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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 18, 2021, Vol. 22, No. 93

                           Headlines



A R G E N T I N A

VICENTIN: Talks to Sell Majority Stake


B R A Z I L

BRAZIL: Income Expected to Drop in 2021, Survey Says
ODEBRECHT DRILLING: S&P Raises Senior Secured Notes Rating to 'B'
ODEBRECHT OFFSHORE: S&P Affirms 'CCC+' on Tranche 1 Secured Notes


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Border Towns Need More Developments
[*] DOMINICAN REPUBLIC: Fewer Haitians Mean Higher Prices


P E R U

[*] PERU: IDB OKs $600MM Loan to Support Vulnerable Populations


P U E R T O   R I C O

HOGAR CARINO: Seeks to Hire Luis Flores Gonzalez as Legal Counsel
MARCOS DEVARIE DIAZ: Sister Buying San Juan Property for $215,000

                           - - - - -


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

VICENTIN: Talks to Sell Majority Stake
--------------------------------------
Hugh Bronstein at Reuters reports that the once-mighty but now
cash-strapped Argentine soy crusher Vicentin said it is starting
talks to sell a majority stake to export firms Viterra, Molinos
Agro and Argentine cooperative ACA.

Argentina is the world's No. 1 supplier of soymeal feed, used to
fatten hogs and poultry from Europe to Southeast Asia.  And
family-owned Vicentin was the country's top exporter of soy
byproducts before falling into bankruptcy in 2019.

"A majority group of Vicentin shareholders have accepted a
non-binding expression of interest presented by three companies,
with extensive experience in the industry, to evaluate the
possibility of acquiring a majority stake," Vicentin said in a
statement obtained by the news agency.

It added that the three parties had jointly expressed their
interest in a possible acquisition, the report notes.

Last year, the government proposed taking the company over, but
dropped the plan after an outcry from the local farm sector, the
report discloses.

The purchase by Viterra, ACA and Molinos would involve months of
due diligence with a deal needing approval by shareholders,
Vicentin's bankruptcy judge and the company's creditors, Reuters
relays.  When it ran out of cash, Vicentin left farmers and banks
holding more than $1 billion in bad debts, the report discloses.

Creditors accused Vicentin of having used credits destined for the
purchase of grains to finance other businesses. Vicentin denies any
wrongdoing, the report relays.

Viterra, a unit of Glencore Agriculture, owns 67% of crushing plant
Renova.  Located on the banks of the Parana River, near the
Argentine grains port hub of Rosario, Renova is one of the biggest
soymeal and soyoil manufacturing facilities in the world.  The rest
of the Renova plant is owned by Vicentin.

The other major asset Vicentin is selling is its San Lorenzo plant,
which has a crushing capacity of 4.5 million tonnes of soybeans per
year, the report adds.




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B R A Z I L
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BRAZIL: Income Expected to Drop in 2021, Survey Says
----------------------------------------------------
The Rio Times reports that Brazilians' income should drop 1.3% by
the end of 2021, according to a survey conducted by the Central
Bank (BC) with economists released on May 12.

The vast majority of respondents also project that the GDP (Gross
Domestic Product) should reach pre-Covid-19 pandemic levels in the
fourth quarter this year, the report notes.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Moody's credit rating for Brazil
was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.


ODEBRECHT DRILLING: S&P Raises Senior Secured Notes Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Brazil-based
drillship debt-issuing entity, Odebrecht Drilling Norbe VIII/IX
LTD's (ODN VIII/IX) tranche 1 senior secured notes to 'B' from
'B-'. The recovery rating on the notes remains at '2', reflecting
our expectation for a 70%-90% recovery in the event of a default.

The outlook is stable, reflecting its expectation that the
project's two assets will generate enough cash flows to maintain
debt service coverage ratios (DSCRs) above 1.20x until the maturity
of the notes.

S&P said, "The upgrade reflects our expectation that ODN VIII/IX's
two assets will continue to post sound operating performance and
predictable cash flows, benefiting from the depreciation of the
Brazilian real, which reduces the costs denominated in that
currency. This, combined with the money held in the project's
reserve accounts, provides a cushion, given that the principal
amortization in 2021 is lower than in previous years."


ODEBRECHT OFFSHORE: S&P Affirms 'CCC+' on Tranche 1 Secured Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issue-level rating on
Odebrecht Offshore Drilling Finance Ltd.'s (OODFL) tranche 1 senior
secured notes.

The outlook is stable, reflecting S&P's view that ODN I and ODN II
will continue to receive charter payments, with 98% economic
uptime.

S&P said, "Although OODFL is using its reserve accounts to pay debt
service, we still consider the project's capital structure as
unsustainable, with minimum debt service coverage ratio (DSCR) of
about 0.6x in 2022. However, because the debt has been amortized,
our expectation of recovery of the notes in our hypothetical
default scenario increases. Because the debt matures at the end of
2022, we now expect a 70%-90% recovery of the first tranche of the
debt and revised our recovery rating to '2' from '3'."




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

[*] DOMINICAN REPUBLIC: Border Towns Need More Developments
-----------------------------------------------------------
Dominican Today reports that in the crowded corridors of the
Dominican market at Dajabon, of vital importance for the supply of
food to the north of Haiti, the plans of the Dominican Government
to build a fence on the dividing line between the two countries are
viewed with suspicion.

The plans, announced by President Luis Abinader, clash with the
vision of commercial opening intended to be promoted by the
communities that live on either side of the main border crossing,
which request more development plans and fewer gates, according to
Dominican Today.

The construction of the fence will begin in the second half of this
year and for now the authorities have only clarified that the fence
will not cover the entire 380 kilometers of the dividing line, but
only the areas where today irregular immigration is more difficult
to control, the report notes.

Dajabon Merchants Federation president Freddy Morillo told Efe that
in his city and the Haitian city of Ouanaminthe, "commerce is what
sustains the border," the report relays.

                    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: Fewer Haitians Mean Higher Prices
---------------------------------------------------------
Dominican Today reports that a group of irregular Haitian
immigrants is being deported from the Dominican Republic through
the Dajabon pass.  The report also notes that in a matter of weeks,
like a butterfly effect, the price of rice with beans is more
expensive in the markets of Santo Domingo.

The nexus between these two events with no apparent causal
relationship between them is very evident for farmers in the
province of San Juan (west), one of the main agricultural areas of
the Caribbean country, according to Dominican Today.

And it is that in these fertile valleys at the foot of the Central
Cordillera, nine out of ten rural workers are Haitians, and most of
them lack papers, which is why they are easy targets of deportation
campaigns for irregular immigrants, the report notes.

So far this year, 6,162 Haitians have been deported to their
country, according to official Dominican statistics, the report
relays.

The availability of labor has been further affected because since
2020 more than 200,000 Haitians have voluntarily returned to their
country due to the pandemic, according to figures from the
International Organization for Migration (IOM), the report
discloses.  So far this year, 6,162 Haitians have been deported to
their country, according to official Dominican statistics, the
report notes.

"This year, there has been a lot of difficulty with labor and that
contributes to problems for harvesting and for the different
tasks," the farmer Agustin Baez told Efe, 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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P E R U
=======

[*] PERU: IDB OKs $600MM Loan to Support Vulnerable Populations
---------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $600 million
project for Peru to improve the protection of vulnerable people
through social policies. This is the first of two operations under
the modality of Programmatic Loan to Support Policy Reforms and the
Deferred Retirement Option.

The objective of the operation is to improve the protection of
vulnerable persons through social policies targeting labor market,
public health care services, technical and production-oriented
higher education, and prevention and response to violence against
women. The specific objectives are to improve: access to insurance
against loss of income, access to public health services; equitable
access to technical higher education; and quality of services to
prevent and respond to violence against women.

With this operation, it is expected to see results in each of its
dimensions. To evaluate the support against loss of income, the
number of formal-sector workers with subsidized wages; people
trained in advanced digital skills and social/emotional skills; and
young people trained in technical and social/emotional skills will
be considered. For health services, the percentage of the disease
burden covered by the economically active population; the
proportion of the population whose out-of-pocket health expenses
exceed 10% of total household income; and the number of health care
professionals providing services through telemedicine will be
measured.

To evaluate the impact on education, the number of occupational
profiles designed to be included in the National Qualifications
Framework; the number of students enrolled in public universities
in the Ministry of Education's priority areas; the percentage of
young people (in the first and second income quintiles) enrolled in
technical and production-oriented higher education; and the number
of teachers from public universities who have received Internet
services will be measured. Finally, for the services on prevention
and care of violence against women, the percentage of Women's
Emergency Centers personnel trained and certified in the new care
protocol; and the number of police officers in the Family Division
whose professional competencies are aligned with the applicable job
will be measured.

The $600 million project has a 20-year amortization period and an
interest rate based on LIBOR.

            About the IDB

The Inter-American Development Bank is a leading source of
long-term financing for economic, social and institutional projects
in Latin America and the Caribbean. Besides loans, grants and
guarantees, the IDB conducts cutting-edge research to offer
innovative and sustainable solutions to the region’s most
pressing challenges. Founded in 1959 to help accelerate progress in
its developing member countries, the IDB continues to work every
day to improve lives.




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

HOGAR CARINO: Seeks to Hire Luis Flores Gonzalez as Legal Counsel
-----------------------------------------------------------------
Hogar Carino, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ the Law Offices of Luis
D. Flores Gonzalez as its legal counsel.

The firm will render these legal services:

  (a) file the Debtor's bankruptcy schedules, statement of
      financial affairs, and the proposed payment plan; and

  (b) examine the claims, the disclosure statement and other
      matters in the Debtor's Chapter 11 case.

The hourly rates of the firm's attorneys and staff are as follows:

     Luis D. Flores Gonzalez   $200
     Legal Assistants           $60
     Paraprofessional Persons   $40

In addition, the firm will seek reimbursement for expenses
incurred.

Luis Flores Gonzalez, Esq., an attorney at the Law Offices of Luis
D. Flores Gonzalez, disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Luis D. Flores Gonzalez, Esq.
     Law Offices of Luis D. Flores Gonzalez
     Ave. Ponce De Leon 1225
     Suite MZ-9 Vig Tower
     Santurce, PR 00907
     Telephone: (787) 758-3606
     Email: ldfglaw@yahoo.com

                        About Hogar Carino

San Juan, P.R.-based Hogar Carino, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 21-01181) on April 16, 2021. Elizabeth Noemi Padro
Rivera, vice president, signed the petition. At the time of the
filing, the Debtor disclosed total assets of $176,883 and total
liabilities of $1,568,780. The Law Offices of Luis D. Flores
Gonzalez serves as the Debtor's legal counsel.


MARCOS DEVARIE DIAZ: Sister Buying San Juan Property for $215,000
-----------------------------------------------------------------
Marcos Devarie Diaz and Aixa Morales ask the U.S. Bankruptcy Court
for the District of Puerto Rico to authorize the sale of the real
property located at 1301 Jose de Diego Avenue, Urb. Puerto Nuevo,
in San Juan, Puerto Rico, to Dr. Norma Devarie for $215,000.

Schedule AB Part 1.4, filed by the Debtors under penalty of
perjury, lists the Real Property with a listed value of $215,000 as
per appraisal dated June 8, 2020 (Exhibit A).  

The Real Property is encumbered with senior liens in favor of
Bautista REO PR Corp., who is holder of first ranking promissory
note in the principal amount of $368,000, modified to $341,796 and
second ranking promissory note in the principal amount of
$51,007.93.  The total amount due on account of Bautista's
promissory notes, as per proof of claim #20 filed in main case
20-04865, is $601,831.15.

The Real Property is also encumbered with a tax lien in favor of
the Commonwealth of Puerto Rico (Puerto Rico Department of Treasury
"Hacienda"), in the amount of $116,079.30.  Said amount is not owed
by Debtors to Hacienda as per objection to claim #3 filed on this
same date.  The extent and validity of said tax lien is the object
of adversary proceeding 21-00045 MCF, as the value of the Real
Property is far below the amounts owed on account of first and
second ranking liens in favor of Bautista.  Therefore, there is no
equity to support a security interest in favor of Hacienda on
account of said tax lien.

Since January 2021, the Debtors have been engaged in good faith
negotiations with Bautista and parties are expected to file an
agreement during the month of May 2021 for the payment of $215,000
in favor of Bautista, in exchange for the release of liens
encumbering the Real Property.

In order to allow prospective buyer to complete the necessary due
diligence and allow for the prompt administration of the bankruptcy
estate, the Debtors propose the sale of the Real Property which
will allow for the payment of the lump sum to Bautista as per
Chapter 11 SubChapter V plan of reorganization to be presented to
the Court by April 29, 2021.

The bankruptcy estate in the captioned case includes real property
which the Debtors represents that they will sell.  The real
property is inscribed at the Registry of Property for the Third
Section of San Juan, Puerto Rico.  Title study of real property
identified as Exhibit B shows that the described property is
recorded and titled in favor of Marcos Devarie DIazand Aixa
Morales Fontanez.

The Debtors represent that they have received the following offer
and/or communication in connection with the sale of the Real
Property, summarized as follows: The Buyer has presented a firm
offer for the purchase of the aforementioned real property.  The
sum offered is $215,000, to be bought "where is and as is," under
the terms and conditions described, and to be held within a period
of 90 days from the filing of the Motion and upon the Court's entry
or order approving sale, whichever is later.

The Buyer will assume payment of all costs of sale including but
without limitation to notary fees and expenses, stamps, vouchers,
and payment of property taxes which may be owed to the "Centro de
Recaudacion de Ingresos Municipales."  The good faith offer is fair
and reasonable as it constitutes the entire amount of the value of
the Real Property as per independent appraisal made on June 8,
2020.

The Debtors disclose that potential buyer is the sister of Debtor,
Marcos Devarie Diaz, and she is also a creditor in the case with
unsecured claim #15 filed on Feb. 1, 2021.  There is no agreement
between the Buyer and the Debtors other than the sale of the Real
Property as disclosed and no credit bit has been offered, will be
tendered, or will be honored as payment for the Real Property.  At
closing, the Buyer will deliver payment in the amount of $215,000
in favor of secured creditor Bautista.  The Debtors will not
receive any benefit from the sale of the Real Property, nor will
they participate from any income generated by the Real Property.

Title study shows promissory notes in the amounts of $368,000,
modified to $341,796.00, and $51,007.93.  The holder of the notes
is secured creditor Bautista who has been proposed payment of
$215,000 in full payment of all outstanding secured claims over the
Real Property.  The Debtors have complied with post-petition
monthly adequate protection payments of $4,500.

The sale of Real Property will be completed free and clear of
liens, all liens to attach to proceeds.  The following funds will
be distributed at closing from the product of proposed sale:
Bautista REO PR Corp. - $215,000.

Cancellation of liens over Real Property in favor of Bautista and
the Commonwealth of Puerto Rico , will be performed via order and
writ to be requested by the Debtors upon completion of sale and
disbursement of funds as disclosed.

Unless a party in interest files a written objection, with a copy
thereof served to the Debtors' counsel within 21 days from the date
of the Notice, the Debtors will complete the sale contemplated
herein and adjudicate the sale in favor ofthe Buyer, upon the terms
set forth.

The Buyer will take possession of the Real Property immediately
upon full payment of the purchase price and upon execution of sales
deeds.  Any preservation expenses accrued on the Real Property upon
final adjudication and closing of the sales deeds will be at
Buyer's sole cost and expense.

A copy of the Contract and the Exhibits is available at
https://tinyurl.com/sp582mtc from PacerMonitor.com free of charge.

Marcos Devarie Diaz and Aixa Morales Fontenez sought Chapter 11
protection (Bankr. D.P.R. Case No. 20-04865) on Dec. 16, 2020.  The
Debtors tapped Noemi Landrau Rivera, Esq., as counsel.



                           *********


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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Chapman, Editors.

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