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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

          Tuesday, May 11, 2021, Vol. 22, No. 88

                           Headlines



B A R B A D O S

BARBADOS: Economy Sees 19.8% Decline in Q1


B R A Z I L

JBS SA: Saudi Arabia Halts Brazil Poultry Imports
MMX SUDESTE: Brazilian Court Declares Bankruptcy for Subsidiary
VALID SA: Moody's Assigns Ba3 Rating to New BRL700M Debentures


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Monthly Economic Activity Index Up by 10.6%


M E X I C O

XIGNUX SA: S&P Alters Outlook to Positive, Affirms 'BB' ICR


P U E R T O   R I C O

I MORALES TIRE: June 16 Plan & Disclosure Hearing Set
PUERTO RICO: July 13 Disclosure Statement Hearing Set


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO ELECTRICITY: Dealing With $1.1BB Deficit

                           - - - - -


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

BARBADOS: Economy Sees 19.8% Decline in Q1
------------------------------------------
Trinidad Express reports that the continuing Covid-19 pandemic has
dashed hopes of an economic revival, Central Bank Governor
Cleviston Haynes said, as he disclosed a fourth successive
quarterly double-digit decline in activity as tourist arrivals
plummeted.

He also projected that following the sharp decline in economic
activity last year, the economy will make only a modest recovery
this year, growing between one and three per cent, according to
Trinidad Express.

"This forecast for weaker growth than envisaged three months ago,
reflects the impact of renewed travel restrictions in source
markets, and the national pause in February, that lowered economic
activity more than expected during the first quarter of the year,"
Haynes said as he delivered his first-quarter economic review, the
report relays.

The economy contracted by 19.8 per cent in the first quarter of the
year and Haynes attributed that mostly to the weakened performance
in the tourism sector, although he noted that the fallout in other
economic activities, and depressed private spending were also
contributing factors, the report discloses.

He noted that tourism output plunged by an estimated 96 per cent,
and the mild upturn in visitors registered in the fourth quarter of
2020 was reversed, with arrivals for the quarter being less than
half of those in December, the report says.

He said while pent-up travel demand supports the outlook for an
eventual post-Covid-19 recovery, tighter travel restrictions and
protocols, including by Canada and the United Kingdom, and the
ongoing suspension of cruise operations, prevented an early
resurgence, the report notes.

"Pre-Covid, forecasts were for revived domestic economic activity
in 2020 as the policy measures implemented post-mid-2018 took root,
enabling a rebuilding of economic buffers and a restoration of
confidence.  These expectations were dashed by the severe impact of
the virus on the key tourism sector and the spill-over effects on
planned investment, consumption and other exports," the Central
Bank Governor said, the report relays.  "The short-term cost of the
pandemic in terms of jobs and incomes, therefore, has been
considerable."

"The global economy which was also hard-hit by the virus is now
poised to recover but, despite the roll-out of vaccines at home and
abroad, the prospects for a robust domestic turnaround this year
have been dampened. However, the reserve and financing buffers
accumulated over the past year will help government to manage the
needed adjustments," he added, notes the report.

According to Haynes, uncertainty continues to cloud the outlook for
the Barbados economy for 2021, the report relays.

He said the eventual outturn will be influenced in large measure by
the country's ability to contain the domestic spread of the virus
and by the timing and pace of the resumption of activity in the
tourism sector, the report discloses.

"As more individuals are vaccinated both locally and abroad,
international air and cruise traffic is expected to resume
gradually, boosting demand for ancillary services. The impact of
the ongoing volcanic eruptions and resulting ash falls on growth is
likely to be muted but downside risks remain from future major
eruptions," he added.

Noting that the economy remains heavily dependent on tourism,
Haynes said that to accelerate the recovery and facilitate market
diversification, tourism planners will need to explore
opportunities for targeting source markets that have a low
incidence of the virus and/or high level of vaccinated citizens,
the report relays.

"To boost medium-term growth prospects, promote diversification and
enhance economic resilience, structural reforms that are designed
to facilitate the ease of doing business and improve
competitiveness will remain critical. The shocks provided by
Covid-19 and more recently the ash fallout from the eruption of the
La Soufriere volcano, underscore the need to accelerate the
transition to a digital environment," the Central Bank Governor
added, says the report. "The country has more than adequate buffers
to meet its external obligations. However, the delay in the
recovery of the tourism sector, weak demand for exports, rising oil
prices and reduced external borrowing from the international
financial institutions, are expected to prevent further
accumulation of international reserves this year."



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

JBS SA: Saudi Arabia Halts Brazil Poultry Imports
-------------------------------------------------
Fabiana Batista at Bloomberg News report that Saudi Arabia
suspended poultry imports from 11 processing plants in Brazil,
including seven owned by meat giant JBS SA, according to a list
published on the kingdom's food authority website.

The Saudi Food and Drug Authority said imports from the plants will
be suspended from May 23, according to Bloomberg News.  The measure
was taken without explanation or prior notice, according to a
statement from Brazil, the world's largest poultry exporter,
Bloomberg News notes.  The South American country's government is
in contact with Saudi officials and seeking clarification.

The suspension comes at a delicate time for the chicken industry in
Brazil, which faces surging costs from rising corn prices and
weakening domestic demand as Covid-19 saps purchasing power and
boosts unemployment, Bloomberg News relays.  Saudi Arabia accounted
for about 11% of Brazil's poultry exports last year, according to
industry group Brazilian Association of Animal Protein, Bloomberg
News notes.

Brazil may take the case to the World Trade Organization if an
undue trade barrier is proven, according to the joint statement
from the country's foreign affairs and agriculture ministries,
Bloomberg News relays. Saudi Arabia's embassy in Brazil didn't
immediately respond to an email sent outside normal business hours
seeking comment.

Brazil officials said the 11 Brazil plants were previously approved
for shipments, Bloomberg News notes.  The seven JBS facilities
listed by Saudi Arabia include plants in Passo Fundo and Caxias do
Sul, in Rio Grande do Sul, and Campo Mourao, in Parana state,
Bloomberg News relays.

Brazil's JBS said it had already diverted poultry to other markets
and that it had contacted the health authority of Saudi Arabia to
"discuss and understand" the suspension, Bloomberg News notes.

As reported in Troubled Company Reporter on April 12, 2021, Moody's
Investors Service upgraded JBS S.A.'s corporate family rating to
Ba1 from Ba2 and the senior unsecured ratings of its wholly-owned
subsidiaries JBS USA Lux S.A. and JBS Investments II GmbH to Ba1
from Ba2. The rating of the secured term loan under JBS USA Lux
S.A. was upgraded to Baa3 from Ba1. The outlook for all ratings is
stable.


MMX SUDESTE: Brazilian Court Declares Bankruptcy for Subsidiary
---------------------------------------------------------------
steelorbis.com reports that a Minas Gerais state court has declared
bankruptcy for MMX Sudeste Mineracao, a subsidiary of MMX, which in
turn is still pending its own bankruptcy protection, MMX said.  

MMX is an iron ore producer which depends on its subsidiary, MMX
Sudeste Mineracao, to carry own its bankruptcy protection plan,
according to steelorbis.com.  MMX said it wasn't officially
notified of the court decision, adding that it will strategically
review its options, the report notes.

MMX said the bankruptcy of MMX Sudeste Mineracao would hinder a
term sheet signed with China Development Integration Limited
(CDIL), which reportedly would invest to aid the company, the
report relays.

As reported by SteelOrbis, a Brazilian investors association
labeled the reported CDIL investment as "fake," the report notes.
MMX said the bankruptcy of MMX Sudeste Mineracao would also hinder
the holding's own bankruptcy protection plan, the report adds.

                     About MMX Sudeste Mineracao

Brazilian company MMX Sudeste Mineracao S.A. is engaged in the
extraction and sale of iron ore.  It was founded in 2005 and owns
mines in Minas Gerais and Mato Grosso do Sul States.  MMX has an
installed capacity to produce about 7 million metric tons of iron
ore per year in its two systems: the Southeast System and the
Corumba System.  In February 2011, MMX acquired the mining rights
for the Pau de Vinho Mine, which belongs to Mineracao Usiminas,
for 30 years.  The mine is located in the area adjacent to the
Serra Azul Unit, which greatly facilitates its operation.

The administrator of MMX Sudeste Mineracao S.A., filed a Chapter
15 bankruptcy petition (Bankr. S.D. Fla. Case No. 17-16113) on May
15, 2017, to seek U.S. recognition of its proceedings before
Brazil's First Business Court of Belo Horizonte (Case No.
0024.14.298.866-6).

Bernardo Bicalho Alvarenga Mendes, the duly appointed judicial
administrator in the Brazilian case, was appointed foreign
representative authorized to sign the Chapter 15 petition.

Annette C Escobar, Esq., and Gregory S. Grossman, Esq., at Sequor
Law, P.A., is U.S. counsel to the Administrator.


VALID SA: Moody's Assigns Ba3 Rating to New BRL700M Debentures
--------------------------------------------------------------
Moody's America Latina Ltda. has assigned Ba3/A1.br ratings to
Valid S.A.'s proposed up to BRL700 million debentures due in 2024
and 2025. Valid's existing Ba3/A2.br Corporate Family Ratings and
negative outlook remain unchanged.

Proceeds from the proposed notes are part of Valid's liability
management strategy to extend 2021 maturities and reinforce its
cash position.

The rating of the proposed debentures assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date. It also assumes
that these agreements are legally valid, binding and enforceable.

Ratings assigned:

Issuer: Valid S.A.

up to BRL673 million debentures due in 2025: Ba3 (global scale)
and A1.br (national scale)

BRL27 million debentures due in 2024: Ba3 (global scale) and A1.br
(national scale)

The outlook for the ratings remains negative.

RATINGS RATIONALE

Valid's Ba3/A2.br corporate family ratings reflect the company's
diversification and strong local market position in its operating
segments as a service provider for payments, identification and
mobile. The proposed liability management and capital increase of
BRL99 million concluded in March 2021 will allow Valid to reinforce
its cash balance and extend its 2021 maturities reducing immediate
liquidity risk. On the other hand, operating performance is likely
to remain below par in the first half of 2021 because of COVID
linked restrictions throughout Brazil and still lower than usual
volumes in the driver's license and ID segments. Moody's believes
these restrictions will create a pent-up demand which will favor a
quick recovery of volumes later in 2021 and into 2022 that combined
with sustained results in the mobile and payment segments will
boost Valid's EBITDA to BRL307 million in 2021 and BRL347 million
in 2022. The stronger EBITDA generation will translate in stronger
metrics for the rating level over the next 12 to 18 months
including lower leverage at 4.6x year-end 2021 and 3.8x in 2022.

The A1.br national scale rating assigned to the proposed debentures
are one notch higher than the A2.br CFR primarily reflecting the
cash collateral included in the debentures structure that
corresponds to 25% of the transaction amount. Moody's understands
that the proposed new instrument would have better recovery than
other unsecured debt instruments in Valid's capital structure. The
cash collateral will initially be deposited by Valid in a
restricted account, and the pledge in favor of the debenture
holders will be constituted after the Extraordinary General
Shareholders' Meeting, which should take place 50 days after the
issuance approval.

Valid is one of Brazil's leading suppliers of plastic cards for
payments, SIM cards and digital certificates. It is also the
fifth-largest SIM card producer globally. The ratings are also
supported by the company's long-term client relationships with
financial institutions, state governments, and telecommunications
companies, and increased diversification of customers.
Historically, Valid has shown stable margins, high cash generation
and low leverage supporting the company's rating level despite its
small scale, long-term operating challenges and current stress
scenario. The growth of new products in Valid's product portfolio
is still timid to compensate for the operating risks and volatility
expected in its core traditional operating segments. But Moody's
believes the digital platform projects undertaken by Valid in the
last few years could help it to remain a competitive service
provider in segments including security and identification systems.
Valid's management has a proven track record of anticipating and
executing on projects to keep-up with the changing services
industry since it started to branch-out and diversify from the
secure printing services since the early 2000s.

However, the ratings are constrained by (1) Valid's small size in
comparison with its global business services peers; (2) challenging
operating performance outlook with obsolescence risk,
commoditization of certain lines of business, and increasing
technological transition risk; (3) its reliance on a few
industries: banking, government and telecom; and (4) the relatively
low barriers to entry in the plastic and SIM card sectors, although
the ID system sector has high entry barriers. Moody's believes
these operating challenges will lead to the continuity of an
aggressive M&A strategy and increasing capex needs for the company
to keep-up with the changes in the industry and customer's needs.

In 2020, Valid presented lower operating results because of
COVID-19 related disruption. The identification division, which
historically accounted for 56% of Valid's EBITDA, contributed with
only 25% of EBITDA generation in 2020, because of the shut-down of
operating sites in the identification division in Brazil and in the
US. The sharp drop in EBITDA from identification services was
somewhat mitigated by a ramp-up of the mobile division during the
year and sustained volumes from the payments division, for which
about half of the result is generated in US dollars thus benefiting
from local currency depreciation. In 2020, EBITDA declined 34% to
BRL213 million from BRL323 million in 2019, while leverage reached
6.1x from 2.9x in the same period. In 2021 Moody's expects leverage
to reach 4.6x and 3.8x in 2022. Since the initial COVID stress
Valid has maintained a much more robust cash position, currently at
over BRL600 million compared to an average BRL300 million before
the pandemic. This reinforces liquidity but pressure gross
leverage.

Going forward, Moody's expects a gradual improvement in the
company's consolidated operating and financial performance from a
gradual recovery in driver's license and ID bureaus. The activity
has been considered essential and it has not been shut-down despite
the new lockdowns implemented since March 2021 in many Brazilian
states. The identification division is highly defensive and once it
resumes normal operations it is likely to compensate some of the
lost volumes with the unwinding of pent-up demand. Additionally,
the company has also increased offering of new and more advanced
products and services, the new ventures which should gain traction
in the next years.

As of December 2020, the company had BRL544 million in cash and
BRL719 million in short-term maturities, including principal and
interest. Despite the company's efforts to equalize 2021 debt,
Moody's estimates there will be approximately BRL1.0 billion due in
2022 and 2023, which makes the company still dependent on the
extensions of these lines to avoid further liquidity deterioration.
With the proposed liability management Valid will reduce the
currency mismatch risk. About 50% of Valid's debt is denominated in
foreign-currency compared to only 30% of its EBITDA. According to
the company, Valid's foreign currency debt will represent around
25% of the total debt going forward. The company has quarterly and
annual financial covenants applicable to its debt instruments that
sets a maximum reported net leverage ratio of 3.0x and a minimum
reported net interest expense coverage of 1.75x. Due to the impacts
of the pandemic, the company observed higher leverage and,
consequently, covenant breaches for which it has been able to
negotiate waivers.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if the company's operating
performance deteriorates with total adjusted debt to EBITDA above
4.0x and negative free cash flow generation without prospects for
recovery. A deterioration in liquidity, the inability to refinance
its 2021 debt well-ahead of maturity or sizable debt-financed
acquisitions would also affect the rating negatively.

Although unlikely in the short term, the ratings would experience
upward pressure if the company increases its scale and further
diversifies its geographic and client base while maintaining total
adjusted debt to EBITDA below 3.0x, adjusted EBITA to interest
expense above 3.5x and healthy liquidity.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Rio de Janeiro, Brazil, Valid is a provider of
services, mobile network connectivity, and identification system.
As such, the company is leading supplier of payment cards, SIM
cards and digital certificates in Brazil. The company is the
fifth-largest global producer of SIM cards, and operations in the
Americas, Europe, Africa and Asia. Valid also provides payment card
and ID solutions for financial institutions and local governments
in the US. In the last twelve months ended in December 2020, Valid
posted net revenues of BRL1.9 billion ($380 million), with an
adjusted EBITDA margin of 11%.



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

[*] DOMINICAN REPUBLIC: Monthly Economic Activity Index Up by 10.6%
-------------------------------------------------------------------
Dominican Today reports that IMAE stands out with a growth of
10.6%

The Ministry of Economy, Planning, and Development published a
summary of the most relevant information regarding the leading
national and international economic indicators of interest to the
Dominican Republic as of May 3, 2021, according to Dominican
Today.

The summary, prepared by the Directorate of Macroeconomic Analysis
of the Vice Ministry of Economic and Social Analysis (VAES),
indicates that the monthly economic activity index (IMAE) showed
significant interannual growth of 10.6% the second positive rate
since the beginning of the pandemic, the report notes.

VAES maintains that in the week of May 1 to 7, the national prices
of the primary fuels increased: premium gasoline (RD $ 1.40),
regular gasoline (RD $ 3.00), optimal diesel (RD $ 2.00), regular
diesel (RD $ 1.90), kerosene (RD $ 4.80), avtur (RD $ 4.50) and
fuel oil (RD $ 3.80), compared to the prices of the previous week,
the report relays.

The publication adds that as of May 3, oil, gold, coffee, and cocoa
prices increased by 0.55%, 1.17%, 0.96%, and 1.92%, respectively,
compared to the previous day price of nickel remained unchanged,
the report notes.

The analysis points out that as of April 29, the weighted average
lending rate was 9.42%, while the weighted average lending rate was
3.06%. With a variation compared to the previous day of -1.28 pp
and 0.27 pp, respectively, the report says.

The publication seeks to offer recent statistics of indicators, 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).



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

XIGNUX SA: S&P Alters Outlook to Positive, Affirms 'BB' ICR
-----------------------------------------------------------
On May 7, 2021, S&P Global Ratings revised its outlook on
Mexico-based conglomerate Xignux S.A. de C.V. (Xignux) to positive
from stable. S&P also affirmed its 'BB' global scale issuer credit
rating on Xignux and its 'mxA+/mxA-1' national scale ratings, and
subsequently withdrew all ratings on Xignux upon the company's
request.

The positive outlook reflects S&P's view that the company will
maintain debt to EBITDA below 2.0x and discretionary cash flow
(DCF) to ddebt below 10.0% in the next 12-18 months, while
continuing to grow its size and market share in its three business
lines.

In December 2019, Xignux obtained the required regulatory approvals
to consolidate the joint venture (JV) agreement with General
Electric (GE) at 100%. This new agreement allows the company to
consolidate Prolec GE's subsidiaries in Mexico and the U.S., which
it already held in past years and reported as an equity investment.
Additionally, in May 2020 a new operation in the U.S. was
integrated into the JV (Shreveport Louisiana). S&P said, "We
consider this transaction as positive for Xignux's operations and
financial performance because the company's financial performance
has increased due to the consolidation. Sales and EBITDA at the end
of 2020 reached $3.08 billion and $263 million respectively, and
the operating efficiencies associated with Prolec GE's vertical
structure boosted EBITDA margin to 8.6% in 2020 from 6.9% in 2019.
Moreover, we expect Prolec GE's transformers segment (28% of total
revenues) will benefit from increased demand for renewables from
the expected growth in this segment. We forecast transformer sales
to grow 4.2% for the following years and contributing to EBITDA
margins of about 8.1%."

Xignux's EBITDA and leverage improved due to the integration of a
mature business line with low liabilities and a 50% improvement in
the EBITDA of the cable segment versus 2019. As of Dec. 31, 2020,
the company reported a drop in cable revenues of $134 million and
in food revenues of $119 million. This was offset by the addition
of $703 million from Prolec GE. The positive outlook reflects that
the rating could reach a higher level if the company manages to
maintain a constant positive growth trend in its three business
lines, without the need to request additional debt for growth capex
and/or M&A activities that give Xignux greater stability in the
metrics.

S&P said, "We forecast favorable market dynamics and prices for the
cable segment (48% of Xignux's revenues). We expect the electrical
sector demand to recover, especially from exports to the U.S. that
represent about 45% of Xignux's sales. Moreover, we expect a
growing supply deficit in the market of refined copper for the next
three years." This, along with China's industrial recovery, growing
demand for refined copper, and an increase in demand for electric
vehicles will boost copper prices. The previous positive trend in
copper prices and the recovery in the electrical sector demand
should grow revenues 1.7% in 2021 for the company's cable segment.

In the second half of 2020, Xignux started production at its dairy
plant in Queretaro. S&P said, "We expect that this plant will
double its production capacity and its market share in Mexico's
food segment. Moreover, we expect that Xignux will be able to
increase its market participation in snacks in central Mexico with
the construction of the Bajío plant. These two factors, together
with the gradual recovery that we forecast in the food service,
ready-to eat and protein categories as the economy recovers from
the pandemic, will contribute to sales growth of about 6% in
2021."




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

I MORALES TIRE: June 16 Plan & Disclosure Hearing Set
-----------------------------------------------------
On May 3, 2021, Debtor I Morales Tire Corp. filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a disclosure
statement and plan of reorganization under subchapter V of chapter
11. On May 4, 2021, Judge Mildred Caban Flores ordered that:

     * June 16, 2021, at 9:00 a.m. via Microsoft Teams is the
hearing on final approval of the disclosure statement and
confirmation of the Plan.

     * The last day for filing written acceptances or rejections of
the plan of reorganization is fixed as not later than 14 days prior
to the confirmation hearing date.

     * A written summary of ballots must be filed with the
bankruptcy court and served upon the U.S. trustee 7 days prior to
the hearing on confirmation.

     * An objection to the conditionally approved disclosure
statement and to confirmation of a chapter 11 plan shall be filed
and served no later than 14 days prior to the confirmation hearing
date.

     * Objections to claims must be filed not later than twenty 21
days prior to confirmation hearing date.

     * Applications for compensation shall be filed and served not
later than 7 days prior to confirmation hearing date.

A full-text copy of the order dated May 4, 2021, is available at
https://bit.ly/3unHUuO from PacerMonitor.com at no charge.

The Debtor is represented by:

     Javier Vilarino, Esq.
     Vilarino & Associates, LLC
     1519 Avenida de la Constitucion 5th Floor
     San Juan, PR 00918
     Phone: +1 787-565-9894
     Email: office@vilarinolaw.com

                    About I. Morales Tire Corp.

Aguas Buenas, P.R.-based I. Morales Tire Corp. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.C. Case No. 21-00311) on Feb. 3, 2021, listing $100,001 to
$500,000 in both assets and liabilities.  Judge Mildred Caban
Flores oversees the case.  Vilarino & Associates, LLC, serves as
the Debtor's legal counsel.

PUERTO RICO: July 13 Disclosure Statement Hearing Set
-----------------------------------------------------
On April 6, 2021, the Commonwealth of Puerto Rico, the Employees
Retirement System of the Government of the Commonwealth of Puerto
Rico, and the Puerto Rico Public Buildings Authority, by and
through the Financial Oversight and Management Board for Puerto
Rico and in its capacity as sole representative of the
Commonwealth, ERS, and PBA (the "Debtors" under PROMESA section
315(b)), filed a motion requesting an order scheduling a Disclosure
Statement Hearing to consider the adequacy of the information
contained in the Disclosure Statement.

On May 4, 2021, Judge Laura Taylor Swain granted the motion and
ordered that:

     * The form of Disclosure Statement Notice and reflecting the
redlined changes set forth therein, is approved.

     * July 13, 2021, at 9:30 a.m. is the time and date for the
Disclosure Statement Hearing.

     * On a date no earlier than the 28th day following completion
of service of the Disclosure Statement Hearing Notice is the
deadline to file objections to the adequacy of the Disclosure
Statement.

     * On the 14th day following the Disclosure Statement Objection
Deadline, but in no event later than 14 days before the Disclosure
Statement Hearing, is the deadline for the Debtors or other parties
in interest to file replies or responses to the DS Objections.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO ELECTRICITY: Dealing With $1.1BB Deficit
----------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Electricity
Commission owes the National Gas Company $2.175 billion for the
period 2019 to March 2021.

The Commission has an annual deficit of $1.1 billion.

Addressing a meeting of the Joint Select Committee on Land and
Physical Infrastructure, T&TEC general manager Kelvin Ramsook
confirmed that the Commission had been making a loss for the past
nine years. He was responding to questions from Opposition MP
Saddam Hosein, according to Trinidad Express.

"The Commission has been operating with an income of $3.2 billion
and an expenditure of $4.3 billion, which leaves a difference of
$1.1 billion, which is a loss in terms of our operations," Ramsook
said, the report notes.

He said T&TEC's expenditure can be broken up in $1.63 billion for
generation; the cost of gas is $1 billion; salary and wages at $995
million and capital costs and taxes at $600 million, the report
relays.

Ramsook said the majority of the expenditure was related to
generation, which is a combination of conversion and gas which is
$2.63 billion or 68 per cent of the expenditure. He said while
salaries and wages are also flagged as an issue, they are just 23
per cent of the operating costs, the report relays.  "We pay
everything else except the $1 billion (gas bill) and the $1.1
billion difference between income and expenditure is made up by us
not being able to meet our commitments to the National Gas
Company," Ramsook stated, the report notes.  He said some payments
are made to NGC but not to the level of $1 billion annually.

The Commission's general manager later disclosed that an
arrangement had been made via government guarantee to pay all the
outstanding balances to NGC up to 2018. A similar arrangement is
being discussed to deal with the debt incurred after 2018, he said,
the report discloses.

Ramsook said the gas is subsidised by the State to the tune of
about 50 per cent compared to the price at NGC's other markets, the
report says.

He said some adjustment was required if the Commission was to bring
its expenditure in line with revenue. "Let us look at tariff
revenue that has to shift upward," he added.

Asked about the stealing of electricity, he said those losses
accounted for just 0.25 per cent of total losses. He said his
"guesstimate" was that there were approximately 3,000 illegal
connections, the report notes.

Asked by Hosein about the implementation of an "economic tariff",
Ramsook said T&TEC had completed its business plan and the line
ministry was looking at it, the report relays.

"And that is all I am going to say at this point in time," he said.
Stressing that the Commission had been doing a number of things to
reduce costs and to bring in revenue, Ramsook said the management
was not saying that the solution to T&TEC's deficit was a rate
review. "We are looking at every possible avenue because we know
that situation outside there," he added.

The last rate review was in 2009.

Owed $427 million

On the books, T&TEC is owed about $427 million by its customers. It
was explained that a considerable proportion came from the
Desalination plant while $121 million was debt incurred over the
last 30 days and therefore that bill was not due yet, the report
notes.  Therefore, chief financial officer Neil Balgobin said the
figure came down to $50 million owed by private accounts, once the
desal debt and the recent debt of $121 million were removed, the
report says.

Ramsook was asked about the effects of closures at Point Lisas. He
conceded that there had been an impact. He also stated that there
had been a number of requests from customers at Point Lisas for a
reduction in capacity and the overall impact was $60 million less
in annual revenue, the report discloses.

Questioned by JSC Chaiman DeoroopTeemul about T&TEC's obligation to
pay for unused capacity, Ramsook said total capacity was 1875
megawatts and peak demand was 1317 megawatts, the report relays.

He said the Commission needed reserve capacity of about 270
megawatt.  This still left about 200 megawatts of electricity that
it did not need and the value of that was $250 million annually. He
added that with the closing of the Alutrin plant, which was
expected to use 270 megawatts, under the PPA (Power Purchase
Agreement) with TGU, the T&TEC had to take or pay for that 270
megawatts, the report notes.

In response to a question, Ramsook said T&TEC was seeking to have
discussions on the power purchase agreements (PPAs) with the
relevant companies. He said T&TEC had also had discussion with what
used to be called the Mittal Plant and a company has shown some
interest in reactivating this plant, the report relays.

He said the Petrotrin refinery which is currently closed is also
expected to use 60 megawatts once it becomes operational again, the
report discloses.  He said generation expansion was therefore
possible assuming that all these things take place, the report
says.

Asked by the Teemul about the Commission's plans to reduce
expenditure and improve revenue, Balgobin said the initiatives
included reducing gas consumption, building the second circuit line
from Union Estate to Sangre Grande and improving the revenue from
non-power sources - charges to customers for certain services such
as the movement of lines, transformer rental rates and pole rental
rates to communication providers, the report notes.

He said T&TEC benchmarked its service internationally and found
that its performance compared with other utilities around the
world, the report relates.  The performance, Balgobin said, is
equal to many utilities, and better than some and not as good in
other cases.  The Commission has 2,924 employees (of which 312 are
temporary) and a customer base of 502,000. He said the Commission
felt the number of employees on board was adequate to meet its
requirements, the report adds


                           *********


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