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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, March 22, 2023, Vol. 24, No. 59

                           Headlines



B R A Z I L

AMERICANAS SA: Exes, Bank Chief Asked to Testify in Congress


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Continues With Subsidy to Avoid Fuel Increase


J A M A I C A

JAMAICA: AMCHAM Jamaica Advocates for Duty-Free Imports in US


M E X I C O

CSI COMPRESSCO: Incurs $22.1 Million Net Loss in 2022


P U E R T O   R I C O

CARIBBEAN BANANA: Unsecureds Will Get 100% of Claims in 60 Months


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Things Worse Than Under PNM, Declares Dennis

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B R A Z I L
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AMERICANAS SA: Exes, Bank Chief Asked to Testify in Congress
------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that a
Brazilian Senate committee extended formal invitations to central
bank chief Roberto Campos Neto and five former executives from
beleaguered retailer Americanas SA, asking them to provide details
on a pair of sagas that have gripped the country in the opening
months of Luiz Inacio Lula da Silva's presidency.

The Senate's economic affairs committee wants Campos Neto to
explain his position on Brazil's benchmark interest rate, as Lula
and his economic team continue to push for lower borrowing costs in
an effort to boost economic growth, according to
globalinsolvency.com.

It wants the former Americanas leaders, meanwhile, to provide
background on the financial collapse of the retail giant that filed
for bankruptcy in January after unveiling a $4 billion hole in its
balance sheet, the report notes.

The company's sudden collapse has rattled Brazil's credit markets
and raised questions about whether it will have broader
implications for other major businesses and the country's economy,
the report relays.

"The discovery of 'inconsistencies' led the financial market to ask
if similar accounting methods are used by other companies," senator
Otto Alencar said in the invitation the committee approved, the
report adds.

                              About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Continues With Subsidy to Avoid Fuel Increase
-----------------------------------------------------------------
Dominican Today reports that the Vice Minister of Internal Commerce
for Industry and Commerce, Ramon Perez Fermin, informed that the
lowest subsidy in more than two years of government will be
applied, which will range from RD$38.5 million to avoid increases
in gasoline, optimal diesel, among other products.

"As we have been reporting for just over a year, the crisis in
Eastern Europe has caused Gasoline and Diesel to reach historic
price levels. Although the price of crude oil has maintained a
stable trend, this has not been the case in the case of
derivatives", said Perez Fermin, according to Dominican Today.

Regarding the subsidy, the vice minister assured that with this
"sacrifice," the government seeks to protect consumers and at the
same time contribute to the reduction of inflation and its effects
in our country, the report notes.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican To related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




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J A M A I C A
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JAMAICA: AMCHAM Jamaica Advocates for Duty-Free Imports in US
-------------------------------------------------------------
RJR News reports that the American Chamber of Commerce of Jamaica,
appeared before the United States International Trade Commission as
the commission began its periodic review of the duty-free access of
goods from Jamaica and the region to the United States.

AMCHAM Jamaica's chief executive officer, Jodi-Ann Quarrie,
represented the Chamber at the hearings, where she gave oral
testimony defending Jamaica's use of the duty-free regime,
according to RJR News.

Ms. Quarrie also answered questions about potential impediments for
Jamaican businesses as the USITC reviews the economic impact of the
Caribbean Basin Economic Recovery Act and related programs, the
report notes.  These programs allow for duty-free imports from
designated countries, including Jamaica, the report notes.

Among the issues discussed were regulatory costs, the difficulty in
securing inspections, the insecurity concerning the iterative
process of US trade law renewals, female participation in the labor
force, and the impact of the Jamaican diaspora, 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.




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M E X I C O
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CSI COMPRESSCO: Incurs $22.1 Million Net Loss in 2022
-----------------------------------------------------
CSI Compressco LP has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$22.09 million on $353.40 million of total revenues for the year
ended Dec. 31, 2022, compared to a net loss of $50.27 million on
$304.17 million of total revenues for the year ended Dec. 31,
2021.

As of Dec. 31, 2022, the Company had $722.40 million in total
assets, $84.25 million in total current liabilities, $663.42
million in total other liabilities, and a total partners' deficit
of $25.27 million.

The Company said, "Our primary cash requirements are for
distributions, working capital requirements, debt service, normal
operating expenses, and capital expenditures. Our potential sources
of funds are our existing cash balances, cash generated from our
operations, asset sales, and long-term and short-term borrowings,
which we believe will be sufficient to meet our working capital and
growth capital requirements during 2023. We have secured orders
from key customers for high-horsepower and electric compressors
which will drive our investment in growth capital and consume
liquidity in 2023."

A full-text copy of the Form 10-K is available for free at:

                      https://bit.ly/3lzaZ7i

                         About Compressco

CSI Compressco is a provider of compression services and equipment
for natural gas and oil production, gathering, artificial lift,
transmission, processing, and storage.  CSI Compressco's
compression and related services business includes a fleet of
approximately 4,800 compressor packages providing approximately 1.2
million in aggregate horsepower, utilizing a full spectrum of low-,
medium-and high-horsepower engines.  CSI Compressco also provides
well monitoring and automated sand separation services in
conjunction with compression and related services in Mexico. CSI
Compressco's aftermarket business provides compressor package
reconfiguration and maintenance services.  CSI Compressco's
customers comprise a broad base of natural gas and oil exploration
and production, midstream, transmission, and storage companies
operating throughout many of the onshore producing regions of the
United States, as well as in a number of foreign countries,
including Mexico, Canada and Argentina.  CSI Compressco is managed
by Spartan Energy Partners.

                              *  *  *

This concludes the Troubled Company Reporter's coverage of CSI
Compressco until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.




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P U E R T O   R I C O
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CARIBBEAN BANANA: Unsecureds Will Get 100% of Claims in 60 Months
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Caribbean Banana, Inc., filed with the U.S. Bankruptcy for the
District of Puerto Rico a Disclosure Statement describing Small
Business Plan of Reorganization dated March 13, 2023.

The Debtor is a privately owned corporation incorporated under the
Laws of the Commonwealth of Puerto Rico on August 1, 2012. It is
located at Finca Isadora Los Poleos, Km 97.1 Carr. 1, Salinas,
Puerto Rico, and is part of the Agriculture Industry.

The Debtor's line of business includes the planting, harvesting
and
sale of bananas and other small fruits. Debtor has approximately 30
employees and operates in a farm of over 150 acres. Debtor's fruits
take 8 months to be ready for sale. Debtor's shareholders are Mr.
Elvin Soto Santiago (50%) and Mr. Eliot Jirau Pineiro (50%). The
Company serves many local supermarkets and other businesses with
its products, with at least 20 supermarkets in the Island.

The ongoing economic downturn and recession faced by Puerto Rico
during the last years, primarily due to the earthquakes and the
effects of the COVID-19 Pandemic, adversely impacted numerous
sectors and entities of Puerto Rico's economy, including Debtors'
industry. As a result, in an effort to protect its businesses,
obtain a breathing spell and the benefits of 11 U.S.C. 362 (a),
which stays all collection actions and judicial proceedings, on May
6, 2022, Debtor filed its Chapter 11 petition.

After the filing of this case, the farm where Debtor operates was
considerably damaged as a result of the passage of the Hurricane
Fiona in September, 2022. The expenses of the harvest rebuild were
covered with the insurance funds and governmental assistance
funds.

Within a span of two months, the Debtor successfully harvested and
cultivated 37.3 acres, resulting in the growth of 26,110 plants
that are expected to yield sales worth $652,740.00.

The new production is anticipated to generate revenue from August
to November 2023. The Debtor will carry on with the re-harvesting
procedure and estimates that it can replant a minimum of 40 acres
each month until it reaches 150 acres by June 2023. With the
completion of this process, the sales figures are predicted in
$1,600,000.00 which is equivalent to the sales achieved in 2020.

Also, with the purpose of increasing additional revenues, the
Debtor is transitioning its business model to a hybrid model which
includes buying and importation of exterior fruits. With this
model, the Debtor will be selling imported fruits while the fruits
of the harvest are obtained. The hybrid model will increase
Debtor's income and allow it to sustain a steady flow of income
during the life of the proposed Plan.

Class 6 consists of Holders of Allowed General Unsecured Claims.
Holders of Allowed General Unsecured Claim, excluding those of
Debtor's Insiders, shall be paid in full satisfaction of their
claims 100% thereof, through 60 equal consecutive monthly
installments commencing on the Effective Date and continuing on the
30th day of the subsequent 59 months. The insiders' claims due to
Debtor's shareholders will be subordinated, until the full payment
of all other claims on the Plan. The allowed unsecured claims total
$178,727.05. This Class is impaired.

Class 7 consists of Interests in Debtor. The Holders of the Equity
Interest in Debtor will not receive any distribution under the Plan
but will retain their shares in Debtor unaltered.

Except as otherwise provided in the Plan, Debtor will effect
payment of Administrative Expense Claims, Priority Tax Claims,
Allowed Secured and General Unsecured Claims in accordance with the
payment plans from the cash flows generated from its operations,
the collection of its accounts receivables, and the cash
accumulated during the pendency of the case.

A full-text copy of the Disclosure Statement dated March 13, 2023
is available at https://bit.ly/3JrMpNO from PacerMonitor.com at no
charge.

The Debtor's attorneys are:

      Enrique M. Almeida, Esq.
      Zelma B. Davila, Esq.
      Almeida & Davila, P.S.C.
      268 Ponce de Leon Avenue Suite 900
      San Juan, PR 00918
      P.O. Box 191757
      San Juan, PR 00919-1757
      Tel. (787) 722-2500
      Fax No. (787) 777-1376
      Email: enrique.almeida@almeidadavila.com
             zelma.davila@almeidadavila.com

                     About Caribbean Banana

Caribbean Banana, Inc., is a privately owned corporation
incorporated under the Laws of the Commonwealth of Puerto Rico in
August 2012.  Its line of business includes the planting,
harvesting and sale of bananas and other small fruits.

Caribbean Banana sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 22-01302) on May 6,
2022, listing as much as $500,000 in both assets and liabilities.

The Honorable Bankruptcy Judge Maria De Los Angeles Gonzalez
oversees the case.

Enrique Almeida Bernal, Esq., and Zelma B. Davila, Esq., at Almeida
& Davila, P.S.C., are the Debtor's bankruptcy attorneys.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Things Worse Than Under PNM, Declares Dennis
---------------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that Tobago's
economy is in a comatose state under the Progressive Democratic
Patriots (PDP) as all sectors have come to a halt.

So said former chief secretary Ancil Dennis, as he weighed into the
handling of the economy under this new administration, according to
Trinidad Express.

Dennis admitted that while the Tobago economy was not as strong as
it should be under the People's National Movement (PNM), it
certainly was not this bad, the report notes.

"I would even go as far as saying that in just about 18 short
months if my math is correct, this administration has managed to
utterly destroy the island's economy.  They have destroyed the
construction sector, they have almost destroyed the agriculture
sector and they have demoralised the business sector on the
island," he bemoaned, the report relays.

Asked what he would do differently as Chief Secretary, Dennis
quickly outlined that while he was in the hot seat from May 2020 to
December 2021, the people of Tobago were a priority, the report
discloses.

He noted that TADCO (Tobago Agribusiness Development Company) was
developed to help boost the sector, the report relays.

"I was all over Tobago in white boots and black boots visiting
farmers, talking to farmers, hearing their concerns, their issues,
their suggestions, and their ideas.  Going from sheep pens to goat
pens to broiler farms, to layer farms, to pig farms, to yam farms,
you name it. All over Tobago.  This Chief Secretary on the other
hand is completely unreachable," Dennis remarked, the report
discloses.

The construction sector especially has come to a screeching halt
and he said this is an important component of the island's economy,
the report says.

Dennis noted that the previous PNM administration engaged in a
program of infrastructural works over two years, the report relays.
This, he said, was aimed at achieving two very important
objectives, among others, to quickly and effectively resolve
long-standing infrastructural issues and make other critical
interventions to protect both public and private infrastructure, as
well as to stimulate the construction sector and provide employment
opportunities and economic stimulation during the pandemic period,
which had left many unemployed, the report notes.

"Several Tobago communities he claimed benefited by having flooding
and other infrastructural issues resolved.  The
design-build-finance (DBF) procurement model was used, to allow the
THA to get the work done without the need for upfront financing,
but with a commitment to periodic payments over a reasonable
period," he highlighted, the report says.

Dennis argued that the priority for this administration is their
friends in Trinidad, as he claims Tobago's money is being sent
right back to Trinidad, the report notes.

"Imagine $300 million in road paving contracts or road development
contracts went back to Trinidad. Agriculture produce that would
normally be taken from Tobagonians to treat with the activities of
TADCO is now being taken from quite in Trinidad.  Security
companies from Trinidad are now taking business from security
companies, so clearly Tobago is not the priority at this time," The
former chief secretary explained, the report relays.

Dennis said it's a clear indication this administration is only
treating other areas that are beneficial to them, the report
relays.

"They are finding the money to travel.  They are finding the money
to pay their salaries.  They are finding the money to give their
friends and family contracts.  No money of course to treat with the
agriculture sector.  No money to deal with tourism. No money for
the Carnival stakeholders in Tobago. No money to pay salaries on
time.  No money to pay the promised backpay to Community-Based
Environmental Protection and Enhancement Programme (CEPEP) and the
Unemployment Relief Programme (URP) workers, but every Monday
morning a secretary is on a plane somewhere travelling," Dennis
stressed, the report discloses.

He said Chief Secretary Farley Augustine and two other Tobago House
of Assembly (THA) Secretaries are in Jamaica now just to sign one
memorandum of understanding (MOU), the report notes.

"You know what is the unfortunate thing? When they were out of the
office they had all the answers.  They were the most humble and
accessible people, apparently so.  They hoodwinked Tobagonians into
office and this is what Tobagonians have to endure now. And it is
not even two years yet.  Already very early into their term, they
have managed to virtually destroy the Tobago economy," he stated.

Dennis agreed with economist Dr Vanus James and Tobago Chamber
president Diane Hadad that the economy is drowning.  "Can you
imagine if Dr Vanus James, who campaigned with them, who is a
well-respected economist in Tobago and the Caribbean generally and
perhaps the world, if James is getting the cold shoulder, can you
imagine what it is like for the average Tobagonian on the island?
So, the situation is quite unfortunate.  James and Diane Hadad are
telling it as it is," he insisted, the report notes.

However, when asked if it would be important to reduce the number
of people who are working for the THA and use that money instead on
capital projects or projects that can make a return for the island,
Dennis said he wished not to comment on that question at this time,
the report adds.



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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.

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