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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, January 8, 2025, Vol. 26, No. 6

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Scores Win With $1BB Repo From Five Top Banks
GAUCHO GROUP: Reports $1MM Proceeds From Sale of Preferred Stock
GAUCHO GROUP: Seeks to Hire Mancuso Law P.A. as Counsel
GAUCHO GROUP: Seeks to Hire Salazar Law as Bankruptcy Counsel


B R A Z I L

BRAZIL: Oil Output Rises Monthly, Falls Yearly, ANP Says
GOL LINHAS: Prepares for Initial Ch. 11 Restructuring Plan Filing


C H I L E

WOM SA: Unsecured Creditors Will Get 28% to 33% in Joint Plan


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Solar Panel Fluctuations Disrupt Electricity


J A M A I C A

JAMAICA: Economic Slump Deeper Than Estimated


V E N E Z U E L A

CITGO PETROLEUM: Judge Rejects Bid to Block Gramercy Fund Lawsuits

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Milei Scores Win With $1BB Repo From Five Top Banks
--------------------------------------------------------------
Kevin Simauchi & Manuela Tobias, writing for Bloomberg News, report
that Argentina unveiled a $1 billion repurchase agreement with five
international lenders that will help replenish foreign reserves at
its central bank, a key victory for President Javier Milei as he
works to stabilize South America's second-largest economy.

The deal, commonly known as a repo, will be in place for two years
and four months, the monetary authority said in a statement,
without naming the banks, the report notes.  

Citigroup Inc. participated in the repo, according to two people
with direct knowledge of the matter, the report relays. JPMorgan
Chase & Co, Banco Bilbao Vizcaya Argentaria SA, Banco Santander SA
and Industrial and Commercial Bank of China Ltd were also part of
the deal, according to one of the people, who asked not to be named
because the information isn't public, adds the report.

Argentina's Central Bank said it received offers for US$2.85
billion, and that it would pay the secure overnight financing rate
plus a spread of 4.75 percent on the repo line, Bloomberg News
relates.

According to the report, a senior government official told
Bloomberg News earlier that the new financing would be used to pay
Argentina's bondholders in July, given the monetary authority
already has the money to make about US$4.7 billion of capital and
interest payments due this month.

The repo negotiations have run parallel to government's talks with
the International Monetary Fund for a new program to succeed the
country's US$44-billion deal, Bloomberg News relays. Milei and
Economy Minister Luis Caputo have said they expect to reach a deal
with the IMF within the first four months of this year and that it
could include fresh funding that goes beyond the previous
programme's financing, the report notes.

                          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.

In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Nov. 15, 2024,  Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'.  Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's  confidence in the
authorities' ability to make upcoming  foreign-currency bond
payments without seeking relief of some  sort.

S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national
scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating.  The S&P ratings have
been affirmed as of August 2024.  S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress
in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.

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. upgraded Argentina's Long-Term Foreign and Local
Currency
Issuer Ratings to B (low) from CCC on November 25, 2024. The
trend on all ratings is Stable.

GAUCHO GROUP: Reports $1MM Proceeds From Sale of Preferred Stock
----------------------------------------------------------------
Gaucho Group Holdings, Inc.'s Form 8-K filed with the Securities
and Exchange Commission on December 18, 2024, disclosed that on May
22, 2024, the Company filed a Certificate of Designation of Senior
Convertible Preferred Stock with the Delaware Secretary of State,
designating 100,000 shares of preferred stock of the Company, par
value $0.01, as Senior Convertible Preferred Stock.

In order to raise additional capital for the Company, the Board of
Directors of the Company approved the commencement of a private
placement of shares of Preferred Stock and 8.5% promissory notes
for aggregate proceeds of up to $7.2 million (up to $6 million
with
a 20% overallotment) pursuant to Section 4(a)(2) of the 1933 Act
and Rule 506(b) of Regulation D thereunder.  The Preferred Stock
will be issued at a price per share of $100; provided that the
Company is limited to the sale of up to 6,731 shares of Senior
Convertible Preferred Stock for gross proceeds of $637,100 until
such time as stockholder approval is granted pursuant to Nasdaq
Rule 5635(d) at the Company's Annual General Meeting of
Stockholders on August 16, 2024.

At the 2024 AGM, the Company obtained the requisite stockholder
approval, and the Notes comprised of $3,306,425 and $21,243 in
interest were automatically converted into an aggregate of 33,286
shares of Preferred Stock based on a conversion price of $100 per
share.

Between August 19, 2024 and November 12, 2024, the Company
received
gross proceeds of $1,028,307 and issued a total of 10,284 shares
of Preferred Stock.

For these sales of securities in the Preferred Private Placement,
no general solicitation was used, the Notes and shares of
Preferred
Stock were only offered to a small select group of accredited
investors, all of whom have a substantial pre-existing
relationship
with the Company, and no commissions were paid. The Company relied
on the exemption from registration available under Section 4(a)(2)
and/or Rule 506(b) of Regulation D promulgated under the
Securities
Act with respect to transactions by an issuer not involving any
public offering.

A full-text copy of the Form 8-K is available at
http://pdf.secdatabase.com/2001/0001493152-24-050539.pdf

                    About Gaucho Group Holdings

Gaucho Group Holdings, Inc. is a Delaware holding company
headquartered in Miami, Fla., which owns certain subsidiaries
including operating companies that own a winery, boutique hotel
and real property in Argentina.

Gaucho filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-21852) on November 12, 2024, with $10 million to $50 million in
both assets and liabilities.

Nathan G. Mancuso, Esq., at Mancuso Law, P.A. is the Debtor's
legal counsel.

GAUCHO GROUP: Seeks to Hire Mancuso Law P.A. as Counsel
-------------------------------------------------------
Gaucho Group Holdings, Inc. seeks approval from the U.S.
Bankruptcy
Court for the Southern District of Florida to employ Mancuso Law,
P.A. as counsel.

The firm will provide these services:

     a. give advice to Debtor with respect to its powers and
duties
as debtor-in-possession and the continued management of its
business operations;

     b. advise Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the Court;

     c. prepare motions, pleadings, orders, applications,
adversary
proceedings, and other legal documents necessary in the
administration of the case;

     d. protect the interests of Debtor in all matters pending
before the Court; and

     e. represent Debtor in negotiation with its creditors in the
preparation of a plan.

The firm will be paid at the rate of $400 per hour, and a retainer
in the amount of $50,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Nathan G. Mancuso, Esq., a partner at Mancuso Law, P.A, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Nathan G. Mancuso, Esq.
     Mancuso Law, P.A.
     Boca Raton Corporate Centre
     7777 Glades Rd., Suite 100
     Boca Raton, FL 33434
     Tel: (561) 245-4705
     Fax: (561) 226-2575
     Email: ngm@mancuso-law.com

              About Gaucho Group Holdings, Inc.

Gaucho Group Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides luxury real estate and
consumer marketplace with collection of wine, hospitality, fashion
brands, and real estate holdings. Gaucho Group Holdings serves
customers in the United States and Argentina.

Gaucho Group Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fl. Case No. 24-bk-21852) on
November 12, 2024.

GAUCHO GROUP: Seeks to Hire Salazar Law as Bankruptcy Counsel
-------------------------------------------------------------
Gaucho Group Holdings, Inc. seeks approval from the U.S.
Bankruptcy
Court for the Southern District of Florida to employ Salazar Law,
LLP as counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its powers and duties;

     (b) advise the Debtor in connection with post-petition
financing, provide advice and counsel with respect to pre-petition
financing arrangements, and provide advice in connection with
emergency financing and capital structure, and negotiate and draft
documents relating thereto;

     (c) advise the Debtor on matters relating to the evaluation
of
unexpired leases and executory contracts to be assumed, rejected
or
assigned;

     (d) advise the Debtor with respect to legal issues arising in
or relating to its ordinary course of business and provide advice
and counsel on matters involving tax, insurance, corporate,
business operation, contracts, real property, media, press
releases, and public affairs;

     (e) take all necessary action to protect and preserve the
Debtor's estate;

     (f) prepare all legal documents necessary in the
administration of this case;

     (g) negotiate on the Debtor's behalf and prepare a plan of
reorganization, disclosure statement and all related agreements
and/or documents, and take any necessary action on its behalf to
obtain confirmation of such plan;

     (h) attend meetings and negotiate with representatives of
creditors and other parties-in-interest and advise and consult on
the conduct of this case;

     (i) attend meetings with third parties and participate in
negotiations with respect to the matters described above;

     (j) appear before this court, any appellate courts, and the
United States Trustee, and protect the interests of the Debtor's
estate before such courts and the United States Trustee;

     (k) provide advice to the Debtor with respect to its
responsibilities in complying with the United States Trustee's
Operating Guidelines and Reporting Requirements and with the rules
of this court; and

     (l) perform all other necessary legal services and provide
all
other necessary legal advice to the Debtor in connection with this
Chapter 11 case.

The firm will be paid at these hourly rates:

     Luis Salazar, Partner                  $750
     Jose Ceide, Partner                    $595
     Ali-Marcelle Lee-Sin, Paralegal        $250
     Partners                        $550 - $750
     Of Counsel                      $350 - $550
     Associates                      $285 - $550
     Law Clerks                      $210 - $280
     Paralegals                      $120 - $250

In addition, the firm will seek reimbursement for expenses
incurred.

Mr. Salazar disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of
the Bankruptcy Code.

The firm can be reached through:

     Luis Salazar, Esq.
     Salazar Law, LLP
     2121 S.W. 3rd Avenue, Suite 200
     Miami, FL 33129
     Telephone: (305) 374-4848
     Facsimile: (305) 397-1021
     Email: Luis@Salazar.Law

                   About Gaucho Group Holdings

Gaucho Group Holdings, Inc. is a Delaware holding company
headquartered in Miami, Fla., which owns certain subsidiaries
including operating companies that own a winery, boutique hotel
and
real property in Argentina.

Gaucho filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-21852) on November 12, 2024, with $10 million to $50 million in
both assets and liabilities.

Luis Salazar, Esq., at Salazar Law, LLP is the Debtor's legal
counsel.



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B R A Z I L
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BRAZIL: Oil Output Rises Monthly, Falls Yearly, ANP Says
--------------------------------------------------------
Rio Times Online reports that in the National Petroleum, Natural
Gas, and Biofuels Agency (ANP)'s report of Brazil's total oil and
gas production for November, the country produced 4.301 million
barrels of oil equivalent per day (boe/d).

This marks a 0.8% increase from October but an 8.4% decrease
compared to November 2023, the report notes.

According to Rio Times Online, oil production alone reached 3.310
million barrels per day (bbl/d) which represents a 1.3% rise from
the previous month.  However, it shows a 10% decline compared to
the same month in 2023, the report notes.  

Natural gas production in November stood at 157.64 million cubic
meters per day (m³/d), the report discloses.  This indicates a
0.8% drop from October 2024 and a 2.8% decrease from November 2023,
it says.

Rio Times relates that the pre-salt region contributed
significantly to Brazil's oil and gas output. It produced 3.385
million boe/d, accounting for 78.7% of the country's total
production. This pre-salt production increased by 1.2% from
October, the report relays. Yet, it decreased by 5.6% compared to
the same month in 2023.  

The pre-salt region yielded 2.631 million bbl/d of oil and 119.87
million m³/d of natural gas from 154 wells, the report adds.

Brazil's natural gas utilization rate reached 96.1% in November,
the report notes.  The market received 50.73 million m³/d of gas.
However, 6.21 million m³/d was flared, the report relays. This
flaring increased by 73.4% from the previous month and 69.4% from
November 2023. The main reason for this surge was the commissioning
of the FPSO Marechal Duque de Caxias in the Mero Field, the report
says.

Petrobras operates this FPSO with a 38.6% stake. Other partners
include Shell Brasil (19.3%), TotalEnergies (19.3%), CNOOC (9.65%),
CNPC (9.65%), and Pre-Sal Petroleo S.A (PPSA), the report relates.
The vessel can produce up to 180,000 barrels of oil and compress 12
million cubic meters of gas daily, notes the report.

Rio Times says offshore fields dominated Brazil's production.  They
accounted for 97.4% of oil and 83.9% of natural gas output. The
country's production came from 6,432 wells, including 501 offshore
and 5,931 onshore.

Rio de Janeiro led oil production with 90%, followed by Sao Paulo
(5%) and Espírito Santo (3%), the report discloses. For gas, Rio
de Janeiro again topped the list with 77%, followed by Amazonas
(9%), Sao Paulo (6%), and Maranhão (3%), says the report.

Petrobras, either alone or in consortiums, operated fields
responsible for 89.24% of the total production, the report states.
This underscores the company's crucial role in Brazil's oil and gas
sector. The data highlights Brazil's ongoing efforts to maintain
its position in the global energy market despite recent
fluctuations in production levels, 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.

In October 2024, Moody's Ratings has upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to
Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from
(P)Ba2; and maintained the positive outlook.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'.  Fitch Ratings
affirmed on Dec. 15, 2023, Brazil's  Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB'  with a Stable Outlook.  
DBRS' credit rating for Brazil was last reported at BB with
stable outlook at July 2023.

GOL LINHAS: Prepares for Initial Ch. 11 Restructuring Plan Filing
-----------------------------------------------------------------
Valentine Hilaire of Bloomberg Law reports that Brazilian airline
Gol is preparing to file an initial plan for its Chapter 11
restructuring, according to a company filing. The plan is a key
step in Gol's financial overhaul, the company stated.

According to Bloomberg, Gol plans to reduce its debt by converting
or eliminating more than $1 billion in obligations. Gol also aims
to raise up to $1.85 billion in new capital to enhance its
liquidity.

Abra, the airline's largest secured creditor, has agreed to accept
approximately $950 million in new equity and $850 million in
take-back debt, the report states.

                 About Gol Linhas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and
cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.

GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.

GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.

The Debtors tapped Milbank Llp as counsel, Seabury Securities LLC
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring
Administration
LLC is the claims agent.



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C H I L E
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WOM SA: Unsecured Creditors Will Get 28% to 33% in Joint Plan
-------------------------------------------------------------
WOM SA and its affiliates filed with the U.S. Bankruptcy Court for
the District of Delaware a Disclosure Statement for the Joint
Chapter 11 Plan of Reorganization dated December 19, 2024.

WOM was founded in 2015, through the acquisition of Nextel Chile
S.A. by Novator Partners LLP’s investment vehicle, NC Telecom AS
("NCT"). WOM quickly established itself as Chile's fastest-growing
mobile services provider in terms of total subscribers and
revenues.

The Plan is a result of extensive good faith negotiations,
overseen
by the Board or, to the extent permitted by applicable law, the
Special Committee, among the Debtors and certain stakeholders. The
Plan is supported by the Debtors' key funded debt creditors, the
Ad
Hoc Group of WOM Noteholders (the "Ad Hoc Group" or "AHG"), as set
forth in the Plan Sponsor Agreement.

The members of the Ad Hoc Group hold approximately 60% of the
Unsecured Notes Claims. The transactions contemplated in the Plan
will strengthen the Company by providing new capital to fund
distributions to creditors and working capital, deleveraging the
Debtors' balance sheet, and allowing the Company to operate post
emergence, all to the benefit of its stakeholders.

The Plan is premised on an implied total enterprise value of the
Debtors of approximately $1.6 billion. The Debtors believe that
the
investment-backed value implied by the Plan following a robust
marketing process is the best available indicator of value of the
Debtors.

The Plan contemplates a recapitalization of the Debtors through a
combination of the issuance of debt and treatment of existing
Claims against and Interests in the Debtors pursuant to the Plan.
Under the Plan, the Debtors will conduct a Rights Offering as
detailed in the Rights Offering Procedures:

      * Following entry of the Rights Offering Procedures Order,
the Debtors shall conduct the Rights Offering in accordance with
the Rights Offering Procedures and Backstop Agreement. Eligible
Holders of Allowed Unsecured Notes Claims and Eligible Holders of
Allowed General Unsecured Claims that elect the New Secured Notes/
Equity Treatment will be issued their pro rata allocations (based
on the proportions set forth in the Plan) of Subscription Rights
to
purchase, pursuant to the terms of the Rights Offering Procedures,
the New Money New Secured Notes and New Money New Convertible
Notes. Any transfer of an Allowed Unsecured Notes Claim prior to
the earlier of (i) the transferee making a Binding Rights Election
(as defined in the Rights Offering Procedures) or (ii) the Rights
Offering Expiration shall include the applicable Subscription
Rights.

     * Pursuant to and subject to the terms and conditions of the
Backstop Agreement, each of the Backstop Parties agreed, on a
several and not joint basis, to (a) exercise all Subscription
Rights issued to such Backstop Party in connection with the Rights
Offering, and (b) acquire such Backstop Party's Backstop
Percentage
of the Unsubscribed Rights Offering Securities. In exchange for
the
Backstop Parties' commitments under the Backstop Agreement, the
Backstop Parties will receive the Backstop Put Premium and the
Expense Reimbursement (as defined in the Backstop Agreement)
pursuant to and subject to the terms and conditions of the
Backstop
Agreement.

Class 4 consists of all General Unsecured Claims against each
Debtor. The allowed unsecured claims total $215 to $253 million.
This Class will receive a distribution of 28% to 33% of their
allowed claims. Except to the extent that a Holder of an Allowed
General Unsecured Claim and the applicable Debtor agree to less
favorable treatment, on the Effective Date, each Eligible Holder
of
an Allowed General Unsecured Claim shall receive, in full and
final
satisfaction, compromise, settlement, release, and discharge of,
and in exchange for such Allowed General Unsecured Claim:

     * its pro rata share of the Litigation Trust Interests (based
on the proportion that its Allowed General Unsecured Claim bears
to
the aggregate amount of (a) all Allowed Unsecured Notes Claims
plus
(b) all Allowed General Unsecured Claims); and

     * its pro rata share of the GUC Cash Pool Treatment; provided
that, to the extent the election can be offered and solicited in
accordance with applicable securities laws, each Holder of an
Allowed General Unsecured Claim that is an Eligible Holder shall
have the option to elect to receive, in lieu of the GUC Cash Pool
Treatment, its pro rata share of the New Secured Notes/Equity
Treatment (based on the proportion that its Allowed General
Unsecured Claim bears to the aggregate amount of (a) all Allowed
Unsecured Notes Claims plus (b) all Allowed General Unsecured
Claims, the Holders of which have elected the New Secured
Notes/Equity Treatment).

Class 4 is Impaired under the Plan. Holders of Allowed General
Unsecured Claims are entitled to vote to accept or reject the
Plan.

The Plan is being proposed as a joint plan of reorganization of
the
Debtors for administrative purposes only and constitutes a
separate
chapter 11 plan of reorganization for each Debtor. The Plan is not
premised upon the substantive consolidation of the Debtors with
respect to the Classes of Claims or Interests set forth in the
Plan.

Except as otherwise provided in the Plan or the Confirmation
Order,
the Reorganized Debtors shall fund distributions under the Plan
with (i) Cash on hand and (ii) Cash proceeds from the Rights
Offering.

A full-text copy of the Disclosure Statement dated December 19,
2024 is available at  @ urlcurt.com/u?l=LSlGCr from
PacerMonitor.com at no charge.

Co-Counsel to the Debtors:                    

           John K. Cunningham, Esq.
           Richard S. Kebrdle, Esq.
           WHITE & CASE LLP
           Southeast Financial Center
           200 South Biscayne Boulevard, Suite 4900
           Miami, Florida 33131
           Tel: (305) 371-2700
           E-mail: jcunningham@whitecase.com
                   rkebrdle@whitecase.com

                              - and -

           Philip M. Abelson, Esq.
           Andrew Zatz, Esq.
           Samuel P. Hershey, Esq.
           Andrea Amulic, Esq.
           Lilian Marques, Esq.
           Claire Tuffey, Esq.
           1221 Avenue of the Americas
           New York, NY 10020
           Phone: (212) 819-8200
           E-mail: philip.abelson@whitecase.com
                   azatz@whitecase.com
                   sam.hershey@whitecase.com
                   andrea.amulic@whitecase.com
                   lilian.marques@whitecase.com
                   claire.tuffey@whitecase.com

Co-Counsel to the Debtors:                    

           John H. Knight, Esq.
           Amanda R. Steele, Esq.
           Brendan J. Schlauch, Esq.
           RICHARDS, LAYTON & FINGER, P.A.
           One Rodney Square
           920 North King Street
           Wilmington, Delaware 19801
           Tel: (302) 651-7700
           E-mail: knight@rlf.com
                   steele@rlf.com
                   schlauch@rlf.com

                          About WOM SA

WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.

WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition
filed by Timothy O'Connoer, as independent director, the Debtor
estimated assets and liabilities between $1 billion and $10
billion
each.

The Honorable Bankruptcy Judge Karen B. Owens oversees the case.

The Debtors tapped White & Case, LLP as general bankruptcy
counsel;
Richards, Layton & Finger, P.A. as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker.  Kroll Restructuring Administration,
LLC, is the claims agent.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Solar Panel Fluctuations Disrupt Electricity
----------------------------------------------------------------
Dominican Today reports that the Unified Council of Electricity
Distribution Companies (CUED) has reported power interruptions in
various parts of the country due to fluctuations in photovoltaic
energy generation.  These disruptions occur when clouds reduce
solar radiation, causing sudden drops in energy output from solar
parks.

According to RC Noticias, CUED President Celso Marranzini
apologized to affected customers, emphasizing that the issue is
beyond the control of electricity distribution companies, the
report notes.  "We understand the inconvenience our customers are
experiencing, but there is little we can do to address incidents
caused by natural phenomena," Marranzini stated, says the report.

The council continues to monitor the situation and encourages
customers to remain patient as they work to stabilize the
electricity service amidst these challenges, adds the report.

                 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.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.



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

JAMAICA: Economic Slump Deeper Than Estimated
---------------------------------------------
Dashan Hendricks at Jamaica Observer reports that Jamaica's economy
shrank more than initially thought during the July to September
quarter of 2024, according to new data released Dec. 31.

The Statistical Institute of Jamaica (Statin), in its final
estimate of third-quarter gross domestic product (GDP) released
Dec. 31, showed a 3.5 per cent contraction in the economy,
according to Jamaica Observer.  That was down sharply from the 2.8
per cent decline that was previously reported.

The third quarter marks the first negative outturn for GDP in
Jamaica since the economy contracted by 6.6 per cent in the January
to March quarter of 2021 to cap a recession triggered by the
COVID-19 pandemic with five-straight quarters of contraction, the
report relays.

The economy has recovered since, expanding for 13 straight
quarters, the report notes.  Still, the growth rate was declining
for each of the last five quarters before the decline was recorded,
the report discloses.  Adjusted for inflation, output in the third
quarter of 2024 was lower than it was in the same quarter of 2019,
before the pandemic induced fallout, the report relays.

"The passage of Hurricane Beryl in July 2024 adversely impacted the
performance of the economy. The Agriculture, Forestry & Fishing and
the Mining & Quarrying industries were particularly affected.
Heavy rains and wind damaged mature crops, hindered harvesting,
delayed planting, and caused significant damage to one of the major
alumina-producing plants," Statin said in its release accounting
for the reasons behind the fallout, the report relays.

It added that significant damage to the Jamaica Public Service
Company (JPS) infrastructure caused delays in power restoration
across several parishes, resulting in reduced electricity and water
consumption which adversely affected the performance of both the
Electricity and Water Supply and Other Services industries.
Tourism, declined 6.1 per cent in the quarter, says the report.

The GDP report serves as a backward-looking overview of economic
activity, capturing the July-through-September period, according to
Jamaica Observer.  Still, the metric is an important indicator of
the state of the Jamaican economy, especially as predictions of a
recession mount, the report notes. The expectation is that the
contraction continued into the October to December quarter and
could extend into the January to March 2025 quarter, adds the
report.

                        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.  

In September 2023, S&P Global Ratings raised 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', with a stable outlook.  In
September 2024, S&P affirmed 'BB-/B' sovereign ratings on Jamaica
and revised outlook to positive.  

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



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

CITGO PETROLEUM: Judge Rejects Bid to Block Gramercy Fund Lawsuits
------------------------------------------------------------------
Reuters reports that lawsuits by three firms -- Gramercy Distressed
Opportunity Fund, G&A Strategic and Girard Street Investments --
seeking to improve their chances of obtaining proceeds in an
auction of shares in Citgo Petroleum's parent can go ahead, a U.S.
judge ruled in an order issued Dec 30.

The decision could reduce the proceeds of any sale, the court
officer overseeing the auction in federal court in Delaware had
said in a motion seeking to block the parallel lawsuits, according
to the report.

Shares in Citgo parent PDV Holding are being auctioned to repay $21
billion in claims for debt defaults and expropriations by Venezuela
and state oil firm PDVSA, the report notes. PDV is a U.S.
subsidiary of PDVSA and is the indirect sole stockholder of Citgo.

According to the Reuters report, the court officer overseeing the
auction had asked the judge to bar the three firms' Texas and New
York claims, saying they could reduce bids. He had recommended bids
by Elliott Investment Management affiliate Amber Energy that were
contingent on an injunction being issued. Elliott had threatened to
quit the auction if the injunction was not issued.

However, U.S. District Judge Leonard Stark rejected the injunction
calling it his "least bad option," notes the report. The proposed
motion lacks a legal basis, and evidence of new bids being prepared
show the claims by Gramercy and others "are not nearly as big of a
problem as the Injunction Motion portrays them," Judge Stark
ruled.

                    About CITGO Petroleum

Citgo Petroleum Corporation is a United States-based refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals and other industrial products.  Based in Houston,
Texas, Citgo is majority-owned by PDVSA, a state-owned company of
the Venezuelan government (although due to U.S. sanctions, in
2019, they no longer economically benefit from Citgo.)

Fitch Ratings, in early October 2024, affirmed the Long-Term
Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or
Opco) at 'B' with a Stable Outlook and the IDR of CITGO Holding,
Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior
secured notes and industrial revenue bonds at 'BB'/'RR1'.  S&P
Global Ratings, in June 2022, affirmed its 'B-' long-term issuer
credit ratings on CITGO Holding Inc. and core subsidiary CITGO
Petroleum Corp.




                           *********


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