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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

          Wednesday, June 2, 2021, Vol. 22, No. 104

                           Headlines



A R G E N T I N A

STONEWAY CAPITAL: Explores Bankruptcy Loan From Bondholders


B A H A M A S

BAHAMAS: IDB Approves US$140 Million Loan for MSMEs


B E R M U D A

SEADRILL LTD: Discloses Director, Senior Staff Appointments


B R A Z I L

ELDORADO BRASIL: Fitch Raises LT IDRs to 'BB-', Outlook Stable


C H I L E

DOMINICAN REPUBLIC: Taxing Free Zones Would be Fatal, Adozona Says
LATAM AIRLINES: Campania de Seguros, AerCap Out as Panel Members


P U E R T O   R I C O

PUERTO RICO: Oversight Board Seeks Bankruptcy Exit in 2021


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Cost of Cement Triples

                           - - - - -


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A R G E N T I N A
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STONEWAY CAPITAL: Explores Bankruptcy Loan From Bondholders
-----------------------------------------------------------
globalinsolvency.com, citing WSJ Pro Bankruptcy, reports that
Argentine power-plant owner Stoneway Capital Ltd. is discussing
borrowing money from the senior bondholders challenging the
company's U.S. bankruptcy filing and pushing to relocate the
restructuring to Canada.

Stoneway, seeking to finance its stay in bankruptcy, is discussing
potential loan terms with senior bondholders and junior creditors,
as well as potential outside lenders, the company's lead lawyer,
Fred Sosnick, said at a virtual hearing in the U.S. Bankruptcy
Court in New York, according to globalinsolvency.com.

The bondholders, including BlackRock Inc. and DoubleLine Capital
LP, are also seeking to shift Stoneway's restructuring case back to
the Ontario Superior Court of Justice, where the company first
filed court proceedings to adjust its debt last year, the report
notes.

The judge presiding over the chapter 11 case didn't issue a ruling
on the proper venue for restructuring Stoneway, a holding company
with four power plants in Argentina, the report says.  It filed for
bankruptcy in April, facing too much debt and an Argentine Supreme
Court ruling that prolonged the closure of a key generation
facility, the report adds.

                  About Stoneway Capital Corp.

Stoneway Capital Corporation is a limited corporation incorporated
in New Brunswick, Canada, formed for the purpose of owning and
operating, through its Argentine subsidiaries, power generation
projects that will provide electricity to the wholesale electricity
markets in Argentina.  The Argentine subsidiaries operate four
power-generating plants in Argentina that provide electricity to
the wholesale electricity market in Argentina.

Stoneway is 100% owned by GRM Energy Investment Limited.

On Oct. 8, 2020, the Company commenced proceedings under the Canada
Business Corporations Act (the "CBCA").  The Debtors were well on
the way toward closing the consensual restructuring when on Dec. 4,
2020, the Argentine Supreme Court issued a decision in an ongoing
noise discharge dispute involving one of the Generation Facilities
located in Pilar, Argentina. The Argentine Supreme Court Decision
created significant uncertainty as it overturned a decision of the
federal appeals court in San Martin, Buenos Aires.

As a result of the looming expiration of the informal standstill
arrangement, the Debtors commenced chapter 11 cases in the U.S. in
order to put the automatic stay in place, maintain the status quo
pending resolution of the various issues in Argentina, and ensure
that neither the Indenture Trustee nor the Argentine Trustee takes
any action that could be detrimental or value destructive to the
Company.

Stoneway Capital Ltd. and five related entities, including Stoneway
Capital Corp., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-10646) on April 7, 2021.  Stoneway estimated
liabilities of $1 billion to $10 billion and assets of $500 million
to $1 billion.

Shearman & Sterling LLP is the Debtors' counsel.  Prime Clerk LLC
is the claims agent.




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B A H A M A S
=============

BAHAMAS: IDB Approves US$140 Million Loan for MSMEs
---------------------------------------------------
The Bahamas will boost resilient and inclusive growth to promote
business continuity and competitiveness of Micro, Small and Medium
Enterprises (MSMEs) as well as their Blue Economy environmental
resiliency, with a US$140 million loan approved by the
Inter-American Development Bank (IDB).

This is the second operation under the modality of Programmatic
Policy-Based Loan (PBP). The first operation was approved in August
2020.

This program supports the mandate and vision of the Bahamas
Economic Recovery Committee of providing for a resilient, dynamic,
inclusive, and sustainable economy and promotes private sector-led
growth under a stronger comprehensive environmental framework. As
such, the government is prioritizing reforms geared at promoting
competitiveness and improvement of the business climate, under a
framework of environmental sustainability and resilience. This
includes a medium-term strategy of further improving the business
climate and supporting economic diversification aligned with the
recommendations of the Economic Recovery Committee report (ERC) .

The ERC -- comprised of private stakeholders and public agencies --
addressed the challenges presented by the COVID-19 pandemic and
provided recommendations for boosting economic recovery, including
actions for improving business climate and economic
diversification.

The Bahamas National Development Plan: Vision 2040, sets economic
diversification as a priority goal for resilient growth, including
the sustainable development of new sectors (including the Blue
Economy), increased employment for young people in blue jobs and
greater protection of coastal and maritime ecosystems. The Blue
Economy is defined as the simultaneous promotion of economic
growth, environmental sustainability, and strengthening of oceans
ecosystems by maximizing the value of marine resources.

The present operation gives continuity with the ambitious set of
reforms included in the first operation, proving support to their
implementation, with technical support from the IDB. This operation
will enhance the policy measures to improve the business climate
for all private agents and for MSMEs, with a focus on post-COVID
recovery; and supports further modernization of the institutional
and legal framework for better environmental resiliency.

The IDB loan of US$140 million has a repayment term of 20 years, a
grace period of five and a half years and an interest rate based on
LIBOR.




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B E R M U D A
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SEADRILL LTD: Discloses Director, Senior Staff Appointments
-----------------------------------------------------------
The Royal Gazette reports that Bermudian-based offshore drilling
outfit Seadrill Ltd has made two senior staff appointments, and a
high-profile board appointment.

The company said Grant Creed has been named chief financial officer
and Leif Nelson has become chief operating officer, effective
immediately, according to The Royal Gazette.

In addition, Seadrill has appointed Svein Harald Oygard, a veteran
of the government, financial and energy sectors, as a new director,
the report notes.

The company said Mr. Creed is an experienced senior finance
executive who joined Seadrill in 2013 and, prior to his appointment
as chief financial officer, was chief restructuring officer leading
Seadrill's capital restructuring, the report relays.

During his time at Seadrill, the company said Mr. Creed has held
various positions including VP, Mergers & Acquisitions and VP,
Corporate and Commercial Finance, the report notes.

Prior to joining Seadrill, he held M&A transaction services and
audit positions at Deloitte and is a chartered accountant, the
company said, the report discloses.

Seadrill said Reid Warriner, chief operating officer, has decided
to step down, adding that he "will support the company in
delivering a smooth handover of activities in the coming months,"
the report relays.

Mr. Nelson, Seadrill's current chief technology officer, will now
also serve as COO, a position he has previously held, the report
says.

Seadrill said Mr. Oygard brings significant financial and sector
expertise to the company, with decades of international experience
in the government, financial and energy sectors, the report
discloses.

He worked within the Norwegian Ministry of Finance and various
other governmental agencies, including as State Secretary of
Finance, where he led the work on the Norwegian Tax Reform 1992,
the Norwegian Government's Long-Term Program and the report on the
economic effects of a possible EU membership, the report relays.

In 1995, he joined global consultancy McKinsey in Norway, a
business he ran from 2005 to 2007, the report recalls.

In 2009, he was interim governor of the Central Bank of Iceland,
before returning to McKinsey, the report relays.

He served as global knowledge leader, Oil & Gas from 2010 to 2014
and led the firm's oil and gas work in South America from 2013 to
2016, the report notes.

Seadrill said Mr. Oygard has since held board positions for a range
of international firms operating in the oil and gas sector and from
2017 to early 2021 worked for Sparebank 1 Markets, the report
adds.

                         About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry.  As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt.  It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.  Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees.  Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million
in assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court.  The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, Kirkland & Ellis LLP is counsel for
the Debtors.  Houlihan Lokey, Inc., is the financial advisor.
Alvarez & Marsal North America, LLC, is the restructuring advisor.
The law firm of Jackson Walker L.L.P. is co-bankruptcy counsel.
The law firm of Slaughter and May is co-corporate counsel.
Advokatfirmaet Thommessen AS is serving as Norwegian counsel.
Conyers Dill & Pearman is serving as Bermuda counsel.  Prime Clerk
LLC is the claims agent.




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B R A Z I L
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ELDORADO BRASIL: Fitch Raises LT IDRs to 'BB-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Eldorado Brasil Celulose S.A.'s
(Eldorado) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) to 'BB-' from 'B-' and its National Long-Term Rating
to 'A+(bra)' from 'BB-(bra)'. Fitch has also upgraded the rating of
the 2021 unsecured notes issued by Eldorado Intl. Finance GmbH to
'BB-' from 'B-'/'RR4'. The notes are guaranteed by Eldorado and
Cellulose Eldorado Austria GmbH. The Rating Watch Negative has been
removed. The Rating Outlook on the corporate ratings is Stable.

The upgrades reflect Eldorado's lower refinancing risk in the short
term, following the unanimous approval of the Board of Directors to
borrow and repay the company's USD350 million notes in June. The
company will retire the bond with a combination of USD200 million
of recently funded new bank debt and a portion of its cash
position; BRL1.6 billion (USD286 million) as of March 31, 2021. The
company is expected to generate strong FCF of BRL1.5 billion during
the year.

The rating is constrained by uncertainties of the timing of the
conclusion of the arbitration process between J&F Investimentos
S.A. (J&F) and Eldorado's minority shareholder, Paper Excellence,
and the still relatively short debt maturity profile. Fitch will
reassess the company's strategy and credit quality once there is a
conclusive outcome of the arbitrage process.

KEY RATING DRIVERS

Lower Refinancing Risk: Eldorado successfully issued USD200 million
of new debt, reducing short-term refinancing pressure. The
company's USD350 million notes will be amortized in June 2021 with
a combination of USD200 million new debt and USD150 million of
cash. Eldorado also extended USD200 million debt with original
maturity in 2022 to August 2023. On a pro-forma basis, short term
debt, excluding trade finance lines, reduces to about BRL1 billion.
The company will face about BRL1.8 billion of debt maturities from
April to December 2022 and BRL1.8 billion in 2023, as the new debt
is due between November 2022 and January 2023.

Litigation Limits Flexibility: Eldorado's financial flexibility,
ability to extend its debt profile and improve its capital
structure remains limited while the conclusion of the process
remains uncertain. The company announced the conclusion of the
arbitration process between J&F and Paper Excellence on Feb. 3,
2021. Paper Excellence won the process, allowing it to acquire the
remaining 50.6% of Eldorado that is owned by J&F, thereby
increasing its stake in the company to 100%. However, an annulment
proceeding was filed by J&F and the final conclusion of the
arbitration process will take longer than expected, postponing the
release of J&F's guarantees and the change of Eldorado's control.

Elevated Pulp Prices: The market pulp industry is cyclical; prices
move sharply in response to changes in demand or supply. Pulp
prices have increased sharply during 2021 after two challenging
years of low prices, supported by supply and logistical constraints
caused by mill closures, maintenance downtime and the shortage of
containers. Fitch projects average BEKP prices of USD650/ton in
2021, an increase from USD460/ton in 2020. The movement of prices
away from the marginal cost levels of recent years will provide
producers with a window of opportunity to generate strong cash flow
from operations before 2022 and 2023, when the next round of
capacity expansions become operational.

Stronger FCF: Eldorado is expected to generate about BRL3.5 billion
of EBITDA and BRL2.6 billion of cash flow from operations (CFFO) in
2021 and BRL2.7 billion and BRL2.3 billion, respectively, in 2022.
This compares with BRL1.8 billion of EBITDA and BRL1.5 billion of
CFFO reported in 2020. The company is expected to report strong FCF
of BRL1.5 billion in 2021, following investments of about BRL1.2
billion and no dividends.

Leverage Reduction: Eldorado's leverage reduction will be faster
than previously projected due to the recovery of pulp prices. The
company's net leverage ratio is expected to fall to about 1.5x
during 2021 and 2022, from 3.8x in 2020. Net debt is expected to
reduce by about BRL3 billion, to approximately BRL4 billion by the
end of 2022, from BRL7 billion in March 2021. Eldorado's continued
leverage reduction will depend on the absence of expansion projects
and the company's ongoing focus to use FCF to pay down debt.
Eldorado's deleveraging strategy in the past few years should allow
the company's balance sheet to absorb a period of higher
investments, if the Vanguarda II project is approved.

Above-Average Business Profile: Eldorado has limited scale of
operations compared with peers in Latin America and only one pulp
mill, which is located in Brazil. This mill has an annual
production capacity of 1.7 million tons of BEKP. Nevertheless, the
company is extremely competitive in the industry due to its
productive forests, a favorable climate for growing trees and a
modern pulp mill. The company's cash cost of production was about
USD115 per ton during 2020, which places it firmly in the lowest
quartile of the cost curve. Eldorado also has some financial
flexibility from its forest base, with the accounting value of the
biological assets of its forest plantations at BRL3.1 billion as of
March 31, 2021.

ESG Influence: Eldorado has an ESG Relevance Score of '5' for GGV -
Governance Structure due to the uncertainties associated with the
company's future shareholding structure that limits the company's
financial flexibility, which has a negative impact on the credit
profile, and is relevant to the ratings.

DERIVATION SUMMARY

Eldorado's business profile is strong and reflects its excellent
position in the lowest quartile of the production cost curve due to
its productive forests, a favorable climate for growing trees and a
modern pulp mill. Similar to other Latin American pulp producers,
Eldorado's pulp production cash costs are among the lowest in the
world, ensuring its long-term competitiveness. This places the
company's business risk profile in line with Latin America pulp
companies like Suzano (BBB-/Stable), Empresas CMPC (BBB/Stable) and
Celulosa Arauco (BBB/Negative). However, Eldorado has only one mill
located in Brazil, while its peers have higher scale of operations
and geographic diversification.

Eldorado is also concentrated only in pulp and is therefore more
exposed to the cyclicality of pulp prices compared with companies
with higher product diversification like Arauco and CMPC, which are
leaders in the wood products segment and tissue markets,
respectively.

Compared with its investment-grade peers, Eldorado's ratings are
constrained by more concentrated debt amortization profile and by
the ongoing litigation issues at its controlling shareholders and
weak corporate governance standards.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Pulp sales volume of 1.75 million tons in 2021 and 2022;

-- Average net hardwood pulp prices of USD650 per ton in 2021 and
    USD600 per ton in 2022;

-- Average FX rate of 5.4 BRL/USD in 2021 and 5.1 BRL/USD in
    2022;

-- USD200 million of new debt, due between November 2022 and
    January 2023;

-- No dividends;

-- Base case does not incorporate investments in the new pulp
    mill.

RATING SENSITIVITIES

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

-- A positive rating action is not expected until shareholders'
    dispute is concluded. However, a longer tenor debt profile may
    positively affect the ratings.

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

-- Continuous uncertainties about a conclusive decision of the
    arbitrage process, affecting Eldorado's ability to access more
    adequate financing locally or abroad;

-- Failure to refinance short-term debt maturities and extend
    debt amortization profile.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Risk Reduced: Eldorado's new debt issuances will allow
the company to amortize the USD350 million bond due in June 2021
and reduce elevated refinancing risk. However, the continued delay
in the final conclusion of the arbitration process and the
uncertainties associated with the company's future shareholding
structure continues to limit the company's financial flexibility
and capacity to extend its debt profile and improve its capital
structure.

Eldorado had cash and marketable securities of BRL1.6 million as of
March 31, 2021 and total debt of BRL8.6 billion. Short-term debt
totaled BRL7.1 billion at the end of March and debt falling due
from April to December 2022 was BRL1.3 billion. Excluding trade
finance lines, debt maturities in the short term were about BRL4.0
billion. As of March 31, 2021, total debt was composed of trade
finance lines and pre-export financing (58% of total debt), senior
unsecured notes (24%), loans from the Brazilian Development Bank
(14%), and others (4%).

ESG CONSIDERATIONS

Eldorado has an ESG Relevance Score of '4[+]' for EFM Environment
-- Energy Management as the company sells excess energy to the grid
from cogeneration based upon a renewable resource, which has a
positive impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Eldorado has an ESG Relevance Score of '5' for GGV -- Governance
Structure due to the arbitrage process involving J&F and the
company's non-controlling shareholder, Paper Excellence, which has
a negative impact on the credit profile and is highly relevant to
the rating, resulting in a change to the rating.

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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C H I L E
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DOMINICAN REPUBLIC: Taxing Free Zones Would be Fatal, Adozona Says
------------------------------------------------------------------
Dominican Today reports that touching the tax incentives granted by
Law 890 on the Promotion of Free Zones in a proposed tax reform
would be fatal for the sector, according to the warning made by the
president of the Dominican Association of Free Zones (Adozona),
Luis Jose Bonilla.

In the 2021 budget, the government a fiscal deficit of RD$28.3
billion (US$496.5 million) for the exemptions granted to free
zones, equivalent to 13.5% of the total exemptions for the year,
which was estimated at RD$209.7 billion, according to Dominican
Today.

Several weeks ago, President Luis Abinader announced that in a
future tax modification in the country, the exemptions granted by
the State would be reviewed, with free zones being one of the
sectors that most benefited from them, the report notes.

                  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, 2021, 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).


LATAM AIRLINES: Campania de Seguros, AerCap Out as Panel Members
----------------------------------------------------------------
The U.S. Trustee for Region 2 disclosed in a court filing that as
of May 26, these creditors are the remaining members of the
official committee of unsecured creditors in the Chapter 11 cases
of LATAM Airlines Group S.A. and its affiliates:

     1. Bank of New York Mellon
        Indenture Trustee for the 7.00% Senior Notes Due 2026
        240 Greenwich Street
        New York, New York 10286
        Attention: Gary S. Bush, Vice President
        Telephone: (212) 815-2747

     2. Aircastle Limited
        201 Tresser Blvd., Suite 400
        Stamford, Connecticut 06901
        Attention: Guy Bacigalupi
        Telephone: (203) 504-1020

     3. Sindicato De Empresa de Pilotos
        De Latam Airlines Group S.A.
        Cruz del Sur 133 Office 302
        Las Condes, Santiago, Chile
        Attention: Daniel Javier Bontempi Fernandez, President
        Telephone: +562 2723 5095

     4. Lufthansa Technik Aktiengesellschaft
        Weg beim Jager 193
        22335Hamburg, Fed.Rep.ofGermany
        Attention: Jens Fischer, Senior Manager
        Telephone: +49-40-5070-2709

     5. Repsol, S.A.
        Av. Victor Andres Belaunde 147 Torre 5
        Piso 3 San Isidro, Lima, Peru
        Attention: Eliana Flores Rios
        Head of Aviation America
        Telephone: +51 996413784

Campania de Seguros de Vida Consorcio Nacional de Seguros S.A. and
AerCap Holdings N.V. were previously identified as members of the
creditors committee.  Their names no longer appear in the new
notice.

                    About LATAM Airlines Group

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

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

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

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

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

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados,
is the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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P U E R T O   R I C O
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PUERTO RICO: Oversight Board Seeks Bankruptcy Exit in 2021
----------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
financial oversight board is aiming to get the commonwealth out of
its record bankruptcy by the end of 2021, a move that is expected
to help lift the island out of years of economic decline.

The oversight board, which Congress created in 2016 to fix Puerto
Rico's financial crisis, filed a restructuring plan in May to the
bankruptcy court to reduce $22 billion of debt. Judge Laura Taylor
Swain is set to hear arguments on the restructuring at a July 13,
2021 hearing.

"We hope that we are on track for Puerto Rico to emerge from
bankruptcy, ideally before the end of the year," David Skeel, the
board's chairman, said on May 27, Thursday, during a public meeting
for the panel.

Puerto Rico has been in bankruptcy for four years and its Electric
Power Authority is also in bankruptcy.  The board anticipates
filing to the court a restructuring plan for the Electric Power
Authority in early 2022, Natalie Jaresko, the board's executive
director, said during the meeting, Bloomberg cites.

Prepa, as the power utility is known, is seeking to reduce $9
billion of debt.  Bloomberg News notes that if Prepa had to pay
that full amount of debt, it would cost customers 5 cents to 6
cents per kilowatt hour, according to the utility's multi-year
fiscal plan.  Not restructuring debt and implementing changes to
the utility's pension would result in electricity rates of 25.4
cents to 29.6 cents per kilowatt hour, Bloomberg News adds.

The board on May 17 approved Prepa's fiscal plan as well as those
for several Puerto Rico entities, including the University of
Puerto Rico and the Aqueduct and Sewer Authority, Bloomberg News
relays. "Collectively, these fiscal plans provide an ambitious set
of reforms that complement the commonwealth fiscal plan and will
continue to put Puerto Rico toward long-term economic growth and
opportunity," Bloomberg News quotes Jaresko as saying during the
meeting.

                          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: Cost of Cement Triples
-----------------------------------------
Kimoy Leon Sing at Trinidad Express reports that a bag of cement in
Trinidad and Tobago which usually costs approximately $50 has more
than tripled in price at some places since Covid-19 invaded the
country in March 2020.

Some people are paying as much as $150 and more for a bag of
cement, according to Trinidad Express.

People have turned to social media to share their bills and
frustration over exorbitant prices carried by some hardware stores
in North, Central and South Trinidad, the report notes.

As the world continues its fight against Covid-19, some countries
have stepped up to prevent this very same thing, the report
relays.

In China, there are strict anti-price gouging rules regulated by
its Price Law, the report discloses.  This requires business
operators to set prices based on fairness, the costs of
manufacturing, and supply and demand, the report relates.
Violators can incur administrative penalties, including
restitution, confiscation of any illegal gains, and a fine up to
five times the illegal gains. If there is no illegal gain,
law-breakers can incur a fine of around US$450,000, the report
notes.

They can also have their business operations cease pending
rectification and or revocation of their business license, the
report relays.  Consumers can also seek further redress through
civil lawsuits against violators to recover losses caused by the
violation, the report notes.

While the European Union does not have specific price gouging laws,
under its competition law, companies can be sanctioned for using
their market power to exploit consumers, including by price
gouging, the report relays.

The Consumer of Affairs Division (CAD) of Trinidad and Tobago,
through its weekly Q&A session on social media, recently addressed
price control in the country, the report says.

What is becoming a growing problem in the country has rendered CAD
virtually powerless.

CAD is the consumer protection and advocacy arm of the Ministry of
Trade and Industry (MTI).  They are responsible to safeguard the
economic interests of consumers through three main areas: Consumer
Redress/Protection, Consumer Education and Empowerment; and
Consumer Research, the report notes.  Yet, they are unable to
control prices set by retails.

"Trinidad and Tobago subscribes to a free market economy where
prices are determined by demand and supply, therefore businesses
are allowed to price items as they see fit," CAD said, the report
relays.

"If a consumer believes prices in one establishment are too high,
we encourage consumers to be empowered enough to refuse purchase
and try other establishments, compare prices among establishments,
and make purchases where they feel most comfortable and confident
that they are getting value for money," he added.

In a recent statement, the MTI urged retailers of cement not to
take advantage of consumers during these challenging times, the
report says.

Consumers were urged to exercise discretion to avoid being victims
of price gouging, 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.

This material is copyrighted and any commercial use, resale or
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