/raid1/www/Hosts/bankrupt/TCRLA_Public/220926.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

          Monday, September 26, 2022, Vol. 23, No. 186

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Okays 2nd Loan Review, Backs US$3.9-Billion Payment
ARGENTINA: Inflation Spike Shows Clock is Ticking for Sergio Massa
GAUCHO GROUP: Trims Board to Five


B E R M U D A

IRIS FINANCIAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable


B R A Z I L

ALTERA INFRASTRUCTURE: Seeks to Hire Kirkland & Ellis as Counsel


C O L O M B I A

FRONTERA ENERGY: S&P Affirms 'B+' ICR & Alters Outlook to Positive


J A M A I C A

JAMAICA: Regional Exports Decline
[*] JAMAICA: Gov't Urged to Attract More Skilled Foreign Workers


M E X I C O

CREDITO REAL: Liquidator Asks Court to Toss Involuntary Chapter 11


V I R G I N   I S L A N D S

GEOPHYSICAL SUBSTRATA: S&P Affirms 'B-' ICR & Alters Outlook to Neg


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 19 to Sept. 23, 2022

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF Okays 2nd Loan Review, Backs US$3.9-Billion Payment
------------------------------------------------------------------
Buenos Aires Times reports that the International Monetary Fund
(IMF) announced that it had reached a staff-level agreement on the
second review of Argentina's multi-billion-dollar debt
restructuring deal, paving the way for the release of US$3.9
billion in fresh funds.

Argentina's Extended Fund Facility (EFF) agreement, inked earlier
this year between the multilateral lender and Buenos Aires,
outlines conditions for the repayment of a US$44.5-billion debt
dating back to the record US$57-billion credit-line contracted by
the Mauricio Macri administration back in 2018, according to Buenos
Aires Times.

"IMF staff and the Argentine authorities have reached staff-level
agreement on an updated macroeconomic framework and associated
policies necessary to complete the second review under Argentina's
30-month EFF arrangement. The agreement is subject to approval by
the IMF Executive Board, which is expected to meet in the coming
weeks. Upon completion of the review, Argentina would have access
to about US$3.9 billion (SDR 3 billion)," the IMF said in a
statement obtained by the news agency.

This is the second quarterly review of the deal and the first to
take place since Argentina's new economy minister, Sergio Massa,
took office on August 3, the report notes.

IMF staff was full of praise for Massa's recent policy actions,
describing them as "decisive" in a statement to the press, the
report discloses.

"Recent decisive policy actions aimed at correcting earlier
setbacks are helping to restore confidence and strengthen
macroeconomic stability, including by rebuilding international
reserves," said IMF staff, the report relays.

The review still needs approval by the IMF's Executive Board, which
will meet "in the coming weeks," the multilateral lender said, the
report discloses.

"The review focused on assessing progress since completion of the
first review, updating the macroeconomic framework and reaching
understandings on a solid policy package to continue to strengthen
macroeconomic stability and secure sustained and inclusive growth,"
reads a statement issued by the IMF's head of mission team for
Argentina, Luis Cubeddu, the report relays.

"In this context, it was agreed that key objectives established at
approval of the arrangement—including those related to the
primary fiscal deficit and net international reserves—will remain
unchanged through 2023.  Such an approach provides a vital anchor
to continue to rebuild credibility and sustain the reinvigorated
commitment to implement the program, around the authorities'
pillars of fiscal order and reserve accumulation," it continued,
the report relays.

"Most of the program's targets for 2022 have been met, with the
exception of the increase in foreign exchange reserves, due to a
rise in imports," Cubeddu said, the report discloses.

News of the staff-level agreement -- and the tacit approval of the
release of vital funds to boost the Central Bank's reserves -- will
be welcomed by President Alberto Fernandez's government.

Under the terms of the deal, Argentina has committed to increasing
international reserves and reducing its fiscal deficit from three
percent of gross domestic product in 2021 to 2.5 percent this year,
1.9 percent in 2023 and 0.9 percent in 2024, the report relays.

This is the 13th agreement between the IMF and Argentina since the
country's return to democracy in 1983, 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.


ARGENTINA: Inflation Spike Shows Clock is Ticking for Sergio Massa
------------------------------------------------------------------
Buenos Aires Times reports that Argentina's surge in inflation
shows the magnitude of the challenge facing new Economy Minister
Sergio Massa and threatens to halt the rally that the country's
dollar bonds have experienced since his appointment.

Consumer prices rose 78.5 percent in August from a year earlier,
the biggest increase in three decades, as the government prints
money to finance spending, according to Buenos Aires Times.  That
prompted the Central Bank to raise its key interest rate by 5.5
percentage points to 75 percent, leaving the economy at greater
risk of recession, the report notes.

While some fear that inflation will be in the triple digits by end
of the year, pressure is growing on Massa to control fiscal
spending, the report relays.  He has said he will meet the 1.9
percent primary deficit spending target set in the US$44-billion
program with the International Monetary Fund, the report notes.

"It's clear he received a political mandate to do whatever it takes
to prevent a time bomb from going off," said Gorky Urquieta, an
investor at Neuberger Berman, whose firm holds about US$25 billion
in emerging market debt, the report discloses.  But "are we going
to see a complete turn to an orthodox government? No."

Argentine dollar bonds maturing in 2030 rose from their lows after
Massa's appointment in late July, but soon pared gains and have
traded around 25 cents on the dollar, the report relays.  The
nation's debt is still down more than 26 percent on average this
year, according to data compiled from a Bloomberg index, and is
among the worst performers in the region, better only than Ecuador
and El Salvador, the report says.

The country's foreign currency reserves shortage also led the
government to temporarily devalue the exchange rate for soybean
exporters in September in an attempt to attract more dollars. The
official exchange rate currently stands at 143 to the dollar, while
the contado con liquidacion, or spot rate -- an implicit exchange
rate based on the difference in prices between shares traded in
Argentina and in markets abroad -- is 297 to the dollar, the report
discloses.

Although risks are growing in Argentina, there are still some
bulls, the report says.  Since taking office, Massa has assured
investors and the IMF that he is committed to lowering inflation,
the report notes.  Keeping rates above inflation is also a key
pillar of the Fund's program with the country, which has defaulted
on its international obligations nine times in just over 200 years
since independence, the report relays.

Oxford Economics Ltd has a "strong overweight" on Argentina given
the view that peso devaluation will be necessary to stem dollar
flight, boost reserves and avoid a full-blown default, the report
says.

"The new economy minister faces enormous challenges in restoring
financial stability," the firm's analysts wrote. "But we believe a
peso devaluation (of around 10 percent) is likely, which would
contain the risk of default," 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.


GAUCHO GROUP: Trims Board to Five
---------------------------------
The Board of Directors of Gaucho Group Holdings, Inc. approved a
reduction in the number of directors from seven to five effective
Oct. 30, 2022.

As previously disclosed in Gaucho Group's Current Report on Form
8-K as filed with the Securities and Exchange Commission on Sept.
2, 2022, as amended on Sept. 8, 2022 and Sept. 13, 2022, the terms
of two directors of the Board of Directors of the Company, Dr.
Steven Moel and Ms. Edie Rodriguez, ended and both did not stand
for re-election at the Company's Annual General Stockholder Meeting
on Oct. 30, 2022.  Dr. Moel and Ms. Rodriguez were members and
chairpersons of the Company's Audit Committee and Compensation
Committee, respectively.  As a result, vacancies were created in
both committees.

At a meeting of the Board of Directors of the Company held on Sept.
14, 2022, the Board of Directors, at the recommendation of the
Nominating and Corporate Governance Committee, appointed Mr. Reuben
Cannon to fill the vacancy on the Audit Committee created by Dr.
Steven Moel's departure and appointed Mr. Peter Lawrence to fill
the vacancy in the Compensation Committee created by Ms. Edie
Rodriguez's departure, effective Aug. 30, 2022.  The Board of
Directors determined that both Mr. Cannon and Mr. Lawrence are
independent pursuant to the definition of independence under Rule
5605(a)(2) of the Nasdaq Listing Rules and further meet all
qualifications to serve as members of the Audit Committee and
Compensation Committee, respectively.

The Board of Directors, at the recommendation of the Nominating and
Corporate Governance Committee, further appointed Mr. Marc Dumont
as Chairman of the Audit Committee and Mr. Reuben Cannon as
Chairman of the Compensation Committee effective Aug. 30, 2022. The
Board of Directors then accepted Mr. Cannon's resignation as
Chairman of the Nominating and Corporate Governance Committee and
appointed Mr. Peter Lawrence as Chairman of the Nominating and
Corporate Governance Committee effective Aug. 30, 2022.

As a result of the above, the composition of each of the committees
of the Board of Directors is as follows as of Aug. 30, 2022:

* Audit Committee:

   - Marc Dumont (Chairman)
   - Reuben Cannon
   - Peter Lawrence

* Compensation Committee:

   - Reuben Cannon (Chairman)
   - Peter Lawrence
   - Marc Dumont
   - William Allen

* Nominating and Corporate Governance Committee:

   - Peter Lawrence (Chairman)
   - Reuben Cannon
   - Marc Dumont

Mr. Allen, a member of the Compensation Committee, has been deemed
not to meet the definition of an independent director as defined in
Rule 5605(a)(2) because he owns a 20% interest in and is the
Managing Member of SLVH LLC.  SLVH is the managing member of LVH
Holdings LLC and the Company, through its wholly owned subsidiary
Gaucho Ventures I - Las Vegas, LLC holds a minority membership
interest in LVH.

In reliance on the exemption provided pursuant to Nasdaq Rule
5605(d)(2)(B), the Compensation Committee consists of three
independent directors and one non-independent director, all of whom
are all non-employee directors for purposes of Rule 16b-3 of the
Exchange Act.

The Board of Directors has, under exceptional and limited
circumstances, determined that Mr. Allen's membership on the
Compensation Committee is required by the best interests of the
Company and its stockholders because of his extensive experience in
the leisure, hospitality, and food service industry and public
company experience as an officer and director.  Pursuant to Rule
5605(d)(2)(B), Mr. Allen may not serve longer than two years on the
Compensation Committee and his term on the Compensation Committee
will expire on or before July 21, 2023.

                  Reduction in Authorized Shares

Effective as of Sept. 15, 2022, the Company filed an Amended and
Restated Certificate of Incorporation with the Secretary of State
of the State of Delaware to reflect the reduction in the number of
authorized shares of preferred stock from 11,000,000 shares to
902,670 shares as a result of the previous conversion of the Series
A Convertible Preferred into shares of common stock of the
Company.

The Certificate of Incorporation also reflects the removal of
provisions related to the Corporation's previously effective
reverse-stock split.  The Certificate of Incorporation was approved
by the Board of Directors, without a vote of the stockholders, on
Sept. 14, 2022, as permitted by Section 242 and Section 245 of the
General Corporation Law of the State of Delaware.

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.  

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of March 31, 2022, the Company had $25.16
million in total assets, $10 million in total liabilities, and
$15.16 million in total stockholders' equity.




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IRIS FINANCIAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed Bermuda-based Iris Financial
Services Limited's B1 corporate family rating. The rating outlook
is stable.

Affirmations:

Issuer: Iris Financial Services Limited

Corporate Family Rating, Affirmed B1

Outlook Actions:

Issuer: Iris Financial Services Limited

Outlook, Remains Stable

RATINGS RATIONALE

The affirmation of Iris' B1 CFR reflects the company's adequate
capitalization and contained asset risks supported by its focus on
payroll-deducted loans in Colombia, a product with a relative lower
risk in relation to other consumer lending. However, the B1 rating
also incorporates risks related to the company's limited business
diversification and strategic scope to relatively riskier
consumer-segment in the highly competitive product. Despite Iris'
strong recurring earnings generation through the cycle, its
short-term secured funding mix exposes the company to liquidity
risks in times of heightened market volatility and tightening
monetary conditions, resulting in profitability pressures. As a
holding company, Iris' consumer lending franchise and insurance
operations are conducted through its subsidiaries ExcelCredit S.A.S
(ExcelCredit, domiciled in Colombia) and Golden Tree Reinsurance
Limited (Golden Tree, domiciled in Bermuda), respectively.

Iris' funding profile is predominantly wholesale, therefore,
inherently more sensitive to investors' confidence and market
conditions. The short-term nature and high level of secured funding
facilities also increases its price sensitivity in a rising
interest rate cycle, negative drivers to its earnings and
liquidity. Therefore, the tightening of market conditions and the
increase of interest rates in Colombia have pressured Iris' funding
costs, challenging its liquidity profile and its profitability
metrics as well. However, over the past months, the company has
been able to maintain and even extend credit lines with local
banks, which supported the affirmation of the B1 rating. In June
2022, the company's consolidated debt maturity coverage remained at
a modest 40%, in line with the level of 2021 year-end and well
below the 63% ratio in 2020. However, Iris continues to rely on
funding from secured sources, which reached roughly 45% of tangible
assets in June 2022, a constrain to its financial flexibility.

In terms of profitability, the quick rise in interest rates in
Colombia, with the monetary policy rate up by 725 basis points in
the past 12 months, pressured Iris' net interest margins down to
4.6% annualized in June 2022, down from 6.2% in 2021. Iris
consolidated net income remained strong at 3.3% of average managed
assets in June 2022, which is higher than that reported by other
consumer lenders in Colombia in the same period, but still well
below the 6.2% and 4.8% reported by the company at the end of 2021
and 2020, respectively. In the period, bottom line results were
supported by relatively low credit costs compared with other
consumer lenders, and loan loss provisions stood at an annualized
1.8% of gross loans in June 2022, with a low non-performing of
2.8%, and no charge-offs in the period. Iris maintained adequate
capital levels, with an estimated tangible common equity to
tangible managed assets (TCE/TMA) of 23% as of June 2022, which
helps to mitigate the liquidity challenges and provides adequate
loss absorption capacity.

Iris corporate structure and related party transactions, including
funding and portfolio sales to the group's affiliates, weigh
negatively on its credit profile as it creates opacity and
complexity. Its concentrated ownership is also a challenge to the
company's governance risks, despite adequate risk management
practices adopted since its inception in 2016.

The stable outlook on Iris' B1 corporate family rating (CFR)
reflects Moody's view that despite the abovementioned challengng
scenario, the company's risk profile will remain consistent with
its B1 rating over the outlook horizon, supported by its adequate
capital and contained asset risks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Iris' CFR could be upgraded if the company improves its funding
structure and liquidity profile through access to unsecured
resources, that could enhance its financial flexibility. Positive
rating pressure would also arise as Iris is able to successfully
implement its current growth strategy while maintaining strong
earnings, asset quality and capital adequacy.

On the other hand, Iris' CFR could be downgraded if there is
material, and unexpected, deterioration in capitalization, earnings
generation and/or liquidity. In particular, given Iris' high
reliance on short-term secured funding, further increase in secured
debt relative to its assets or an increased asset-liability
maturity mismatch would exert downward rating pressure.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.




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ALTERA INFRASTRUCTURE: Seeks to Hire Kirkland & Ellis as Counsel
----------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
their counsel.

Kirkland & Ellis will render these services:

(a) advise the Debtors regarding their powers and duties in
     the continued management and operation of their businesses
     and properties;

(b) advise and consult the conduct of these Chapter 11 cases;

(c) attend meetings and negotiate with representatives of
     creditors and other parties in interest;

(d) take all necessary actions to protect and preserve the
     Debtors' estates;

(e) prepare pleadings in connection with these Chapter 11
     cases;

(f) represent the Debtors in connection with obtaining
     authority to continue using cash collateral and
     post-petition financing;

(g) advise the Debtors in connection with any potential sale
     of assets;

(h) appear before the court and any appellate courts to
     represent the interests of the Debtors' estates;

(i) advise the Debtors regarding tax matters;

(j) take any necessary action on behalf of the Debtors to
     negotiate, prepare, and obtain approval of a disclosure
     statement and confirmation of a Chapter 11 plan and all
     documents related thereto; and

(k) perform all other necessary legal services for the
     Debtors in connection with the prosecution of these
     Chapter 11 cases.

The hourly rates of Kirkland's counsel and staff are as follows:

     Partners         $1,135 - $1,995
     Of Counsel         $805 - $1,845
     Associates         $650 - $1,245
     Paraprofessionals    $265 - $495

In addition, Kirkland will be reimbursed for out-of-pocket
expenses
incurred.

As of the petition date, the Debtors did not owe Kirkland any
amounts for legal prepetition services.

Kirkland also provided the following in response to the request for
additional information set forth in Paragraph D.1. of the Revised
U.S. Trustee Guidelines:

  Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?

  Answer: No. Kirkland and the Debtors have not agreed to any
variations from, or alternatives to, Kirkland's standard billing
arrangements for this engagement. The rate structure provided by
Kirkland is appropriate and is not significantly different from (a)
the rates that Kirkland charges for other non-bankruptcy
representations or (b) the rates of other comparably skilled
professionals.

  Question: Do any of the Kirkland professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?

  Answer: No. The hourly rates used by Kirkland in representing the
Debtors are consistent with the rates that Kirkland charges other
comparable Chapter 11 clients, regardless of the location of the
Chapter 11 case.

  Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.

  Answer: Kirkland's current hourly rates for services rendered on
behalf of the Debtors range as follows:

  Billing Category       U.S. Range
     Partners         $1,135 - $1,995
     Of Counsel         $805 - $1,845
     Associates         $650 - $1,245
     Paraprofessionals    $265 - $495

Kirkland represented the Debtors during the twelve-month period
ending December 31, 2021 before the petition date, using the hourly
rates listed below:

  Billing Category       U.S. Range
     Partners         $1,080 - $1,895
     Of Counsel         $625 - $1,845
     Associates         $625 - $1,195
     Paraprofessionals    $255 - $475

  Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?

  Answer: Yes. More specifically, pursuant to the
debtor-in-possession (DIP) Order, professionals proposed to be
retained by the Debtors are required to provide bi-weekly estimates
of fees and expenses incurred in these Chapter 11 cases.

Joshua Sussberg, Esq., a partner at Kirkland & Ellis LLP and
Kirkland & Ellis International, LLP, disclosed in a court filing
that the firms are "disinterested persons" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firms can be reached through:

     Joshua Sussberg, Esq.
     Kirkland & Ellis LLP
     Kirkland & Ellis International, LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900

                    About Altera Infrastructure

Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.

After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.

As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.

Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.

The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.

A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.




===============
C O L O M B I A
===============

FRONTERA ENERGY: S&P Affirms 'B+' ICR & Alters Outlook to Positive
------------------------------------------------------------------
S&P Global Ratings, on Sept. 22, 2022, revised its outlook on oil
and gas producer Frontera Energy Corp. (Frontera) to positive from
stable and affirmed its 'B+' issuer credit and issue-level
ratings.

The positive outlook reflects S&P's view that Frontera will raise
its production from its Colombian fields and, on a smaller scale,
from those in Ecuador to between 43,000 and 48,000 boepd. The
outlook also reflects that Frontera will maintain debt to EBITDA
below 1.5x, benefiting from higher crude oil prices and strong
operating netback margins.

The output rose 8.4% during the first half of 2022 compared with
the same period in 2021. This was mainly thanks to its higher
production in Colombia (the Quifa block) through the resumption of
investments that were paused given low prices in 2020-2021, as well
as the recent start of production in Ecuador. The company has also
focused on growth through M&As. In December 2021, the company
acquired 100% of Petroleos Sudamericanos Energy (PetroSud) for
about $9 million, plus outstanding debt ($18 million as of June 30,
2022). S&P said, "This transaction allowed Frontera to increase its
output by about 1,300 boepd, and we expect PetroSud's production to
rise to 3,000 boepd in the next two years. We expect that through
continued capital investments and the expansion of activities in
Ecuador and the recently acquired PetroSud blocks in Colombia,
Frontera will increase its production and compare with the 'BB-'
rated peers."

Frontera continues benefiting from the 64% rise in crude oil prices
to $104.94 per barrel as of June 30, 2022, from $65.23 per barrel
the same period in 2021, and the 8% drop in transportation costs as
part of its pipeline contract renegotiations to reduce take-or-pay
obligations after lower volume sales. However, the mitigating
factor was the 20% increase in operating costs on higher tariffs
and regional mixed production, but it doesn't have any negative
implications. As a result, operating netback margin was up 74% as
of June 30, 2022, over the same period in 2021, reducing debt to
EBITDA below 1.5x. The company maintained a solid cash position
even amid the low oil price cycle, given its ability to adjust
investments and dividend distributions (since 2020), while
preventing debt from increasing. S&P expects Frontera to maintain
leverage levels steady for the next 12-18 months with debt to
EBITDA below 1.5x.

On June 21, 2022, Frontera completed the refinancing of its $350
million 9.7% senior unsecured notes due 2023 through the $400
million 7.875% senior unsecured notes due 2028, improving its debt
maturity profile. On the other hand, Puerto Bahia's syndicated loan
is a short-term liability. S&P said, "But we still believe that,
under adverse conditions, Frontera won't face any liquidity risk
given that the port secures its loan and we don't expect any
payment acceleration of the loan. We expect that the company will
continue to evaluate potential liability management on Puerto
Bahia's loan, allowing the port to strengthen its EBITDA amid
improved market conditions."

Environmental, Social, And Governance

ESG credit indicators: E-4, S-2, G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Frontera concerning the industry's
exposure to GHG emissions that can produce additional costs and
regulatory compliance risks. Frontera maintains active carbon
credit purchases as a commitment to decarbonization. In 2021, the
company eliminated 40% of CO2 it produced, lowering tax payments.
Frontera is also focusing on reducing its carbon footprint by using
gas-powered generators using the field's production gas, instead of
diesel- or fuel-powered generators."




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

JAMAICA: Regional Exports Decline
---------------------------------
RJR News reports that Jamaica's exports to the region declined by
6.1 per cent during January to May when compared to the
corresponding period in 2021.

The Statistical Institute of Jamaica (STATIN) says earnings from
domestic exports were valued at US$531.7 million, according to RJR
News.

The falloff was due primarily to a 60.7 per cent decline in exports
from the Mining and Quarrying industry, the report notes.

Earnings from domestic exports accounted for 82.9 per cent of total
exports, the report relays.

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.


[*] JAMAICA: Gov't Urged to Attract More Skilled Foreign Workers
----------------------------------------------------------------
RJR News reports that Paul Scott, Chairman of Seprod Group, is
urging the Jamaican Government to pursue a migration policy to
attract skilled talent for the local workforce.

Mr. Scott, speaking at Seprod's annual general meeting, said while
training and up skilling the local workforce is critical to talent
building, skilled employees coming into the country could help
alleviate some of the labor shortages, according to RJR News.

Noting that Jamaica currently has a low unemployment rate, there
are not enough new recruits available locally for training to meet
the demands of various enterprises, the report notes.

The most viable option, he said, is to "have an immigration policy
and bring talent to the country," the report relays.

"If we're serious about economic growth in Jamaica, it's something
that we have to consider seriously," he argued, the report notes.

                             Fire

Mr. Scott also revealed that Seprod has significantly increased
investments in fire precautionary equipment for its new warehousing
facility to be officially commissioned next month, the report
relays.

The group lost millions of dollars in goods in a fire at its Facey
Commodity warehouse last October, the report says.

The group chairman said the company also had to reconsider how it
stores goods, 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: Liquidator Asks Court to Toss Involuntary Chapter 11
------------------------------------------------------------------
James Nani of Bloomberg Law reports that a liquidator for Credito
Real SAB is asking a Delaware bankruptcy court to toss an
involuntary Chapter 11 case for the Mexican payroll lender that was
filed by its creditors, hoping to proceed with its work of
dissolving the company's assets in Mexico.

The Mexico City-based company is undergoing insolvency proceedings
in its home country.  And the US Bankruptcy Court for the District
of Delaware should instead recognize the Mexican proceedings as
legitimate under Chapter 15, Robert Wagstaff, a foreign
representative of the Mexican court-appointed liquidator, said in a
September 14, 2022, filing.

                      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.

Despite efforts by bondholders to force the company to pursue a
Chapter 11 restructuring in the U.S., the Debtor opted to pursue
proceedings in Mexico instead. 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.




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

GEOPHYSICAL SUBSTRATA: S&P Affirms 'B-' ICR & Alters Outlook to Neg
-------------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B-' long-term issuer credit rating on Geophysical
Substrata Ltd. At the same time, S&P affirmed its 'B-' issue rating
on the company's senior unsecured notes.

The negative outlook reflects the increased refinancing risk of the
company's upcoming sizable debt maturity. S&P could lower the
ratings if the company is unable to make credible progress on its
refinancing plans by early 2023.

Geophysical's US$266 million senior unsecured notes due Dec. 20,
2023, will pressure the company's liquidity over the next few
quarters.

Geophysical is highly dependent on capital market access to repay
its maturing debt without refinancing. Macroeconomic difficulties
and geopolitical crises are likely to affect the ability of issuers
looking to refinance or issue debt. Given Geophysical's private
ownership, its other funding sources, such as banks, are limited.
Its limited track record in the banking and capital markets could
also pose further challenges. The company's US$266 million senior
unsecured notes issued under its US$400 million medium term notes
(MTN) program are due on Dec. 20, 2023. The notes account for more
than 60% of the company's capital structure and the weighted
average maturity of the debt is less than two years. S&P reflects
this weakness through a negative capital structure modifier in our
analysis.

As of March 31, 2022, Geophysical had cash and short-term
investments of about US$40 million at the entity level and about
US$75 million at its subsidiaries--SDP Services Ltd. and iEnergizer
Ltd. S&P anticipates the subsidiaries will generate free operating
cash flow of about US$140 million annually over fiscals 2023 (year
ending March 31) and 2024.

S&P said, "Geophysical will have access to its subsidiaries' cash
flow through dividends (except for payout to minority shareholders
of iEnergizer owning about 17% stake), in our view. However, given
Geophysical's record of shareholder distributions, we expect its
discretionary cash flow to remain negative up to US$50 million
annually over fiscals 2023 and 2024, thus increasing its need to
raise capital to repay debt. The company generally paid out healthy
dividends of US$60 million-US$80 million annually to its parent,
Wickwood Development Ltd. It also paid Wickwood a US$128 million
dividend in fiscal 2021 from the proceeds of a dividend recap at
subsidiary iEnergizer.

"If Geophysical does not have a credible refinancing plan by early
2023, we expect its liquidity position to weaken materially,
increasing the risk of default.

"Geophysical's related party transactions and complex group
structure continue to be an overarching credit risk. The company's
record of extending loans and advances to shareholders and other
entities outside the group could also restrict its ability to build
sufficient cash buffer. Cash remains fungible between the group and
other entities owned by the promoter such as Master Global
Investments Ltd. and Wickwood Development), with about US$370
million outstanding to related parties as of March 31, 2022. Other
than this, the group (including Rolland Enterprises Ltd.) also had
about US$400 million outstanding in short-term loans and advances
to other parties. Given these are privately owned entities,
transparency on these transactions is limited. Moreover, there
continues to be opacity in the corporate structure with limited
information on the operations of Master Global, Wickwood
Development, and Rolland Enterprises.

"Geophysical's small operating scale, lumpy cash flows, and
exposure to a single weak customer in the oilfield services
position it weaker than peers. SDP Services has a long receivables
cycle from its client, Focus Energy Ltd., averaging over 300 days.
In our view, Focus Energy is a weak counterparty, given its very
high leverage." It undertakes all the capital expenditure (capex)
at the RJ-ON/06 block, the site of SDP Services' operations, and is
dependent on reimbursements from other participating entities,
resulting in weak cash flows. Its revenues at US$80 million-US$90
million and fleet of 16 rigs have remained relatively stagnant over
the past three years. In contrast, peer Precision Drilling Corp.
has 70 rigs in the U.S., and Ensign Drilling Inc. has 271 rigs in
diversified markets.

iEnergizer's strong growth and healthy earnings partly mitigate the
weakness in the oilfield services business. Still, with about
US$250 million in revenues, the company remains a very small player
in the highly competitive and fragmented segment of information
technology (IT) services. It also lags peers such as Genpact Ltd.
(BBB-/Stable/--), which benefits from broader service offerings and
a large client base.

The negative outlook on Geophysical reflects its weakening
liquidity position due to the upcoming maturity of its US$266
million senior unsecured notes in December 2023.

S&P said, "We are likely to lower the rating on Geophysical if the
company has no credible refinancing plan by early 2023 for its
notes maturing December 2023. Lack of advanced discussions for a
new bond issuance or evidence of other sources of funding would
indicate this.

"We will revise the outlook back to stable if we believe
refinancing risks have been alleviated. This could be achieved by
Geophysical building sufficient cash buffer either through
stronger-than-expected cash flows from its key subsidiaries,
receipt of related-party advances, or proactive refinancing of the
maturity through external funding."

ESG Credit Indicators: E-3, S-2, G-5




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

[*] BOND PRICING: For the Week Sept. 19 to Sept. 23, 2022
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *