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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

          Thursday, November 4, 2021, Vol. 22, No. 215

                           Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Results of Exchange Offer of 2027 Notes


B R A Z I L

BRAZIL: Foreigners Stay Away From Domestic Assets, Economists Say
BRAZIL: Sao Paulo Stock Market Falls 6.7% in October


C H I L E

LATAM AIRLINES: Agrees to Ch. 11 Plan Mediation, Financing Talks


C O L O M B I A

COLOMBIA: IDB OKs $30MM Loan for Comptroller's Office


M E X I C O

GRUPO AXO: Fitch Affirms 'BB' LT IDRs & Alters Outlook to Stable


P E R U

PERU: To Shore Up Fiscal Sustainability with $500 Million IDB Loan


P U E R T O   R I C O

REMLIW INC: Nov. 17 Disclosure Statement Hearing Set


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: $112.2 Million Payment for NIF Bond Holders

                           - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Results of Exchange Offer of 2027 Notes
--------------------------------------------------------------
Aeropuertos Argentina 2000 S.A. announced the expiration and final
results of its previously announced offer to exchange (the
"Exchange Offer") any and all of its outstanding 6.875% Senior
Secured Notes due 2027 issued on February 6, 2017 (CUSIP: 00786P
AC8 / P0092M AE3; ISIN: US00786PAC86/ USP0092MAE32) (the "Series
2017 Notes") and its outstanding 6.875% Cash/9.375% PIK Class I
Series 2020 Additional Senior Secured Notes due 2027 issued on May
20, 2020 (CUSIP: 00786P AD6 / P0092M AF0; ISIN: US00786PAD69 /
USP0092MAF07) (the "Series 2020 Notes" and, together with the
Series 2017 Notes, the "Existing Notes") for newly issued 8.500%
Class I Series 2021 Additional Senior Secured Notes due 2031 (the
"Series 2021 Notes") and solicitation of consents (the "Consents")
to certain proposed amendments to the indenture governing the
Existing Notes as described in the Exchange Offer Memorandum dated
September 28, 2021 (the "Exchange Offer Memorandum").  Capitalized
terms used but not defined in this press release have the
respective meanings given to them in the Exchange Offer Memorandum.


As of 11:59 p.m. (New York City time) on October 26, 2021 (the
"Expiration Deadline"), (i) U.S.  $13,060,000 aggregate original
principal amount of Series 2017 Notes, representing approximately
24.61% of the total original principal amount of the Series 2017
Notes, and (ii) U.S. $218,151,768 aggregate original principal
amount of Series 2020 Notes, representing approximately 66.83% of
the total original principal amount of the Series 2020 Notes, had
been validly tendered for exchange and not validly withdrawn, as
confirmed by the Exchange and Information Agent for the Exchange
Offer.

All Existing Notes tendered on or before the Expiration Deadline
have been accepted by the Company and will receive U.S. $1,000
principal amount of Series 2021 Notes per each U.S. $1,000 of
outstanding original principal amount of Existing Notes validly
tendered, plus accrued and unpaid interest on such Existing Notes
from, and including, the most recent date on which interest was
paid to, but not including, the Settlement Date.

In addition, the Company has obtained the requisite Consents to
effect certain proposed amendments to the indenture governing the
Existing Notes to provide for the issuance of the Series 2021 Notes
as additional notes under such indenture and to eliminate
substantially all of the restrictive covenants and events of
default and related provisions with respect to the Series 2020
Notes. Such amendments will become operative upon consummation of
the Exchange Offer.

The Exchange Offer and Consent Solicitation were conditioned on:
(a) the non-occurrence of an event or events or the likely
non-occurrence of an event or events that would or might reasonably
be expected to prohibit, restrict or delay the consummation of the
Exchange Offer or materially impair the contemplated benefits to us
of the Exchange Offer, (b) obtaining the approval of the ORSNA with
respect to the Existing Collateral and the Additional Collateral
(the "ORSNA Approval Condition"), (c) amendment of the Existing
Loans in order to: (i) refinance the Existing Loans to grant a
grace period for amortization of principal; (ii) unify and
consolidate each of the 2020 First Bilateral Loan, the 2021 First
Bilateral Loans and the 2021 Second Bilateral Loans in one loan
with each of the relevant lenders; (iii) amend the Cargo Trust to
include holders of the Series 2021 Additional Notes, as
beneficiaries therein, subordinated to the Existing Loans,
Mandatory Capex Debt and New Money Debt, of such Cargo Trust, which
underlying assets are the Transferred Cargo Fees, the Transferred
Residual Termination Rights and the Residual Tariff Trust Rights;
and (iv) allow the incurrence of debt under the Mandatory Capex
Debt (the "Existing Loans Condition"), and (d) the tender by, and
the receipt of the Proxy Documents from, Eligible Holders
representing at least 75% of the aggregate principal amount of the
aggregate Existing Notes outstanding as of the Expiration Deadline
(the "Minimum Exchange Amount Condition").

The Existing Loans Condition was satisfied on October 26, 2021,
through the execution of a framework refinancing agreement entered
into by and among the Company, the branch of Citibank N.A.
established in the Republic of Argentina, Industrial and Commercial
Bank of China (Argentina) S.A.U., Banco Galicia y Buenos Aires
S.A.U. and Banco Santander Río S.A.

The ORSNA Approval Condition was satisfied on October 15, 2021. On
such date, ORSNA issued Resolution No. 66/2021 pursuant to which
(i) the collateral assignment of revenue under the Existing Notes
was extended to the Series 2021 Additional Notes in equal terms;
and (ii) the Additional Collateral was approved.

The Minimum Exchange Amount Condition is hereby waived by the
Company, given that all the other conditions required to consummate
the Exchange Offer have been satisfied. Accordingly, the Settlement
Date is expected to be on or about October 28, 2021, on which date
the Company will issue U.S. $208,949,631 aggregate principal amount
of Series 2021 Notes.   

The Exchange Offer was made, and the Series 2021 Notes were
offered, only (a) in the United States to holders of Existing Notes
who are "qualified institutional buyers" (as defined in Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act")) in reliance upon the exemption from the registration
requirements of the Securities Act, and (b) outside the United
States to holders of Existing Notes who are persons other than
"U.S. persons" (as defined in Rule 902 under the Securities Act) in
reliance upon Regulation S under the Securities Act and who are
non-U.S. qualified offerees.

This press release does not constitute an offer to exchange the
Existing Notes. There shall not be any offer to exchange Existing
Notes, exchange of Existing Notes or issuance of Series 2021 Notes
in any jurisdiction in which such offer to exchange, exchange or
issuance would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The Series 2021 Notes will not be registered under the Securities
Act or the securities laws of any state and may not be offered or
sold in the United States absent registration or an exemption from
the registration requirements of the Securities Act and applicable
state securities laws.




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B R A Z I L
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BRAZIL: Foreigners Stay Away From Domestic Assets, Economists Say
-----------------------------------------------------------------
Rio Times Online reports that although the prices in U.S. dollars
of Brazilian assets now seem attractive, the willingness for
foreign capital to invest in the stock market or fixed income here
is low.

After the widespread stress with the declared hole in the spending
cap, the balance between risk and return discourages the evaluation
of local opportunities, according to specialists who participated
in the panel "Inside the mind of foreign investors: what they think
of Brazil and emerging markets", at the Anbima Summit, according to
Rio Times Online.

With no adjustment in sight on the expenditure side, it is feared
that Brazil will have to cope with an even higher tax burden, the
new relays.

                         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: Sao Paulo Stock Market Falls 6.7% in October
----------------------------------------------------
RJR News reports that the Sao Paulo stock exchange registered a
cumulative fall of 6.7% in October, the worst monthly result of the
year, amid doubts about the economic policy of Jair Bolsonaro's
government and his intention to relax fiscal rules to increase
social spending.

The Ibovespa, the benchmark index of the trading floor, lost 2.09%
end of October and closed at 103,500 points to mark the fourth
consecutive session in the red, with a weekly decline of 2.63%,
according to preliminary results at the end of the day, according
to RJR News.

The most traded shares were those of Petrobras, the state-owned oil
company, which fell between 6 and 6.5%, and the mining giant Vale,
which fell 2.8%, the report adds.

                       About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).




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C H I L E
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LATAM AIRLINES: Agrees to Ch. 11 Plan Mediation, Financing Talks
----------------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt air carrier LATAM
Airlines Group SA told a New York bankruptcy judge
that it had reached a deal with unsecured creditors to participate
in mediation to gain another month of exclusive rights to file a
Chapter 11 plan as it seeks to work out issues regarding the plan
and potential exit financing.

During a virtual hearing, debtor attorney Lisa M. Shweitzer of
Cleary Gottlieb Steen & Hamilton LLP said LATAM had been making
progress on a plan structure in recent weeks but had not yet
arrived at an agreeable proposal and needed the extra time to
finalize a plan.

                    About LATAM Airlines Group

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

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

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

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

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

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

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

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

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




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

COLOMBIA: IDB OKs $30MM Loan for Comptroller's Office
-----------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $30
million loan to finance the digital transformation of the Office of
the Comptroller General of the Republic of Colombia (CGR). The
operation seeks to boost both the CGR's effectiveness in the
exercise of oversight and opportunities for citizen participation.

The program will support a number of activities aimed at improving
CGR productivity, including development and implementation of a
digital transformation strategy and of a data governance model, and
setting standards enabling data disaggregation based on gender and
diversity of indigenous peoples, Afro-Colombians, persons with
disabilities, and other diverse populations.

It will also strengthen the CGR's ability to conduct more effective
oversight by adopting digital tools, including implementing a
system for monitoring, tracking, control, and evaluation of the
fiscal oversight cycle for decision-making; developing a
georeferenced map for fiscal oversight; and implementing mechanisms
for remote fiscal oversight.

The program will also include the design and implementation of an
inclusive strategy for citizen services, relationship building, and
participation to close gender and diversity gaps; the adoption of a
methodology to audit Sustainable Development Goals compliance; and
the design and implementation of a strategy to strengthen integrity
control, among other actions.

The main beneficiaries will be citizens at large, who stand to gain
from the savings generated by more timely and effective CGR
interventions in the fiscal oversight cycle, as well as from more
opportunities to participate in this cycle. In particular,
beneficiaries will include women, indigenous peoples,
Afro-Colombians, persons with disabilities, and other diverse
populations.

Other beneficiaries will include entities subject to oversight,
which will be able to use their resources more efficiently, and
national and subnational public entities, which will benefit from
the exercise of improved fiscal oversight.  

This operation is in line with Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, created by the IDB to achieve
recovery and inclusive growth in Latin America and the Caribbean in
the areas of digital economy, gender and inclusion, and climate
change.

The $30 million IDB loan is for a 24-year term, with a six and a
half year grace period.




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

GRUPO AXO: Fitch Affirms 'BB' LT IDRs & Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Grupo AXO, S.A.P.I. de C.V.'s (Axo)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB', National Scale Long-Term rating at 'A(mex)' and National
Scale Short-Term rating at 'F1(mex)'. The Rating Outlook has been
revised to Stable from Negative.

The Stable Outlook reflects Axo's consistent financial results and
credit metrics in 2021, and Fitch's expectation that this trend
will continue in the following 18 to 24 months. Fitch projects the
company's revenues and EBITDA will be above its pre-pandemic levels
by 2022, and its total adjusted debt to EBITDAR (pre IFRS 16) will
strengthen below 4.5x over the rating horizon.

Axo's ratings reflect its position as one of Mexico's main apparel
operators, supported by a diversified portfolio of well-known
brands divided into three business segments: full-price, off-price
(including digital platform) and sneakers and athletics. The
ratings also consider the company's long-term relationships with
suppliers and real estate developers, as well as its track record
and market understanding.

KEY RATING DRIVERS

Post-Pandemic Recovery: Axo's revenues and profitability have
gradually recovered, which is projected to continue. The company's
accumulated revenues as of September 2021 increased 32% compared to
last year when the pandemic had the highest impact on its
operations. Revenues increase was mainly driven by a combination of
more retail stores opened and higher traffic across its segments of
full price, off price, and sneakers and athletics. Fitch projects
Axo's revenues will increase around 25% in 2021 and 28% in 2022.

In addition, during the nine months ended September 2021, the
company's EBITDA (pre IFRS 16) reached approximately MXN1.2
billion, after having only MXN3.5 million in the same period of
2020. Fitch expects EBITDA will be around MXN1.9 billion by 2021
and then will increase to about MXN2.5 billion by 2022.

CFFO to Bolster: Fitch expects Axo's cash flow from operations
(CFFO) to strengthen and show more stability in the upcoming years.
During 2020, the company executed initiatives to mitigate the
effects of the challenging operating environment on its financial
profile. Some of these initiatives included capex reduction,
operating efficiencies and inventory management, which resulted in
a positive FCF during 2020. Starting 2022 and going forward, Axo's
CFFO will be close to MXN1 billion, which is sufficient to cover an
average capex of MXN840 million per year projected for 2021 to
2024. The company's FCF is expected to become positive in the mid
to long term.

Improving Leverage Metrics: Fitch projects Axo's lease adjusted
gross leverage metric to continue strengthening in the next 18 to
24 months. The expected recovery of EBITDA generation and the
maintenance of debt levels at around MXN8.3 billion will result in
total adjusted debt to EBITDAR (pre IFRS 16) of around 4.2x by year
end 2022. Further deleverage should continue in the absence of
major investments or debt funded mergers and acquisitions. For the
last 12 months as of Sept. 30, 2021, Axo's total adjusted debt to
EBITDAR, as calculated by Fitch, was 4.9x. This level compares
favorably with 7.5x at YE 2020, which was impacted by pandemic
disruptions.

Strong Brand Portfolio: Axo is one of the main operators of
apparel, accessories and personal care products in Mexico,
operating 30 brands. It has the exclusive rights to commercialize
internationally recognized brands products in the country. Its
ample portfolio of brands has allowed it to achieve economies of
scale in logistics, and has given it a competitive advantage with
shopping malls developers compared to peers. The company has been
diversifying its revenues in terms of brands. As of December 2020,
the most important brand in its portfolio represented less than 15%
of consolidated revenues, while in 2014 one single brand
represented close to 50% of total revenues.

Balanced Format Diversification: Axo maintains a diversified
revenue base, which mitigates any downturn or secular trend
affecting a specific segment. Full price is expected to account
close to 44% of 2021 consolidated revenues, off-price including
digital close to 39% and the rest by sneakers and athletics. The
company commercializes different product categories and operates
various store formats to meet different socioeconomic segments.
This mitigates risks associated to a specific brand, product
category and store format. During 2020, most of Axo's physical
stores were affected by mandatory government lockdowns. However,
Privalia, its off-price marketplace showed outstanding results and
grew nearby 45% in revenues, being the most resilient format for
Axo during the pandemic.

Acquisitions have been Credit Neutral: Axo's ratings incorporate
its growth strategy through acquisitions funded with a combination
of debt and capital increases. The company's portfolio has evolved
via acquisitions and strategic partnerships, which have
strengthened the business and diversified operating cash flows by
getting access to markets with significant growth potential.
Despite being funded with a mix of debt and equity, some of these
transactions have placed some pressure on credit metrics during the
first year of being acquired.

Multibrand acquisition in 2015 increased Axo's market to the
lower-middle segments of the population and added the off-price
channel. The Tennix acquisition in 2018 allowed Axo to increase its
product offering by adding on the athletic category. In addition,
Privalia's acquisition in 2019 strengthened Axo's omnichannel
strategy, provided an innovative sales channel and gave the company
more insight into its customer base.

DERIVATION SUMMARY

Axo is one of the most important apparel retailers in Mexico with a
diversified portfolio of recognized brands, Axo has less scale and
is less geographically diversified than peers, such as Capri
Holdings Ltd. (BBB-/Stable) and Levi's Strauss (BB+/Stable).
However, the company's revenues are more diversified in terms of
brands, product categories and store formats than the rest of its
peers.

Similar to Capri, Axo has made acquisitions in recent years seeking
to reduce its reliance on a few brands and diversify into other
product categories and segments of the population. However,
different from Capri, Axo's acquisitions have shown better
operating performances, and have reinforced Axo's market share in
Mexico.

Retailers' adjusted leverage metrics were impacted in 2020 by
pandemic-related disruptions but have have gradually recovered in
2021. Deleveraging for Axo is supported by a sustained
profitability recovery that will result in gross adjusted leverage
close to 4x by 2022-2023. Fitch expects adjusted leverage to be
around the low-3x for Capri, and close to the mid-3.0x for Levi's
in the following two years.

KEY ASSUMPTIONS

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

-- Revenue growth of 25% in 2021, 28% in 2022 and 15% in average
    per year during 2023 and 2024;

-- EBITDAR margin (pre IFRS 16) of 18.4% in average per year
    during 2021 to 2024;

-- CFO around MXN1 billion per year since 2022;

-- Capex of MXN840 million per year in average for 2021 to 2024;

-- Dividend payments of MXN85 million per year in average since
    2022;

-- FCF positive for the next four years;

-- Hypothetical acquisition in 2022.

RATING SENSITIVITIES

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

-- Consistent positive FCF generation;

-- Consistent track record of maintaining on a sustained basis an
    adjusted leverage measured as total adjusted debt to EBITDAR
    below 3.5x;

-- Strong liquidity profile.

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

-- Further contingency measures that affects Axo's financial
    performance beyond Fitch's expectations;

-- Adjusted leverage consistently higher than 4.5x;

-- Significant decline in market share;

-- M&A activity funded entirely with debt and not performing as
    expected;

-- Sustained negative FFL that is not partially or fully
    compensated with equity contributions;

-- Weakened liquidity and financial flexibility.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity. As of Sept. 30, 2021, the company had available
cash for MXN3.4 billion and short-term maturities for MXN131
million. In addition, after refinancing its total debt in 2Q21, the
company improved its financial flexibility and has a comfortable
debt amortization profile with maturities of MXN7.9 billion due in
2026, out of which MXN1.6 billion are related to local issuances
and MXN6.2 billion to senior notes.

ISSUER PROFILE

Grupo Axo is the largest multi brand fashion retailer & wholesaler
in the country Mexico with presence in three business segments:
full price, off price (includes digital), and sneakers and
sthletics.

ESG CONSIDERATIONS

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




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P E R U
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PERU: To Shore Up Fiscal Sustainability with $500 Million IDB Loan
------------------------------------------------------------------
Peru will strengthen its fiscal management sustainability to foster
economic recovery in the post-pandemic era with help from a $500
million loan from the Inter-American Development Bank (IDB).

The loan, the first of two consecutive operations, will support the
implementation of reforms aimed at boosting tax collection,
bolstering public investment quality to encourage economic and
fiscal recovery, and improving the effectiveness of public
spending.

The operation will support measures to strengthen fiscal rules that
promote transparency and a sustainable fiscal framework. In line
with this fiscal discipline goal, the project includes the approval
of legal regulations designed to increase tax revenues, provide
temporary tax relief to businesses, and increase the tax system's
transparency.

To improve public spending management, this operation will support
the adoption of rules to strengthen and streamline public spending
management and to optimize investment resource allocation to
regional governments.

It will also promote the participation of women-led companies in
the public procurement market; provisions for managing
ecoefficiency in public administration agencies; and rules to
improve scrutiny of public spending on gender equality and climate
change.

The $500 million IDB loan is for a 20-year term and carries an
interest rate based on LIBOR.




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

REMLIW INC: Nov. 17 Disclosure Statement Hearing Set
----------------------------------------------------
Judge Edward A. Godoy has entered an order within which Nov. 17,
2021 at 1:30 p.m., via Microsoft Teams is the hearing on approval
of the Disclosure Statement of Remliw Inc. and Monte Idilio Inc.

In addition, objections to the form and content of the Disclosure
Statement should be in writing and filed with the court and served
upon parties in interest 14 days prior to the hearing.

A copy of the order dated Oct. 21, 2021, is available at
https://bit.ly/3vFJtFY from PacerMonitor.com at no charge.

                         About Remliw, Inc.

Remliw Inc. is a privately held company, which owns a motel located
at Carr 639 Km 2.1 Arecibo, Puerto Rico.

Remliw Inc. filed a voluntary Chapter 11 petition (Bankr. D.P.R.
Case No. 19-01179) on March 2, 2019.  In the petition signed by
Wilmer Tacoronte Negron, administrator, the Debtor disclosed
$2,776,090 in total liabilities.  Damaris Quinones Vargas, Esq., at
LCDA Damaris Quinones, is the Debtor's counsel.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: $112.2 Million Payment for NIF Bond Holders
--------------------------------------------------------------
Trinidad Express reports that the National Investment Fund Holding
Company (NIF) Ltd made its sixth coupon payment of $112.2 million
to bond holders on August 9 on the three series of its $4 billion
bond, the company has announced.

This brought total interest distribution to $673.2 million,
according to Trinidad Express.

The seventh coupon payment is scheduled for February 9, 2022, NIF
said in a statement obtained by the news agency.

Director Jennifer Lutchman said: "Our investee companies have
continued to navigate successfully the challenges brought about by
the Covid-19 pandemic, according to Trinidad Express.

The report discloses that "recently, two of our investee companies
recorded significant improvement in earnings:

I) Angostura Holdings Ltd $73.9 million in profit-before-tax for
the six-months period ended June 30, 2021, a 20.2 per cent
increase; and

II) Republic Financial Holdings Ltd profits-before-tax of $1.515
billion for the nine months ended June 30, 2021, an increase of
26.3 per cent."

Lutchman said: "Our investment portfolio currently stands at $9.99
billion which reflected an increase of $2 billion or 25 per cent
since its establishment in mid-2018," the report relays.

NIF was created by its sole shareholder, the Government, to hold
five assets, the report notes.

These assets were received by Government as proceeds from the
shareholding of certain assets of CLICO (under supervision of the
Central Bank) and CLICO Investment Bank, as well as an appropriate
shareholding of Trinidad Generation Unlimited owned by Government,
the report notes.

Since 2009, Government has sought to recover funds owed to it
arising from the bailout of CLICO and CIB which resulted in CLICO
and CIB transferring certain assets held by them to Government,
some of which, in addition to the shareholding of TGU, were
transferred to NIF, the company says on its website, the report
says.

These five assets are shares of: Republic Financial Holdings Ltd,
One Caribbean Media Ltd, West Indian Tobacco Company Ltd, Angostura
Holdings Ltd and Trinidad Generation Unlimited, the report relays.

The company was incorporated on May 29, 2018 by Corporation Sole
for the purpose of holding and monetising assets transferred by
Government in repayment of the debt due to it by CLICO and CIB, the
report notes.

A decision was then made to float the bond over July 12-August 9,
2018 with the objective of raising $4 billion, the report adds.



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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
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Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
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