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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

          Wednesday, February 1, 2023, Vol. 24, No. 24

                           Headlines



B E R M U D A

FTX GROUP: Founder Objects to Tighter Bail, Prosecutors Say


C H I L E

CHILE: Economy Undergoes Transition Towards Sustainable Growth


G U A T E M A L A

GUATEMALA: IDB Approves $175M-Loan to Revamp Northern Road Corridor


H A I T I

HAITI: IMF Approves US$105MM for Global Food Crisis


J A M A I C A

[*] JAMAICA: Training Program Being Developed for Shipping Industry


T R I N I D A D   A N D   T O B A G O

[*] DIGICEL GROUP: Tops Ookla Broadband-Speeds Ranking

                           - - - - -


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

FTX GROUP: Founder Objects to Tighter Bail, Prosecutors Say
-----------------------------------------------------------
Jonathan Stempel at Reuters reports that lawyers for Sam
Bankman-Fried urged a U.S. judge not to ban the indicted FTX
cryptocurrency executive from communicating with former colleagues
as part of his bail, saying prosecutors "sandbagged" the process to
put their client in the "worst possible light."

The lawyers were responding to a request by federal prosecutors
that Bankman-Fried not be allowed to talk with most employees of
FTX or his Alameda Research hedge fund without lawyers present, or
use the encrypted messaging apps Signal or Slack and potentially
delete messages automatically, according to Reuters.

Bankman-Fried, 30, has been free on $250 million bond since
pleading not guilty to charges of fraud in the looting of billions
of dollars from the now-bankrupt FTX, the report notes.

Prosecutors said their request was in response to Bankman-Fried's
recent effort to contact a potential witness against him, the
general counsel of an FTX affiliate, and was needed to prevent
witness tampering and other obstruction of justice, the report
relays.

But in a letter to U.S. District Judge Lewis Kaplan in Manhattan,
Bankman-Fried's lawyers said prosecutors sprung the "overbroad"
bail conditions without revealing that both sides had been
discussing bail, the report discloses.

"Rather than wait for any response from the defense, the government
sandbagged the process, filing this letter," Bankman-Fried's
lawyers wrote, the report relays.  "The government apparently
believes that a one-sided presentation - spun to put our client in
the worst possible light - is the best way to get the outcome it
seeks," the report discloses.

Bankman-Fried's lawyers also said their client's efforts to contact
the general counsel and John Ray, installed as FTX's chief
executive during the bankruptcy, were attempts to offer
"assistance" and not to interfere, the report notes.

A spokesman for U.S. Attorney Damian Williams in Manhattan declined
to comment.

Bankman-Fried's lawyers proposed that their client have access to
some colleagues, including his therapist, but not be allowed to
talk with Caroline Ellison and Zixiao "Gary" Wang, who have pleaded
guilty and are cooperating with prosecutors, the report relays.

They said a Signal ban isn't necessary because Bankman-Fried is not
using the auto-delete feature, and concern he might is "unfounded,"
the report notes.

The lawyers also asked to remove a bail condition preventing
Bankman-Fried from accessing FTX, Alameda or cryptocurrency assets,
saying there was "no evidence" he was responsible for earlier
alleged unauthorized transactions, the report discloses.

In an order, Kaplan gave prosecutors to address Bankman-Fried's
concerns.

"The court expects all counsel to abstain from pejorative
characterizations of the actions and motives of their adversaries,"
the judge added.

                       About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX
offers innovative products including industry-first derivatives,
options, volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters,
SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets.  However,
only $900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor.  Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker.  Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel. Â


Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




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

CHILE: Economy Undergoes Transition Towards Sustainable Growth
--------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation [1] with Chile.

After an impressive recovery from the COVID-19 pandemic, the
Chilean economy is undergoing a necessary transition towards
sustainable growth amid a challenging external environment.
Economic activity is rapidly cooling down, while inflation seems to
have peaked in August.  The current account deficit remains
elevated, as adverse terms of trade have counteracted the ongoing
adjustment of domestic demand.

Policy implementation remains very strong, geared towards
correcting macroeconomic imbalances that built up during the
pandemic, while protecting the most vulnerable and advancing
structural reforms.  The Central Bank of Chile's monetary policy
response has been forceful and fully in line with the inflation
targeting framework.  The 2022 fiscal position is projected to be
markedly stronger than the target in the authorities' medium-term
fiscal consolidation plan, while the 2023 budget envisions higher
social spending and public investment within a sustainable
medium-term path.

GDP growth on a y/y basis is expected to continue to slow in the
last quarter of 2022 and recover by the last quarter of 2023. Given
monetary tightening and a negative output gap, inflation is
projected to converge to target by end-2024. The current account
deficit is expected to gradually revert to the historical average
of about 3 percent of GDP, supported by the authorities' adequate
structural fiscal consolidation plan and the flexible exchange
rate.

Downside risks persist, but very strong fundamentals and policies
underpin Chile's resilience. On the external front, risks stem from
a possible abrupt global slowdown, sharply tighter global financial
conditions, commodity price shocks, or an intensification of
spillovers from Russia's war in Ukraine. Domestic risks stem mostly
from high inflation persisting for longer than expected, social
discontent over high food and energy prices, or slow progress to
meet social demands. The constitutional reform process will
continue but uncertainty over possible outcomes has narrowed. Low
public debt, a sustainable external position, and very strong
policies and institutional policy frameworks continue to support
Chile's resilience and capacity to respond to shocks. The two-year
FCL, approved in August, provides additional external buffers on a
precautionary basis and substantial insurance against tail risk
scenarios.

                     Executive Board Assessment

Executive Directors broadly agreed with the thrust of the staff
appraisal. They commended the authorities' very strong policies
geared towards correcting macroeconomic imbalances built up during
the pandemic, while protecting the most vulnerable and advancing
reforms. Directors emphasized that while risks remain elevated, low
public debt, a sustainable external position also supported by the
precautionary FCL arrangement, and very strong policies and
institutional policy frameworks continue to support Chile's
resilience. They recognized that, after an impressive recovery from
the COVID-19 pandemic, the Chilean economy is undergoing a
necessary transition towards sustainable growth in a challenging
external environment.

Directors welcomed the strong fiscal overperformance in 2022. They
noted that the 2023 Budget's focus on social spending and public
investment is appropriate amid a negative output gap. Directors
observed that tax and spending reforms should be sequenced
conditional on revenue performance to preserve fiscal
sustainability. In that context, they encouraged the authorities to
save any revenue overperformance and wait to disburse unallocated
funds to support disinflation and external convergence. They also
emphasized that the commitment to achieve a broadly balanced
structural fiscal position over the next five years and keep public
debt below a prudent ceiling of 45 percent of GDP is essential for
preserving fiscal sustainability. They also welcomed ongoing
refinements to Chile's already very strong fiscal framework.

Directors commended the central bank's decisive monetary policy
tightening consistent with the highly credible inflation targeting
framework. They welcomed the commitment to maintain a tight
monetary stance until price pressures and inflation expectations
are on a firm downward trend. Directors noted that the flexible
exchange rate should continue to play its role as a shock absorber,
while a substantial reserve accumulation program is desirable when
conditions are conducive. Directors also noted that the financial
sector remains resilient and welcomed efforts to closely monitor
pockets of vulnerability, regulate fintech activities, and address
FSAP recommendations. Continuing to strengthen the AML/CFT
framework is also important.

Directors supported plans to implement far-reaching reforms within
a sustainable macroeconomic framework. They emphasized that new
pension withdrawals should be avoided, while reforms to improve
pension adequacy, labor market formalization, and savings should be
carefully designed and managed. They also encouraged the
authorities to calibrate the pension reforms to also foster capital
market deepening.

Directors also commended Chile's leadership in the region on
climate change initiatives. They agreed that a gradual increase of
the carbon price, calibrated taking into consideration potential
use of other mitigation tools, would contribute to achieving the
country's climate goals.




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G U A T E M A L A
=================

GUATEMALA: IDB Approves $175M-Loan to Revamp Northern Road Corridor
-------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $175
million loan to widen approximately 35 kilometers of the El
Rancho–Teculután section of northern Highway CA-9 in Guatemala.
The program is a strategic and crucial step towards expanding the
country's main route for exports, a process already in progress.

The engineering works will benefit the approximately 25,281 people
who travel this section of the highway daily and will give better
road access to 442,375 people in the departments of El Progreso and
Zacapa.

By widening the road, Guatemala can boost the competitiveness of
value chains with high potential for job creation and bolster the
country's exports. The project will fuel growth and reduce poverty
by increasing the region's productivity and integration.

Highway CA-9 is the main artery connecting the center of the
country with the rest of the world. It provides access to the
borders with El Salvador and Honduras and also connects the
country's industrial areas with the ports of Santo Tomas de
Castilla and Puerto Barrios in the Atlantic, linking Guatemala to
U.S. and European markets.

Guatemala has the highest logistical costs in Central America, and
it faces the challenge of improving the quality of the roads that
move almost all of its exports. Foreign trade contributes 41% of
Guatemala's GDP, and the road construction work will allow to
expand its agribusiness exports, which in 2020 made up 72.1% of
total exports in terms of its balance of trade.

The total cost of the program is $175 million: $75 million will be
financed by the Bank and $100 million will be funded by the Spanish
Agency for International Development Cooperation (AECID) as part of
the FONPRODE program under the Co-Financing Framework Agreement
between the IDB and the Kingdom of Spain.

The IDB loan will be disbursed over a period of five years. It has
a 23-day repayment term and a 7.5-year grace period, with an
interest rate based on the Secured Overnight Financing Rate
(SOFR).




=========
H A I T I
=========

HAITI: IMF Approves US$105MM for Global Food Crisis
---------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a disbursement of SDR 81.9 million (US$105 million) to
Haiti under the Food Shock Window of the Rapid Credit Facility [1]
to help Haiti address urgent balance of payment needs related to
the global food crisis.

Haiti has been hit hard by the global food price shock.  Record
price inflation has worsened Haiti's fragility given the high pass
through from global to domestic food prices and shortages in food
supplies.  With more than half the population already below the
poverty line, Haiti faces a dire humanitarian crisis, with an
expected financing gap in FY2023 of at least US$105 million (0.5
percent of GDP), assuming import compression and pending additional
external financing from development partners.  This shock compounds
the hardships of an already highly fragile country—also suffering
a public health emergency (cholera) and serious security risks.

Following the Executive Board's discussion, Ms. Antoinette Sayeh,
Deputy Managing Director and Acting Chair, issued the following
statement:

"Haiti is facing a dire humanitarian crisis and was hit hard by the
economic spillovers from Russia's invasion of Ukraine. These
spillovers included record price inflation that worsened Haiti's
fragility and compounded the suffering of Haiti's population
already affected by a severe malnutrition. Measures are being taken
by the government to cushion the impact of the food price shocks on
the population and to expand the social safety nets.

"IMF emergency support under the food shock window of the Rapid
Credit Facility will help fill the balance of payment gap and
support those most affected by food price rises through feeding
programs and cash and in-kind transfers to vulnerable households,
waives school fees and other measures.

"To address the crisis, budgetary resources will need to be
allocated toward priority spending on food programs and to increase
social assistance toward the most vulnerable. To ensure the
appropriate use of emergency financing, which will be vital for
catalyzing further donor support and mitigate risks to debt
sustainability, the authorities should carefully control, track,
record, and publish all spending related to the emergency response.
Supported by close Fund engagement, they should undertake internal
expenditure audits by all the line ministries involved in the use
of emergency resources provided under the food shock window through
the General Inspectorate of Finance and communicate these internal
audits to the Supreme Audit Court in a timely way.

"The combination of appropriate macroeconomic and structural
policies under the Staff-Monitored Program (SMP) provides
additional safeguards for the Fund's outstanding obligations. While
providing adequate liquidity support to the financial sector, the
central bank should reduce monetary financing of the deficit and
limit foreign exchange interventions to smoothing volatility.

"The SMP is also catalytic to donor support. A successful
implementation of Haiti's SMP would be key in the process of
restoring macroeconomic stability and sustainability, strengthening
the social safety net, and tackling governance weaknesses and
corruption."




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

[*] JAMAICA: Training Program Being Developed for Shipping Industry
-------------------------------------------------------------------
RJR News reports that a new training and apprenticeship programme
is being developed for the shipping industry in Jamaica.

Dr. Birte Timm, Company Secretary at German Ship Repair Jamaica,
said the training will be offered in partnership with the
HEART/NSTA Trust and Caribbean Maritime University, according to
RJR News.

The program, she said, will create employment and provide persons
with international qualifications and a payscale that is
competitive with international jobs, the report notes.

The time frame being considered for the program is two years, the
report notes.

Prime Minister Andrew Holness said a lack of adequate labor
continues to be an issue, and other new training opportunities,
which could be mandatory, are being considered, 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.




=====================================
T R I N I D A D   A N D   T O B A G O
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[*] DIGICEL GROUP: Tops Ookla Broadband-Speeds Ranking
------------------------------------------------------
Trinidad Newsday reports that Digicel Group topped the Ookla
Speedtest rankings for the fourth quarter of 2022 for broadband
speeds, with the telecommunications company taking the top spot for
both mobile and fixed-line download speeds.

Ookla publishes median results for the speeds it monitors, which
means that half of connections will receive better speeds and half
will get less, according to Trinidad Newsday.

For fixed broadband, Digicel+ achieved speeds of 93.43 megabits per
second (Mbps) followed closely by Flow with speeds of 90.57 Mbps,
the report notes.  Amplia clocked a respectable 85.32 while Blink
trailed with 9.16, the report relays.

This jockeying for the top spot between Flow and Digicel in
fixed-line delivery speeds was flipped in the fourth -quarter
report in Jamaica, where Flow led with 48.8 Mbps followed by
Digicel+ with 46.43 Mbps, the report discloses.

Digicel also dominated download speeds in mobile broadband,
delivering 34.58 Mbps to bmobile's 23.01, the report notes.

Network latency was also measured, testing the time it takes for a
signal to travel the network and trigger a response, the report
relays.

Among fixed networks, Digicel+ registered a latency of seven
milliseconds (ms) followed by Amplia with 10 ms and Flow, with 18
ms. Blink delivered 40 ms, the report relays.

For mobile network latency, bmobile edged Digicel's 37 ms with a
showing of 32 ms, the report notes.

The three top networks in Trinidad and Tobago also registered above
80 per cent in Ookla's consistency measurement, which assesses a
network's ability to deliver a 25 Mbps minimum download speed and 3
Mbps download speed, the report discloses.

Digicel+ offered a consistency of 87 per cent, followed by Amplia
with 84.8 per cent and Flow with 82.4 per cent, the report relays.

On mobile networks, Digicel and bmobile were statistically even,
with scores of 87.2 per cent and 84.1 per cent respectively, the
report says.

Ookla also measures network speeds by city centres and the top
download speeds for fixed-line networks were delivered to Chaguanas
(79 Mbps), San Fernando and San Juan, the report discloses.  The
best mobile download speeds are experienced in San Fernando (29.34
Mbps), Chaguanas and Port of Spain, the report says.

Ookla also compared device download speeds in TT, finding that
Apple devices delivered the fastest connections at 33.97 Mbps,
followed by Samsung mobile devices with 27.33 Mbps, the report
relays.

TSTT explained that the Blink system refers to the company's Fixed
Wireless (WTTx) and copper-based internet services, the report
relays.  Amplia, Digicel and Flow are all fibre to the home
services, 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.



                           *********


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 2023.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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.


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