/raid1/www/Hosts/bankrupt/TCRLA_Public/210205.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

          Friday, February 5, 2021, Vol. 22, No. 21

                           Headlines



A R G E N T I N A

PAN AMERICAN ENERGY: Fitch Affirms 'BB-/BB' LongTerm IDRs


B A R B A D O S

BARBADOS: Commercial Banks Prepare for Two-Week Lockdown


B R A Z I L

IMCOPA: Brazil Court Weighs Claims Holding Up Bunge Acquisitions


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Buy Dominican Products, ANEIH Says
DOMINICAN REPUBLIC: Duty From Alcohol Fell 9.16% to US$184.5MM


G U A T E M A L A

COMCEL TRUST: Fitch Withdraws 'BB/BB+' Issuer Default Ratings


J A M A I C A

SANDALS RESORTS: Reopens Two Resorts in the Caribbean


P U E R T O   R I C O

EDGAR COLON: BPPR Ordered to Revise Timesheet Entries
ORGANIC POWER: Plan Patently Unconfirmable, Euro-Caribe Says


X X X X X X X X

LATAM: Must Seize Opportunities to Avoid Lost Decade Post-Covid

                           - - - - -


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

PAN AMERICAN ENERGY: Fitch Affirms 'BB-/BB' LongTerm IDRs
---------------------------------------------------------
Fitch Ratings has affirmed Pan American Energy S.L. Argentine
Branch's (PAE) Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'BB-' and Long-Term Local Currency IDR at 'BB'. The Rating
Outlook for the Foreign Currency IDR remains Positive. The Rating
Outlook for the Local Currency IDR remains Stable. Fitch has also
affirmed the company's senior unsecured notes issued by Pan
American Energy LLC Sucursal and guaranteed by Pan American Energy
S.L Argentine Branch at 'BB-'.

PAE's strong business position, large reserves base, low leverage
and strong operating performance support its ratings. The Foreign
Currency IDR, three-notches higher than Argentina's country
ceiling, is supported by the company's cash flows from its Bolivian
operations and is strengthened by its Mexican operations which are
ramping up. PAE has a strong liquidity profile that adequately
covers the next 24 months of debt service, and its strong
supporting foreign parent, BP plc (A/Stable) and BC Energy
Investments Corp (formerly known as Bridas Corp), both with 50%
stake in the company.

BC Energy Investments Corp is 50% owned by CNOOC International Ltd
(A+/Stable). Further, PAE has multinational operations and reliable
strong cash flow generation with a high level of dollar-denominated
export revenues relative to total debt, strong parent ownership,
and a good track record of payment during stressed sovereign
scenarios. PAE has ample liquidity and proven access to financial
markets. PAE's ratings continued to be constrained by the country
ceiling of Argentina (B-) as EBITDA from its non-Argentina business
is just shy of covering consolidated gross interest expense for the
company.

The Positive Outlook on the FC IDR reflects Fitch's expectation
that PAE's Mexican operations, which commenced in May 2020, are
expected to generate enough cash flow in the next 12 months that
will either alone cover PAE's hard-currency gross interest expense
or with Bolivia. In either event, Fitch expects the applicable
country ceiling will change from Argentina at 'B-'. Bolivia's
country ceiling is currently 'B' and Mexico's is 'BBB+'. If
Mexico's country ceiling applies, PAE will no longer be constrained
by a country ceiling and will rated without a cap.

The 'BB-' ratings on the USD500 million and USD120 million senior
unsecured notes due in 2021 and 2023 are aligned to PAE's Foreign
Currency IDR. Fitch's Country-Specific Treatment of Recovery
Ratings Criteria does not allow notching uplift for recovery
whenever there is a one-notch rating differential between a
company's Foreign Currency and Local Currency ratings, regardless
if Fitch's bespoke recovery analysis yields a higher than 70%
recovery, given a default. In this instance, PAE is capped at an
average Recovery Rating (RR) of 'RR4', which is in the range of 31%
to 50%.

KEY RATING DRIVERS

Diversified Geographic Footprint: The Positive Outlook reflects
Fitch's expectation that PAE's Mexican asset, Hokchi, will generate
enough cash flow to either cover hard currency gross interest
expense alone or with Bolivia. In the later case, Fitch estimates
the company will generate enough cash flow outside of Argentina
from both its Mexican and Bolivia operations to apply a higher
country ceiling.

Fitch estimates the EBITDA of both Mexico and Bolivia will
adequately cover one full year of the company's consolidated
hard-currency (HC) interest expense, all things being equal.
Therefore, the company's Foreign Currency IDR will not be limited
by the country ceiling of Argentina at 'B-' but rather the country
ceiling of Bolivia (B) or Mexico (BBB+). In the event, Mexico's
country ceiling applies PAE's rating will no longer be capped.

Stable Production Profile: Under Fitch's base case, PAE is expected
to increase daily average production to above 250,000boe/d by 2023.
PAE's consolidated production has decreased by 9% in 2020 due to
the coronavirus. This decrease is mostly from its Argentine
production, where oil decreased by 7% and gas by 25%. Fitch expects
overall production will remain flat in 2021 compared to 2020, but
the company will increase production to 235,000 in 2020 and surpass
250,00 by 2023. Fitch believes the company has extraordinary
flexibility given its significantly strong reserve base, allowing
it to adjust accordingly to assure profitability.

Strong Hydrocarbon Reserves: Fitch believes PAE has a strong 1P
reserve life of 21.0 years, providing ample flexibility to adjust
capex investment. As of YE 2019, PAE reported 1,617 million of boe
in 1P reserves, 66% of which is oil with the remaining in natural
gas. Fitch estimates PAE has an oil 1P reserve life of 26 years and
gas 1P reserve life of 11 years. PAE's strong reserve base is
supported by a strong concession life. The company's Golfo San
Jorge basin, Cerro Dragon, accounted for 89% of its total oil
production, 24% of gas production and 71% of reserves. Operating
concessions expire in 2046-2047, and the company's Hokchi asset has
a concession life of 25 years.

Solid Leverage Metrics: PAE's capital structure remains strong.
Fitch estimated the company's gross leverage, defined as total debt
to EBITDA in 2019 was 1.4x, and the company had a total debt to 1P
of reserves of USD1.49 per barrel of equivalent. Fitch estimates
the company's gross leverage will average 1.1x between 2020-2024
mostly explained by the company's modestly increasing indebtedness
to execute on its expansion plans and refinance current debt. Fitch
believes the company has strong and competitive access to capital
and will likely refinance its debt at competitive rates, especially
after its Mexican assets are in full operation.

Capital Controls: PAE has maintained a strong liquidity profile.
Fitch believes the Argentine capital control measures that require
entities with assets abroad to first use those resources to service
international obligations before turning to Argentina's official
currency markets pose significant risks to corporates in Argentina
including PAE, as they will have more of their cash flow deposited
in Argentina rather than abroad.

The central bank's recent communication (A7106) imposed a mandatory
refinancing scheme that applies through March 31, 2021 to hard
currency debt that limits the issuers to repay up to 40% of the
outstanding principal by accessing official FX market (Mercado
Libre de Cambios [MLC]), and the remaining 60% will need to be
refinanced with maturities extended by at least two years.

If A7106 is extended, PAE's USD500 million senior unsecured note
due May 7, 2021 will likely be affected, and PAE will need to
refinance at least 60% of the principal amount. PAE benefits from
its international operations in Mexico and Bolivia, which allows
the company to manage FX risk inherent to Argentina.

Flexible Business Model: Fitch believes PAE's integrated energy
model in Argentina gives the company greater flexibility to
optimize profitability. After the integration of PAE and Axion
Energy, the company formulated the largest private integrated
energy company in Argentina. PAE's upstream business is the largest
private Oil & Gas company in Argentina, and the largest private
entity with 21% market share in oil production and 14% in gas
production in Argentina. In 2019, Axion was the third largest
refiner in Argentina with a 15% market share with 90 thousand
barrels a day of refining capacity located in Campana.

The refinery in Campana is expected to be completed in 2021. It is
a major expansion and upgrade that will increase the refining
capacity to 120,000 barrels a day and improve the production of
higher-value products, such as ultra-low sulfur diesel, which is
currently imported. The facility will be the only facility in
Argentina that can process PAE's heavy crude production, which it
generally exported. Upon the completion of the expansion, PAE will
have greater flexibility to meet domestic demand of diesel product,
with the ability to adjust its operations in line with domestic and
international demand.

Strong Ownership: PAE is a 50/50 strategic alliance between BP plc
(A/Stable) and BC Energy Investments Corp. (BC) formerly known as
Bridas Corporation. BC is also a 50/50 joint venture between
Argentine BC Energy and China National Offshore Oil Corporation
International Ltd, a wholly owned subsidiary of CNOOC Limited
(CNOOC; Long-Term IDR A+/Stable). Prior to the merger, Bridas owned
100% of Axion Energy. PAE's strong ownership does not have direct
impact on its credit rating, but given both companies' strong track
records and scale, Fitch expects its shareholders would support the
company if needed.

DERIVATION SUMMARY

PAE's Foreign Currency IDR continues to be constrained by the
Argentine Country Ceiling at 'B-'; however, its medium production
size of 226 thousand of boed and strong reserve life of 20 years
compares favorably with other 'BB' rated oil and gas E&P producers.
These peers include Tecpetrol Internacional (BB/Negative) with
production of 180 thousand of boed, Murphy Oil Corporation
(BB+/Negative) with 150 thousand of boed and YPF SA (C) with 480
thousand of boed. Further, PAE reported 1,617 million boe of 1P
reserves at the end of 2019 equating to a reserve life of 21 years,
higher than Murphy Oil's at 14 years and Tecpetrol's with 10 years.
Fitch expects the company will be able to maintain its strong
reserve life.

PAE's capital structure remained strong in year-end 2019 and
through the 3Q20. Fitch estimates PAE 2020 gross leverage measured
by total debt to EBITDA will be 1.5x, slightly up from 1.4x in
year-end 2020, in line with Tecpetrol (0.9x) and better than Murphy
Oil (2.5x) and YPF (3.6x). On debt to 1P reserve basis, Fitch
estimates PAE's debt as of 2019 to 1P reserves as USD1.49 boe
compared with Tecpetrol (USD1.62boe), Murphy Oil (USD3.4boe) and
YPF (USD7.70boe). PAE operates in a lower operating environment,
which is a constraining factor for its ratings, but receives a one
notch uplift from the country ceiling due to its cash flows from
export revenues and cash flows from abroad.

KEY ASSUMPTIONS

-- Domestic crude prices (Barril Criollo) at $45bbl in 2020.
    Thereafter, Fitch's price deck is applied at $45bbl in 2021,
    $50bbl in 2022, and $53bbl in the long term;

-- Reserve replacement ratio of 102% per annum;

-- Domestic gas price of USD2.70 MMBTU in 2020;

-- Average gross production of 250,000-280,000 boe/d from 2020
    2023;

-- Production cost of $10 boe between 2020-2023;

-- Royalties of $5 boe between 2020-2023;

-- Transportation cost of $1.5 boe between 2020-2023;

-- Exploration of $1.5 boe between 2020-2023;

-- SG&A of $2.7 boe between 2020-2023;

-- Mexico operations started in 2Q2020;

-- Improved refinery production capacity at La Campana project
    with expansion project completed in 2020;

-- Downstream volumes down 10% in 2020 compared with 2019 and
    volume growth linked to Fitch's real GDP projections between
    2021-2023;

-- An average Refinery utilization capacity rate of 75% in 2020
    and 63% between 2021-2023;

-- Annual consolidated capex averaging of USD1.5 billion per year
    from 2020-2022;

-- Dividends to average of UD124 million per year from 2021
    through 2023.

RATING SENSITIVITIES

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

-- Cash flows from operations outside of Argentina (Bolivia and
    Mexico) adequately covering hard currency gross interest
    expense for 12 months, resulting in a higher applied country
    ceiling than Argentina (B-).

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

-- Downgrade of the country ceiling of Argentina;

-- PAE's ratings could be negatively affected if liquidity is
    weakened by capital controls;

-- An increase in leverage above 3.5x coupled with a decrease in
    interest coverage below 4.5x could also negatively affect
    ratings.

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

Strong Liquidity: Fitch estimates that PAE has comfortable service
debt with cash on hand and cash flows through the rating horizon in
the event the company faces a challenging financing environment due
to the Argentina. That being said, PAE has a strong and
conservative track record of tapping local and international
markets and accessing capital at competitive rates.

ESG CONSIDERATIONS

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.




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

BARBADOS: Commercial Banks Prepare for Two-Week Lockdown
--------------------------------------------------------
RJR News reports that commercial banks in Barbados say they are
prepared for the two-week lockdown, which started Feb. 3.

President of the Barbados Bankers Association (BBA) Donna
Wellington told Barbados TODAY they are ready to face the
restrictions, according to RJR News.

When the Government announced the lockdown to contain the spread of
the coronavirus, Attorney General Dale Marshall said provisions
would be made for Barbadians to have access to essential services
during the February 3 - 17 lockdown, the report notes.

For one week, banks and credit unions would also be allowed to
provide back-office supporting services, but there must be no
face-to-face banking, the report adds.

As reported in the Troubled Company Reporter-Latin America on April
23, 2020, S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level ratings on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.




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

IMCOPA: Brazil Court Weighs Claims Holding Up Bunge Acquisitions
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that a Brazilian
appeals court on could clear up a legal hurdle delaying Bunge's
plans to take over two soy processing plants following a deal in
May with crusher Imcopa.

The hearing will focus on two Panama-registered firms that claim,
as indirect creditors of Imcopa, which is in bankruptcy protection,
to have rights to some of the proceeds from the sale, according to
court filings seen by Reuters, globalinsolvency.com notes.

The three-judge panel is expected to rule on whether the Panamanian
firms Minefer Development SA and Triana Business SA are legitimate
participants in the process, according to globalinsolvency.com.

The panel will also decide whether to uphold a May 2020 decision
determining that part of the proceeds from the sale of the soy
plants should be deposited in an escrow account pending a final
ruling on the Panamanians' claims, according to the filings, the
report relays.

Bunge agreed to take on some 1 billion reais ($186 million) of debt
and pay 50 million reais for the Brazilian soy crushing plants,
which can process about 1.5 million tonnes of soybeans per year,
the report notes.

Imcopa's plants are being operated by brewer Cervejaria Petropolis,
which has challenged Imcopa's early termination of their leasing
agreement, the report says.  A final ruling is pending on the
matter.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2020, Reuters, citing court filings, said that a
previously unreported Brazilian court injunction threw a wrench
into Bunge Ltd's (BG.N) plan to take over two soy processing plants
from local crusher Imcopa. The injunction was granted on behalf of
two Panamanian entities
identified in the filings as "third parties," according to Reuters.
It effectively suspended a bankruptcy court auction in which Bunge
had bid a combined BRL50 million ($9.16 million) for the plants,
the report relayed.  The Feb. 17 offer, made under an Imcopa
reorganization plan approved by creditors in 2017, also entailed
assumption by Bunge of around BRL1 billion ($183.11 million) of
debt related to the assets, the report noted.




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

DOMINICAN REPUBLIC: Buy Dominican Products, ANEIH Says
------------------------------------------------------
Dominican Today reports that Herrera National Industries
Association (Aneih) president Noel Urena said the Dominican
Republic should wager on local products to guarantee
post-pandemic.

He said that through the micro, small and medium enterprises
(MSMEs) the country can recover and generate more jobs, according
to Dominican Today.

"We are given not to recognize the products that we manufacture. It
is time for us to start raising awareness. There are beliefs in the
Dominican Republic that everything that is manufactured outside of
here is better than ours," the report notes.

The representatives of the Aneih said that in the country the
national industry is prepared to provide top quality products and
services and as a sector they are ready, not only to supply the
domestic market, but here there are many industries that are
capable of exporting, the report relays.

"If we begin to support what is ours, our consumption, I know that
we are going to get ahead and we are going to be fine," he added.

                    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.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

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: Duty From Alcohol Fell 9.16% to US$184.5MM
--------------------------------------------------------------
Dominican Today reports that during 2020, the Dominican Republic's
collections from tariffs on alcohol and cigarettes fell 9.16% and
17.71%, respectively, according to the report by the Customs
Directorate.

The data indicate that for January to December 2020, collections
from alcohol totaled RD$10.7 billion (US$184.5 million) and from
cigarettes in January to December 2020, decreased RD$793.51
million, according to Dominican Today.  This last data presents a
negative variation of 17.71% compared to the same period of 2019,
the report notes.

In 2019, the amount collected from alcohol reached RD$11.8 billion,
with which there was a negative variation in 2020 of -RD$1.1
billion, when the collections for that year was RD$10.1 billion,
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.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

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).




=================
G U A T E M A L A
=================

COMCEL TRUST: Fitch Withdraws 'BB/BB+' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Comcel
Trust's 'BB' Long-Term Foreign Currency (FC) and 'BB+' Local
Currency (LC) Issuer Default Ratings (IDRs). The Rating Outlook is
Stable.

Fitch has withdrawn Comcel's ratings as the entity has no public
debt outstanding and does not intend to issue debt in the near
term. Comcel fully redeemed its 2024 bond in full in November of
2020.

The ratings are being withdrawn for commercial reasons as the
company's public bond has been repaid in full.

KEY RATING DRIVERS

The ratings affirmation reflects Fitch's view that there are no
material changes to Comcel's credit profile since the last ratings
review on Dec. 3, 2020.

RATING SENSITIVITIES

Rating sensitivities are no longer applicable since the ratings are
being withdrawn.

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.




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

SANDALS RESORTS: Reopens Two Resorts in the Caribbean
-----------------------------------------------------
RJR News reports that Sandals Resorts International has reopened
two of its resorts in the Caribbean.

Sandals Executive Chairman Adam Stewart said in a post on social
media site, Instagram that Sandals Halcyon Beach in St. Lucia and
Sandals Ochi Beach Resort in Jamaica reopened, according to RJR
News.

The hotels had been closed since last year because of the
coronavirus pandemic, the report notes.

Sandals Resorts International is based in Jamaica.




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

EDGAR COLON: BPPR Ordered to Revise Timesheet Entries
-----------------------------------------------------
Judge Enrique S. Lamoutte of the United States Bankruptcy Court for
the District of Puerto Rice denied the Motion in Compliance with
Order filed by Banco Popular de Puerto Rico (BPPR).

The judge also granted in part and denied in part the Motion in
Compliance and in Opposition Thereto filed by Dr. Francisco
Quintero Pena.

The United States District Court of Puerto Rico previously affirmed
the award of sanctions against Dr. Quintero but vacated the amount
of fees awarded and remanded the matter to the bankruptcy court so
that sanctions to be awarded to BPPR can be recalculated on the
revised computation, particularly the reduction of timesheet
entries that are related to legitimate discovery, or otherwise
unrelated to dilatory tactics by Dr. Quintero, such as changes in
representation.

BPPR filed a Motion in Compliance with Order at Docket No. 863 by
which the time sheets were revised and BPPR contended that Dr.
Quintero had already paid it $15,532 without protest, reservation,
or objection and, therefore, the issue is jurisdictionally moot.

Dr. Quintero, however, filed a Motion in Compliance and in
Opposition to BPPR's motion, arguing that:

     (i) the issue is not moot, the controversy regarding the
overbilling of fees requested by BPPR is alive and has a tailored
remedy to be ruled, the reimbursement of overpaid fees;

     (ii) the First Circuit Court of Appeals has established the
lodestar method of calculating fees as its method of choice.

     (iii) the revision made by Atty. Abesada and Atty. Diaz Olmo
does not comply with the U.S. District Court's judgment and the
legal applicable standard;

     (iv) multiple entries claimed by BPPR remained duplicated,
excessive, and/or unrelated to Dr. Quintero's alleged conduct, or
include other matters beyond Dr. Quintero's alleged conduct and
the
same must be removed and the timesheet entries should be reduced;
and

     (v) BPPR has to reimburse Dr. Quintero the corresponding
overpaid amount after re-computation with its applicable interest.

Replies and sur-replies ensued.

Judge Lamoutte identified two issues:

     (1) Whether Dr. Quintero failed to specifically raise the
issue regarding that the billable time was "excessive" and thus
waived the argument.

     (2) Whether the revisions to the time sheet entries made by
Atty. Abesada and Atty. Diaz Olmo comply with the district court
judgment.

As to the first issue, Judge Lamoutte found that Dr. Quintero's
argument regarding the "excessive" attorney's fees in the sum of
$15,352.00 before the district court is based on the allegation
that BPPR could only claim attorney's fees incurred after the
September 2015 subpoenas duces tecum and on the extended scope made
by BPPR in its description of fees and that the fees should be
limited to the fees that the party would not have incurred for the
bad faith.  The judge found that Dr. Quintero did not present on
appeal to the district court (nor to the bankruptcy court) for its
consideration his second argument regarding "excessive" attorney's
fees based upon entries that were improperly submitted due to:
duplicity of entries; the use of unnecessary duplicity of
experienced attorneys, duplicated billing; duplicity of legal
research; and entries that include unreasonable and excessive time
billed for federal court experienced attorneys pursuant to the
lodestar method.  Consequently, Judge Lamoutte found that this
specific argument as to the "excessive" attorney's fees was waived
by Dr. Quintero.

As to the second issue, Judge Lamoutte found that the time sheet
entries submitted by BPPR include entries unrelated to Dr.
Quintero's dilatory tactics.  Consequently, the judge ordered the
attorneys for BPPR to submit again their time sheet entries so that
the same comply with the district court's judgment.

The case is IN RE: EDGAR ABNER REYES COLON, Chapter 11, Debtor,
Case No. 06-04675 (ESL).  A full-text copy of Judge Lamoutte's
opinion and order, dated January 22, 2021, is available at
https://tinyurl.com/y3a6xgkd from Leagle.com.


ORGANIC POWER: Plan Patently Unconfirmable, Euro-Caribe Says
-------------------------------------------------------------
Euro-Caribe Packaging Corp. ("ECPC") objects to approval of the
Disclosure Statement filed by Debtor Organic Power, LLC.

Prior to the commencement of the captioned case, ECPC and the
Debtor executed two coterminous agreements, an Amended and Restated
Power Purchase Agreement ("PPA") and an Operating and Maintenance
Agreement ("OMA"), both signed on August 2, 2016.

ECPC claims that the Plan proposed, as it stands, discriminates
unfairly against ECPC. On the one hand, it states that Debtor will
pay all creditors 100% of their claims and yet it later states that
ECPC's claim is to be objected.

ECPC has both a pre-petition claim, contained in Proof of Claim No.
11-1, and a postpetition claim for administrative expenses filed at
Docket No. 269, neither of which a dividend is proposed for.

ECPC points out that the aggregate amount of allowed claims of
general unsecured creditors is stated to be approximately
$765,154.

This amount is incorrect and an evaluation of the included Exhibit
E to the Disclosure Statement reveals that ECPC's claim is
unaccounted for.

ECPC states that the Disclosure Statement at section 4.9 estimates
administrative expenses in the amount of $176,333.  This estimated
amount fails to include that reported in the last2 Monthly
Operating Reports on file which show $832,083.73 on trade debt
payables other than those claimed by ECPC and $75,269 on
post-petition taxes due.

ECPC asserts that reliable information on the entity's transactions
with insiders, either existing at the time of filing of this
bankruptcy case or those occurring during the reorganization
process is missing.  Without this information, creditors and
parties in interest are unable to entertain any reorganization
proposal by this investors' group.

ECPC further asserts that the Plan proposed is patently
unconfirmable.  As the secured creditor has correctly pointed out,
the Plan fails in providing adequate means for implementation as
the Debtor has no viable operation to suffice the significant cash
required for distribution.

A full-text copy of ECPC's objection dated Jan. 26, 2021, is
available at https://bit.ly/3jboTa0 from PacerMonitor.com at no
charge.

Attorney for ECPC:

         Wigberto Lugo Mender
         USDC-PR 212304
         Lugo Mender Group, LLC
         100 Carr. 165 Suite 501
         Guaynabo, P.R. 00968-8052
         Tel.: (787) 707-0404
         Fax: (787) 707-0412

                      About Organic Power

Organic Power LLC -- https://prrenewables.com/ -- is a supplier of
renewable energy and a provider of environmentally sustainable food
waste recycling services based in Puerto Rico.  It offers food
processing companies, restaurants, pharmaceuticals, and retail
outlets an alternative to landfill disposal.

Organic Power sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 19-01789) on April 1, 2019.  At the
time of the filing, the Debtor disclosed assets of between $10
million and $50 million and liabilities of the same range.

The Debtor tapped Aimee I. Lopez Pabon, Esq., at Godreau & Gonzalez
LLC, as its bankruptcy counsel, and Carlos Bobonis Gonzalez, Esq.,
at Bobonis, Bobonis & Rodriguez Poventud, as its special counsel.




===============
X X X X X X X X
===============

LATAM: Must Seize Opportunities to Avoid Lost Decade Post-Covid
---------------------------------------------------------------
EFE News reports that senior officials from international
organizations and development banks discussed the future challenges
facing Latin America and how it could overcome a pandemic that
disproportionately affected the region.

In a virutal round-table organized by Efe during the World Economic
Forum, a number of experts debated how the region could replicate a
form of Marshall Plan or introduce a framework similar to the Next
Generation EU, a fund set a side to help European nations overcome
the pandemic.

Alejandro Werner, Director of the Western Hemisphere Department of
the International Monetary Fund said: "Once the pandemic is over,
the region will have to invest in infrastructure and climate
change-oriented infrastructure, and also will have to strengthen
its social security and education systems," according to EFE News.

Carlos Felipe Jaramillo, the World Bank's vice president for the
Latin America and Caribbean region, said the continent had to seek
opportunities in the digital, green and innovation "revolutions."
Mauricio Claver-Carone, president of the Inter-American Development
Bank, warned the region would need $150 billion just to cover the
health costs of Covid-19, adding that, although accounting for just
8% of the world population, Latin America had recorded a third of
global deaths form the disease, the report notes.

Ibero-American secretary-general Rebeca Grynspan said the region
would not emerge from the crisis alone and needed a social pact to
move beyond the pandemic, the report relays.  Pablo Sanguinetti, VP
of the CAF - Development Bank of Latin America, stated that new
projects were needed to drive investment, the report notes.  The
debate was moderated by Efe president Gabriela Canas, the report
adds.



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

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