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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, October 8, 2020, Vol. 21, No. 202

                           Headlines



B R A Z I L

BANCO ORIGINAL: Fitch Lowers LongTerm IDRs to 'B-', On Watch Neg.


C H I L E

CORP GROUP BANKING: S&P Cuts ICR to 'CC' on Expiring Grace Period
ENJOY SA: Fitch Cuts IDR to 'CCC' & $195MM Senior Notes to 'D'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Gold Exports Rose 12.4% in January to August


P U E R T O   R I C O

D & D CORP: Seeks to Hire Angel Mercado as Accountant
D & D CORP: Seeks to Hire Bigas-Valedon as Bankruptcy Attorney


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: St. Clair Restaurant Opens Doors During Pandemic


V E N E Z U E L A

VENEZUELA: EU Dialogues With Stakeholders in Caracas

                           - - - - -


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B R A Z I L
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BANCO ORIGINAL: Fitch Lowers LongTerm IDRs to 'B-', On Watch Neg.
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Fitch Ratings has downgraded Banco Original S.A.'s (Original)
Viability Rating (VR) to 'b-' from 'b' and its Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'B'.
At the same time, Original's Long-Term National Rating has been
downgraded to 'BB+(bra)' from 'BBB-(bra)' and the Short-Term
National Rating has been downgraded to 'B(bra)' from 'F3(bra)'.
Short-Term IDRs were maintained on Rating Watch Negative (RWN) at
'B'. Fitch maintained RWN on the company's VR, IDRs, and National
Ratings.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

The downgrade of Original's ratings reflects the rapid weakening of
its capitalization metrics in a short period of time due to the
large losses reported by the bank during 1H20. The maintenance of
the RWN primarily reflects the limited room the bank must absorb
losses, while continuing to develop their strategy. Fitch's
expectation is that Original's capitalization will continue to be
pressured by the bank's difficulties in achieving a sustainable
operational breakeven point, which is unlikely to occur in the
short term.

Currently, Original's IDRs remain driven by its VR and do not
consider any parental support of its ultimate parent, J&F
Investimentos S.A., although various transactions between Original
and its parent have been supportive of the bank's profitability in
previous years. Original's capitalization, its company profile in
addition to its earnings and profitability are the factors that
highly influences its ratings.

However, if Fitch can review the parent's ability and propensity to
support its subsidiary, Original, in the future, then Fitch could
reconsider the role of support in determining Original's ratings.
Currently, Fitch rates J&F's two most important and relevant
entities: JBS S.A., a global leader in the protein segment
(BB+/Stable) and Eldorado Brasil Celulose S.A., one of the most
important Brazilian pulp companies (BB-/Stable).

During the 1H20, Original reported large operational losses of
BRL359.4 million, equivalent to a negative 6.6% operating
profit/risk-weighted assets (RWAs) ratio. High investment expenses
related to Original's digital bank strategy, increasing costs
associated with the expansion of its client base in recent
quarters, which led to the growth of the bank's fixed-costs
structure, and higher loan impairment charges negatively affected
the bank's results. Additionally, the bank reported losses from its
derivative positions that were used as hedge for its U.S.
dollar-denominated loan portfolio, however, this was partially
offset by an increase in revenues from its foreign currency
portfolio.

Original has defined its growth strategy through technological
innovation, which has different maturation processes. However,
Fitch believes it is unlikely that the bank will be able to achieve
a positive and sustainable operational breakeven point in 2020
given that its internal capital generation capacity has not yet
been proven and, like its peers, the bank will continue to face
challenges while the current crisis is not resolved. Original's
long-term profitability outlook is linked not only to the effects
of the coronavirus pandemic on its current business model but also
to the bank's ability to properly match the level of investments
and costs associated with its digital bank to this initiative's
potential revenues.

Original's capitalization metrics are based on the consolidated
(Conglomerado Prudencial) approach considering, in addition to the
bank, its sister company, Banco Original do Agronegocio S.A. and,
since 2019 PicPay Servicos S.A. (PicPay), where the bank is the
controller, despite its minority 22.69% (45.39% of voting shares)
participation, is still fully consolidated. During 1H20, Original's
capitalization declined significant. At June 2010, common equity
tier 1 (CET1) and total regulatory capital ratios stood at a low
10%, only 75bps above the current regulatory limit, revealing a
sharp decline from 13.3% at YE 2019. Fitch does not evaluate J&F's
willingness or ability to support the bank in case of need. It
accesses only Original's own intrinsic creditworthiness, which is
weak.

Even though the decline in the bank's capital metrics was severe
and quick, two main factors prevented a worse deterioration. First,
the positive effects of lower market risk as a result of the
continuity of large sales of its JBS shares offset some of the
decline. Second, the bank also benefited from recurring capital
injections of around BRL215 million at PicPay during 1H20, which is
consolidated on Original's financial statements. If not for the
capital injections, Fitch estimates that the bank would have been
under minimum capital requirements. Despite some temporary
regulatory flexibility due to the pandemic crisis, Fitch still
views Original's capitalization metrics as weaker than its peers
and as a constraint on the bank's ability to absorb losses and
fully implement its business model.

Original's asset quality ratio remains adequate for its rating
category, despite the reported increase in impaired loans
(classified as 'D-H'). At June 2020, the ratio increased to 6.7%,
from 4.8% at YE19 while reserve coverage declined to 71.7%, from
78% in this same period. Despite its moderate loan concentration,
with the top 20 clients accounting for 23.3% of total loans at
end-June 2020, the effect of the coronavirus pandemic on Original's
wholesale portfolio was low, with only a few renegotiatedclients
which reached BRL 17 million. At June 2020 0.5% of its wholesale
loans were non-performing,However, the effect on its retail
portfolio was higher given its loan activities focused on credit
cards, overdraft and personal loans, which all have high
delinquency levels. In Fitch's view, the turmoil caused by the
coronavirus pandemic may be lasting due to the challenging
operating environment over the near term, which will result in an
increased number of companies filing for bankruptcy and the
maintenance of high unemployment levels in Brazil. Furthermore,
Original's strategy to rapidly expand its retail portfolio, which
increased to 15.8% of total loans at June 2020 from 8.2% at June
2019, will alter its asset quality metrics in the medium term.

Original's funding structure has been improving in recent years,
benefiting positively from a better brokerage diversification that
distributes its investment options and the expansion of its own
digital platform, that as of June 2020 represented more than a one
quarter of all funding. The bank continues to report good liquidity
levels, which during the 1H20 have been reinforced with the Central
Bank's new funding lines. At June 2020, Original's liquid assets
position was a sound BRL3.6 billion, from BRL1.9 billion at YE
2019, which is roughly 134% of its funding maturing in the next 90
days, 58% up to a year, compared with 130% and 45% in December
2019. The bank's loan portfolio is also largely short-term, which
has been key to reinforcing its liquidity and historically good
asset and liability management.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect Fitch's
belief that the bank is not considered a significant financial
institution locally because of the size of its market share in
deposits and credits. Thus, it is unlikely to receive external
support from the Brazilian sovereign.

Original has an ESG Relevance Score of 5 for Governance Structure
due to related party transactions as reflected in PicPay's capital
injections. Original`s tighter capitalization is a factor with high
influence in the bank`s ratings and contributed to the downgrade of
the bank's VR and IDRs as well as the maintenance of RWN.

Original has an ESG Relevance Score of 4 for Group Structure due to
intra-group dynamics which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

  -- Further losses during 2H20 and/or a higher risk appetite that
results in a sustained reduction of its already weak CET 1 ratio
below 9.5%.

  -- Further deterioration in the operating environment that
impacts Original's asset quality;

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

  -- Given the risks associated with the coronavirus crisis, an
upgrade is highly unlikely in the near future.

  -- A revision of the Outlook to Stable is contingent on
significant improvements in operating profitability and
capitalization metrics, which largely depends on a more stable
operating environment. Specifically, the maintenance of a CET 1
ratio above 12% would be positive for creditworthiness.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of Original's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, since this would arise
only from a material gain in systemic importance.

LIQUIDITY AND DEBT STRUCTURE

In accordance with Fitch's policies the Issuer appealed and
provided additional information to Fitch Fitch. However, the
information received didn't resulted in a rating action that its
different than the original rating committee outcome.

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

Banco Original S.A.: Governance Structure: 5, Group Structure: 4

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means 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.




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C H I L E
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CORP GROUP BANKING: S&P Cuts ICR to 'CC' on Expiring Grace Period
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and senior unsecured
debt ratings on Corp Group Banking S.A. (CG Banking) to 'CC' from
'CCC-'. Ratings remain on CreditWatch negative.

Corp Group has recently hired advisory consultants to evaluate the
group's financial conditions and reorganize its debt structure. S&P
said, "Negotiations with bondholders and other creditors have
occurred, but we still don't have a clear visibility on potential
outcomes. Therefore, we believe that payment risk has significantly
increased due to the lack of financial alternatives to meet timely
payments for the company's obligations, which are coming due on
October 15, according to the bond's indenture. Moreover, the
group's capacity to make cash payments to honor CG Banking's
interest payments is uncertain, given the management efforts
towards renegotiating debts' terms and conditions. Under our
criteria, we would consider a distressed exchange as a default."

S&P said, "We expect CG Banking to face substantial challenges to
making its next three interest payments, because we don't expect
Itau CorpBanca, the sole operating company, to distribute dividends
in 2021. Moreover, the impact of the social unrest in Chile and the
economic shock from the COVID-19 pandemic have prompted unfavorable
valuation prospects and tighter financing conditions, which further
pressure CG Banking's capacity to meet interest payments on a
timely basis as it continues to rely on the group's support to
honor its debt service payments."

Itau CorpBanca's most recent impairment test incorporated the new
economic outlook after the pandemic's global outburst and uncertain
economic recovery. As a result, the bank's large intangible assets,
mainly originated after the merger of the former Itau Chile and
CorpBanca in 2016, were impaired by around CLP448 billion ($546
million) in Chile and CLP356 billion ($433 million) in Colombia.
Although the event has no impact on the bank's liquidity and
capital metrics, S&P believes it impairs Itau CorpBanca's dividend
distribution capacity for 2021.

S&P's analysis of CG Banking takes a consolidated approach, given
that dividends it receives from Itau CorpBanca are the main
recurrent source of payment of debt at the entity's level and that
of its holding company, Inversiones CorpGroup Interhold Ltda.
(Interhold). CG Banking's debt consists of $500 million notes due
2023 and with semiannual interest payments on March 15 and
September 15. Under these notes' terms and conditions, the company
can't incur additional debt and is subject to restricted payments.
Interhold's debt mostly consists of credit lines for up to $1.1
billion from Itau Unibanco S.A., which the former obtained as part
of Itau CorpBanca's merger with Banco Itau Chile. Most of
Interhold's debt is owed to Itau Unibanco.

CG Banking is a non-operating holding company that participates in
the Chilean banking sector mainly through its stake in Itau
CorpBanca, following the merger of the latter with Banco Itau
Chile. Corp Group (the owner of CG Banking and Interhold) and Itau
Unibanco Holding agreed to merge their banking subsidiaries. Corp
Group currently owns 27.5% of Itau CorpBanca, and Itau Unibanco
Holding owns 39.2%. Interhold owns 99.9% of CG Banking. In turn,
the Saieh family holds a 75.6% stake in Interhold.

Corp Group is one of Chile's large conglomerates, owned by the
Saieh family. The conglomerate has investments in the financial,
retail, real estate, hotel, and other sectors, some of which are
highly leveraged and susceptible to the social tensions and
economic swings in Chile. In S&P's view, market conditions may
limit the group's flexibility in asset sales, and access to capital
markets and domestic banks.


ENJOY SA: Fitch Cuts IDR to 'CCC' & $195MM Senior Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has taking the following rating actions on Enjoy S.A.
(Enjoy):

  -- Foreign Currency Issuer Default Rating (IDR) upgraded to
     'CCC' from 'D';

  -- USD195 million senior notes due in 2022 downgraded to 'D'
     from 'C'/'RR4' and withdrawn;

  -- New USD194 million tranche A notes due in 2027 assigned a
     'CCC+'/'RR3' ratings;

  -- New USD16 million tranche B notes due in 2027 assigned a
     'CC'/'RR6' ratings.

The upgrade to 'CCC' reflects Enjoy's successful debt restructuring
process, which results in approximately 50% of the company's debt
being converted into capital, and an extension of the amortization
of its remaining capital market debt, which will result in no
significant payments until 2027, and PIK during the first two
years. This new structure reduces pressure on the company's
liquidity as it recovers from pandemic-related closures, and
restructures its operations to comply with new government mandated
safety measures.

The 'CCC' rating reflects the uncertainty in the timing of the
opening of the casinos and hotels, expectations of low capacity
utilization levels during the next 12 to 18 months, the impact of
the pandemic on customers' spending behavior, and the still weak
capital structure. The ratings consider Enjoy's position within the
local industry, where it is the largest player in terms of number
of casinos and revenues, and its ownership of one of the largest
casinos in Latin America in Punta del Este.

USD195 million senior notes due in 2022 has been withdrawn as it
was exchanged for the new notes under the debt restructuring
process Enjoy filed for.

KEY RATING DRIVERS

Debt Restructuring Process: Enjoy agreed, with its international
bond holders, to exchange its existing bond for new bonds with
reduced coupons and an extended maturity profile. The company has
also agreed with its local creditors to exchange its existing debt
for new bonds, most of which will be converted to equity. As part
of this process, Enjoy has received additional financing for CLP50
billion to cover its current expenses, which will be paid through
the issuance of a convertible bond in early 2021. At the conclusion
of the restructuring, approximately 50% of the debt the company
held prior to filing for bankruptcy protection will have been
converted to equity.

Casinos Still Closed: Authorities in Chile, Uruguay and Mendoza
closed all Enjoy's casinos during March due to pandemic-related
concerns. These casinos are still closed, and it remains uncertain
when they will open or what specific measures, they will have to
take to begin operations, which may include limiting the amount of
people in the site, or only allowing players in open spaces. Fitch
estimates that in a scenario of total close down, the company burns
out approximately CLP5 billion a month.

Slow Recovery Expected: The gaming business in Chile is mature,
with low-single-digit revenue growth, and as such, the recovery is
expected to be slow. Coupled with this, the regional economy has
been highly affected by the pandemic, increasing unemployment, and
reducing GDP growth, which will hinder the company's ability to
return to 2018 cash flow generation figures, prior to the pandemic
and the social unrest that occurred at the end of 2019. Enjoy's
growth strategy is focused on developing underdeveloped locations,
such as in Santiago and Chiloe, as its other casinos post modest
growth. Punta del Este is also affected by the travel restrictions,
as a material portion of its revenues come from high end
international players.

High Credit Risk: Enjoy's 'CCC' rating reflects its high leverage
and uncertainty regarding the shape of the industry recovery post
pandemic, as well as the uncertainty of when the company will open
its casinos. Fitch projects that even after the restructuring
process is completed, Enjoy will maintain a high leverage of over
7x, based on Fitch's expectation that margins will decrease, due to
new safety regulations and start of the new licensing agreements
that impose a higher tax on the company.

Committed Capex: Enjoy has committed capex related to municipal
licenses of approximately CLP 60 billion between 2020 and 2022.
This timeframe was extended due to the lockdowns and Enjoy's
inability to continue its construction projects. In addition, the
regulator has opened the bidding process for licenses expiring in
2023 and 2024, of which Enjoy operates two. Enjoy's participation
in this bidding process, and the possibility of applying for more
licenses, will add capex requirements, further reducing the
company's deleverage capacity in the rating horizon.

DERIVATION SUMMARY

Enjoy's 'CCC' IDR is lower than other small casino operations in
the Americas. Enjoy's leverage is expected to exceed 7.0x even
after the pandemic and debt restructuring. The company has lower
margins than much larger operators, such as Boyd Gaming
Corporation, MGM Resorts International (BB/Stable) and Wynn Resorts
Ltd. Enjoy's business was disrupted by the pandemic, and it is
uncertain how the operational metrics will behave once the casinos
are reopened.

Enjoy derives 70% of its EBITDA from Chile, and is present only in
Latin America. Additionally, after continuous years of financial
stress, the company needs to devote capex to revitalize its asset
base. Enjoy owns all its underlying real estate, except for Vina
del Mar, Chile, which may provide financial flexibility in case of
needs, either as collateral or asset sales.

KEY ASSUMPTIONS

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

  -- Casinos start to gradually reopening by the end of 4Q20;

  -- Capex of CLP90 billion for the 2020-2022 period, including
mandatory investments in municipal licenses;

  -- Slow grow on demand for 2021, due to the additional
restrictions to avoid contagion and the affected economic
environment;

  -- New municipal licenses opening postponed until 2022.

RATING SENSITIVITIES

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

  -- Adjusted Debt/EBITDA below 6.0x on a consistent basis;

  -- FFO fixed charge coverage above 1.5x.

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

  -- Expectations that the company will not be able to meet its
short-term commitments;

  -- Liquidity ratio consistently below 1x.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Strengthen with Restructuring: As part of the
restructuring deal, Enjoy secured bridge financing for CLP50
billion, which should suffice to finance its operations and
commitments for the remaining of 2020 and part of 2021. In
addition, it reduced the financial burden the first two years and
extended the maturity profile of the debt, leaving it with no
significant maturity for the next five years.

As of June 2020, Enjoy had CLP17 billion of readily available cash,
with CLP61 billion of short-term commitments, which will be
restructured under the new deal.

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

Enjoy has an ESG Relevance Score of '4' for Management Strategy due
to the challenges the company has faced in executing its strategy,
meeting its projections, and reducing its leverage, that resulted
in it being unprepared to face the impact of the pandemic. Enjoy's
below-average execution of its strategy has contributed to a
materially weaker operational performance and capital structure in
comparison with its peers.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means 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.




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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: Gold Exports Rose 12.4% in January to August
----------------------------------------------------------------
Dominican Today reports that despite the uncertainty that the world
is experiencing due to the coronavirus pandemic and its effects on
economies, gold continues to provide good news for the Dominican
Republic. In the January to August period, the FOB value of the
mineral's exports increased by 12.4%.

According to the bulletin of the General Directorate of Customs
(DGA), in the first eight months of 2020, since March under the
effects of Covid-19, the country exported US $ 1,050.63 million,
which reflects an increase, despite the crisis, when compared to
last year, where exports reached US $ 934.48 million, the report
notes.

What did have a fall was the kilograms of gold exported since,
according to the DGA, they decreased by 32.9%, an absolute
variation of -9,744.95 kilograms, according to Dominican Today.
The rough gold exported in the mentioned period averages a price of
US $ 1,691 per ounce, while the gold bars average a price of
US$1,061 per ounce, the report relates.

As to silver exports, from January through August 2020, the FOB
value of exports increased by 2.1%, the report notes.

                  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.  Luis
Rodolfo Abinader Corona is the current president of the nation.

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).




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P U E R T O   R I C O
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D & D CORP: Seeks to Hire Angel Mercado as Accountant
-----------------------------------------------------
D & D Corporation seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Angel Torres Mercado, an
accountant practicing in Penuelas, P.R.

The services that will be provided by the accountant are as
follows:

a. close out Debtor's books as of the date of the filing of
     its Chapter 11 case and open new books;

b. establish a new bookkeeping system to replace the system
    used by Debtors;

c. prepare periodic statements of Debtor's operations as
    required by the rules of the court; and

d. prepare and file Debtors' state and federal tax return for
    the fiscal year which ended in the semester prior to the date
    of the filing of the case;

e. prepare general ledger and disbursement register;

f. reconcile the account;

g. prepare certified interim financial statements as needed;

h. prepare annual financial statements and returns;

i. provide tax and management counseling; and

j. represent in taxes investigations.

Debtor will pay the accountant $200 per month for her services.

Ms. Torres disclosed in court filings that she is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Ms. Torres can be reached at:

     Angel J. Torres Mercado
     P.O. Box 131
     Penuelas, PR 00624
     Phone: (787) 836-5001
     Email: eagleacc@yahoo.com

                   About D & D Corporation

D & D Corporation sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 20-03339) on Aug. 26,
2020, listing under $1 million in both assets and liabilities.
Judge Edward A. Godoy oversees the case.  Juan C. Bigas-Valedon,
Esq., serves as Debtor's legal counsel.


D & D CORP: Seeks to Hire Bigas-Valedon as Bankruptcy Attorney
--------------------------------------------------------------
D & D Corporation seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Juan Bigas-Valedon, Esq.,
an attorney practicing in Ponce, P.R., to handle its Chapter 11
case.

Mr. Bigas-Valedon will be paid at the rate of $250 for his services
and will receive reimbursement for work-related expenses incurred.

The retainer fee is $5,000.

Mr. Bigas-Valedon disclosed in court filings that he is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The counsel can be reached through:

     Juan C. Bigas-Valedon, Esq.
     P.O. Box 7011
     Ponce, PR 00732-7011
     Tel: 259-1000
     Fax: 842-4090

                   About D & D Corporation

D & D Corporation sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 20-03339) on Aug. 26,
2020, listing under $1 million in both assets and liabilities.
Judge Edward A. Godoy oversees the case.  Juan C. Bigas-Valedon,
Esq., serves as Debtor's legal counsel.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: St. Clair Restaurant Opens Doors During Pandemic
-------------------------------------------------------------------
Trinidad Express reports that new businesses are emerging in
Trinidad and Tobago, despite the economic fallout caused by
Covid-19 and one such business is the Mansion restaurant located at
the corner of Maraval Road and Rust Street in St Clair.

The Mansion restaurant is a subsidiary of NCG Enterprises and
opened its doors to the public, according to Trinidad Express.

The brainchild behind this project is 37-year-old Nicole Crystal
George, a real estate agent and entrepreneur, the report notes.

George, a Woodbrook resident, told the Express Business, that many
people first ask what NCG Enterprises stands for and she explained
the initials are her name.  George said she has no investors or
board of directors and is the sole operator and chief executive
officer of the group of companies, the report relays.

The multi-industry company owns and operates businesses dealing
with construction, building, and design; entertainment and events;
real estate; advertising; and imports and exports.

Giving an account of how the restaurant venture started, George
said she purchased the two-storey building with a 500-person
capacity per floor through NCG Enterprises, the report discloses.

George said she turned the building into Mansion nightclub on one
floor and on the second floor it was transformed into a cigar
lounge along with an outside bar, which was launched in March just
before the March 23 lockdown imposed by the Government to curb the
spread of the coronavirus, the report relays.

"I know I had to keep changing my strategy as to how my business
survives during the pandemic. So when the lockdown came into
effect, I shifted my staff to the other businesses under NCG
Enterprises, which has been operational for four years, the report
notes.

"Then when it was announced that nightclubs would not be open
anytime soon and that bars will only be on a grab and go basis, I
decided to open a restaurant at the side of the building," the
report relays.

The entrepreneur said now is not the time to sit down and expect
handouts, as business people have to be a step ahead of the
pandemic and try to diversify, the report notes.  That, she said is
the only way someone's business will stay afloat, the report says.

Asked whether she thought the corner of Maraval Road and Rust
Street was an ideal location to open up a new business, George
replied: "Why not? Maraval Road is commercialised with several
businesses in and around the St Clair district, so we decided that
adding another eating place would then give customers another
option, apart from the other food outlets in the area," the report
discloses.

As to the cost of the property, George said she preferred not to
divulge that information.

In terms of the menu options, George said Mansion offers a wide
range for breakfast, lunch, and dinner. Local food can also be
purchased, the report relays.

"The pricing was also done carefully as we know the economic
constraints some people are going through. This means you need to
have different prices to suit everyone's pocket and weekly specials
will also be launched soon.

"We only opened and Mansion restaurant already has a steady flow of
customers. We are also doing free deliveries which is a plus in
these times as many people want to limit the amount of places they
go to during the pandemic," the report relays.

George quickly stated that the company follows strict compliance
with Covid-19 regulations in order to guarantee the safety of staff
and customers, the report notes.

"We allow for sanitisation station, the washing of hands, hand
sanitiser dispensers as well as social distancing demarcations."

She highlighted that eight workers are currently employed at the
establishment and some of them came from restaurants that closed
their doors during the pandemic, the report says.

George added that the workers were trained especially with Covid-19
protocols and proper customer service etiquette, the report notes.

Several popular restaurants, including Jaffa's and J Malone, closed
their doors as a result of the pandemic as many said the
three-month-long lockdown placed a serious economic constraint on
their businesses, the report relays.  Therefore they were unable to
meet their monthly overhead expenses along with paying staff, the
report adds.




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

VENEZUELA: EU Dialogues With Stakeholders in Caracas
----------------------------------------------------
Following the Ministerial meeting of the International Contact
Group (ICG) on Sept. 17, in particular the decision of the Group to
work for improving electoral conditions in Venezuela, two EEAS
officials travelled to Caracas, Venezuela in the third week of
September. The aim of the visit was to discuss directly the
situation in the country and reiterate the EU's position that
electoral conditions now in place do not allow for fair,
democratic, competitive elections on Dec. 6. The mission underlined
the European Union's (EU) position for a peaceful, democratic,
Venezuelan-owned solution to the country's crisis.

This mission included discussions with a wide range of
stakeholders, beginning with President of the National Assembly
Juan Guaido and all opposition forces. Meetings also included
regime officials, the Venezuelan Episcopal Conference, civil
society and the private sector. Issues related to human rights,
political prisoners and fundamental freedoms featured prominently
on the agenda.

There was widespread support in Caracas to the work of the mission
and EU efforts to find spaces for dialogue, thus reinforcing the
EU's role as an interlocutor that can talk to all sides in
Venezuela with credibility.

Over the last few months, the High Representative/Vice-President
Josep Borrell has had numerous contacts with different political
actors in Venezuela, both from the regime and the opposition. The
aim of these contacts was to assess the possibilities that the
political actors could agree on the necessary democratic conditions
for the holding of legislative elections scheduled to take place on
December 6, 2020.

HR/VP Borrell has discussed these efforts to foster dialogue and
democratic space extensively with EU Member States and
international partners, most recently during the International
Contact Group ministerial and the Foreign Affairs Council of 21
September. These discussions come on top of the EU's work with
international partners to support international efforts to
investigate human rights violations in Venezuela, including with
the Lima Group at the UN Human Rights Council.

The EU's policy vis-a-vis Venezuela remains unchanged: the
conditions are not currently there for a free, fair and democratic
electoral process to take place. The possibility of postponing the
legislative elections in order to open a space for dialogue and
change those conditions was discussed. Without a postponement and
an improvement in the democratic and electoral conditions, the EU
cannot consider sending an electoral observation mission.

The political and humanitarian crisis in Venezuela will not be
solved by a single event. It is the time for bold Venezuelan-owned
decisions in support of a peaceful and democratic transition.
Beyond the immediate issue of legislative elections, the long-term
objective remains the path to democracy. There is a need for a
negotiation between all stakeholders in Venezuela in order to find
a democratic, peaceful and sustainable solution to the needs and
demands of the Venezuelan people.

                             Venezuela

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

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

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

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
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