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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, November 2, 2021, Vol. 22, No. 213

                           Headlines



B A H A M A S

BAHAMAS: Defends Budget Prioritizing Vulnerable Groups


B E R M U D A

APEX GROUP: S&P Affirms 'B-' ICR Amid Planned Acquisition of Sanne
APEX STRUCTURED: Moody's Affirms B2 CFR, Outlook Remains Stable


B R A Z I L

BRAZIL: Truckers Disband Blockade After Provoking Fuel Shortages
HIDROVIAS DO BRASIL: Moody's Lowers CFR to B1, Outlook Stable


C O L O M B I A

AVIANCA HOLDINGS: Plan Ruling Delayed Amid New Domicile
AVIANCA HOLDINGS: To Become UK Company If U.S. Judge Approves Plan
AVIANCA HOLDINGS: Updates Engine Loan Claims; Files Amended Plan


J A M A I C A

JAMAICA: Lukewarm Response From Small Business Association


M E X I C O

GRUPO POSADAS: Moody's Withdraws 'Ca' CFR on Bankruptcy Filing
MEXICO: Businessmen Defend Investments After President's Remarks


P U E R T O   R I C O

PUERTO RICO: Debt Restructuring At Risk Amid Uncertainty Over Bill

                           - - - - -


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B A H A M A S
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BAHAMAS: Defends Budget Prioritizing Vulnerable Groups
------------------------------------------------------
RJR News reports that the Bahamas government has defended its
decision to table a supplementary budget that prioritizes
vulnerable groups including pensioners and persons on the COVID-19
unemployment assistance program.

Prime Minister Phillip Davis said the new 2021-2022 supplementary
budget, with an effective date of October 1, will bring the
government's budget in line with its vision for progress, and will
not increase the national debt more than forecasted in the May 2021
budget presentation, according to RJR News.

Mr. Davis told legislators that the numbers provided by the
Ministry of Finance for the period ending September 30, reveal a
US$1 billion difference from the numbers provided by the previous
government in their pre-election report, the report notes.

As reported in the Troubled Company Reporter-Latin America on Sept.
21, 2021, Moody's Investors Service has downgraded the Government
of The Bahamas' long-term issuer and senior unsecured ratings to
Ba3 from Ba2 and maintained the negative outlook.




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B E R M U D A
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APEX GROUP: S&P Affirms 'B-' ICR Amid Planned Acquisition of Sanne
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit
ratings on Bermuda-based Apex Group Ltd. and its financing
subsidiaries, Apex Group Treasury Ltd. and Apex Group Treasury LLC.
At the same time, S&P has affirmed its 'B-' issue rating and '3'
recovery rating on the group's revolving credit facility (RCF) and
first-lien term loans, which include the new upsized term loans.

The stable outlook reflects S&P's view that Apex will continue to
expand its revenue base by integrating its acquisitions while
increasing profitability, enabling deleveraging over 2022-2023.

Apex plans to acquire alternative asset and corporate
administration services provider Sanne Group PLC (Sanne) through
the issuance of $910 million of new first- and second-lien term
loans, supported by a common and preferred equity contribution of
$1,360 million.

S&P said, "The 'B-' ratings reflect our expectation that
incremental borrowing to fund the acquisition of Sanne will keep
Apex's adjusted leverage, excluding preferred equity, above 10x
through 2022, which we view as elevated. The Sanne acquisition is
due to close in the first half of 2022. The funding mix for the
acquisition will comprise $730 million of first-lien and $180
million of second-lien incremental debt. The transaction will also
see a sizable equity contribution in the form of common equity of
$985 million and preferred equity of an additional $375 million,
which we view as debt-like. At over 13x reported EBITDA in 2020,
the $910 million of incremental senior debt raised to fund the
acquisition of Sanne is indicative of the sizable debt multiples in
the sector, even where the equity contribution is significant. In
our view, the $2.3 billion purchase is also testament to Apex's
aggressive appetite for growth and scale through mergers and
acquisitions (M&A). We view Apex's M&A strategy as more aggressive
than some of its rated trust and corporate services (T&CS) peers.
As such, we continue to forecast a significantly more conservative
base case relative to management's expectations, with leverage at
12x-15x in 2022 (8x-11x excluding preferred equity) and continued
negative FOCF, which drives the 'B-' rating. Nevertheless, we
believe that there is material upside potential for the credit
metrics and ratings if the group establishes a track record of
positive FOCF and improves its margins by materializing synergies
to the degree management anticipates.

"We expect the Sanne acquisition to enhance Apex's scale and allow
the group to build on its solid operating performance. Although we
estimate negative FOCF of around $16 million for the first half of
2021 (excluding the group's fully owned Luxembourg-based depositary
bank, EDB's, financials), we note positive momentum in the group's
profit and loss financials. Apex reported revenue of $287 million
and EBIT of $20 million for the first half of 2021, including EDB.
For context, this compared to $437 million in revenue and $10
million in EBIT in 2020, pointing indirectly to the rapid increase
in the scale of the business. With the Sanne acquisition, we
forecast that revenue should grow further and cross the $1 billion
turnover threshold in 2022. We also expect the transaction to
support Apex's organic growth prospects. Sanne was previously a
competitor for Apex, and it too operates in the alternative asset
and corporate administration services industry. The acquisition
brings in an additional GBP500 billion in assets under
administration, building on Apex's existing $1.5 trillion in such
assets. This makes the combined group one of the largest pure-play
alternative fund solutions players in the world and enhances its
value proposition when it targets new clients. The acquisition also
creates a wider range of services for close-ended fund structures,
specifically, a larger contribution of private debt (around 14% of
Sanne's 2020 revenues) and real assets (20%), including real-estate
funds. The acquisition also limits customer concentration, with the
largest exposure representing below 3% of pro forma revenue.

"Apex's growth aspirations through M&A could put pressure on our
profitability and FOCF metrics due to the costs associated with the
transactions. Our base case factors in continued restructuring and
integration-related costs in the $50 million-$55 million range in
2022-2023, which limits the full potential improvement in the
EBITDA margins in the next two years. This is a more conservative
assumption than management estimates. Furthermore, we understand
that there will be around $94 million of transaction fees
associated with the Sanne acquisition, which will stress FOCF. Our
previous base case estimated positive FOCF in 2022, but we now
forecast marginally negative FOCF million for this year. We view
Apex as an inherently cash-generative business and estimate that
the group will generate strong FOCF of GBP100 million-GBP120
million in 2023. Nevertheless, our base-case forecasts of
deleveraging and material positive FOCF generation depend on our
assumption that large debt-financed acquisitions will be limited.
Our base case forecasts low spending of GBP35 million for small
bolt-on acquisitions and lower M&A-related earnouts in 2023. Our
adjusted debt figures for 2021 and 2022 include around $162 million
and $55 million, respectively, of acquisition-related contingent
considerations in 2021, which we expect Apex to pay down. We take a
positive view of the fact that Apex's financial sponsor, Genstar
Capital, and minority shareholders are very supportive of Apex's
growth strategy and would likely contribute equity should the group
continue to undertake aggressive expansion via M&A.

"The stable outlook reflects our view that Apex will continue to
expand its revenue base by integrating its acquisitions while
increasing profitability, enabling deleveraging over 2022-2023. We
expect a material improvement in margins of about 8-10 percentage
points between 2020 and 2023, and a fall in leverage by at least
eight turns in the same period."

S&P could lower the ratings if:

-- Apex records persistent negative FOCF, such that S&P views the
capital structure as unsustainable; or

-- S&P assesses the group's financial policy as increasingly
aggressive, with ongoing debt-funded acquisitions or shareholder
returns, resulting in persistent very high leverage.

S&P could raise the ratings if:

-- The group builds a track record of generating positive FOCF,
with S&P's calculation of funds from operations (FFO) cash interest
coverage remaining sustainably above 2.0x;

-- Adjusted debt to EBITDA falls materially and there is a strong
commitment from the financial sponsor to sustain lower leverage;
or

-- Apex diversifies further by increasing the contribution of EDB
and the banking services within the group, while remaining well
capitalized.


APEX STRUCTURED: Moody's Affirms B2 CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of Apex Structured
Intermediate Holdings Ltd. ("Apex", or "the group"). Concurrently,
Moody's has affirmed the B1 instrument ratings of the upsized
$1,365 million senior secured first-lien term loan due 2028 issued
by Apex Group Treasury LLC and the upsized EUR660 million senior
secured first-lien term loan due 2028 and existing $200 million
senior secured first-lien revolving credit facility due 2026 issued
by Apex Group Treasury Limited. The outlook on all ratings remains
stable.

The proceeds of the additional debt issuance, together with the
incremental $180 million second-lien term loan and the new equity
of $1.4 billion raised, will be used to finance Apex's GBP1.5
billion (c. $2.1 billion) acquisition of Sanne Group plc ("Sanne").
Sanne is a UK-based and LSE listed global fund services provider
with a focus on the alternative investment industry and has
reported GBP176 million of revenue and GBP66 million of
company-adjusted EBITDA during the last twelve months period to
June 2021.

RATINGS RATIONALE

The affirmation of Apex's B2 CFR with stable outlook reflects
Moody's continued expectation that Apex will be able to reduce its
Moody's-adjusted leverage towards 6.5x within the next 12 to 18
months, despite the substantial increase in debt as a result of the
Sanne acquisition. The deleveraging is dependent on the successful
integration of Sanne and other recent acquisitions, and the
realisation of related synergies. Moody's positively notes the
leverage-neutral structuring of the acquisition financing,
facilitated by a substantial equity contribution from existing
shareholders that accounts for nearly 60% of new funds raised. The
affirmation also reflects the significantly strengthened business
profile following the successful acquisition of Sanne, which
creates one of the largest alternative asset services platforms
globally.

Apex's B2 CFR further reflects (1) the group's established market
position as one of the largest independent fund services providers
globally with a comprehensive product offering and global
footprint, which will be further improved by the Sanne acquisition;
(2) the largely recurring revenue streams supported by a sticky and
diversified customer base and strong underlying market
fundamentals; and (3) the group's good profitability levels
translating into strong free cash flow generation.

Conversely, the CFR is constrained by (1) Apex's exposure to
regulatory and legal risk; (2) the elevated financial leverage of
8.7x Moody's-adjusted Debt/EBITDA, based on the last twelve months
period to June 2021 and pro forma for the Sanne acquisition, and
high level of pro forma adjustments to EBITDA; (3) Apex's
M&A-driven growth strategy that could constrain deleveraging
potential; and (4) the integration risk related to the Sanne
acquisition, such as potential delays in the realisation of
targeted synergies or increased implementation cost, and potential
distraction resulting from the substantial integration causing
delays in the forecasted strong organic growth.

ESG CONSIDERATIONS

Apex's ratings factor in certain governance considerations such as
Apex's ownership structure with Genstar as the majority
shareholder. As it is common for companies that are majority owned
by private equity firms, Apex's financial policy is characterised
by a tolerance for high financial leverage and a debt-funded M&A
driven growth strategy.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Apex will be
able to sustainably increase its revenue and EBITDA through
continued organic growth and successfully integrate Sanne and other
recent acquisitions, including the realisation of targeted
synergies. The outlook further assumes that Apex's liquidity
remains good, supported by solid free cash flow generation, and
that there will be no additional large debt-funded acquisitions
that lead to significant re-leveraging.

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

The ratings are weakly positioned in view of the high leverage,
relatively aggressive financial policy and the substantial
integration to be delivered, as a result of which limited upward
rating pressure is expected. Upward pressure on the rating could
occur if Moody's-adjusted Debt/EBITDA sustainably decreases to
below 5.5x, whilst maintaining its high operating profitability and
substantial free cash flow generation. An upgrade would also
require the company to successfully execute the integration of
Sanne and other recently closed acquisitions and realise targeted
synergies.

Downward pressure on the rating could develop if Apex fails to
reduce its Moody's-adjusted Debt/EBITDA to around 6.5x, EBITA
margins significantly decrease from current high levels or free
cash flow generation reduces towards zero for a sustained period of
time.

LIQUIDITY PROFILE

Pro forma for the Sanne acquisition, Moody's considers Apex's
liquidity profile to be good. At closing of the transaction, pro
forma on June 30, 2021, the company has around $120 million of cash
on balance sheet, of which $90 million are considered as restricted
for regulatory purposes. The group's liquidity is supported by its
fully undrawn $200 million senior secured first lien revolving
credit facility (RCF). Apex's liquidity profile further benefits
from its good free cash flow generation which Moody's forecasts at
around $60 million in 2021 increasing to over $150 million in
2022.

STRUCTURAL CONSIDERATIONS

The company's debt facilities, pro forma for the Sanne acquisition,
consist of a senior secured first-lien term loan due 2028, divided
into tranches of $1,365 million and EUR660 million, a pari passu
ranking $200 million RCF due 2026 and a $455 million second-lien
term loan due 2029.

The B1 rating on the first-lien senior secured facilities is one
notch above the B2 corporate family rating and reflects the
priority position of these facilities ahead of the second-lien
facility and non-debt liabilities consisting mainly of leases,
earn-outs and trade payables at the operating companies.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

CORPORATE PROFILE

Apex is one of the largest independent providers of fund
administration services, financial and corporate solutions, founded
in 2003 by its current CEO and with headquarters in Bermuda. The
group is a global operator with presence in 50 countries across the
world, serving more than 7,000 clients with over $1.5 trillion of
assets on its platforms. Apex is majority-owned by private equity
firm Genstar, with minority shareholders TA Associates, founder
Peter Hughes, Mubadala and Carlyle holding most the remaining
equity. During the last twelve months period to June 30, 2021, the
group generated pro forma revenue of $712 million.




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B R A Z I L
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BRAZIL: Truckers Disband Blockade After Provoking Fuel Shortages
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Roberto Samora and Gram Slattery at Reuters report that truckers
blockading a major refinery in the Brazilian state of Minas Gerais
disbanded, allowing fuel supplies to normalize in the nation's
second most populous state.

The protesters, principally truckers who deliver fuel, had been
demanding a decrease in taxes on diesel, according to Reuters.
They had blocked roads near the REGAP refinery near state capital
Belo Horizonte, an action that spooked industry leaders and
motorists and caused some gas stations in Minas Gerais to run low
on fuel, the report relays.

Truckers have grown increasingly vocal in recent months as a rise
in global crude prices has pushed up the cost of diesel
domestically and eaten into margins, the report relays.  Trucker
groups have threatened a general strike, a move that could prove
crippling for Brazil's economy, if widely observed, the report
discloses.

A truckers strike over high fuel prices in 2018 ground the economy
to a halt, and destroyed the remaining political capital of the
already unpopular government at the time, the report relays.  As a
result, Brasilia remains attentive to their demands, the report
notes.

President Jair Bolsonaro, who is expected to run for re-election
next year, said that the government would give Brazil's 750,000
truckers 400 reais ($70) each, to help cushion the impacts of
rising fuel prices, the report says.

Shortly after, four key Treasury officials quit amid signs the
government is looking to lift a constitutional spending cap, a move
that battered local equities markets and the real currency, the
report relays.

Speaking in Brasilia, Bolsonaro played down overspending concerns,
saying that the payment to truckers would cost the government less
than 4 billion reais in total, the report discloses.

Brazil-listed shares in Vibra Energia SA and Ultrapar Participacoes
SA (UGPA3.SA), the owners of the nation's largest and
second-largest gas station chains, respectively, were both down
over 3.5% in afternoon trade, the report relays.  The benchmark
Bovespa equities index (.BVSP) was off 1.1%, the report discloses.

                          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).


HIDROVIAS DO BRASIL: Moody's Lowers CFR to B1, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 Hidrovias
do Brasil S.A. (HBSA)'s corporate family rating and the senior
unsecured ratings of the notes issued by Hidrovias International
Finance S.a.r.l. due 2025 and 2031 and fully and unconditionally
guaranteed by HBSA and its fully-owned subsidiaries, except for the
bauxite operations subsidiaries (guarantor group). The outlook for
the ratings is stable.

Ratings downgraded:

Hidrovias do Brasil S.A.

Corporate Family Rating: to B1 from Ba3

Hidrovias International Finance S.a.r.l.

5.9500% Gtd senior unsecured notes due 2025: to B1 from Ba3

4.9500% Gtd senior unsecured notes due 2031: to B1 from Ba3

The outlook for the ratings is stable.

RATINGS RATIONALE

The downgrade of HBSA's ratings to B1 follows the company's
announcement on October 18th that it will raise BRL380 million in
new incentivized infrastructure debentures to fund investments at
the STS20 terminal at the Santos port, which will further delay
HBSA's deleveraging plans. The new debt adds to several setbacks
HBSA faced in the past few years that resulted into leverage
falling behind Moody's initial expectations, including (i) the
renegotiation of short-term take-or-pay volumes with COFCO in
2019-20; (ii) a contract cancellation with Mitsui in 2018; and
(iii) a severe drought in 2021 that is impairing river navigability
in the company's southern operations and reducing spot volumes due
to lower crop output in the northern operations. With the new debt
issuance, HBSA's adjusted gross leverage will hover around 4x-5x in
2022-24, compared to previous expectations of 3x-4x prior to the
issuance. In 2021, the company's gross leverage will remain
atypically high at 6x-6.5x, reflecting lower EBITDA coming from
operational issues caused by the drought and the impact of the
sharp depreciation of the Brazilian real in the company's unhedged
foreign currency debt.

HBSA's credit metrics will improve from the 2021 trough in the next
few years as the company benefits from the new contracts (namely
the Santos port and salt contracts), ramp-up of the existing
take-or-pay contracts, the additional EBITDA from the Imperial
acquisition and additional spot volumes from the solid medium-term
growth prospects of the northern operation, which will more than
compensate for the volume lost with the Mitsui contract
cancellation. However, until the company can increase EBITDA and
generate positive free cash flow sustainably, leverage will remain
high and execution risks on its expansion investments will
heighten. HBSA's expansion plans include BRL2.6-3 billion in total
investments until 2025, of which BRL900 million-BRL1 billion will
be spent in 2021. With the downward revision of the company's
EBITDA guidance to BRL630-710 million in 2021 from BRL800-880
million, the cash flow gap that HBSA will need to bridge to fund
investments with internal or external liquidity sources increased.

The cancellation of the contract with Mitsui slowed HBSA's
deleveraging process, but also brought BRL388 million in proceeds
from the legal compensation for the cancellation that were sitting
in the HBSA's cash position. In April 2021, HBSA announced the $85
million (BRL484 million) acquisition of some of Imperial Logistics
International B.V. & Co. KG ("Imperial")'s Paraguayan navigation
assets, which reduced its cash position to BRL534 million at the
end of second quarter of 2021 from BRL1.2 billion at the end of the
first quarter. Accordingly, HBSA's liquidity cushion to cover
expansion capex diminished and net leverage ratios -- which served
as a mitigant to the company's high gross leverage --
deteriorated.

HBSA's B1 ratings continue to be supported by the company's solid
business model, with about 70% of its revenue and EBITDA ensured by
long-term take-or-pay agreements with strong off-takers. The
agreements contain minimum volume guarantees and cost pass-through
clauses, which translate into predictable cash flow, high capacity
utilization rates and high operating margins for the company.
Moody's estimates that the existing agreements will bring around
BRL6.5 billion in EBITDA from 2021 until 2030, sufficient to cover
the company's total debt by 1.5x (pro forma for the new issuance),
and five out of the seven existing contracts — all except HBSA's
take-or-pay agreements with COFCO and Sodrugestvo in the south —
will remain valid during most of the tenor of the notes, maturing
after 2029.

The positive long-term outlook for agricultural production and
waterborne transportation in Brazil and Paraguay, and the strategic
location of HBSA's operations also support the ratings. The ratings
also incorporate HBSA's good liquidity profile and Moody's
expectation that HBSA's credit metrics will gradually improve from
2021's trough with the normalization of river navigability and
ramp-up of northern operations and new contracts.

The ratings are constrained by the company's current high gross
leverage and delays in deleverage over the past few years, short
track record of operations and its small size relative to its rated
peers. The high degree of product and geographic concentration also
constrains the ratings because it exposes the company to adverse
weather conditions that could limit agricultural production and
river navigability. There is also a high degree of client
concentration, although clients' good credit quality and history of
contract compliance mitigate any related risk. Finally, given that
the totality of HBSA's debt is indexed to the US dollar, the
company's gross leverage ratios are exposed to currency volatility
risk.

LIQUIDITY

HBSA has a good liquidity profile, with BRL534 million in cash at
the end of June 2021, well above its minimum requirements of around
BRL300 million, and only around BRL50-60 million in principal debt
maturities per year over the next four years. Pro forma to the new
issuance, the existing cash will continue to cover debt maturities
through 2025, as the new debentures will be amortized from 2028
onwards. In Moody's view, HBSA's cash position and comfortable debt
amortization schedule are key to mitigate operational and execution
risks on investments, and support the company's credit quality as
long as HBSA maintains a certain degree of financial discipline.

RATING OUTLOOK

The stable outlook incorporates Moody's expectations that HBSA's
credit metrics will gradually improve with operations performing in
line with the terms and conditions established by the existing
take-or-pay agreements, and that the company will prudently manage
its dividend distribution and future investments to preserve its
good liquidity profile.

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

An upgrade of HBSA's ratings could occur if the company is able to
reduce leverage sustainably, while maintaining its current business
model and profitability levels and generating stable cash flows on
a sustained basis. Quantitatively, a rating upgrade would require
the maintenance of adjusted leverage (measured as debt/EBITDA)
sustainably below 4x and interest coverage (measured by adjusted
FFO + interest/interest) above 3.5x. The maintenance of a strong
liquidity profile would also be necessary for an upgrade.

The ratings could be downgraded if HBSA's operating performance
remains weak, such that leverage remains high and liquidity
deteriorates without prospects for improvement. A deterioration in
the company's business profile because of the loss of any existing
take-or-pay agreement without a financial compensation or further
debt-financed expansions into the spot market would also put
negative pressure on the ratings. Quantitatively, a downgrade could
occur if leverage remains sustainably above 5x and interest
coverage below 2x. A deterioration in the company's liquidity
profile, stemming from large shareholder distribution or more
aggressive financial policies, would also result in a downgrade of
the ratings.

The principal methodology used in these ratings was Shipping
published in June 2021.

COMPANY PROFILE

Headquartered in Sao Paulo, Brazil, HBSA is South America's largest
independent provider of integrated logistics focused on waterway
transportation. The company's operations include shipping,
transshipment, storage and port services for dry bulk cargo,
including grains, iron ore, bauxite, fertilizers and pulp in the
Parana-Paraguay waterway and Amazon river systems. For the 12
months ended June 2021, the company generated BRL1.5 billion ($282
million) in revenue with an adjusted EBITDA margin of 43.9%, coming
mainly from shipping activities (80% of total) and other logistics
services (20%). The company's Northern operations, which comprise
mainly the transportation of grains represent around 56% of the
company's total EBITDA, followed by the Southern operations (35%)
and the Coastal Navigation operations (17%), which relate mainly to
iron ore and bauxite transportation, respectively. Around 60% of
the company's total revenue is generated in Brazil, with the
remaining 40% generated through hard currency contracts in Paraguay
and Uruguay.




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C O L O M B I A
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AVIANCA HOLDINGS: Plan Ruling Delayed Amid New Domicile
-------------------------------------------------------
CH-Aviation reports that a court decision on the bankruptcy exit
plan of Avianca Holdings has been postponed pending the receipt of
additional documentation, the airline group announced.

Judge Martin Glenn of the US Bankruptcy Court in the Southern
District of New York postponed an October 26, 2021 hearing, setting
a deadline for additional documentation to be submitted by 1700L
(2100Z) on October 28, 2021, Avianca Holdings said in a Securities
and Exchange Commission (SEC) filing. "The Company remains focused
on advancing its Chapter 11 process as efficiently as possible," it
said.

Avianca Holdings -- the parent of Colombia's Avianca Airlines (AV,
Bogota) -- is asking for the approval of a restructuring plan that
will reduce its debt by about USD3 billion, preserve more than
10,000 jobs, and transfer majority ownership to lenders and
noteholders. Creditors were asked to submit their votes on the plan
to the court by October 15.

According to the plan, Avianca Holdings will roll over USD1.6
billion of loans and raise USD200 million of new equity, reports
Bloomberg. Certain lenders and noteholders including United
Airlines and Kingsland Holdings - which is controlled by Salvadoran
mogul Roberto Jose Kriete Avila and Citadel LLC - will gain 72%
equity in exchange for cancelling more than USD900 million of
debt.

During the hearing, reports Bloomberg, the judge was displeased
that Avianca had not revealed earlier its intention to relocate its
legal domain from Colombia to the United Kingdom, and queried
whether another re-organisation was being considered under British
law.  If so, the new owners' capital would be protected under UK
corporate restructuring rules, Glenn remarked, whereas under the US
bankruptcy code, all creditors must receive full payment before
shareholders receive anything.

However, Avianca's lawyer Evan Fleck denied the company was
pursuing restructuring in the UK.  The decision to become a UK
corporate entity was made well after the reorganisation process, he
said.  Instead, he stated, the move was aimed at obtaining certain
tax benefits.  Avianca Holdings is based in Panama while Avianca
Airlines operates out of Colombia.

"The proposal to domicile the new holding company in the United
Kingdom is based on the fact that the rules and decisions of the
Chapter 11 process are recognized in said territory.  Consequently,
the new domicile does not imply any change in the operation or
presence of the airline in their respective jurisdictions," Avianca
clarified.

Avianca Holdings and certain of its subsidiaries and affiliates
filed voluntary petitions under Chapter 11 of the US Bankruptcy
Code on May 10, 2020, as Colombia and other South American
countries went into COVID-19 lockdown. Under an eight-year
financial forecast published in August, Avianca expects to post a
pre-tax profit in 2023.

                  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: To Become UK Company If U.S. Judge Approves Plan
------------------------------------------------------------------
Steven Church and Ezra Fieser of Bloomberg News report that should
Avianca Holdings SA win approval to exit bankruptcy, it will become
a U.K. incorporated company, a move that surprised the federal
judge overseeing the airline's reorganization in New York.

U.S. Bankruptcy Judge Martin Glenn said he was "unhappy" that the
proposed new corporate home of the company wasn't disclosed to the
public earlier. Judge Glenn asked several pointed questions about
whether the company is considering another reorganization under
U.K. laws.

The new owners would have an advantage if the company goes bankrupt
under U.K. business restructuring rules, Judge Glenn said.

On Aug. 10, 2021, the Debtors filed a plan of reorganization which
provides for, among other things, (a) the conversion of the
Aggregate Tranche B DIP  Obligations Amount into equity interests
of a new holding company of the reorganized Debtors ("Reorganized
AVH"), (b) an equity raise by Reorganized AVH in an aggregate
amount equal to $200,000,000, to be funded through  cash payments
by certain of the Supporting Tranche B Lenders, and (c) the issue
of certain "exit" notes in full and final settlement of Tranche A-1
DIP Facility Claims and Tranche A-2 DIP Facility Claims.

A copy of the Plan Supplement detailing the proposed transactions
prior to closing is available at:

https://www.kccllc.net/avianca/document/2011133211025000000000015

                  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: Updates Engine Loan Claims; Files Amended Plan
----------------------------------------------------------------
Avianca Holdings S.A., et al., submitted a Further Modified Joint
Chapter 11 Plan dated October 24, 2021.

The Modified Joint Plan discusses the alterations made to Class 3
which consists of all Engine Loan Claims.  The Engine Loan Claims
shall be Allowed in the aggregate amount of $52,226,711, plus
accrued and unpaid interest (at the revised non-default rate) and
all applicable fees, costs, expenses, and other amounts due under
the terms of the Engine Loan Agreement.

The Engine Loan Agreement will be amended as of the Effective Date
in accordance with an amendment to be included in the Plan
Supplement. Notwithstanding anything in this Plan to the contrary,
the Engine Loan Claims shall remain outstanding and be in full
force and effect as of the Effective Date under the amended Engine
Loan Agreement and are not satisfied, cancelled, extinguished,
discharged, or released by this Plan, the Confirmation Order, or
on
account of the Confirmation or Consummation of this Plan.

Class 21 consists of all Existing SAI Equity Interests.  Each
holder of an Allowed Existing SAI Equity Interest shall have its
Interest Reinstated. On the Effective Date, holders of Existing SAI
Equity Interests may receive payment of any accrued but unpaid
dividends on account of such Existing SAI Equity Interests.

         Delivery of Distributions on 2023 Notes Claims

Except as otherwise reasonably requested by the 2023 Notes
Indenture Trustee, all distributions to holders of Allowed 2023
Notes Claims shall be deemed completed when made to the 2023 Notes
Indenture Trustee.  The 2023 Notes Indenture Trustee shall hold or
direct such distributions for the benefit of the holders of Allowed
2023 Notes Claims. The 2023 Notes Indenture Trustee shall arrange
to deliver such distributions to or on behalf of its holders,
subject to the 2023 Notes Indenture Trustee's charging lien.

If the 2023 Notes Indenture Trustee is unable to make, or consents
to the Debtors or the Reorganized Debtors, as applicable, making
such distributions, the Debtors or the Reorganized Debtors, as
applicable, with the 2023 Notes Indenture Trustee's cooperation,
shall make such distributions to the extent practicable to do so;
provided, that until such distributions are made, the 2023 Notes
Indenture Trustee's charging lien shall attach to the property to
be distributed in the same manner as if such distributions were
made through the 2023 Notes Indenture Trustee. The 2023 Notes
Indenture Trustee shall have no duties or responsibility relating
to any form of distribution that is not DTC eligible, and the
Debtors or the Reorganized Debtors, as applicable, shall seek the
cooperation of DTC so that any distribution on account of an
Allowed 2023 Notes Claim that is held in the name of, or by a
nominee of, DTC shall be made through the facilities of DTC on the
Effective Date or as soon as practicable thereafter.

For the avoidance of doubt, nothing in the Plan or in the
Confirmation Order shall alter, modify, prejudice, or impair in any
respect the First Stipulation and Order Between Debtors and Finance
Parties Concerning Certain Collateral (as amended, restated,
modified, and/or supplemented from time to  time, including as
supplemented by the Supplemental First Stipulation and Order
Between Debtors and Finance Parties Concerning Certain Collateral,
the "Adequate Protection Stipulation"), including without
limitation, the rights of Wilmington Savings Fund Society, FSB
("WSFS"), as the Applicable Authorized Representative under the
Collateral Sharing Agreement dated as of November 1, 2019, among
Avianca Holdings S.A., the other grantors party thereto, Wilmington
Savings Fund Society FSB, as Trustee for the First Lien Secured
Parties and each other Authorized Representative from time to time
party to the CSA, as amended, joined, supplemented or otherwise
modified from time to time (the "CSA"), to apply amounts held in
connection with the Adequate Protection Stipulation to the payment
of the fees, expenses, and costs of WSFS and its advisors, Pryor
Cashman LLP and Paul Hastings LLP.

Following the payment in full of the fees, expenses and costs of
WSFS and its advisors, WSFS is authorized to distribute any
remaining amounts held by WSFS in connection with the Adequate
Protection Stipulation, pro rata, in accordance with the CSA to (i)
the 2023 Notes Indenture Trustee, for further distribution to
holders of record of the 2023 Notes as of August 11, 2020; (ii)
Citibank, N.A., as Authorized Representative under the CSA; and
(iii) Banco de Bogota S.A. New York Agency, as Authorized
Representative under the CSA, for further distribution in
accordance with the terms of the applicable Secured Credit Document
(as defined in the CSA).

Notwithstanding any provision in the Plan to the contrary, the
Debtors or the Reorganized Debtors shall promptly pay in Cash in
full on the Effective Date, or as reasonably practicable
thereafter, all accrued and unpaid reasonable and documented 2023
Notes Indenture Trustee Claims incurred up to the Effective Date
without (i) any reduction to recoveries of the holders of 2023
Notes Claims; (ii) any requirement to file a fee application with
the Bankruptcy Court, (iii) the need for itemized time detail, or
(iv) any requirement for Bankruptcy Court review.

"Chubb Insurance Program" means any insurance policies that have
been issued by ACE American Insurance Company, Federal Insurance
Company, Chubb INA International Holdings Ltd., and each of their
affiliates and successors to any of the Debtors (or their
predecessors) at any time, and all agreements, documents, or
instruments relating thereto. The Chubb Insurance Program shall not
include surety bonds, surety guaranties, or surety-related
products.

"Claims Bar Date Order" means the Order (I) Establishing Bar Dates
for Filing Proofs of Claim, (II) Approving Proof of Claim Forms,
Bar Date Notices, and Mailing and Publication Procedures, (III)
Implementing Uniform Procedures Regarding 503(b)(9) Claims, and
(IV) Providing Certain Supplemental Relief.

"Eligible Holder" means a holder of an Allowed General Unsecured
Avianca Claim that is eligible to hold the New Common Equity and
the Warrants under any applicable non-bankruptcy law that is not
exempted by section 1145 of the Bankruptcy Code.

"Engine Loan Amendment" means the proposed amendment to the Engine
Loan Documents, which shall be included in the Plan Supplement.

"Ineligible Holder" means a holder of an Allowed General Unsecured
Avianca Claim that is ineligible to hold the New Common Equity and
the Warrants under any applicable non-bankruptcy law that is not
exempted by section 1145 of the Bankruptcy Code.

A copy of the Modified Joint Plan dated October 24, 2021, is
available at https://bit.ly/2Zw7cNc from Kccllc, the claims agent.

Counsel for the Debtors:

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

           - and -

     Gregory A. Bray
     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.




=============
J A M A I C A
=============

JAMAICA: Lukewarm Response From Small Business Association
----------------------------------------------------------
RJR News reports that there has been a lukewarm response from the
Small Business Association of  Jamaica to the new curfew hours.

Member of  the Association, Hugh Johnson, told the Financial Report
that the revision has come too late for the sector which is on the
verge of  collapse, according to RJR News.

"We welcome any improvement in doing business but as it is now, we
need an injection from the state to help those businesses to start
because they are on their knees and even with the extended hours -
I am not sure how that is going to pan out. Everyone is now
hustling - we need some serious grants to businesses to get them
back in operation," he said, the report notes.

According to the latest business and consumer survey, fewer
households are receiving remittances, the report discloses.

It has declined to the lowest since data collection started in
2010, the report relays.

Head of  Market Research Limited Don Anderson, outlined the data up
to the end of  September, the report says.

"To date, we have recorded the lowest instances of remittances for
Jamaican households - it may not translate in terms of inflows from
different sources, the report relays.  What it is saying is that
fewer persons are now saying that they are receiving remittances -
21 percent when compared to the high of 28 percent in 2016," said
Anderson who was speaking at a media briefing, the report adds.

                       About Jamaica

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

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

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

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




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

GRUPO POSADAS: Moody's Withdraws 'Ca' CFR on Bankruptcy Filing
--------------------------------------------------------------
Moody's Investors Service has withdrawn Grupo Posadas S.A.B. de
C.V.'s Ca Corporate Family Rating and senior unsecured notes
ratings and negative outlook following the filing of pre-packaged
Chapter 11 financial reorganization process.

RATING RATIONALE

Moody's has decided to withdraw the ratings based on Grupo Posadas'
announcement that the company has filed for protection under the
Chapter 11 the of United States Bankruptcy Code after its business
was hit by the global coronavirus pandemic.

On October 26, 2021, the company announced that it voluntarily
filed a petition for reorganization under Chapter 11 of the US
Bankruptcy Code. Posadas expects to reorganize via a proposed
pre-packaged debt restructuring plan that will reduce its debt
service cost and will extend the maturity of its senior notes in
more than five years. The pre-agreed restructuring procedure is
expected to be completed in 60 days since the agreement is with a
majority of bondholders. Under the current proposal, Posadas will
execute a debt exchange of its existing senior notes for new
secured senior notes that will benefit from real estate assets and
receivable pledges. The rest of the company's commitments --
including account payables to suppliers -- will not be part of the
restructure. Posadas continues to operate on a regular basis using
cash generated through its ongoing business to meet the regular
course of business obligations and has added standard petitions
within its Chapter 11 filing to back regular operation payments
during the restructure including wages and benefits to their
partners under its loyalty and time share programs.

COMPANY PROFILE

Grupo Posadas is the leading hotel operator in Mexico that 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 trades in the Mexican Stock Exchange
since 1992.


MEXICO: Businessmen Defend Investments After President's Remarks
----------------------------------------------------------------
EFE News reports that Mexico's Business Coordinating Council (CCE),
representing the business community in the country, defended its
investments in the electricity field after President Andres Manuel
Lopez Obrador accused several companies of trying to seize control
over the market.

The CCE said in a statement that in recent decades, the Mexican
private sector has followed the government's guidelines concerning
investments in the electricity sector in all respects, according to
EFE News.




=====================
P U E R T O   R I C O
=====================

PUERTO RICO: Debt Restructuring At Risk Amid Uncertainty Over Bill
------------------------------------------------------------------
Maria Chutchian at Reuters reports that Puerto Rico could see its
four-year financial restructuring process thrown out of court
without a resolution if the island's lawmakers do not approve
legislation that would enable a plan to adjust $35 billion in debt
to proceed.

U.S. District Judge Laura Taylor Swain, who has been overseeing
Puerto Rico's bankruptcy, said at a hearing she would consider
dismissing the entire case, known as a Title III proceeding, if the
plan falls apart, according to Reuters.  Its future became unclear
after Puerto Rico's Senate failed to approve legislation by Oct. 22
to authorize the issuance of new bonds, which is critical to the
plan, the report notes.

The federally appointed board tasked with overseeing Puerto Rico's
economic recovery process was set to present its proposed debt
adjustment plan, which would reduce Puerto Rico's $35 billion in
public debt to $7.4 billion, for court approval at a hearing
beginning Nov. 8. That timeline is now at risk because of the
Senate's failure to meet the deadline, the report relays.

The Senate will return from recess and lawmakers are working on
amendments that could push the bill forward soon, according to
court filings, the report discloses.

Meanwhile, lawyers for the oversight board and Puerto Rico's
government will resume confidential mediation to discuss ways to
keep the plan alive, the report says.

A mediator will file a report on Nov. 2 on whether the plan can
move forward, the report relays.  If the mediator does not believe
it can, the oversight board will tell the court by Nov. 4 whether
it thinks the plan can be approved without the legislation or
present any alternative measures it thinks would be appropriate,
the report relays.

The judge said that if the board decides the plan cannot move
forward, she may consider dismissing the case, the report notes.

The commonwealth has spent nearly $1 billion on legal fees during
the case, according to court papers, the report adds.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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