/raid1/www/Hosts/bankrupt/TCRLA_Public/220120.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

          Thursday, January 20, 2022, Vol. 23, No. 9

                           Headlines



C H I L E

LATAM AIRLINES: Citibank Says RCF May Be Impaired in Plan


C O L O M B I A

PACIFICO TRES: Fitch Affirms BB+ Rating on US$260.4MM Bonds


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Get US$68.9B in Remittances in 2010 to 2021


G R E N A D A

GRENADA: Economy is Gradually Recovering From Pandemic, IMF Says


G U Y A N A

GUYANA: Small Businesses Hit Hard by COVID-19 Cases


M E X I C O

GRUPO AEROMEXICO: Airline, Invictus Given Few Days to Reach Deal
GRUPO AEROMEXICO: Says Creditors Approved Its Restructuring Plan
GRUPO AEROMEXICO: Traffic Reaches Highest Post-Pandemic Level
JAVER SAB: Fitch Raises IDRs to 'BB-', Outlook Stable


P A R A G U A Y

PARAGUAY: Products Will Benefit From Zero Tariffs in Taiwan Trade


X X X X X X X X

LATAM: More Trust to Power Stronger Recovery in Region, IDB Says

                           - - - - -


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C H I L E
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LATAM AIRLINES: Citibank Says RCF May Be Impaired in Plan
---------------------------------------------------------
Citibank, N.A., as the administrative agent under the secured
revolving credit and guaranty agreement (the "RCF Agreement") with
LATAM Airlines Group S.A., filed a limited objection and
reservation of rights in connection with the Joint Plan of
Reorganization of LATAM Airlines Group S.A., et al. and the
explanatory Disclosure Statement.

Among the issues the Agent has raised is the fact that, while the
Plan provides that the RCF Agreement may be "refinanced or amended
and extended" pursuant to not-yet-disclosed terms, the RCF Claims
are listed as "unimpaired."  As a result, the RCF Secured Parties
are presumed to accept the Plan and are not given the right to
vote.  Clearly, if the RCF Claims are not repaid in full in cash,
and, instead, the RCF Agreement is amended or extended, the RCF
Claims would be impaired.  In fact, given that the allowed amount
of the RCF Claims has not yet been settled or determined, even cash
payment may result in impairment to the extent that any of the
legal, equitable, or contractual rights of the RCF Secured Parties
under applicable non-bankruptcy law would be altered or otherwise
not respected under the Plan.

The Agent submits that, if the RCF Secured Parties are not given
the right to vote on the Plan, the Debtors' option to amend or
extend the RCF Agreement (or otherwise refinance the facility
without paying the RCF Claims in full in cash) must be removed from
the Plan.

Counsel to Citibank, N.A., as RCF Administrative Agent:

     Tyson M. Lomazow, Esq.
     Eric K. Stodola, Esq.
     Andrew C. Harmeyer, Esq.
     MILBANK LLP
     55 Hudson Yards
     New York, New York 10001
     Telephone: (212) 530-5000
     Facsimile: (212) 530-5219

                    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 are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker.  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 for
the ad hoc committee of shareholders.




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C O L O M B I A
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PACIFICO TRES: Fitch Affirms BB+ Rating on US$260.4MM Bonds
-----------------------------------------------------------
Fitch Ratings affirmed the following ratings of Fideicomiso P.A.
Pacifico Tres (Pacifico) and removed them from Rating Watch
Negative (RWN):

-- USD260.4 million USD bonds at 'BB+';

-- COP397,000 million UVR bonds at 'BB+' and 'AA+(col)';

-- COP300,000 million UVR loan at 'BB+' and 'AA+(col)';

-- COP450,000 million COP Loan A at 'AA+(col)';

-- COP150,000 million COP Loan B at 'AA+(col)'.

The Rating Outlook is Stable.

RATING RATIONALE

The removal of the Watch Negative reflects Fitch's alleviated
concerns around the project's ability to meet its
construction-related, operational and financial obligations under
the concession agreement and financing documents. The latter as a
result of the resuming of debt disbursements, which was possible
due to the launch of a remediation plan to modify the financing
documents. The modification of the documents was agreed to be the
condition for the disbursements and considered a covenant breach if
there is a formal accusation on Constructora Meco, S.A. (Meco), one
of the project shareholders, with respect to an alleged corruption
investigation. The suspension of debt disbursements had been
triggered due to this investigation.

Additionally, the project received the trapped revenues associated
to the completion of works in UF2 on Dec. 15, 2021.

The ratings are based on the adequate mitigation of the project's
exposure to completion risk and low revenue risk due to the
existence of traffic top-ups and grantor payments, a strong debt
structure, characterized by several prefunded reserve accounts,
distribution tests, a cash sweep mechanism and robust liquidity
mechanisms. Under Fitch's rating case, Pacifico presents a loan
life coverage ratio (LLCR) of 1.5x, which is robust for the rating
category according to applicable criteria and revenue profile, but
is limited to the credit quality of Agencia Nacional de
Infraestructura (ANI). The latter is viewed as a credit-linked
entity to the Government of Colombia (BB+/Stable).

KEY RATING DRIVERS

Completion Risk Adequately Mitigated [Completion Risk: High
Midrange]: Construction works are performed under a fixed price and
with date-certain engineering, procurement and construction (EPC)
contracts with a consortium composed of all project sponsors
(acting directly and not through affiliates). All obligations will
be assumed on a joint and several basis. Constructora MECO is the
only Fitch publicly-rated sponsor (BBB+[pan]/RWN).

Construction works comprise short road stretches, two tunnels and
several bridges. Other works to be carried during the construction
phase are related to the improvement of existing roads. The project
involves a certain degree of complexity, such as constructing the
3.4km Tesalia tunnel and the risk of landslides due to unstable
slopes. According to the independent engineer, the EPC contractor
has the experience and the ability to successfully develop the
project. The completion schedule is adequate, and the performance
bond and secured, multipurpose loan facility (SMF) provide enough
liquidity to cover debt service should the EPC contractor need to
be replaced. Nevertheless, the assessment is constrained at high
midrange due to material permitting risk.

Low Exposure to Volume Risk [Revenue Risk - Volume: Midrange]: The
project's revenues mainly consist of the ANI's contributions and
toll revenues streaming from toll collection and top-up traffic
payments. Traffic revenues are not subject to the demand of price
risk, even if traffic volumes are severely below expectations or
expected price increases are not implemented. The ANI will
periodically compensate the concessionaire if toll collections are
below the amounts established in the concession contract. The ANI
payment obligations under the concession agreement are consistent
with the credit quality of the grantor, the ANI. The latter is
viewed as a credit-linked entity to the Government of Colombia
(Local Currency Issuer Default Rating BB+/Stable).

Sources of revenue are subject to infrastructure availability,
service levels and quality standards, based on the fulfillment of
indicators provided in the concession agreement. There are clearly
defined, unambiguous, back-to-back penalty deduction mechanisms in
the concession agreement with robust cure periods. Deductions are
legally capped at 10%. Additionally, fines imposed on the
concessionaire, as well as penalty clauses in case of early
termination of the agreement, are limited by contract.

Inflation Adjusted Tolls [Revenue Risk - Price: Midrange] Tariffs
are annually adjusted by the inflation rate at the beginning of the
year. Toll rates are moderate, and if the net present value of toll
collections received by the 8th, 13th, 18th, and last year of the
concession is below guaranteed values, the ANI has the obligation
to cover any shortfalls, after deductions.

Adequate Maintenance Plan [Infrastructure Development and Renewal:
Midrange]: The project depends on a moderately developed capital
and maintenance plan to be implemented directly by the
concessionaire. The plan will be largely funded from project cash
flows. The concession agreement does not contemplate hand-back
requirements; however, the concessionaire is to operate and
maintain the road according to the pre-established standards at all
times. The structure includes a dynamic 12-months forward-looking
O&M reserve account for routine and periodic maintenance
expenditures.

The independent engineer believes the concessionaire has the
experience and the ability to operate the Project successfully. The
O&M plan, organizational structure and budget, appear reasonable
and in line with similar Colombian projects. The concessionaire has
a liquid support instrument equivalent to the maximum amount of O&M
expenses forecast for six months. This instrument must be issued by
a financial entity with a minimum credit rating of 'BBB-' or
'AA+(col)'.

Robust Debt Structure [Debt Structure: Stronger]: The debt is fully
amortizing, senior secured, comprising USD-, UVR- and
COP-denominated financings. USD-denominated debt, which is matched
with USD-linked currency revenues settled in COP (49% of future
budget allocations [Vigencias Futuras] are USD-linked), has also
been issued at a fixed rate. Furthermore, the transaction
contemplates a short-term hedging mechanism provided by eligible
counterparties to cover foreign exchange risk exposure fully. UVR-
and COP-denominated debt is indexed to inflation and is not exposed
to basis risk.

Structural features include multiple reserve accounts and a cash
sweep mechanism. Robust liquidity mechanisms are in place to
mitigate liquidity/budgetary risk, construction delays and reduced
cash flow generation due to low traffic performance. The
transaction has a fully-committed revolving subordinated SMF, equal
to 15% of outstanding senior debt, in which eligible lenders have
committed to disburse funds to the project company when necessary.
Additional liquidity includes 12-months principal and interest
prefunded onshore and offshore debt service reserve accounts
(DSRA).

Financial Summary: Fitch's rating case LLCR is 1.5x, which is
robust for the rating category according to Fitch's applicable
criteria and when compared with other similarly rated transactions,
particularly in light of the project's low exposure to volume risk,
but limited to the counterparty risk rating of ANI's obligation.
Also, the debt service coverage ratio (DSCR) profile presents
levels below one times (1.0x) in four years. However, the cash flow
available for debt service shortfall in those years are expected to
be covered with funds of the debt service reserve account and, if
needed, making use of additional liquidity sources available.

PEER GROUP

Pacifico is comparable with Fideicomiso P.A. Costera (Costera),
rated 'BB+'/Stable and 'AA+(col)'/Positive. Costera is Pacifico's
closest peer, as both concessions are part of the 4G toll road
program and share volume, price, infrastructure and
development/renewal, and debt structure risk attributes. Pacifico
involves construction works of higher complexity but has the same
minimum LLCR as Costera's at 1.5x. Costera has higher construction
progress above 90%, supporting the Positive Outlook on the national
scale ratings.

RATING SENSITIVITIES

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

-- Although unlikely given the advanced status of the
    construction, completion difficulties leading to delays and
    cost overruns beyond those already contemplated in Fitch's
    scenarios;

-- Deterioration in Fitch's view regarding the ANI's credit
    quality's contributions.

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

-- Improvement in Fitch's view regarding the ANI's credit
    quality's contributions.

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.

SECURITY

The secured parties benefit from a first-priority security interest
in, control over, and lien on all of the issuer rights in the
indenture trustee accounts and the funds, financial assets and
other properties deposited and to be deposited in such accounts.

Senior lenders share common collateral on a pari passu basis in
relation to all current and future debt of the project company. All
proceeds from the collateral will be paid to the intercreditor
agent, who, in turn, will distribute the monies to the secured
parties. None of the parties will have the right to take
independent enforcement in respect to the common collateral.

ESG CONSIDERATIONS

ESG - Governance: Fitch has revised Pacifico's ESG Relevance Score
for Group Structure to '3' from '5' due to the launch of a
remediation plan to modify the financing documents, which has also
allowed to resume the debt disbursements and improved the project's
liquidity. The latter has resulted in no rating impact due to the
ongoing investigations on Meco's, one of the project shareholders,
alleged public corruption acts in the awarding of conservation and
road maintenance works in Costa Rica.

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



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Get US$68.9B in Remittances in 2010 to 2021
---------------------------------------------------------------
Dominican Today reports that from 2010 to 2021, the Dominican
Republic has received remittances of US$68.9 billion, with 2021
being the period in which more remittances entered the country,
when they stood at US$10.4 billion, about 11% of the country's
Gross Domestic Product.

The movement is taking into account what was indicated by Dominican
Central Banker Héctor Valdez Albizu, that at the end of 2021 the
current real GDP will be higher than US$94.3 billion, above US$78.8
billion in 2020, according to Dominican Today.

According to data from the Central Bank, when 2020 remittances are
compared with 2021, it shows an absolute variation of US$2.2
billion because during 2020 Dominicans received US$8.2 billion, the
report notes.

               About Dominican Republic

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'

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

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

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).




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G R E N A D A
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GRENADA: Economy is Gradually Recovering From Pandemic, IMF Says
----------------------------------------------------------------
An International Monetary Fund (IMF) team led by Ms. Huidan Lin met
virtually with the authorities of Grenada during January 6 to 12 to
discuss recent economic developments and follow upon the policy
priorities raised during the 2019 Article IV Consultation and the
2020 Request for Disbursement under the Rapid Credit Facility.

At the end of the mission, Ms. Lin issued the following statement:

"The Grenadian economy is gradually recovering from the pandemic.
The recovery has been led by construction and agriculture,
supporting an expected expansion of real output by around 5 percent
in 2022. Following a slow recovery, tourism initially responded
positively to the lifting of domestic quarantine requirements in
late 2021. Food, fuel, and transport prices are expected to
continue pushing up inflation, also reflecting the impact of
strained global supply chains. The current account deficit has
widened, as weak tourism receipts, higher fuel prices and import
demand from construction offset the recovery in agricultural
exports. Public debt is estimated to have declined to 68.9 percent
of GDP in 2021 (from 71.7 percent in 2020) and expected to continue
declining supported by the economic recovery.

"The main risk to the outlook is a prolonged pandemic, with
implications for tourism and students' return to Saint George's
University (SGU). The ongoing outbreak globally and locally,
coupled with a slow vaccination rate (with only one-third of the
total population, or less than half of the eligible population,
having received two doses, due to vaccine hesitancy) could weigh on
tourism recovery and students' return to the SGU campus (tourism
and offshore education directly account for one quarter of the
economy). This could then require additional government spending,
exacerbating fiscal and external imbalances.

"The authorities' comprehensive response has been critical in
limiting the impact of the pandemic. In 2020-21, the escape clause
was appropriately triggered under the Fiscal Responsibility Law and
two stimulus packages were launched (2.4 percent and 1.2 percent of
GDP, respectively) that provided targeted support including wage
subsidies, income support, social transfers, and additional health
spending. Given the ongoing pandemic, the 2022 Budget aims to
increase social spending and capital expenditure to support the
vulnerable, resilience building, and aggregate demand, with the
escape clause triggered for the third year. The hard-won
credibility of Grenada's fiscal framework can be further enhanced
through continued efforts to strengthen revenue administration,
public investment management, and fiscal governance and
transparency.

"The impact on the financial sector has so far been limited, partly
reflecting loan moratoria. Credit growth has been moderate,
particularly to businesses and individuals exposed to hard-hit
sectors of offshore education and tourism. Loans under moratoria
are slowly trending down as case-by-case workouts progress, but
still represented a significant share of total loans for some banks
as of end-2021. Nonperforming loans are rising, albeit from a low
level. Provisions will need to be strengthened among credit unions,
if nonperforming loans were to continue rising. The enhanced
frequency and intensity of monitoring of credit unions and insurers
by the national nonbank regulator is welcome and should continue
for the months ahead.

"The authorities remain committed to building resilience to natural
disasters and climate change. Commendable progress has been made in
the areas of marine and coastal protection, disaster resilience in
schools, and registry of public assets to prepare for proper
insurance and maintenance. The pandemic has also brought to the
fore the urgency to further improve competitiveness to advance the
authorities' objectives of promoting sustainable growth and job
creation.

"The mission team thanks the authorities for the open and
productive discussions and expressed solidarity with the people and
government of Grenada as they respond to the COVID pandemic."




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G U Y A N A
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GUYANA: Small Businesses Hit Hard by COVID-19 Cases
---------------------------------------------------
RJR News reports that small businesses in Guyana are on the verge
of closing as more of their employees contract COVID-19.

Paul Cheong, Chairman of the Private Sector Commission, has blamed
this on the Omicron variant which he says has been ravaging the
private sector, according to RJR News.

The business leader said, with more workers contracting the virus,
output in the private sector is being impacted, the report notes.




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M E X I C O
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GRUPO AEROMEXICO: Airline, Invictus Given Few Days to Reach Deal
----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Grupo Aeromexico SAB's
bankruptcy judge declined to immediately rule on a voting dispute
between the air carrier and Invictus Global Management, giving the
parties time to work toward a settlement.

Invictus, an investment firm, says it isn't bound by a Chapter 11
plan support agreement embedded in claims it holds against
Aeromexico.  Invictus had bought the claims from Independencia
Union, one of Aeromexico's labor unions.

Aeromexico asked U.S. Bankruptcy Judge Shelley Chapman to enforce
the lockup agreement, which would ease its path out of Chapter 11.
The carrier noted that the Independencia Union had signed on to the
Plan as part of the collective bargaining agreement.

At a virtual hearing, counsel for Invictus faced skepticism from
U.S. Bankruptcy Judge Shelly Chapman on its arguments that the
voting agreement that came with its purchased claims against Grupo
Aeromexico was not binding. "There just seems to be no limit or no
sense to considering the bigger picture here,' she said.

Invictus has disagreed that it is bound by the covenant.

"Invictus has already voted its claims to reject the Plan, but the
Debtors now ask this Court not "merely" to designate those votes
and thereby to disenfranchise Invictus from being allowed to vote,
one way or the other.  Rather, in the hope that they can thereby
demonstrate sufficient creditor acceptances for the Plan to be
confirmed, the Debtors go even further, asking this Court to deem
Invictus's votes to reject the Plan as the exact opposite -- votes
to accept the Plan.  The Debtors seek this remarkable relief not
based on any provision of the Bankruptcy Code permitting a court to
require a creditor to vote to accept a plan it wishes to reject (or
to reject a plan it wishes to accept) -- there is no such provision
in the Code -- nor even based on any misconduct by Invictus, proven
following an evidentiary hearing, that could warrant the "drastic
remedy," Adelphia, 359 B.R. at 61, of simply disregarding
Invictus's votes through designation under section 1126(e) of the
Bankruptcy Code," Invictus said in a Jan. 3 filing.

"In large measure, the Objection is an impermissible collateral
attack on one order of this Court dated April 22, 2021 (the "CBA
Order"), and an impermissible attempt to reargue issues that were
resolved by this Court on November 16, 2021. The Objection also
continues Invictus's ongoing misinformation campaign against the
Debtors -- this time arguing, without any actual evidence, that the
De btors somehow misled one of its own Unions about a plan support
provision as part of its collective barg aining agreement ("CBA")
renegotiation (and presumably misled this Court into granting a
motion and entering an order that provided for such plan support).
This plan support language is identical to the plan support
language in every CBA that was negotiated over a period of months
with each of the Debtors' Unions (including ASPA, the pilots' union
that is a member of the Official Committee of Unsecured Creditors
(the "Committee")), and to post-petition agreements with various
fleet counterparties," the Debtors said Jan. 5, 2022, in response
to the objection.

"Invictus failed to review -- or chooses to ignore -- the record
established in connection with the Court's approval of the CBA
Motion. 5 Invictus likewise failed to diligence -- or chose not to
-- its own transaction with Independencia in purchasing the
Independencia Union Claims.  The Modification Agreements, the
February 12 Complementary Agreements and the March 31 Complementary
Agreements were all executed by the Debtors and Independencia (and
the CBA Order was entered on the Court's docket) months in advance
of Invictus's purchase of the Independencia Union Claims.
Invictus's failure to properly diligence its own transaction with
Independencia does not, in any way, result in Independencia (and,
in turn, Invictus) not being bound by the Covenant. Consistent w
ith the explicit and unequivocal statements made by the Debtors in
the CBA Motion and the declarations submitted in support thereof
(collectively, the "CBA Pleadings"), after months-long
negotiations".

               About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.  Aeromexico, Mexico's
global airline, has its main hub at Terminal 2 at the Mexico City
International Airport. Its destinations network features the
United

States, Canada, Central America, South America, Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is
represented

by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.


GRUPO AEROMEXICO: Says Creditors Approved Its Restructuring Plan
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Mexican carrier
Aeromexico said that its creditors have overwhelmingly approved the
company's restructuring plan as part of its efforts to emerge from
bankruptcy.

Aeromexico said in a statement that the voting ended on Jan. 7 and
86% of the creditors who voted backed the plan, according to
globalinsolvency.com.

"The conclusion of the voting process and the strong support from
the company's creditors represents a key milestone in Aeromexico's
restructuring process," the company said. It also puts Aeromexico
in a strong position to "obtain Court approval for the plan", the
company added, the report notes.

Shares in the Aeromexico, which filed for chapter 11 bankruptcy
protection in the U.S. last year amid the pandemic, have been
wildly seesawing in recent weeks amid speculation about its
bankruptcy proceedings, the report relays.

The court is then due to consider confirming the plan, Aeromexico
said, the report adds.

               About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.  Aeromexico, Mexico's
global airline, has its main hub at Terminal 2 at the Mexico City
International Airport. Its destinations network features the
United

States, Canada, Central America, South America, Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.


GRUPO AEROMEXICO: Traffic Reaches Highest Post-Pandemic Level
-------------------------------------------------------------
Valentine Hilaire at Reuters reports that passenger traffic at
Grupo Aeromexico (AEROMEX.MX) in December reached its highest level
since the start of the COVID-19 pandemic.

Aeromexico transported 1.74 million passengers last month, or 98.9%
of the 1.76 million people it moved in December 2019, the company
said in a statement, according to Reuters.

Aeromexico's total offer, measured in available seat-kilometers
(ASKs), was equivalent to 82.6% of the capacity of December 2019,
the company said, the report notes.

                    About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.  Aeromexico, Mexico's
global airline, has its main hub at Terminal 2 at the Mexico City
International Airport. Its destinations network features the
United

States, Canada, Central America, South America, Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is
represented

by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.


JAVER SAB: Fitch Raises IDRs to 'BB-', Outlook Stable
-----------------------------------------------------
Fitch Ratings has upgraded Servicios Corporativos Javer, S.A.B de
C.V.'s (Javer) local and foreign currency Issuer Default Ratings
(IDRs) to 'BB-' from 'B+'; The Rating Outlook is Stable.

The upgrade reflects Javer's strong operating performance during
the last 18 months, which was the result of a better product mix
with higher margins that is considered sustainable in the following
years. The consistent increase in margins is based on the shift to
a higher-value housing business model, which has resulted in an
increase in the average selling price per unit.

The upgrade also reflects expectations that Javer will continue to
generate robust FCF, due to solid EBITDA generation and through
efficient management of the working capital. Given the above, Fitch
expects the company to continue deleveraging in the following years
through scheduled debt amortization. The ratings are limited by
industry cyclicality.

KEY RATING DRIVERS

Improving Leverage Trend: As of Sept. 30, 2021, Javer´s net
leverage ratio was 1.7x, down from 2.5x in December 2020 and 3.2x
in December 2019, as a result of improved EBITDA Margins and
substantial positive FCF due to working capital inflows, that
translated into a higher cash balance. For the LTM ended Sep. 30,
2021, EBITDA grew 17% to MXN1,101 million, compared with the same
period of 2020. Furthermore, in the LTM as of September 2021 Javer
generated FCF of MXN707 million, compared with MXN362 million in FY
2020, as a result of EBITDA expansion and improved cash conversion
cycle, due to lower account receivables and inventory days.
Deleveraging is expected to continue in the following years due to
the stable cash flow generation and the scheduled amortization of
debt.

Improved EBITDA Supports Decrease in Debt: EBITDA Margin improved
to 14.2% as of LTM 3Q21, up from 13.2% in 4Q20 and 11.7% in 4Q19.
Javer has continued to diversify its portfolio of projects and
locations, driving the sales mix toward higher-margin products.
Increased revenue generation has allowed for better debt service
coverage. Fitch expects margins to continue at similar levels over
the next 24 months while debt is expected to be reduced in line
with its payment schedule.

Revenue Growth Despite Volume Decline: Javer's business model has
shown flexibility to adapt the sales mix to market conditions and
benefit from it. The change in sales mix toward middle-income
housing mitigates the decline in sales volume. LTM September 2021
average sale price for Javer was MXN551 thousand, up 8.25% from
MXN509 thousand during 2020 driven by the change in sales mix. In
terms of units, the company sold 13,991 LTM as of 3Q21, down from
14,302 in 2020.

Positive FCF Strengthens Financial Position: Efficiencies in
working capital have benefited FCF generation. Land investment was
postponed during 2020, and the company resumed land replenishment
in 2021 and will continue in 2022. Javer's working capital
management will continue to be key for business and financial
strengthening in the coming years. The agency projects positive
FCF, which together with the cash balance will allow Javer to
further reduce debt.

Still Strongly Linked to INFONAVIT: Javer continues to maintain its
market share as the leading national provider of new homes sold
through the INFONAVIT mortgage system, as it sold 7% of total new
homes financed by this entity as of September 2021. The share of
units sold through INFONAVIT and COFINAVIT loans has historically
been high, although it has been declining in recent years. At the
end of September 2021, it was 89%.

In August 2021, a set of new rules and policies to qualify for an
INFONAVIT individual home loan were approved, which will apply to
all housing intended to be acquired and granted as collateral
through an INFONAVIT loan. Housing developments must adhere to the
new criteria regarding location, mobility, and environment that
could make more difficult finding reserves that meet the conditions
of the new regulation or that the cost of these reserves does not
correspond to the company's strategy.

DERIVATION SUMMARY

Javer's rating is supported by its market leadership and product
diversification in Mexico. The company continues to be a leader of
new homes sold through the Infonavit system in Mexico, representing
about 7% of the new homes sold nationwide as of Sept. 30, 2021.
Javer's operations are concentrated in seven states where the
company holds one of the largest market shares.

Homebuilding companies in the U.S., such as M/I Homes, Inc.
(BB/Stable), Meritage Homes Corporation (BB+/Stable) and Lennar
Corporation (BBB/Stable), are larger in scale in terms of revenues
and market diversification. Compared with Javer, U.S. peers have
stronger EBITDA margins (Meritage and Lennar), net leverage metrics
and interest coverage. Also, U.S. peers have access to a broader
range of sources of financing.

Compared with Mexican peers as Inmobiliaria Ruba, S.A. de C.V.
(Ruba; AA-[mex]/Stable) and Consorcio Ara, S.A.B. de C.V. (Ara;
A+[mex]/Stable) Javer has weaker average price per unit, net
leverage and interest coverage metrics; in terms of volume, in the
first nine months of 2021 Javer sold 9,934 units, Ruba 6,782 and
Ara 4,814. Javer is present in seven Mexican states, Ruba in 12 and
Ara in 16 (although it concentrates operations in Estado de Mexico
and Quintana Roo).

KEY ASSUMPTIONS

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

-- Units sold down 5.61% in 2021; average increase of 9% 2022-
    2024 due to investment in inventories in 2020-2022;

-- Average prices rise 12% in 2021 due to better mix; increase
    stabilizes in 2022-2024 at 1.3% per year on average;

-- Revenues increase 6.0% in 2021; in 2022-2024 they grow by an
    average of 10%;

-- Average EBITDA margin of 13.6%;

-- Land investment equivalent to 10% of revenues in 2021, and 12%
    thereafter;

-- Debt amortizes according to schedule. Assumes refinancing of
    MXN1,200 in 2024.

RATING SENSITIVITIES

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

-- Strong operational results, reaching revenue targets in the
    near future, while improving EBITDA margin;

-- Continued positive FCF generation across the cycle and a
    strengthen financial flexibility.

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

-- Sustained EBITDA margin reductions below current level of 12%;

-- Land investment levels substantially above current
    expectations of investing to replace land reserves used;

-- Negative FCF for consecutive years driven by increasing
    working capital needs;

-- Net debt/EBITDA above 2.0x.

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

Strong Liquidity: As of Sept. 30, 2021, the company's liquidity is
strong with an available cash balance of MXN1,131 million. The
change in product mix to higher average-priced housing, coupled
with the reactivation of projects that were on hold in 2020, freed
up working capital resources. Fitch expects a normalization in the
working capital cycle as well as investments in land inventories to
support the operation in the next 2-3 years.

ISSUER PROFILE

Javer is one of the largest homebuilding companies in Mexico. The
company's growth is based on its participation in the homebuilding
market in Mexican states that have above average economic
development and population growth. Operations are concentrated in
the states of Nuevo Leon, Estado de Mexico Jalisco and Queretaro;
to a lesser extent Javer has operations in Aguascalientes, Quintana
Roo and Tamaulipas. Javer has a leading market position; holding
one of the largest market shares in each of the states where it
operates. Javer is the largest supplier of houses in the Infonavit
system.

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.




===============
P A R A G U A Y
===============

PARAGUAY: Products Will Benefit From Zero Tariffs in Taiwan Trade
-----------------------------------------------------------------
Rio Times Online reports that Decree No. 7577, Decision No. 7 will
come into force, whereby 11 more import duties are cut to 0% for
Paraguayan products to Taiwan.  The products from Paraguay are
frozen beef offal, prepared or preserved beef (hamburger meat), and
rice paper.

President of the Republic of China (Taiwan) TSAI Ing-Wen on
December 15, 2021 signed and published the aforementioned decree,
within the framework of the Economic Cooperation Agreement (ECA)
between the Republic of China (Taiwan) and the Republic of
Paraguay, according to Rio Times Online.

The decision was reviewed by the Republic of China's (Taiwan)
Bureau of Foreign Trade, the report notes.




===============
X X X X X X X X
===============

LATAM: More Trust to Power Stronger Recovery in Region, IDB Says
----------------------------------------------------------------
Increasing trust is key to a more dynamic business sector and
economic reforms needed for a stronger post-COVID recovery in Latin
America and the Caribbean, according to a new flagship report by
the Inter-American Development Bank.

Drawing from ground-breaking new analysis and data, as well as an
extensive review of literature, the report, Trust: The Key to
Social Cohesion and Growth in Latin America and the Caribbean,
shows that mistrust is an acute problem that limits socioeconomic
development in Latin America and the Caribbean and the ability to
take on difficult issues, such as climate change.

Nine out of ten people in the region do not believe others can be
trusted. Levels of trust in the region are one-fourth that of
developed nations in the Organization of Economic Cooperation and
Development (OECD).

The flagship report studies the root causes of mistrust in the
region and offers recommendations for policymakers on how to turn
this challenge into an opportunity to help address some of the
region's most pressing development issues, such as low productivity
and innovation, lagging investment, and high levels of informality
and tax evasion.

"Building trust through greater transparency and stronger
institutions should be at the center of the policy agenda in Latin
America and the Caribbean. Placing trust at the center of
government decision making will measurably advance development in
the region," said IDB President Mauricio Claver-Carone.

"Greater trust means less red tape that burdens businesses and
hurts investment and innovation. It means more transparent
governments that are committed to deliver on their promise and be
accountable for it. And finally, it is also about engaged citizens
who will voice their opinion and participate to strengthen
democracies and support more inclusive societies."

High-trust countries tend to have higher productivity levels and
low-trust countries have larger informal economies as a percentage
of GDP.

A full text copy of the press release is available free at:

                         https://bit.ly/3GBR7Wt



                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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