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                 L A T I N   A M E R I C A

          Wednesday, July 20, 2022, Vol. 23, No. 138

                           Headlines



A N T I G U A   A N D   B A R B U D A

ANTIGUA & BARBUDA: To Get New Subscriber for US$200 Million Bond


A R G E N T I N A

ARGENTINA: 'Won't Spend More Than We Have,' Says New Minister
ARGENTINA: Farmers Stage 24-Hour Strike Citing 'Tax Pressure'


B R A Z I L

PATAGONIA HOLDCO: S&P Assigns Preliminary 'B+' ICR, Outlook Stable


C A Y M A N   I S L A N D S

SENTINEL INVESTMENT: Oct. 13 Hearing on Settlement Motion Set
SG STRATEGIC: Oct. 13 Hearing on Settlement Motion Set
SPORTS AFICIONADOS: Oct. 13 Hearing on Settlement Motion Set


C H I L E

CHILE: Central Bank to Intervene w/ up to $25B to Stop Fall of Peso


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Surging Dollar Doesn't Worry Tourism


V I R G I N   I S L A N D S

THREE ARROWS: US Court Okays Foreign Administrator for Debt

                           - - - - -


=====================================
A N T I G U A   A N D   B A R B U D A
=====================================

ANTIGUA & BARBUDA: To Get New Subscriber for US$200 Million Bond
----------------------------------------------------------------
The Antigua and Barbuda government says within a couple of weeks it
will have a new subscriber for a US$200 million bond it was forced
to withdraw on the international market earlier this year.

Prime Minister Gaston Browne told Parliament that he had not sought
to deceive the population when he had earlier announced that the
bond had been oversubscribed.

Mr. Browne said the original subscriber, whom he did not name, had
sought to increase the bond interest rate from 6% to 10%.




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

ARGENTINA: 'Won't Spend More Than We Have,' Says New Minister
-------------------------------------------------------------
Eliana Raszewski, writing for Reuters, reports that Argentina's new
economy minister Silvina Batakis said she would target cutting the
country's high fiscal deficit, pledging "order and balance" in a
bid to tame spiraling inflation, tumbling markets and growing
pressure on the peso.

Batakis, who took over after an abrupt shake-up at the ministry,
said Argentina will move toward positive interest rates, maintain
plans to cut energy subsidies and stick with goals agreed with the
International Monetary Fund (IMF), according to
globalinsolvency.com.

"We need to give some order and balance to the nation's public
finances," she said at a news conference in Buenos Aires. She
pledged new measures such as tying budget quotas to "real cash
projections" to ensure a fiscal balance.  "That is to say we are
not going to spend more than we have," she added, the report notes.


The South American country, a major grain exporter, is facing
inflation estimated to hit 76% this year, pressure on the peso
currency that has driven up the price of dollars in popular black
markets and worryingly low foreign currency reserves, the report
relays.

That has been exacerbated by rising global food and energy costs
linked to Russia's invasion of Ukraine, which has turbocharged
already high domestic inflation, the report adds.

The crisis has caused rifts in the ruling coalition between
moderates around the president and a harder left wing allied with
powerful Vice President Cristina Fernandez de Kirchner, which
supports more spending to alleviate poverty, notes the report.

Batakis took over after predecessor Martin Guzman, a close ally of
the president, resigned abruptly after clashes with factions allied
to the vice president, raising investor fears of a shift toward a
looser economic policy, Reuter recalls.

She has pledged to boost production and exports, but emphasized the
importance of the state staying solvent, notes Reuters.

Argentina, which has cycled through economic crises for decades,
has a $44 billion debt deal with the IMF agreed earlier this year.
Protesters have criticized the government and the IMF.

"We need to defend the solvency of the state. And this has nothing
to do with impositions from the IMF," the report quotes Batakis as
saying.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning  the October 2019
general election. He succeeded Mauricio  Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however,  its
economic performance has been very uneven, with high  economic
growth alternating with severe recessions, income  maldistribution
and in the recent decades, increasing poverty.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign
Currency Issuer Default Rating (IDR) and Long-Term Local Currency
IDR Under Criteria Observation (UCO) following the conversion of
the agency's Exposure Draft: Sovereign Rating Criteria to final
criteria. The UCO assignment indicates that ratings may change as a
direct result of the final criteria. It does not indicate a change
in the underlying credit profile, nor does it affect existing
Rating Outlooks.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements are
fairly unambitious relative to other IMF programs and in light of
the economy's deep imbalances, but it faces heightened risk
nonetheless from weak political support and  spill-overs from the
Russia-Ukraine war, says Fitch.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8, 2020.
Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  DBRS' credit rating for Argentina is CCC, given on Sept. 11,
2020.

ARGENTINA: Farmers Stage 24-Hour Strike Citing 'Tax Pressure'
-------------------------------------------------------------
Buenos Aires Times reports that Argentina's main farming
organisations staged a 24-hour strike on July 13, suspending the
sale of grain and cattle and taking to the streets to demand
changes in the economic policy of President Alberto Fernandez's
government.

Grouped together by the Mesa de Enlace industry group, rural
producers protested in demand of tax relief and a normalized supply
of fuel, after suffering from diesel shortages in recent weeks at
the height of the harvest, according to Buenos Aires Times.

Agricultural leaders have been threatening a stoppage of commercial
sales for weeks and finally settling on a 24-hour halt to the sale
of grain and livestock, the report notes.

Hundreds of people mobilised on roads across the country, some
driving their cars along roads with Argentine flags hanging out the
window, others marching on horses, others driving tractors, the
report relays.  There were no roadblocks, as the Mesa de Enlace's
leaders had requested beforehand, the report discloses.

The main rally, in which leaders criticized the "tax burden" the
sector faces, took place at the symbolically chosen city of
Gualeguaychu in Entre Rios Province - a location associated with
2008 agro-industry resistance to an attempt to impose a greater tax
burden on grain exporters, the report relays.  That bid was led by
then-president and current vice-president Cristina Fernandez de
Kirchner, the report adds.

                    'Cry of Desperation'

"It is a cry of desperation. The campo can't give more, not only
because of tax pressure, but also because of the pressure felt by
the lack of policies.  There is uncertainty and distrust," said
Jorge Chemes, president of Confederaciones Rurales Argentina on the
eve of the strike, the report relays.

Argentina, one of the world's leading food producers and the
world's top exporter of soybean oil and meal, has benefited from
the surge in grain and oilseed prices as a result of the war in
Ukraine, the report notes.

But the conflict also made imports of fertilizers and fuels,
essential inputs for farmers more expensive. Argentina imports 60
percent of the fertilizers it consumes, and 15 percent came from
Russia, the report discloses.

Industry leaders cited a list of complaints, including the shortage
and overpricing of diesel and fertilizers, the exchange rate gap,
the tax burden and policies "that are harmful to agriculture, as
well as others that go beyond the sector," the report relays.

Carlos Achetoni, the president of Federacion Agraria, said the
pressures on farmers were "deepening with the crisis we are
experiencing in the country," the report notes.

                   'Leads to Nowhere'

Cabinet Chief Juan Manzur questioned the 24-hour strike, describing
it as a measure that "leads to nowhere." President Alberto
Fernandez's government "has always favoured dialogue," he added.

"With great respect and humility, we do not agree with this strike.
It leads to nowhere.  We had serious difficulties with the supply
of diesel, there is a very complex situation for energy matters
worldwide, and fortunately this has been resolved," said the
official, adding that "supply is gradually returning to normal,"
the report relays.

Agricultural producers are demonstrating just two weeks after
Silvina Batakis took office as economy minister following the
resignation of her predecessor, Martin Guzman, amid exchange rate
turbulence and severe inflation, the report discloses.  Prices are
already projected to rise 76 percent this calendar year, the report
says.

Agro-industrial exports are expected to reach a record US$41
billion in 2022, some US$3 billion more than in 2021, the report
adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning  the October 2019
general election. He succeeded Mauricio  Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however,  its
economic performance has been very uneven, with high  economic
growth alternating with severe recessions, income  maldistribution
and in the recent decades, increasing poverty.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign
Currency Issuer Default Rating (IDR) and Long-Term Local Currency
IDR Under Criteria Observation (UCO) following the conversion of
the agency's Exposure Draft: Sovereign Rating Criteria to final
criteria. The UCO assignment indicates that ratings may change as a
direct result of the final criteria. It does not indicate a change
in the underlying credit profile, nor does it affect existing
Rating Outlooks.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements are
fairly unambitious relative to other IMF programs and in light of
the economy's deep imbalances, but it faces heightened risk
nonetheless from weak political support and  spill-overs from the
Russia-Ukraine war, says Fitch.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8, 2020.
Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  DBRS' credit rating for Argentina is CCC, given on Sept. 11,
2020.



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

PATAGONIA HOLDCO: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
------------------------------------------------------------------
On July 18, 2022, S&P Global Ratings assigned a 'B+' preliminary
issuer credit rating to Patagonia Holdco LLC (Patagonia) and 'B+'
preliminary issue-level rating to its proposed $500 senior secured
notes with a recovery rating of '3', which indicates a recovery of
50%-70% (rounded estimate: 55%) in the event of default.

Stonepeak, through an infrastructure fund, is acquiring Lumen
Technologies' Latin American operations. The transaction will be
financed with a mix of debt and equity contribution. Including the
issuance of proposed senior secured notes for $500 million and a
$800 million term loan.

The newly created entity, Patagonia, will hold and operate an
extensive asset base of terrestrial and subsea fiber network and
data centers across Latin America. Once the transaction is
completed, S&P expects Patagonia's debt to EBITDA between 4.0x and
4.5x in 2022 and to drop slightly below 4.0x in 2023.

The ratings are preliminary pending on the successful completion of
the acquisition and transfer of assets to Patagonia and completion
of the financing package, and that the final terms and conditions
of the notes don't differ materially from the draft documents
presented to S&P.

The stable outlook reflects S&P's view that the company will be
separated from Lumen Technologies, achieving significant business
growth, increasing its customer base and cash flows, and reducing
leverage to below 4.0x in 2023.

The 'B+' preliminary rating primarily reflects on one hand the
company's ample and difficult-to-replicate asset base, footprint
across Latin America, and long-term relationships with customers
that should underpin growth prospects amid favorable industry
dynamics in the region. On the other hand, the rating is
constrained by an expected aggressive leverage, the company's
relatively small scale in a very competitive market, and the
execution risk in separating from its former parent, Lumen
Technologies.

Following its spin-off, Patagonia will hold an extensive network of
about 86,000 kilometers of fiber across 12 countries including
50,000 kilometers of terrestrial (metro and long haul), 36,000
kilometers of subsea cable, and 18 highly interconnected data
centers across Latin America. Additionally, the company has solid
customer relationships, with 89% of recurring revenue coming from
multiyear contracts that provide revenue visibility. S&P said, "We
believe Patagonia will leverage on this strength to post sound
revenue growth rates in the data center and data services in the
next few years. Additionally, the company faces industry tailwinds
as Latin America still lags behind more developed regions in terms
of internet penetration, data traffic and broadband speed, and
growth in these services should be higher than in more mature
markets. As a result, we forecast annual revenue growth of about 4%
in the next couple of years."

Patagonia operates in the enterprise and wholesale market through
an offering of lit and dark fiber, data center services (full
colocation, storage, interconnection, hosting, cloud back-up,
etc.), and voice and other communication services. Patagonia faces
stiff competition from smaller local players, large integrated
regional operators, and pure infrastructure players. As a result,
Patagonia doesn't hold a leading position in the markets.

The acquisition is expected to close in July 2022 upon receipt of
all regulatory approvals and standard closing requirements for
which Stonepeak will pay $2.7 billion. The financing for the
transaction will include an equity contribution for about $1.56
billion, first-lien term loan for about $800 million, and senior
secured notes for about $500 million. Additionally, Stonepeak is
negotiating a $200 million revolving credit facility, which should
remain undrawn following the transaction, but should strengthen the
company's liquidity position. S&P said, "Given our forecast of
Patagonia's EBITDA, we expect it to post aggressive leverage with
debt to EBITDA between 4.0x and 4.5x and funds from operations
(FFO) to debt between 15% and 18% in 2022. In the next two years
amid a more disciplined capex plan and EBITDA expansion of about
12% in 2023 and 6% in 2024, we expect leverage to drop below 4.0x
and Patagonia to generate free cash flows of around 6% of total
debt. We don't expect Stonepeak to take dividend recapitalization
in the next three years, and we assume that Patagonia's free cash
flows will be fully used to prepay debt. Although Stonepeak hasn't
defined specific leverage targets for Patagonia, it has outlined
the company's financial policy that incorporates deleveraging plans
over time. Additionally, we expect Stonepeak's investment in
Patagonia for a medium term, similar to the firm's other
infrastructure investments."

While the acquired operations have a track record of more than 30
years, with a tenured management and consistent top-line growth in
the past 10 years with a CAGR of more than 6%, Patagonia is a new
company. Its business sustainability and growth opportunities will
depend on a successful separation from Lumen Technologies. S&P
said, "We assume margin expansion and leverage improvements to
occur through efficiencies stemming from the separation. Patagonia
expects to take advantage of market opportunities, widening its
services to higher margin products, improve operations through a
more disciplined cost and capex management. Spin-off challenges
could hinder deleveraging, a risk we have incorporated in our 'B+'
rating."

S&P said, "For our preliminary rating, we assume that Patagonia
will control Lumen Technologies' Latin American assets.
Additionally, we assume that about 49% of the financing for the
acquisition will come from a mix of term loan and senior secured
notes and Stonepeak will make and equity contribution for the
remainder. We also contemplate that Patagonia will obtain a
revolving credit facility to underpin its liquidity position.
Following the notes' issuance, and unless the acquisition is
completed simultaneously with debt raising, the proceeds will be
placed in an escrow account pledged as security for the
noteholders. Furthermore, if the acquisition isn't completed by
Nov. 1, 2022, Patagonia will have to redeem the notes. However, the
company expects to close the transaction on Aug. 1, 2022."

ESG credit indicators: E2, S2, G3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Patagonia. Our
assessment of the company's financial risk profile as aggressive
reflects corporate decision-making that prioritizes the interests
of the controlling owners, in line with our view of the majority of
rated entities owned by private-equity sponsors. This also reflects
their generally finite holding periods and a focus on maximizing
shareholder returns."




===========================
C A Y M A N   I S L A N D S
===========================

SENTINEL INVESTMENT: Oct. 13 Hearing on Settlement Motion Set
-------------------------------------------------------------
The liquidators of Sentinel Investment Fund, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market Step Up Note Ltd., and Preferred Income Collateralized
Interest
Ltd. Collectively, these three entities appear to have issued not
less than $260 million of these Notes; however, the actual number
is yet to be verified by transaction records and statements which
have not yet been received.  Certain other related entities were
otherwise involved with the issuance of the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".

SG STRATEGIC: Oct. 13 Hearing on Settlement Motion Set
------------------------------------------------------
The liquidators of SG Strategic Income Ltd, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market
Step Up Note Ltd., and Preferred Income Collateralized Interest
Ltd. Collectively, these three entities appear to have issued not
less than $260 million of these Notes; however, the actual number
is yet to be verified by transaction records and statements which
have not yet been received.  Certain other related entities were
otherwise involved with the issuance of the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".

SPORTS AFICIONADOS: Oct. 13 Hearing on Settlement Motion Set
------------------------------------------------------------
The liquidators of Sports Aficionados Ltd, which is in liquidation,
filed a motion to request that the bankruptcy court enter an order
barring, enjoining, and restraining all "barred persons" from
commencing, prosecuting, continuing, or asserting all "barred
claims against any "protected persons" including any Debtors (SGG
Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market Step Up Note Ltd., and Preferred Income Collateralized
Interest
Ltd. Collectively, these three entities appear to have issued not
less than $260 million of these Notes; however, the actual number
is yet to be verified by transaction records and statements which
have not yet been received.  Certain other related entities were
otherwise involved with the issuance of the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".



=========
C H I L E
=========

CHILE: Central Bank to Intervene w/ up to $25B to Stop Fall of Peso
-------------------------------------------------------------------
Rio Times Online reports that the Central Bank of Chile announced
an intervention in the foreign exchange market with an amount of up
to US$25 billion to try to stop the fall of the peso, which closed
above the psychological limit of 1,000 units per dollar.

"To facilitate the adjustment of the Chilean economy to the
uncertain and changing domestic and foreign conditions, the Central
Bank's Executive Board has decided to implement a program of
foreign exchange intervention and preventive provision of dollar
liquidity of up to US$25 billion," the central bank said, according
to Rio Times Online.

Experts blame the rise in the U.S. currency on its global
appreciation and the drop in the value of copper, which Chile
exports as the world's leading exporter, the report notes.





===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Surging Dollar Doesn't Worry Tourism
--------------------------------------------------------
Dominican Today reports that the euro, the official currency in
some 19 countries of the European Union (340 million inhabitants in
total), fell briefly on July 13 below the dollar and reached
$0.9998 at noon, but then rebounded, rising to $1.0062 at at 3:00
PM, down from $1.0083 in late European forex trading the previous
day.

The appreciation of the dollar against the euro is a topic of
global interest, because both currencies are part of the economies
of several countries from which foreign currency is sent and with
which the national tourism sector is boosted, according to
Dominican Today.

Given the instability of the value of foreign currencies in Europe,
the Dominican tourism sector feels confident that the flow of
visitors will not be affected by a possible loss of purchasing
power of foreign citizens of that continent, 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.

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, in December 2021, 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-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.  A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.





===========================
V I R G I N   I S L A N D S
===========================

THREE ARROWS: US Court Okays Foreign Administrator for Debt
-----------------------------------------------------------
Nelson Wang of Coin Desk reports that a U.S. federal bankruptcy
court has approved a request by foreign representatives of
liquidators of Three Arrows Capital to administer the crypto hedge
fund's assets in the U.S. and subpoena its founders and other
relevant parties, according to an order issued July 12,
2022.

The Singapore-based hedge fund filed for Chapter 15 bankruptcy
protection in the U.S. on July 1, 2022.  It had previously been
ordered to be liquidated in the British Virgin Islands.

Earlier, Three Arrows's co-founder Su Zhu posted
screenshots of an email sent from his legal counsel to legal
representatives of its liquidators, alleging they are "baiting"
Zhu and co-founder Kyle Davis and ignoring their good-faith
attempts to work with them.

In legal documents filed late July 8, 2022, lawyers for
Three Arrows's liquidators said Zhu and Davies were not
cooperating with the proceedings and their location is unknown.

The first meeting of Three Arrow's creditors will be held on July
18, 2022, according to sources who spoke to The Block. The meeting
will be hosted by Teneo, a financial advisory firm that is 3AC's
court-appointed liquidator.

                    About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings.  Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.





                           *********


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

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

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