/raid1/www/Hosts/bankrupt/TCRLA_Public/220317.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, March 17, 2022, Vol. 23, No. 49

                           Headlines



B A H A M A S

[*] BAHAMAS: Orders Halt to Fin'l Operations w/ Sanctioned Entities
[*] BAHAMAS: Sanctions Russia & Belarus-Linked Entities


B R A Z I L

SAMARCO MINERACAO: Creditors Suspend Assembly to April 1


C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms 'B' IDRs, Outlook Now Stable


J A M A I C A

ALLIANCE FINANCE: Gets $21 Million Fine for Breaches


P E R U

PETROLEOS DEL PERU: S&P Lowers ICR to 'BB+', On Watch Negative


P U E R T O   R I C O

EDUCATIONAL TECHNICAL: Unsecureds Will Get 3% Dividend Over 5Yrs
PUERTO RICO: Teachers Union Fails to Stop Bankruptcy Exit

                           - - - - -


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B A H A M A S
=============

[*] BAHAMAS: Orders Halt to Fin'l Operations w/ Sanctioned Entities
-------------------------------------------------------------------
Reuters reports that the Bahamas has ordered its financial
institutions to halt all transactions with Russian entities that
have been put under sanction by Western nations, the country's
financial regulators said in a statement.

According to the report, the government of the Caribbean nation has
vocally condemned Russia's invasion of Ukraine, but appears to
remain conflicted over how aggressively it can participate
sanctions efforts without damaging its relatively small economy.

Reuters on March 7 reported that oil and fuel tankers controlled by
Russia's Sovcomflot (FLOT.MM) had been rerouted to the Bahamas
after they had been unable to deliver cargoes due to the
sanctions.

"Regulated entities, that are licensed or authorised to operate
from or within the Bahamas, (are directed) not to engage in
transactions with sanctioned persons, entities or business linked
to Russia and Belarus," reads the statement signed by the central
bank and four other regulatory agencies, notes Reuters.

It was not immediately evident how much Russia-linked money is held
in Bahamian financial institutions, Reuters says.

Regulatory agencies, including the central bank, have not responded
to requests for details on local banks' exposure to Russian funds,
adds the report.

As reported in the Troubled Company Reporter-Latin America on Nov.
16, 2021, S&P Global Ratings lowered its long-term foreign and
local currency sovereign credit ratings on the Commonwealth of The
Bahamas to 'B+' from 'BB-'. At the same time, S&P Global Ratings
revised its transfer and convertibility assessment to 'BB-' from
'BB'. The outlook is stable.


[*] BAHAMAS: Sanctions Russia & Belarus-Linked Entities
-------------------------------------------------------
The Tribune reports that The Bahamas announced economic sanctions
on financial resources of the Russian Federation and those of
certain entities and individuals linked to the Federation and
Belarus.

According to The Tribune, a notice from financial services
regulators said: "After consultation with the government of The
Bahamas and with due consideration to interests of this
jurisdiction and the financial services sector operator within it,
the agencies comprising the Group of Financial Services Regulators
(GFSR) hereby direct regulated entities that are licensed or
authorised to operate from or within The Bahamas not to engage in
transactions with sanctioned persons, entities or businesses linked
to Russia and Belarus.

"Regulated entities should apply the highest level of risk
management controls to deter the potential for any misuse of the
Bahamian financial system in the current global environments and
indeed every circumstance.

"For the purposes of this directive, sanctions include those issued
by the United States, Canada, United Kingdom, the European Union
and other jurisdictions, which the GFSR may specify from time to
time."

The GFSR includes the Central Bank of The Bahamas, Securities
Commission of The Bahamas, Insurance Commission of The Bahamas,
Compliance Commission of The Bahamas and the Gaming Board.

The United States, the European Union, the United Kingdom, Canada
and a number of other countries have sanctioned Russia for its
unprovoked invasion of Ukraine.

Earlier this month, notes the report, Prime Minister Philip "Brave"
Davis said CARICOM was awaiting a decision from the United Nations
Security Council before taking a position on whether member states
should impose sanctions on Russia.

As reported in the Troubled Company Reporter-Latin America on Nov.
16, 2021, S&P Global Ratings lowered its long-term foreign and
local currency sovereign credit ratings on the Commonwealth of The
Bahamas to 'B+' from 'BB-'. At the same time, S&P Global Ratings
revised its transfer and convertibility assessment to 'BB-' from
'BB'. The outlook is stable.



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B R A Z I L
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SAMARCO MINERACAO: Creditors Suspend Assembly to April 1
--------------------------------------------------------
Reuters reports that creditors of Brazilian miner Samarco Mineracao
SA have suspended their assembly to reconvene on April 1 after the
company presented a new restructuring plan.

Samarco, a joint venture between Vale SA and BHP Group PLC, changed
its restructuring plan to offer a new alternative to pay creditors,
hybrid bonds that will distribute part of Samarco's cash flow,
according to Reuters.

The company did not change other conditions in the plan, such as
the 75% haircut over the bonds face value, the report notes.

Bondholders, that had rejected Samarco's previous proposal, have
agreed late to suspend the assembly to analyze the new proposal and
reconvene on April 1 to vote, the report relays.

If the new proposal is rejected, creditors may present an
alternative plan, the report adds.

                   About Samarco Mineracao SA

Samarco Mineracao SA is a Brazilian mining joint venture between
BHP Group and Vale SA. It serves as an iron ore processing
company.

The company provides blast furnace, direct reduction, sinter feed,
as well as low and normal silica content pellets.

On April 9, 2021, the Debtor filed a voluntary petition for
judicial reorganization in the 2nd Business State Court for the
Belo Horizonte District of Minas Gerais in Brazil pursuant to
Brazilian Federal Law No. 11,101 of Feb. 9, 2005.

Samarco Mineracao filed for Chapter 15 bankruptcy recognition
(Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York,
to seek U.S. recognition of its Brazilian proceedings.

The Debtor's U.S. counsel is Thomas S. Kessler of Cleary Gottlieb
Steen & Hamilton LLP.





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C O S T A   R I C A
===================

INSTITUTO COSTARRICENSE: Fitch Affirms 'B' IDRs, Outlook Now Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (ICE) Foreign- and Local-Currency Issuer Default
Ratings (FC/LC IDRs) at 'B'. Fitch has also revised ICE's Rating
Outlook to Stable from Negative, which mirrors the recent revision
of Costa Rica's sovereign Outlook to Stable.

ICE's ratings reflect the strong linkage to the sovereign of Costa
Rica (B/Stable), given its strategic importance to the country and
the potentially significant negative socio-political and financial
implications to the sovereign if there is any financial distress at
the company level. Additionally, the ratings incorporate the
company's diversified asset portfolio, moderate capex program and
its strong market share position in both the electricity and the
telecommunications business.

KEY RATING DRIVERS

Sovereign Outlook Revised to Stable: Fitch revised Costa Rica's
Outlook to Stable from Negative on March 11, 2022. The Outlook
revision reflects significantly better-than-expected improvements
in the company's fiscal position and economic activity following
the 2020 pandemic-related shock. Fitch's fiscal expectations for
ICE have improved following a robust 2021 outturn, supported by
strong revenue performance adherence to a spending cap.

Fitch also expects the better fiscal position, improved domestic
borrowing costs and the ongoing economic recovery will be
sufficient to place debt/GDP on a gradual downward path. This trend
should continue under a new administration, which will be led by
the winner of the upcoming presidential election in April.

Strong Sovereign Linkage: ICE's ratings reflect its strong linkage
with the sovereign of Costa Rica, as ICE is an autonomous entity
owned by the Costa Rican State. As per Fitch's Government Related
Entity Criteria (GRE Criteria), ICE's IDRs are equalized with Costa
Rica's sovereign rating. ICE is a strategic asset to the country
due to its essential role in the domestic electricity market, and
it is the incumbent participant in the telecommunications sector,
which is an incentive for the government to support the company if
necessary. Fitch believes that an event of default at ICE would
have a very strong negative impact for the sovereign on the
availability and cost of funding.

Peak Leverage in 2021: ICE's leverage, calculated as total
debt/EBITDA (pre-IFRS 16), as of LTM September2021 was 6.6x. In
previous years the company's indebtedness was driven by aggressive
capex in the electricity sector. However, adjustments in expansion
plans have led to a reduction in investment requirements and less
pressure on the leverage metric.

Fitch's base case considers that ICE's leverage will be close to
6.4x in 2021, reflecting lower EBITDA as 2021 tariff adjustment
excluded CRC92 billion in operating cost and expenses, and then
strengthen to 5.2x in 2023 on pre-approved tariffs increases and
debt amortizations. Fitch estimates that capex levels for 2021 to
2023 will be around CRC154 billion annually on average, which is
equivalent to about 10% of revenues, and will be funded with a
combination of internally generated cash and debt.

High Exposure to Regulatory and Political Interference: ICE is
exposed to the risk of regulatory interference due to the lack of
transparency and clarity in the processes for determining tariffs
adjustment schemes in previous years. The company proposes
electricity tariffs for end-users to the regulator annually.
Electricity tariffs are set through the quarterly adjustment of
variable costs of electric generation (energy imports and fuel) and
through an ordinary tariff review that considers the company's
operating costs. For 2021, the regulator approved a reduction of
17.9% and 14.1% on generation and distribution tariffs,
respectively, and an increase of 1.5% on transmission services;
this partially reflects ICE's lower operating costs in 2020.

Diversified Asset Portfolio: ICE is a vertically integrated
monopoly in the electricity industry and an incumbent player in the
telecommunications industry in Costa Rica. As of December 2021, the
company accounted for 72% of the National Electric System's
installed capacity and produced 69% of the total electricity
consumed in Costa Rica. ICE's mobile market share in terms of
subscribers was approximately 41% according to most recent data
from Superintendencia de Telecomunicaciones (SUTEL). The ratings
reflect the company's low business risk resulting from its business
diversification and positive characteristics as a utility service
provider.

DERIVATION SUMMARY

ICE's linkage to the sovereign is similar to peers such as Comision
Federal de Electricidad (CFE; BBB-/Stable) and Centrais Eletricas
Brasileiras S.A. (Eletrobras; BB-/Negative). These companies have
strong linkages to their respective sovereigns given their
strategic importance to each country and the potentially
significant negative socio-political and financial implications of
any financial distress at these companies.

ICE's ratings reflect its strong linkage to Costa Rica's sovereign
rating, which stems from the company's government ownership and the
implicit and explicit expectation of government support. The
ratings reflect the company's diversified asset portfolio, moderate
capex program, and its monopoly position in the electricity
industry and strong market share position in the telecommunications
business. ICE has a relatively lower scale of operations compared
with its peers. Adjusted leverage as of LTM September 2021 of 6.6x
was higher than CFE's 6.4x and Eletrobras' 5.0x.

KEY ASSUMPTIONS

-- ICE remains important to the government as a strategic asset
    for the country;

-- In 2022, revenues grow by 6.5%;

-- Leverage close to 6.4x in 2021; then strengthens to 5.2x in
    2023 on pre-approved tariffs adjustments;

-- ICE's Telco market share remains strong;

-- The recovery analysis assumes that under a hypothetical
    bankruptcy or debt restructuring process ICE would be a going
    concern and Fitch has assumed a 10% administrative claim with
    a going-concern EBITDA close to CRC500 billion an EV multiple
    of 5.0x;

-- The Recovery Rating is limited to 'B'/'RR4' as Costa Rica is
    categorized as Group D, per Fitch's Country-Specific Treatment
    of Recovery Ratings Criteria, which caps the Recovery Ratings
    at 'RR4'. Fitch calculates the recovery prospects for the
    senior unsecured debtholders in the 31%-50% range based on a
    waterfall approach.

RATING SENSITIVITIES

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

-- Upgrade of the sovereign's ratings.

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

-- A sovereign downgrade;

-- A perception of reduced linkage between ICE and the sovereign
    and a material weakening of ICE's operating and financial
    profile;

-- Regulatory intervention that negatively affects the company.

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

Adequate Liquidity: ICE's liquidity position is adequate, with a
cash and equivalent balance of CRC534 billion plus short-term
investments of CRC187 billion as of September 2021 and debt of
CRC3,065 million. Historically, ICE has financed capital
expenditure with its own resources and new debt, where the debt
related to electrical projects represents approximately 90% and the
rest to the Telco segment.

In 3Q21, ICE issued a USD300 million international bond due 2031,
the proceeds of which were used to repay a portion of the debt due
in the fourth quarter of 2021. The remaining funds will be used for
general corporate purposes, which may include the refinancing of
other debts.

ISSUER PROFILE

ICE is a government-owned, vertically integrated monopoly in the
electricity industry, in charge of developing, constructing and
operating an electric power generation, transmission and
distribution system and the incumbent player in the
telecommunications industry.

ESG CONSIDERATIONS

ICE has an ESG Relevance Score of '4' for Governance Structure and
Group Structure due to ownership concentration, as a majority
government-owned entity and due to the inherent governance risks,
that arise with a dominant state shareholder. This has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

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



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

ALLIANCE FINANCE: Gets $21 Million Fine for Breaches
----------------------------------------------------
Jamaica Observer reports that following a long-awaited verdict,
Alliance Finance Limited (AFL) was fined a total of $21 million or
12 months' imprisonment in the Kingston and St Andrew Court for
breaching the Banking Services Act.

The company was also fined $50,000 or nine months' imprisonment for
each count of 28 breaches of the Bank of Jamaica Act, according to
Jamaica Observer.

AFL was given two business days to make payments or risk spending
time behind bars, the report notes.

President Peter Chin and Vice-President Robert Chin of AFL had
pleaded guilty to 28 counts of carrying on the business of lending
foreign currency without being an authorized dealer under Section
22A (2) of the Bank of Jamaica Act, the report relays.  These
charges related to over 20 foreign currency loans, totaling
approximately US$8 million to various entities, the report
discloses.

The brothers also pleaded guilty to eight counts of breaches to
Section 10 (1) (c) of the Banking Services Act for accepting
deposits without the requisite license from the Bank of Jamaica.
These breaches related to a series of deposits in excess of US$7.5
million over a three-year period (2014-2017), the report says.

At the same time, it was revealed in court that various individual
charges against the Chins for breaches of the Bank of Jamaica Act
and the Banking Services Act were dropped, following a guilty plea
in January, as announced by the Assistant Director of Public
Prosecutions Donnette Henriques, the report notes.

Reacting to the verdict, lead attorney-at-law for the pair, Tom
Tavares-Finson, told the Jamaica Observer, "This afternoon, the
representative of the Director of Public Prosecutions, Ms
Henriquez, indicated to the court in this particular instance that
the Director of Public Prosecutions Department was dropping all the
charges against them individually, so this is a very important day
for them," the report discloses.

Seemingly pleased with the Office of the Director of Public
Prosecutions (ODPP), Tavares-Finson stated, "Today is a very
important day for Robert and Peter Chin, principals of the Alliance
Group of Companies, because as you are aware they were before the
court in individual capacities for various breaches of the Bank of
Jamaica Act and the Banking Services Act," the report relays.

"May I say that strictly speaking those are referred to as
regulatory breaches. It was not necessary for them to arrest the
principals of the company, put them into the police station, take
them before the court and bail them," he continued, the report
adds.

Additionally, it was decided that Peter and Robert Chin should
appear before the Supreme Court on May 27 for mention in a benefit
hearing. They are also required to return to the Kingston and St
Andrew Parish Court on May 20 for breaches of the Proceeds of Crime
Act (POCA), the report relates.

"What the Financial Investigation Division is saying is that they
benefited from the acts to which they pleaded guilty and the
Financial Investigation Division is saying that they must be
penalised for benefiting from these loans and deposits that they
took that they were not authorised to take," Tavares-Finson said,
the report notes.

Alliance Investment Management Limited (AIML) and AFL, and their
President Peter Chin and Vice-President Robert Chin were charged on
December 2, 2021, with various breaches of the Bank of Jamaica Act,
the Banking Services Act, and the Proceeds of Crime Act, the report
adds.





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P E R U
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PETROLEOS DEL PERU: S&P Lowers ICR to 'BB+', On Watch Negative
--------------------------------------------------------------
S&P Global Ratings lowered its global scale foreign currency rating
on Peruvian government-owned refiner and fuels supplier Petroleos
del Peru S.A. (Petroperu or the company) to 'BB+' from 'BBB-' and
placed it on CreditWatch with negative implications. S&P also
lowered the stand-alone credit profile (SACP) to 'b' from 'b+' and
maintained its view of the likelihood of support from the
government, its owner, as very high.

S&P said, "The CreditWatch negative captures our view that there's
a chance we could downgrade the company multiple notches in the
next 90 days related to the uncertainties about how Petroperu will
execute its plan to address the 2021 audit.

"We revised our management and governance score for Petroperu to
weak from fair, reflecting our view that Petroperu has a lower
ability than we expected to identify, anticipate, and effectively
control certain critical risks, illustrated by the virtual
impossibility to release timely audited statements for 2021 due to
the disagreement between the company and its auditor. The audit
situation also comes amid uncertain political conditions in the
country. We don't consider this situation as commensurate with an
investment-grade rated issuer. The worsening M&G assessment also
led us to revise downward the SACP by one notch, which resulted in
a one-notch downgrade to the final rating."

Petroperu is likely to miss the deadline to release its 2021
audited financial statements as required by its bonds agreement and
the CESCE credit agreement, which is 150 days from closing (i.e.,
May 2022).

In addition, it will need to negotiate a waiver to avoid a
technical breach of the documentation covenant. If it doesn't
obtain a waiver, it would represent an EoD on the two main funding
sources for the Talara refinery project (the international bonds
and the CESCE facility), which could potentially result in debt
acceleration, also cascading to other short-term uncommitted bank
facilities in case of nonpayment due to the cross-default clauses.

This would severely damage the company's liquidity, financial
flexibility, and capital structure. S&P notes that in the current
business conditions, access to credit could become tighter and more
costly, particularly from international banks.

S&P said, "However, currently we aren't revising our liquidity
assessment for Petroperu, which remains as less than adequate. In
our opinion, it's too soon to consider liquidity as weak, given the
available short-term facilities (which remain in place according to
the latest information provided by the company's management team),
the recovery of Petroperu's financial performance in 2021, the
steady EBITDA we expect for 2022, and the support Petroperu has
received so far from the financial community (for example, the
renewal of short-term facilities), even under stressful conditions
during the pandemic, which we attribute to the company's structure
as a state-owned company. On this basis, we'll wait to see the
effectiveness of the company's plan to address the situation and
avoid an EoD."

The company presented a plan to address the delay in the release of
its audited 2021 statements and other related implications. S&P
considers this a necessary step, yet not a positive one.

The plan includes resuming negotiations with other partners at PwC
(the auditor) and launching a bid process for other audit firms to
tender. The target is to have a contract signed by March 31 with
either PwC or another auditing firm and start audit proceedings
immediately after, on April 1. Petroperu's target date for
releasing audited statements is June 15. Therefore, the company and
its financial advisor will launch a standstill request immediately
after it appoints the auditor.

S&P will monitor how the plan advances and the company's liquidity
as the main drivers to our upside and downside scenarios.

S&P said, "In our view, there's still a very high likelihood that
the company will benefit from timely and sufficient extraordinary
support from the government in the event of financial distress. We
base this assessment on our analysis of the company's very
important role in Peru's energy matrix. We also think Petroperu has
a very strong link to the government. The latter is involved in key
investment decisions and gives authorization to conduct significant
investments and approval to raise debt. In the past, the government
injected $325 million in capital in January 2017, approved the law
that provided $1 billion in guarantees to support the financing of
the Talara refinery's upgrade, and enacted the Law 033/2020 in
response to the pandemic, which allowed Banco de la NaciĆ³n del
Peru to provide financial assistance in 2020 to Petroperu and other
state-owned companies.

"We will continue to monitor the relationship between Petroperu and
the Peruvian government, including the latter's incentives,
capacity, and actual tools to support the company, particularly in
the uncertain global economic conditions."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight
-- Transparency and reporting



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P U E R T O   R I C O
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EDUCATIONAL TECHNICAL: Unsecureds Will Get 3% Dividend Over 5Yrs
----------------------------------------------------------------
Educational Technical College, Inc., filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a Disclosure Statement and
Plan of Reorganization dated March 10, 2022.

The Debtor is a corporation duly established and organized under
the laws of the Commonwealth of Puerto Rico since 1982. It was
originally named as Academia Centro Costura since it was dedicated
to offering courses to the apparel and sewing industry.

Class 7 consists of Priority Unsecured Claims.  The Debtor listed
unsecured priority claims in the total amount of $90,835.  The
Debtor is in the process of reconciling these claims and
understands that the same may be subject to adjustments. All
unsecured priority governmental claims not previously classified
priority claims and/or any priority portion of any debt to any of
the governmental units, allowed and ordered to be paid by the
Court, will receive payment in full of their allowed claim and/or
the agreed amount plus prevailing prime interest as of
confirmation
date, over a period ending no later than 5 years from the date of
the order for relief or as agreed by the parties.

Class 8 consists of Banco Popular de Puerto Rico. Banco Popular de
Puerto Rico filed Claims No. 10 in the amount of $243,067 and Claim
No. 11 in the amount of $240,674.  Both claims were filed as
general unsecured claims. On March 4, 2022, the Debtor received
notice that the first PPP loans was forgiven under the PPP
program.

The Debtor has not received the SBA forgiveness determination for
the second loan but it expects that the second loan will also be
forgiven since the Debtor fully complied with the requirements for
forgiveness of loan.  Therefore, any debt under this Class will be
fully satisfied by the effective date.

Class 9 includes the allowed unsecured amounts owed to Department
of Labor, Department of Treasury, Internal Revenue Service State
Insurance Fund and any deficiency that may be owed to the
Department of Education.  Estimated liability as of this date is in
the amount of $183,614.  This amount is subject to further
reconciliation and adjustment.  This class will be paid a 3%
dividend of its allowed claim on a quarterly basis during 5 years.

Class 10 will include all allowed amounts of general unsecured
creditors listed by the Debtor and those who have filed claims.
Estimated liability as of this date is in the amount of
$742,483.64. This class will be paid a 3% dividend of its allowed
claim on a quarterly basis during 5 years commencing one year after
the effective date or upon the collection of any award of damages
obtained in Adversary Proceeding No. 21-0085 (EAG), whichever is
first. This Class is impaired.

Class 11 consists of the general unsecured creditors consisting of
the contingent, disputed and/or unliquidated claims. Claims filed
under this Class are in the amount of $968,113.79. The Debtor
disputes the liability to members of this class and these claims
are contingent as of this date. Members of this class may opt to
receive treatment under Class 10.

Class 12 includes all equity and interest holders who are the
owners of the stock of the Debtor. These are Mr. Emilio Huykeand
Ms. Carmen Huyke, Debtor's shareholders and directors. This class
will not receive any dividend unless all senior classes are paid in
full.

Main funding of the plan will be from any proceeds to be obtained
from the litigation against ATUE under Adversary Proceeding No.
21-0085, Debtor's operations, the sale of property of the estate
not necessary for the reorganization and the collection of accounts
receivable.

A full-text copy of the Disclosure Statement dated March 10, 2022,
is available at https://bit.ly/3pYRap9 from PacerMonitor.com at no
charge.

Attorney for Debtor:

     Carmen D. Conde Torres, Esq.
     Luisa S. Valle Castro, Esq.
     William Alemany Mendez, Esq.
     C. Conde & Assoc.
     254 De San Jose Street, Suite 5
     Old San Juan, PR 00901-1523
     Telephone: (787) 729-2900
     Facsimile: (787) 729-2203
     Email: condecarmen@condelaw.com

              About Educational Technical College

Bayamon, P.R.-based Educational Technical College, Inc. filed a
voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case
No. 21-02392) on Aug. 9, 2021, listing $1,969,503 in assets and
$1,407,201 in liabilities. Emilio E. Huyke, president of
Educational Technical College, signed the petition.

Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres,
Esq., at C. Conde & Assoc., and Dage Consulting CPA's, PSC serve as
the Debtor's legal counsel and accountant, respectively.  


PUERTO RICO: Teachers Union Fails to Stop Bankruptcy Exit
---------------------------------------------------------
Daniel Gill, of Bloomberg Law, reports that a federal appeals court
refused to block Puerto Rico from implementing its debt-cutting
plan, clearing away a key obstacle to the Commonwealth's ability to
issue new debt and end its main bankruptcy case.

In a short, one paragraph ruling, a three-judge panel rejected a
request by a teacher's union to halt Puerto Rico's exit from
bankruptcy while an appeal of the reorganization plan moves ahead.

The ruling is a victory for the Commonwealth and the federal
oversight board, which has been planning to swap out the legacy
debt with new restructured bonds by March 15, 2022.

                        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.




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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
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 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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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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