.

Commonwealth creditors would receive $10.7 billion in new debt,
half in GO bonds and half in COFINA Junior Lien bonds, as well as
$3.8 billion in cash.  The new agreement, which was approved by the
majority of the members of the Oversight Board, reduces the
Commonwealth's maximum annual debt service payable in any future
year, including COFINA Senior Lien bonds, by more than 70%, from
$4.2 billion annually to a sustainable level of below $1.5 billion
a year.

The Oversight Board agreed to settle its challenge of $6 billion of
bonds that the Oversight Board contends exceeded the Commonwealth
debt limit. The settlement allows the Oversight Board to eliminate
the risk of a costly and time-consuming legal battle. The Oversight
Board will continue to challenge other bond issuances, including
bonds issued by the Employee Retirement System, as well as seek
recovery of fees earned by the banks, law firms and other parties
earned when they helped issue bonds in excess of Puerto Rico's
constitutional debt limit.

                        About Puerto Rico

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

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

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

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

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

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

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

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

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

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

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

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

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

                    Bondholders' Attorneys

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

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

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

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

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

                          Committees

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


PUERTO RICO: Deal Reached to Cut Bankrupt Debt by $24 Billion
-------------------------------------------------------------
Karen Pierog at Reuters reports that Puerto Rico would shed about
$24 billion of debt and move closer to exiting bankruptcy under an
agreement with bondholders announced by the U.S. commonwealth's
federally-created financial oversight board.

The deal cuts $35 billion of bonds and claims to about $11 billion
and increases the ranks of general obligation (GO) and Public
Buildings Authority bondholders that signed onto a plan to
restructure core government debt and more than $50 billion in
pension obligations that the board filed in U.S. District Court in
September, according to Reuters.

                        About Puerto Rico

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

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

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

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

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

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

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

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

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

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

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

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

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

                    Bondholders' Attorneys

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

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

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

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

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

                          Committees

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




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

TRINIDAD & TOBAGO: To Get $7 Million From UN's Climate Fund
-----------------------------------------------------------
Camille Hunte at Trinidad Express reports that Trinidad & Tobago's
agricultural sector is set to benefit from a $7 million grant
granted by the United Nations Green Climate Fund (GCF).

The GCF was established to aid developing countries in reducing
green-house gas emissions and to help vulnerable societies adapt to
the impacts of climate, according to Trinidad Express.




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

VENEZUELA: To Survive, Leader Gives Up Decades of Control Over Oil
------------------------------------------------------------------
Globalinsolvency.com, citing International New York Times, reports
that after decades of dominating its oil industry, the Venezuelan
government is quietly surrendering control to foreign companies in
a desperate bid to keep the economy afloat and hold on to power.

The opening is a startling reversal for Venezuela, breaking decades
of state command over its crude reserves, the world's biggest,
according to Globalinsolvency.com.

The government's power and legitimacy have always rested on its
ability to control its oil fields - the backbone of the country's
economy - and use their profits for the benefit of its people, the
report notes.

                  About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency
Sovereign credit ratings for Venezuela stands at 'SD/D' (November
2017).

S&P's local currency sovereign credit ratings on the other hand
Are 'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that
the sovereign could miss a payment on its outstanding local
currency debt obligations or advance a distressed debt exchange
operation, equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook
(March 2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.



                           *********


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 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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