/raid1/www/Hosts/bankrupt/TCRLA_Public/220816.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

          Tuesday, August 16, 2022, Vol. 23, No. 157

                           Headlines



A R G E N T I N A

ARGENTINA: Massa Gains Ground in Energy Sector Power Struggle
ARGENTINA: Raises Key Interest Rate to 69.5% in Biggest Hike
ARGENTINA: S&P Affirms 'CCC+/C' SCRs on Peso-Domestic Debt Exchange


B R A Z I L

BRAZIL: Economy Ministry Expects $1.15BB Primary Surplus for 2022


E C U A D O R

ECUADOR: Plans to Pay Off Debt to Perenco This Year, Minister Says


J A M A I C A

[*] JAMAICA: To Enter Tourism Partnership with Cayman Islands


M E X I C O

CREDITO REAL: Reaches Debt Deal With Some Creditors


P U E R T O   R I C O

APOGEE GROUP: Hires Hector Eduardo Pedrosa Luna as Attorney

                           - - - - -


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

ARGENTINA: Massa Gains Ground in Energy Sector Power Struggle
-------------------------------------------------------------
Buenos Aires Times reports that Energy Secretary Dario Martinez
resigned, five days after the arrival of 'super-minister' Sergio
Massa in the Economy Ministry and his first announcements geared
precisely to the energy sector.

The official will be replaced by Salta Mining and Energy provincial
secretary Flavia Royon, the government confirmed, according to
Buenos Aires Times.

"I'm eternally grateful to @alferdez and @CFKArgentina for
entrusting me with the post of national Energy secretary, a task I
carried out with pride and commitment," wrote Martinez in Twitter,
the report notes.

"It was an honour to have formed part of the Frente de Todos
government which they head and to represent the movement in Neuquen
to which I have belonged ever since I became politically aware," he
added.

Martinez also expressed his "best wishes and all my support" to
Sergio Massa: "I know his managerial capacity and commitment. We
are united by a great bond in both having been comrades in Congress
and he can always count on my permanent collaboration," the report
relays.

Minutes beforehand, Massa had communicated via Twitter Royon's
entry as Energy Secretary with Santiago Yanotti as undersecretary
for Electrical Energy, Federico Bernal continuing as undersecretary
for Fossil Fuels and Cecilia Garibotti as Planning undersecretary,
the report notes.

"I wish to thank the work of Dario Martinez, [former electricity
secretary] Federico Basualdo and the team which until now has
carried out the work in @Energia_AR. Energy sovereignty and the
transformation of Argentina into a power in this sector is the aim
of us all," added Massa.

Massa's arrival as a minister pooling the Economy, Agriculture and
Production portfolios detonated various changes in government but
until last week, energy, one of the most questioned areas which had
triggered much tension as a sector controlled by Kirchnerism, had
stood firm - especially a hot spot when previous minister Martin
Guzman wanted to throw out Basualdo as Electrical Energy secretary
but could not pull it off due to Vice-President Cristina Fernandez
de Kirchner's support, the report discloses.

As the new economic czar, Massa announced a change in the mechanism
for implementing subsidy cutbacks and after days of rumours the
Energy Secretary's exit was finally confirmed, the report says.

The new appointments help Massa gain a stronger foothold ahead of a
gains ground with the move ahead of talks with the International
Monetary Fund towards the end of the month, the report relays.

According to reports, the new minister will visit Washington DC on
August 29 to 31 for meetings with the Fund, the authorities of the
US Treasury Department, Inter-American Development Bank (IDB) and
the World Bank, the report notes.

Afterwards, he will visit New York for a meeting with executives
and investors, seeking to reassure them of Argentina's prospects,
the report says.

IMF Managing Director Kristalina Georgieva congratulated Massa on
his appointment and "increased responsibilities" in a letter to the
new minister, the report notes.

"My colleagues and I were pleased to have worked constructively
with your predecessors and their teams. I look forward to
continuing to deepen that relationship to support the
implementation of your government's economic program, backed by the
Fund's extended financing arrangement," she wrote, the report
relays.

Government officials believe the portfolio is now "back on track"
with the Fund's staff, which must prepare a new report for the IMF
Board ahead of the next US$4-billion disbursement from Argentina's
US$44.5-billion Extended Fund Facility deal falls due, the report
notes.

                    Who is Dario Martinez?

Born in Ingeniero Huergo (Rio Negro) and studying accountancy at
the Universidad Nacional del Comahue (without graduating),
Martinez, 45, left the Energy Committee chairmanship in Congress to
replace Sergio Lanziani when he was dumped as Energy secretary in
March, 2020, the report discloses.

Martinez ran for lieutenant-governor on the ticket of Unidad
Ciudadana, the party of ex-president Cristina Kirchner before
forming Frente de Todos, in March, 2019 provincial elections
finally won by Omar Gutierrez of the Movimiento Popular Neuquino,
the report relays.

                     Who is Flavia Royon?

Flavia Royon, Salta's Mining and Energy secretary until now apart
from chairing the Economic and Social Council of that province, is
the replacement found by Economy Minister Sergio Massa following
the resignation of Energy Secretary Dario Martinez, the report
notes.

Graduating in industrial engineering from the National University
of Salta with an MBA in IAE Business School and a diploma in
Integral Mining Management from the Catholic University in Salta,
Royon has vast professional experience in the private productive
sector with exports, logistics and supply chains, the report says.

Until appointed Salta's Energy secretary, Royon was Executive
Director of the Investment Financing and Promotion Department of
Salta's Production Ministry and president of the Economic and
Social Council, the report notes.

The official was also a member of the Board of Directors of the
Salta Industrial Union, chairing the province's Chamber of Foreign
Commerce and participating in the development of the programs for
economic growth and government centres in the Austral University's
School for Public Policies, 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 has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.


ARGENTINA: Raises Key Interest Rate to 69.5% in Biggest Hike
------------------------------------------------------------
Buenos Aires Times reports that Argentina's Central Bank raised its
benchmark Leliq rate to 69.5 percent, representing the largest hike
in almost three years and signaling a more aggressive stance
against surging inflation.

Officials raised the rate by 950 basis points, the eighth increase
this year, according to a statement, notes Buenos Aires Times.  It
follows an outsized, 800-basis point hike just weeks ago, the
report notes.  Until now, Central Bank officials only raised rates
about once every month, the report relays.

Earlier, the institution had told traders that it was offering its
Leliq note at the same rate, according to people with direct
knowledge of the matter who asked not to be named, the report
discloses.  It marks the largest increase since August 2019, the
report notes.

Argentina's annual inflation has now surged past 70 percent after
renewed political turmoil fueled price spikes and a currency rout,
the report says.

New Economy Minister Sergio Massa, the third since early July, is
renewing the government's battle against inflation with a more
conventional approach, the report relates.  Along with raising
rates, Massa also committed to not ask the Central Bank to print
any more money to finance government spending this year, a chronic
source of inflation the past two years, the report notes.

The rate hike also marks a complete eclipse by the Central Bank
since its governor, Miguel Pesce, took over two and a half years
ago, the report discloses.  Pesce gradually cut the benchmark rate
from 63 percent in December 2019 to as low as 36 percent before
starting to tighten policy this year, the report relays.

Raising rates closer to annual inflation levels is part of the
government's effort to encourage savers to stick with pesos, the
report relays.  It's also a key pillar of Argentina's US$44-billion
agreement with the International Monetary Fund, which calls for
so-called positive rates, the report notes.

                      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 has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.


ARGENTINA: S&P Affirms 'CCC+/C' SCRs on Peso-Domestic Debt Exchange
-------------------------------------------------------------------
On Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the Republic
of Argentina. The outlook remains stable. S&P also affirmed its
national scale 'raBBB-' rating and its 'CCC+' transfer and
convertibility assessment.

Outlook

The stable outlook reflects the challenges in managing pronounced
economic imbalances ahead of the 2023 national elections given
disagreement on policy within the government coalition and
financing pressures in the local market. Lowering the fiscal
deficit and reducing central bank financing are key components to
satisfying terms of the pragmatic 2022 Extended Fund Facility
(EFF). Successful execution is key to accessing IMF disbursements
used to refinance heavy repayments to the fund this year and next,
and to support local market confidence. Global capital markets are
closed, and financing is also constrained by the size of local
markets.

Downside scenario

S&P could lower the ratings over the next 12 months if unexpected
negative policy developments undermine access to financing from the
local market or official sources. Meaningful setbacks in execution
under the EFF would complicate access to financing, potentially
from other multilateral institutions (MLIs), and renegotiation of
Paris Club debt. This scenario would likely further damage local
investor confidence in particular and hamper access to
peso-denominated debt markets. It could also exacerbate the need
for recourse to central bank financing amid challenging inflation
dynamics and lead to a downgrade. Heightened pressure in local
financial markets, including the banking system's deposit base, or
difficulties in managing central bank debt (LELIQs) could also lead
to a downgrade.

Upside scenario

S&P said, "We could raise the ratings over the next 12-24 months
following a track record of successful execution under the EFF and
clarity that the 2023 elections will ease financing challenges in
the local market and provide a medium-term road map to correct
Argentina's major structural macroeconomic imbalances. We could
also raise the rating if there is a more pronounced economic
recovery that supports stronger fiscal outcomes that take pressure
off the government's financing needs."

Rationale

A long history of macroeconomic instability and sharp changes in
economic policies underpin the low credibility and predictability
of Argentina's governing institutions.

Recent political and financial events exemplify the various
weaknesses in Argentina's creditworthiness. This includes
heightened local financial market turbulence stemming from policy
missteps on debt management in June, exacerbated by disagreement on
policy execution within the ruling coalition. Tension between
factions of the ruling coalition undermined the ability of
policymakers to stabilize market confidence and led to the
departure of two economy ministers within the span of one month.

Economy Minister Sergio Massa assumed office on Aug. 3, 2022,
following the resignations of both Martin Guzman and Silvina
Batakis. A political heavyweight, and seemingly with more support
across the fractious Frente de Todos coalition, Mr. Massa is taking
steps to try and stabilize confidence in the markets. June
inflation (year on year) came in at 64% while July was 71%, with
the gap between official and parallel exchange rates at 120%. He,
as did his predecessors, reiterated the government's commitment and
intention to meet key EFF targets. However, doubts remain on how
and if the administration can indeed engineer a reduction in the
fiscal deficit over the remainder of 2022 to comply with fiscal and
central bank financing targets given slippage through the first
half of the year. This will require a slowdown or cut in spending,
and reduction of politically sensitive energy subsidies.

Mr. Massa launched a voluntary peso-debt exchange with an eye to
stabilizing local market volatility. The swap included peso bonds
that were originally due in August, September, and October 2022 for
new bonds due between June and September 2023. The dual bonds due
in 2023 offer inflation or exchange rate protection, unlike the
peso (fixed-, floating-, or inflation-linked) bonds that were
eligible for the swap. Some 60% of the forthcoming amortizations
are estimated to be held by government entities (mostly the social
security institute ANSES/FGS and the central bank), which was
expected to ensure solid participation in the exchange. However,
final participation was 85%--indicating the presence of
private-sector creditor financial institutions.

S&P said, "We don't consider the swap as tantamount to default,
despite our ratings on Argentina of 'CCC+'. In general, at such low
rating levels, we would consider most exchanges distressed. In our
view, the offer did not meet all conditions of a distressed
exchange according to our ratings definitions. This stems, in part,
from the fact that the investor, based on our understanding, is not
receiving less than originally promised.

"In addition, in the absence of participation by private creditors,
we also would have expected the government to try to make payment
to them with the central bank acting as a backstop in the local
secondary market, mopping up excess peso liquidity via LELIQ
issuance." This could have added pressure to the gap between the
peso and parallel exchange rates, which the clearing out of
near-term peso maturities helps minimize.

The ratings implications from any potential future debt exchange
will be analyzed on a case-by-case basis considering their own
terms and conditions, as well as the then-prevailing macroeconomic
context and interim policy developments. Any unilateral,
uncompensated change in terms or extension of maturities would
likely be considered a distressed exchange and tantamount to
default.

At this time, Mr. Massa is currently viewed as having more ability
to execute and broader support than both prior economy ministers,
though overall concerns remain on policy execution. Follow-through
remains key--particularly on lowering energy subsidies over the
coming months to lower the deficit and pressure on local financing
needs. Continued access to local market funding will rely on
lowering the overall and primary (noninterest) deficit and
financing from the central bank in line with the EFF. Access to
funding from the IMF and other official creditors is key to
supporting Argentina's economy, as well as timely debt service over
the coming year.

S&P's 'CCC+' long-term rating reflects vulnerabilities around
timely local and external commercial debt service amid pronounced
macroeconomic imbalances (such as high/rising inflation, pervasive
foreign exchange controls, and a low level of international
reserves) and limited policy room to maneuver ahead of next year's
presidential elections given a high degree of political
polarization. A moderate pace of planned fiscal consolidation keeps
financing needs high relative to the size of the local market.
There is no global market access, and volatile global economic
conditions reinforce the challenges in securing new deficit
financing and smooth rollovers in the small peso-debt market.
Policy execution in line with the EFF targets in the run-up to the
2023 elections will be needed to maintain access to official
financing and support local investor appetite.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  ARGENTINA

  Sovereign Credit Rating       CCC+/Stable/C

  Transfer & Convertibility Assessment   CCC+

  ARGENTINA

  Senior Unsecured                       CCC+




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

BRAZIL: Economy Ministry Expects $1.15BB Primary Surplus for 2022
-----------------------------------------------------------------
Reuters reports that Brazil's Economy Ministry expects the central
government to post a primary surplus of BRL6 billion ($1.15
billion) this year, its first since 2013, according to internal
estimates.

An official from the ministry, speaking on condition of anonymity
as the calculations are not public, called the estimate
conservative because it considers BRL36 billion in extraordinary
dividends in 2022, according to Reuters.

The government has already received BRL25 billion from state firms
based on earnings in the first half of the year, boosted by an
industry-leading payout from state-run oil company Petroleo
Brasileiro SA, the report notes.

                       About Brazil

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

As reported in the Troubled Company Reporter-Latin America on
Aug 12, 2022 reported that DBRS Inc. confirmed the Federative
Republic of Brazil's Long-Term Foreign and Local Currency Issuer
Ratings at BB (low). At the same time, DBRS Morningstar confirmed
the Federative Republic of Brazil's Short-term Foreign and Local
Currency Issuer Ratings at R-4. The trend on all ratings is
Stable.

July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long-
and short-term foreign and local currency sovereign credit
ratings on Brazil.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.




=============
E C U A D O R
=============

ECUADOR: Plans to Pay Off Debt to Perenco This Year, Minister Says
------------------------------------------------------------------
Reuters reports that Ecuador plans to pay off a debt it owes to
French oil company Perenco at the end of this year and is open to a
dialogue to determine how the payment should be made, the country's
economy minister said.

Ecuador is obliged to pay compensation to Perenco after the World
Bank's International Centre for Investment Disputes (ICSID) ruled
the country had unlawfully ended a production-sharing agreement
with Perenco and owed it $391 million including interest, according
to Reuters.

Ecuador's president, Guillermo Lasso, has promised to pay the debt,
but after resolving pending tax obligations owed by Perenco for
operations at two oil blocks, the report notes.

The tax amount owed by Perenco is around $50 million, Economy
Minister Pablo Arosemena told Reuters, an amount the government
hopes a U.S. court will discount from the ICSID judgment, adds the
report.



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

[*] JAMAICA: To Enter Tourism Partnership with Cayman Islands
-------------------------------------------------------------
RJR News reports that Jamaica is to collaborate with the Cayman
Islands on tourism.

Among the areas being examined for cooperation are
multi-destination tourism, airlift, enhancing border protocols,
rationalizing airspace as well as resilience building, according to
RJR News.

Tourism Minister Edmund Bartlett made the disclosure during a
meeting with members of a special delegation from the Cayman
Islands, the report notes.

Meanwhile, Mr. Bartlett has called for players in the private
sector to develop a special tourism package with an attractive
price, that can be presented to the market to promote
multi-destination tourism and enhance the regional tourism product,
the report relays.

He said the issue will be further explored at the next meeting of
the Caribbean Hotel and Tourism Association in October, the report
adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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

CREDITO REAL: Reaches Debt Deal With Some Creditors
---------------------------------------------------
Sydney Maki and Jeremy Hill of Bloomberg New report that Credito
Real SAB said it struck a deal with "several" creditors on the
liquidation of its liabilities, marking a step in what has become
a lengthy saga of default and bankruptcy for the Mexican payroll
lender.

Negotiations will continue with creditors that still haven't been
paid, the company said in a statement.  Credito Real's
dollar bonds due in 2023 extended losses to be quoted at just 2.8
cents on the dollar, according to indicative pricing data compiled
by Bloomberg.

The announcement comes after Mexico's biggest non-bank lender,
Unifin Financiera SAB, said it was halting bond payments and will
restructure its debt.

                    About Credito Real SAB

Credito Real SAB de CV SOFOM ENR is a Mexico-based company that
provides consumer financing.  Credito is Mexico's biggest payroll
lender and second largest non-bank lender after Real Unifin.

Credito Real provides loans, either by providing direct financing
to consumers or by establishing financing programs with consumer
financing dealers that sell to Credito Real the collection rights
from consumer financing products.  It also provides financing
directly to individuals that are employed by corporations with
payroll deduction agreements with consumer financing dealers
authorized by Credito Real.  Credito Real operates through a
number of subsidiaries, including AFS Acceptance LLC.

Three alleged creditors signed a petition to send Credito Real to
Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No.
22-10842).  Institutional Multiple Investment Fund LLC, of Boston,
Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund,
of Liechtenstein, who claim to own an aggregate $8 million of
unsecured bond debt, signed the involuntary Chapter 11 petition.
David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is
advising the three bondholders.

On June 28, 2022, Angel Francisco Romanos Berrondo, one of the
Debtor's shareholders and the former CEO of Credito Real, filed a
petition, in his capacity as a shareholder, with the Mexican Court
seeking to commence the Mexican Liquidation Proceeding.

On June 30, 2022, the Mexican Court entered an order commencing
the dissolution and liquidation proceedings for the Company and
appointing Mr. Fernando Alonso-de-Florida Rivero as the Mexican
Liquidator.

The liquidator for Credito Real filed a Chapter 15 bankruptcy
petition (Bankr. D. Del. Case No. 22-10630) on July 14, 2022, to
seek U.S. recognition of the Mexican proceedings.  The petition
was signed by Robert Wagstaff, the foreign representative of the
liquidator.  Richards, Layton & Finger, P.A., led by John Henry
Knight, is counsel in the U.S. case.




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

APOGEE GROUP: Hires Hector Eduardo Pedrosa Luna as Attorney
-----------------------------------------------------------
Apogee Group, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire The Law Offices of Hector
Eduardo Pedrosa Luna, as its attorney.

The firm will render the following services:

     a. prepare bankruptcy schedules, pleadings, applications and
conduct examinations incidental to any related proceedings or to
the administration of the bankruptcy case;

     b. develop the relationship of the status of the Debtor to the
claims of creditors in the bankruptcy case;

     c. advise the Debtor of its rights, duties and obligations as
Debtor operating under Chapter 11 of the Bankruptcy Code;

     d. take any and all other necessary action incident to the
proper preservation and administration of the Chapter 11 case; and

     e. advise and assist the Debtor in the formation and
preservation of a plan pursuant to Chapter 11 of the Bankruptcy
Code, the disclosure statement, and any and all matter related
thereto.

Hector Eduardo Pedrosa Luna will be paid at the hourly rate of
$175. The Debtor paid the Firm a retainer in the amount of $6,262.

It will also be reimbursed for reasonable out-of-pocket expenses
incurred.

Hector Eduardo Pedrosa Luna, partner of The Law Offices of Hector
Eduardo Pedrosa Luna, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Hector Eduardo Pedrosa Luna can be reached at:

     Hector Eduardo Pedrosa Luna, Esq.
     THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA
     P.O. Box 9023963
     San Juan, PR 00902-3963
     Tel: (787) 920-7983
     Fax: (787) 754-1109
     Email: hectorpedrosa@gmail.com

                        Aboput Apogee Group

Apogee Group, LLC is primarily engaged in renting and leasing real
estate properties.

Apogee Group, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02268)
on August 2, 2022. The petition was signed by Elan P. Colen-Roger
as managing member. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.

Judge Mildred Caban Flores presides over the case.

Hector Eduardo Pedrosa Luna, Esq. at the Law Offices of Hector
Eduardo Pedrosa Luna serves as the Debtor's counsel.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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