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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

          Friday, June 2, 2023, Vol. 24, No. 111

                           Headlines



B R A Z I L

CAIXA ECONOMICA FEDERAL: Fitch Affirms 'BB-' LongTerm IDRs
INVEPAR: S&P Downgrades ICR to 'CCC-', On CreditWatch Negative


E C U A D O R

ECUADOR SOCIAL: Fitch Affirms B- Rating on Class B Notes


J A M A I C A

JAMAICA: BoJ Actively Developing Strategies to Introduce Deposit


P U E R T O   R I C O

BED BATH & BEYOND: Pushes Sale Deadlines to Get Possible Buyer
CLEAN HARBORS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
RETAILING ENTERPRISES: Case Summary & 20 Top Unsecured Creditors


S U R I N A M E

SURICHANGE: Suspends Payments From Netherlands Amid Issues


T R I N I D A D   A N D   T O B A G O

DIGICEL GROUP: US$180MM to be Disbursed to 'Holdco' Bondholders

                           - - - - -


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

CAIXA ECONOMICA FEDERAL: Fitch Affirms 'BB-' LongTerm IDRs
----------------------------------------------------------
Fitch Ratings has affirmed Caixa Economica Federal's (Caixa)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB-'. The Rating Outlook is Stable. In addition, Fitch has
affirmed Caixa's Government Support Rating (GSR) at 'bb-' and
Long-Term National rating at 'AA(bra)'/Outlook Stable.

KEY RATING DRIVERS

Ratings Driven By GSR: Caixa's Issuer Default Ratings (IDRs) are
driven by its 'bb-' Government Support Rating (GSR) and aligned
with Brazil's 'BB-' IDRs. Caixa's National Ratings measure credit
risk relative to its Brazilian peers.

Moderate Probability of Support: As a state-owned policy bank,
Caixa's IDRs are equalized with Brazil's IDRs due to the
authorities' strong propensity to support the bank. This is due to
Caixa's important and unique public policy role, its long-term and
strategic government ownership. However, the sovereign's ability to
provide support is moderate due to its sub-investment grade
rating.

Public Policy Role: Fitch does not assign Caixa a Viability Rating
(VR) as it is a policy bank with a key role in implementing
government economic policies and it is not possible to form an
entirely standalone credit view. Although there has not been any
structural change in the bank's overall strategy thus far, Fitch
will continue to monitor the potential for political interference
from the federal government that could materially affect Caixa's
role and financial metrics.

Brazil's Largest Mortgage Lender: Caixa is Brazil's third-largest
bank by total assets and has a high market share in mortgage loans
and savings at 66.5% and 36.1%, respectively, as of March 31, 2023.
The bank's size, economies of scale, geographic reach and
long-standing history afford it certain competitive advantages and
support revenue diversification and stability. Caixa's strategy is
to keep its market share in the agribusiness segment while
maintaining credit origination growth.

Policy Role Drives Risk Profile: Caixa's primary risk is credit
risk, which represents 63% of its total assets. Underwriting
standards historically vary over economic cycles, reflecting its
policy role and strategy to extend credit to low-income
individuals. However, Caixa's management has been gradually
adjusting its underwriting standards while exhibiting a relatively
lower risk appetite, higher conservatism and a stronger focus on
profitability.

Resilient Asset Quality: Fitch believes Caixa's asset quality is
adequate, despite pressures of a challenging operating environment
in recent years. The impaired loans (D-H)/gross loans ratio
compared well with other large Brazilian banks, reaching 7.6% at
March 31, 2023 and averaging 8.0% over 2019-2022. The NPL ratio
increased slightly to 2.7% at end-March 2023 from 2.3% at end-March
2022 but remained low (excluding a specific corporate loan it was
2.3% at end-March 2023). Fitch does not project significant
increases in impaired loan in medium/long-term given the
well-collateralized loan portfolio.

Profitability Below Private Sector Peers: Caixa's profitability has
been historically lower than the peer average, reflecting its lower
net interest margin and larger cost base, given its public policy
role. Caixa's operating profit/risk-weighted assets (RWA) ratio
reached a low of 0.6% in 1Q23. This ratio averaged 2.0% over
2019-2022 due to high profits that were underpinned by nonrecurrent
events, such as the sale of noncore assets. Caixa maintains the
challenge of improving its profitability ratios, and Fitch expects
the ratios to remain stable throughout 2023.

Capitalization Stable: Caixa's common equity Tier 1 (CET1) were at
14.7% at end-March 2023 and 15.0% at end-December 2022 Caixa
implemented measures to strengthen its capital structure, including
reducing expenses and increasing share capital. The current level
of CET1 compares well with the CET1 level of large Brazilian banks
and Fitch does not expect sharp declines in this ratio for the
coming years.

Strong Funding Profile: The bank's funding base is highly
diversified and supported by its extensive network. It is
predominantly retail-funded, with customer deposits and
deposit-like local financial bills comprising 56% of total funding
at 1Q23. The gross loan/deposits plus local financial bills (which
are similar to deposits) ratio was 176% at end-March 2023 compared
with a four-year average of 147% from 2019 to 2022.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Caixa's Long-term IDRs and National Rating, as well as its GSR,
would be downgraded if Brazil's Long-term IDRs are downgraded,
though this is not its base case given the Stable Outlook on the
sovereign's Long-term IDRs.

Caixa's ratings are also sensitive to a reduced propensity of the
government to support the bank. This could be indicated by an
adverse change in Caixa's policy role or a material reduction in
government ownership, which Fitch views as highly unlikely.

Caixa's National Long-Term Rating is also sensitive to a negative
change in Fitch's opinion of the bank's creditworthiness relative
to other Brazilian issuers. If the Long-term National Rating is
downgraded to 'A(bra)' or below, then the Short-term National
Rating could also be downgraded.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Positive rating actions on Caixa's Long-term IDRs and GSR are
contingent on an upgrade on of Brazil's Long-term IDRs. Caixa's
National Long-Term Rating is at the highest level on Fitch's
Brazilian national rating scale for entities with international
ratings equalized with the sovereign and therefore cannot be
upgraded.

VR ADJUSTMENTS

Fitch does not assign a VR or score the standalone credit factors.

ESG CONSIDERATIONS

The ESG Relevance Score for Community Relations, Social Access,
Affordability is '4[+]'. Caixa's public sector ownership supports
its ability to attract low-cost retail deposits, while its policy
role ensures it retains a dominant position in the low-income
retail mortgage market. These factors considerably boost Caixa's
franchise, strengthen its credit profile and have a moderately
positive impact on its ratings in conjunction with other factors.

Caixa's ESG Relevance Score for Governance Structure (GGV) is '4'.
A GGV score of '3' is the standard score assigned to all banks
rated by Fitch. Given Caixa's ownership and a track record of the
Brazilian federal government's ability to influence and interfere
in the policies of the banks it controls, Fitch believes that an
increase of government influence on Caixa's management and strategy
could negatively affect creditors' rights. This has a moderately
negative impact on the bank's rating in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                      Rating                Prior
   -----------                      ------                -----
Caixa Economica
Federal           LT IDR             BB-     Affirmed    BB-
                  ST IDR             B       Affirmed    B
                  LC LT IDR          BB-     Affirmed    BB-
                  LC ST IDR          B       Affirmed    B
                  Natl LT            AA(bra) Affirmed    AA(bra)
                  Natl ST            F1+(bra)Affirmed    F1+(bra)
                  Government Support bb-     Affirmed    bb-


INVEPAR: S&P Downgrades ICR to 'CCC-', On CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings, on May 30, 2023, lowered its global scale
issuer credit rating on Investimentos e Participacoes em
Infraestrutura S.A. – Invepar [Invepar] to 'CCC-' from 'CCC' and
the national scale rating to 'brCCC-' from 'brB-'. S&P also lowered
the issue-level ratings on Invepar's third and fifth debentures to
'brC' from 'brCCC', while keeping its recovery rating of '6'
unchanged. In addition, S&P placed the ratings on CreditWatch with
negative implications.

The CreditWatch negative placement reflects the potential of
another downgrade if there's a payment acceleration of the third
and fifth debentures if creditors don't provide a waiver to Invepar
in the next few days. The CreditWatch placement also reflects
additional liquidity pressures that could materialize if Via 040's
debt maturity isn't extended beyond October 2023 and the risk of a
new debt restructuring at the holding level.

On May 24, 2023, the investment fund of Brazil's Unemployment
Guarantee Investment Fund, the sole creditor of Linha Amarela
S.A.'s (Lamsa's) second debentures, opted not to grant another
waiver. Although Lamsa prepaid early the debt through its cash
position on May 25, 2023, the event triggered a cross-default
clause for Invepar's debentures. S&P said, "Creditors granted an
eight-day waiver to Invepar to prevent the cross-default until June
1, 2023, and we believe they have incentives not to accelerate the
payment, given the ongoing negotiations over the group's debt
restructuring. Nevertheless, we view this as another event outside
of Invepar's control that increases short-term liquidity risks,
which in our view is consistent with a 'CCC-' rating. If creditors
decide to accelerate the payment of the R$1.024 million debentures
(as of the first quarter of 2023), the group wouldn't have the
funds to meet it, considering the cash position of R$317 million at
the holding level as of the same period."

Invepar's debentures were the only ones impacted by Lamsa's debt
payment acceleration, considering that Via 040 only has bank debt,
while Concessionaria do Aeroporto Internacional de Guarulhos S.A.
(GRU Airport; Invepar's most important asset) is structured as a
project finance and doesn't have cross-default clauses with other
entities of the group.

The group also faces significant maturities in the next 6-15
months, including Via 040's R$992 million debt due in October 2023,
which Invepar guarantees, and roughly R$1 billion for the group's
debentures in August 2024. In order to pay both maturities, Invepar
relies on a favorable outcome of two events that are outside of its
control:

-- Via 040's successful bid for the concession by August 2023 or
its extension that was already amended to allow for the reauction,
which requires approval by Brazil's Federal Audit Court. If either
event occurs, it could release indemnities owed to Via 040 for
investments already made. Those proceeds would be used to pay down
Via 040's debt. Nevertheless, there are two uncertainties over this
matter. First, if the concession auction is delayed beyond Via
040's debt tenor in October 2023, it could result in default of the
company's debt if lenders don't provide a waiver. Second, assuming
the auction is completed, if indemnities related to the
concession's termination are not enough to cover Via 040's debt,
Invepar would have to use some of its own cash to cover the asset's
debt payment.

-- A favorable conclusion of Lamsa's legal dispute with the
municipality of Rio de Janeiro, which has been ongoing since 2020.
Hearings on finalizing the fair value of toll rates have yet to
take place, which could be appealed by the parties. The dispute may
continue throughout 2023 and first half of 2024, heightening
liquidity pressures for Invepar because the rate on its debentures
will rise in September 2023 from 6.5% to 12.64%, increasing its
debt starting that month. As the conclusion of Invepar's debt
restructuring entails transferring its shares in Lamsa to its
creditors in exchange for the debt repayment, if Lamsa's legal
dispute goes beyond September 2023, its shares won't be enough
depending on the valuation, which would require additional cash
from Invepar, or even transferring its other assets, such as the
GRU Airport or the toll road Litoral Norte S.A. – CLN, which are
Invepar's remaining and meaningful cash generators. Alternatively,
Invepar could also try to negotiate new terms on its debentures
with creditors, which S&P could evaluate as a new distress exchange
if the proposal was disadvantageous to the latter.

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

(Health and safety; risk management, culture and oversight)




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E C U A D O R
=============

ECUADOR SOCIAL: Fitch Affirms B- Rating on Class B Notes
--------------------------------------------------------
Fitch Ratings has affirmed Ecuador Social Bond S.a.r.l.'s (ESB)
class A and B 144A/Reg S notes (together, the Repack Notes) at
'AAAsf' and 'B-sf', respectively. The Rating Outlook on the class A
Repack Notes remains Stable, while the Outlook on class B notes was
revised to Negative from Stable. This rating action follows
Ecuador's Outlook revision to Negative from Stable on May 23, 2023.


   Entity/Debt             Rating           Prior
   -----------             ------           -----
Ecuador IDB
Repack

   Class A (secured)
   XS2106052827        LT AAAsf  Affirmed   AAAsf

   Class B (secured)
   XS2106053635        LT B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

The Social Bond, issued by the Republic of Ecuador and partially
guaranteed by the Inter-American Development Bank (IDB;
AAA/Stable), is the asset backing the Repack Notes.

The assigned ratings address timely payment of interest and
principal on a semi-annual basis.

KEY RATING DRIVERS

Social Bond Backed by Full Faith and Credit of Ecuador: The Social
Bond issued by the Republic of Ecuador is the asset backing the
Repack Notes issued by ESB. The Social Bond shares all
characteristics of other external indebtedness of the sovereign and
is backed by the full faith and credit of Ecuador. The only
difference is that its proceeds are for specific investment in
Ecuador's social housing program, and its debt service benefits
from a partial credit guarantee by the IDB.

IDB's Partial Credit Guarantee Comprehensive in Scope: The partial
credit guarantee between the IDB and ESB, as initial purchaser of
the Social Bond, partially covers Ecuador's failure to meet its
obligations on the Social Bond. After Ecuador's default on the
Social Bond, all draws from the IDB guarantee will be exclusively
applied by the Trustee to cover 100% of class A's debt service,
covering a percentage of the underlying Social Bond.

The IDB guarantee is comprehensive in scope and effectively covers
100% of the class A notes to be issued by ESB within the 23-day
cure period. IDB's obligations under the partial guarantee
constitute direct, unsecured obligations of IDB.

IDB's Credit Quality Remains Strong: The rating assigned to the
class A notes is commensurate with the Issuer Default Rating (IDR)
of the guarantee provider. On Nov. 16, 2022, Fitch affirmed IDB's
IDR at 'AAA'/Outlook Stable.

Class B Notes Ratings Commensurate with Sovereign: Given that all
flows from the IDB guarantee will be applied to the class A notes
to meet debt service according to the guarantee's schedule, a
default by Ecuador under its obligations of the Social Bond would
lead to a default of ESB's obligations under the class B notes.
Hence, the credit quality of the class B notes is a pass-through of
Ecuador's rating. The rating of Ecuador was affirmed at 'B-' and
the Outlook was revised from Negative to Stable on May 23, 2023.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The class A notes' ratings are linked to the IDB's Long-Term (LT)
Foreign Currency (FC) IDR; hence, a downgrade of the IDB's IDR
would trigger a downgrade of class A notes in the same proportion.
Additionally, changes in Fitch's view regarding the strength of the
IDB guarantee may affect the class A notes' ratings;

- The class B notes' credit quality reflects Ecuador's rating and,
therefore, is sensitive to changes in Ecuador's LT IDR. Hence, a
downgrade to Ecuador's IDR would trigger a decrease in the class B
note ratings in the same proportion.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The class A notes' ratings are linked to the IDB's LT FC IDR of
'AAA'/Stable, which is the highest rating assigned by Fitch;

- The class B notes' credit quality reflects Ecuador's rating and,
therefore, is sensitive to changes in Ecuador's LT IDR. Hence, an
upgrade to Ecuador's IDR would trigger an uplift in the class B
note ratings in the same proportion.




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

JAMAICA: BoJ Actively Developing Strategies to Introduce Deposit
----------------------------------------------------------------
RJR News reports that the Bank of Jamaica says it is actively
developing strategies to introduce deposit portability and allow
individuals to easily move their accounts from one bank to
another.

The BOJ says deposit portability will give customers the
flexibility to shop around at the various financial institutions to
find the services that best suit their needs, according to RJR
News.

In addition to other features, all standing instructions, inclusive
of direct debits from credit cards, will remain intact without the
complicated account opening procedures or know-your-customer
hassles, 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.




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

BED BATH & BEYOND: Pushes Sale Deadlines to Get Possible Buyer
--------------------------------------------------------------
Amelia Pollard of Bloomberg Law reports that Bed Bath & Beyond
pushed out deadlines for several steps in its bankruptcy sale
process for some or all of its assets, according to court filings.

The bankrupt retailer now has ten additional days to select a
stalking horse bidder, with the new deadline slated for June 1.
Meanwhile, its sale hearing is now two weeks later than originally
planned, with the new date on June 21, 2023.

The company pushed out the dates "given the need for additional
time to ensure the most value maximizing transaction is achieved,"
according to the filing.

                     About Bed Bath & Beyond

Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values.  The Company also operates Decorist, an online interior
design platform that provides personalized home design services.

At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.

Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing chapter 11 cases, implementing full
scale winddowns of their Canadian business and the Harmon branded
stores.

Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code to pursue a wind down of operations.
The cases are pending before the Honorable Vincent F. Papalia and
have requested joint administration of the cases under Bankr.
D.N.J. Lead Case No. 23-13359.

Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frares & Co. LLC is serving as investment banker,
and AlixPartners LLP is serving as financial advisor.  Bed Bath &
Beyond Inc. has retained Hilco Merchant Resources LLC to assist
with inventory sales.  Kroll LLC is the claims agent.


CLEAN HARBORS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company on May 7, 2023, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Clean Harbors, Inc. to BB+ from BB.

Headquartered in Norwell, Massachusetts, Clean Harbors, Inc.
provides a variety of environmental remediation and industrial
waste management services to customers in the United States and
Puerto Rico.


RETAILING ENTERPRISES: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Retailing Enterprises, LLC
          d/b/a Invicta
          d/b/a Invicta Stores USA
          d/b/a Techno Marine Store
          d/b/a Invicta Store
        405 SW 148th Ave
        Suite 1
        Davie FL 33325

Business Description: Retailing Enterprises LLC (d.b.a Invicta
                      Stores) is an official reseller of the
                      Invicta Watch Company of America.  Invicta
                      Stores operates InvictaStores.com, and
                      numerous physical retail locations across
                      the United States, including the territory
                      of Puerto Rico.

Chapter 11 Petition Date: May 30, 2023

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 23-14169

Judge: Hon. Scott M. Grossman

Debtor's Counsel: Aaron A. Wernick, Esq.
                  WERNICK LAW, PLLC
                  2255 Glades Road Suite 324A
                  Boca Raton FL 33431
                  Tel: 561-961-0922
                  Email: awernick@wernicklaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by Mauricio Krantzberg as president.

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

https://www.pacermonitor.com/view/OSXHVNQ/Retailing_Enterprises_LLC__flsbke-23-14169__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount

1. Invicta Watch Company             Suppliers or      $29,531,244
of America, Inc                         Vendors
Attn: Aileen Drucker
3069 Taft St1 Invicta Way
Miami, FL, 33122

2. City National Bank                 Main Street       $9,796,771

of Florida                          Loan Agreement
100 S.E. 2nd Street
13th Floor
Miami, FL, 33131

3. Simon Property Group            Lease Agreements     $3,849,019
225 West Washington Street
Indianapolis, IN, 46204-3438

4. 1535 Broadway LLC                     Lease          $1,602,768
c/o Vornado Office                    Settlement
Management LLC                         Agreement
888 Seventh Ave Attn: Exec Vice Pres
New York, NY, 10019

5. ZWI Group LLC                     Merchandising      $1,045,426
1532 South Washington Ave
Piscataway, NJ, 08854

6. Macerich Management Company           Lease            $452,000
Agent for Brooks                      Settlement
Shopping Centers, LLC                 Agreement
401 Wilshire Blvd., Ste 700
Santa Monica, CA, 90401

7. Aventura Mall Venture                 Lease            $363,672
c/o Turnberry Aventura                Agreements
Mall Co., LTD
19501 Biscayne Blvd, Ste 400
Miami, FL, 33180

8. BPR REIT Service, LLC                Leases/           $328,564
350 N. Orleans St., Ste 300           Settlement
Attn: Gretchen Kaplan,                Agreement
Sen Assoc. Gen Counsel
Chicago, IL, 60654

9. Akerman LLP                     Legal Services         $205,046
420 South Orange Ave
Suite 1200
Orlando, FL, 32801

10. AddShoppers, Inc.                 Services            $128,888
15806 Brookway Dr.
Suite 200
Huntersville, NC, 28078

11. Hilco Real Estate, LLC            Services             $66,258
5 Revere Drive
Suite 410
Northbrook, IL, 60062

12. Magna Marketing                  Settlement            $42,000
147 Prince St.                       Agreement
Suite 2-31
Brooklyn, NY, 11201

13. Barton LLP                     Legal Services          $27,360
711 Third Avenue
14th Floor
New York, NY, 10017

14. Tampa Westshore                   Lease                $24,097
Associates Limited                  Agreement
Partnership
200 East Long Lake Road
PO Box 200
Bloomfield Hills, MI, 48303-0200

15. Accelerize 360 Inc             Suppliers or            $20,175
750 N. Saint Paul Street             Vendors
Suite 1525
Dallas, TX, 75201

16. Carlton Fields                Legal Services           $19,429
2 Miami Central
700 NW 1st Ave. Ste 1200
Miami, FL, 33136-4118

17. PR Prince George's                 Lease               $17,660
Plaza LLC                            Agreement
c/o PREIT Services, LLC
200 S. Broad St,
3rd Fl Attn Legal Director
Philadelphia, PA, 1910

18. FEDEX Corporation                Shipping              $13,691
942 South Shady Grove Rd.            Services
Memphis, TN, 38120

19. Ask Nicely LLC                 Suppliers or             $7,500
1615 SE 3rd Ave                      Vendors
3rd Floor
Portland, OR, 97214

20. Center for Leadership          Suppliers or             $5,202
Studies, Inc.                        Vendors
280 Towerview Court
Cary, NC, 27513




===============
S U R I N A M E
===============

SURICHANGE: Suspends Payments From Netherlands Amid Issues
----------------------------------------------------------
RJR News reports that Surichange Bank, Suriname, says it has
suspended the payments of money transfers from the Netherlands
pending clarity about the issues regarding remittances with its
main business partner in the European country.

The money exchange office Surichange and its branches in the
Netherlands have been hit by a string of bomb attacks in recent
days, according to RJR News.  As a result, the Dutch authorities
have ordered that all offices of Surichange remain closed until
further notice, the report relays.

Dutch officials are investigating the financial institution amid
media reports that the money exchange company and its owners are
engaged in criminal activities, the report adds.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

DIGICEL GROUP: US$180MM to be Disbursed to 'Holdco' Bondholders
---------------------------------------------------------------
RJR News reports that some US$180 million will be distributed among
holders of bonds issued by Digicel's holding company (holdco).

This comes as a majority backed a debt-restructuring deal with the
locally headquartered telecommunications company founded by Denis
O'Brien, according to RJR News.

A statement from the company says these shareholders have opted to
give up their investments for a cash payment, the report notes.

The 'holdco' write-off agreement is separate from ongoing talks
with holders of bonds issued by Digicel's operating companies, the
report discloses.

The agreement will see owners of higher ranked but unsecured holdco
bonds, who are owed $455 million in capital and interest, get a
$163.5 million payment, which works out to roughly 37 cents for
every dollar owed, the report relays.

Owners of more lowly ranked 'subordinated' bonds, who are
collectively owed US$208 million, will get just US$19.5 million,
the report notes.

In both cases, the deal provides for potential future payouts if
cash becomes available, the report says.

The deal will also see $110.2 million from the level of the holding
company, released to Digicel operating company, Digicel Ltd, and
some changes to historic inter-company liabilities, the report
discloses.

Digicel is in talks with the bondholders of its operating companies
to hand them majority control, in exchange for a debt reduction of
US$1.8 billion, 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.



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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
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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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