/raid1/www/Hosts/bankrupt/TCRLA_Public/180109.mbx         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 9, 2018, Vol. 19, No. 6


                            Headlines



A R G E N T I N A

COMPANIA DE SEGUROS DE VIDA: Moody's Withdraws B2 LC IFS Rating


B E R M U D A

TEEKAY TANKERS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B+


B R A Z I L

BRAZIL: Vehicle Production Up 25% in 2017 After Years of Declines
OI SA: Egan-Jones Withdraws 'D' Sr. Unsecured Debt Ratings
PETROBRAS SA: US Class Suit Settlement Credit Neutral, Fitch Says
RUMO SA: Fitch Rates Proposed US$500MM Sr. Unsec. Notes BB-
TK HOLDINGS: Slated to Seek Plan Confirmation on Feb. 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Customs to Target Illegal Sale of Waste Fuel


E C U A D O R

ECUADOR: Egan-Jones Upgrades Sr. Unsecured Ratings to B+


P A N A M A

AVIANCA HOLDINGS: Egan-Jones Hikes Sr. Unsecured Ratings to B


P U E R T O    R I C O

LA ESTRELLA FAST FOOD: Seeks Extension of Plan Confirmation Period


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Cancel Flights to New York
CARIBBEAN AIRLINES: Covers Airbridge Demands for Christmas
TRINIDAD & TOBAGO: Another Tough Year for The Country


                            - - - - -


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A R G E N T I N A
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COMPANIA DE SEGUROS DE VIDA: Moody's Withdraws B2 LC IFS Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
(Moody's) has withdrawn the B2 global local currency insurance
financial strength (IFS) rating and the A3.bo Bolivia national
scale IFS rating of Compania de Seguros de Vida Fortaleza S.A.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.


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B E R M U D A
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TEEKAY TANKERS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 7, 2017, lowered the foreign
currency and local currency senior unsecured ratings on debt
issued by Teekay Tankers Ltd. to B+ from BB-.

Based in Hamilton, Bermuda, Teekay Tankers Ltd. engages in the
marine transportation of crude oil and refined petroleum products
through the operation of its oil and product tankers worldwide.
The company also provides ship-to-ship transfer services.



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B R A Z I L
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BRAZIL: Vehicle Production Up 25% in 2017 After Years of Declines
-----------------------------------------------------------------
EFE News reports that automobile factories in Brazil churned out
2,699,672 units in 2017, up 25.2 percent from 2016 (2,156,356
units) and the first year of growth following three years of
production declines, the National Association of Motor Vehicle
Manufacturers (Anfavea) said.

Auto plants in Brazil produced around 2.6 million cars and utility
vehicles (vans and SUVs) last year, up 25 percent from 2016,
Anfavea said, according to EFE News.

A total of 82,800 trucks and 20,600 buses were manufactured in
2017, up 37 percent and 10.5 percent, respectively, from the
previous year, the report notes.

The report relays that Brazilian vehicle production last year,
however, was still far off the record set in 2013, when 3.71
million units were manufactured. Production fell sharply in the
ensuing three years -- to 3.14 million in 2014, 2.43 million in
2015 and 2.16 million in 2016.

Although auto sales to the domestic market also grew (up 9.23
percent), the increase in production in 2017 was mainly driven by
exports, which rose 46.5 percent compared to 2016, the report
says.

Between January and December, automakers with factories in Brazil
exported a record 762,033 vehicles, up sharply from 2016
(520,137), the report notes.

With that increase, exported vehicles (70 percent of which are
destined for neighboring Argentina) accounted for 28 percent of
all automobiles manufactured last year in Brazil, the report
relays.

Meanwhile, the number of new vehicles sold rose by 9.23 percent --
from 2.05 million units in 2016 to 2.24 million units in 2017,
ending a stretch of four years of sales declines, the report
notes.

Sales in 2017, however, are still far below the level in 2012,
when a record 3.8 million new units were sold and Brazil ranked
among the world's five-largest car markets, the report discloses.

The automotive industry's results in 2017 reflect Brazil's
recovery from a deep recession that saw the nation's gross
domestic product (GDP) contract by 3.5 percent in 2015 and 3.6
percent in 2016, the report relays.

Brazil's economy grew 1 percent last year, according to
calculations by the government and economists, and is forecast to
expand by as much as 3 percent in 2018, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2017, Fitch Ratings has affirmed Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a
Negative Outlook.


OI SA: Egan-Jones Withdraws 'D' Sr. Unsecured Debt Ratings
----------------------------------------------------------
Egan-Jones Ratings Company withdrew the 'D' foreign currency and
local currency senior unsecured ratings on debt issued by Oi SA
and the D ratings on the Company's commercial paper on Sept. 26,
2017.

Oi SA is a Brazil-based company engaged in the operation of
switched fixed-line telephony services (STFC) concessions. The
Company is active in the provision of STFC as a local and
intraregional long-distance carrier.


PETROBRAS SA: US Class Suit Settlement Credit Neutral, Fitch Says
-----------------------------------------------------------------
Fitch Ratings views Petrobras S.A.'s (BB/Negative) announced
settlement in the U.S regarding a class action lawsuit from
investors as credit neutral for the company as the expected
USD2.95 billion can be covered with cash on hand and the negative
impact to leverage and cash flow is manageable; the settlement is
pending approval by the U.S. courts.  Positively, the announced
settlement reduces uncertainties regarding the class action
investor lawsuit related to the corruption scandal that surfaced
in 2014. There are several other individual investor lawsuits
outstanding, which could join this settlement, although the
outcome of these remain unclear regarding the amounts, if any, and
timing of their conclusion. Petrobras remains party to
investigations from the Securities and Exchange Commission (SEC)
and the U.S. Department of Justice (DOJ) related to the Lava Jato
corruption scandal, which adds to litigation risk and may result
in fines.

If the U.S. courts approve the settlement, Petrobras expects to
make the payments in three equal installments; two in 2018 and a
final one in January 2019. These payments, coupled with an
estimated USD6.5 billion of principal payments due in 2018, can be
covered with cash on hand and expected cash flow generation. As of
Sept. 30, 2017, Petrobras reported approximately USD25.3 billion
of cash and cash equivalents. During 2017, Petrobras significantly
lowered the amount of principal payments due in 2018 through
several liability management operations that extended the
company's debt maturity profile. Petrobras now expects principal
payments of approximately USD6.5 billion during 2018, down from
USD11.2 billion that were due in 2018 reported as of yearend 2016.

Fitch previously expected Petrobras' FCF to be neutral on average
during 2018 and 2019, without assuming proceeds from future asset
divestitures. The payment for this settlement may pressure FCF
marginally into negative territory, absent proceeds from asset
divestitures and under Fitch's oil price deck assumption. This FCF
estimate does not incorporate the potential negative impact from
the recent tax changes and other ongoing tax disputes in Brazil
that will affect Petrobras. At the end of 2017, Brazil approved a
new taxation model for the oil and gas industry that, among other
things, increased the tax burden on vessel chartering. On Jan. 2,
2018, Petrobras announced it received a fiscal notification by the
Federal Revenue of Brazil, requiring a tax payment of
approximately BRL17 billion (approximately USD5.2 billion the
exchange rate) related to withholding income taxes for vessel
chartering, offering an instalment payment program, which the
company is analyzing. Additionally, there are other ongoing tax
disputes that total approximately BRL45 billion (approximately
USD13.9 billion) and are still being litigated; the amounts and
timing of these other tax disputes is uncertain.

Petrobras' ratings continue to reflect its close linkage with the
sovereign rating of Brazil (BB/Negative) due to the government's
control of the company and its strategic importance to the country
as its near-monopoly supplier of liquid fuels. By law, the federal
government must hold at least a majority of Petrobras' voting
stock. The government currently owns 63.6% of Petrobras' voting
rights, directly and indirectly, and has an overall economic stake
in the company of 47.6%. Petrobras' credit quality has been
indirectly supported by the Brazilian government during times of
stress by implementing beneficial pricing policies, providing
liquidity through government-controlled financial institutions and
changing regulations that negatively affected Petrobras' cash
flow. Petrobras' stand-alone credit profile would be consistent
with a 'BB-' rating without government support.


RUMO SA: Fitch Rates Proposed US$500MM Sr. Unsec. Notes BB-
------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' rating to Rumo S.A.'s
(Rumo) proposed senior unsecured notes of USD500 million. The
notes will be issued by its wholly owned subsidiary, Rumo
Luxembourg S.a.r.l. and will be unconditionally and irrevocably
guaranteed by Rumo. The notes will mature in 2025. Proceeds will
be used to repay certain indebtedness and for general corporate
purposes.

The rating incorporates Rumo's leveraged capital structure, which
is offset by the high predictability of its cash flow generation
under adverse economic conditions through several cycles, and its
solid business position as a railroad and logistics operator in
the Brazilian infrastructure industry. The substantial capex plan
for expansion and negative FCF expected for the next two years
constrain the ratings. The company still has the challenge to
consistently capture increasing volumes, gain scale and improve
operating cash flow generation in order to reduce leverage on a
sustainable basis, and maintain its strong liquidity by financing
its expansion with long-term debt lines. Fitch sees Rumo's
affiliation with the Cosan Group (Cosan Limited; Long-Term Foreign
Currency Issuer Default Rating BB/Stable) as a credit positive,
since it enhances the company's financial flexibility

KEY RATING DRIVERS

High Leverage Expected to Decline: Fitch expects Rumo's net
adjusted leverage to rapidly decline to levels below 4.0x in 2018,
reaching a ratio close to 2.5x in 2020, when the aggressive
investment program matures. The deleveraging process is supported
by consistent EBITDAR growth, thanks to the increasing capacity
and improved cost structure provided by past investments. The
company's pro forma net adjusted debt/EBITDAR ratio reached 4.0x
as of the LTM ended Sept. 30, 2017, below 4.5x for 2016 and 5.2x
in 2015.

Challenging Operating Performance Improvement: The company still
faces challenges to capture increasing volumes and raise its
business operations profitability from 2018 onward following the
conclusion of measures taken to improve its operating and
financial profile in 2016 and 2017. The businesses are strongly
exposed to Brazil's agricultural performance, which led volumes to
decline slightly during 2016. During 2017, the favorable
agribusiness environment resulted in volume recovery. Rumo's
business model is highly dependent on increased railroad volumes
going forward, in order to benefit from operating margins
expansion as consequence of operational efficiencies unleashed by
its capex program.

Positive Trend in FFO Margins: Rumo has been improving its EBITDA
margins gradually over the last three quarters. As of Sept. 30,
2017, on a pro forma basis, Rumo generated BRL2.4 billion of
EBITDA with a margin of 44%, as per Fitch's calculations, which
compares with an average margin of 39% in 2014-2016. Rumo's EBITDA
margin is in line with its industry peers in Brazil. Rumo's
finance expenses are high, which has resulted in FFO margins lower
than peers. Going forward, Fitch expects EBITDA of BRL2.4 million
in 2017, BRL2.8 billion in 2018 and BRL3.2 billion in 2019, and an
improvements in the FFO margin due to expected lower cost of
capital.

Pressured FCF: The sizeable capex plan is expected to lead to
negative FCF up to 2018, but Fitch's base case forecasts FCF to
become neutral to slightly positive as of 2019. Rumo is expected
to invest about BRL4.8 billion from 2018 to 2020, which should
result in volume increases above 10% per year up to 2018,
according to Fitch's assumptions. The company is expected to
finance investment mostly with long-term debt.

Business Profile Remains Strong: Rumo enjoys a solid business
position as the sole railroad transportation operator in the south
and midwestern regions of Brazil, areas with high growth potential
due to stable demand for grains worldwide. Rumo's businesses rely
on four rail concessions to operate railway lines that extend over
approximately 12,000 kilometres within Brazil, with access to
three major Brazilian ports. Due to its cost structure, Rumo's
businesses enjoy solid competitive advantages over the truck
services. This enhances its consistent demand and limits volume
volatilities over business cycles. The company will continue to
expand its businesses within the industry with an aggressive capex
plan to add capacity to its operations over the next four years.

DERIVATION SUMMARY

Rumo's ratings are positioned below Brazil's MRS S.A., rated
'AAA(bra)'/'BBB-'/Stable, which is the best-positioned railroad in
the country, because of its consistent operating cash flow
generation, flat operating margins, positive FCF, low leverage and
sound liquidity. Rumo's rating is constrained by its still
negative FCF trend and higher leverage, derived from its large
investment programs. Rumo's and MRS's ratings are below those of
other mature, more geographically diversified and less leveraged
rail companies in Mexico, the U.S. and Canada, which are generally
rated in the mid 'BBB' to low 'A' range. Rumo's operating margins
are in line with Brazilian peers but are below levels achieved by
railroads in the Northern hemisphere.

Within Brazil, Rumo enjoys a strong business profile. Its
operations are geographically concentrated in Brazil, but
predominantly linked to the country's export of grains, which
enjoys positive prospects. Brazilian railroads coverage regions
are well defined and distinct, which limits the competition among
them. The company's business model is enhanced by its significant
market share in the ports the company serves, compared with the
high-cost truck service. Fitch sees as credit positive Rumo's
affiliation with Cosan, which provides reasonable financial
flexibility to the company.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:
-- 10% volume increase in 2018; mid-single-digit volume growth
    from 2019 to 2020;
-- Tariff increase of 5.0% from 2018 to 2020;
-- EBITDAR of BRL2.8 billion in 2018 and BRL3.2 billion in 2019;
-- BRL4.8 billion capex from 2018 to 2020;
-- Adjusted net debt to EBITDA in the range of 3.2x-3.8x in 2018
    and 2019.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
-- Net adjusted leverage trends below 4.0x, considering only
    financial debt, in a sustainable basis
-- Maintenance of strong liquidity and positive debt refinancing
    schedule
-- FFO margin closer to 25%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
-- Inability to finance capex with long-term and low-cost debt,
    putting pressure on debt amortization schedule
-- Substantial weakening of current EBITDA margins.

LIQUIDITY

Sound Liquidity: Fitch believes Rumo's liquidity is adequate and
sustainable over the long term, considering the financial
flexibility the company has used to finance part of its aggressive
capex plan. The proposed issuance of USD500 million seven-year
global notes is expected to enhance Rumo's liquidity, as the
company will use part of the proceeds to improve its debt
amortization schedule while the disbursement of the BRL3.5 billion
long-term debt with Banco Nacional de Desenvolvimento Economico e
Social (BNDES) is delayed. As of Sept 30, 2017, the company
reported cash of BRL1.7 billion, which covered short-term debt of
BRL1.8 billion by 0.95x. Fitch expects part of the proceeds from
BNDES to be received during 2018.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating:
Rumo Luxembourg S.a.r.l.
-- Proposed issuance of global notes of USD500 million 'BB-
    (EXP)'. The notes will mature in 2025 and will be
    unconditionally and irrevocably guaranteed by Rumo.


TK HOLDINGS: Slated to Seek Plan Confirmation on Feb. 13
--------------------------------------------------------
Takata Corp.'s main U.S. subsidiary TK Holdings Inc. on Jan. 5,
2018, won approval from the U.S. bankruptcy court of the
disclosure statement explaining its Chapter 11 plan and is now
slated to seek confirmation of the Plan at a hearing on Feb. 13,
2018, at 10:00 a.m.

The U.S. Bankruptcy Court for the District of Delaware, in its
order approving the Disclosure Statement, set these dates:

   * Jan. 3, 2018: Voting record date -- Only holders of claims
     as of Jan. 3, 2018 will be entitled to vote to accept or
     reject the Plan.

   * Jan. 30, 2018: Deadline to file notice of cure amounts.

   * Feb. 6, 2018: Plan voting deadline.

   * Feb. 6, 2018 at 4:00 p.m.:  Deadline to file objections to
     confirmation of Plan.

   * Feb. 11, 2018: Debtors' deadline to file replies to any
     objections to confirmation.

   * Feb. 13, 2018, at 10:00 a.m.: Plan confirmation hearing.

A copy of the Disclosure Statement Order signed by Judge Brendan
L. Shannon on Jan. 5, 2018, is available at:

        http://bankrupt.com/misc/TK_H_1639_DS_Ord.pdf

A copy of the Disclosure Statement filed Jan. 5, 2018, and
approved at the Jan. 3, 2018 hearing is available at:

        http://bankrupt.com/misc/TK_H_1630_Rev_DS.pdf

                        Global Transaction

According to the Debtors, the Plan represents a significant
milestone and achievement in the Debtors' restructuring as the
Debtors continue working to implement and complete the
unprecedented recalls relating to certain PSAN Inflators, which
have expanded to become the largest automotive recall campaign in
U.S. history.  After nearly two years of intensive marketing,
diligence, and negotiations between and among Takata, potential
sponsor candidates, and a group of 15 of Takata's original
equipment manufacturer customers -- Consenting OEMs -- who
collectively account for a substantial portion of the PSAN
Inflators sold by Takata as of March 2017 and hold a substantial
majority of the total unsecured Claims against the Debtors'
Estates, Joyson KSS Auto Safety S.A. -- Plan Sponsor -- was
selected as the purchaser for the sale of substantially all of
Takata's worldwide assets unrelated to the manufacture and sale of
PSAN Inflators for an aggregate purchase price of $1.588 billion.

The Debtors believe that consummation of the Plan and the closing
of the Global Transaction are in the best interests of the
Debtors' creditors, employees, vendors, and all other parties in
interest.

The Plan and the Global Transaction will allow the Debtors to
continue operating as a going concern, including with respect to
Reorganized Takata for a limited period of time, while also
ensuring that the Debtors are able to comply with their ongoing
obligations to the National Highway Traffic Safety Administration
("NHTSA"), fulfilling a fundamental commitment laid out by the
Debtors at the onset of these Chapter 11 Cases -- that the
commencement of these bankruptcy cases would not impact or impede
the general public's ability to fulfill their recalls.

In addition, confirmation of the Plan and consummation of the
Global Transaction in accordance with the timeline will ensure
that TKJP is able to comply with the Joint Restitution Order
entered by the United States District Court for the Eastern
District of Michigan on Feb. 27, 2017 in the case captioned U.S.
v. Takata Corporation, Case No. 16-cr-20810 (E.D. Mich.) (the "DOJ
Restitution Order") in connection with the settlement of the
two-year criminal investigation by the Department of Justice (the
"DOJ") into Takata.

Specifically, the DOJ Restitution Order requires consummation of
the Global Transaction by Feb. 27, 2018 and payment of the $850
million in restitution owed by TKJP and payable for the benefit of
the OEMs (the "DOJ Restitution Claim" and, together with the $125
million to recompense individuals who suffered (or will suffer)
personal injury caused by the malfunction of a PSAN Inflator, the
"Restitution Payments") within five days after the Closing Date.
Satisfaction of the DOJ Restitution Claim is a condition precedent
to consummation of the Global Transaction and is of critical
importance to the Debtors. Absent payment of the DOJ Restitution
Claim in accordance with the DOJ Restitution Order, the Debtors do
not believe that any third-party would be willing to purchase the
Debtors' assets as a going concern and the Debtors would likely be
forced into a piecemeal liquidation, which could result in the
eventual loss of employment for nearly all of the Debtors'
employees, the loss of future revenues and contracts for the
Debtors' vendors and suppliers, and significantly lower recoveries
for creditors. Additionally, if the DOJ declares a breach of the
DOJ Restitution Order, the DOJ may reopen its investigation of
Takata, including as against TKH, which would likely be fatal to
the Debtors' restructuring efforts.

The Plan preserves the going-concern value of the Debtors'
businesses, maximizes creditor recoveries, provides for an
equitable distribution to all of the Debtors' stakeholders, and
protects the jobs of the Debtors' invaluable employees.  To
evidence their support of the restructuring, the Debtors, the
Consenting OEMs, and the Plan Sponsor entered into a restructuring
support agreement, dated as of Nov. 16, 2017 (including all
exhibits and schedules attached thereto and as may be amended,
modified, or supplemented, the "U.S. RSA").  On Dec. 8, 2017, the
Bankruptcy Court authorized the Debtors' entry into the U.S. RSA
and approved the Plan Sponsor Protections (the "RSA Approval
Order").

The Tort Claimants' Committee, the Creditors' Committee, and the
Future Claims Representative do not support confirmation of the
Plan as presently drafted and may send subsequent letters to their
respective creditor constituents which set forth their respective
recommendations as to whether to accept or reject the Plan.

                         About TK Holdings

Japan-based Takata Corporation (TYO:7312)
--http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.

Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No.17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets  and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


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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: Customs to Target Illegal Sale of Waste Fuel
----------------------------------------------------------------
Dominican Today reports that the Customs Agency revealed that the
offloading, shipping and marketing of waste fuel from ships that
dock at local ports has become a lucrative business that evades
taxes.

In response to complaints by the Dominican Republic Shippers
Association (ASUBUQUE) "and other maritime organizations, Customs
warned that it will put an end to the irregular sales and
transactions of mixed fuels that don't pay taxes, according to
Dominican Today.

In a statement, Customs said its officials will meet at its
headquarters with the representatives of those organizations, the
report notes.

It warns, however, that "this doesn't constitute a waiver of our
duty as a regulator of the tax administration," the report says.

"The institution understands that the General Standard DGA / DGII
02-17, joint provision with the General Directorate of Internal
Taxes, which regulates the unloading, customs clearance and
marketing of waste (slop, sludge), mixtures of hydrocarbons or
other, does not affect the legitimate operations of the companies
that are dedicated to the unloading of waste coming from ships
that arrive at ports of the Dominican Republic," it added.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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E C U A D O R
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ECUADOR: Egan-Jones Upgrades Sr. Unsecured Ratings to B+
--------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 12, 2017, raised the foreign
currency and local currency senior unsecured ratings on debt
issued by the Republic of Ecuador to B+ from B.  EJR also upgraded
the ratings on the Company's commercial paper to B from C.

Ecuador is a country straddling the equator on South America's
west coast.


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P A N A M A
===========


AVIANCA HOLDINGS: Egan-Jones Hikes Sr. Unsecured Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 7, 2017, upgraded the foreign
currency and local currency senior unsecured ratings on debt
issued by Avianca Holdings SA to B from B-.

Avianca Holdings S.A., through its subsidiaries, provides air
transportation services in North America, Central America, the
Caribbean, Colombia, South America, and internationally. The
company was formerly known as AviancaTaca Holding S.A. and changed
its name to Avianca Holdings S.A. in March 2013. The company was
founded in 1919 and is based in Panama City, Panama. Avianca
Holdings S.A. is a subsidiary of Synergy Aerospace Corp.


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


LA ESTRELLA FAST FOOD: Seeks Extension of Plan Confirmation Period
------------------------------------------------------------------
La Estrella Fast Food, Inc., requests the U.S. Bankruptcy Court
for the District of Puerto Rico to extend the time to obtain
confirmation of its amended plan of reorganization for additional
90 days from January 3, 2018.

The Debtor filed its Amended Plan of Reorganization on August 31,
2015, and the Court entered an order scheduling the confirmation
hearing for October 7 that year.  However, on October 2, 2015,
creditor Caribbean Restaurants, LLC, filed an Objection to
confirmation of the Debtor's Amended Plan.

The Debtor's exclusivity period ended on August 28, 2017, but the
Debtor had not been able to confirm a plan because of the
contested issues pending between the Debtor and its biggest
creditor -- Caribbean Restaurant.

The Debtor relates that it has sought relief under chapter 11
because of the possible cancellation of lease contract and
imminent eviction by Caribbean Restaurant, due to its assertion
that the Debtor was in arrears with its lease contract.  The truth
of the matter is that he contested the validity of an electrical
substation in the amount of $60,000 not contemplated in the
original remodeling contract in the amount of $308,000,000.

On January 14, 2016, creditor Caribbean Restaurants also filed a
motion to lift the automatic stay if the pre-petition arrears were
not cured, asserting that the Debtor is in arrears with the lease
agreement.

Finally, the Debtor and Caribbean Restaurant have come to an
agreement as to the rent owed and a repayment plan of the
electrical substation. Consequently, the Debtor filed a motion to
assume the lease contract. The Debtor, however, provided evidence
of being current because of an excess payment it has made over the
last two years of CAM charges.

Now that the issues between Caribbean Restaurant and Debtor have
been resolved, the Debtor submits that it is now ready for
confirmation of the Amended Plan of Reorganization. Therefore, the
Debtor requests that the Court extends the Debtor's time to
confirm the Amended Plan.

                    About La Estrella Fast Food

La Estrella Fast Food, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-02687) on April 10, 2015.
The Debtor is represented by Mar Soledad Lozada Figueroa at Lozada
Law & Associates of San Juan, P.R.



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


CARIBBEAN AIRLINES: Cancel Flights to New York
----------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited have
cancelled flights to and from the John F. Kennedy International
Airport as a winter storm hit the New York City area, bringing
with it snow, wind, and low temperatures.

Ahead of the storm's arrival, airlines cancelled flights in and
out of JFK, LaGuardia, and Newark Liberty airports, according to
Trinidad Express.

CAL issued a release advising that due to the approaching winter
storm which will affect New York and environs, flights have been
cancelled, the report notes.

The flights included:

-- BW 015, January 04th from Norman Manley International,
   Kingston, Jamaica to John F. Kennedy, New York, USA

-- BW 014, January 04th from John F. Kennedy, New York, USA to
   Norman Manley International, Kingston, Jamaica

-- BW 524, January 04th from Piarco International Airport,
   Trinidad to John F. Kennedy, New York, USA

-- BW 525, January 04th, from John F. Kennedy, New York, USA to
   Piarco International Airport, Trinidad

Affected customers travelling to/from New York during the period
January 4 - 6 will be permitted to change or cancel their
reservations without penalty subject to conditions, the report
says.  These include passengers must have a confirmed ticket
issued before January 4, 2018 and passengers must be booked and
ticketed for travel to/from New York (JFK) during the period
January 4 - 6, 2018, the report notes.  Also, changes may be made
for travel up to January 17, 2018, the report discloses.  Increase
in airfare due to new travel date will be waived, a release
stated, the report relays.

CAL added that changes to origin/destination are not permitted.
Full refunds will be allowed on tickets issued for travel (to/from
New York) between January 4 to 6, 2018, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



CARIBBEAN AIRLINES: Covers Airbridge Demands for Christmas
-----------------------------------------------------------
Trinidad Express reports that passengers travelling on the
airbridge between Trinidad and Tobago during the Christmas season
had no difficulty in securing seats aboard Caribbean Airlines
(CAL).

According to a press release issued by CAL, the airline provided
38,236 seats on the domestic airbridge for the period December 20,
2017 to January 1, 2018, the report notes.  Of the seats provided,
33,050 were used, with a total of 494 flights operated and some
12,419 passengers who did not hold confirmed bookings being
accommodated, according to Trinidad Express.

The release said several scheduled flights were consolidated and
upgraded to Boeing 737 jet services to ensure that all confirmed
passengers travelling between Trinidad and Tobago during the
Christmas peak were successfully transported, the report relays.

The report notes that Dionne Ligoure, CAL's Head of Corporate
Communications said: "The Christmas holiday season is one of the
busiest travel periods between Trinidad and Tobago, flights were
operated using both the ATR and Boeing 737 fleet and Caribbean
Airlines was able to accommodate all confirmed passengers and
around 12,419 persons who did not have confirmed bookings.

"The domestic air bridge is a significant part of Caribbean
Airlines' operations and it is given top priority," she added.

CAL thanked its valued customers for their continued support, and
looks forward to continuously improving its service to ensure safe
and reliable airlift to the people of Trinidad and Tobago, the
report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


TRINIDAD & TOBAGO: Another Tough Year for The Country
-----------------------------------------------------
Leah Sorias at Trinidad Express reports that Business groups and
economic experts are projecting that 2018 will be another tough
year for the economy.

They believe the problems which plagued 2017, including the
foreign exchange shortfall, will continue into this year, if
diversification projects and other measures are not fast tracked,
according to Trinidad Express.

They shared their outlook for 2018 with Express Business during
interviews, the report notes.

The report relays that Dr. Ronald Ramkissoon, an economist, said:
"My simple answer is yes. It is going to be another tough year.
Indeed it can get worse before it gets better."


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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Send announcements to conferences@bankrupt.com


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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.


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