/raid1/www/Hosts/bankrupt/TCRLA_Public/200811.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

          Tuesday, August 11, 2020, Vol. 21, No. 160

                           Headlines



A R G E N T I N A

SALTA: S&P Cuts ICR to 'SD' on Late Interest Payment on 2024 Bonds


B R A Z I L

GOL LINHAS: Faces Cash Crunch as Coronavirus Losses Add Up
SIMPAR SA: Fitch Gives BB- LT IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Debt Jumps 7.3% to US$38.6BB in First Half 2020
DOMINICAN REPUBLIC: Economy Fell -7.1% in June, But Recovery Looms
DOMINICAN REPUBLIC: Over Half of Shuttered Companies Won't Reopen


E C U A D O R

ECUADOR: Eyes New Financing After World's First Virtual Debt Deal


H A I T I

HAITI: IDB OKs Reassignment of US$27MM From Non-Disbursed Balance


M E X I C O

GRUPO FAMSA: S&P Lowers ICR to D on Bankruptcy Filing
MEXICO: Strives to Combat Growing Food Insecurity Amid Pandemic


P E R U

ORAZUL ENERGY: Fitch Places BB LT IDRs on Watch Positive


P U E R T O   R I C O

GNC HOLDINGS: Committee Hires PwC as Tax Service Provider

                           - - - - -


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

SALTA: S&P Cuts ICR to 'SD' on Late Interest Payment on 2024 Bonds
------------------------------------------------------------------
On Aug. 7, 2020, S&P Global Ratings lowered its global scale issuer
credit rating on the province of Salta to 'SD' from 'CC'.

S&P also took the following rating actions:

-- S&P lowered the issue-level rating on its 2024 international
bond to 'D' from 'CC'.

-- S&P affirmed the issue-level rating on its 2022 international
bond backed by royalties at 'CC'.

Outlook

S&P doesn't assign outlooks to 'SD' or 'D' issuer credit ratings
because they express a condition and not a forward-looking opinion
of default probability.

Downside scenario

S&P could lower the issue–level rating on the 2022 bond backed by
royalties to 'D' from 'CC' if and when Salta completes a debt
restructuring negotiation with bondholders over these notes. Given
the mounting fiscal and liquidity pressures, the offer would likely
be characterized as a distressed exchange and tantamount to
default. S&P could also lower the rating on this bond to 'D' if the
province misses a debt service payment.

Upside scenario

S&P said, "We will raise our ratings on the province following the
completion of its debt restructuring process. The post-default
rating would reflect the resulting debt profile, broad provincial
fiscal policy strategy, including its fiscal consolidation plans,
as well as macroeconomic prospects and potential access to markets.
Our post-restructuring ratings tend to be in the 'CCC' or 'B'
categories, depending on the new debt structure, as well as the
issuer's capacity and willingness to service that debt.
Nonetheless, the current 'CCC+' transfer and convertibility (T&C)
assessment on Argentina constitutes a rating cap on domestic
subnational governments."

Rationale

S&P lowered its issuer credit rating on Salta to 'SD' following the
expiration of the 30-day grace period on the interest payment on
the province's 2024 international bond. The payment was made
shortly after. The $16 million interest payment was originally due
July 7, 2020, and a 30-day grace period expired on Aug. 6, 2020.
The province made a payment announcement on Aug. 5, 2020, although
the money was wired to the payment agent on August 7, one day after
the expiration of the grace period. According to S&P's "Timeliness
Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD'
Ratings" methodology, payments made beyond the grace period
constitute a default.

Amid increasingly strained financial conditions, including very
limited access to financing, the province has decided to prioritize
operating and capital spending and is seeking to restructure its
debt service burden. The restructuring is at an incipient stage and
no details about it have been disclosed. However, Salta is under
severe fiscal and liquidity stress, the recession prevailing in
Argentina following the impact of both the pandemic and the ongoing
macroeconomic distortions. The offer is likely to include lower
interest rates, maturities extension, and/or face-value reduction.
As a result, S&P would consider such operation as distressed and
tantamount to default.

Several provinces have also already formally begun their debt
renegotiation processes. Three Argentine provinces are already in
selective default: the provinces of Buenos Aires (May 1), Mendoza
(June 19), and Rio Negro (July 8). Unlike these provinces, Salta
ultimately decided to make the payment while it continues to
negotiate with bondholders. The sovereign is also in selective
default, although it has reached an agreement in principle with the
deadline set for August 24 for the bondholders to accept the
offer.

International obligations likely to be restructred include the $350
million plain vanilla international bond due 2024; and $38 million
outstanding on the 2022 international bond–-structured notes
backed by hydrocarbon royalties, which remains current at the
moment.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded; CreditWatch/Outlook Action  
                            To        From
  Salta (Province of)
   Issuer Credit Rating   SD/--    CC/Negative/--

  Downgraded  
                            To        From
  Salta (Province of)
   Senior Unsecured         D         CC

  Ratings Affirmed  

  Salta (Province of)
   Senior Secured           CC




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

GOL LINHAS: Faces Cash Crunch as Coronavirus Losses Add Up
----------------------------------------------------------
Marcelo Rochabrun at Reuters reports that Gol Linhas Aereas
Inteligentes said its daily cash burn could quadruple in the next
three months compared with the second quarter, adding to heavy 2020
losses already totaling BRL4.3 billion ($823.3 million).

Brazil's largest domestic carrier, like almost all airlines around
the world, is reeling from the impact of the coronavirus crisis on
travel, according to Reuters.  It reported a net loss of BRL2
billion in the quarter.

Gol's own forecasts show it could face a liquidity crunch soon, the
report notes.  The airline is scheduled to repay $300 million to
Delta Air Lines in September, the report relays.  If that happens,
Gol could burn through more than the BRL416 million it has on hand
in cash and cash equivalents, the report discloses.

Gol says its total liquidity, including accounts receivable and
restricted cash, is much higher, at about BRL3.3 billion, the
report relays.

Executives said it is a "viable" possibility that Delta would agree
to postpone the repayment, but Chief Executive Paulo Kakinoff would
not confirm whether it is negotiating with the U.S. carrier, the
report notes.

"Continued support from GOL's stakeholders is critical to ensuring
the Company maintains the sufficient required months of
cash-on-hand to see the Company through this crisis," the company
said in a statement obtained by the news agency.

Regional rivals Avianca Holdings and LATAM Airlines Group filed for
bankruptcy in May.

Kakinoff said that Gol has not hired restructuring advisers for a
potential bankruptcy filing and that any such move is not on its
radar, the report notes.

Gol's cash burn would go up, however, whether it repays Delta or
not, the report discloses.

The airline said it burned through BRL3 million a day in the second
quarter, and would burn through BRL12 million per day in the next
three months if it repays Delta, the report notes.  Gol provided
little detail on the source of the increased cash burn, although it
suggested it could come from previously deferred payments to
lessors, suppliers and employees, the report says.

Even if it does not repay Delta, its daily cash expenditures would
still double to BRL6 million a day, the report notes.

Gol executives said Brazil's government could give the airline some
extra liquidity, but that it would take some 60 days for any funds
to be disbursed, the report notes.

Talks about state aid began when the coronavirus crisis hit Latin
America in March, and terms for a potential 2 billion reais loan
have yet to be finalized, the report adds.


                         About GOL Linhas

GOL Linhas Aereas Inteligentes S.A also known as VRG Linhas Aereas
S/A) is a Brazilian low-cost airline based in Rio de Janeiro,
Brazil.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2020, S&P Global Ratings lowered its issuer credit and
issue-level ratings on Brazil-based airline, Gol Linhas Aereas
Inteligentes S.A. (Gol) to 'CCC+' from 'B-'. At the same time S&P
lowered national scale rating to 'brBB' from 'brBBB-'.

SIMPAR SA: Fitch Gives BB- LT IDR, Outlook Stable
-------------------------------------------------
Fitch Ratings has assigned a first time Long-Term Foreign and Local
Currency Issuer Default Ratings of 'BB-' to Simpar S.A. and
National Long-Term rating of 'AA-(bra)'. The Rating Outlook is
Stable.

Simpar is the new holding company for JSL S.A. and its
subsidiaries. Simpar's ratings reflect its strong business profile,
supported by a leading position in the Brazilian logistics industry
and diversified service portfolio, as well as its track record of
resilient operating performance throughout various economic cycles.
The company's high consolidated leverage, which mostly relates to
its ongoing strong growth strategy, is partially mitigated by its
above-average financial flexibility and the company's ability to
generate positive FCF through adjustments to its capex spend.
Simpar maintains a strong liquidity position, which reduces
refinancing risks in the short to medium term.

Fitch expects Simpar to continue to take advantage of market
opportunities to grow its business while managing its capital
structure to a consolidated net adjusted debt/EBITDA ratio of
around 4.5x in 2021. Simpar's rating also incorporate management's
commitment to maintain adequate liquidity and a manageable debt
maturity profile. Growth strategies that elevate the company's
leverage or the sale of relevant equity stakes, in any operating
company that reduces Simpar's unrestricted access to their cash
without materially lowering its leverage, may lead to a change in
Fitch's consolidated rating approach and could pressure credit
quality.

Following the JSL's shareholder approval on Aug. 5, 2020, Simpar
became the new holding company by incorporating JSL's logistics
business as a wholly owned subsidiary of Simpar and JSL's ownership
interests in Vamos Locacao de Caminhoes, Maquinas e Equipamentos
S.A. (Vamos, AA(bra)/Stable), Movida Participacoes S.A. (Movida,
AA-(bra)/Stable), CS Brasil Participacoes e Locacoes Ltds, Original
Veiculos e Original Distribuidora de Pecas e Acessorios Ltda, BBC
Holding Financeira Ltda e BBC Pagamentos Ltda also will be directly
owned by Simpar as well as all the other investments in Brazil and
abroad.

The corporate reorganization did not materially change the group's
consolidated credit quality or Fitch's consolidated approach
towards the wholly owned subsidiaries and the group holding
company. Fitch views the JSL corporate reorganization as neutral to
the current credit quality of JSL S.A., the other rated subsidiary
entities and the outstanding debt issuances of the group.

KEY RATING DRIVERS

Diversified Business Portfolio: Simpar's operations mirror JSL's
and continue to reflect a strong business profile, supported by a
leading position in the Brazilian logistics industry and resilient
operating performance. JSL Logistica, now as a new wholly owned
subsidiary of Simpar, will continue to focus on supply chain
management, passenger and general cargo transportation. All other
operating business remain as they are, Movida a rent-a-car and
fleet rental company, Vamos, a heavy vehicles and equipment rental
business, CS Brasil a fleet rental company focused on the public
sector, and Original, a vehicle dealership business.

As of March 2020, JSL Logistica (100% stake) represented 25% of
consolidated EBITDA, Vamos (100% stake) 27%, Movida (55% stake)
33%, CS Brasil (100% stake) 13% and the dealerships (100% stake)
only 2%. The reorganization will not impact the business
performance of the operating companies.

Strong Market Position: Simpar has a leading position in the
Brazilian logistics industry with a diversified portfolio of
businesses and a relevant presence in multiple sectors of the
economy. The company's strong market position, strategic and
operational nature of the service it provides, coupled with
long-term contracts for most of its logistic and heavy vehicle
rentals, minimizes the company's exposure to more volatile economic
cycles. The company's significant operating scale has made it an
important purchaser of light vehicles and trucks, giving it a
significant amount of bargaining power versus other competitors in
the industry.

Reorganization Preserved Consolidated Credit Profile: The
consolidated financial profile of Simpar post reorganization, as
the new holding company of the JSL Group, is similar to that of the
consolidated JSL before the restructure. Additionally, Simpar has
unrestricted ability to access the cash of the fully owned
subsidiaries and to set the business and financial strategies of
all the operating companies. Over the LTM ended at March 2020,
Simpar's pro forma consolidated total and net leverage, measured by
total debt/EBITDA and net debt/EBITDA, are 6.9x and 4.2x,
respectively, compared to JSL's ratios of 6.3x and 4.1x,
respectively, before reorganization.

The difference on the leverage ratios is due to a currency swap
reset, which increases both total debt and total cash and creates a
tax expense of BRL130 million. The outstanding bonds' new guarantor
(Simpar, which replaces JSL S.A.) does not have operational cash
flow generation, which is not material enough to impact the
issuances' rating. JSL S.A., an operating holding company, was
already considered, on a standalone basis, quite weaker than the
consolidated group.

Full Ownership Mitigates Structural Subordination: The full
ownership of all the operating companies, excluding Movida,
mitigates the structural subordination of the debt at Simpar level.
It allows Simpar to determine the business and financial strategies
of the operating companies, select their management and manage
their cash - as there is no restriction on upstream dividends or
intercompany loans. The absence of cross default provisions and
upstream guarantees together with the new corporate structure,
where the logistic business operations are no longer at the holding
company, would be credit negatives, but not sufficient to pressure
the ratings at this point.

Major Equity Sale May Change Rating Approach: The sale of relevant
equity stakes, in any operating company, that reduces Simpar's
unrestricted ability to access their cash without materially
lowering leverage, may lead to a change in Fitch's consolidated
rating approach and may view Simpar as a dividend receiving holding
company, which debt that would be structurally subordinated to that
of the operating companies; its credit profile on a standalone
basis may be considered weaker than that of the operating
companies.

Robust Operating Cash Flow: JSL group has delivered a solid
operating cash flow and reasonable margins, while growing its
rentals businesses, Vamos and Movida. Fitch expects to see margin
returning to pre-crises levels in 2021-2022 as these two businesses
regain traction after the worst period of lockdown restrictions.
Fitch also expects JSL Logistics to grow and become a larger part
of the group portfolio.

As the 2Q20 operating data begins to come out, Fitch believes
Simpar's business should be less impacted by the pandemic than
previously forecasted. Considering its current rating scenario,
Fitch forecasts Simpar's consolidated EBITDA at BRL1.6 billion (18%
margin) in 2020 and BRL1.8 billion (19% margin) in 2021, from
BRL1.9 billion (20% margin) in 2019.

Coronavirus Impacts Leverage: The coronavirus outbreak containment
measures, such as social distancing and mobility restrictions, are
severely impacting the rent-a-car business and used car sales.
Fitch's base case rating scenario projected mixed results among
JSL's main lines of business. Movida, will be the most affected by
social-distancing and mobility-restriction measures. RaC revenue is
expected to fall around 50% during 2Q20, versus a 70% drop
projected in its ratings base case.

The logistics and fleet rentals businesses, JSL Logistics, Vamos
and CS Brasil, should be relatively less exposed to short-term
volatility, as revenue streams are based on long-term contracts
mainly with medium to large corporate clients. In these segments,
2Q20 revenue declines should be around 10%. Fitch expects Simpar's
leverage to remain above 4.0x in the medium term given the revenue
and profitability reductions.

DERIVATION SUMMARY

Simpar's ratings reflect its leveraged capital structure and solid
business profile, supported by a leading position in the Brazilian
logistics industry and a diversified and resilient portfolio of
businesses. The company's large business scale provides important
bargaining power with automobile and equipment OEMs, and is a key
competitive advantage compared to peers in the Brazilian market.

Fitch believes that Simpar's bargaining power and business position
tend to be relatively closer to the industry's benchmark, Localiza
Rent a Car S.A.(BB/Negative), and much stronger than Ouro Verde
Locacao e Servico S.A. (B/Stable). Compared to Localiza, Simpar has
a weaker financial profile with higher leverage and higher
refinancing risks in the medium term. Compared to Ouro Verde,
Simpar has higher leverage and similar liquidity position, but a
much better business profile and access to credit markets.

Simpar's ratings compare well with other peers in the Brazilian
transportation segment. Simpar and Rumo S.A. (BB/Negative) share
similar business risks, considering their respective business
traits, but Simpar's leverage is higher. Compared to Hidrovias do
Brasil S.A. (BB/Negative), Simpar's business position is stronger
but its leverage profile and refinancing risks in the medium term
are weaker.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  -- Coronavirus-containment measures to persist during 2Q20 with a
slow recovery in the 2H20;

  -- Company has limited ability to adjust cost structure in the
short term;

  -- RaC and used car sales demand to drop, on average, 70% and
90%, respectively, in 2Q20;

  -- Fleet Rental segments to be less exposed to short-term
volatility;

  -- Company has access to more expensive new funding, if needed.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- An upgrade on the ratings is unlikely in the short to medium
term, given the group's consolidated high leverage and fairly
aggressive growth strategy.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Equity sale of any operating company that reduces Simpar's
unrestricted ability to access their cash, without materially
lowering leverage.

  -- Failure to preserve liquidity and inability to access adequate
funding;

  -- Prolonged decline in demand coupled with company inability to
adjust operations, leading to a higher than expected fall in
operating cash flow;

  -- Increase in net adjusted leverage to more than 4.0x beyond
2021;

  -- Material deterioration on the group's fleet rental and
logistics business.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: JSL group continues to keep an adequate
liquidity position, on a consolidated basis, during the worst
periods of the coronavirus pandemic. The company was able to
balance the smaller than expected decrease in demand with cost
cutting measures, asset sales and access to new funding, which
preserved its cash position. According to Fitch's estimates, cash
over short-term debt remained above 2.0x during all of 2Q20. JSL
group adequate liquidity position, relative its short-term debt, is
a key credit consideration in its ratings, with cash covering
short-term debt by an average of 1.0x during the last four years.

Fitch projects Simpar's cash flow will be negative due to the
coronavirus crisis and the company's growth strategy, and will be
financed by debt in Fitch's base case rating scenario. As of March
30, 2020, Simpar had BRL4 billion of cash and BRL12 billion of
total debt, BRL1.9 billion of which is due on the short-term debt
(2.1x cash coverage ratio); these figures exclude the BRL2.4
billion credit-linked note. The company's debt profile is mainly
comprised of local debentures, promissory notes and CRA issuances
(51%) and international bond issuance (45%). About 11% of Simpar's
debt is secured. Additionally, Simpar financial flexibility is
supported by the group's ability to postpone growth capex to adjust
to the economic cycle and the group's sizable amount of
unencumbered assets with book value of its fleet over net debt
equaling 1.2x.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Growth capex was moved from the CFO to the CFI;

  -- OEM receivables related to vehicle acquisitions added to
capex;

  -- Total debt was adjusted by net derivatives, floor plan and
accounts payables referred to acquisitions;

  -- The CLN and NCE transactions were removed from cash and debt,
respectively.

SOURCES OF INFORMATION

Simpar S.A.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Simpar S.A.: Governance Structure: 4

Simpar has a concentrated ownership and control structure along
with a complex group structure that weakens both the company's
corporate governance and is factored into the rating.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, 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.



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

DOMINICAN REPUBLIC: Debt Jumps 7.3% to US$38.6BB in First Half 2020
-------------------------------------------------------------------
Dominican Today reports that the Dominican debt stood at US$38.6
billion at the end of the first half of this year, a level that
translates into a 7.3% jump so far this year.

With that amount, and after the revision to the nominal GDP in
dollars that was agreed in May this year among the authorities, the
debt represents 47.5% of GDP at the end of June, according to
Dominican Today.

Data from the Public Credit Directorate reveal that in that month
the amount of commitments from the Non-Financial Public Sector
(SPNF) increased by 266 million dollars, the report relays.

In the first full semester, the increase was US$2.6 billion, most
of it concentrated on the issuance of new external debt, the report
adds.

                  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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).

DOMINICAN REPUBLIC: Economy Fell -7.1% in June, But Recovery Looms
------------------------------------------------------------------
Dominican Today reports that the Dominican economy fell -7.1% in
June, accumulating a decrease of -8.5% in the first half of this
year, evidencing the serious effects of Covid-19 in the country.

That behavior is seriously less than the positive growth of 4.7%
registered by the local GDP in the past year, according to
Dominican Today.

The figure for June however is less catastrophic than the -29.8% in
April (the harshest month in the quarantine), and the -13.6% in
May, which indicates that the country's economic activities show
signs of recovery, the report notes.

"The economy is projected to gradually approach its potential
growth in 2021, once the health and economic crises arising from
COVID-19 have been overcome," said the Central Bank in a document
detailing the easing measures taken by the Monetary Board to
alleviate the crisis, the report adds.

                     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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).

DOMINICAN REPUBLIC: Over Half of Shuttered Companies Won't Reopen
-----------------------------------------------------------------
Dominican Today reports that 52% of companies that had to
completely stop their activities due to the pandemic will not
reopen their doors, according to a survey related to the sector by
the Ministry of Industry, Commerce, and MSMEs (MICMM) and the
Technological Institute of Santo Domingo (Intec).

The report indicates that just over 40% of these types of
establishments had to cut their expenses to try to survive,
according to Dominican Today.

The greatest impact of the crisis has been a loss of clients,
liquidity problems, or payment delays, the report notes.

The expectation is that the recovery of the MSMEs sector,
respondents said, will take more than 10 months, the report relays.
But there are also optimists: just over a third of companies of
this type estimate that in less than six months the recovery will
be evident, the report relays.

Government measures to curb the spread of COVID-19 have been
devastating for MSMEs, the report discloses.  The study reveals
that 98% had to close totally or partially due to the crisis caused
by the pandemic," the report adds.

                     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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).



=============
E C U A D O R
=============

ECUADOR: Eyes New Financing After World's First Virtual Debt Deal
-----------------------------------------------------------------
Ben Bartenstein at Bloomberg News reports that Ecuador is aiming to
secure additional financing by the end of August to help plug its
fiscal gap after wrapping up a deal to restructure $17.4 billion of
debt, according to Finance Minister Richard Martinez.

President Lenin Moreno's administration is negotiating a new
program with the International Monetary Fund as well as some $2
billion in bilateral loans from China, according to Bloomberg News.
Martinez said the Asian Infrastructure Investment Bank is also
considering a $50 million loan to support small and medium
enterprises, the report notes.

"August is key," Martinez said in an interview from Quito. "At the
end of this month, we'll have more clarity on how we'll close the
financing gap," he added.

The report notes Ecuador won overwhelming support from bondholders
to restructure its international notes, significantly reducing the
nation's obligations over the coming decade.  Still, the state
needs $4 billion in extra cash by year-end to fund a widening
fiscal deficit amid the Covid-19 pandemic, the report relays.
Ecuador's $4.2 billion pact with the IMF collapsed as the crisis
worsened, the report discloses.

An IMF spokesperson declined to comment, while an official at the
AIIB didn't respond to a request for comment.

Martinez said his priority was to maintain a good relationship with
foreign creditors while reducing the country's debt service needs
to support an economic recovery, the report relays.  The
restructuring was the first in the world to have been done solely
through online talks. Argentina reached its own accord a day later,
the report notes.

"We don't know when Ecuador will return to the bond market, but we
want investors to know we did this in good faith," he said. "Maybe
the next government will come back," he added.

In February 2021, Ecuador will convene the first round of its
presidential vote, the report notes.  Moreno isn't seeking
reelection.

The South American nation adopted the U.S. dollar as its currency
in 2000, meaning it is dependent on loans or a current account
surplus to expand its economy, the report relays.

Martinez said Ecuador must develop industries from avocados to
medical marijuana and tourism to diversify the economy, while
working to increase the productivity of traditional activities such
as oil and mining that attract foreign direct investment, the
report notes.

The finance minister also reiterated his support for Mauricio
Claver-Carone, a senior Trump administration official, in his
candidacy for the presidency of the Inter-American Development
Bank, the report relates.  The European Union's proposal to
postpone the IDB election until after the U.S. presidential vote
would be a mistake, according to Martinez, the report notes.

"We have to respect the process," he said. "There's a pandemic, an
economic crisis and a social crisis across the region and countries
that need the resources of the IDB. We don't have time to lose," he
added.

                         About Ecuador

The Republic of Ecuador is a country in northwestern South America.
The sovereign state of Ecuador is a middle-income representative
democratic republic and a developing country that is highly
dependent on commodities, namely petroleum and agricultural
products.  Lenin Boltaire Moreno Garces is the county's current
President, who has been in office since May 2017.  As of May 12,
2020, Ecuador has defaulted on sovereign debt in 2020.

As reported in Troubled Company Reporter-Latin America on
July 27, 2020, S&P Global Ratings affirmed its 'CCC-' issue rating
on Ecuador's social housing notes due 2035 and removed it from
CreditWatch negative, where it had placed it on March 25, 2020.
There is no outlook on this issue rating. The 'SD' (selective
default) foreign and local currency sovereign credit ratings on
Ecuador remain unchanged.

On April 3, 2020, Moody's Investors Service downgraded the
long-term foreign-currency issuer and senior unsecured rating of
the Government of Ecuador to Caa3 from Caa1 and changed the outlook
to negative from stable.  Moody's decision to downgrade Ecuador's
rating reflects the increased and now very high probability of a
restructuring, distressed exchange or default on Ecuador's market
debt as a result of the economic and financial shock the country is
experiencing due to the coronavirus outbreak that has led to
extremely tight financing conditions for Ecuador.

On April 13, 2020, S&P Global Ratings lowered its long- and
short-term sovereign credit ratings on Ecuador to 'SD/SD' from
'CCC-/C'. S&P removed the ratings from CreditWatch.  S&P said
Ecuador's already large budgetary financing needs have been
exacerbated by the plunge in global oil prices and the negative
global economic impact of the COVID-19 pandemic. The country is one
of the worst affected by the virus outbreak in the region.

Also, in mid April 2020, Fitch lowered Ecuador's longterm foreign
currency issuer default rating to C from CC.  The 'C' rating
reflects Fitch's view that a sovereign default of some kind is
imminent following the "consent solicitation" made by the
Ecuadorian government to defer external bond payments while it
pursues a comprehensive restructuring.  A deferment in payments, if
agreed to by bondholders, would constitute a distressed debt
exchange in Fitch's view.

Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by the Republic of Ecuador to CCC- from CCC+. EJR also downgraded
the rating on commercial paper issued by the Company to D from C.



=========
H A I T I
=========

HAITI: IDB OKs Reassignment of US$27MM From Non-Disbursed Balance
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a reassignment
of US$27 million from the non-disbursed balance of Haiti's current
investment portfolio, from the IDB Special Donation Fund, in an
effort to help the government fight the COVID-19 pandemic.

The goal of the program for an immediate public health response to
contain and control the coronavirus and mitigate its impact on the
provision of services in Haiti is to help reduce COVID-19 mortality
and morbidity rates and ease the indirect impact of the pandemic on
health care in the country. To that end, it will concentrate on
strengthening coordination at the national level; improving
detection and monitoring of cases; supporting efforts to break the
chain of transmission of the virus, and boosting Haiti's capacity
for providing health care.

Besides all this action aimed directly at containing and
controlling the pandemic, the plan will emphasize maternal and
child health care, including vaccination, and the fight against
contagious diseases. This will allow for mitigating the strong
negative impact of the pandemic on these services over the short
and medium term, especially among the most vulnerable people in
Haiti.

In order to ensure that the program does not clash with measures
that are already in place, it will become part of the national plan
developed by the Health and Population Ministry and the
Cross-Sector Pandemic Management Commission, which was created by
the Haitian presidency. In this way the intervention strategies in
the IDB initiative are adapted to the Haitian context because they
were proposed  by the commission, which features broad
representation from civil society in Haiti.  

This operation is in addition to a US$60 million grant approved in
July to help the poorest people in Haiti as the country battles the
coronavirus pandemic.



===========
M E X I C O
===========

GRUPO FAMSA: S&P Lowers ICR to D on Bankruptcy Filing
-----------------------------------------------------
On Aug. 7, 2020, S&P Global Ratings lowered its issuer credit
rating on Mexico-based retailer Grupo Famsa, S.A.B. de C.V.
(GFamsa) to 'D' from 'SD'. At the same time, S&P lowered its
issue-level rating on the company's senior secured notes due 2024
to 'D' from 'CCC-' and removed it from CreditWatch with negative
implications, where S&P placed it on July 2. The recovery rating on
the 2024 notes remains at '3', indicating a meaningful recovery
expectation of 50%-90%.

The downgrade follows GFamsa's announcement that it filed for
bankruptcy protection in Mexico and the U.S., through Concurso
Mercantil and Chapter 15 filings, respectively, in order to protect
its assets in both jurisdictions. The company intends to reach an
agreement and a comprehensive solution with its creditors through a
restructuring of its liabilities.

GFamsa defaulted on its 2020 senior unsecured notes on June 1,
2020, and initially sought a pre-packaged Chapter 11 filing, with
an exchange for new notes. However, on July 2, 2020, Mexican
authorities announced the liquidation of Banco Ahorro Famsa (BAF),
which operated as the company's captive finance unit, enhancing the
retail sales through credit. The unit represented a significant
portion of the company's balance sheet. As a result, GFamsa missed
several debt service payments in the past month and withdrew its
pre-packaged Chapter 11 solicitation on July 14, 2020. GFamsa is
now seeking to restructure all of its liabilities, resulting in a
generalized default on all of its debt obligations.



MEXICO: Strives to Combat Growing Food Insecurity Amid Pandemic
---------------------------------------------------------------
Ines Amarelo at EFE News reports that millions of people have been
plunged into extreme poverty by the coronavirus crisis in Mexico,
where a relief organization is combating a burgeoning hunger
problem by providing food and nutritional advice to the neediest.

Official figures released prior to the pandemic indicated that over
40 percent of the population--or more than 53 million people--stood
below the poverty line, according to EFE News.

But at least 16 million more people have fallen into extreme
poverty (based on income) amid the current crisis, according to a
study by the National Autonomous University of Mexico, the report
notes.

One of the organizations striving to address this economic hardship
is Bancos de Alimentos de Mexico (BAMX)--a nationwide network of
dozens of food banks, one of which is located in Cuautitlan
Izcalli, a city in the central state of Mexico, the report
discloses.

That food bank had been providing service to 18,300 people prior to
the pandemic, the report notes.  But that number has risen to
23,000 during the quarantine thanks to increased donations to BAMX,
which receives a wide variety of food from private food companies
and distributes it to people facing food insecurity, the report
says.

That organization, however, believes that handing out food baskets
is insufficient and must also be accompanied by advice on
maintaining a healthy and balanced diet, the report relays.

The food banks' main mission is "to eradicate hunger, to contribute
to the nutrition of all these people who don't have access to
adequate nutritio.  We work not only so they can take home a
basket, but also so that basket we distribute really has an
impact," the social work coordinator at the BAMX facility in
Cuautitlan Izcalli, Fabiola Sanchez, told EFE News.

She said people visit that establishment in search of not only food
but also opportunities and knowledge that can help them earn an
income, the report relates.

The person in charge of that food bank's nutritional area,
Ildefonso Alvarez, spoke to EFE News about its dual mission.

"We believe the support needs to be comprehensive. Besides
providing food, it's important to provide nutritional information
and orientation. If not, we're not helping to fix a serious
overweight and obesity problem we have in Mexico," Alvarez said,
the report discloses.

Mexico has among the highest rates of overweight and obesity
worldwide, with three out of every four Mexicans falling into one
of those two categories, according to the Organization for Economic
Co-operation and Development.

"For example, a kid who's washing windshields gets a bit of money,
goes to the store and buys a pastry, which is easy to buy but
offers little from a nutritional standpoint: a lot of energy from
sugar and fat. In rural areas, the correlation between malnutrition
and overweight is alarming," the expert said, the report says.

The Cuautitlan Izcalli Food Bank has received a steady flow of
private donations during the quarantine and those supplies included
several tons of chicken, a food item that it cannot always provide,
the report notes.

Hundreds of companies have been pitching in to mitigate the
economic effects of the quarantine, the report relays.

And for many of them the transaction is a win-win, since it is
cheaper for them to donate food they are unable to sell than to
destroy it, the report discloses.

Angeles Escalera, the director of that food bank in Mexico state,
said all of the donations are more than welcome, the report notes.

"You don't have to look at other countries. We're experiencing it
right here in Mexico.  We Mexicans love to help and it's
incredible, but there are people who don't know what a yogurt is,
who don't know that pan relleno (stuffed bread) exists," she added.




=======
P E R U
=======

ORAZUL ENERGY: Fitch Places BB LT IDRs on Watch Positive
--------------------------------------------------------
Fitch Ratings has placed Orazul Energy Peru S.A.'s Long-Term
Foreign Currency and Local Currency Issuer Default Ratings of 'BB'
on Rating Watch Positive from a Stable Rating Outlook. The Watch
Positive applies to Orazul's USD550 million senior unsecured
notes.

The Rating Watch Positive reflects Fitch's expectations that
management will execute on liability management by early amortizing
the senior unsecured notes in 1Q21, with proceeds of the sale of
transmission businesses Etenorte S.R.L. and Eteselva S.R.L. by the
end of 2020. This strategy will materially deleverage the company's
capital structure, measured as total debt to EBITDA, to below 4.5x
in 2021 and 4.0x thereafter from 6.4x in 2019 absent additional
debt incurrence.

Orazul's ratings reflect the company's predictable cash flow from
the electricity generation segment, supported by an adequate
contractual position, diversified and complementary generation
assets, and flexible cost structure. The rating also incorporates
the company's relatively small size, contributing to around 4% of
Peru's energy generation in 2019.

The resolution of the Rating Watch Positive may extend beyond six
months as the debt prepayment and ensuing deleveraging could be
prolonged.

KEY RATING DRIVERS

Accelerated Deleveraging Trajectory: Fitch expects Orazul's capital
structure to materially improve, leading to leverage of 4.0x by
2022, from 6.4x at YE 2019. The deleveraging trajectory will be
supported by the sale of transmission businesses Etenorte S.R.L.
and Eteselva S.R.L. for an amount greater than USD140 million
expected in 4Q20. The majority of the sales proceeds will be
allocated to prepay the senior notes due early 2021. Fitch expects
the company will operate with a capital structure of 4.0x on a
sustained basis after the debt prepayment. The transmission
business contributed around USD7.5 million-USD8.5 million to the
company's EBITDA in the last two years.

Adequate Business Position: Orazul's ratings reflect the strength
of the company's business, consisting of a diversified portfolio of
hydroelectric and thermal assets, as well as the company's
vertically integrated thermal generation business, which provides
operational and financial flexibility. The rating also reflects the
company's relatively small size, contributing to around 4% of
Peru's energy generation in 2019. These characteristics bode well
for cash flow stability. Approximately 80% of the company's
revenues came from the generation segment historically, with the
balance divided between the transmission and hydrocarbons segment.
The company owns a natural gas field and a processing facility,
operates transmission lines concession and owns generation assets.

Persistent Low Spot Prices: Fitch forecasts spot prices in Peru
will continue to be pressured in the medium term. Overcapacity in
the system will be further exacerbated by the effects of the
pandemic on the economy for the next couple of years. Spot prices
should begin to reflect actual natural gas plants' generation costs
only after 2025, when demand growth could absorb part of the
oversupply in the system.

Fitch expects annual demand will decrease by midsingle digits in
2020 and will grow by around 3.0%-4.0% through 2024. Peruvian
electricity prices are among the lowest in Latin America due to
abundant hydroelectric generation capacity, and a pricing mechanism
that does not consider fixed costs (take-or-pay contracts) for
natural gas-fired thermal plants, and only includes marginal costs
to set spot prices.

Predictable Cash Flow: The company's ratings reflect its
predictable cash flow, supported by its generation capacity
contracted under U.S. dollar-denominated power purchase agreements
with full cost pass-through provisions. The company's generation
capacity as of YE 2019 was fully contracted at its optimal level
under PPAs through 2023 with strong credit quality off-takers.
Approximately 80% of Orazul's energy sales in 2019 were under
medium-term PPAs. The company has a balanced position under
long-term PPAs, with over nine years of remaining life. Orazul's
cost efficiency contributes to adequate recontracting prospects as
contracts expire.

Relative Flexible Cost Structure: The company's vertically
integrated assets provide a unique and flexible cost structure in
the Peruvian electric generation market. This integration offers
Orazul a competitive advantage, as other thermal generators' cost
structures usually include fixed take-or-pay agreements for the
supply and transportation of natural gas, forcing dispatch on low
spot price circumstances to offset fixed costs. Orazul's subsidiary
Aguaytia Energy del Peru S.R.L. provides natural gas to its 192MW
thermal generation plant, and the main cost is royalty payments on
a per-usage basis, affording significant operational flexibility to
position itself strategically in the end of the dispatch curve
during low spot price environments.

DERIVATION SUMMARY

Orazul's closest peers are generation companies in the region, such
as Kallpa Generacion S.A. (BBB-/Negative), Fenix Power Peru S.A.
(BBB-/Stable) and AES Gener S.A. (BBB-/Stable). Their ratings
reflect stable, diversified asset bases and predictable cash flows
supported by solid contractual positions embodied in medium- to
long-term PPAs with financially strong counterparties, and
manageable volume exposure or strong shareholder support.

Orazul is rated two notches below Kallpa. Both benefit from a
diversified generation mix and are expected to operate at similar
levels after Orazul early amortizes the notes. However, Kallpa has
a stronger market position as the largest private generator in
Peru.

Orazul is rated two notches below Fenix as a result of Fenix's
strong shareholder support from Colbun S.A. (BBB/Positive), despite
its higher leverage of 9.8x in 2018. Orazul is rated two notches
below AES Gener as a result of its diversified asset base and
deleveraging expectations of around 4.0x over the medium term.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
Include:

  -- Fully contracted capacity until 2023;

  -- Average PPA prices at USD44/MWh in the next four years;

  -- Annual dividend distributions at around USD60 million during
the next four years while maintaining a minimum cash balance of
USD20 million;

  -- Capex averaging USD11 million in the next four years,
including the extension of the hydrocarbon business concession for
USD7.8 million;

  -- Transmission asset sales for over USD140 million in October
2020 followed by debt repayment in 1Q21.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Gross leverage, measured by total debt/EBITDA, falling to 4.0x
on a sustained basis;

  -- Maintain an adequate contracted position with similar terms
contributing to cash flow predictability.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Total debt/EBITDA substantially exceeding 5.5x on a sustained
basis;

  -- A material rebalancing of the contractual base, resulting in
significant cash flow volatility.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Orazul's liquidity is adequate and supported by
sufficient cash flows, a comfortable debt-amortization profile,
adequate cash position and USD25 million of undrawn committed
credit lines. Orazul's cash position was USD45.6 million at March
31, 2020, and it had no short-term debt. Fitch expects the company
to maintain a nominal cash balance through the medium term,
distributing excess cash of around USD60 million to shareholders.

Orazul's total debt of USD550 million is solely composed of its
senior unsecured notes due in 2027.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Governance 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Contract extension costs in the amount of USD9.7 million were
subtracted from EBITDA in 2019.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.



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

GNC HOLDINGS: Committee Hires PwC as Tax Service Provider
---------------------------------------------------------
The Official Committee of Unsecured Creditors of GNC Holdings,
Inc., and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain
PricewaterhouseCoopers LLP, as independent auditor and tax advisory
service provider to the Committee.

GNC Holdings requires PwC to:

   a) Integrated Audit.

     i. an integrated audit of the consolidated financial
        statements of GNC Holdings, Inc. at December 31, 2020 and
        for the year then ending and of the effectiveness of GNC
        Holdings, Inc.'s internal control over financial
        reporting as of December 31, 2020 and preparation of
        a report for same; and

     ii. reviews of GNC Holdings, Inc.'s unaudited consolidated
         quarterly financial information for the quarter ended
         June 30, 2020 and the quarter ended September 30, 2020,
         before the Form 10-Q is filed.

   b) Puerto Rico Audit.

     i. an audit of the financial statements of GNC Puerto Rico,
        LLC, which are comprised of the balance sheet at December
        31, 2019 and related statements of income, members'
        equity, and cash flows for the year then ending and
        preparation of a report for same.

   c) Restructuring Tax. PwC will assist the Debtors by providing
      tax consulting services.

   d) International Tax.

       i. International assignment tax services to General
          Nutrition Centers, Inc. and certain employees
          designated by General Nutrition Centers, Inc., which
          services will generally include U.S. and foreign tax
          income return preparation, related tax compliance
          services, administrative support, and tax consulting
          services; and

       ii. Certain "Additional Services" including tax planning
           projects, preparation of reports summarizing the
           implications of certain compensation of benefits plans
           offered to expatriate and local-national employees,
           certain technology parts or services, assistance
           with tax authority audits or examinations, etc.

PwC will be paid as follows:

   a) Integrated Audit Engagement Letter

          Partner                       $994
          Managing Director             $994
          Director                      $899
          Senior Manager                $800
          Manager                       $701
          Senior Associate              $576
          Experienced                   $502
          New Associate                 $400
          Administrative                $140

     A $250,000 retainer was paid by the Debtors to PwC pre-
     petition,

   b) Puerto Rico Audit

     i. fixed fee of $46,000 to complete the services under the
        Puerto Rico Audit; and

     ii. a pre-petition retainer of $46,000 was received by PwC.

   c)  Restructuring Tax

     i. a fixed fee for Phase I of $110,000 per week for
        approximately 4.5 weeks, not to exceed $500,000; 5 and

     ii. a fixed fee for Phase II of $705,000.

   d) International Tax

          Partner                     $565
          Director                    $440
          Manager                     $360
          Senior Associate            $255
          Associate                   $165

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

PwC can be reached at:

     Kirsten R. Albert
     PRICEWATERHOUSECOOPERS LLP
     600 Grant Street
     Pittsburgh, PA 15219
     Tel: (412) 355-6000

                     About GNC Holdings

GNC Holdings Inc. -- http://www.gnc.com/-- 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.

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. The 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.

The U.S. Trustee for Region 3 in July 2020 appointed a committee to
represent unsecured creditors in the Chapter 11 cases of GNC
Holdings Inc. and its affiliates.  The Committee retained Bayard,
P.A., as co-counsel. Miller Buckfire & Co., LLC and its affiliate
Stifel, Nicolaus & Co., Inc., as investment banker.


                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *