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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, September 22, 2021, Vol. 22, No. 184

                           Headlines



A R G E N T I N A

ARGENTINA: $45 Billion IMF Talks Hit by Fernandez Election Loss


B E R M U D A

WEATHERFORD INT'L: Moody's Rates New $500MM Secured Notes 'Ba3'


B R A Z I L

B3 SA: Fitch Assigns Final BB Rating on USD700MM Unsec. Notes
BRAZIL: COPOM Won't React to High Frequency Data, Says Bank
BRAZIL: Seen as Only Large Economy With Growth Slowdown, OECD Says
SUL AMERICA: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative


C H I L E

LATAM AIRLINES: Creditors Push Back Chapter 11 Exit Term Sheet


C O L O M B I A

AVIANCA HOLDINGS: Plan Yields 1% Recovery to Unsecured Creditors
AVIANCA HOLDINGS: Unsecured Creditors to Recover 1% in Joint Plan


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: High Taxes Brake Push to Formality, Miura Says


E L   S A L V A D O R

EL SALVADOR: Bitcoin Adoption Has Implications for Rating, S&P Says


V E N E Z U E L A

VENEZUELA: S&P Withdraws 'SD/D' Sovereign Credit Ratings

                           - - - - -


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A R G E N T I N A
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ARGENTINA: $45 Billion IMF Talks Hit by Fernandez Election Loss
---------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that the
Argentine government's election loss weakens Economy Minister
Martin Guzman's negotiating power with the International Monetary
Fund over its record $45 billion debt, according to one of the
nation's former representatives with the fund.

President Alberto Fernandez's coalition was defeated in primary
congressional races in the majority of Argentina's provinces, as
well as in the capital, reflecting discontent over rising poverty
and 50% inflation ahead of the general midterms on Nov. 14,
according to globalinsolvency.com.

"The worst that we could have is a weak minister of economy dealing
with an IMF that requires strong commitments from the government,"
said Hector Torres, who served on the IMF's executive board
representing Argentina and other nations, the report discloses.

"I wouldn't be surprised if Guzman leaves -- he's been hanging onto
the job despite strong criticism from the government's coalition,"
the report quoted Mr. Torres as saying.

Talks with the IMF stalled earlier this year but were expected to
pick up momentum right after the November vote, the report notes.
Argentina must pay more than $4 billion to the IMF before the end
of the year, including a $1.9 billion payment on Sept. 22, the
report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




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B E R M U D A
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WEATHERFORD INT'L: Moody's Rates New $500MM Secured Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Weatherford
International Ltd.'s (Weatherford, a Bermuda incorporated company)
proposed $500 million senior secured notes due 2028. Weatherford's
other ratings and negative outlook were unchanged.

Net proceeds will be used to redeem the company's existing $500
million 8.75% senior secured notes due 2024. Once this debt
offering is completed, Weatherford will also use cash on hand to
redeem $200 million principal amount of its 11% senior unsecured
notes due December 2024.

"These transactions will spread out maturities and reduce future
refinancing risk," said Sajjad Alam, Moody's Vice President. "Prior
to these transactions, all of Weatherford's outstanding debt was
due in 2024."

Assignments:

Issuer: Weatherford International Ltd. (Bermuda)

Gtd Senior Secured Notes, Assigned Ba3 (LGD2)

RATINGS RATIONALE

The new senior secured notes will have a first-lien claim to
substantially all of Weatherford's assets, but will rank behind the
company's first-lien $215 million secured LC facility, which has a
first out with respect to the first-lien collateral pool. Moody's
rated the new secured notes Ba3, the same as the LC facility, based
on the view that recoveries would be similar for these secured
instruments in a default scenario. Weatherford's $2.1 billion 11%
senior unsecured notes are rated B3, one notch below the B2
Corporate Family Rating (CFR), because of the significant amount of
priority-claim secured debt in Weatherford's capital structure. The
new secured notes, the secured LC facility and the unsecured notes
all have the same guarantors.

Weatherford's B2 CFR reflects its high financial leverage, weak
interest coverage, execution risk surrounding ongoing business
transformation, and highly competitive operating environment. While
pricing and demand for oilfield services has improved in 2021,
further stabilization in industry conditions is needed to sustain
healthy margins and reduce financial leverage. The CFR is supported
by Weatherford's large scale, diversified, and leading market
position in several product categories; broad geographic and
customer diversification with a substantial portion of revenue
coming from less volatile international markets; and numerous
patented products and technologies that are well-known and widely
used in the oilfield services industry giving the company some
competitive advantage.

Weatherford's SGL-2 rating reflects good liquidity through 2022.
The company will have roughly $1.1 billion of pro forma cash
balance following the notes issuance and the planned $200 million
senior unsecured notes redemption. Moody's expects the company to
generate a modest amount of free cash flow through 2022 assuming
oilfield services industry recovery continues. Weatherford's LC
facility is set to mature in May 2024, while the remaining
unsecured notes will be due December 2024.

The negative outlook reflects Weatherford's high financial leverage
and slowly improving industry conditions.

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

The CFR could be downgraded if leverage cannot be sustained below
6x, the company generates recurring negative free cash flow, or the
unrestricted cash balance dwindles below $200 million. The CFR
could be upgraded if Weatherford continues to make progress on its
restructuring initiatives, reduces financial leverage below 4x, and
sustains interest coverage above 2x in an improving industry
environment.

Weatherford International Ltd. (Bermuda) is a wholly-owned
subsidiary of Weatherford International plc, which is incorporated
in Ireland, and is a diversified international company that
provides a wide range of services and equipment to the global oil
and gas industry.

The principal methodology used in these ratings was Oilfield
Services published in August 2021.




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B R A Z I L
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B3 SA: Fitch Assigns Final BB Rating on USD700MM Unsec. Notes
-------------------------------------------------------------
Fitch Ratings has assigned B3 S.A. Brasil, Bolsa, Balcao's (B3)
USD700 million senior unsecured sustainability-linked notes 'BB'
final rating. The notes have a 10-year tenor with a 4.125% annual
interest rate.

KEY RATING DRIVERS

The senior unsecured notes are rated at the same level as B3's 'BB'
Long-Term Issuer Default Ratings (IDRs), which reflects the
unsecured nature of the instruments. The notes will also rank pari
passu with other senior unsecured obligations. The probability of
default of any senior obligation is tied to that of the entity
(reflected in the Long-Term IDR), as a default of senior
obligations would be treated by Fitch as default by the entity.

B3's ratings are based on its intrinsic creditworthiness and are
highly influenced by its company profile and the Brazilian
operating environment. Its Long-Term Foreign and Local Currency
IDRs are one notch above the operating environment factor score and
sovereign ratings. Fitch views it as unlikely for the differential
to widen in the foreseeable future.

B3's IDRs reflects the company's very robust business model with a
dominant domestic franchise in trade, post-trade and clearing
services across multiple asset classes in Brazil. B3's ratings are
constrained by Fitch's assessment of the Brazilian operating
environment for Financial Market Infrastructure firms (FMIs),
currently at a 'bb-' factor score with a Negative Outlook.

B3's ratings also reflect its above peer profitability and growing
margins despite economic downturns over the last few years and
moderate risk appetite with strong operational and counterparty
risk infrastructure. B3's ratings also incorporate solid
management, corporate governance and strategy, robust capital and
leverage ratios, and sound funding, liquidity and coverage.

RATING SENSITIVITIES

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

-- Upgrades of the debt ratings would depend on upgrades of B3's
    IDRs, given it serves as an anchor rating for issuances.

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

-- Debt rating downgrades would depend on downgrades of B3's
    IDRs, given that its serves as an anchor rating for issuances.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.


BRAZIL: COPOM Won't React to High Frequency Data, Says Bank
-----------------------------------------------------------
The Rio Times reports that participating in BTG Pactual's MacroDay
2021, the president of the Central Bank of Brazil, Roberto Campos
Neto, stated that the Central Bank is following the components of
the inflationary process but that "changes in the flight plan" will
not always occur.

Mr. Neto repeated that the Central Bank will act to control the
advance of inflation and that measures are planned, according to
The Rio Times.  

But he stated that the Monetary Policy Committee (Copom) would not
act on each new "high frequency" change, the report relays.

Campos Neto participated in a panel at MacroDay 2021, the BTG
Pactual bank event, the report relays, the report notes.

The IPCA, Brazil's main inflationary index, was 9.68% in the
12-month accumulated until August, the report discloses.  Brazil
should close 2021 with the worst inflation since 2015, despite
unemployment still at 14%, the report adds.

                         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).


BRAZIL: Seen as Only Large Economy With Growth Slowdown, OECD Says
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that the Organization for
Economic Cooperation and Development's (OECD) composite advanced
indicators for August point to a moderation trend in economic
growth in developed countries.

Brazil appears as the only large economy with a "growth slowdown"
trend, according to Rio Times Online.

These indicators are designed to anticipate turning points in
economic activity relative to the trend, the report relays.

The August results confirm what certain economists have warned
about: the delta variant seems to be sowing the seeds of doubt.
That is, growth remains at above-trend levels in the US and the
eurozone but is moderating, the report adds.

                      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).


SUL AMERICA: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) and National Long-Term Rating of Sul
America, S.A. (SASA) at 'BB-' and 'AA-(bra)', respectively. The
International and National Scale Rating Outlooks remain Negative.

KEY RATING DRIVERS

The affirmation of SASA's International and National IDRs reflects
the company's favorable business profile relative to other
Brazilian insurers, very strong and resilient financial performance
and earnings, and comfortable capitalization levels, partially
offset by the weaknesses in the Brazilian insurance industry's
profile and operating environment, given that SASA's operations are
fully concentrated in Brazil. The IDRs also capture the company's
significant exposure to Brazilian government securities and other
non-investment-grade securities, which, in turn, negatively affect
Fitch's assessment of SASA's investment and asset risk and
capitalization and leverage credit factors.

The Negative Outlooks reflect the direct influence and high
importance of Brazil's sovereign rating's Negative Outlook on the
insurance industry profile and operating environment and on SASA's
ratings, which also reflect risks to fiscal consolidation and
economic recovery needed for medium-term public debt stabilization
following the sharp deterioration in Brazil's fiscal accounts and
public debt burden in 2020, particularly in light of the uncertain
evolution of the pandemic, the vaccination process and economic
fallout.

SASA's business profile has further consolidated its focus toward
providing coverage for people-related risks, mainly through the
health and dental segment, as well the life, accidents and pension
business lines.

As of June 2021, 92% of total premiums originated from the health
and dental segment, in which SASA is the second-largest insurer,
with a market share of more than 10%.

Fitch considers SASA's capitalization and leverage remain in
adequate levels, with the financial leverage ratio (FLR) at 21%.
Capitalization and leverage ratios were benefited given the
conclusion of the sale of its auto, P/C and saving bonds portfolios
and SASA's dividend payout which is set at 25%, which is supportive
of capital and leverage ratios.

SASA's technical results remain solid and resilient throughout the
cycles, but due to the reduction in social distance measures, the
return of elective health procedures and the still high number of
COVID-19 cases in Brazil in the second quarter of 2021, there was
an increase in the frequency of claims in the health and life
segments that negatively affected their respective loss ratios. The
company's combined and operating ratios were 99.3% and 98.8%,
respectively, at June 2021. The company's ROAE was 2.1% at June
2021. Fitch expects SASA's technical results and claims to return
to normal as the process of vaccination develops. The return of the
loss ratio to normality and the consecutive interest rate increases
should help SASA return to profitability ratio (ROAE) levels above
8% in the next periods.

SASA's liquidity remains adequate. As of June 2021, the company's
liquid assets-to-reserves ratio was relatively low at 62%, as the
ratio considers only 50% of short-term, non-investment-grade
securities.

SASA's exposure to non-investment-grade securities is a key
negative rating driver. Total non-investment-grade securities and
other risky assets represented 109% of SASA's capital at June 2021,
excluding the securities supporting unit-linked products.

RATING SENSITIVITIES

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

International Scale

-- A downgrade of Brazil's sovereign rating (BB-/Negative), which
    would lead to a worsening of Fitch's assessment of the
    insurance industry profile and operating environment, which
    would also deteriorate SASA's business profile, investment and
    asset risk, and capitalization and leverage credit factors;

-- A sustained and material deterioration in profitability and
    leverage, measured by an ROAE below 8% and a FLR above 31%.

National Scale

-- An adverse change in Fitch's perception of SASA's business
    profile and creditworthiness with respect to other Brazilian
    entities rated on the national scale;

-- A sustained and material deterioration in technical
    profitability, measured by a combined ratio above its previous
    three year-end average ratios.

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

International Scale

-- An improvement in Brazil's industry profile and operating
    environment, driven by a decline in country risk and a
    stronger financial market development, which would lead to an
    improvement in Fitch's assessment of SASA's business profile,
    investment and asset risk and capitalization and leverage
    credit factors.

National Scale

-- A positive change in Fitch's perception of SASA's
    creditworthiness with respect to other Brazilian entities
    rated on the national scale;

-- An improvement in Brazil's industry profile and operating
    environment, driven by a decline in country risk and a
    stronger financial market development;

-- A sustained improvement on SASA's technical profitability and
    leverage, measured by a combined ratio and a net leverage
    ratio below its previous three year-end average ratios.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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

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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LATAM AIRLINES: Creditors Push Back Chapter 11 Exit Term Sheet
--------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that the low-ranking
creditors of Latam Airlines Group SA are pushing back on a
bankruptcy exit plan term sheet circulated among major
stakeholders, arguing the structure violates Chapter 11 rules.

The term sheet calls for plan of reorganization based on $5
billion
equity rights offering to be backstopped by parties to be
determined and carried out with assistance of "certain significant
shareholders," lawyers for Latam's official unsecured creditor
group write in heavily redacted court papers.  Existing
stockholders would be given exclusive option to buy all
reorganized
equity, with the ability to assign some shares to backstop
parties,
and unsecured creditors.

According to the Official Committee of Unsecured Creditors, the
Debtors' Term Sheet turns the absolute priority rule on its head
--
it would give out-of-the-money  shareholders the exclusive right
to
purchase 100% of the equity in the reorganized company solely on
account of their being equity holders, leaving for creditors only
those shares that the equity holders decline to buy.

Although  the  Committee  continues  to  have  concerns  that  the
Debtors  are inappropriately dominated by their shareholders, the
Committee remains eager to work with the  Debtors to develop a
consensual plan that meets all applicable chapter 11 confirmation
requirements, including compliance with the absolute priority
rule.

Thus,  subject  to  reserving  the  right  to  seek  to  terminate
exclusivity  should  it  become necessary, the Committee does not
object at this time to the Debtors' request for a further limited
extension of the exclusivity periods.

                    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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AVIANCA HOLDINGS: Plan Yields 1% Recovery to Unsecured Creditors
----------------------------------------------------------------
Avianca Holdings S.A. (AVH) and its affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York a Joint
Chapter 11 Plan and Disclosure Statement dated September 3, 2021.

The Tranche B DIP Lenders, as part of the DIP Credit Agreement, are
committed to convert all of the Tranche B DIP Facility Claims to at
least 72% of fully diluted equity securities of a new corporation
or other legal entity that may be formed on or prior to the
Effective Date to directly or indirectly acquire substantially all
of the assets and/or stock of AVH.  The Debtors have determined to
exercise their right, pursuant to the DIP Facility Documents, to
convert the Tranche A-1 DIP Facility Claims and Tranche A-2 DIP
Facility Claims to seven-year exit financing upon emergence.

Certain holders of Tranche B DIP Facility Claims have agreed to
contribute cash and/or assets to the Reorganized Debtors in an
aggregate amount of $200 million in exchange for New Common
Equity.

Under the Plan, holders of General Unsecured Avianca Claims will
receive the cash equivalent of their Pro Rata share of (a) 1.75% of
the New Common Equity and (b) warrants to purchase 5.0% of the New
Common Equity, with a cashless exercise price of $1.48 billion and
a five-year term; provided, that, in the event that the Class of
General Unsecured Avianca Claims votes to accept the Plan, holders
of General Unsecured Avianca Claims will receive the cash
equivalent of their Pro Rata share of an additional 0.75% of the
New Common Equity (i.e., 2.5% of the New Common Equity in the
aggregate) and the Warrants.  These recoveries, according to the
Debtors, are being carved out of the value of the collateral
securing the Tranche B DIP Facility Claims.

In lieu of receiving cash, holders of General Unsecured Claims may
elect to receive their Pro Rata share of the applicable percentage
of New Common Equity and the Warrants by making a written election
on a timely and properly delivered and completed Ballot to receive
the Unsecured Claimholder Equity Package.

On the Effective Date, all Interests in AVH will be cancelled,
released, extinguished, or receive economically similar treatment,
to the extent permitted by applicable law.  Holders of Interests in
AVH will not receive any distributions, nor retain any property,
under the Plan.  

The Plan provides that the majority of the classes of claims will
recover 100% of their allowed claim, except for the General
Unsecured Avianca Claims, which will recover between 1.0% and 1.4%
of the allowed claims, and the General Unsecured Convenience
Claims, which are expected to recover 1.0% of their allowed
claims.

Subordinated claims, as well as intercompany claims, will receive
nothing under the Plan.  The Debtors said the transactions
contemplated in the Plan will eliminate approximately $3.0 billion
of debt from their consolidated balance sheet, as well as preserve
the company's over 10,000 jobs.

Negotiations among the Debtors, the Committee, and holders of
Tranche B DIP Facility Claims resulted in a global settlement,
pursuant to which the Debtors resolved all issues that may have
been raised by the Committee with respect to the Plan, including,
among other things, disputes on enterprise value, Dennis F. Dunne,
Esq. at Milbank LLP, counsel for the Debtors disclosed.

The Plan is supported by, among others, the Official Committee of
Unsecured Creditors; the Consenting Noteholders (which collectively
held a majority of the Debtors' 9.000% Senior Secured Notes due
2023 prior to giving effect to the DIP Roll-Up); and a majority of
the holders of Tranche B DIP Facility Claims.

A copy of the Disclosure Statement is available for free at
https://bit.ly/38PrF0s from Kurtzman Carson Consultants, claims
agent.

Counsel for the Debtors:

   Dennis F. Dunne, Esq.
   Evan R. Fleck, Esq.
   Benjamin Schak, Esq.
   Kyle R. Satterfield, Esq.
   Milbank LLP
   55 Hudson Yards
   New York, NY 10001
   Telephone: (212) 530-5000
   Facsimile: (212) 530-5219

          - and -

   Gregory A. Bray, Esq.
   Milbank LLP
   2029 Century Park East, 33rd Floor
   Los Angeles, CA 90067
   Telephone: (424) 386-4000
   Facsimile: (213) 629-5063


Counsel for the Official Committee of Unsecured Creditors:

   Brett Miller, Esq.
   Todd Goren, Esq.
   Willkie Farr & Gallagher LLP
   787 Seventh Avenue
   New York, NY 10019
   Telephone: (212) 728-8000
   Facsimile: (212) 728-8111
   Email: bmiller@willkie.com
          tgoren@willkie.com

            About Avianca Holdings SA

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Bogota, Colombia-based
Avianca has been flying uninterrupted for 100 years. With a fleet
of 158 aircraft, Avianca serves 76 destinations in 27 countries
within the Americas and Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020.  The
committee is represented by Willkie Farr & Gallagher, LLP.


AVIANCA HOLDINGS: Unsecured Creditors to Recover 1% in Joint Plan
-----------------------------------------------------------------
Avianca Holdings S.A. (AVH) and its affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York a Disclosure
Statement for Joint Chapter 11 Plan dated September 13, 2021.

The Plan is the result of extensive good faith negotiations,
overseen by AVH's board of directors, among the Debtors and several
of their key economic stakeholders. The Plan is supported by, among
others, the Committee; the Consenting Noteholders, which
collectively held a majority of the Debtors' 9.000% Senior Secured
Notes due 2023 prior to giving effect to the DIP Roll-Up; and a
majority of the holders of Tranche B DIP Facility Claims.

The Plan provides for a comprehensive restructuring of the
Company's balance sheet and a significant investment of new capital
in the Company's business. The transactions contemplated in the
Plan will strengthen the Company by substantially reducing its debt
and increasing its cash flow and will preserve over 10,000 jobs.

More specifically, in connection with the Plan:

     * The Debtors have determined to exercise their right,
pursuant to the DIP Facility Documents, to convert the Tranche A-1
DIP Facility Claims and Tranche A-2 DIP Facility Claims to 7-year
exit financing upon emergence. Subject to satisfaction of certain
conditions precedent, Tranche A-1 DIP Facility Claims and Tranche
A-2 DIP Facility Claims will convert into indebtedness under the
Exit Facility pursuant to the Plan.

     * The Debtors engaged in a competitive marketing process to
determine whether an alternative investor would be willing to
provide capital to the Reorganized Debtors on terms superior to
those offered by the Tranche B DIP Lenders, which, as part of the
DIP Credit Agreement, committed to convert all of the Tranche B
DIP
Facility Claims to at least 72% of fully diluted equity securities
of a new corporation or other legal entity that may be formed on
or
prior to the Effective Date to, among other things, directly or
indirectly acquire substantially all of the assets and/or stock of
AVH (as defined in the Plan, "Reorganized AVH").

     * Holders of General Unsecured Avianca Claims will receive the
cash equivalent of their Pro Rata share of (a) 1.75% of the New
Common Equity and (b) warrants to purchase 5.0% of the New Common
Equity, with a cashless exercise price of $1.48 billion and a 5
year term (as defined in the Plan, the "Warrants"); provided, that,
in the event that the Class of General Unsecured Avianca Claims
votes to accept the Plan, holders of General Unsecured Avianca
Claims will receive the cash equivalent of their Pro Rata share of
an additional 0.75% of the New Common Equity (i.e., 2.5% of the New
Common Equity in the aggregate) and the Warrants.

     * Recoveries are being carved out of the value of the
collateral securing the Tranche B DIP Facility Claims and would not
otherwise be available to holders of such unsecured Claims without
the consent of holders of Tranche B DIP Facility Claims, which
consent was obtained in connection with good-faith, arms' length
negotiations among the Debtors, the Committee, and holders of
Tranche B DIP Facility Claims. Such negotiations resulted in a
global settlement (the "Global Plan Settlement"), pursuant to which
the Debtors resolved all issues that may have been raised by the
Committee with respect to the Plan, including, among other things,
disputes on enterprise value.

Class 11 consists of all General Unsecured Avianca Claims. Each
holder of an Allowed General Unsecured Avianca Claim will receive
its Pro Rata share of either (A) the Unsecured Claimholder Cash
Pool or (B) if such holder makes a written election on a timely and
properly delivered and completed Ballot or other writing reasonably
acceptable to the Debtors or Reorganized Debtors to receive the
Unsecured Claimholder Equity Package, (1) the Unsecured Claimholder
Equity Pool and (2) the Warrants. This Class has 1.0% - 1.4%
estimated recovery.

Class 12 consists of all General Unsecured Avifreight Claims. Each
holder of a General Unsecured Avifreight Claim will (i) receive
from Reorganized Avifreight, in full and final satisfaction of its
General Unsecured Avifreight Claim, payment, in Cash, equal to the
Allowed amount of such Claim, on the later of the Effective Date
and the date when its General Unsecured Avifreight Claim becomes
due and payable in the ordinary course or (ii) be otherwise
rendered Unimpaired. This Class has 100% estimated recovery.

Class 13 consists of all General Unsecured Aerounion Claims. Each
holder of a General Unsecured Aerounion Claim will (i) receive
from Reorganized Aerounion, in full and final satisfaction of its
General Unsecured Aerounion Claim, payment, in Cash, equal to the
Allowed amount of such Claim, on the later of the Effective Date
and the date when its General Unsecured Aerounion Claim becomes due
and payable in the ordinary course or (ii) be otherwise rendered
Unimpaired. This Class has 100% estimated recovery.

Class 14 consists of all General Unsecured SAI Claims. Each holder
of a General Unsecured SAI Claim will (i) receive from Reorganized
SAI, in full and final satisfaction of its General Unsecured SAI
Claim, payment, in Cash, equal to the Allowed amount of such Claim,
on the later of the Effective Date and the date when its General
Unsecured SAI Claim becomes due and payable in the ordinary course
or (ii) be otherwise rendered Unimpaired. This Class has 100%
estimated recovery.

Class 15 consists of all General Unsecured Convenience Claims. Each
holder of an Allowed General Unsecured Convenience Claim will
receive, in full and final satisfaction of its General Unsecured
Convenience Claim, Cash in an amount equal to 1.0% of the amount of
such Allowed General Unsecured Convenience Claim. This Class  has
1.0% estimated recovery.

The Reorganized Debtors will fund distributions under the Plan
required to be paid in Cash, if any, with Cash on hand (including
Cash from operations and Cash received under the DIP Facility in
accordance with the DIP Facility Documents) and Cash received on
the Effective Date (including borrowings under the Exit Facility
and the Tranche B Equity Contributions).

A full-text copy of the Disclosure Statement dated September 13,
2021, is available at https://bit.ly/3AsBLkh from Kurtzman Carson
Consultants, claims agent.

Counsel for the Debtors:

   Dennis F. Dunne, Esq.
   Evan R. Fleck, Esq.
   Benjamin Schak, Esq.
   Kyle R. Satterfield, Esq.
   Milbank LLP
   55 Hudson Yards
   New York, NY 10001
   Telephone: (212) 530-5000
   Facsimile: (212) 530-5219

          - and -

   Gregory A. Bray, Esq.
   Milbank LLP
   2029 Century Park East, 33rd Floor
   Los Angeles, CA 90067
   Telephone: (424) 386-4000
   Facsimile: (213) 629-5063

            About Avianca Holdings SA

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Bogota, Colombia-based
Avianca has been flying uninterrupted for 100 years. With a fleet
of 158 aircraft, Avianca serves 76 destinations in 27 countries
within the Americas and Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020.  The
committee is represented by Willkie Farr & Gallagher, LLP.




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

DOMINICAN REPUBLIC: High Taxes Brake Push to Formality, Miura Says
------------------------------------------------------------------
Dominican Today reports that Dominican Confederation Micro, Small
and Medium Enterprises (Codopyme) president Luis Miura, said the
two main causes of informality in the Dominican Republic are the
high fiscal and labor cost that companies have in the country.

"If we as a country really want to work on eliminating informality,
the first thing we have to do is work on the pending reforms," said
the representative of the MSMEs, according to Dominican Today.

Miura spoke about the report of the International Labor
Organization (ILO), which explains that the partial recovery of
employment has been led by the growth of informal employment since
June 2020 in Latin America and the Caribbean, the report adds

                  About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 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).




=====================
E L   S A L V A D O R
=====================

EL SALVADOR: Bitcoin Adoption Has Implications for Rating, S&P Says
-------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that El Salvador's
adoption of bitcoin as legal tender has immediate negative
implications for it credit rating, S&P Global said.

S&P said the main risks were that it could threaten its hopes of
securing a support program with the International Monetary Fund,
increase fiscal vulnerabilities and hurt banks by creating currency
mismatches when they dish out loans, according to
globalinsolvency.com.

"The risks associated with the adoption of bitcoin as legal tender
in El Salvador seem to outweigh its potential benefits," S&P said,
the report says.

"There are immediate negative implications for (the) credit". S&P
currently rates the central American country at B- with a 'stable'
outlook.  Moody's cut its El Salvador rating to Caa1, its
equivalent of one rating notch below B-, at the end of July. It
also kept the rating on a downgrade warning, the report notes.




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

VENEZUELA: S&P Withdraws 'SD/D' Sovereign Credit Ratings
--------------------------------------------------------
S&P Global Ratings withdrew its 'SD/D' foreign currency sovereign
credit ratings and 'CCC-/C' local currency ratings on Venezuela due
to lack of sufficient information. At the same time, S&P withdrew
its 'D' issue rating on 15 bonds.

S&P's long-term foreign currency rating on Venezuela has been 'SD'
(selective default) since Nov. 13, 2017, when the sovereign missed
coupon payments on its bonds due in 2019 and 2024. Since then,
public accounts transparency has been very limited.



                           *********


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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