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

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

          Thursday, July 16, 2020, Vol. 21, No. 142

                           Headlines



A R G E N T I N A

ARGENTINA: S&P Downgrades 2 Foreign Currency Bonds Rating to D


B R A Z I L

ALIANSCE SONAE: Moody's Withdraws Ba2 CFR for Business Reasons
AZUL AIRLINES: Fires 1,000 Workers, Says Union
BRAZIL: Gov't. Ups Tariff-free Wheat Import Qouta, Sparking Protest
RIO OIL: S&P Affirms BB- Rating on 2014-1, 2014-3 and 2018-1 Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC:  C. Bank Counts on US$1.6B to Shore Up Sectors


J A M A I C A

DIGICEL GROUP: Oliver Coughlan to Head Latam Operations
JAMAICA: To Benefit From J$498 Million Canada-CARICOM Climate Fund


P E R U

PESQUERA EXALMAR: S&P Lowers ICR to CCC+ on Tight Liquidity


P U E R T O   R I C O

GNC HOLDINGS: Hires A&G Realty as Real Estate Consultant
PUERTO RICO: Ouster of Law Official Sparks Controversy

                           - - - - -


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A R G E N T I N A
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ARGENTINA: S&P Downgrades 2 Foreign Currency Bonds Rating to D
---------------------------------------------------------------
S&P Global Ratings lowered its issue ratings on two of Argentina's
foreign currency-denominated bonds to 'D' from 'CC':

-- BIRAD due January 2028
-- BIRAD due January 2048

These are New York law U.S. dollar-denominated bonds that had a
total of about US$228 million in interest due Saturday July 11,
2020, with an applicable payment date of July 13, 2020. Other
similar bonds we already lowered to 'D' include the BIRAD 2021,
2026, July 2028, 2036, 2046, and 2117, as well as New York-law U.S.
dollar-denominated discount bond due December 2033 and English-law
euro-denominated discount bond due December 2033. These bonds will
remain at 'D' pending conclusion of the debt renegotiations that
are currently underway.

Other bonds S&P rates 'D' include those captured by government
decree 346/2020, dated April 6, 2020, which postpones payment of
all U.S. dollar-denominated principal and interest on local-law
debt to Dec. 30, 2020, or when the government deems feasible. This
includes the BONAR 2020, BONAR 2022, BONAR 2024, BONAR 2025, BONAR
2027, and Argentine-law U.S. dollar-denominated discount bond due
Dec. 31, 2033.

This decree led to S&P Global Ratings lowering its foreign currency
issuer credit rating on Argentina to 'SD' on April 7, 2020. S&P
said, "We viewed this unilateral extension as tantamount to default
under our criteria. The government has also signaled that,
following the conclusion of the ongoing restructuring negotiations
of foreign-law foreign currency debt, it would apply equitable
treatment to local-law foreign currency debt. As a result, once we
lower any local-law U.S. dollar bond issue rating to 'D', we will
keep it there until that process has concluded."

  Ratings List
  
  Downgraded  
                                               To    From
  Argentina
   Senior Unsecured  
   US$4.25 bil 5.875% bnds due Jan. 11, 2028   D      CC
   US$3.0 bil 6.875% bnds due Jan. 11, 2048    D      CC




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B R A Z I L
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ALIANSCE SONAE: Moody's Withdraws Ba2 CFR for Business Reasons
--------------------------------------------------------------
Moody's America Latina Ltda. withdrew Aliansce Sonae Shopping
Centers' Ba2 corporate family rating.

The following rating and outlook for Aliansce Sonae was withdrawn:

Issuer: Aliansce Sonae Shopping Centers

  -- Corporate family rating previously at Ba2 (global scale) /
Aa2.br under review for upgrade (national scale), outlook rating
under review

Issuer outlook:

  -- Previously stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Aliansce Sonae Shopping Centers, S.A. is one of the leading owners
and operators of shopping centers in Brazil.

AZUL AIRLINES: Fires 1,000 Workers, Says Union
----------------------------------------------
Natalia Scalzaretto at The Brazilian Report notes that in a new
blow to the already embattled aviation sector, Azul Airlines is
said to have laid off more than 1,000 airport maintenance workers,
according to trade union sources heard by the Brazilian press.
They estimate that the layoffs may prompt Azul to abandon
operations in 27 citites.

The company has not confirmed how manhy workers will be dismissed
but says that roughky 5.000 jobes were saved due to agreements with
union, employing changes such as reduced hours.  Another option
would be to resort to an aid package from Brazil's National
Development Bank, which is under negotiations.

The job cuts happen as Azul tries to gradually resume operation.
In August, it plans to increase flight offers to 303 a day--290
percent higher than April levels, but still way below the 900 daily
flights operated before crisis.

Azul is the fourth Latin Ameican carrier to face struggles in
pandecmic.

BRAZIL: Gov't. Ups Tariff-free Wheat Import Qouta, Sparking Protest
-------------------------------------------------------------------
Rio Times Online reports that a decision by Jair Bolsonaro's
government to increase the tariff-free wheat import quota for
countries outside Mercosur has sparked protests from Argentine
exporters, the main suppliers of grain.

Brazilian mills urged the government to expand the quota with free
tariff to other markets for fear of wheat shortages in the
neighboring country.  Argentines deny risk of supply shortages,
according to Rio Times Online.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on May
8, 2020, Fitch Ratings affirmed Brazil's Long-Term Foreign Currency
Issuer Default Rating at 'BB-' and has revised the Rating Outlook
to Negative. The Outlook revision to Negative reflects the
deterioration of Brazil's economic and fiscal outlook, and downside
risks to both given renewed political uncertainty, including
tensions between the executive and congress, and uncertainty over
the duration and intensity of the coronavirus pandemic.

On April 10, 2020, the TCR-LA reported that S&P Global Ratings
revised on April 6, 2020, its outlook on its long-term ratings on
Brazil to stable from positive.  At the same time, S&P affirmed its
'BB-/B' long- and short-term foreign and local currency sovereign
credit ratings. S&P also affirmed its 'brAAA' national scale rating
and its transfer and convertibility assessment of 'BB+'. The
outlook on the national scale rating remains stable.

RIO OIL: S&P Affirms BB- Rating on 2014-1, 2014-3 and 2018-1 Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' ratings on Rio Oil Finance
Trust's fixed-rate notes series 2014-1, 2014-3, and 2018-1,
following the application of S&P's revised nonfinancial future flow
methodology. The ratings are no longer under criteria observation.

The note issuances are backed by all current and future royalty and
special participation payments from offshore oil and natural gas
production in the Rio de Janeiro State (RJS) in Brazil. The
transactions' sponsor is Rioprevidencia, a social security fund for
RJS state employees that has been allocated present and future RJS
royalty rights after mandatory deductions.

CREDIT QUALITY

S&P said, "We have evaluated the transactions based on our new
financial future flow methodology, which includes a view on the
corporate performance assessment of Petroleo Brasileiro S.A.
(Petrobras) as originator. We assess the strength of the cash flow
through a debt service coverage ratio analysis in base-case and
stressed-case scenarios. Additionally, we perform a sovereign
interference risk assessment.

"We view Petrobras as the substantial majority obligor in the
transactions, as it currently accounts for over 90% of the
collected royalties and special participation amounts. Our
corporate performance assessment, based on our current 'BB-' issuer
credit rating (ICR) and satisfactory business risk profile
assessment for Petrobras, could support a higher maximum potential
rating to the transaction. However, the obligor concentration risk
leads us to view the credit quality of Petrobras as a cap to the
ratings on the transactions at the 'BB-' level."

In the first quarter of 2020, the transaction failed to meet the
minimum forward-looking debt service coverage ratio (DSCR) of 2.25x
for a trigger event and the minimum DSCR of 1.75x for an event of
default due to COVID-19 impacts associated with oil prices.
Investors declined to consider this an event of default or an
acceleration event, and provided waivers for future DSCR
calculations until the end of the first quarter of 2021. In
exchange, investors will receive a waiver fee of 3.5%, out of which
0.9% was already paid upon agreement of the waiver, and the
remainder will be paid in 2021, provided law 12.734 is still not in
effect. Despite the decline in future DSCR, S&P believes the
transaction can withstand even more stressed oil price levels given
its sizable reserve accounts for three periods of debt service.
Furthermore, the future DSCR calculations are more conservative as
they fully apply royalties and special participation allocations
established under law 12.734, which is currently under discussion
at the Superior Tribunal Federal, with no set date for voting.

S&P said, "Nonetheless, we believe that weaknesses in the global
oil market will persist over the next quarters, and we adjusted our
base-case assumptions to reflect this.

"We updated our cash flow analysis to reflect the current
outstanding balances on all series issued under Rio Oil Finance
Trust, Petrobras' current production expectations, royalties
allocation per field, and Brent discounts." Under the base case of
S&P's cash flow analysis, we also include the following
assumptions:

-- Average Brent oil price of $30 per barrel (bbl) for the
remainder of 2020, $50/bbl in 2021, and $55/bbl starting in 2022
and throughout the life of the transaction;

-- Average exchange rate close to R$4.9 per $1 in 2020, with
declines close to R$4.7 per $1 in 2022;

-- Currency depreciation of 14.7% to each payment period to
reflect the 50-day lag before assets are converted back to U.S.
dollars; and

-- A reduction of oil production close to 8% in 2020, returning to
the same level of 2019 in 2021.

S&P said, "The cash flow analysis considered a stress level of 35%
to the available revenue stream derived in our base-case analysis.
The 35% haircut reflects the expected level of decline in cash
generation associated with a hypothetical default scenario of
Petrobras. As a result of such assumptions, we reach a minimum DSCR
level of 1.76x in the base-case scenario and 1.16x in the
stressed-case scenario, without reliance on reserve accounts, which
is consistent with a transaction rating in line with the 'BB-' ICR
on Petrobras. For a transaction to be rated at the same level of
the ICR on the originator, we would typically expect minimum DSCR
on the base case to remain above 1.4x without reliance on
reserves.

"As a government-related entity and the main originator and obligor
on royalties due to the State of Rio de Janeiro, Petrobras, in our
view, faces sovereign interference risk. However, we believe such
risk is already captured in the 'BB-' ICR, which considers a rating
cap at the sovereign rating level."

COUNTERPARTY RISK

The rating on the transaction is also capped at the 'BB-' rating
level as a result of its exposure to the Brazilian sovereign as a
paying agent, and to financial institutions that provide bank
account services and repurchase agreements, to which transaction
documents establish the minimum eligible ratings as 'BB-'.

SENSITIVITY ANALYSIS

S&P said, "Factors that could lead us to revise our rating on the
transaction include changes to our foreign currency rating on
Brazil or Petrobras, and changes in global oil and gas prices.
Given its exposure to payments from the National Treasury and the
likelihood that Brazil will provide government support to
Petrobras, any changes in the rating on the sovereign rating may
also affect the ratings on the transactions. Similarly, a downgrade
of the Petrobras rating could affect the ratings on the
transactions. Changes to oil and gas prices to levels persistently
below $30 for several quarters could also lead to a negative impact
on the transaction ratings, although we note that our base-case and
stress case cash flow analyses already incorporate conservative
pricing assumptions."




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC:  C. Bank Counts on US$1.6B to Shore Up Sectors
------------------------------------------------------------------
Dominican Today reports that the Central Bank disclosed it is
analyzing new economic measures to preserve and create jobs, ease
the financial burden on households and provide support to the
health sector for the purchase of equipment and supplies.

In a meeting of Central Bank technicians, it emerged that of the
RD$120.0 billion (US$1.6 billion) available to financial
intermediation entities to provide liquidity to economic agents,
some RD$90.0 billion have been channeled to date, highlighting
financing to sectors such as commerce and MSMEs (RD$9.4 billion),
manufacturing (RD$8.4 billion), exports (RD$6.5 billion),
agriculture (RD$3.5 billion), construction (RD$2.9 billion),
households (RD$2.6 billion) and tourism (RD$1.7 billion), according
to Dominican Today.

"Of the total amount initially approved, some RD$30.0 billion are
pending, which are in the process of being placed with companies
and households that will be disbursed in the coming days, according
to information from financial intermediaries."

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the
island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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J A M A I C A
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DIGICEL GROUP: Oliver Coughlan to Head Latam Operations
-------------------------------------------------------
RJR News reports that Oliver Coughlan, Former Chief Executive
Officer of Digicel Pacific Limited, has been appointed to the new
role of Chief Executive of Digicel's operations in the Caribbean
and Central America.

He will report to Digicel's Chairman and Founder, Denis O'Brien,
according to RJR News.

This role was previously the responsibility of Jean-Yves Charlier
who is stepping down as Digicel Group CEO for family reasons
following the recent successful completion of the Group's
deleveraging process, the report notes.

Mr. Charlier will remain a director of Digicel in a non-executive
capacity, the report relays.  

                        About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America April
17, 2020, Moody's Investors Service downgraded Digicel Group
Limited's probability of default rating to Caa3-PD from Caa2-PD.
At
the same time, Moody's downgraded the senior secured rating of
Digicel International Finance Limited to Caa1 from B3. All other
ratings within the group remain unchanged. The outlook is
negative.

On April 10, 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.

JAMAICA: To Benefit From J$498 Million Canada-CARICOM Climate Fund
------------------------------------------------------------------
RJR News reports that Jamaica is to benefit from a provision of
C$4.7 million or J$498 million under the Canada-CARICOM Climate
Adaptation Fund facility.

The fund facility is to be implemented by the Caribbean Development
Bank, according to RJR News.

A communique from the Canadian High Commission indicated that the
Climate Adaptation Fund allocation is earmarked for Caribbean
Catastrophe Risk Insurance Facility Segregated Portfolio Company
premiums, the report notes.

The funds can be applied either towards 2020/21 premiums or
combined to cover payments for the current year and 2021/22, 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.



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P E R U
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PESQUERA EXALMAR: S&P Lowers ICR to CCC+ on Tight Liquidity
-----------------------------------------------------------
On July 14, 2020, S&P Global Ratings lowered its global scale
issuer credit and issue-level ratings on Peru-based fishing company
Pesquera Exalmar S.A.A. (Exalmar) to 'CCC+' from 'B-', and revised
the outlook to negative.

The downgrade reflects Exalmar's tight liquidity and increasing
refinancing risks.  Exalmar faces an important liquidity shortfall
relative to its short-term needs, which include sizeable debt
maturities. As of March 31, 2020, Exalmar posted about $135 million
in short-term debt, which includes bank debt secured by fishmeal
inventory, unsecured bank loans, and about $17.7 million of
amortization related to its syndicated loan. This figure is
significantly larger than the company's cash balance of $12.2
million at the end of March, and S&P's expected operating cash flow
generation of about $65 million in the next 12 months. Moreover,
Exalmar doesn't have any committed revolving credit facility
available (as it used to have in recent years) to provide a
liquidity cushion. As a result, Exalmar's liquidity shortcomings
and exposure to refinancing risk isn't consistent with the previous
rating level in the 'B' category. In addition, the company recently
breached one of its covenants, but got waiver approvals from its
banks for the first and second quarters of 2020. In S&P's view,
this signals weak operating conditions for the company related to
the poor second fishing season in 2019 (with around 35% catch of
the approved quota), but ongoing support from banks.

S&P said, "Although Exalmar has a long track record of sound
relationships with local banks and healthy access to working
capital funding, our liquidity assessment of the company's cash
sources doesn't incorporate refinancing assumptions, per our
criteria. Instead, we only consider monetary flows that provide a
liquidity cushion with a high degree of certainty, including
existing cash reserves and cash flow streams in our base-case
scenario."

Exalmar recently increased the draw dawn under its short-term
working capital facilities to support its operations and improved
its liquidity because of the poor second fishing season in 2019,
and the uncertainty from COVID-19 at the beginning of the year.
Moreover, the company increased fish purchases from third parties
in recent months to historical high levels.

Exalmar's cash flows remain exposed to downside risks related to
the inherent cyclicality of Peru's fishing industry, while the
company has become increasingly dependent on external funding to
refinance its short-term debt maturities.  Since the COVID-19
outbreak began, Exalmar has been able to maintain business
continuity although with some restrictions imposed by the Peruvian
government, including smaller crews on each ship to reduce the
contagion risk. The company has maintained its fishmeal and fish
oil production while shipping its products to its main customers in
Asia, although at a slower pace due to distribution and logistics
restrictions given the pandemic.

S&P said, "In our updated base-case scenario, we expect Exalmar's
cash flow generation to improve in the next 12 months for two key
reasons. First, because the overall first fishing season of 2020
has a quota of about 2.4 million tons, and we expect Exalmar to
reach a market share of about 17% (including third party
purchases), we forecast the company's effective catch to reach
close to 100% of its quota for the season. Second, we assumed 2
million tons of global fishing activity for the second season of
2020 while the company would maintain market share. However, as
seen in recent years, the company's results remain exposed to the
inherent cyclicality of the Peruvian fishing industry, with
volatile fishing quotas and catches. In our view, if external
conditions become unfavorable, particularly for the second fishing
season of 2020 and the next, it would rapidly increase downside
risks for the company's liquidity and its refinancing risk
exposure.

"Thus, we believe Exalmar is currently vulnerable and depends on
favorable business, financial, and economic conditions, as well as
on successful debt refinancing to meet its financial obligations."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Natural conditions factors.

Outlook

The negative outlook reflects Exalmar's high exposure to
refinancing risk related to its short-term debt maturities of about
$135 million as of March 31, 2020 of which $32.8 million are
warranted with inventories and does not present refinancing risk.
In S&P's view, continued liquidity shortcomings in the next six
months could illustrate a structural intra-year weakness that could
trigger another downgrade.

Downside scenario

S&P could lower the ratings in the next six to 12 months if it sees
increasing risk of a near-term payment crisis or default. This
could happen if:

-- The second fishing season of 2020 is below 2 million tons or if
Exalmar's effective fishing catch doesn't reach S&P's expectation,
which would pressure its cash flows;

-- Exalmar is unable to refinance its short- and medium-term debt
obligations; and

-- There is an increasing probability of debt restructuring that
S&P would view as distressed and tantamount to default.

Upside scenario

S&P could revise the outlook to stable in the next six to 12 months
if Exalmar's liquidity significantly improves through higher cash
flows assuming 100% fishing catch during the first and second
season of 2020, while it reduces its short-term debt position and
eliminates its refinancing risks.

Exalmar is a Peruvian fishing company engaged in the extraction,
processing, and commercialization of hydro-biological resources for
direct and indirect human consumption. It produces fishmeal for the
growth of bovines, sheep, and pigs, as well as for the development
of fish farming and poultry; and fish oil, which is primarily used
as fish feed in the aquaculture industry. The company also
processes various fish species, such as horse mackerel, mackerel,
giant squid, and mahi-mahi. Exalmar operates five plants of
fishmeal and fish oil, and two frozen plants of processing
hydro-biological products for human consumption.




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GNC HOLDINGS: Hires A&G Realty as Real Estate Consultant
--------------------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
A&G Realty Partners, LLC, as real estate consultant to the
Debtors.

GNC Holdings requires requires A&G Realty to:

   a. consult with the Debtors to discuss the Debtors' goals,
      objectives and financial parameters in relation to the
      Debtors' leases located in the United States and Puerto
      Rico ("Leases and Properties");

   b. provide ongoing advice and guidance related to individual
      financial and non-financial lease restructuring
      opportunities;

   c. review the Debtors' real estate data with the Debtors and
      their advisors;

   d. negotiate with the Landlords of the Leases on behalf of the
      Debtors to obtain Lease Modifications acceptable to the
      Debtors;

   e. if requested by the Debtors, negotiate with Landlords on
      behalf of the Debtors to obtain Early Termination Rights
      acceptable to the Debtors;

   f. provide weekly update reports to the Debtors regarding the
      status of the Services or more frequently as may be
      requested by the Debtors;

   g. develop reporting and deal submission process for Lease
      restructurings to be tracked by the Debtors; and

   h. coordinate with the Debtors' internal team and legal
      counsel to assist in resolving business problems that may
      arise.

A&G Realty will be paid as follows:

   a. Security Retainer. The Debtors have provided A&G a security
      retainer in the amount of $150,000. The security retainer
      shall be applied to the final invoice for fees and expenses
      due under the terms of the Services Agreement.

   b. Early Termination Rights. For each Early Termination Right
      obtained by A&G Realty on behalf of the Debtors, the Firm
      shall earn and be paid a fee in the amount of a quarter
      (¼) of one (1) month's Gross Occupancy Cost per Lease.

   c. Monetary Lease Modifications. For each Monetary Lease
      Modification obtained by A&G Realty on behalf of the
      Debtors, the Firm shall earn and be paid a fee of 5% of the
      Occupancy Cost Savings per Lease.

   d. Non-Monetary Lease Modifications. For each Non-Monetary
      Lease Modification obtained by A&G on behalf of the
      Debtors, the Firm shall earn and be paid a fee of $1,250.

   e. Landlord Consents. If (a) required by the circumstances of
      these Chapter 11 Cases and (b) requested by the Debtors,
      for each Landlord Consent obtained by the Firm to extend
      the Debtors' time to assume or reject a Lease as a part of
      these Chapter 11 Cases, A&G shall earn and be paid a fee in
      the amount of $500 per Lease.

A&G Realty will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Andrew Graiser, partner of A&G Realty Partners, LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

A&G Realty can be reached at:

     Andrew Graiser
     A&G REALTY PARTNERS, LLC
     445 Broadhollow Road, Suite 410
     Melville, NY 11797
     Tel: (631) 420-0044

                       About GNC Holdings

GNC Holdings Inc. is a global health and wellness brand with a
diversified omni-channel business.  In its stores and online, GNC
Holdings sells an assortment of performance and nutritional
supplements, vitamins, herbs and greens, health and beauty, food
and drink, and other general merchandise, featuring innovative
private-label products as well as nationally recognized third-party
brands, many of which are exclusive to GNC Holdings. Visit
www.gnc.com for more information.

GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020. Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Evercore Group, LLC as investment
banker and financial advisor; FTI Consulting, Inc. as financial
advisor; and Prime Clerk as claims and noticing agent.  Torys LLP
is the legal counsel in the Companies' Creditors Arrangement Act
case.

PUERTO RICO: Ouster of Law Official Sparks Controversy
------------------------------------------------------
Ricardo Arduengo at Reuters reports that Puerto Rico Governor Wanda
Vazquez Garced denied allegations that a probe into her office's
handling of federal emergency supplies led to the dismissal of the
island’s top law enforcement official.

Vazquez said resignation of Justice Secretary Dennise Longo
Quinones was justified because Longo intervened in a federal
investigation into Medicaid spending during the time Longo's mother
served as undersecretary of the island's health department,
according to Reuters.

"I was never informed about any investigation against me," Vazquez
told reporters.

Since filing for bankruptcy in 2017, the U.S. commonwealth has been
hit by devastating hurricanes, earthquakes and the coronavirus
pandemic, and has been the target of increased federal scrutiny
into its use of U.S. aid, the report notes.

The island has also been the scene of political upheaval, as
massive protests a year ago led to the resignation of Governor
Ricardo Rossello, who was briefly replaced by Pedro Pierluisi,
Puerto Rico's former Congressional representative, the report
relays.  After Pierluisi's appointment was declared
unconstitutional, Vazquez, who was then justice secretary,
reluctantly took over as governor on Aug. 7, the report discloses.

In a statement, Longo said she recused herself from matters
involving the health department and that she had been in the
process of preparing a report to the independent prosecutor's
office regarding her investigation into the governor's office when
she was asked to leave, the report says.

Puerto Rico Senate President Thomas Rivera Schatz called on the
prosecutor's office to determine whether or not that probe should
proceed, the report relays.

Jenniffer Gonzalez Colon, Puerto Rico's non-voting representative
in the U.S. Congress, said the island was tired of controversy and
that the "very serious" allegations must be investigated, the
report notes.

Vazquez faces Pierluisi in the island's August primary election to
be the New Progressive Party's candidate for governor, the report
adds.

                                 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.


                           *********


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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