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       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

          Thursday, November 10, 2022, Vol. 23, No. 219

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Seen Peaking Over 130% Next Year, EcoG


B E R M U D A

TEEKAY CORP: Egan-Jones Retains 'B' Local Currency Unsec. Rating
TEEKAY TANKERS: Egan-Jones Keeps 'BB-' Sr. Unsecured Debt Ratings


B R A Z I L

BRAZIL: Airports Continue With No Fuel Shortage, Says Abear
BRAZIL: Central Bank Estimates Inflation of 4.8% in 2023
EMBRAER SA: Egan-Jones Retains 'B' Local Currency Unsec. Rating


J A M A I C A

JAMAICA: Aims to Lead Micro-Insurance Legislation in the Caribbean


P U E R T O   R I C O

APOGEE GROUP: Unsecureds Will Get 100% of Claims in Sale Plan
CEDIPROF INC: Case Summary & 20 Largest Unsecured Creditors


V E N E Z U E L A

VENEZUELA: October Oil Exports Tumble on Weaker Production

                           - - - - -


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

ARGENTINA: Inflation Seen Peaking Over 130% Next Year, EcoG
-----------------------------------------------------------
Buenos Aires Times reports that inflation in Argentina is projected
to peak at over 130 percent next year from its current level of 83
percent, according to a new report by Buenos Aires-based
consultancy firm EcoGo, which analyses high-frequency data.

Argentina already has one of the highest inflation rates in the
world and EcoGo, led by Executive Director Marina Dal Poggetto, is
forecasting more than double the 60 percent inflation the
government projected in its 2023 budget, according to Buenos Aires
Times.

Inflation consistently emerges as the main concern of voters ahead
of the 2023 presidential elections, the report notes.

Dal Poggetto expects annual inflation to reach triple digits in
December and then peak at around 132 percent in June, driven by a
range of factors, including the drought driving up food prices, the
report discloses.

She also estimates Argentina's monthly inflation rate accelerated
in October to 6.6 percent from 6.2 percent the previous month,
driven by increases in the prices of health, leisure and clothing
plans, the report relays.  Monthly price increases are not expected
to fall below 6.5 percent until at least September 2023, the report
notes.

Argentina's official statistics agency, INDEC, will publish October
inflation data on November 15, 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.




=============
B E R M U D A
=============

TEEKAY CORP: Egan-Jones Retains 'B' Local Currency Unsec. Rating
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2022, retained the 'B'
local currency senior unsecured rating on debt issued by Teekay
Corp.  

Headquartered in Hamilton, Bermuda, Teekay Corp is a US-based
company engaged in providing crude oil and gas marine
transportation services.

TEEKAY TANKERS: Egan-Jones Keeps 'BB-' Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, retained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Teekay Tankers Ltd.

Headquartered in Hamilton, Bermuda, Teekay operates one of the
world's largest conventional tanker fleets including aframax, long
range (LR) and suezmax vessels.



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

BRAZIL: Airports Continue With No Fuel Shortage, Says Abear
-----------------------------------------------------------
Rocco Caldero at Rio Times Online reports that Brazil airports
continued with normal operations November 2, without fuel
shortages, according to the Brazilian Airline Association (Abear).

"Abear members are meeting the scheduled flights and meeting the
demand for the holiday," said the association, according to Rio
Times Online.

According to Abear, the scenario is stabilizing, with some points
of attention, the report notes.  The entity did not register any
shortage, the report relays.

Abear said it had warned the authorities about the risk of fuel
shortage if the scenario of blockades remained throughout the
holiday, the report discloses.

Airports continued with normal operations without fuel shortages,
according to the Brazilian Airline Association (Abear), the report
says.

"Abear members are meeting the scheduled flights and meeting the
demand for the holiday," said the association, the report
discloses.

According to Abear, the scenario is stabilizing, with some points
of attention. The entity did not register any shortage, the report
relays.

Abear said it had warned the authorities about the risk of fuel
shortage if the scenario of blockades remained throughout the
holiday, 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.

In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative.  In June 2022, S&P Global Ratings
also affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil.  Moody's, in April
2022, affirmed Brazil's long-term Ba2 issuer ratings and senior
unsecured bond ratings, (P)Ba2 senior unsecured shelf ratings, and
maintained the stable outlook.  On the other had, DBRS, in August
2022, confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low).


BRAZIL: Central Bank Estimates Inflation of 4.8% in 2023
--------------------------------------------------------
Rocco Caldero at Rio Times Online reports that the Brazilian
Central Bank (BC) estimated inflation above the target in 2023.

The monetary authority's projection went from 4.6% in September to
4.8% in October, according to Rio Times Online.

The new percentage was disclosed in the minutes of the Copom
(Monetary Policy Committee), the report discloses.

The report gave details of the last meeting of the collegiate,
which decided, for the second time in a row, to maintain the basic
rate,  Rio Times Online 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.

In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative.  In June 2022, S&P Global Ratings
also affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil.  Moody's, in April
2022, affirmed Brazil's long-term Ba2 issuer ratings and senior
unsecured bond ratings, (P)Ba2 senior unsecured shelf ratings, and
maintained the stable outlook.  On the other had, DBRS, in August
2022, confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low).


EMBRAER SA: Egan-Jones Retains 'B' Local Currency Unsec. Rating
---------------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2022, retained the 'B'
local currency senior unsecured rating on debt issued by Embraer
SA.  

Headquartered in Sao Jose dos Campos, State of Sao Paulo, Brazil,
Embraer SA manufactures and markets commercial, corporate, and
defense aircraft.



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

JAMAICA: Aims to Lead Micro-Insurance Legislation in the Caribbean
------------------------------------------------------------------
Jamaica Observer reports that Minister of Finance Dr. Nigel Clarke
has indicated that government will by next year begin to table
legislation that will fast-track the development of micro-insurance
locally.

The move, which has been talked about for a while and was first
proposed a few years back, the minister said is to also rank among
the growing list of pioneering steps taken by the country,
according to Jamaica Observer.

"We will table the micro-insurance legislation in 2023.  This
country has prioritised economic resilience and we also take risk
mitigation and insurance seriously.  We have a vested interest in
making insurance more widely accessible and available in Jamaica.
We will be the first country in Caricom to have micro-insurance
legislation," he said during his address at the just-concluded
International Conference on Inclusive Insurance (ICII) held in
Kingston, the report notes.

First looked at as part of an overall strategy to safeguard against
risks associated with climate and weather-related events, the
proposed legislation is intended to make insurance more attractive
and accessible for persons on small incomes and also for those
small and micro-enterprises, the report discloses.

According to academic definitions, micro-insurance refers to
providing insurance to low-income families. It focuses on the
protection of a poor section of people against debt traps which can
adversely affect their lives and livelihoods, the reprot relays.
Unlike generic products, micro-insurance helps in cutting costs for
its consumers by putting in innovative constraints on coverage,
time and usage, the report notes.

Deemed largely inadequate in developing countries, where the poorer
sections of society are often left out of insurance coverage, the
introduction of micro-insurance has the potential to support the
transformation and growth of emerging economies, offering a clear
long-term growth strategy for insurers, the report says.

Referring to anecdotal data, ahead of the launch of its 2022
micro-insurance report, executive director of the Microinsurance
Network Katharine Pulvermacher, speaking at the conference, noted
that preliminary findings were already pointing to the opportunity
for this type insurance remaining largely untapped, the report
notes.

The annual landscape studies, which have become an invaluable
reference for stakeholders in the inclusive insurance arena,
provides state-of-the-art market intelligence to directly inform
strategic decisions which could support inclusive insurance
initiatives such as micro-insurance programmes in developing
countries, the report discloses.  The 2022 study, which gathered
responses from approximately 253 insurance providers across 34
countries in Africa, Asia and Latin America and the Caribbean,
covers more than 900 products, the report says.  It aims to provide
the most comprehensive and up-to-date snapshot of how the market
has developed since 2021, tracking uptake of inclusive insurance
products and services, including micro-insurance, the report
notes.

President of the Insurance Association of Jamaica (IAJ) Sharon
Donaldson, in welcoming the tabling of the legislations next year,
said she hopes it can also be used as a template to mobilise other
Caribbean partners to do the same, the report relays.

Donaldson, who is also the managing director for regional insurance
firm General Accident, said that with many other insurance
companies operating across the Caribbean, the pioneering of
micro-insurance will set the stage for more inclusive offerings
across the region, helping also to reach scale in smaller
territories, the report discloses.

"There certainly is a gap for this type of insurance in the market,
especially for the underserved as they too need to have insurance
coverage," she said to the Jamaica Observer.

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.




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

APOGEE GROUP: Unsecureds Will Get 100% of Claims in Sale Plan
-------------------------------------------------------------
Apogee Group, LLC, filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Disclosure Statement describing Chapter
11 Plan dated November 1, 2022.

The Debtor is engaged in the business of leasing real estate
properties in San Juan, Puerto Rico.  At the present time, the
Debtor owns a real estate property located at 1315 Ashford Ave,
PH-1, Aquamarina Condominium San Juan, PR 00907.

The reason for the filing of the instant case was due to the fact
that Debtor's was unable to pay in full a short-term mortgage note
due to the fact the additional capitalization from its members, Mr.
Elan Paul Colen and Mr. Joseph M. Colen did not materialized in
time.

On Sept. 29, 2021, lienholders Manuel Ceide Rios and his wife Emma
Vazquez Estany filed a lawsuit in State Court to foreclose on the
real estate property owned by the Debtor, Civil Case No.
SJ2021CV06103.  Upon filing of the instant case, said foreclosure
proceeding was stayed.

While operating as a Debtor in possession under Chapter 11 Case,
Debtor's members hired a licensed real estate appraiser,
Mr.Enrique
M. Ferrer-Urbina, to appraise the real estate property located at
1315 Ashford Ave, PH-1, Aquamarina Condominium San Juan, PR 00907
in order to sell it pursuant to Section 363 of the Bankruptcy
Code.

Class 3 consists of General Unsecured Claims.  This Class include
the claims filed by LUMA in the amount of $17,187 and Puerto Rico
Water and Sewer Authority in the amount $2,694.  This Class shall
receive a lump sum payment for balance on or before November 2027,
plus interest rate of 5.50%. This Class will receive a
distribution
of 100% of their allowed claims.

Equity interest holders shall retain their rights.

All creditors with allowed claims will be paid in full plus 5.50%
interest. Source of funds for payments shall be from the proceed
for sale of real estate property located at 1315 Ashford Ave, PH
1,
Aquamarina Condominium San Juan, PR 00907.

There are basically no identifiable risk detected at this time.
The Debtor's real estate property was recently appraised at
$8,900,000.  Debts in this case total $2,983,504.05. Even if the
real estate market softens prior to the 363 Sale, all creditors
are
expected to be paid in full, plus interests.

A full-text copy of the Disclosure Statement dated November 1,
2022, is available at https://bit.ly/3T7fr88 from PacerMonitor.com
at no charge.

Attorney for Debtor:

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

                     Aboput Apogee Group

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

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

Judge Mildred Caban Flores presides over the case.

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


CEDIPROF INC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Cediprof, Inc.
        99 Jardines St.
        Caguas, PR 00725

Business Description: Cediprof, Inc. is engaged in the business of
                      developing, manufacturing, supplying and
                      distributing finished dosage forms of
                      pharmaceutical products.

Chapter 11 Petition Date: November 4, 2022

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 22-03198

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street
                  5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  Email: condecarmen@condelaw.com

Debtor's
Accountant:       RSM PUERTO RICO

Total Assets: $28,192,516

Total Liabilities: $33,747,201

The petition was signed by Marco A. Monrouzeau Bonilla, vice
president, chief financial officer, and assistant secretary.

A full-text copy of the petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/P4WSAUI/CEDIPROF_INC__prbke-22-03198__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. International Finance           Capital Climate     $15,000,000
Corporation                           Investment
2121 Pennsylvania Avenue
N.W. Washington, DC 20433

2. Sandoz Inc.                       Profit Loss       $10,945,819
100 College Rd.                     Damages Claim
West Princeton, NJ 08540

3. Sandoz Inc.                        Failure to        $3,299,706
100 College Rd.                     Supply Damages
West Princeton, NJ 08540                Claim

4. Lannet Company, Inc.             Royalty Losses        $720,786
9000 State Road                          Debt
Philadelphia, PA 19136

5. Lannet Company, Inc.           Pharmacovigilance       $178,286
9000 State Road                       Service
Philadelphia, PA 19136

6. Avant Sante Research                 Debt              $171,064
Center S.A. DE C.V.
Ave. Lazaro
Cardnas No. 500
Residencial San Agustin
Monterrey, Mexico

7. Kirkland & Ellis                  Accounts             $101,902
c/o Devora Allon, Esq.               Payable
601 Lexington Avenue
New York, NY 10022

8. Algorithme Pharma                   Debt                $37,811
575 Armand-Frappeir Blvd.
Laval Quebec, Canada

9. Departamento De Hacienda           Payroll              $32,214
PO Box 9024140                      Withholding
San Juan, PR
00902-4140

10. Pharmaceutical e Consulting       Vendor               $14,121
(PeC)
225 Cedar Hill Street
Suite 200
Marlborough, MA 01752

11. Lannet Company, Inc.                                   $13,379
9000 State Road
Philadelphia, PA 19136

12. Fisher Scientific                Vendor                 $7,050
PO Box 3648
Boston, MA
02241-3648

13. Systronics Inc.                Printing                 $5,575
PO Box 194030                     Equipment
San Juan, PR 00919                 Service
                                  Agreement

14. Luis A. Lopez Torres,           Vendor                  $3,834
PE, MME
Cond. Las Vistas
De Gurabo
260 Carr 932, Apt 111
Gurabo, PR
00778-7615

15. UHY Del Valle &              Accounting &               $2,808
Nieves PSC                       Bookeeping
PO Box 361863                     Services
San Juan, PR
00936-1863

16. Alcamy                         Vendor                   $2,730
PO Box 603059
Charlotte, NC 28260

17. Accurate Manf. Inc.            Vendor                   $2,030
PO Box 37
Carolina, PR 00986

18. Curia Indiana, LLC             Vendor                   $1,187
(f/k/a AMRI, SSCI LLC)
3065 Kent Avenue
West Lafayette, IN 47906

19. Primera Analytical             Vendor                   $1,040
Solutions Corp.
259 Wall Street
Princeton, NJ 08540

20. Sandoz Inc.                 Violation to                $1,000
100 College Rd.                Confidentiality
West                          Agreement Claim




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

VENEZUELA: October Oil Exports Tumble on Weaker Production
----------------------------------------------------------
Marianna Parraga and Mircely Guanipa at Reuters report that falling
production knocked Venezuela's October oil exports to the fourth
lowest monthly average this year, according to vessel monitoring
data and documents from state-run oil firm PDVSA.

Oil production and exports by PDVSA and its joint ventures have
fluctuated this year due to outages, a lack of sustained investment
and a shrinking pool of partners willing to continue operating in
the U.S-sanctioned South American nation, according to Reuters.

The fall has been partially offset by rising exports of oil
byproducts and petrochemicals, including petroleum coke and
methanol, which are providing needed cash to PDVSA and other
state-owned companies, the report notes.

In October, a total of 25 cargoes departed Venezuelan waters
carrying an average 533,968 bpd of crude and products, according to
Refinitiv Eikon tanker tracking data and PDVSA’s internal exports
reports, Reuters discloses.

This marks a 25% decline from September and a 23% fall versus
October a year-ago, according to the data, the report discloses.

Venezuela reported to the Organization of the Petroleum Exporting
Countries a 57,000-bpd fall in its crude output in September to
666,000 bpd, the second lowest monthly figure this year, the report
notes.  Last December, PDVSA celebrated hitting 1 million bpd of
oil output, but the increase was short-lived, the report relays.

More recently, stocks of PDVSA’s most popular exportable grades
have shrunk, the report discloses.  The firm reported low
inventories of its flagship Merey 16 export grade, which fell to
less than 1 million barrels at month’s end, and an overproduction
of the less popular diluted crude oil (DCO), the report relays.

Most oil cargoes shipped in October headed to Asian destinations,
mainly Malaysia and China, through intermediaries, the report
notes.

Another 52,000 bpd of crude, fuel oil, diesel and jet fuel were
sent to political ally Cuba, which is struggling to meet domestic
fuel demand amid increased consumption and insufficient imports
after a large fire damaged its main oil terminal in August, the
report discloses.

Also in October, Venezuela discharged most imported crude and
condensate that arrived from Iran in September as part of a key oil
swap between state energy companies from both nations, the report
says.  A 1.9-million-barrel cargo of Venezuelan heavy crude was
shipped last month as partial payment for the imports, the report
adds.

As reported in the Troubled Company Reporter-Latin America, Moody's
Investors Service has withdrawn Venezuela's C local currency and
foreign currency ceilings.



                           *********


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.
.


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