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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

          Tuesday, January 23, 2024, Vol. 25, No. 17

                           Headlines



A R G E N T I N A

ARGENTINA: Pichetto's Caucus Blocks Milei Over Omnibus Bill


B A R B A D O S

CARIBBEAN DEVELOPMENT: Bank Head Sent on Admin Leave thru April


B R A Z I L

BRAZIL: Service Sector Sees Uptick in November
CEMIG: S&P Affirms 'BB-' ICR, Outlook Stable


C O L O M B I A

ECOPETROL SA: S&P Affirms 'BB+' ICR & Alters Outlook to Negative


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Set to Seal New Aviation Agreement with US


J A M A I C A

JAMAICA: Retail Sales Fall at Sharpest Rate Since Covid
[*] JAMAICA: Locals Believe Business Conditions Will Get Better


P U E R T O   R I C O

GUR-MEAT INC: LUMA Says Plan Disclosure is Inadequate


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Shares Up for Sale


X X X X X X X X

LATAM: Public Debt Load in Caribbean Has Fallen, IDB Report Says

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Pichetto's Caucus Blocks Milei Over Omnibus Bill
-----------------------------------------------------------
Buenos Aires Times reports that La Libertad Avanza's hope of swift
Congress committee approval for its reform mega-package has hit a
wall due to some experienced lawmakers who know the tricks of the
trade.

The ruling party is in such a hurry that Speaker Martin Menem even
tried to secure a weekend session, but his bid lost steam after the
intervention of lawmakers led by dissident Peronist lawmaker Miguel
Angel Pichetto, the report notes.

Deputies belonging to the Hacemos Coalicion Federal caucus headed
by Miguel Angel Pichetto imposed their requirement of an ordered
committee draft of the so-called 'Omnibus bill' or 'Omnibus law -
which carries the formal title of "Ley de Bases y puntos de partida
para la libertad de los argentinos") - on the Speaker, halting the
government drive, the report relays.

Pichetto is a veteran member of both houses with decades of
experience who knows Congress procedure inside out - as do many of
his caucus allies, the report discloses.

Sixth plenary committee session ended with this scenario as the
government and allied caucuses were denied any date for a committee
draft, the report relays.

"We'll take another look when the forces of heaven are so inclined
and when liberty advances," was the ironic phrase of an unnamed
Union por la Patria deputy to describe the state of play in the
extraordinary period of sessions, according to reporting by
Parlamentario.com, the report notes.

Quite apart from dates, negotiations are gridlocked around two key
aspects of the bill which the moderate opposition is intent on
amending: the suspension of the mechanism for updating pensions and
increased export duties, the report says.

Other factors could be added to those two essential issues such as
the length of the emergency period, the delegation of legislative
prerogatives, privatizations and the foreign debt, the report
discloses.

If the government adopts an intransigent position against accepting
any change, with both the Hacemos and Union Cívica Radical
caucuses reproaching them in the last few weeks for "not allowing
themselves to be helped," they may produce their own committee
draft and put it to a vote, the report notes.

                     'This Must be Debated'

Senator Martin Lousteau, the new Radical party chairman since late
last year, hit out at both the bill and President Javier Milei's
sweeping emergency decree, the report relays.

"The DNU emergency decree is unconstitutional but furthermore the
government does not want to debate its contents because they are
not forming the Bicameral Commission nor naming its deputies," he
alleged.  "On the one hand, they seek to rush through a mega-law
and and on the other, validate the DNU without discussion, which is
what the Radical party is ordering for Congress as respecting the
law," the report relays.

"We have a volatile economy but this legal package of 664 articles
shakes up the lives of every Argentine, not only the economy but
working life, private contracts, the civil and criminal codes, land
ownership, forestry, health, education, the fisheries, fossil
fuels, the sale and purchase of medicine, protests, the electoral
and party systems, a tax whitewash and cultural aspects of
Argentine life . . .  The truth is that all this must be debated,"
concluded Lousteau, the report notes.

Those following the legislative negotiations closely find the
chapter of the omnibus bill seeking to validate President Javier
Milei's DNU of economic deregulation to be shaky, a fact conceded
by the government itself, the report relays.

Following suspicions that the articles were drafted with the
counsel of major private law firms and not state officials, the
government has now confirmed that the measures have no prior
backing in any technical report, the Pagina/12 newspaper reported,
the report discloses.

"If it is proved that no officials worked on the DNU but only
private lawyers, that would be cause for annulment," Vilma Ibarra,
the Legal and Technical Secretary of the Alberto Fernandez
administration, observed, the report relays.

DNU mastermind, former Central Bank governor Federico Sturzenegger,
has no direct relationship with the government and holds no
official post, despite promoting the initiative and even appearing
at Milei's side when the measure was announced via nationwide
broadcast, the report says.

This lack of official status exempted Sturzenegger from having to
appear in Congress to explain the DNU, the report discloses.

                          Mass Criticism

A communique issued by over 1,500 personalities from the cultural,
scientific, political and trade union worlds opposes the reforms
proposed by the Milei government with the "Mega DNU" already in
force, the report relays.  The signatories include Buenos Aires
Province Governor Axel Kicillof, Senator Eduardo "Wado" de Pedro,
Nobel Peace Prize winner Adolfo Pérez Esquivel, historian Felipe
Pigna, the actresses Cecilia Roth and Dolores Fonzi, social
activist Juan Grabois, trade unionists like Pablo Moyano and Hugo
Yasky and several ex-ministers of the Frente de Todos
administration among many others, the report notes.

The report notes that apart from urging support for next general
strike, they insist that the "need for an integral rejection of
this destructive plan" demands the following:

- The repeal of DNU 70/2023 in its entirety;

- The rejection of the omnibus bill in its entirety;

- Quashing any measure against democratic rights and liberties;

- Compensation for the loss of purchasing-power via the mechanisms
appropriate to each sector (index-linking, collective bargaining,
social policies, etc.).

                         About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.




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B A R B A D O S
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CARIBBEAN DEVELOPMENT: Bank Head Sent on Admin Leave thru April
---------------------------------------------------------------
RJR News reports that the President of the Caribbean Development
Bank, Dr Hyginus 'Gene' Leon, has been sent on administrative leave
until April this year, as an ongoing administrative process
continues at the financial institution.

According to the Caribbean Media Corporation, well placed sources
have said Dr Leon's laptop and tablet have been seized, the report
notes.

Guyana's Vice President, Bharrat Jagdeo, told reporters that
Georgetown would try to get more information regarding the CDB's
announcement of the administrative process involving its president,
according to RJR News.

Dr Leon is the sixth president of the CDB. He assumed office on May
4, 2021.




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B R A Z I L
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BRAZIL: Service Sector Sees Uptick in November
----------------------------------------------
RJR News reports that in November, Brazil's service sector
witnessed a pivotal turnaround, registering a 0.4% increase over
October, following three months of decline.

The Brazilian stats agency IBGE announced a positive shift on
January 16, 2024, according to RJR News.  This development marks a
significant moment in the country's ongoing economic recovery, the
report notes.

Previously, the sector experienced a cumulative downturn of 2.2%
during August, September, and October, the report relays.

Now, it stands 10.8% higher than its pre-pandemic level in February
2020, 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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.

In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.

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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).


CEMIG: S&P Affirms 'BB-' ICR, Outlook Stable
--------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Companhia Energetica de Minas Gerais - CEMIG (Cemig) and its
operating subsidiaries, Cemig Distribuicao S.A. (Cemig-D) and Cemig
Geracao e Transmissao S.A. (Cemig-GT). S&P also affirmed its
'brAA+' national scale issuer credit and issue-level ratings on the
group, and its 'BB-' global scale issue-level rating on CEMIG-GT's
senior unsecured notes. Finally, S&P removed all its ratings from
under criteria observation (UCO).

S&P said, "The stable outlook reflects our expectation that Cemig's
credit metrics will worsen in the next few years due to its sizable
investment plan, leading to debt to EBITDA of 4.0x-4.5x and funds
from operations (FFO) to debt of 15% from 2025 on. Despite that, we
expect the group to continue generating solid cash flows in the
next few years.

"The affirmation follows the revision to our criteria for
evaluating the credit risks presented by an entity's management and
governance framework. The terms management and governance encompass
the broad range of oversight and direction conducted by an entity's
owners, board representatives, and executive managers. These
activities and practices can affect an entity's creditworthiness
and, as such, the M&G modifier is an important component of our
analysis."




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C O L O M B I A
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ECOPETROL SA: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Ecopetrol S.A. to
negative from stable, reflecting the action on the foreign currency
sovereign credit rating. S&P also affirmed its 'BB+' global scale
ratings on the company, while its 'bbb-' stand-alone credit profile
(SACP) remains unchanged.

S&P said, "We have assigned a new management and governance (M&G)
assessment of neutral to Ecopetrol. This assignment follows the
Jan. 7 publication of S&P Global Ratings' revised criteria for
evaluating the credit risks presented by an entity's M&G
framework.

"Our GDP growth expectations for Colombia continue to be similar to
the previous year -- we estimate 1.3% growth for 2024 (versus
estimated 1.2% in 2023). This is mainly because private-sector
investment sentiment has failed to recover, which could hamper the
sovereign's financial profile. In addition, we continue to see a
consistently high deficit compared to pre-pandemic levels, even
after the implementation of the fiscal reform.

"The negative outlook on Colombia reflects our expectations that we
could lower our ratings in the next two years if economic growth is
below our expectations, we see indication of lower economic
resilience, and fiscal policies pose higher external
vulnerabilities.

"We think the likelihood that the Colombian government would
provide timely and sufficient extraordinary support to the company
under stressed scenarios is very high. As a result, we cap our
ratings on Ecopetrol at the same level as the foreign currency
sovereign rating (foreign currency: BB+/Negative/B; local currency:
BBB-/Negative/A-3), despite Ecopetrol's 'bbb-' SACP.

"The cap mainly relates to our view that the company maintains a
very strong link with the government, as well as a very important
role as the leading oil and gas producer in the country. We also
think that the government could increase taxes and/or dividends if
it faces fiscal or external stress, which could restrict the
company's liquidity flexibility."

Ecopetrol maintains specific strategies to lower carbon dioxide
emissions and has clear targets for 2040, which include
strengthening its presence in sustainability measures that enable
renewable energy alternatives for the country. This supports S&P's
business and financial assessments on the company, so it doesn't
expect to revise its SACP for the next 12 months, and forecast
adjusted net debt to EBITDA to stay below 2x.




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D O M I N I C A N   R E P U B L I C
===================================

[*] DOMINICAN REPUBLIC: Set to Seal New Aviation Agreement with US
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic and the United
States have reached an agreement to sign an open skies pact, aiming
to bring about reductions in airfare and an expansion of air
connectivity.

David Collado, the Minister of Tourism, has stated that the formal
signing of the protocol will soon be announced by the United States
Embassy in the Dominican Republic, according to Dominican Today.
Anticipating positive outcomes, Collado envisions a decrease in air
travel costs and heightened competitiveness within the market, the
report notes.  The agreement is expected to facilitate tourism
between the two nations, as reported by El Dia, the report relays.

Collado emphasized that the primary challenge in attracting more
tourists to the Dominican Republic lies in air connectivity and the
associated ticket prices, the report discloses.  He highlighted
that, in certain cases, travel expenses to the country can be more
costly compared to other competing tourist destinations, the report
says.

In addressing this issue, Collado expressed his belief that the
open skies agreement will lead to a notable reduction in airfare
rates, the report says.  Drawing parallels to the positive impact
observed in Latin America with the introduction of Arajet, Collado
remains optimistic that similar effects will be witnessed in the
United States once the open skies policy is implemented, the report
notes.  As an illustration, he cited instances where airfares to
the Dominican Republic decreased, fostering the growth of tourism
in the region, the report adds.

                       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.

TCR-LA reported in April 2019 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.

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.




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J A M A I C A
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JAMAICA: Retail Sales Fall at Sharpest Rate Since Covid
-------------------------------------------------------
RJR News reports that retail sales volumes fell by 3.2 per cent in
December in the sharpest drop since the UK was in a Covid
lockdown.

Official figures revealed a sharp fall in demand for goods, but
food sales also declined in the run-up to Christmas, according to
RJR News.

The Office for National Statistics said it appeared people did
their shopping earlier in November, taking advantage of Black
Friday sales, the report notes.

It meant that retail sales tumbled at the fastest rate since
January 2021, the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.


[*] JAMAICA: Locals Believe Business Conditions Will Get Better
---------------------------------------------------------------
RJR News reports that more Jamaicans were of the view that business
conditions would get better going forward, compared with the end of
2022.

The Consumer Confidence Survey found that in the October to
December quarter in 2022, only 31 per cent of the 600 respondents
felt business conditions would improve, according to RJR News.

Head of Market Research Limited Don Anderson says the percentage
increased for the 2023 survey, with 35.3 per cent of consumers
optimistic about business conditions in the fourth quarter, the
report notes.

"We're bearing mind that this is the Christmas period.  This is the
last quarter of the year and all kinds of things are happening.
People are expectant . . . that business climate is going to get
better and therefore this is a good opportunity for them to look at
what is going to happen as far as their own situation is
concerned," Mr. Anderson reasoned, the report relays.

Correspondingly, there was a decrease in the number of consumers
who felt business conditions are going to get worse, with 16.5 per
cent sharing that view in the fourth quarter of 2023, compared to
22 per cent at the end of 2022, the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
  



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P U E R T O   R I C O
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GUR-MEAT INC: LUMA Says Plan Disclosure is Inadequate
-----------------------------------------------------
LUMA Energy, LLC, and LUMA Energy ServCo, LLC, filed an objection
to the approval of the Disclosure Statement dated Dec. 1, 2023 and
confirmation of the Plan of Reorganization Gur Meat, Inc.

LUMA is not a "creditor" in this case as such term is defined under
11 U.S.C. Sec. 101(10)(A) since it does not have a claim against
the Debtor. However, certain provisions included by the Debtor in
the Plan have a direct financial impact upon LUMA and thus make
LUMA a party in interest in the proceedings involving the approval
of the Disclosure Statement and confirmation of the Plan.

Specifically, LUMA has a claim against the Debtor's president, Ms.
Mariely Ramos Rojas for electric power consumption which the Debtor
alleges was incurred by the Debtor.  The Debtor has never seriously
disputed that the relevant account with LUMA is under Ms. Ramos'
name -- and not under the Debtor's -- and that, under Puerto Rico
law, Ms. Ramos is thus liable for any consumption that is incurred
under such account.  Yet, from the start of this case, the Debtor
has made clear its intent to seek a release of Ms. Ramos' personal
liability to LUMA even though Ms. Ramos has not filed for
bankruptcy -- through the Debtor's bankruptcy filing.

The Disclosure Statement does not contain "adequate information" as
required under 11 U.S.C. s1125(b) and thus cannot not be approved.

Among other reasons, the Disclosure Statement fails to address the
scope of, or provide any information whatsoever with respect to,
the nonconsensual third-party releases ("Releases") provided under
Article IX of the Plan. In fact, neither the Disclosure Statement
nor the Plan include a definition of "Released Parties", which are
the intended recipients of the Releases. In this regard, the
Disclosure Statement also fails to comply with Bankruptcy Rule
3017(b).

Additionally, as held by courts in this and other circuits, a
chapter 11 plan that includes non-consensual third-party releases
which do not meet the factors established in In re Master Mtg. Inv.
Fund, Inc., 168 B.R. 930, 935 (Bankr. W.D. Miss. 1994), is fatally
flawed and incapable of confirmation.

In such circumstances, courts have avoided an "exercise in
futility - allowing for the solicitation of votes of a patently
unconfirmable plan" and rejected the Disclosure Statement
precisely because of the same deficiencies that the Disclosure
Statement suffers in this case.

Attorney for LUMA Energy, LLC and LUMA and Energy ServCo, LLC is

     Hans E. Riefkohl Hernandez, Esq.
     RIEFKOHL LLC
     PO Box 194259
     San Juan, PR 00919
     Tel: (787)-236-1657
     E-mail: hans.riefkohl@riefkohllaw.com

                      About Gur Meat Inc.

Gur Meat, Inc., is a domestic corporation registered on May 2009
and is engaged in the business of sale of pre-packaged food
products for several types of clients including fast food
restaurants. Its business operation is located at Carr. 682 Km 4.8,
Garrochales, Arecibo, PR.

The Debtor had to seek emergency relief in bankruptcy for the
combination of factors: issues with prior accountants, the region's
earthquakes which affected the clients' facilities, the COVID-19
pandemic, shortage of personal, and aggressive collection actions
by creditors. There combinations of factors triggered a negative
ripple effect of Debtor's finances that led to the filing of the
bankruptcy case.

Vilario & Associates LLC is the Debtor's legal counsel.




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V E N E Z U E L A
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PETROLEOS DE VENEZUELA: Shares Up for Sale
------------------------------------------
The United States District Court for the District of Delaware
issued an opinion and corresponding order on Jan. 14, 2021, setting
forth certain contours for the sale of the shares of PDV Holding
Inc. ("PDVH") owned by Petroleos de Venezuela S.A. ("PDVSA").  In
furtherance thereof, the Court appointed Robert B. Pincus as
special master on April 13, 2011, to assist the Court with the sale
of PDVSA's shares of PDVH.  The special master is advised by Weil,
Gotshal & Manges LLP, as transaction counsel, and Evercore Group
LLC as investment banker.

On Oct. 11, 2022, the Court entered an order (i) approving the
bidding procedures (ii) setting the timeframe for potential bidders
to submit a proposal to purchase the shares of PDVH and scheduling
a tentative hearing with respect to the approval of the sale, (iii)
authorizing and approving the notice procedures for the foregoing;
and (iv) granting related relief.

Interested parties may submit bids for the purchase and sale of
some or all of the shares of PDVH in accordance with the terms and
conditions set forth in the bidding procedures.  To avoid any
ambiguity, parties may submit bids for less than 100% of the shares
of PDVH so long as such bid satisfies the attached judgments.

PDVH is the sole shareholder and direct parent of CITGO Holding
Inc., which in turn is the sole shareholder and direct parent of
CITGO Petroleum Corporation.

                 Important Dates and Deadline

a) Round 1: Deadline to submit non-binding bids.  Any person or
entity interested in participating in the sale of shares of PDVH is
encouraged to submit a non-binding indication of interest on or
before Jan. 22, 2024, at 6:00 p.m. (prevailing Eastern Time).

b) Round 2: Deadline to submit final binding bids.  To determined
following completion of Round 1.

c) Sale Objection Deadlines.  To determined following completion of
Round 2.

d) Sale Hearing.  A tentatively-scheduled hearing to approve the
sale transaction will be held before the Hon. Leonard P. Stark on
July 15, 2024, at 10:00 a.m. (prevailing Eastern Time) at the
United State District Court, 844 North King Street, Wilmington,
Delaware 19801.

Any party interested in submitting a bid should contact the special
master's investment banker, Evercore (attn: Ray Strong at
ray.strong@evercore.com; William Hiltz at hiltz@evercore.com; David
Ying at ying@evercore.com; and Stephen Goldstein at
stephen.goldstein@evercore.com).

Copies of the sale procedures order and the bidding procedures may
be requested free of charge by email to the special master's
counsel, Weil Gotshal & Manges LLP (Attn: Chase Bentley at
chase.bentley@weil.com and Maggie Burrus at
maggie.burrus@weil.com.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information.  At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.

                      About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Moody's has withdrawn 'C' local currency and foreign currency
ceilings for Venezuela in September 2022.  Standard & Poors has
also withdrawn its 'SD/D' foreign currency sovereign credit ratings
and 'CCC-/C' local currency ratings on Venezuela in September 2021
due to lack of sufficient information.  Fitch withdrew its own
'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the
imposition of U.S. sanctions on the country's government.




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LATAM: Public Debt Load in Caribbean Has Fallen, IDB Report Says
----------------------------------------------------------------
RJR News, citing a new report from the Inter-American Development
Bank, relays that public debt load in the Caribbean has fallen
sharply to near pre-COVID-19 pandemic levels and it is urging
regional governments to continue on the path of prudent debt
management given uncertain global risks.

The publication reveals that the average debt to gross domestic
product ratio rose from 75 per cent in 2019 to 99 per cent in 2020
and is estimated to have fallen to 77 per cent at the end of 2023,
according to RJR News.

It said the sharpest declines were observed in Guyana between 2020
and 2022, and in Jamaica between 2010 and 2019, the report
recalls.

"Dealing with Debt in the Caribbean," part of the Caribbean
Economics Quarterly report series, explores the economic realities
caused by the most recent pandemic and the pathways towards safe
levels of public debt for a sustained economic recovery, the report
notes.

The publication looks at debt management in The Bahamas, Barbados,
Guyana, Jamaica, Suriname, and Trinidad & Tobago, the report adds.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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