/raid1/www/Hosts/bankrupt/TCRLA_Public/211029.mbx        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

          Friday, October 29, 2021, Vol. 22, No. 211

                           Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA 2000: S&P Rates 8.5% Sr. Secured Notes 'CCC+'
CORDOBA: Fitch Raises LongTerm IDRs to 'CCC-'


B O L I V I A

BOLIVIA: IDB OKs US$500-Mil. Loan to Support Vulnerable Populations


B R A Z I L

BRAZIL: Likely to be Hindered by China's Slower Growth
BRAZIL: Market Projects Lower GDP Expansion in 2021 & 2022


C O L O M B I A

ECOPETROL SA: S&P Assigns 'BB+' Rating on New Sr. Unsecured Notes


M E X I C O

GRUPO POSADAS: Case Summary & 30 Largest Unsecured Creditors
GRUPO POSADAS: Mexican Hotel Chain Starts Prepack in U.S.


P E R U

PERU: GDP Grew 11.83% in August 2021 vs. August 2020

                           - - - - -


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

AEROPUERTOS ARGENTINA 2000: S&P Rates 8.5% Sr. Secured Notes 'CCC+'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating to
Aeropuertos Argentina 2000's (AA2000's; CCC+/Negative/--) proposed
8.5% senior secured notes due 2031, in exchange for the outstanding
amount of its existing Series 2017 and 2020 notes due 2027. The
company announced the exchange on September 28 and S&P refers to
its press release "Aeropuertos Argentina S.A. 2000 'CCC+' Ratings
Affirmed On Debt Exchange Offer, Outlook Remains Negative"
published on October 6 for details.

If the exchange occurs, it will alleviate the company's financial
needs in 2022 and 2023 by removing a significant portion of
principal maturities related to the existing Series 2017 and 2020
notes, and other bank debt in the domestic market. Also, as the new
Series 2021 incorporate a four-year grace period for principal
payments, it would further lengthen the company's debt maturity
profile, resulting in a more manageable capital structure.
Furthermore, it will potentially create additional liquidity from
the new money feature embedded in the exchange proposal, which will
allow AA2000 to cover capital expenditures related to the 10-year
concession extension granted by the government in 2020.

Absent further pandemic-related lockdowns, we believe air traffic
will continue to recover , as seen in the last few quarters,
especially as flight restrictions are lifted and vaccination
campaigns in Argentina and neighboring countries continue.

The rating on the proposed notes is the same as our credit rating
on AA2000, given that there's no structural subordination. The
ratings on AA2000 are capped at the level of Argentina
(CCC+/Stable/C) because we believe that the company is heavily
exposed to the sovereign. However, once the exchange occurs and is
completed, we will reassess AA2000's liquidity and capital
structure, including the outcome of any bank debt refinancing. If
refinancing risks have diminished, S&P could revise to stable the
outlook on the company.

  Ratings List

  NEW RATING

  AEROPUERTOS ARGENTINA 2000 S.A.

   Senior Secured    CCC+


CORDOBA: Fitch Raises LongTerm IDRs to 'CCC-'
---------------------------------------------
Fitch Ratings has upgraded the Municipality of Cordoba's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC-'
from 'CC'. Fitch also raised Cordoba's Standalone Credit Profile
(SCP) to 'ccc-' from 'cc'. Fitch relied on its ratings definitions
to position the Municipality's ratings and SCP.

The action reflects Cordoba's improvement in its actual debt
service coverage ratio (DSCR) for YE 2021 under Fitch's rating case
scenario, underpinned by the recent distressed debt exchange (DDE).
The 'CCC-' rating reflects the Municipality's refinancing risk that
has moderated for the next 12 to 24 months, and still tight
liquidity accompanied by high payback ratios and weak debt coverage
metrics for 2022 onwards. It also reflects the entity's relative
position with peers.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

The Municipality of Cordoba's 'Vulnerable' risk profile reflects
Fitch's 'Weaker' assessment on all six key risk factors: revenue
robustness and adjustability, expenditure sustainability and
adjustability, and liabilities and liquidity robustness and
flexibility. The 'Vulnerable' risk profile reflects a very high
risk that the city's cash flow available for debt service will
remain low over the rating case horizon.

Argentine local and regional governments (LRGs) operate in a
context of a weak institutional revenue framework and
sustainability, high expenditure structures, and tight liquidity
and foreign currency debt risks, further worsened by macroeconomic
volatility, high inflation, and sharp currency depreciation.

Revenue Robustness: 'Weaker'

The 'Weak' revenue robustness assessment considers the country's
complex and imbalanced fiscal framework for LRGs with no
equalization funding. Weak and volatile national economic
performance is also factored into Fitch's revenue robustness KRF
assessment. In recent years national GDP has dropped 2.5% in real
terms (2018), a further 2.2% in 2019, and around 10% during 2020;
with an expected recovery of around 6.5% for 2021. Revenue sources
from the federal co-participation regime stem from a 'CCC'
sovereign counterparty.

The city has strong local revenue collection; hence its operating
revenue is mostly made up of taxes (2020: 53.4%, provisional
figures), the growth prospects of which are constrained by a weak
economic environment, and high inflation. In 2020 co-participation
account for a share of 44.6% of operating revenue, highlighting a
revenue structure of a reasonable fiscal autonomy and a modest
reliance on coparticipation.

Revenue Adjustability: 'Weaker'

For Argentine LRGs, Fitch considers that local revenue
adjustability is low, and challenged by the country's large and
distortive tax burden, and high inflation dynamics that could
impact real-term revenue growth and affordability. The weak
macroeconomic environment also limits LRGs' ability to increase tax
rates and expand tax bases to boost their local operating revenues.
The city has formal tax-setting authority over several local taxes
and fees that accounted for about 55.4% of operating revenue in
2020. Its affordability to raise revenue is constrained by the
moderate income of residents by international standards and
social-political sensitivity to tax increases.

Expenditure Sustainability: 'Weaker'

The city's expenditure framework is unbalanced, leading to Fitch's
'Weaker' assessment of its sustainability. Spending during the last
five years has been influenced by high inflation and high spending
responsibilities. Currently, Municipality of Cordoba is largely
responsible for the provision of public services, including
education and health care incurred by the Municipality (these are
mainly Provincial services). Cordoba has recently worked with the
Province and stablish formal agreements to increase financial
support for the provision of these services. The country's fiscal
regime is structurally imbalanced regarding revenue-expenditure
decentralization.

At YE 2020, the Municipality of Cordoba's operating balance
performance represented 7.7% of operating revenue, slightly above
the historical average of 6.4% (2016-2019). Under its rating case
scenario Fitch expects the Municipality will present an indicator
of 5.4% in 2021-2023.

Expenditure Adjustability: 'Weaker'

For argentine sub-nationals, infrastructure needs and expenditure
responsibilities are deemed as high, with leeway or flexibility to
cut expenses viewed as low. National capital expenditure (capex) is
low and insufficient translating capex burdens to LRGs. Fitch views
leeway or flexibility to cut expenses for Municipality of Cordoba
as weak relative to international peers, considering only an
average of around 10.8% of total expenditures corresponded to capex
from 2016-2020, increasing toward 17% at YE of 2020.

Compared with international peers, the Municipality has a high
share of operating expenditure to total expenditure, at around
86.1% during 2020 (provisional figures). Staff expenses represented
50.1% of operating expenses, deemed high relative to international
peers, and triggered by a high inflation environment and salary
adjustments.

Liabilities and Liquidity Robustness: 'Weaker'

Unhedged foreign currency debt exposure is an important structural
weakness considered in this KRF assessment, along with a weak
national framework for debt and liquidity management and an
underdeveloped local financial market. This KRF assessment is also
considering a recently distressed 'CCC' rated sovereign that
restructured its debt during 2020 thus curtailing external market
access to LRGs.

Direct debt increased by about 61.2% in 2020 underpinned by
currency depreciation, totaling around ARS16 billion. In the
current environment of high inflation and currency depreciation, an
important rating risk is that approximately 78.8% of Municipality
of Cordoba's direct debt is denominated in foreign currency, mainly
in U.S. dollars.

On a positive note, refinancing risk is expected to remain
controlled until 2023 as a result of the recent DDE completion. The
city will face debt-capital payments starting in March 29, 2024.
Foreign currency debt was used to finance capex outlays and
refinance debt. The Municipality has recently been active in the
local market, with the issuance of short-term treasury bills of
ARS1,364 million at YE 2020 with a continued use during 2021.

Regarding pension liabilities, this is not a direct contingency for
the Municipality as they are covered through the provincial system.
It is worth noticing that Province of Cordoba is among the
Provinces that did not transfer their social security funding to
the federal government.

Liabilities and Liquidity Flexibility: 'Weaker'

Fitch perceives the Argentine national framework in place regarding
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support
mechanisms established or bail-out mechanisms. At YE 2020 Fitch
estimates Municipality of Cordoba's liquidity metrics have weakened
to 1.1% of total revenue (provisional figures).

Even though operating balance at YE2 020 improved, supported by the
national and provincial transfers to the Municipality, liquidity
metrics are still weak with still an important level of payables,
comparing unfavorably with peers. As such, the City has been
tapping the local currency capital market issuing short term debt
on a regular basis.

Debt sustainability: 'bb' category

Municipality of Cordoba 'bb' debt sustainability score considers a
'bbb' primary payback ratio of 14.7x in 2023 under Fitch's rating
case. The assessment also considers the 'aaa' fiscal debt burden
and an override from the 'b' DSCR of 0.9x in 2023. The city's
foreign exchange rate risk in its long-term debt exerts pressure
over its debt sustainability assessment.

Fitch expects an operating balance to operating revenue ratio of
5.4% on average for 2021-2023, slightly below the historical
average, under a rating case scenario. Operating revenues and
expenditures growth consider the high inflation context and
historical performance, exchange rates and the recent changes in
the amortization debt profile.

DERIVATION SUMMARY

Municipality of Cordoba's SCP is assessed at 'ccc-', reflecting a
combination of a 'Vulnerable' risk profile and a debt
sustainability score at 'bb'. The SCP also considers national and
international peer comparison, in particular Province of La Rioja,
Nigerian and Ukrainian cities. Fitch does not apply any asymmetric
risk or ad-hoc support from the central government and assesses
intergovernmental financing as neutral to the Municipality's
ratings. Cordoba's IDRs reflects the exposure to macroeconomic
counterparty risks and unpredictable regulatory framework.

KEY ASSUMPTIONS

Qualitative Assumptions

-- Risk Profile: Vulnerable

-- Revenue Robustness: Weaker

-- Revenue Adjustability: Weaker

-- Expenditure Sustainability: Weaker

-- Expenditure Adjustability: Weaker

-- Liabilities and Liquidity Robustness: Weaker

-- Liabilities and Liquidity Flexibility: Weaker

-- Debt sustainability: 'bb' category, raised

Quantitative Assumptions -- Issuer Specific

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2016-2020 figures and 2021-2023
projected ratios. The key assumptions for the scenario include:

-- Operating revenue average growth of 41.7% for 2021-2023;

-- Operating expenditure average growth of 44% for 2021-2023;

-- Average net capital balance of around minus ARS6,860 billion
    during 2021-2023;

-- Cost of debt considers non-cash debt movements due to currency
    depreciation with an average exchange of ARS102.4 per U.S.
    dollar for 2021, ARS149.4 for 2022 and ARS211.1 for 2023.

RATING SENSITIVITIES

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

-- Improved operating balance that strengthens the actual DSCR
    above 1.0x on a sustained basis, fueled by better economic
    prospects along with a containment in the expenditure front;

-- A structural improvement in cash flow generation over the
    rating case horizon.

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

-- Liquidity stress that could compromise debt repayment capacity
    in the coming years, including evidence of increased
    refinancing risk in its foreign currency notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

ISSUER PROFILE

The Municipality of Cordoba is the capital of the Province of
Cordoba (CCC) and is the second most populated city in Argentina
after the City of Buenos Aires (B-/Stable). Cordoba is one of the
most important social, educational and economic centers in
Argentina.

The Municipality's population was 1.3 million, or 3.31% of the
nation and 40.18% of the province. It has a diverse economy
encompassing automobile manufacturing, a strong construction sector
and an IT cluster with more than 130 companies. Cordoba contributed
more than 40% of regional GDP in 2015.

ESG CONSIDERATIONS

Municipality of Cordoba has an ESG Relevance Score of '4' for Rule
of Law, Institutional & Regulatory Quality, Control of Corruption
reflecting the negative impact the weak regulatory framework and
national policies of the sovereign have over the Municipality in
conjunction with other factors. Municipality of Cordoba has an ESG
Relevance Score of '4' for Creditor Rights, revised from '5', due
to the entity´s improved willingness to service and repay its debt
obligations, which is relevant to the current rating upgrade to
'CCC-.' The November 2020 DDE continues to weigh on Cordoba's
credit profile in conjunction with other factors.

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.




=============
B O L I V I A
=============

BOLIVIA: IDB OKs US$500-Mil. Loan to Support Vulnerable Populations
-------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$500 million
loan for Bolivia that seeks to support the Government's efforts to
assist the most vulnerable populations affected by the COVID-19
pandemic, through the delivery of cash transfers.

The project will support the efforts of the Government of Bolivia
to assist the most vulnerable populations to face the economic
effects of the pandemic. To do this, it will finance the payment of
part of the costs of the "Bono Contra el Hambre" (Bond Against
Hunger), a cash transfer program created in response to the
pandemic. It consists of a one-time transfer made to people who do
not have a stable income, as they do not receive a salary from the
public or private sector or a pension or long-term social security
income. In turn, the project will finance part of the cash
transfers of the Renta Dignidad (Dignified Income), a program in
which people over 60 who do not receive retirement income
participate.

The pandemic has generated a significant economic contraction in
Bolivia. In 2020, the Gross Domestic Product (GDP) fell by 7.8%. In
labor terms, the unemployment rate went from 4.3% during the third
quarter of 2019 to 10.8% in the same period in 2020. The crisis
particularly affected the income of the poorest and most vulnerable
groups, who depend on their work activities, largely informal, to
support their consumption. The project seeks to benefit around
458,000 people from the Renta Dignidad program and approximately
1.7 million people who received payments from the Bono Contra el
Hambre.

The project is aligned with the priorities of the "Vision 2025", an
IDB Group roadmap that seeks to support the countries of the region
to achieve an inclusive and sustainable recovery.

The $500 million loan has a two-year disbursement period, a
ten-year grace period, and an interest rate based on LIBOR.




===========
B R A Z I L
===========

BRAZIL: Likely to be Hindered by China's Slower Growth
------------------------------------------------------
Rio Times Online reports that given China's size, global growth
should be affected as a whole, but the Brazilian economy is likely
to be one of the most impacted, with the scenario of a poorer
performance of the Asian country in the coming years.

The result showed a deceleration in relation to the 18.3% growth in
the first quarter, when the annual growth rate was largely favored
by the low comparison base with the pandemic-induced drop in the
beginning of 2020, according to Rio Times Online.

Indications of a slowdown in the Chinese economy in the third
quarter are very bad news for countries dependent on commodities
(basic products), such as Brazil, 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).


BRAZIL: Market Projects Lower GDP Expansion in 2021 & 2022
----------------------------------------------------------
Rio Times Online reports that the median of the market projections
for the growth of the Brazilian economy in 2021 went from 5.04% to
5.01% in the Focus Report of the Central Bank (BC)
For 2022, the mid-point of the expectations for expanding the Gross
Domestic Product (GDP) was reduced from 1.54% to 1.50%.

The Brazilian economy shrank 0.1% in the second quarter, according
to the Brazilian Institute of Geography and Statistics (IBGE), in
early September, according to Rio Times Online.

                         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).




===============
C O L O M B I A
===============

ECOPETROL SA: S&P Assigns 'BB+' Rating on New Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
Ecopetrol S.A.'s (BB+/Stable/--) proposed senior unsecured notes,
to be issued in two tranches due 2031 and 2051, totaling about $2
billion. The notes will rank pari passu with all Ecopetrol's other
present and future senior, unsecured, and unsubordinated
obligations.

S&P views the transaction as debt neutral because Ecopetrol will
use the proceeds to partially repay the outstanding two-year loan
that was issued to fund Interconexion Electrica S.A. E.S.P.'s
acquisition. Despite the transaction, it believes Ecopetrol's net
debt to EBITDA will remain at about 2.3x for 2021.

  Ratings List

  NEW RATING

  ECOPETROL S.A.

  Senior Unsecured     BB+




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

GRUPO POSADAS: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                          Case No.
    ------                                          --------
    Grupo Posadas S.A.B. de C.V. (Lead Case)        21-11831
    Prolongacion Paseo de la
    Reforma 1015, Torre A, Piso 9
    Col. Santa Fe Cuajimalpa,
    Alcaldia Cuajimalpa
    Mexico City, Mexico

    Operadora del Golfo de Mexico, S.A. de C.V.     21-11832

Business Description: The Debtors are hospitality companies based
                      in Mexico City, Mexico that own, lease,
                      franchise, operate and manage hotels,
                      resorts and villas mainly located in urban
                      and coastal areas in Mexico.  The Debtors
                      own or have an interest in a total of 185
                      hotels and over 28,600 rooms in Mexico and
                      the Caribbean.

Chapter 11 Petition Date: October 26, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Judge: Hon. Sean H. Lane

Debtors' Counsel: Richard J. Cooper, Esq.
                  Jane VanLare, Esq.
                  CLEARY GOTTLIEB STEEN & HAMILTON LLP
                  One Liberty Plaza
                  New York, New York 10006
                  Tel: (212) 225-2000
                       (212) 225-2872
                  Fax: (212) 225-3999
                  Email: jvanlare@cgsh.com
                         rcooper@cgsh.com

Debtors'
Claims &
Noticing
Agent:            PRIME CLERK LLC

Grupo Posadas'
Estimated Assets: $500 million to $1 billion

Grupo Posadas'
Estimated Liabilities: $500 million to $1 billion

Operadora del Golfo's
Estimated Assets: $10 million to $50 million

Operadora del Golfo's
Estimated Liabilities: $100 million to $500 million

The petitions were signed by Jose Carlos Azcarraga Andrade as CEO.

Full-text copies of the petitions are available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/ZUAQPSY/Grupo_Posadas_SAB_de_CV__nysbke-21-11831__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/CCCJN7Y/Operadora_del_Golfo_de_Mexico__nysbke-21-11832__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. 7.875% Senior Notes due 2022     Unsecured Debt    $392,605,000
Danny Lee, Vice President
Citibank, N.A. | Agency & Trust
388 Greenwich Street,
New York, NY 10013
Tel: 212-816-4936
Fax: 347-632-8640
Email: danny1.lee@citi.com

2. Servicio de Administracion        Unsecured Debt    $17,715,671
Tributaria (Internal Revenue          (Tax Credits)
Services)                               March 2022
Bahia de Santa Barbara No. 23.         installment
Col Veronica Anzures
Alcaldia Miguel Hidalgo, C.P. 11300 CDMX

3. Servicio de Administracion        Unsecured Debt    $17,715,671
Tributaria (Internal Revenue         (Tax Credits)
Services)                              March 2023
Bahia de Santa Barbara No. 23.        installment
Col Veronica Anzures
AlcaldIa Miguel Hidalgo,
C.P. 11301 CDMX

4. Sigma Foodservice                   Unsecured        $1,185,532
Commercial S DE RL DE CV
Acueducto 610 Industrial El Lechugal
Santa Catarina Santa Catarina
Nuevo Leon, Cp 66378
Mexico

5. Promotora Torcaz Sa DE CV           Unsecured        $1,023,012
Monte Elbruz 124-201 Polanco
Miguel Hidalgo Mexico
Distrito Federal, Cp 11560
Mexico

6. Accenture SC                        Unsecured          $678,661
Blvd Manuel A Camacho 138 Piso 7
Lomas De Chapultepec
Miguel Hidalgo Mexico
Distrito Federal, Cp 11000
Mexico

7. TRAVELCLICK INC                     Unsecured          $598,479
300 N Martingale Suite 500
Schaumburg IL 60173
US

8. BOOKING COM BV                      Unsecured          $507,010
Bp Amsterdam 1000 Amsterdam
Amsterdam, NY CP 1639
Amsterdam

9. ORACLE DE MEXICO SA DE CV           Unsecured          $381,661
Montes Urales 470 P B
Lomas De Chapultepec
Miguel Hidalgo Mexico
Distrito Federal, Cp 11000
Mexico

10. TELEFONOS DE MEXICO SAB DE CV      Unsecured          $371,149
Parque Via 198 Sta Maria La Ribera
Cuauhtemoc Mexico
Distrito Federal, Cp 6500
Mexico

11. GRUPO POSADAS SAB DE CV-FACCG      Unsecured          $367,539
Blvd Kokulkan Km 16.5
Lote 44 Zona Hotelera Sur Cancun
Quintana Roo, Cp
Mexico

12. ACCENTURE SC                       Unsecured          $246,870
Blvd Manuel A Camacho 138
Piso 7 Lomas De Chapultepec,
Miguel Hidalgo Mexico,
Distrito Federal, Cp 11000

13. NEKOTEC TECNOLOGIA SA DE CV        Unsecured          $244,375
Av De La Palma 8 6 Piso
San Fernando La Herradura
Miguel Hidalgo Mexico
Distrito Federal, Cp 52787
Mexico

14. GALAZ YAMAZAKI RUIZ URQUIZA SC     Unsecured          $235,488
Paseo De La Reforma 489
Piso 6 Cuauhtemoc
Cuauhtemoc Mexico
Distrito Federal, Cp 6500
Mexico

15. TCA SOFTWARE SOLUTIONS SA DE CV    Unsecured          $233,580
Canada 415 Vista Hermosa
Monterrey Monterrey
Nuevo Leon, Cp 64620
Mexico

16. FIVEPALS INC                       Unsecured          $231,813
866 6th Avenue, 9th Floor
New York NY 10001
US

17. SABRE GLBL INC                     Unsecured          $217,490
Sabre Drive 3150 Md 8510
Southlake TX 76092
US

18. EL MAHARAJA DE LA                  Unsecured          $214,715

RIVIERA SA DE CV
Av Juarez Lote 9 Y 10 Ejido
Solidaridad Playa Del Carmen
Quintana Roo, Cp 77712
Mexico

19. AXA SEGUROS SA DE CV               Unsecured          $162,958
Periferico Sur 3325 Piso 11
San Jeronimo Aculco
La Magdalena Contreras Mexico
Distrito Federal, Cp 10400
Mexico

20. HERNANDEZ SOLIS ADRIANA            Unsecured          $161,468
Jaca 6 Int 502 Santa Cruz Atoyac
Benito Juarez Mexico
Distrito Federal, Cp 3310
Mexico

21. GRUPO POSADAS SAB DE CV-AQCUG      Unsecured          $157,972
Blvd Kukulkan Km 13 Lote 258 B
Zona Hotelera Cancun
Quintana Roo, Cp 77500
Mexico

22. PLAYA MARINA FIESTA                Unsecured          $156,947
AMERICANA PUNTA
VARADERO-CFAVA
Punta Hicacos Final S/N Matanzas
Varadero
Matanzas, Cp 42200
Mexico

23. FRUTAS Y VERDURAS                  Unsecured          $142,219
ZIRACUA SA DE CV
Boulevard Flor De Pitahaya Mzn 21
Lt 8 Sn Brisas Del Pacifico
Los Cabos
Baja California Sur, Cp 23473
Mexico

24. GRUPO POSADAS SAB DE CV-FACAG      Unsecured          $141,597
Av Costera Miguel Aleman 97
Club Deportivo
Acapulco
Guerrero, Cp 39690
Mexico

25. GRUPO POSADAS SAB DE CV-FALCG      Unsecured          $138,091

Carr Transpeninsular Km 10.3
Cabo Del Sol, Cabo San Lucas,
Baja California Sur, Cp 23410

26. JIANLU SA DE CV                    Unsecured          $136,496
Av Eje 6 Nave 1 Local A23
Ejidos Del Moral, Iztapalapa
Mexico, Distrito Federal, Cp 9040

27. PLM PREMIER SAPI DE CV             Unsecured          $134,998
Av. Paseo De La Reforma 445
Piso 9 Cuauhtemoc
Cuauhtemoc Mexico
Distrito Federal, Cp 6500
Mexico

28. DATAVISION DIGITAL SA DE CV        Unsecured          $113,193
Avenida Patriotismo 48 Piso 6 Escandon
Miguel Hidalgo Ciudad De Mexico
Distrito Federal, Cp 11800
Mexico

29. ECODELI COMERCIAL SA DE CV         Unsecured          $111,562
Av Restauradores Ote 1001 Int 2
Fracc Los Arcos
Leon Leon
Guanajuato, Cp 37490
Mexico

30. IBS SOFTWARE AMERICAS INC          Unsecured          $110,691
Circle 75 Parkway 900, Suite 550
Atlanta GA 30339
US


GRUPO POSADAS: Mexican Hotel Chain Starts Prepack in U.S.
---------------------------------------------------------
On Oct. 26, 2021, Grupo Posadas S.A.B. de C.V. (BMV: POSADASA)
announced that it has advanced its previously announced debt
restructuring by obtaining additional support from holders of its
7.875% senior notes due 2022 (the "Existing Notes").  This
consensual financial solution will reduce the Company's debt
service obligations and extend the schedule on which its debt
matures by 5.5 years, to December 30, 2027, allowing Grupo Posadas
to prioritize the use of cash for operating activities to preserve
jobs and help maintain the high quality for which its hotels are
known.

To implement the financial solution in the most expedited manner,
Grupo Posadas and one of its subsidiaries commenced "prepackaged"
in-court restructuring proceedings in the U.S. by filing voluntary
Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern
District of New York. Given that the Company has already obtained
the necessary support from noteholders, with 100% of those voting
having voted to approve the Company's Plan of Reorganization (the
"Plan"), it is expected that the process will be completed within
approximately 60 days.

"Today marks the culminating step toward achieving a sustainable
capital structure for Grupo Posadas," said Jose Carlos Azcarraga,
Chief Executive Officer of Grupo Posadas. "This comprehensive debt
restructuring, which we announced two months ago as part of our
ongoing efforts to maximize our financial flexibility and best
manage the COVID-19-related challenges affecting the entire
hospitality industry globally, will enable us to emerge from the
pandemic as a financially stronger enterprise. Appropriately
capitalized to meet our go-forward business needs and open
exciting
new properties as tourism further rebounds, Grupo Posadas will be
well positioned to continue operating with the highest standards
and remain the country's leading hotel operator. We are grateful
to
have the support of our valued stakeholders as we take this final
pivotal step to strengthen our finances. The significant revenue
growth we experienced in the third quarter is further proof that
Grupo Posadas is poised for long-term success as government
restrictions on occupancy continue to ease in many regions in
Mexico."

All day-to-day operations, throughout the Company's properties,
continue as normal – without interruption – using
cash from
ongoing operations. Importantly, there will be no impact on the
Company's relationships with its employees, guests, agencies,
loyalty and vacation club members, suppliers, business partners,
or
shareholders, and the Company will continue to meet its
obligations
to these valued stakeholders. Grupo Posadas has filed a number of
customary "first day" motions with the Court to support
business-as-usual operations on all fronts during the Chapter 11
process; this includes continuation of employee wages and benefits
as well as loyalty and vacation club program benefits in the
ordinary course. Approval is expected in short order.

Subject to Court approval, the Plan provides for the exchange of
the Existing Notes for new senior notes secured by liens on real
estate and certain accounts receivable of the Company. All other
undisputed claims, including those of suppliers for goods and
services provided before as well as during the Chapter 11 process,
are unimpaired and will be paid in full in the ordinary course or
otherwise satisfied. Common shares of Grupo Posadas are expected
to
continue to trade in the normal course.

                    Additional Information

For additional information about the Company's debt restructuring
and access to Court documents, please visit
https://cases.primeclerk.com/posadas/.

The Company is represented by Cleary Gottlieb Steen & Hamilton LLP
as international legal counsel, Ritch, Mueller y Nicolau, S.C. and
Creel, García-Cuéllar, Aiza y Enríquez, S.C. as Mexican
legal
counsel, and DD3 Capital Partners as financial advisor.

                     About Grupo Posadas

Posadas is the leading hotel operator in Mexico and owns, leases,
franchises and manages 185 hotels and 28,690 rooms in the most
important and visited urban and coastal destinations in Mexico.
Urban hotels represent 87% of total rooms and coastal hotels
represent 13%. Posadas operates the following brands: Live Aqua
Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort,
Grand Fiesta Americana, Curamoria Collection, Fiesta Americana,
The
Explorean, Fiesta Americana Vacation Villas, Live Aqua Residence
Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma, IOH
Hotels, and One Hotels. Posadas has traded on the Mexican Stock
Exchange since 1992.

Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de
Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-11831) on October 26, 2021.

The cases are handled by Honorable Judge Sean Lane.

The Company is represented by Cleary Gottlieb Steen & Hamilton LLP
as international legal counsel, Ritch, Mueller y Nicolau, S.C. and
Creel, García-Cuéllar, Aiza y Enríquez, S.C. as Mexican
legal
counsel, and DD3 Capital Partners as financial advisor.  Prime
Clerk LLC is the claims agent.




=======
P E R U
=======

PERU: GDP Grew 11.83% in August 2021 vs. August 2020
----------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Peru's gross
domestic product expanded 11.83% in August 2021 compared with
August 2020, marking six straight months of economic growth for the
South American country, the government's INEI statistics agency
said in a statement.

The expansion in August was principally driven by the construction
and manufacturing sectors, the agency said, according to
globalinsolvency.com.

In the first eight months of 2021, Peru's economy grew 18.59%, the
INEI statement said, the report notes.

In the 12-month period through August, the country's GDP expanded
10.46%, it added, the report relays.

The copper-producing country has been through turbulent political
waters as new President Pedro Castillo, a leftist former school
teacher, sets a new policy course, the report says.

Prior to Castillo's election in June, the country had been racked
by one political corruption scandal after another, the report
relays.  Fitch said it downgraded Peru's long-term foreign currency
bond rating to BBB from BBB-Plus, the report notes.

"Peru's medium-term investment and economic outlook has weakened as
a result of political volatility in recent years," Fitch said in a
statement, the report adds.



                           *********


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