---

       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

          Friday, October 28, 2022, Vol. 23, No. 210

                           Headlines



A R G E N T I N A

ARGENTINA: Needs a Free-Floating Peso, Opposition Leader Says
EDENOR: Moody's Rates Add'l. Sr. Unsecured Notes Due 2025 'Caa3'


B R A Z I L

BRAZIL: Tourism Invoices US$3.4BB in August, Highest Since 2015
LIGHT SA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable


J A M A I C A

DIGICEL GROUP: Sets December Roll-Out for Company eSIM


P U E R T O   R I C O

JOG'S LLC: Court Confirms Subchapter V Plan
NEXTPLAY TECHNOLOGIES: Unit Gets Commitment for $15MM Investment


X X X X X X X X

LATAM: Economy Will Grow 3.2% in 2022, Then Slow Down, Says UN

                           - - - - -


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

ARGENTINA: Needs a Free-Floating Peso, Opposition Leader Says
-------------------------------------------------------------
Argentina's next government needs to unwind currency controls and
let the exchange rate trade freely, according to Buenos Aires Mayor
Horacio Rodriguez Larreta, one of the main opposition leaders seen
as a likely presidential contender next year, Bloomberg News
reported. "You have to aim for that," Larreta said in an interview
on the sidelines of the C40 World Mayors Summit in Buenos Aires.
"What you have to do and how fast depends on the situation. You'd
have to see how much foreign reserves the central bank has when you
take over.

                        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.


EDENOR: Moody's Rates Add'l. Sr. Unsecured Notes Due 2025 'Caa3'
----------------------------------------------------------------
Moody's Investors Service has assigned a Caa3 rating to Empresa
Distribuidora y Comercializadora Norte S.A. (Edenor)'s additional
senior unsecured notes due 2025 (additional 2025 Notes). At the
same time, Moody's affirmed Edenor's Caa3 Corporate Family Rating
and senior unsecured ratings. The outlook was changed to stable
from negative.              

The additional senior unsecured notes are being offered in exchange
of Edenor's remaining $24.6 million outstanding notes due October
2022 (2022 Notes), which are holdouts from the initial exchange
offer in concluded in April 2022.

This subsequent offer is also considered a distressed exchange
under Moody's definition.

Assignments:

Issuer: Empresa Distribuidora y Com. Norte S.A.

Senior Unsecured Regular Bond/Debenture, Assigned Caa3

Affirmations:

Issuer: Empresa Distribuidora y Com. Norte S.A.

Corporate Family Rating, Affirmed Caa3

Senior Unsecured Regular Bond/Debenture, Affirmed Caa3

Outlook Actions:

Issuer: Empresa Distribuidora y Com. Norte S.A.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Eligible holders of the remaining 2022 Notes who submit their
tender orders on or prior to the expiration date will be eligible
to receive for each $1,000 principal amount an exchange of $630
principal amount of additional new notes due 2025, and $ 400 in
cash. Eligible holders will also receive all accrued and unpaid
interest to be paid in cash. During the first 40 days the initial
2025 Notes and the additional 2025 Notes will have a different
CUSIP & ISIN code. After this period, both instruments are fungible
and will constitute a single series of debt securities.

The affirmation of Edenor's Caa3 Corporate Family Rating mainly
reflects recent debt re-financings that significantly improved the
company's debt profile in the medium term. These gave the company
some buffer to withstand the currently challenging business
conditions for regulated distribution companies in Argentina, in
the absence of a clear mechanism for recovery of increasing
operating costs. The stable outlook incorporates Moody's
expectation that bondholders will not face losses exceeding those
captured in the Caa3 rating category over the next 12 to 18
months.

Edenor's Caa3 rating is constrained by its links to the Government
of Argentina (Ca stable) and Moody's view of the country's
regulatory framework with an inconsistent track record on the
sufficiency of rates and returns, which are balanced by the
company's relatively low leverage and strong market position as the
single provider of essential regulated electricity distribution
services in the northern city of Buenos Aires and its suburbs in
the province of Buenos Aires.

The rating factors the uncertainties on the regulatory framework in
Argentina amid the country's highly inflationary environment that
is leading to insufficient tariffs to allow a timely recovery of
the company's costs and investment needs. The tariff freeze imposed
since 2019, contributed to a rapid erosion of the company's profits
and cash generation. As a result, Edenor continues to defer payment
of its energy purchases to CAMMESA (Argentine wholesale energy
provider), as to retain minimum cash balances to pay for its other
operating expenses and capital expenditures to sustain the service
quality.

Moody's understands that there are ongoing negotiations between the
regulator and the company to regularize its payments due to CAMMESA
that contemplate the repayment of due amounts in monthly
instalments over an extended period of time, along with an
incremental tariff adjustment. Therefore, the outcome from this
negotiation will be key to improve the sustainability of its
operations and reduce dependence on government subsidies at
CAMMESA.

The financial debt of Edenor is relatively low compared to other
regulated electricity peers, as illustrated by a debt to EBITDA
ratio of around 2.3 times. Following the completion of the exchange
of 73% of their 2022 Notes in April this year, and the current
additional offer for the holdouts, the company will present a more
comfortable debt maturity profile leading to higher financial
flexibility amid foreign exchange controls prevailing in Argentina.
As of June 2022, the company reported ARS24,400 million in cash
holdings, the equivalent of close to USD163 million at the official
currency conversion rate.

Edenor ESG Credit Impact Score is neutral-low (CIS-2) because the
rating is constrained by that of the Government of Argentina and
ESG considerations do not currently influence materially the
rating. The company's moderately negative exposure to physical
climate risks, which is common for regulated utilities, and the
challenging financial policies imposed by companies operating in
Argentina are also incorporated in Moody's ESG assessment.

RATING OUTLOOK

The stable outlook reflects Moody's assumption that the investors'
recovery will remain consistent with the Caa3 rating over the next
12- to 18 months.

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

Considering the recent change in outlook and current constraining
factors, a rating upgrade is unlikely in the short term. However,
an upgrade of the sovereign coupled with improved operating
conditions and regulations for the sector could create positive
rating pressure.

The stable rating outlook is in line with the stable outlook of the
sovereign. Nevertheless, further deterioration in the operating
environment or a significant negative shift in policies or
regulations for the companies in the infrastructure sector will
likely result in negative pressures on Edenor's ratings.

Empresa Distribuidora y Comercializadora Norte S.A. (Edenor),
headquartered in Buenos Aires, Argentina, is the country's largest
electricity distribution company covering a major portion of Buenos
Aires and its northern suburbs, serving about 3.2 million clients
and supplying around 20% of the country's total electricity
consumption. According to the terms of Edenor's concession, it has
the monopoly to distribute electricity within its license area and
has the strongest market position within the country in terms of
number of clients and electricity consumption.

Since June 2021, Edenor is controlled by Empresa de Energía del
Cono Sur S.A., an Argentine privately held company.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.




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

BRAZIL: Tourism Invoices US$3.4BB in August, Highest Since 2015
---------------------------------------------------------------
Lachlan Williams at Rio Times Online reports that Brazil's national
tourism invoiced R$17.6 (US$3.4) billion in August this year, the
highest movement of the sector for the month since 2015.

In the accumulated over the past 12 months, there was an increase
of 32.9%, according to the monthly survey of the Tourism Council of
the Federation of Commerce of Goods, Services, and Tourism of the
State of Sao Paulo (FecomercioSP), based on data from the Brazilian
Institute of Geography and Statistics (IBGE), the report notes.

Among the segments, the highlight was air transport, with annual
growth of 72.8%, according to Rio Times Online.

                          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.


LIGHT SA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating of
Light S.A. (Light) and the issuer ratings and Backed Senior
Unsecured ratings of its operating subsidiaries Light Servicos de
Eletricidade S.A. (Light SESA) and Light Energia S.A (Light
Energia) at Ba3. At the same time, the outlook changed to stable
from positive for all ratings.

Social and governance factors are highly relevant to this rating
action, incorporating Moody's views on demographic-societal trends
and management track record.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Light S.A.

Corporate Family Rating, Affirmed Ba3

Issuer: Light Servicos De Eletricidade S.A.

Issuer Rating , Affirmed Ba3

Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Issuer: Light Energia S.A.

Issuer Rating , Affirmed Ba3

Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

Issuer: Light S.A.

Outlook, Changed To Stable From Positive

Issuer: Light Servicos De Eletricidade S.A.

Outlook, Changed To Stable From Positive

Issuer: Light Energia S.A.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The Ba3 ratings recognize the overall adequate regulatory framework
that has been providing consistent tariff adjustments for Light
SESA, as reflected in the 14.68% adjustment granted in March 2022,
with some tolerance in consideration of the social and economic
specificities of its concession area, subject to prudency
requirements and not fully insulated from political pressures. The
ratings also consider the currently adequate liquidity profile and
an expectation of gradual improvement in the company's credit
metrics driven by its ongoing business turnaround initiatives.

On the other hand, the company's credit profile is constrained by
the high level of energy losses in its distribution segment, which
remains well above the regulatory requirements limiting the cash
flow conversion rate; along with the high unemployment rate and
energy thefts in its concession area challenging the recovery of
consumption growth. The pace of deleveraging also remains limited
by the company's capital spending.

The rating action also takes into consideration the increasing
uncertainties that could the delay the ongoing improvements on
Light's consolidated credit metrics and challenge its liability
management strategy, including the economic conditions for the
renewal of the distribution concession in Rio de Janeiro, the
execution risks to implement the company's new business strategy
and legal uncertainties around the scope of the devolution of
certain tax credits to consumers.

The renewal of Light SESA's concession contract, ending in June
2026, is a key consideration for Light's credit profile. Moody's
assumes the extension a likely scenario, considering the recent
amendment to its concession contract allowing the possible renewal
of the concession for another 30 years. However, the economic terms
and conditions for the renewal remains uncertain at this point.
Light operates in one of the most complex concession areas in the
country. As of June 2022, the regulatory target stipulates total
losses of 21.3% over grid load, while in practice the company
experiences higher losses around 26-27%, driven by the social
specificities of the concession area. This condition prevents the
company to fully extract the remuneration target on its legal asset
base during the current concession period. As such, the investments
made through this date will likely require additional years for
full recovery. The request for a concession renewal must be filed
with ANEEL in up to 36 months before maturity, which means no later
than June 2023.

Moody's acknowledges the industry background of the new management
team, with track record of improvement similar distribution
companies' performance. However, the frequent changes in Light's
board of directors and senior executives observed since the company
became a corporation in January 2021, have delayed the execution of
its turnaround business strategy. The new chief executive officer
appointed in August will have the challenge to reduce the company's
cost structure, with focus on both operating, overhead and
financial costs.

The regulatory framework in Brazil is well designed and has a track
record of supportive decisions, but it is not fully insulated from
political interference to alleviate customer's affordability
concerns. The tariff review approved in March 2022 by the regulator
ANEEL already contemplated an 8.5% reduction, corresponding to the
devolution of BRL1.05 billion in federal tax credits to customers.
This reduction partially offset the passthrough of inflation and
cost pressures since 2Q21, in line with Moody's expectation.
However, in October 2022, ANEEL required a further 5.9% reduction
in Light's tariff, that would translate into a devolution of an
additional BRL800 million of tax credits that was not incorporated
in the ratings' base scenario. This decision is now in public
consultation, which is estimated to be concluded on November 29. If
approved, the proposed reduction will further dent Light's cash
flow generation over the next twelve months further delaying its
deleveraging trajectory.

Moody's estimates that Light's consolidated (CFO Pre-W/C) / Debt
ratio will reach 13% in 2022, up from 11% in 2021, reflecting
better hydrology conditions in the country and the tariff increases
since April. On the other hand, the Interest coverage ratio will be
about 1.9x down from 2.4x in 2021, as a result of higher leverage
and financial costs. The revised rating scenario incorporates
continuity in the company's operating performance leading the (CFO
Pre-W/C) / Debt and Interest coverage to approach or exceed 19% and
2.4x, respectively, in the next 18 months.

The ratings assigned to Light SESA and Light Energia are in line
with the ratings assigned to its parent company, due to the
corporate guarantee provided by Light and the cross-default clauses
embedded in the debt issued within the group. Because of these
financial and structural linkages, Light SESA and Light Energia's
credit profile are best assessed through Light's consolidated
profile, as the holding company of the group.

ESG CONSIDERATIONS

This rating action recognizes that Light's ESG Credit Impact Score
is highly negative (CIS-4), because the social and governance
factors currently weight negatively on the company's credit profile
and on its current rating level. Social factors are highly relevant
to this rating action, incorporating Moody's view on demographic
and societal trends, reflecting the resistance to behavioral
changes from delinquent consumers in the metropolitan area of Rio
de Janeiro, where the company operates its distribution concession
and exposure to political interference on regulated tariffs.
Governance factors are relevant to this action as well, and speaks
to the company's management credibility and track record. Over the
past few years, the company has experienced above average
management turnover, blurring the predictability and stability of
its projections and adding execution risk to its strategy. These
risks are balanced by a neutral-to-low carbon transition exposure,
since the company has minimal fossil fired generation, and
moderately negative physical climate, mostly in the form of extreme
weather patterns

RATINGS OUTLOOK

The stable outlook incorporates Moody's expectations that Light's
consolidated credit metrics and liquidity profile will remain
adequately positioned for its rating category over the next 12-18
months.

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

A rating upgrade could be considered with perceived improvement in
regulatory support through compensatory mechanisms for structural
losses, higher return on investments and better visibility on the
terms and conditions for concession renewal. A rating upgrade will
also require sustained improvements in operating performance and
leverage position, such that CFO pre WC / Debt exceeds 15% and CFO
pre WC Interest coverage reaches 3.5x on a prolonged period.

A rating downgrade could result from Light's failure to improve its
operating performance and cash flow generation or to reduce its
debt outstanding, such that CFO pre WC to Debt falls below 10% and
CFO pre-WC interest coverage remains sustainably below 2.5x. Delays
to resolve the renewal of its concession ahead of debt maturities
in 2026, or the perception of a weakening liquidity cushion to
withstand its near term obligations could also exert negative
pressures.

COMPANY PROFILE

Headquartered in Rio de Janeiro - Brazil, Light is an integrated
utility company with activities in generation, distribution and
commercialization of electricity. Light SESA and Light Energia are
wholly owned subsidiaries of Light. In the LTM ended in June 2022,
Light reported consolidated net revenues and EBITDA of BRL14.9
billion and BRL2.6 billion, respectively, according to Moody's
standard adjustments.

The principal methodology used in rating Light S.A., and Light
Servicos De Eletricidade S.A. was Regulated Electric and Gas
Utilities published in June 2017.




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

DIGICEL GROUP: Sets December Roll-Out for Company eSIM
------------------------------------------------------
Jamaica Observer reports that in another major stride towards
delivering powerful digital experiences to its customers, Digicel
is preparing to support eSIM-enabled (electronic SIM) devices,
beginning December 2022.

This will allow customers, including those intending to get the
e-SIM-only iPhone 14, more time to plan their purchases in order to
enjoy a full-fledged digital experience, according to Jamaica
Observer.

Ahead of the December eSIM roll-out, customers can also purchase
dual SIM (eSIM and physical SIM) versions of the iPhone 14 and
connect immediately to the Digicel network using their existing
SIM, the report notes.

To date, more than 99 per cent of smartphones work with a physical
SIM, even if they also have eSIM capability, the report relays.

An eSIM is a digital version of the physical SIM card that
customers now use to connect to the Digicel network via
smartphones, tablets, or other devices, the report notes.

It is embedded into the device for easy set-up and out-of-the-box
use that ensures seamless connectivity to the Digicel network in
seconds, the report discloses.

Last month, Apple introduced its latest version of the wildly
popular smartphone and announced that it will have an eSIM-only
version for the United States market, where many Jamaicans acquire
the device, 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 in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.




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

JOG'S LLC: Court Confirms Subchapter V Plan
-------------------------------------------
Judge Edward A. Godoy has entered an order confirming the
Subchapter V Plan of Jog's LLC dated Aug. 31, 2022.

"Based on what was proffered in open court by the counsels for the
debtor and by the Sub ChapterV Trustee, which the court accepts,
and having reviewed the debtor's Chapter 11 Small
BusinessSubchapter V Plan of Reorganization dated August 31, 2022
(docket #36), we find it meets all the requirements of 11 U.S.C.
Sec. 1129(a) of the Bankruptcy Code and as a result, is a
consensualSubsection V plan under Section 1191(a). Accordingly, the
Chapter 11 Small BusinessSubchapter V Plan of Reorganization dated
August 31, 2022 (docket #36) is hereby confirmed," according to the
minutes of the confirmation hearing held Oct. 12, 2022.

Under the Plan, the Debtor is proposing a 10% payment to unsecured
creditors commencing on the Effective Date.  The Debtor listed
unsecured claims in the total amount of $47,850.

The proposed plan will be funded by the Debtor's operations and
cash in its bank accounts.  If a reasonable offer to purchase the
Debtor's assets is received and consummated, the sale of the assets
will be used to fund the Plan.

                          About JOG'S LLC

JOG'S LLC, doing business as Panaderia Jogs and Coffee Shop,
operates a coffee shop and bakery located in Caguas, Puerto Rico.
It was created by Ms. Yamilka Gonzalez, the sole shareholder and
officer.

The Debtor was forced to file for bankruptcy due to a previous
accountant's errors.  Due to these actions, the Puerto Rico
Department of Treasury ("Hacienda") was looking to garnish the
Debtor's bank accounts and that would have left the Debtor unable
to operate its business.

JOG'S LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.P.R. Case No. 22-01525) on May 27, 2022. In the
petition signed by Yamilka J. Gonzalez Torres, as president, listed
estimated assets and liabilities between $50,000 and $100,000
each.

Carmen D Conde Torres, of C. Conde & Associates, is the Debtor's
counsel.

Carlos G Garcia Miranda is the Subchapter V trustee.


NEXTPLAY TECHNOLOGIES: Unit Gets Commitment for $15MM Investment
----------------------------------------------------------------
NextPlay Technologies, Inc. said it has entered into a binding
commitment for a $15 million strategic investment into its
NextFintech Division from an institutional investor.  This
investment commitment consists of the purchase of shares of common
stock in NextFintech at a pre-money valuation of $150 million for
NextFintech, warrants to purchase shares in NextPlay beneficially
owned by NextBank and an option to convert said NextFintech shares
into up to an 18.8% equity interest in NextBank.

NextPlay's NextFintech Division is comprised of NextBank
International, an online bank operating in Puerto Rico and serving
primarily international clients; NextShield, digital insurance and
re-insurance operations expected to launch in 2023; and Longroot, a
digital asset portal operating in Thailand.

"In spite of the challenging market conditions, we see immediate
growth and profitability potential in our NextFintech division,
which has been configured to serve overseas markets," stated
Nithinan Boonyawattanapisut, NextPlay's principal executive
officer. "Over the next 6 months, we will focus our resources on
achieving group profitability via the NextFintech division.
Concurrently, our HotPlay division is working on partnership deals
and preparing for commercial launch of our in-game advertising
platform from which is expected to start generating revenue next
year.  This potential financing, combined with our recent news of
an up to $200,000,000 revolving credit facility at our NextBank,
are remarkable achievements in these poor capital market
conditions, and I laud the NextFintech division management team. We
look forward to very near-term expansion in NextBank from a B2B
model, serving corporations and family offices to a B2C model, by
mid next year, which will allow us to take another significant leap
in terms of growth at scale."

Further commenting on the strategic and timely funding commitment,
Todd Bonner, chairman of the board of directors of NextPlay and
head of the company's NextFintech division stated: "The world of
Fintech is undergoing massive change and enterprises need to adapt
to remain competitive.  We are seeing tremendous interest from
companies, family offices and high-networth individuals seeking a
fundamental shift from legacy banking and financial management to a
more integrated, online, and digital approach including
new-generation asset design and management, relevant on-demand
insurance protection, and rapidly deployed, tailored loan
availability. Partners on the lending and distribution side are
reaching out to NextFintech.  This is an exciting time in our
NextPlay and NextFintech evolution and in this turmoil, we see
great opportunity."

                    About NextPlay Technologies

NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.)
-- nextplaytechnologies.com -- is a technology solutions company
offering games, in-game advertising, crypto-banking, connected TV
and travel booking services to consumers and corporations within a
growing worldwide digital ecosystem.  NextPlay's engaging products
and services utilize innovative AdTech, Artificial Intelligence and
Fintech solutions to leverage the strengths and channels of its
existing and acquired technologies.

NextPlay reported a net loss of $40.41 million for the year ended
Feb. 28, 2022, compared to a net loss of $1.63 million for the
period from March 6, 2020 to February 28, 2021.  As of May 31,
2022, the Company had $106.49 million in total assets, $43.34
million in total liabilities, and $63.14 million in total
stockholders' equity.

Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 17, 2022, citing that the Company has suffered recurring
losses from operations and has stockholders' deficit that raise
substantial doubt about its ability to continue as a going
concern.




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

LATAM: Economy Will Grow 3.2% in 2022, Then Slow Down, Says UN
--------------------------------------------------------------
Buenos Aires Times reports that economic growth in Latin America
and the Caribbean will reach a higher-than-expected 3.2 percent
this year, but then more than halve in 2023, a United Nations body
forecast.

The 2022 figure was better than the 2.7 percent forecast by the UN
Economic Commission for Latin America and the Caribbean (ECLAC) in
August, and up from 1.8 percent predicted in April, according to
Buenos Aires Times.

But next year, growth will slow to 1.4 percent in "an unfavorable
international context," with "forecasts for a deceleration in both
global growth and trade, higher interest rates, and less global
liquidity," ECLAC said in a statement obtained by the news agency.

"The war between Russia and Ukraine negatively affected global
growth - and with it, the external demand faced by the region this
year - while also accentuating inflationary pressures, volatility
and financial costs," the statement said, the report relays.

In 2021, the region's gross domestic product (GDP) was 6.2 percent,
the report recalls.

ECLAC said all subregions will face a growth slowdown next year,
with South America expecting growth of 1.2 percent in 2023 compared
to 3.4 percent this year, the report notes.

Central America and Mexico will be down to 1.7 percent from 2.5
percent in 2022, the report says.

For the Caribbean, excluding Guyana, projected growth is 3.1
percent for 2023 and 4.3 percent this year, the report discloses.

Chile, with a GDP contraction of 0.9 percent projected for 2023,
will be the country hardest hit by the slowdown, said ECLAC, the
report relays.

"Some countries are particularly affected by the low dynamism of
China, which is an important market for their goods exports. This
is the case, for example, [or) Chile, Brazil, Peru and Uruguay,
which ship more than 30 percent of their merchandise exports to
China (40 percent for Chile),"the report notes.

For Central America and Mexico, the problem lay with the "low
dynamism" of the United States - their main trading partner and top
source of remittances, the report adds.



                           *********


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 * * *