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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, May 20, 2021, Vol. 22, No. 95

                           Headlines



A R G E N T I N A

YPF ENERGIA: Moody's Alters Outlook on 'Caa3' CFR to Stable


B R A Z I L

BHP: UK Court to Reconsider $6.9-Bil. Brazil Dam Lawsuit
OI SA: Relays Expiration of Consent Solicitation for 2025 PIK Notes
RIO PARANA: Moody's Gives Ba1 Rating to BRL845MM Unsec. Debentures
[*] JAMAICA: $1BB for 'Go Digital' Initiative to Support SMEs


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Lowers LongTerm IDRs to 'D'


M E X I C O

GRUPO AEROMEXICO: Asks Court to Reject December 2020 Ch.11 Deal


T R I N I D A D   A N D   T O B A G O

NATIONAL FLOUR MILLS: Net Income Falls 62.4%

                           - - - - -


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A R G E N T I N A
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YPF ENERGIA: Moody's Alters Outlook on 'Caa3' CFR to Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed YPF Energia Electrica S.A.'s
(YPFEE) Caa3 corporate family and senior unsecured ratings. The
outlook for all ratings was changed to stable from negative.

Approximately $400 million of debt instruments affected.

RATINGS RATIONALE

YPFEE ratings affirmation and outlook stabilization acknowledge the
successful exchange of the company's Class 1 Notes ($100 million)
that was completed by the issuance of Class VI Notes for an amount
of $60 million, payable in full at maturity in April 2023, 2 years
from the issuance date and in compliance with Argentina's Central
Bank FX regulations. The un-exchanged amount under Class 1 notes
was paid in full at original maturity on May 10. Following the
transaction, which did not entail material losses to investors,
YPFEE emerged with a more comfortable debt profile, with manageable
debt maturities until 2026 when its $400 international bond comes
due.

The ratings also take into consideration YPFEE's asset base and
strong positioning in the power market in Argentina, with a 5%
share of the country's installed capacity, the successful
development of new assets in the renewable space in Argentina, with
a solid operating track record and production levels. The expected
strong cash generation underpinned by its long-term contractual
base (average remaining life of contracts of 14 years) also support
the ratings.

The ratings and stable outlook further factor in the strengthening
of cash flows following the completion early this year of most of
its investment plan, with projected CFO to debt well above 20% in
coming years due to the combination of improved cash flows and debt
reduction, coupled with a prudent dividend policy.

The ratings continue to be constrained by the exposure of the
company to Cammesa, the agency controlled by the Argentine
government (Government of Argentina, Ca, Stable) that manages the
wholesale electricity market and YPFEE's main off-taker. Given the
recent history of government intervention in the electricity market
and Cammesa's increased reliance on government transfers Moody's
believe other downside risks persist, including the potential risk
of unilateral change to the PPA contract's terms and conditions and
delays in cash settlements. In addition, YPFEE's debt is mostly
dollar denominated and while contractual revenues are also
dollar-denominated providing a natural hedge, Cammesa payments are
made in pesos at the official exchange rate, which exposes
bondholders to convertibility risks.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that YPFEE will
continue producing stable cash flows from its PPAs while
maintaining sound operations. The rating and outlook incorporate
Moody's view of leverage declining to the range of 2-3 times after
the company completes most of its expansion during the current
year.

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

Given the current constraining factors and the exposure to Cammesa,
an upgrade of the ratings will require an upgrade of the
sovereign.

In light of the outlook stabilization and Moody's expectation of
improved credit metrics, Moody's do not anticipate negative
pressure on the ratings unless there is an unexpected change to the
regulatory framework for the company's operations that results in
lower than expected revenues and cash flows. Quantitatively, a
ratio of cash from operations to debt (before working capital
changes) to debt below 15% could prompt a negative rating action.

PROFILE

The company was formed in August 2013 as a result of a spin-off
from YPF Sociedad Anonima (Caa3/sta), Argentina's fully integrated
oil & gas and largest energy company, majority owned by the
government. YPF decided to spin-off its generation assets with the
goal of converting YPFE in one of the main participants in the
power market. YPFEE is among the top 5 largest market players, with
a 5% share of the country's total installed capacity.

As part of the its growth strategy, in March 2018 YPFEE entered
into an agreement with GE by which one of GE's affiliates
subscribed a 24.9% of YPF E's stock, while the remaining 75.1%
belongs to YPF S.A.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.




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B R A Z I L
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BHP: UK Court to Reconsider $6.9-Bil. Brazil Dam Lawsuit
--------------------------------------------------------
Kirstin Ridley at Reuters reports that London's Court of Appeal
will hear a request to revive a 5 billion pound (US$6.95 billion)
lawsuit against Anglo-Australian mining group BHP (BHPB.L),
(BHP.AX) over a 2015 dam failure in Brazil, a court order showed.

Judge Nicholas Underhill has agreed to an oral hearing that could
help to overturn a previous Court of Appeal decision which denied a
200,000-strong Brazilian claimant group permission to appeal
against a judgment to strike out the landmark case, according to
Reuters.

"I am satisfied that, exceptionally, an oral hearing is appropriate
in this case," the judge said in the order, which was signed on May
4 and seen by Reuters.

No further details were immediately available.

The order comes less than two months after the Court of Appeal
refused permission for a lawsuit over Brazil's worst environmental
disaster to proceed in English courts, the report relays.

The Court of Appeal said in March, it agreed with a lower court
that the case was an abuse of process, that claimants could - and
were - making reparation claims in Brazil and that the lawsuit
would be "irredeemably unmanageable," the report notes.

The collapse of the Fundao dam, owned by the Samarco venture
between BHP and Brazilian iron ore mining giant Vale (VALE3.SA),
killed 19 and sent a flood of mining waste into communities, the
Doce river and the Atlantic Ocean, 650 km (400 miles) away, the
report says.

Samarco has since filed for bankruptcy protection.

PGMBM, the law firm representing the Brazilian claimants, said it
had been contacted by many clients to "express their gratitude in
respect of the consideration being given by the Court of Appeal to
their application," the report discloses.

BHP, the world's largest miner by market value, said it was aware
of the application.

"Previous (court) rulings ... have supported our position that the
civil claim proceedings were unnecessary as they duplicated matters
already covered by the existing and ongoing work of the Renova
Foundation and are, or have been, the subject of ongoing legal
proceedings in Brazil," a BHP spokesman said, the report relays.

The Renova Foundation is a redress scheme established in 2016 by
BHP's Brazilian division, Samarco and Vale, the report notes.

The case is the latest battle to establish whether multinationals
can be held liable for the conduct of subsidiaries abroad, the
report discloses.

The UK Supreme Court in 2019 allowed Zambian villagers to sue miner
Vedanta in England for alleged pollution in Africa and in February
permitted Nigerian farmers and fishermen to pursue Royal Dutch
Shell (RDSa.L) over oil spills in the Niger Delta, the report adds.



OI SA: Relays Expiration of Consent Solicitation for 2025 PIK Notes
-------------------------------------------------------------------
Oi S.A. - In Judicial Reorganization (the "Company"), an integrated
telecommunication service provider in Brazil, announced that it
received the required consents from the holders of the
10.000%/12.000% Senior PIK Toggle Notes due 2025 issued by the
Company (the "Notes") for the adoption of certain proposed
amendments as set forth below (the "Proposed Amendments") to the
New York law indenture, dated as of July 27, 2018, governing the
Notes (the "Indenture"), in connection with the previously
announced consent from holders of the Notes (the "Consent
Solicitation").

The Company sought proposed amendments to align certain provisions
of the Indenture with the terms of Amendment to the Judicial
Reorganization Plan, approved by the Company's creditors on
September 8, 2020 and ratified by the 7th Corporate Court of the
Judicial District of the State Capital of Rio de Janeiro on October
5, 2020, which we believe will ensure the operational viability,
greater financial flexibility and efficiency and the sustainability
of the Company's business by implementing its strategic plan and
creating value for all of its stakeholders, in connection with
Section 6.18 of the Amendment to the Judicial Reorganization Plan,
as described in the consent solicitation statement of the Company,
dated February 18, 2021 (the "Consent Solicitation Statement"),
pursuant to which the Consent Solicitation Statement was conducted.
The proposed amendments also improve the Indenture from a covenant
standpoint as a result of discussion and negotiations with certain
holders of the Notes.

The Consent Solicitation expired at 5:00 p.m. (New York City time)
on May 5, 2021, (the "Expiration Date"). The Consent Solicitation
was made solely by means of the Consent Solicitation Statement. As
of the Expiration Date, the Company received consents from the
holders of a majority in aggregate principal amount of the Notes.
Promptly following the Expiration Date, the Company, the guarantors
party thereto and the Trustee executed the first supplemental
indenture to the indenture governing the Notes to implement the
Proposed Amendments.

Only holders of record of the Notes (or their duly designated
proxies) as of 5:00 p.m. (New York City time) on May 5, 2021 (such
date and time, including as such date and time may be changed by
the Company, from time to time, the "Record Date") were entitled to
consent to the Proposed Amendments pursuant to the Consent
Solicitation.

                            About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
'Brazilian Bankruptcy Law'), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial reorganization)
in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A.
and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in
New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and
Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the Chapter
15 Debtors, and granted certain additional related relief.

As reported in the Troubled Company Reporter-Latin America in May
2020, Fitch Ratings has downgraded Oi S.A's ratings, including the
Long-Term Foreign Currency Issuer Default Rating to 'CCC+' from
'B-', the LT Local Currency IDR to 'CCC+' from 'B-',
the National LT Rating to 'B(bra)'/Stable' from 'BB-(bra')/Stable,
and the 2025 notes to 'CCC+'/'RR4' from 'B-'/'RR4'. The Rating
Outlook on the international ratings has been removed.


RIO PARANA: Moody's Gives Ba1 Rating to BRL845MM Unsec. Debentures
------------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba1 rating on the global
scale and Aaa.br on the Brazilian national scale to Rio Parana
Energia S.A.'s planned issuance of BRL845 million senior unsecured
debentures with final maturity in 2031 (2nd Issuance). The outlook
is stable.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that the
debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The Ba1/Aaa.br ratings assigned to the debentures are in line with
the corporate family ratings of Rio Parana, reflecting its stable
and predictable cash flows, derived from a long-term concession
agreement to operate and maintain two hydro power stations with 5.0
GW of combined installed capacity, with 70% of the physical
guarantee contracted to the regulated market under the quota
regime, which is reimbursed through fixed-capacity payments,
adjusted annually for inflation and insulated from hydrologic
risks. The ratings also incorporate Moody's assessment of the
likelihood of continued support from China Three Gorges Corporation
(CTG Corp, A1 stable), as Rio Parana's ultimate controlling
shareholder and guarantor of its other financing arrangements.

Rio Parana's credit profile also reflect its (1) limited asset
diversification, along with the expectation of an accelerated
investment program to recover and upgrade its existing 34
generation units in the first years of the concessions; (2)
exposure to foreign-currency volatility because around 50% of its
financial liabilities are related to an intercompany loan
denominated in US dollars without hedging to local currency; (3)
large refinancing needs in the short term, given a BRL2.7 billion
loan due by mid-2023; and (4) aggressive dividend distribution
strategy.

The proposed debentures will be issued in two tranches with
issuance amounts and interest rates defined in the book building
process. The first tranche of BRL195 million, pegged to the
Brazilian base rate (CDI) + 1.3%, will have a 3-year tenor and will
amortize in one payment on the maturity of the tranche. The second
tranche of BRL650 million will have a 10-year tenor with three
annual amortization payments on the eighth, ninth year and at
maturity, pegged to the higher cost between IPCA (NTN-B 2030) +
0.65% or 4.1% fixed. Principal amount for the second tranche will
be adjusted by inflation (IPCA). The debentures include
acceleration clauses for, among others, the following events: (i)
the non-payment of any financial obligation above BRL100 million,
(ii) change of indirect control from CTG Corp without prior
approval and that results in a two-notch downgrade, and (iii) early
termination of the concession contract. The debentures will also
comprise maintenance financial covenants of Net Debt to EBITDA
ratio lower or equal to 3.2x (0.98x as of December, 31 2020), and
EBITDA to Net Financial Result higher or equal to 2.0x (7.82x as of
December 31 2020), that will be verified on an annual basis.

The proceeds of the 1st tranche will be used to reinforce working
capital. The 2nd tranche will reimburse capex expenses related to
the Jupia and Ilha Solteira hydro power plants that have occurred
within 24 months of the notification of the closing of the offer.
Those investments have been given priority status by the Ministry
of Energy and Mining (MME), allowing the issuance to be classified
as infrastructure debentures pursuant to Law 12.431.

In 2020, Rio Parana's cash flow from operations before working
capital changes CFO (pre-WC) to debt, calculated according to
Moody's standard adjustments, reached 30%, while the cash interest
coverage ratio was at 6.1x. Moody's projections anticipate that the
company's ratios will likely remain stable, with CFO (pre-WC) to
debt around 30% with cash interest coverage around 6.0x over the
next 12-18 months, supported by the predictable recurring revenues
on the regulated business, balanced by large investment
requirements and dividend distributions.

RATING OUTLOOK

The outlook on the ratings is stable, reflecting the outlook on the
Government of Brazil (Ba2, stable). Given the highly regulated
nature of the energy sector and the operating environment in
Brazil, Moody's expect the company to be rated no more than one
notch above the sovereign bond rating. The stable outlook also
incorporates Moody's view of consistent operating performance and
prospective improvement in the company's credit metrics.

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

An upgrade of the ratings would take into account the company's
liquidity position and business profile, and the regulatory
environment in which Rio Parana operates. Quantitatively, an
upgrade would require a consistent improvement in the company's
credit metrics, as indicated by a ratio of cash flow from
operations before working capital changes (CFO pre-WC) to net debt
stays above 35% and the cash interest coverage ratio above 4.5x.

The ratings will face downward pressure if the stability and
transparency of the regulatory regime for the generation segment is
weakened, ultimately resulting in more volatility or decreased
visibility into Rio Parana's cash flow base. The global-scale
ratings can also be downgraded upon a similar rating action on the
Brazilian government's rating. Moody's assumption of a decline in
the shareholders' willingness to support, as evidenced by higher
than expected dividend distributions could also increase downward
rating pressure. Quantitatively, a downgrade would be considered if
the company's ratio of CFO pre-WC to net debt remains below 20%, or
the interest coverage ratio stays below 2.8x on a sustained basis.

Based in Sao Paulo, Rio Parana Energia S.A. is an operating power
company controlled by CTG Brasil, which holds 67% of the company's
voting capital. The other 33% is held by Huikai Clean Energy
S.A.R.L, a Chinese fund that invests in Latin America. In November
2015, the company won the bid for a 30-year concession to operate
the Jupia and Ilha Solteira hydropower stations. Located along the
Parana river, between the states of Sao Paulo and Mato Grosso do
Sul, the two power stations combined comprise 5.0 GW of installed
capacity and 2.6 GW average of physical guarantees. As of December
31, 2020, Rio Parana reported annual net sales of BRL3.4 billion
and annual net profit of BRL757 million.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.


[*] JAMAICA: $1BB for 'Go Digital' Initiative to Support SMEs
-------------------------------------------------------------
RJR News reports that the Jamaican Ministry of Industry, Investment
and Commerce has earmarked $1 billion to fund the 'Go Digital'
initiative, being spearheaded by the Jamaica Business Development
Corporation (JBDC) to support small businesses.

Portfolio Minister Audley Shaw says the JBDC reported that among
other COVID-19-induced adverse impacts, some 34 per cent of its
clients experienced a reduction in sales and 22 per cent had to
close temporarily, according to RJR News.

                     About Jamaica

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

As reported in the Troubled Company Reporter-Latin America on March
23, 2021, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook. Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020). Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).  

According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.

The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.




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C H I L E
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AUTOMOTORES GILDEMEISTER: Fitch Lowers LongTerm IDRs to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Automotores Gildemeister S.p.A.'s (AG)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'D' from 'RD'. AG's senior secured notes were affirmed at
'C'/RR5', which reflects its below average recovery prospects.

The downgrade to 'D' follows AG's filing last month of a
reorganization and restructuring of their debt under a Pre-packaged
Chapter 11 protection framework in the U.S. This process will
result in material changes in the terms and conditions of its debt.
Once the company exits the administration proceedings, Fitch will
assess its strategy and restructured financial profile and assign
ratings accordingly.

KEY RATING DRIVERS

AG announced on April 1, 2021 that it would file for bankruptcy
protection from its creditors in light of the effects of the
coronavirus on its already deteriorated business profile. During
April 2021, the company filed a pre-packaged plan of reorganization
in order to restructure its debt obligations under Chapter 11 of
the U.S. Bankruptcy Code. The US Bankruptcy Court issued a final
order authorizing AG's Debtor-in-Possession (DIP) financing for
USD26.5 million on May 12, 2021. A confirmation hearing of the
prepacked plan is scheduled for May 27, 2021.

AG's restructuring process comes from its continued high leverage
and weak liquidity profile. The company faced a sharp decline in
the sales of units in 2020 due to the pandemic, with uncertainty on
the speed of recovery going forward. The company will need to grow
EBITDA and successfully execute its asset disposal plan to improve
financial flexibility and leverage profile after the restructuring
process. In recent years, the industry exhibited aggressive and
opportunistic behavior by new entrants, with historical top players
losing market share in these markets due to a lack of major
barriers to entry.

AG has an ESG Relevance Score of '5' for Management Strategy due to
its track record of recurring operational and debt restructuring
processes during the past years, due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. AG's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure.

AG also has an ESG Relevance Score of '5' for Group Structure due
to the strong influence on AG's owners on its management, which has
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors.

Both the ESG Relevance Score of '5' for Management Strategy and
Governance Structure have resulted in the company entering into a
debt restructuring process for a second time during the last five
years.

DERIVATION SUMMARY

AG announced that will be filing for Chapter 11 in 2Q21. This event
follows two previous debt exchange offers completed by the company
during the last five years. AG exhibits high leverage, negative FCF
generation and tight financial flexibility. AG benefits from its
exclusive agreement to distribute Hyundai cars in Peru and Chile.
The automotive retail industry is sensitive to adverse economic
conditions and to the volatility of consumer demand, which is
influenced by consumer confidence, discretionary spending, interest
rates, credit availability and FX currency rates. AG also faces
intense competition from other car manufacturers and distributors.

Fitch does not have direct rated peers for the company. AG's
closest peers in other sectors include Brazilian fleet and car
rental industry leaders, Localiza Rent a Car S.A. (BB/Negative) and
JSL S.A (BB-/Positive), which is considered to have less volatile
industry risk. Both companies enjoy higher profitability and scale
than AG.

KEY ASSUMPTIONS

-- Revenues decline by 30% in 2020;

-- Negative EBITDA in 2020;

-- 2021 units sales at levels of around 90% of 2019 levels.

KEY RECOVERY RATING ASSUMPTIONS

Fitch has performed a going-concern recovery analysis for AG based
on the assumption that the company would be reorganized rather than
liquidated. Key going-concern assumptions include the following:

-- AG would have a going-concern EBITDA of about USD16 million.
    The going-concern EBITDA estimate reflects Fitch's view of a
    sustainable, post-reorganization EBITDA level upon which Fitch
    bases the valuation of the company.

-- A distressed multiple of 5.7x due to the exposure to the auto
    industry sector and the company's position as the sole
    distributor of the Hyundai brands in Peru and Chile. The
    recovery performed under this scenario resulted in a recovery
    rating of 'RR5' for the secured notes due in 2025.

RATING SENSITIVITIES

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

-- Fitch will rate AG following its exit from the administration
    proceedings based on its new strategy and financial profile.

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

-- Not applicable.

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.

ESG CONSIDERATIONS

AG has an ESG Relevance Score of '5' for Management Strategy due to
its track record of recurring operational and debt restructuring
processes during the past years, due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. AG's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure.

AG also has an ESG Relevance Score of '5' for Group Structure due
to the strong influence on AG's owners on its management, which has
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors.

Both the ESG Relevance Score of '5' for Management Strategy and
Governance Structure have resulted in the company entering into a
debt restructuring process for a second time during the last five
years.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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

GRUPO AEROMEXICO: Asks Court to Reject December 2020 Ch.11 Deal
---------------------------------------------------------------
Law360 reports that Mexican airline Grupo Aeromexico SAB de CV has
asked a New York bankruptcy judge to reject a request by the
manager of its customer loyalty program to approve a deal the
companies struck in December 2020, saying only debtors can submit
settlements to the court.

In a motion filed May 14, 2021, Aeromexico claimed it alone has
standing to ask for the approval of a proposed settlement it
reached with PLM Premier and PLM minority owner Aimia Holdings,
saying PLM and Aimia were engaged in an "ill-conceived" attempt to
force Aeromexico to assume contracts on their schedule rather than
according to its own business.

                      About Grupo Aeromexico SAB de CV

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport.  Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.




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

NATIONAL FLOUR MILLS: Net Income Falls 62.4%
--------------------------------------------
Trinidad Express reports that majority state-owned National Flour
Mills (NFM) reported a 62.4 per cent decline in its after-tax
profits for the first quarter of its 2021 financials.

NFM's after-tax profit for the three months ended March 31, 2021
totalled $2.63 million, down from $7.01 million the grain miller
reported in 2021, according to Trinidad Express.

NFM's chairman, Nigel Romano, said the company's performance was
adversely impacted by escalating grain prices: wheat prices
increased by 25 per cent, soyabean meal by 40 per cent and corn
prices by 60 per cent, the report notes.

"Mindful of its role in feeding the nation, NFM absorbed as much of
the price increase as it could. However, a portion of the increases
had to be passed on to the customer," Romano indicated, adding that
the company implemented minimal price increases for feed products,
dry-mix products and for traded goods, the report relays.

"The surge in grain prices is expected to continue in 2021 and NFM
will continue to monitor closely and look for savings whenever
possible," the report discloses.

The chairman also added that with a new CEO on board, NFM has
started the process of reviewing its strategic initiatives to
ensure it delivers improved value to its customers, the report
says.  "Capital improvement is high on the agenda as we begin to
structure the business for growth and to deliver its mission," said
Romano, the report adds.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

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