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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, August 17, 2021, Vol. 22, No. 158

                           Headlines



A R G E N T I N A

CLISA: S&P Downgrades ICR to 'SD' Following Exchange Offer


B R A Z I L

BANCO CETELEM: Moody's Withdraws Ba2 Long Term Deposit Rating
BRAZIL: Political Uncertainty Creates Challenges for IPO Industry
JBS SA: Acquires Australian Salmon Company


C O L O M B I A

GRAN TIERRA: Fitch Raises LT IDRs to 'CCC+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Mango Glut as Foreign Market Sputters


M E X I C O

GRUPO AEROMEXICO: Gibson Dunn Represents Claimholders


P A N A M A

PANAMA: IDB OKs $41MM Program to Help Farmers, Boost Food Security


V E N E Z U E L A

CITGO PETROLEUM: Creditors Close In; Guaido May Lose Company
PETROLEOS DE VENEZUELA: Oil Exports Up in July, Data Says

                           - - - - -


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A R G E N T I N A
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CLISA: S&P Downgrades ICR to 'SD' Following Exchange Offer
----------------------------------------------------------
On Aug. 13, 2021, S&P Global Ratings lowered its global scale
issuer credit rating on Argentine conglomerate CLISA - Compania
Latinoamericana de Infraestructura y Servicios S.A. (CLISA) to 'SD'
from 'CC'. At the same time, S&P lowered its global scale
issue-level rating on CLISA to 'D' from 'CC'. At the same time, it
affirmed its 'CCC' issue-level rating on CLISA's proposed secured
notes with final maturity in 2027.

On Aug. 12, 2021, CLISA announced that 97% of the bondholders of
its 2023 senior secured and unsecured notes accepted to exchange
them for new senior secured notes due 2027. The new notes have a
lower interest rate (stepping up to 10.5% from 4.5%) than that on
the outstanding notes (9.5%) and an interest pay-in-kind (PIK)
option until 2024. S&P said, "In our view, this implies that
investors will receive less value than the promise of the original
securities amid more complex and riskier conditions than at the
moment when company originally issued the notes. Also, and because
CLISA's current liquidity is fragile, risks of a conventional
default would have been high if the exchange hadn't been
successful. We would raise the ratings upon completion of the
exchange offer, reassessing our view of the issuer's credit
quality."

The exchange offer will reduce interest burden and improve
liquidity. Moreover, the extension of maturity, the lower interest
rate, and the possibility to capitalize interest would
significantly increase the company's ability to service its
obligations under the proposed notes.

S&P said, "The proposed senior secured notes will be rated at the
same level as our issuer credit rating on the company after the
completion of the exchange offer. This is because we don't believe
there would be relevant structural or contractual subordination.
Although the new notes would be secured, we believe there are
uncertainties about the value of the collateral (shares pledged) in
a restructuring scenario." The new notes would be issued by CLISA,
at the holding level, and would have guarantees from its two main
subsidiaries: Benito Roggio e Hijos S.A. (the engineering and
construction unit) and Cliba Ingeniería Urbana S.A. (the company
that operates in the waste management segment).




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B R A Z I L
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BANCO CETELEM: Moody's Withdraws Ba2 Long Term Deposit Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and assessments
assigned to Banco Cetelem S.A. Before the withdrawal, the outlook
on the deposit ratings was stable.

Withdrawals:

Issuer: Banco Cetelem S.A

Adjusted Baseline Credit Assessment, Withdrawn, previously rated
ba2

Baseline Credit Assessment, Withdrawn, previously rated b1

ST Counterparty Risk Assessment, Withdrawn, previously rated
NP(cr)

LT Counterparty Risk Assessment, Withdrawn, previously rated
Ba1(cr)

ST Counterparty Risk Rating (Foreign Currency), Withdrawn,
previously rated NP

ST Counterparty Risk Rating (Local Currency), Withdrawn,
previously rated NP

LT Counterparty Risk Rating (Foreign Currency), Withdrawn,
previously rated Ba1

LT Counterparty Risk Rating (Local Currency), Withdrawn,
previously rated Ba1

LT Deposit Rating (Local Currency), Withdrawn, previously rated
Ba2; outlook changed to Ratings Withdrawn from Stable

LT Deposit Rating (Foreign Currency), Withdrawn, previously rated
Ba2; outlook changed to Ratings Withdrawn from Stable

ST Deposit Rating (Local Currency), Withdrawn, previously rated
NP

ST Deposit Rating (Foreign Currency), Withdrawn, previously rated
NP

Outlook Actions:

Issuer: Banco Cetelem S.A.

Outlook, Changed To Ratings Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Cetelem is headquartered in Sao Paulo, Brazil, with assets of
BRL8.7 billion and shareholders' equity of BRL1.6 billion as of
December 31, 2020.

BRAZIL: Political Uncertainty Creates Challenges for IPO Industry
-----------------------------------------------------------------
Rio Times Online reports that the Brazilian capital market is going
through the hottest IPO phase in its history.  This year alone,
there have been more than 40 initial public offerings (IPOs)
through August, with deal volume reaching a new record of more than
R$60 (US11.6) billion, according to Rio Times Online.

Considering the follow-ups, stock offerings have already exceeded
R$100 billion this year, the report notes.

It is an unprecedented moment with an impact on the market, the
report relays.  With the reduced participation of foreign investors
in initial offerings, domestic investment funds have taken the lead
in the IPO window on the demand side, the report adds.

Fiscal uncertainty and political instability are among the main
factors driving foreign investors out of the country, Rio Times
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.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 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).

JBS SA: Acquires Australian Salmon Company
------------------------------------------
meatpoultry.com reports that JBS SA is set to move deeper into the
animal protein market with the announcement it plans to acquire
100% of Huon Aquaculture, Australia's second-largest salmon
producer.

Under terms of the transaction, JBS would pay A$3.85 per share of
Huon Aquaculture, or approximately A$546 million ($400.5 million),
according to meatpoultry.com.  The deal already has been approved
by controlling shareholders and is expected to close by the end of
2021, the report notes.

"This is a strategic acquisition, which marks the entry of JBS into
the aquaculture business," said Gilberto Tomazoni, global chief
executive officer of JBS, the report relays.  "We will repeat what
we did previously with poultry, pork and value-added products - to
make our portfolio even more complete. Aquaculture will be a new
growth platform for our businesses," the report discloses.

Huon has invested more than $256.6 million over the past five years
in operational infrastructure and sustainable practices in the
salmon production cycle, positioning the company for sustainable
growth, the report notes.  The company has 13 production sites and
3 value-added product processing units, the report says.

The acquisition of Huon would mark JBS's second deal in Australia
this year. In April, the company acquired Rivalea, a leader in pig
production, the report relays.

JBS has had a presence in Australia since 2007, when it acquired
the operations of Swift.  JBS also operates in Tasmania, with a
beef cattle processing unit at Longford.  

"There is huge complementariness with the other business we carry
on in Australia, including customer relationships, distribution and
marketing," said Brent Eastwood, CEO of JBS in Australia, the
report discloses.

In March, JBS's Brazilian subsidiary Seara Foods announced it was
beginning to distribute products in the fish and seafood segment,
with products like salmon, tilapia and shrimp, among others. Now,
following the acquisition in Australia, JBS will have its own
production, the report relays.

"Huon has 33 years of experience in sustainable production,
superior technology, and superior quality products widely
recognized by the Australian consumer, in an industry with
excellent growth prospects worldwide," Tomazoni said, the report
notes.

Citing data from the United Nations' Food and Agriculture
Organization, JBS said per-capita consumption of fish is forecast
to grow by 5% globally over the next 10 years, the report relays.
In Oceania, this rate should reach 7%, and 15% in China, according
to the FAO, the report notes.  According to projections of the FAO
and the Organization for Economic Cooperation and Development,
already by 2023 aquaculture produced for human consumption will
exceed what is caught from river and sea fishing, the report adds.

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




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C O L O M B I A
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GRAN TIERRA: Fitch Raises LT IDRs to 'CCC+'
-------------------------------------------
Fitch Ratings has upgraded Gran Tierra Energy International
Holdings Ltd's (GTE) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) to 'CCC+' from 'CCC', and has upgraded the
company's senior unsecured notes ratings to 'CCC+'/'RR4' from
'CCC'/'RR4'.

The upgrades reflect GTE's increase in production by approximately
30% compared with 4Q20, reduction of production costs and repayment
of USD32 million of its revolving credit facility with an
outstanding balance of USD175 million as of June 30, 2021. GTE
began repaying its bridge loan in 3Q20 despite a challenging 2020
resulting from lower oil prices and operational disruptions. GTE's
ratings continued to face pressure from the company's failure to
comply with maintenance covenants on its revolving credit facility
(RCF), which are currently waived. GTE RCF has a maintenance
covenant of gross debt to LTM EBITDA of 4.0x or less and EBITDA to
Interest Expense ratio of 2.0x or more. The rating case estimates
that GTE will be in compliance with both covenants by the end of
3Q21.

KEY RATING DRIVERS

Improved Leverage Profile: GTE's gross leverage is expected to
improve to 2.8x in 2021, compared with 8.6x in 2020. This improved
leverage is explained by the expectation that GTE will pay down its
revolving credit facility to USD90 million by year-end 2021. As of
2Q21, GTE reported an outstanding balance of USD175 million on the
revolver, down by USD32 million compared with 2Q20. The improved
leverage is supported by higher Brent prices in 2H21; 2021 EBITDA
is expected to be USD245 million, a 39% increase from 2020. Total
debt to 1P is expected to improve to USD10.11boe, an improvement
from its USD12.16boe in 2020.

GTE is currently under a waiver period for its credit facility,
which has a maintenance covenant of Gross Debt to LTM EBITDA of
4.0x or less and EBITDA to Interest Expense ratio of 2.0x or more.
The rating case estimates that GTE will be in compliance with both
covenants by the end of 3Q21, and a further extension will not be
needed.

Stable Production and Reserve Profile: Fitch estimates production
will average 27,500boed in 2021, and production is expected to
increase to an average of 35,000boed in 2022. GTE's production has
realized material disruptions in 2020 and 1H2021, where it averaged
21,630boed in the last twelve months, a 26% decrease from 2019
average daily production. The company reported production of
29,000boed per the end of 2Q21, and the rating case assumes it will
average 31,000boed in the 2H21. GTE has realized considerable
disruption in its operations due to the social unrest in Colombia,
but disruptions appear to have calmed and the company is expected
to return to optimal production. GTE's 1P reserve life is stable
and is expected to decrease to 6.8 years from 7.9 years, due to the
company ramping up production in 2021.

Low-Cost Production Profile: GTE's half-cycle cost of production is
estimated to be USD20.2boe in 2021, a 17% decrease from 2020,
explained by the 21.5% increase in production net of royalties, and
cost cutting initiatives that resulted in a 9.5% decrease in
lifting cost to USD12.3boe from USD13.5boe in 2020 and interest
expense at USD4.55boe from USD6.6boe in 2020. GTE's production
profile compares well with its Colombian peers and allows the
company greater financial flexibility to absorb shocks in pricing,
which was the case in 2020. Further, the lower cost of production
has allowed GTE to sell at a deeper discount than peers. The rating
case is assuming GTE will sell at an average discount to Brent of
USD22.0bbl in 2021, explained by the USD5.0bbl vasconia discount,
transportation ranging from USD10-12bbl, and the remaining discount
associated to royalties and general logistical costs.

Cash Flow Supports Liquidity: GTE is expected to be free cash flow
positive in 2021; FFO is estimated to be USD195 million, explained
by USD245 million EBITDA minus interest expense of USD48.7 million
and cash tax of USD1.0 million. The rating case is assuming GTE
will have positive change in working capital of USD42.3 million,
supported mostly by a positive tax credit of USD27.8 million,
resulting in a Fitch defined cash flow from operations of USD237.9
million, coupled with an annual capex budget of USD134 million
resulting in an FCF of USD102.1 million. The rating case is
assuming all free cash flow will be allocated to repay the revolver
due in 2022; after which, the company will strengthen its cash
position rather than rely on a revolver for liquidity.

DERIVATION SUMMARY

Gran Tierra Energy (GTE) credit and business profile is comparable
to other small independent oil producers in Colombia. The ratings
of SierraCol Energy (B+/Stable), Geopark (B+/Stable) and Frontera
Energy Corporation (B/Stable) are all constrained to the 'B'
category or below, given the inherent operational risk associate
with small scale and low diversification of their oil and gas
production.

GTE's production profile compares favorably with other 'B' rated
Colombian oil exploration and production companies. Over the rated
horizon, Fitch expects GTE's production will average 33,000boed,
this is slightly lower than SierraCol's at 36,000boed, and lower
than Geopark and Frontera both of which are expected to be 45,000
bbld. GTE's PDP reserve life is expected to be 3.9 years and 1P
reserve life of 6.8 years, which compares well to SierraCol's PDP
reserve life of 4.8 years and 1P reserve life of 6.3 years in 2020,
Frontera at 1.6 years and 6.2 years, and Geopark at 4.0 years and
7.4 years.

GTE's half-cycle production is expected to be USD20.2boe in 2021
and full-cycle cost to be USD38.4boe. This is higher than
SierraCol's half-cycle production cost of $13.70 bbl in 2020 and
full-cycle cost was $26.60 bbl and Geopark, who is the lowest cost
producer in the region at $13.60 bbl and $23.40 bbl, but better
than Frontera's at $28.60bbl and $42.20 bbl.

GTE's 2021 capital structure is expected to improve to 3.1x gross
leverage, defined as total debt to EBITDA, compared to 8.6x in
2020. GTE's total debt to PDP is expected to be $17.80boe and total
debt to 1P be $10.11boe in 2021. This is higher compared with peers
SierraCol at a gross leverage that will average 1.0x over the rated
horizon and a pro-forma total debt to PDP of $7.50 bbl and total
debt to 1P of $5.68 bbl, and Geopark gross leverage of 3.3x and
Debt to PDP of $10.24bbl and 1P of $5.48 bbl; GTE is more in line
with Frontera at 2.3x, $19.93 bbl and $4.98 bbl.

KEY ASSUMPTIONS

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

-- Fitch's price deck of $63bbl in 2021, $55bbl in 2022, $53bbl
    long term;

-- Working interest production of 27,642boed in 2021, 34,000 in
    2022 and 35,000boed long term;

-- Flat $5bbl vasconia discount to Brent from 2021-2024;

-- Well head sales transportation discount of USD10-11bbl on
    average between 2021-2024;

-- Royalties of $12bbl in 2021 and average of $9.60bbl from 2022
    2024;

-- Operating expenses flat at $12.00boe over the rating horizon;

-- Transportation cost of $1.10boe over the rating horizon;

-- SG&A cost of $2.00boe over the rating horizon;

-- No tax payments in 2021 or 2022 and an effective tax rate of
    30% thereafter;

-- Capex total of $600 million between 2021-2024, an average of
    $150 million per year;

-- RCF balance at YE2021 at USD90 million;

-- No acquisitions during 2020-2023;

-- No dividends or share repurchases during 2020-2023;

-- Reserve Replacement of 105%;

-- $14.6 million proceeds from 1st PetroTal shares sold.

RATING SENSITIVITIES

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

-- Net production sustained at 30,000-35,000 boepd, combined with
    a sustained 1P reserve life at or above 5.0 years;

-- Payment of revolving credit facility down to a balance of
    USD90 million by year-end 2021;

-- Sustained gross leverage of 4.0x or less, including
    improvement in debt-to-1P reserves of below $10/bbl while
    maintaining adequate liquidity defined as having a minimum
    cash balance of $25 million;

-- Full compliance with credit facility covenants of Gross Debt
    to LTM EBITDA of 4.0x or less and EBITDA to Interest Expense
    ratio of 2.0x or more.

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

-- Net production falls below 25,000 boepd, combined with a 1P
    reserve life of below 5.0 years;

-- Gross leverage of 5.0x of more and a total debt to 1P of
    USD10.00boe or more;

-- Noncompliance with credit facility covenants of Gross Debt to
    LTM EBITDA of 4.0x or less and EBITDA to Interest Expense
    ratio of 2.0x or more;

-- A deterioration of liquidity to a cash position below $25
    million coupled with limited access to revolver and/or
    committed credit lines;

-- A significant reduction in the reserve replacement ratio could
    affect GTE's credit quality, given the current proved reserve
    life of approximately five years.

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

Weak Liquidity: Fitch believes the company has a weak liquidity
profile. The company reported $19 million in cash on June 30, 2021.
GTE is expected to be free cash flow positive between 2021-2023,
but the rating case assumes all FCF in 2021 and 2022 will be
allocated to repay the revolving credit facility, which had an
outstanding balance of USD175 million per 2Q21. The rating case
assume GTE will end 2021 with USD23 million in cash, covering less
than 1 year of interest expense, and liquidity is expected to
increase nearly USD50 million in 2022.

ISSUER PROFILE

Gran Tierra is an independent energy company with an average oil
production of approximately 30,000boed onshore in Colombia. GTE's
blocks are located in the Middle Magdalena, Llanos and Putumayo
basins. The company has 79MMboe of 1P reserve and 7.2-year reserve
life.

ESG CONSIDERATIONS

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



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Mango Glut as Foreign Market Sputters
---------------------------------------------------------
Dominican Today reports that mango producers in the Dominican
Republic estimate that they are having losses close to RD$400
million during 2021 because the fruit stays on the trees.

The reason, they explain, is the lack of a market and the absence
of a plant that allows them to process them in the country,
according to Dominican Today.

They say they have more than 6,000 hectares planted with mangoes in
organized plantations of more than 1,700 farm owners. "This
indicates that we have more than 2,400,000 trees planted, which
means a production that is not available for export due to the
packing capacity we have installed," said Andres Onesimo Mejia
Baez, former president of the Banileja Association of Mango
Producers (Abapromango), the report notes.

On behalf of the producers, Mejia told Diario Libre that 60% of the
number of trees planted is of the Keith variety, which produces
mangoes to export 2,400 containers and only 1,000 are being sent
abroad, the report relays.

The other part stays on the farms, rotting on the ground, the
report says.

"This situation indicates that, if urgent measures are not taken,
all mango producers will go bankrupt. This year was the best
harvest that has ever occurred, compared to previous years," the
report discloses.

                 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).





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M E X I C O
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GRUPO AEROMEXICO: Gibson Dunn Represents Claimholders
-----------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Gibson, Dunn & Crutcher LLP submitted a verified
statement to disclose that it is representing the Ad Hoc Group of
Unsecured Claimholders in the Chapter 11 cases of Grupo Aeromexico,
S.A.B. de C.V., et al.

On or about July 2021, certain members of the Ad Hoc Group of
Unsecured Claimholders retained attorneys presently with Gibson,
Dunn & Crutcher LLP to represent them as counsel in connection with
the pending chapter 11 cases.  From time to time thereafter,
certain additional holders of unsecured claims have joined the Ad
Hoc Group of Unsecured Claimholders.

Gibson Dunn represents asserted against one or more of the
Debtors.

Gibson Dunn does not represent or purport to represent any other
entities in connection with the Debtors' chapter 11 cases. Gibson
Dunn does not represent the Ad Hoc Group of Unsecured Claimholders
as a "committee" and does not undertake to represent the interests
of, and is not a fiduciary for, any creditor, party in interest, or
other entity that has not signed a retention agreement with Gibson
Dunn. In addition, the Ad Hoc Group of Unsecured Claimholders does
not represent or purport to represent any other entities in
connection with the Debtors' chapter 11 cases.

Upon information and belief formed after due inquiry, Gibson Dunn
does not hold any disclosable economic interests in relation to the
Debtors.

As of Aug. 9, 2021, members of the Ad Hoc Group of Unsecured
Claimholders and their disclosable economic interests are:

                                           Unsecured Claims
                                           ----------------

Bank of America                             $50,000,000.00
National Association
Gateway Village #900
900 West Trade St.
NC1-026-05-41
Charlotte, NC 28202

Invictus Global Management                  $47,730,000.00
310 Comal Street Building A
Suite 229
Austin, TX 78702

Nut Tree Capital Management                 $150,000,000.00
55 Hudson Yards 22nd Floor
New York, NY 10001

P. Schoenfeld Asset Management              $29,300,000.00
1350 6th Avenue
21st Floor
New York, NY 10019

Strategic Value Partners                    $155,000,000.00
100 West Putnam Avenue
Greenwich, CT 06830

Counsel to the Ad Hoc Group of Unsecured Claimholders can be
reached at:

          GIBSON, DUNN & CRUTCHER LLP
          Scott J. Greenberg, Esq.
          Joshua K. Brody, Esq.
          Matthew J. Williams, Esq.
          200 Park Avenue
          New York, NY 10166
          Telephone: (212) 351-4000
          Facsimile: (212) 351-4035
          E-mail: sgreenberg@gibsondunn.com
                  jbrody@gibsondunn.com
                  mjwilliams@gibsondunn.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3CLIPKg at no extra charge.

                    About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
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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P A N A M A
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PANAMA: IDB OKs $41MM Program to Help Farmers, Boost Food Security
------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $41 million
program to improve food security and help farmers in Panama. The
initiative aims to help farmers increase profitability while
ensuring that their farms are more environmentally sustainable and
resilient to climate change, pests, disease, and market
fluctuations.

The program will help almost 11,000 farmers directly and
indirectly, while also benefitting related people and industries
and younger people living in the countryside.

The project, which also aims to benefit women and indigenous
people, will promote the adoption of agroecological principles by
using a system of vouchers that farmers can exchange for supplies
and technology to boost sustainable output. In addition, the
program will include technical assistance to help farmers apply
agroecological practices, as well as research projects that farmers
can both participate in and learn from to improve production.

In addition, the program will help farmers reduce post-harvest
losses, increase the value of crops and improve access to markets.
To accomplish this, the project will provide support to 200
agricultural associations, cooperatives and family farming groups
to help farmers design innovative business plans. The project also
includes funding to help implement 100 of these plans.

Separately, the initiative will provide technological support to
improve management capacity at the Panamanian Institute of
Agricultural Innovation (IDIAP in Spanish) and the Ministry of
Agricultural Development, the two institutions that will lead and
carry out the project. The support will include the development of
tools and digital skills training required to use the tools and
improve digital information management.

The program forms part of the inclusive approach to development
that is a bedrock of Vision 2025, the IDB's blueprint for driving
sustainable socioeconomic growth throughout Latin America and the
Caribbean. Increasing food security is critical to mitigating the
effects of climate change and to ensuring that the most basic needs
of people are met. Meanwhile, helping farmers, many of whom run
small businesses, is key to creating jobs and economic growth while
also reducing inequality in rural communities.

Funding for the program will be provided over a 15-year period. It
includes a grace period of 6.5 years and the interest rate is
pegged to LIBOR. The program includes a local funding component.




=================
V E N E Z U E L A
=================

CITGO PETROLEUM: Creditors Close In; Guaido May Lose Company
------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that as the
power of Venezuelan opposition leader Juan Guaido has dwindled,
he's kept something in his back pocket: Citgo Petroleum
Corporation, the American refiner and gas distributor with the
potential to bring in hundreds of millions of dollars to help
topple President Nicolas Maduro.

Now Guaido is on the verge of losing the company. Creditors owed $7
billion in debts accrued by Maduro and his predecessor, Hugo
Chavez, are mounting legal challenges to wrest control of it -- and
appear to be succeeding, according to globalinsolvency.com.

For now, the U.S., which led dozens of countries in backing Guaido
as interim president, is protecting Citgo, the report notes.

It has extended until October a provision that keeps the company in
Guaido's hands, the report relays.  But creditors are preparing to
collect, and the market seems to believe the company will end up in
non-Venezuelan hands for the first time since the 1980s, the report
discloses.

Defaulted Venezuelan bonds that are secured by Citgo assets are now
trading at prices that dwarf those on the country's bonds that have
no such backing -- 25 to 29 cents on the dollar, more than double
the price a year ago (Other defaulted Venezuelan and PDVSA debt
trades for 5 to 11 cents.), the report adds.  They are also trading
more frequently despite sanctions that prevent U.S. investors from
buying, the report relays.

As reported in the Troubled Company Reporter-Latin America on
April 14, 2021, Fitch Ratings affirmed the Long-Term Issuer Default
Rating (IDR) of CITGO Petroleum (Opco) at 'B' and CITGO Holding
(Holdco) at 'CCC+', Opco's senior secured term loans, notes, and
industrial revenue bonds at 'BB'/'RR1', and Holdco's senior secured
term loans and bonds at 'B+'/'RR1'. Fitch withdrew the ratings on
Opco's $650 million July 2021 term loan, which was repaid earlier.
The Rating Outlook was revised to Stable from Negative.


PETROLEOS DE VENEZUELA: Oil Exports Up in July, Data Says
---------------------------------------------------------
Marianna Parraga and Mircely Guanipa at Reuters report that
Venezuela's oil exports increased for the second consecutive month
to 713,097 barrels per day (bpd) in July, as state-run PDVSA offset
loading delays at its main port by boosting ship-to-ship transfers,
according to tracking data and documents.

That was Venezuela's highest level of oil exports since February,
according to the data, notes the report.

A growing number of mostly unknown clients with no record in oil
trading have helped PDVSA increase shipments, most of which now
goes to Asia, according to Reuters.  Its traditional customers last
year halted business with the company after the United States
suspended exceptions to hefty trade sanctions on the state-run
firm, the report notes.

Amid the sanctions, the oil trade between Venezuela and China has
become increasingly opaque, with many tankers that carry PDVSA's
oil transferring their cargoes to other vessels off the coasts of
Venezuela and Malaysia before reaching their final destination,
Reuters discloses.

PDVSA shipped a total of 28 cargoes of crude and refined products
last month, according to vessel tracking data and the company's
exports schedules, the report relays.  The exported volume
represented a 15.5% increase from the previous month, and 84% more
than the average exported in July of 2020, the report says.

Over 80% of last month's shipments were bound for Asian
destinations, including China and Malaysia. PDVSA also sent 63,400
bpd of crude and fuel to its political ally Cuba, double the volume
exported in June, the data showed, the report notes.

The state company struggled to ship exports from its main port of
Jose last month, mainly due to very low inventories of its flagship
Merey crude blend for exports, and intermittent operations for
blending and upgrading the Orinoco Belt's extra heavy crude,
according to the documents, the report relays.

At the end of the month, three of five key crude upgrading and
blending facilities operated by PDVSA and its partners were
operational, one of the documents showed, the report discloses.

The Petromonagas joint venture, located in Venezuela's Eastern
region, was getting ready to restart its upgrader this month after
over a year or paralysis, while the Petrosinovensa and the Petro
San Felix projects discharged over 600,000 barrels of condensate
crude imported by PDVSA for using as a blending material, the
document also said, the report says.

PDVSA was able to boost loadings for exports at the Amuay
ship-to-ship area off Venezuela's Western coast, including an
increase in shipments of residual fuel oil to Asia and the Middle
East to some 275,000 bpd in July, the highest monthly average so
far this year, the report adds.

                    About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


                           *********


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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of the same firm for the term of the initial subscription or
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