/raid1/www/Hosts/bankrupt/TCRLA_Public/201105.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

          Thursday, November 5, 2020, Vol. 21, No. 222

                           Headlines



C H I L E

LATAM AIRLINES: Court Approves Revised $2.45B Bankruptcy Loan


C O S T A   R I C A

BANCO NACIONAL: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
BANCO POPULAR: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Basic Staples Cost Can Drop by 50%, DIA Says
DOMINICAN REPUBLIC: Haiti Border Poses Problem
DOMINICAN REPUBLIC: Tourist Transporters Seek Help to Survive


J A M A I C A

JAMAICA: STATIN Reports 6% Decline in Labor Force in July


P U E R T O   R I C O

HENG CHEONG: Ruling on $1.5M Sale of Rivercliff Property Deferred

                           - - - - -


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C H I L E
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LATAM AIRLINES: Court Approves Revised $2.45B Bankruptcy Loan
-------------------------------------------------------------
LATAM Airlines Group S.A. said it has received approval from the
Court of the Southern District of New York in mid-September 2020
for the modified debtor-in-possession (DIP) financing proposal.
Judge James Garrity Jr's decision will enable the group to access
the US$2.45 billion required to tackle the impact of COVID-19.

"The approval of the DIP is a very important step for the
sustainability of the group and we appreciate the wide interest and
the confidence in what LATAM has built and our long-term project.

"Now we begin a new phase, working towards the presentation of our
reorganization plan as part of the Chapter 11 process," said
Roberto Alvo, CEO of LATAM Airlines Group.

On May 26, 2020, LATAM Airlines Group and its affiliates in Chile,
Colombia, Ecuador, the United States and Peru initiated a voluntary
reorganization process under Chapter 11 protection in the United
States, due to the impact of the COVID-19 pandemic. In July,
LATAM's Brazilian affiliate also filed for Chapter 11.

On Sept. 10, Judge Garrity entered an order blocking Latam Airlines
from accessing as much as $2.45 billion of proposed bankruptcy
financing.  The credit agreement flouted bankruptcy rules,
according to a ruling by Garrity, because it would have let Latam
convert $900 million of the debt into new stock.  A copy of the
ruling is available at https://bit.ly/38k55xM

On Sept. 19, 2020, Judge Garrity entered an order granting final
approval to the financing. A copy of the order is available at
https://bit.ly/3kY0AwE from PacerMonitor.com.

Oaktree Capital Management is providing Latam with more than $1
billion of financing, while the $900 million portion will be
provided by Qatar Airways.

Oaktree Capital Management L.P. leads the Tranche A DIP Lenders,
while QA Investments  Limited, QA Investments 2 Limited, Costa
Verde Aeroniutica S.A., Lozuy S.A. and Knighthead Capital
Management LLC are the Tranche C Knighthead Group Lenders.

The DIP Credit Agreement contemplates a superpriority multi-draw
term loan facility in an aggregate principal amount of up to $2.45
billion in new money financing consisting of

  (A) a secured Tranche A facility (the "Tranche A DIP Facility")
      in an aggregate maximum principal amount of $1.3 billion
      (the "Tranche A DIP Commitment," and collectively the loans
      made thereunder the "Tranche A DIP Loans");

  (B) a secured Tranche B facility (the "Tranche B DIP Facility")
      in an aggregate maximum principal amount to be determined up
      to $750 million; and

  (C) a secured Tranche C facility provided by the Tranche C DIP
      Lenders in an aggregate principal amount of $1.15 billion
      (including the Tranche C Increase Commitment (as defined
      in the DIP Credit Agreement)) (the "Tranche C DIP
      Commitment," and collectively the loans made thereunder
      the "Tranche C DIP Loans and together with the Tranche A
      DIP Loans, the DIP Loans").

The Court issued initial decision concluded that the DIP Motions
could not be approved for the reasons set forth therein and found,
inter-alia, that the Modified Equity Subscription Election (as
defined therein) gives rise to improper sub rosa plan treatment of
the Tranche C Lenders (as defined therein) and the Debtors' equity
holders, but also found, inter alia, that the terms of the DIP
Credit Agreement reflect a "fair price", and had been thoroughly
market tested, that the financing proposed in the DIP Motions
satisfied the "entire fairness" test, that there are grounds
under section 364(c) to authorize entry into the DIP Credit
Agreement and that each of the DIP Lenders are entitled to a "good
faith" finding under section 364.

Upon the Supplemental Submission filed on Sept. 16, 2020, which
attached an updated version of the DIP Credit Agreement that, among
other changes, conformed the DIP Credit Agreement to the Initial
Decision and made additional revisions to reflect a resolution of
the prior objections made by, among others, the Creditors;
Committee and Knighthead Capital Management, LLC, the Court on
Sept. 18, 2020 granted final approval of the DIP Financing.

                       About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Prime Clerk LLC is the claims agent.




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C O S T A   R I C A
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BANCO NACIONAL: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Costa Rica's (BNCR)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B', and Short-Term Foreign and Local Currency IDR at 'B'. The
Rating Outlook for the Long-Term rating is Negative. In addition,
Fitch has affirmed BNCR's Viability Rating (VR) at 'b', Support
Rating (SR) at '4', Support Rating Floor (SRF) at 'B', as well as
National Scale Ratings at 'AA+(cri)' and 'F1+(cri)' for the
long-term and short-term, respectively. The Rating Outlook for the
National Long-Term Rating is Stable.

In addition, Fitch assigned an 'AA+(cri)' long-term national rating
to the new senior unsecured debt BN-VIII Programa de Emisiones de
Bonos Estandarizados Mediano Plazo en Dolares and short-term
'F1+(cri)' national rating to BN-VII Programa de Emisiones
Estandarizadas de Deuda de Corto Plazo en Dolares.

KEY RATING DRIVERS

IDRs and National Ratings: BNCR's IDRs and national ratings reflect
Fitch's appreciation of the potential support the bank would
receive if needed from its sole shareholder, the Costa Rican
government (B/Negative). BNCR's IDRs are support driven but also
mirror the VR based on intrinsic performance. The bank's IDRs are
aligned with the sovereign and considers the explicit guarantee
stated in the National Banking System Law, which establishes the
Costa Rican government is responsible for all unsubordinated
liabilities of the state-owned banks in the event of their
liquidation. The Negative Rating Outlook for the Long-Term IDRs
mirrors Costa Rica's sovereign Rating Outlook.

Fitch's assessment of the ability and propensity to support also
factors BNCR's high systemic importance, along with the weak
sovereign's financial flexibility to help the bank. In addition,
the agency considers the relevant and long-lasting policy role,
which would be difficult to transfer.

Support Rating (SR) and Support Rating Floor (SRF): In Fitch's
opinion, the bank's SR and SRF reflect the limited probability of
sovereign support due to the current Costa Rican government's
ability to support it. In addition, the SR and SRF are driven by
BNCR's high systemic importance and position as the largest player
in the Costa Rican banking system for loans and customer deposits.
The SRF indicates the minimum level the entity's Long-Term IDRs
could fall if Fitch does not change its view on potential sovereign
support.

Senior Unsecured Debt and New National Debt: All senior unsecured
debt is rated at the same level as the bank's ratings in both
international and national scales, as the likelihood of default on
the debt is the same as BNCR. In accordance with Fitch's rating
criteria, the recovery prospects in the event of a default of the
senior unsecured debt of BNCR is average and is reflected in a
Recovery Rating of 'RR4'.

Viability Rating (VR): BNCR's VR is highly influenced by Costa
Rica's challenging operating environment, which in Fitch's view has
imposed pressure on its financial performance due to lower economic
dynamism and higher unemployment, derived from the health crisis,
affecting the debtors' repayment capacity, credit growth, revenues
and credit costs. Fitch anticipates these conditions will continue
impacting the entity's asset quality and profitability. The bank's
VR also reflects, with high importance, its sound company profile
characterized by a robust franchise as the largest player in the
Costa Rican banking system, with a market share of 24.1% by loan
portfolio and 26.7% by customer deposits as of September of 2020.

Fitch anticipates further deterioration on the bank's loan quality
by the current crisis, although the extended deferred payment
measures until June 2021, will still limit visibility on the
magnitude of the loan portfolio's full impact. BNCR entered the
crisis with a high delinquency metric, compared with the system,
although Fitch believes the bank has achieved to contain it partly
helped by its high percentage of its loan portfolio under relief
measures. As of first half of 2020 (1H20), the non-performing loan
(NPL) ratio was 3.8% (industry: 2.7%), while reserve coverage of
NPL improved to 101.3% as of September 2020 from 89.8% at 1H20
(system: 130.9%), as BNCR aims to increase provisioning to
mitigate, as far as possible, the impact of the crisis.

Fitch estimates that BNCR's profitability will remain under
pressure, facing further deterioration due to expected increases in
impairment charges, by potential reduction in non-interest income
from regulatory adjustments, as well as lower business growth. As
of 1H20, the operating profit to risk weighted assets (RWA) ratio
stood at moderate level, although decreased to 1.2% from 1.7% in
2019, mainly derived from a reduction in the net interest margin
and higher provision expenses for NPLs related to the pandemic.

BNCR's capitalization is commensurate with its rating category, and
in Fitch's opinion, its level provides an adequate loan-loss
absorption capacity. As of 1H20, the Fitch Core Capital (FCC) to
RWA ratio was 14.4%; however, Fitch believes there is a downside
risk for capital metrics under the prevailing environment, in the
event that the bank's overall performance is hampered materially,
due to Fitch opinion about the government's limited ability to make
extraordinary injections.

In Fitch's view, BNCR's diversified funding profile is one of its
main strengths and compares positively with local closest peers.
Its broad deposit base (84% of total funding) and wide financing
alternatives, driven by its solid franchise and the government
support, provides the entity flexibility to face the adverse
effects of the prevailing situation. Fitch also believes that the
institution's current liquidity position gives reasonable coverage
of its debt maturities over the next 12 months. In 1H20, deposits
grew while loans decreased, resulting in a loan-to-deposit ratio of
75.9%.

RATING SENSITIVITIES

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

  -- BNCR's IDRs, SR and SRF ratings are sensitive to changes in
Costa Rica's sovereign ratings. Negative changes in the bank's
IDRs, SR and SRF would mirror any movement in Costa Rica's
sovereign ratings.

  -- The bank's VR is sensitive to Costa Rica's material weakening
of the operating environment. The VR could also be downgraded by a
material loan portfolio deterioration that affects operating
profitability, exhibiting sustained losses, and the FCC to RWA
ratio consistently below 9%.

  -- A downgrade of BNCR's national ratings would reflect a
weakening in the ability and propensity of the Costa Rican
government to provide support to the bank, in relation to the
creditworthiness of other entities in the same jurisdiction.

  -- The bank's senior unsecured debt would mirror any negative
change in the BNCR's international and national scale ratings.

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

  -- BNCR's IDRs could be upgraded in the event of an upgrade of
Costa Rica's sovereign rating. However, the Negative Rating Outlook
on the IDRs results in a limited upside in the near future.

  -- BNCR's SR and SRF are constrained, but could be upgraded if
Costa Rica's sovereign and Country Ceiling ratings are upgraded, as
this would reflect a reduction in the potential constraints on
the bank's ability to receive extraordinary support.

  -- The bank's VRs is limited by the worsening operating
environment as a result of the impact of the economic disruption
from the coronavirus outbreak. An improvement of the operating
environment that improves the bank's financial metrics could lead
to an upgrade of its VR. The sovereign rating acts as a cap to
BNCR's VR.

  -- The Stable Rating Outlook for the Long-Term National rating
reflects the relative strength of the sovereign compared to other
issuers rated in Costa Rica. An upgrade of BNCR's national ratings
would reflect a strengthening in the ability and propensity of the
Costa Rican government to provide support to the bank, in relation
to the creditworthiness of other entities in the same
jurisdiction.

  -- The bank's senior unsecured debt would mirror any positive
change in the BNCR's international and national scale ratings.

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid expenses, guarantee deposits, construction in process and
other deferred assets were reclassified as intangibles and deducted
from total equity to reflect their low absorption capacity.
Impaired loans were adjusted to reflect only loans that are overdue
by 90 days or more to be consistent with Fitch's criteria and
global industry practices. Recoveries from charge-offs were
reclassified to non-operating income.


BANCO POPULAR: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's
(BPDC) Foreign- and Local-Currency Long-Term Issuer Default Ratings
(IDRs) at 'B' and Short-Term Foreign and Local Currency IDR at 'B'.
The Rating Outlook on the Long-Term Rating remains Negative. Fitch
has also affirmed the bank's Viability Rating (VR) at 'b', Support
Rating (SR) at '5' and Support Rating Floor (SRF) at 'B-'. At the
same time, Fitch affirmed the national ratings at 'AA+(cri)' with a
Negative Outlook and 'F1+(cri)'.

KEY RATING DRIVERS

IDRs, National Ratings and Senior Debt

BPDC's IDRs and National ratings are driven by its intrinsic
creditworthiness, which is also reflected in its VR. The bank's VR
and IDRs also reflect the influence of the current operating
environment to which it is particularly sensitive given its
business model, and the bank's business profile, in view of its
public nature, its focus to retail segment sector and the benefits
conferred by its constitutive law. The ratings consider its higher
risk appetite relative to its peers, moderately important pressured
asset quality and profit generation, high levels of capitalization
ratios and stable funding structure.

The bank's VR is highly influenced by Costa Rica's economic
challenges and the current deterioration of the country's operating
environment. The slowdown in economic activity and the increase in
unemployment have directly impacted the bank's core segment and
pressured its financial performance. Fitch believes that BPDC's
asset quality and profitability metrics will continue to be
pressured by lower loan growth an increasing NPL related to the
economic slowdown.

The Negative Outlook for the Long-Term IDRs and National Ratings
reflects the high influence of the sovereign on the banks' credit
profile. The operating environment also influences the bank's
financial performance and highlights a downside potential from a
sovereign downgrade.

The bank's financial performance is supported by its public nature
and the benefits granted by law, such as mandatory capitalization
and inflow of deposits. In Fitch's view, the bank's role in the
pension regime as the depositary of mandatory savings from Costa
Rican workers, its market share in consumer lending, and its large
franchise are evidence of its systemic importance.

Fitch believes that the bank's loan portfolio quality, while still
acceptable for the rating category, is expected to deteriorate over
the next 12 months. An increase in non-performing loans could arise
once payment deferrals end, these have been extended until June
2021. As of June 2020, impaired loans represented 2.7% of the gross
portfolio (2019: 2.6%), with 135% of loan loss allowances. In
Fitch's opinion, the voluntary increase in loan loss allowances
initiated as of September 2020 is favorable to cope in the medium
term with the effects of the crisis.

Fitch believes that BPDC's capital position will remain consistent
with its current rating, although internal capital generation could
be affected by the lower performance. BPDC's FCC ratio stood at
28.0% as of June 2020, a sound level that is significantly higher
than direct counterparts in the international and local markets.
The bank maintains broad compliance with the solvency indicator
required by the regulations, backed by moderate profitability,
coupled with the mandatory contributions it receives.

BPDC's profitability is moderate in light of its retail nature. As
of June 2020, the entity's operating profit metric to risk-weighted
assets of 1.2%, was below that recorded in 2019 (1.6%), reflecting
the country's reduced economic activity due to health crisis, the
reduction in the net interest margin and the increase in
provisioning expenses. Fitch expects pressures over profitability
will continue once alleviation measures end, due to expected
increases in impairment charges, a contraction in non-interest
income from regulatory adjustments and lower business growth.

BPDC maintains a stable funding and liquidity profile, in line with
the bank's structure. The loan to deposit ratio stood at 119.9% as
of 2Q20 and has trended lower over the last four years due to the
influx of customer deposits higher than loan growth. BPDC increased
its on-balance sheet liquidity to face pandemic related challenges
and maintains its liquidity coverage ratio above regulatory limits.
Liquid assets represented 46.2% of customer deposits as of June
2020, composed mainly of cash, bank deposits and investment
portfolio.

Debt Ratings

All senior unsecured debts are consistent with the issuer's long-
and short-term rating in national scale, as the likelihood of
default on the debt is the same as BPDC.

Support Rating (SR) and Support Rating Floor (SRF)

In Fitch opinion, the bank's SR of '5' and SRF of 'B-' reflect the
limited probability of support from the Costa Rican government and
the sovereign's current ability to support the bank. This is
despite the bank's public nature and its law benefits, as well as
its systemic importance. SRF indicates the minimum level to which
the entity's Long-Term IDRs could fall if Fitch does not change its
view on potential sovereign support.

RATING SENSITIVITIES

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

  -- BPDC's IDRs and VR are sensitive to Costa Rica's sovereign
rating or material weakening of the operating environment.

  -- Changes in company profile that diminish the advantages
granted by law would put pressure on the bank's international and
national ratings.

  -- The IDRs and Viability Rating of BPDC could be downgraded if
deterioration in the economic environment results in a loan
portfolio deterioration that affects operating profitability,
exhibiting sustained deterioration in levels of non-performing
loans and profitability ratios.

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

  -- IDRs and VR: Positive rating action is unlikely in the short
term, given the Negative Outlook. It would require an upgrade of
Costa Rica's sovereign rating that reflects that the economic
downturn be less deep than the base case and that the recovery be
faster. The upside potential for the VR is limited by the stressed
operating environment as a result of the impact of the sanitary
crisis. Over the medium term, an improvement of the operating
environment that strengthens the bank's financial metrics could
lead to an upgrade of its VR.

  -- SR and SRF: BPDC's SRF is also sensitive to changes in the
sovereign rating. Fitch's base case scenario anticipates BPDC
maintaining its current systemic importance and company profile
and, therefore, changes to the SR are not likely.

  -- The National Negative Outlook could be revised to Stable if
the entity were able to maintain stable and consistent levels of
operating profit to risk-weighted assets, and controlled and
sustained levels of non-performing loans.




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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: Basic Staples Cost Can Drop by 50%, DIA Says
----------------------------------------------------------------
Dominican Today reports that the general director of the Dominican
Agrarian Institute (IAD), Leonardo Fana, stated that the basic
staple necessities products' cost could drop by more than 50% if a
series of measures are implemented to eliminate the factors that
contribute to the increase of prices.

Those factors are mainly the intermediation and the "monopoly" that
exists to grant the import permits, explained Fana this during an
interview in the morning program Hoy Mismo transmitted by Channel
9, according to Dominican Today reports.

"We can lower the cost of the grocery basket by more than 50% of
what it is today," said the official, the report notes.

                        Intermediation

Fana considered that the Government has to intervene in the
intermediation because it is not reasonable that in the farms, a
banana costs between RD$5.30 and RD$6.00, and here in the capital,
it reaches RD$30, the report relays.

He indicated that the most expensive bananas, which are the
Barahoneros, are at RD$17 on the farms, and here they can reach up
to RD$35, the report notes.

"That can't be. We have to intervene in this system of
intermediation," he added.

                          Imports

Concerning importing agricultural products, the IAD director
proposed that to regulate prices, a percentage of the import
permits could be granted to the Price Stabilization Institute
(Inespre) and traders, the report says.

"Let's not concentrate them in four people because that is a
monopoly. There are many traders and associations, small importers
. . . . We're going to give them permits because that creates
competitiveness and prices go down," he suggested, the report
notes.

He added that in the auctions, the permits should be sold to those
willing to sell at the lowest price and not to the one who pays the
most to receive the authorization to import because that condemns
the population to pay more for food, the report relays.

Fana said she requested a meeting with the Minister of Agriculture,
Limber Cruz, and other sector representatives to analyze the
situation and seek alternatives, the report notes.

                          Complaints

In the last few days, the population has been complaining about the
increase in food prices, which is evidenced by the September 2020
Consumer Price Index (CPI) report that states that 50.52% of last
month's inflation was the result of a 1.06% variation in the Food
and Non-Alcoholic Beverages group, the report discloses.

"In effect, price increases were registered in goods of high
relative weight in the family basket, such as green bananas, whose
prices increased by 10.91% . . . .," says the report, Dominican
Today 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.  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).


DOMINICAN REPUBLIC: Haiti Border Poses Problem
----------------------------------------------
Dominican Today reports the President of the Dominican Republic,
Luis Abinader, stated that Haiti's situation is one of the main
problems for the Dominican Government.

He explained that the lack of stability in the neighboring country
and its poverty, state of crisis, and the people in the streets is
difficult to control, according to Dominican Today.  He said that,
unfortunately, the Haitian government does not have the forces to
handle the situation, the report notes.

He said that protecting the border is very expensive for the
Dominican Republic, the report relays.  About 7,000 soldiers and
about 800 members of the Specialized Land Border Security Corps
(CESFRONT) are very costly, the report discloses.

He added that they are looking for more technological ways to
protect the border, the report notes.

                    International Assistance

The Dominican president said he could become a spokesperson in
other countries of the Americas, France (which has historical ties
to Haiti), Canada, and other nations to implement a development
plan to guide the neighboring nation towards prosperity and
democracy, the report relays.

He said, however, that this is not an easy task because it is
challenging to help that nation because of the structure of its
government. Still, he understands that a change in the
constitution, which is being considered at this time, could be an
essential step to help them have a stronger government and get out
of anarchy, 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.  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).


DOMINICAN REPUBLIC: Tourist Transporters Seek Help to Survive
-------------------------------------------------------------
Dominican Today reports that the Dominican Tourist Transport
Association (Adotratur) requested a meeting with President Luis
Abinader to seek a way out of the crisis they say overwhelms that
sector due to the economic crisis unleashed by the pandemic.

They said that due to the ravages caused by the crisis they are
"about to go under," according to Dominican Today.

In a statement, the entity that groups all bus unions in La Romana,
Bayahibe, Bavaro and Punta Cana, requested the creation of a
commission formed by the Central Bank, the Banks Superintendence
and the Reservas Bank to restructure the debt of its members, the
report notes. They claimed that many are on the verge of losing
their properties, 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.  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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J A M A I C A
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JAMAICA: STATIN Reports 6% Decline in Labor Force in July
---------------------------------------------------------
Kellaray Miles at Jamaica Observer reports that The Statistical
Institute of Jamaica (STATIN) has reported a six per cent decline
in the country's labour force in July.

Director General of STATIN, Carol Coy, gave the update during a
digital press briefing, according to Jamaica Observer.

According to Coy, as at July 1,279,600 people made up the total
labour force. "This was a decline of 81,200 when compared with July
2019," the report notes.

The male labour force, she said, decreased 4.8 per cent while the
female labour force decreased by 7.3 per cent, the report relays.

Coy further said that the total employed labour force had also
declined by 10.8 per cent, amounting to 1,118,300 or 135,800 people
fewer when compared to those employed for the same period last
year, the report discloses.

"Males accounted for 53.8 per cent of this decline. There were 10.5
per cent less males employed while the employment of females went
down by 11.2 per cent," she added.

The number of employed youth, aged 14 to 24 years, also declined by
35,900 to 134,600, the report says.

"The unemployment rate for male youth was 28.5 per cent compared to
16.8 per cent in July 2019. For females, the rate was 33.1 per
cent, which was 8.6 percentage points higher than the rate in July
2019," the STATIN boss said, the report relays.

The agency further reported a 12.6 per cent unemployment rate for
the period, which was 4.8 percentage points higher than that seen
in July last year, the report notes.

"The unemployment rate increased for both males and females. The
unemployment rate for males increased to 11.5 per cent and females
to 14.0 per cent," the director general outlined, the report
discloses.

These declines in the labour force have been largely attributed by
analysts to the impact of the novel coronavirus pandemic which,
since the first confirmed case in March, has had negative
implications for economic activity in the country, the report
says.

The July survey was conducted by STATIN following the cancellation
of April's survey, which became severely impacted by the effects of
the pandemic, the report notes.

In a COVID-19 module added to the July Labour Force Survey, STATIN
said that it had aimed to assess the impact of the highly
contagious virus on the local labour force, the report adds.

                            About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.




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

HENG CHEONG: Ruling on $1.5M Sale of Rivercliff Property Deferred
-----------------------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the District
of Puerto Rico deffered ruling on the proposed sale by Cosimo
Borrelli and Meade Malone, as foreign representatives of Heng
Cheong Pacific Limited, World-Wide Investment Services Limited, and
New Century Properties Limited, of the real property located at
35701 NE Chamberlain Road, Corbett, Oregon, with legal description
Sec 27 1N 4E, TL 400 47.73 Acres Property ID# R32230, to Masayuki
Yamakawa and/or assigns for $1.525 million, cash.

A hearing on the Motion was held on Sept. 29, 2020 at 9:30 a.m.

To the extent not otherwise addressed by the relief awarded by the
Order, the Court deferred ruling on the merits of both the Stay
Relief Motion and Motion to Sell because of the pending issues
associated with whether the Rivercliff Property constitutes
property of Borrelli and Malone, as the Foreign Representatives in
these Chapter 15 cases.

The United States and the Foreign Representatives are in agreement
that the Rivercliff Property should be sold.  Pillar Properties,
LLC, the Receiver, a licensed real estate broker in Oregon and the
court-appointed receiver in United States v. Rivercliff Farm, Inc.,
et al., No. 3:16-cv- 01248-SI (D. Or.) will be tasked with
soliciting offers for the Rivercliff Property.  The Receiver will
list the Rivercliff Property for sale in the Oregon real estate
market and solicit offers and receive offers on the Rivercliff
Property for four consecutive weeks in order to obtain the highest
and best offer.  Any offer that is submitted will be shared
promptly with the United States and the Foreign Representatives.

Any offer submitted by a real estate broker will be considered with
the broker's reasonable commission being honored, alongside any
offers submitted without a broker.

The third-party buyers whose July 30, 2020 offer was previously
attached to the Stay Relief Motion and the Motion to Sell will be
given an opportunity to submit a revised offer for consideration.
Yamawaka, whose Sept. 6, 2020 offer was previously attached to the
Motion to Sell, will also be given an opportunity to submit a
revised offer for consideration.

The Receiver, the United States, and the Foreign Representatives
will review all offers received in order to determine the highest
and best offer, taking into account at least the following list of
factors: (i) price, (ii) any contingencies, (iii) cash/financing
components, (iv) any necessary commission, and (v) net proceeds
from such sale.

Both the United States and the Foreign Representative may depose
any of the prospective buyers who have submitted an offer --
including Yamakawa -- to inquire into the full terms of their
offer, as well as any modifications to an initial offer, and to
determine whether their offer is in good faith, consistent with
applicable law.  The deposition of Yamakawa may be combined with
his Fed. R. Bankr. P. 2004 examination that has been authorized by
the Court.

After four consecutive weeks of soliciting offers, the Receiver,
the United States, and the Foreign Representatives will review the
pending offers and they will either agree as to the highest and
best offer or submit multiple offers to this Court to review and
approve.

If Multiple offers are submitted to the Court, then after notice to
all parties in interest and all buyers who have submitted offers,
the Court will hold a hearing and conduct an auction of the
Rivercliff Property.

The Court, either by agreement of the Receiver, the United States,
and the Foreign Representatives, or at a hearing set on notice,
will approve the highest and best bid, along with a backup bidder
(if appropriate), after evaluating the terms of each bidder's offer
and whether it was submitted in good faith.  It will approve a sale
of the Rivercliff Property with the gross sales proceeds to be
deposited into and held by it in its registry, pending its further
Order.

The Receiver may file an appropriate application for fees, costs,
or commissions incurred in connection with the sale, subject to
notice and an opportunity for hearing on any objections to the same
as well as Court approval for reasonableness.  The Court made no
ruling on right, entitlement or reasonableness of the same.

The Foreign Representatives may file an appropriate application for
fees or costs incurred in connection with the sale, subject to
notice and an opportunity for hearing on any objections to the same
as well as Court approval for reasonableness.  The Court made no
ruling on right, entitlement or reasonableness of the same.

The sale of the Rivercliff Property, along with any attendant
actions, may proceed immediately as of the entry of the Order.  The
14-day stay normally afforded by Fed. R. Bankr. P. 6004(h), or any
other similar provision, will not apply to the sale of the
Rivercliff Property as authorized by the Order.  

                     About Heng Cheong

On Aug. 26, 2019, Creditors Masayuki Yamakawa, BioReplace Corp.,
Synapse Investment, Ltd., and Megumi Matsuzawa, filed three
involuntary petitions under Chapter 7 of the U.S. Bankruptcy Code
with the Court.  The Court administratively consolidated all three
Involuntary Petitions, Heng Cheong Pacific Limited (Bankr. D. P.R.
Case No. 3:19-bk-04895-BKT15), World-Wide Investment Services
Limited (Bankr. D. P.R. Case No. 3:19-bk-04898-BKT15), New Century
Properties Limited (Bankr. D. P.R. Case No. 3:19-bk-04897-BKT15)
under one case style (Bankr. D. P.R. Case No. 2:19-bk-04895-BKT7)
on Sept. 27, 2019. On Oct. 22, 2019, the British Virgin Islands
Court appointed Cosimo Borrelli and Meade Malone as Foreign
Representatives.  On March 5, 2020, the Court converted the
jointly-administered cases to cases under Chapter 15 of the
Bankruptcy Code.



                           *********


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.

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