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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, February 23, 2024, Vol. 25, No. 40

                           Headlines



A R G E N T I N A

AES ARGENTINA: S&P Affirms 'CCC-' ICR Following Notes Repayment
ARGENTINA: Electricity Bills to Soar up to 150%


B R A Z I L

UNIGEL PARTICIPACOES: Pitches Last-Minute Deal to Avoid Bankruptcy
[*] BRAZIL: Agribusiness Exports Rise 14.8% in January


C O L O M B I A

COLOMBIA: Economy Lags Forecasts with Weakest Growth Since Pandemic


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Will Remain Resilient, Banking Sector Says


J A M A I C A

NATIONAL COMMERCIAL BANK: Fraud Backlog Cut in Half


M E X I C O

TV AZTECA: Will 'Soon' Make Owed Bond Payments, Says Salinas


P U E R T O   R I C O

PUERTO RICO: PREPA Bondholders Want to Delay Restructuring Trial


V E N E Z U E L A

EMRASUR: After 20 Months at Ezeiza, US Seizes 747-300 Cargo Plane

                           - - - - -


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A R G E N T I N A
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AES ARGENTINA: S&P Affirms 'CCC-' ICR Following Notes Repayment
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC-' issuer credit and
issue-level ratings on Argentine energy company AES Argentina
Generacion S.A. (AAG or the company), which continue to reflect
those on Argentina. The outlook remains negative.

The negative outlook reflects that on the sovereign as well as the
potential deterioration of AAG's credit quality due to
uncertainties in the industry and overall business conditions in
Argentina in the next 12 months.

AAG recently paid off the remaining balance ($128.6 million) of its
2024 bullet bond. The company repaid the notes using a combination
of cash reserves and a loan denominated in local currency that will
mature in 2025. As a result, the company has effectively managed to
reduce its short-term debt.

Moreover, after the bond repayment, AAG reduced its exposure to
potential fluctuations in foreign exchange rates, although it still
has a net foreign currency debt position of 75%. However, this is
down from 100% in late 2023. S&P views the notes repayment as
positive from a credit perspective not only because it smooths the
company's short-term maturities, but also because it decreases
AAG's overall debt level and improves its view of its capital
structure.

S&P's 'CCC-' rating on AAG mainly reflects that its operations are
located in Argentina, exposing the company to worsening business
conditions and exchange rates, rising interest rates, and the
peso's sharp depreciation, which could dent some of the company's
revenues and margins.

In addition, the absence of a transparent and predictable tariff
scheme, which currently remains discretionary, and the uncertainty
surrounding the renewal of the hydroelectric concession heighten
the company's risk. S&P said, "In our base-case scenario, we
incorporate the latest 70% tariff increase approved on Feb. 19,
2024, but exclude any additional increase due to the uncertainties
about amount and timing, although we recognize this latest
adjustment sets a precedent for the current administration to
compensate AAG for cost increases. Because of the discretionary
tariff scheme, we forecast a deterioration in the company's
performance, pressured by high inflation."

Environmental factors are a negative consideration in S&P's credit
rating analysis of AAG because its generation mix includes 53%
thermal, 40% hydro, and a small amount of wind generation.

Social factors are a negative consideration given the regulatory
intervention, which is a key issue for the rating. In particular,
we view electricity affordability concerns as the root cause of the
regulator's decision to switch the dollar-denominated rates to
those in Argentine pesos and delay the pass-through of
inflation-related costs to consumers.

Governance factors are also a negative consideration and relate
primarily to country-specific risk factors rather than to
entity-specific concerns.


ARGENTINA: Electricity Bills to Soar up to 150%
-----------------------------------------------
Buenos Aires Times reports that President Javier Milei's government
announced electricity bill hikes of up to 150 percent for consumers
in the Buenos Aires Metropolitan Area (AMBA, in its Spanish
acronym) with monthly updating from April.

There will be lower percentages of 70 and 65 percent respectively
for Edenor and Edesur clients in low-income (catalogued as N2) and
middle-income (N3) sectors, although the latter will be subject to
an increase of 130 percent if consumption tops 600 KW/H, Energy
Secretary Eduardo Rodriguez Chirillo said in a press communique,
according to Buenos Aires Times.

As for high-income clients, "considering an average consumption of
380 KW/H per month, in the case of N1 users, a bill of 13,900 pesos
will go up to 34,332 pesos, representing an increase of 150
percent," the report notes.

The new rates will last until the integral review for the 2024-2028
five-year period is completed, while as from April there will be a
monthly updating mechanism based on inflation, the Energy
Secretariat said, the report relays.

The report discloses that the government's intention is not to let
the billing fall behind with the objective of reducing subsidies as
part of the Economy Ministry's drive for a balanced budget.

The increases will be effective once the respective resolutions are
published in the Official Gazette, which should happen imminently,
the report says.

"For N2 consumers, the [average] bill will pass from 4,360 to 7,415
pesos, representing an increase of 70 percent while for N3, it will
pass from 4,783 to 7,850 pesos, equivalent to a difference of 65
percent. But should consumption reach 600 KW/h, the sum will go up
14,600 to 34,000 pesos, or a difference of 130 percent," detailed
the state communique, the report notes.

It further explained that no single general increase had been
proposed because consumers had already been segmented into the
Nivel 1 (with monthly incomes topping two million pesos), Nivel 2
and N3 income groups with the latter two segments possessing lower
purchasing-power assisted up to a consumption of 400 KW/h, the
report relays.

The higher rates for N1 are designed to encourage wealthier
consumers "to make a responsible and efficient use of energy," the
report relays.  The virtual freeze of electricity billing by the
previous government had implied an ever greater transfer of
subsidies which the new government seeks to correct, the report
notes.  Obviously this will hit consumer pockets in the short term,
the report says.

Last year, economic subsidies reached 2.1 percent of Gross Domestic
Product, to which the energy sector contributed 1.6 percent,
representing approximately US$9.683 billion, according to the
estimates of the International Monetary Fund (IMF) and Economia &
Energia consultancy firm, the report discloses.

This year's objective is to reduce these subsidies to 1.3 percent
of GDP in general terms and 1.1 percent specifically in the energy
sphere, the report says.

IMF experts in their Staff Report have suggested billing increases
of over, 200 percent for electricity and 150 percent for gas as
from this month, the report relays.

But the government opted for prudence, deciding to postpone any
increases until after a new public hearing to define the "Canasta
Basica Energetica" (CBE) yardstick on behalf of that 70 percent of
the population whose incomes fall below 3.5 CBEs, the report
notes.

As from April or May, the introduction of a new scheme is planned
to replace the current segmentation, centring the subsidies on
homes whose energy spending tops 10 percent of their incomes with
state support focusing on the sum above that percentage to provide
financial relief, the report adds.

                      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 R A Z I L
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UNIGEL PARTICIPACOES: Pitches Last-Minute Deal to Avoid Bankruptcy
------------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
fertilizer maker Unigel Participacoes SA is pitching a last-minute
deal to avoid filing for bankruptcy protection as a temporary order
shielding it from creditors expires.

The company is trying to sell bondholders led by Pacific Investment
Management Co. on a plan that would include an injection of $100
million in new money, and allow it to restructure debt out of
court, said the people, asking not to be identified because the
discussions are private, according to globalinsolvency.com.

Unigel needs the buy-in of about a third of its bondholders to kick
off the restructuring, the report notes.  From there, the company
has 90 days to convince holders of more than 50% of the debt to
sign off for the settlement to take effect, the report relays.  

The plan under discussion gives bondholders an option to exchange
30% of their existing bonds into senior debt and 40% into
subordinated debt, one person said, the report discloses.

The remaining 30% of debt would be exchanged into 50% of Unigel's
equity for those creditors who inject new money, the report relays.


An agreement would mark a turnaround for Unigel, which skipped
coupon payments on its dollar and Brazilian real-denominated notes
in the past few months as losses piled up due to a global downturn
in fertilizer prices, the report discloses.

It has failed to keep up with some of the terms of its debt, known
as covenants, including maintaining debt levels low enough relative
to a measure of earnings, the report adds.


[*] BRAZIL: Agribusiness Exports Rise 14.8% in January
------------------------------------------------------
Richard Mann at Rio Times Online reports that the Ministry of
Agriculture and Livestock announced that Brazil's farming exports
experienced a 14.8% growth in January compared to the same month in
2023.

This growth pushed exports to a new January record of $11.72
billion, the report notes.  Last year, January's exports were at
$10.21 billion, according to Rio Times Online.

This increase comes from more exports, especially grains and sugar,
the report relays.  Grains went up by 19.7%, and sugar by 58.1%,
the report notes.

Soy exports stood out, reaching $2.5 billion, the report relays.
This is a new high.  The amount of soy shipped was 2.85 million
tons, 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).




===============
C O L O M B I A
===============

COLOMBIA: Economy Lags Forecasts with Weakest Growth Since Pandemic
-------------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Colombia's economy grew even slower than the central bank's gloomy
forecast last year, potentially opening the door to faster interest
rate cuts.

Gross domestic product rose 0.6% in 2023 from a year earlier, the
national statistics agency said, lagging the bank's forecast of a
1% expansion, according to globalinsolvency.com.

Excluding the Covid-19 crisis, that was the worst result since
1999, the report recalls.

The economy expanded 0.3% in the fourth quarter from a year
earlier, below the 0.8% median forecast of analysts surveyed by
Bloomberg.

"Economic growth data is very negative," said Sergio Olarte, an
economist at Scotiabank Colpatria, globalinsolvency.com notes. "The
central bank is very likely discussing an acceleration of the
easing cycle," he added.

Manufacturing output contracted 4.8% in the fourth quarter from a
year earlier, while construction activity fell 1.6%. Agriculture
was a rare bright spot, expanding 6% over the same period, the
report relays.

President Gustavo Petro and Finance Minister Ricardo Bonilla have
called for faster interest rate cuts to revive sluggish growth, the
report notes.

The central bank has cut interest rates by half a percentage point
to 12.75% since December, but Colombia still has the highest
borrowing costs among Latin America's major inflation-targeting
economies, the report adds.




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

DOMINICAN REPUBLIC: Will Remain Resilient, Banking Sector Says
--------------------------------------------------------------
Dominican Today reports that the ABA recognizes that the country
has challenges in various external and internal aspects that could
be adverse.

The Asociacion de Bancos Multiples de la Republica Dominicana (ABA)
expressed its confidence that the Dominican economy will remain
resilient this year in the face of the challenges facing the
country in various aspects of national life and international
scenarios that could be adverse, depending on markets and
geopolitical conflicts, according to Dominican Today.

In its magazine Abance, the guild expressed its optimism before the
critical challenges of 2024, a year in which it understands it must
continue to "drive the post-pandemic economic recovery process,
with controlled inflation and a vibrant economy growing around its
potential," the report notes.

The second edition of the ABA's editorial product also describes
the multiple banking trends to promote financial inclusion and
credit to households and productive sectors in a sustainable
manner, the report relays.

It also includes considerations by economist Henry Hebrard and the
executive vice-president of the National Council of Private
Enterprise (Conep), Cesar Dargam, who agree in projecting a more
significant increase in the Dominican Republic's Gross Domestic
Product (GDP) than that achieved in 2023, with an improvement in
other macroeconomic and financial indicators, the report notes.

For economic analyst Hebrard, the Dominican economy may grow by
5.5%. For his part, Dargam also expressed confidence that economic
activity will resume its potential growth rate, the report relays.

The execution of public spending, the course of the presidential,
congressional, and municipal elections, the low projection of world
growth, and the international geopolitical conflicts are some of
the factors that will affect the evolution of the economy this
year, they said, the report discloses.

They agree that fiscal reform is one of the biggest unknowns that
the administration that takes office next August 16 will have to
clear, 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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NATIONAL COMMERCIAL BANK: Fraud Backlog Cut in Half
---------------------------------------------------
RJR News reports that National Commercial Bank has announced that
its backlog of fraud cases under investigation was cut in half
after implementing two anti-fraud measures.

NCB CEO Bruce Bowen says incidents of fraud have fallen
significantly since last November and the month-or-more delay in
investigating fraud cases has been reduced to a maximum of two
weeks, according to RJR News.

Over the last six months, NCB said it put in controls that have
reduced smishing, which are infected text messages that purport to
come from the bank but are designed to steal account information,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Sept.
19, 2023,  S&P Global Ratings raised its long-term issuer credit
ratings on domestic lender National Commercial Bank Jamaica Ltd.
(NCBJ) to 'BB-' from 'B+'. The outlook is stable. S&P also affirmed
its 'B' short-term issuer credit ratings.




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M E X I C O
===========

TV AZTECA: Will 'Soon' Make Owed Bond Payments, Says Salinas
------------------------------------------------------------
Kylie Madry at Reuters reports that Mexican magnate Ricardo Salinas
said his broadcaster TV Azteca, facing a legal battle over a lack
of payment on bonds to international creditors, will "soon" pay the
total owed.

"We're going to pay the damn bonds," Salinas, one of Mexico's
richest businessmen, told Reuters on the sidelines of an event
hosted by the Mexican Entrepreneur Association, according to
Reuters.  "Some day, soon."

He did not give a more detailed timeline.

In November, a U.S. judge dismissed an involuntary bankruptcy suit
against the firm after bondholders had filed a petition over some
$63 million in missed payments, the report relays.

Salinas also declined to say when the broadcaster, which was
suspended from trading on Mexico's main stock exchange in June
after failing to report quarterly results for the first quarter of
2023, would resume publishing its earnings, the report notes.

In a panel discussion earlier, Salinas also mentioned he had
recently been subpoenaed by the U.S. Department of Justice, though
he declined to give more detail when asked, the report discloses.

Court documents show a U.S. judge granted a request for discovery
earlier this month into Salinas' alleged role in transactions by
executives at digital currency exchange Uphold, the report adds.




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

PUERTO RICO: PREPA Bondholders Want to Delay Restructuring Trial
----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Goldentree Asset Management
LP, Assured Guaranty Corp. and others holding Puerto Rico Electric
Power Authority bonds urged a federal court to delay a March trial
on the insolvent utility's $9 billion debt restructuring plan.

The upcoming trial on PREPA's highly contested debt-slashing
proposal should be postponed until after the US Court of Appeals
for the First Circuit determines the extent and strength of the
bondholders' liens on the electric company's revenues, the
coalition of investors said in a Monday, February 5, 2024, court
filing.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).  Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.




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

EMRASUR: After 20 Months at Ezeiza, US Seizes 747-300 Cargo Plane
-----------------------------------------------------------------
Buenos Aires Times reports that Venezuelan aircraft grounded at
Ezeiza International Airport for 20 months in a geopolitical and
judicial tug of war has finally left Argentina.

The Boeing 747-300 cargo plane, owned by Venezuelan state firm
Emrasur and previously owned by an Iranian firm, departed early. It
brought a lengthy trilateral diplomatic saga involving the United
States government to a close, according to Buenos Aires Times.

In a statement issued by the US Justice Department, Washington
confirmed it had "completed" the seizure of the aircraft with the
help of the Argentine authorities, a move that met with anger from
Iran and Venezuela, the report notes.

It did not provide the plane's new location, though US media
reports say it will be scrapped after flying to Miami, the report
relays.

The report discloses that the aircraft was initially detained in
June 2022 by authorities in Argentina, acting upon a request from
the US courts.

The cargo plane was sold in October 2021 to Emtrasur, a subsidiary
of Venezuelan state airline Conviasa, by Iran's Mahan Air - a
transaction which the United States government said contravened its
sanctions against both countries, the report says.

As part of the investigation, the plane's 19-strong crew were also
briefly detained, the report notes.

Composed of Venezuelans and Iranians, the US government initially
alleged that at least one individual had links to the Al Quds
Force, a group of the Iranian Revolutionary Guards, the report
relays.

All 19 were later freed by the courts after the courts in Argentina
determined they had committed no crime, the report discloses.

                          Immobilized

The report says that the departure of the aircraft brings to an end
more than 20 months of diplomatic and judicial back and forth
involving four nations.

The cargo plane first arrived in Argentina on June 6, 2022 carrying
Volkswagen auto parts, the report notes.  Two days later, it
attempted to fly to Uruguay to refuel, but was dramatically
prevented from landing by the government in Montevideo.

Forced to return to Argentina, the cargo plane arrived at Ezeiza
International Airport on the outskirts of Buenos Aires on June 8,
where it was immediately immobilized by court order, the report
relays.

An Argentine court ordered the detention not just of the plane, but
of its 19-strong crew, made up of Venezuelans and Iranians, the
report notes.

Last month, the Venezuelan government - headed by Nicolas Maduro -
accused Argentina of submitting to the "special interests" of the
United States as rumors of the plane's imminent departure ramped
up, the report notes.

Foreign Minister Yvan Gil said he "categorically" rejected
Argentine federal judge Federico Villena's ruling releasing the
plane, describing it as "servile to imperial interests," the report
relays.

The Venezuelan official stated on his account on the social network
X (formerly Twitter) that the judge was "trying to consummate the
theft" of the aircraft, the report discloses.

Villena, in concurrence with prosecutor Cecilia Incardona, has
adhered to a request originally filed in October 2022 by the US
District Court for the District of Columbia, which asked Argentine
authorities to seize the aircraft as part of an investigation into
possible links to international terrorism, the report says.

The aircraft is "subject to forfeiture based on violations of US
export control laws related to the unauthorized transfer of the
Mahan Air aircraft," states the US request, the report notes.

Venezuela's government condemned the "blatant theft" of the cargo
carrier in a statement reacting to news of the seizure, the report
relays.

In a separate statement, Iranian Foreign Minister Nasser Kanaani
condemned the "illegal" appropriation of the plane, the report
discloses.

"The Islamic Republic of Iran announces its decisive support for
the legal and diplomatic efforts of Venezuela in order to regain
ownership and access to the possessions and belongings of the
country," it read, the report relays.

                      Seizure 'Completed'

In a statement issued by the Justice Department, US Deputy Attorney
General Deputy Attorney General Matthew G. Olsen confirmed that the
United States had finally "completed" the "seizure" of the Emtrasur
plane, the report notes.

"The seized aircraft, built in the United States, was transferred
by a sanctioned Iranian airline in a transaction that violated US
export control laws and directly benefited the Islamic
Revolutionary Guard Corps, which is a terrorist organization," said
Olsen, the report relays.

The seizure "culminates more than 18 months of planning,
coordination and execution by the US government and our Argentine
counterparts," added US Attorney Markenzy Lapointe, in the same
statement, the report says.

"Mahan Air - known for transporting weapons and fighters for the
Islamic Revolutionary Guard Corps and Hezbollah - violated our
export restrictions by selling this aircraft to a Venezuelan cargo
airline, the report notes.  It is now the property of the US
government," added Matthew S. Axelrod, US assistant secretary for
export enforcement.

Citing court documents, Washington said that the plane's captain
was "a former commander" of the Qods Force, a branch of the Islamic
Revolutionary Guard Corps, as well as "a shareholder and board
member of a second sanctioned Iranian airline, Qeshm Fars Air," the
report relays.

According to the US government, Argentine authorities recovered a
Mahan Air plane log "documenting the aircraft's flights," the
report discloses.

These records confirm "additional violations of US export control
laws between February and May 2022 when Emtrasur re-exported the
aircraft" between Caracas, Tehran, and Moscow "without US
government authorisation," the statement added.

                      'Brazen Theft'

Venezuela's government said in a statement that it condemned the
"brazen theft" of its property, the report relays.

"The Bolivarian Republic of Venezuela categorically rejects the
brazen theft of the Boeing 747-300 aircraft, plate YV 3531,
belonging to Empresa de Transporte Aerocargos del Sur (EMTRASUR
SA)," the government in Caracas said in a statement shared by
Foreign Minister Gil, the report notes.

The message alleged that the "theft" was a result of "collusion
between the governments of the United States of America and the
Republic of Argentina," the report says.

"They have violated all the norms that regulate civil aeronautics,
as well as the commercial, civil and political rights of the
aforementioned company, putting at risk the aeronautical security
in the region," it reads, the report discloses.

"The shameful racketeering operation is part of the list of
criminal aggressions against the Bolivarian Republic of Venezuela,
which have been applied for more than a decade by the United
States," it continues, highlighting the ongoing "seizure of assets
and the application of more than 930 illegal sanctions," the report
relays.

Venezuela's government confirmed it has filed a formal complaint
against Argentina and the United States before the International
Civil Aviation Organization (ICAO), the report notes.

The communique said "the Venezuelan State will exercise all actions
to restore justice and achieve the restitution of the aircraft to
its legitimate owner," the report says.

"Free and sovereign Venezuela will give a forceful, direct and
proportionate response to this attack, for which it will use all
available resources within the framework of the national
Constitution, diplomacy and international law," Gil warned, the
report adds.



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