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

          Thursday, September 1, 2022, Vol. 23, No. 169

                           Headlines



A R G E N T I N A

ARGENTINA: Ted Cruz Urges Sanctions on Vice-President


B R A Z I L

BRAZIL: Gov't. Sees Return to Deficit in 2023 on Fuel Tax Exemption
BRAZIL: Three Out of Four Sao Paulo City Inhabitants in Debt
ODEBRECHT SA: U.S. to Return to Peru Funds Seized From Ex-president


C H I L E

LATAM AIRLINES: Chap. 11 Plan Advances After Creditor Appeals Fail


J A M A I C A

DIGICEL GROUP: Launches New Internet Address Protocol in Bermuda


P U E R T O   R I C O

ROJESIE INC: Case Summary & 15 Unsecured Creditors


V E N E Z U E L A

VENEZUELA: Food Basket Costs More Than 21 Times the Minimum Wage
VENEZUELA: Records Highest Economic Growth in Region With 22%

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Ted Cruz Urges Sanctions on Vice-President
-----------------------------------------------------
Patrick Gillespie at Bloomberg News reports that US Senator Ted
Cruz called on the US State Department to impose sanctions against
Argentine Vice-President Cristina Fernandez de Kirchner for
corruption allegations brought forward by a local prosecutor.

The accusations against Fernandez de Kirchner, who was also
Argentina's president from 2007 to 2015, are "public, credible, and
now backed by Argentina's judicial system," the Texas Republican
said in a letter to Secretary of State Antony Blinken, according to
Bloomberg News.

"I therefore urge you to process past and recent information about
Fernandez de Kirchner's corrupt acts, and to impose a Section
7031(c) designation on her and immediate family members," Cruz
wrote, referring to sanctions that bar foreign leaders entry into
the US, the report notes.

Fernandez de Kirchner is unlikely to face jail time in the near
term. Beyond her legal immunity as vice-president, a judge would
have to rule on the case and a date hasn't been set yet for such a
hearing, the report relays.

Despite Cruz's letter, it's unlikely the US State Department will
take any immediate action against Kirchner, the report discloses.

A federal prosecutor in Argentina urged a court to send Fernandez
de Kirchner to prison for 12 years and permanently ban her from
holding public office, the report says.  The prosecutor accused the
vice-president of fraud and leading an "illicit association"
between her, her family's hotel business and a construction firm
that received several government contracts when Fernandez de
Kirchner was president, the report notes.

Fernandez de Kirchner has long denied any wrongdoing and labeled
the case a political persecution. Her spokesman and President
Alberto Fernandez's press office didn't immediately respond to a
request for comment, the report relays.

Cruz's letter comes about 10 days before Argentine Economy Minister
Sergio Massa plans to meet with high-level US officials about his
economic strategy and the country’s US$44-billion loan with the
International Monetary Fund, 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
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. S&P said 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.

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.
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.

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.




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B R A Z I L
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BRAZIL: Gov't. Sees Return to Deficit in 2023 on Fuel Tax Exemption
-------------------------------------------------------------------
Reuters reports that Brazil's government will return to a primary
deficit in 2023 after an expected surplus for this year, with the
budget marked by extended tax reduction measures on fuels that
would initially expire this year.

According to the report, the budget proposal sent to Congress on
Aug. 31 predicted a 2023 primary budget deficit of BRL63.7 billion
($12.25 billion), close to the BRL65.9 billion deficit officially
set as the government's fiscal target for next year.

If confirmed, spending by the central government will outstrip
revenue by the highest amount since 2020, when the primary deficit
reached BRL743.5 billion amid large amounts spent to fight the
pandemic, Reuters notes.

As Reuters reported last week, the 2023 budget bill kept tax
reductions on fuels in line with President Jair Bolsonaro's pledge
that federal taxes would remain zeroed for gasoline, diesel,
ethanol and cooking gas.

According to the bill, fuel exemptions will amount to BRL52.9
billion in 2023, also benefiting compressed natural gas (CNG) and
aviation kerosene, the report relates. The budget proposal also set
BRL14.2 billion aside to finance higher wages for public servants.

Bolsonaro, who is seeking reelection in October but currently
trails former President Luiz Inacio Lula da Silva in opinion polls,
also promised to keep cash handouts for low-income families at
BRL600 next year, but the budget bill planned for payments of
BRL400 a month, notes the report.

Reuters says the decrease was already expected because the
government cannot simply increase the program, at an estimated cost
of BRL52 billion, as that would exceed the constitutional spending
cap, which limits the growth of public expenditures.

In a press conference, Reuters says, Special Treasury and Budget
Secretary Esteves Colnago said the government would seek funding
for this extra cost so that it does not increase the fiscal
deficit.

"We will talk to Congress after the elections to find the sources
for this expenditure," he said, notes the report.

Colnago estimated that next year's primary balance should be better
than predicted in the budget bill, adding that this year's surplus
should reach 0.2% to 0.3% of GDP, the report adds.

                        About Brazil

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

As reported in the Troubled Company Reporter-Latin America on
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.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. 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.

BRAZIL: Three Out of Four Sao Paulo City Inhabitants in Debt
------------------------------------------------------------
Rio Times Online reports that a survey by the Federation of
Commerce of Goods, Services, and Tourism of the State of Sao Paulo
(FecomercioSP) shows that three out of four Sao Paulo City
inhabitants (Paulistanos) had contracted some debt in July.

                         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
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.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. 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.


ODEBRECHT SA: U.S. to Return to Peru Funds Seized From Ex-president
-------------------------------------------------------------------
Reuters reports that the United States will return to Peru about
$686,000 seized from a former president of the country who had
received bribes from the Brazilian construction conglomerate
Odebrecht, the U.S. Department of Justice said on Aug. 31.

According to the report, federal prosecutors in Brooklyn said
Odebrecht paid $25 million in bribes to Alejandro Toledo, who was
Peru's president between 2001 and 2006, for highway construction
contracts.

Prosecutors said Toledo used $1.2 million of the money in 2007 to
buy a Maryland home, which he sold eight years later, notes
Reuters.

Reuters recalls that in 2020, a judge ruled that prosecutors could
seize money Toledo had been keeping in an account at Bank of
America.

"Civil forfeiture serves a critical role in depriving criminals of
their ill-gotten gains, regardless of their status," the report
quotes Breon Peace, the top federal prosecutor in Brooklyn, as
saying in a statement.

Odebrecht has admitted that it doled out bribes to governments
across Latin America, to help build its vast construction empire,
says the report.

Toledo has denied soliciting or receiving bribes, and has not been
criminally charged in the United States, Reuters says. He could not
be reached for comment, and his U.S. lawyers did not immediately
respond to requests for comment.

The report relates that Toledo now lives in California, where he is
fighting Peru's attempts to extradite him to face Odebrecht-related
graft charges. He was represented at extradition proceedings by a
public defender, and said he had no income or savings.

The U.S. State Department will decide whether to extradite him,
reports Reuters.

Peru's foreign ministry tweeted in February that it had agreed with
the United States on repatriating Toledo's funds, adds the report.

                      About Odebrecht SA

Odebrecht S.A. -- http://www.odebrecht.com/-- is a Brazilian  
conglomerate consisting of diversified businesses in the fields of
engineering, construction, chemicals and petrochemicals. Odebrecht
S.A. is a holding company for Construtora Norberto Odebrecht S.A.,
the biggest engineering and contracting company in Latin America,
and Braskem S.A., the largest petrochemicals producer in Latin
America and one of Brazil's five largest private-sector
manufacturing companies. Odebrecht controls Braskem, which by
revenue is the fourth largest petrochemical company in the
Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection,
aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for
Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled
across
Latin America, Reuters relayed, as reported by The Troubled
Company
Reporter - Latin America.

Odebrecht SA and several of its affiliates filed for Chapter 15
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 19-bk-12731)
on Aug. 26, 2019.  The cases are assigned to Hon. Stuart M.
Bernstein.  Cleary Gottlieb Steen & Hamilton LLP is counsel in the
U.S. cases.

On August 06, 2020, the Troubled Company Reporter - Latin America,
citing Reuters, reported that a Brazilian judge approved the
bankruptcy restructuring plan for Odebrecht and rejected
objections from creditors, including state bank BNDES, Itau
Unibanco, Banco Bradesco, Santander Brasil and Banco do Brasil.





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

LATAM AIRLINES: Chap. 11 Plan Advances After Creditor Appeals Fail
------------------------------------------------------------------
Fabian Cambero and Dietrich Knauth, writing for Reuters, report
that LATAM Airlines on August 31, 2022, turned back two challenges
to its bankruptcy reorganization plan, putting the carrier a step
closer to emerging from Chapter 11 after seeking protection from
creditors in the early months of the pandemic.

LATAM said in a statement it was pleased by a U.S. bankruptcy
court's decision confirming its reorganization plan in which two
groups of creditors lost their appeals, notes the report.

LATAM, which filed for bankruptcy in 2020, won court approval to
exit Chapter 11 in June. Its reorganization plan would inject about
$8 billion into the airline through a combination of capital
increase, issue of convertible bonds and new debt, recalls
Reuters.

The appeal against the approved plan came from the TLA Claimholder
Group, which has shares in subsidary LATAM Airlines Brasil, and a
group of unsecured claimants comprising Avenue Capital Management
II, Corre Partners Management, CQS (US), HSBC Bank Plc, Invictus
Global Management, Livello Capital Management LP and Pentwater
Capital Management LP.

According to Reuters, the groups' appeals were opposed by other
shareholder entities and the airline itself.

The appeals had challenged LATAM's so-called backstop agreement
with a creditor group that had agreed to guarantee certain
financing if no one else steps up to provide it, notes the report.

Under the deal, the 15 backstop creditors would receive $734
million in fees to ensure that $5.4 billion in stock and debt
offerings are fully financed.

Reuters relays that U.S. District Judge Denise Cote overruled the
objections to the backstop agreement, saying that it did not
provide unfair treatment to one group of creditors over another.

Instead, the fees and equity purchase rights were reasonable
compensation for the risk involved in guaranteeing LATAM's exit
financing, she ruled.

Earlier this week, LATAM Airlines said in a statement it planned to
exit bankruptcy in the final quarter of this year, offering a
slightly amended reorganization plan to reach $11.5 billion in
revenue by 2024,  adds the report.

                     About LATAM Airlines Group

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

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

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

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

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

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

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

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

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




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

DIGICEL GROUP: Launches New Internet Address Protocol in Bermuda
----------------------------------------------------------------
Royal Gazette reports that Digicel Group has announced the launch
of IPv6 internet address protocol in Bermuda.

A spokeswoman for the company said: "This latest internet address
protocol enables a much more seamless experience on your
internet-connected devices," according to Royal Gazette.

With multiple devices connecting to the internet every day from
homes in Bermuda, IPv6 makes it possible for every device to have
its own unique IP address, the report notes.

Previously, under the IPv4 protocol, the technology used to share
one public address to many devices, the report relays.

Stephen Murad, regional CEO of Digicel, said: "Bermuda continues to
be at the forefront of technology and Digicel aims to be powering
those connected devices every step of the way. Powering every
gamer, streamer and YouTuber, to name a few," the report adds.

                     About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2022, Moody's Investors Service has confirmed Digicel
Group Holdings Limited's Caa2 corporate family rating, its Caa2-PD
probability of default rating and Ca senior unsecured ratings.
Moody's also confirmed the senior unsecured ratings of Digicel
Group Two Limited, Digicel Limited and the senior secured ratings
of Digicel International Finance Limited. Concurrently, Moody's
downgraded the senior unsecured and subordinated ratings of
Digicel International Finance Limited to Caa3 from Caa2. The
outlook was changed to negative.

In May 12, 2022, the TCR-LA reported that Fitch Ratings has
affirmed the Long-Term Issuer Default Rating of Digicel Group
Holdings Limited (DGHL) at 'CCC' and removed the Rating Watch
Positive (RWP) on all ratings. The IDR of Digicel Limited (DL)
has been downgraded to 'CCC+' from 'B-' and the IDR Digicel
International Finance Limited (DIFL) has been affirmed at 'B-'
with a Stable Rating Outlook.



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

ROJESIE INC: Case Summary & 15 Unsecured Creditors
--------------------------------------------------
Debtor: Rojesie Inc.
          d/b/a Parador Villas Sotomayor
        Carr. 123 Int. 522 Km. 36.2
        Barrio Garzas Centro
        Adjuntas, PR 00601

Chapter 11 Petition Date: August 29, 2022

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 22-02529

Judge: Hon. Maria De Los Angeles Gonzalez

Debtor's Counsel: Gloria Justiniano Irizarry, Esq.
                  Calle A. Ramirez Silva #8
                  Ensanche Martinez
                  Mayaguez, PR 00680
                  Tel: 787-831-2577
                  Fax: 787-805-7350
                  Email: justinianolaw@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jesus Rogelio Ramos Puente as
president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 15 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/DDJENTQ/ROJESIE_INC__prbke-22-02529__0001.0.pdf?mcid=tGE4TAMA




=================
V E N E Z U E L A
=================

VENEZUELA: Food Basket Costs More Than 21 Times the Minimum Wage
----------------------------------------------------------------
EFE News reports that people in Venezuela must earn $15.68 a day to
afford the cost of a basic food basket for a family of five, the
Venezuelan Teachers' Federation Center for Documentation and Social
Analysis (Cendas-FVM) said.

That figure is based on the NGO's calculations for July, which
found that a basic basket of food items for that month cost
$470.44, or more than 21 times the country's minimum monthly salary
of 126 bolivars (just over $20), according to EFE News.

The monthly cost of a basket of food items was up 2.3 percent
relative to June, when it came in at $459.84, Cendas-FVM said, the
report notes.

The cost of roots and tubers rose the most of any food category, up
14.8 percent, while sauce and mayonnaise climbed 13.9 percent and
fats and oils were 9.2 percent higher, according to Cendas-FVM, the
report relays.

As reported in the Troubled Company Reporter-Latin America in
September 2021, S&P Global Ratings withdrew its 'SD/D' foreign
currency sovereign credit ratings and 'CCC-/C' local currency
ratings on Venezuela due to lack of sufficient information. At the
same time, S&P withdrew its 'D' issue rating on 15 bonds.



VENEZUELA: Records Highest Economic Growth in Region With 22%
-------------------------------------------------------------
RJR News reports that Venezuela's economy grew by 17 per cent in
the first quarter of 2022.

The country's central bank president, Calixto Ortega, said in a
state broadcast that it was the highest growth in the Latin
American region, according to RJR News.

This is the first official data on Venezuela's economic growth
since the first quarter of 2019, the report notes.

Ortega said the central bank has an estimate for second-quarter
growth, but did not share the figure, the report relays.

The central bank president added that the Venezuelan economy grew
19 per cent in the fourth quarter of 2021 compared to the same
period in 2020, the report says.

The South American country's economy has been submerged in a severe
recession since 2014 while battling high inflation, the report
adds.

As reported in the Troubled Company Reporter-Latin America in
September 2021, S&P Global Ratings withdrew its 'SD/D' foreign
currency sovereign credit ratings and 'CCC-/C' local currency
ratings on Venezuela due to lack of sufficient information. At the
same time, S&P withdrew its 'D' issue rating on 15 bonds.



                           *********


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,
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.


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