TCRLA_Public/180222.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

           Thursday, February 22, 2018, Vol. 19, No. 38


                            Headlines



B R A Z I L

RIO DE JANEIRO: S&P Affirms 'BB-/B' ICRs, Outlook Stable
RIO DE JANEIRO: Troops, Police Launch Operation in Rio Favelas


J A M A I C A

NATIONAL COMMERCIAL: Fitch Affirms B IDR; Alters Outlook to Pos.


M E X I C O

CREDITO REAL: Fitch Affirms BB+ Long-Term IDR; Outlook Stable


P U E R T O    R I C O

ALEXIS SANTOS: Court Directs U.S. Trustee to Appoint Ombudsman
ARO LIQUIDATION: Tags Optium Fund 2 as Best Bid For Visa/MC Claim
BORINQUEN ANESTHESIA: Taps Juan C. Bigas as Legal Counsel
LATIN AMERICAN MUSIC: To Pay Unsecured Creditors in Full
NUTRITION CARE: U.S. Trustee Directed to Appoint Ombudsman


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Questions Surround Hiring of Executives


V E N E Z U E L A

VENEZUELA: Denies its Soldiers Work With Colombian Rebel Group
VENEZUELA: Chavismo Seeks New Legislative Elections
VENEZUELA: OAS Head Almagro Calls for More Sanctions on Country


                            - - - - -


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


RIO DE JANEIRO: S&P Affirms 'BB-/B' ICRs, Outlook Stable
--------------------------------------------------------
On Feb. 19, 2018, S&P Global Ratings affirmed its 'BB-/B' foreign
and local currency issuer credit ratings on the city of Rio de
Janeiro. The outlook remains stable.

S&P  also affirmed its 'brAA-' Brazil national scale rating on the
city.

OUTLOOK

S&P said, "The stable outlook primarily reflects the stable
outlook on Brazil, and our view that the city's financial
management will remain prudent and liquidity more than sufficient
to cover debt service over the next 12 months, despite ongoing
pressure on budgetary performance. We consider that the city
cannot have a higher rating than the sovereign while operating
under a volatile and unbalanced institutional framework.
Therefore, any rating or outlook change on Brazil in the next 12
months may affect our ratings and outlook on Rio de Janeiro."

Downside scenario

S&P could lower the ratings on Rio de Janeiro in the next 12
months if:

-- S&P lowered the local and foreign currency sovereign ratings
    on Brazil;

-- The city's financial management practices weakened, resulting
    in higher deficits than in our base case and insufficient
    liquidity to meet debt obligations; or

-- Rio's economy weakened substantially, given potentially
    worsening public security conditions, and the city's per
    capita GDP did not appear to support greater economic
    flexibility and revenue-raising capacity.

Upside scenario

S&P said, "Because Rio de Janeiro does not meet our conditions to
be rated above the sovereign, we could raise our ratings on the
city within the next 12 months only if we were to raise our local
and foreign currency sovereign ratings on Brazil."


RATIONALE

S&P said, "Our 'BB-' long-term rating on Rio de Janeiro is now one
notch below the city's 'bb' stand-alone credit profile (SACP).
This is because we believe the city's debt profile and budgetary
performance will weigh more on its creditworthiness over the next
two years, owing to higher operating deficits and debt. The SACP
is not a rating but a means of assessing the intrinsic
creditworthiness of a local or regional government (LRG) under the
assumption that there is no sovereign rating cap. The SACP results
from a combination of our assessment of an LRG's individual credit
profile and the institutional framework in which it operates."

Challenging economic conditions and institutional framework are
somewhat mitigated by the city's financial management

The prolonged crisis in the state of Rio de Janeiro again took its
toll on the city's fiscal performance and economy in 2017. Formal
job creation contracted throughout the year, and the unemployment
rate, traditionally lower than Brazil's, rose to around 13% in the
third quarter of 2017, which is close to the national average.
"S&P said,We estimate that the city's GDP per capita declined to
$15,413 in 2015-2017, but we expect it will recover to $16,760 in
2018. We believe this will stem from a pickup in the oil sector,
ongoing tourist inflows, the state's adherence to the federal
fiscal recovery regime (which will provide temporary cash relief
to the state, including access to borrowing to make salary
payments), and expected 2.2% GDP growth in Brazil."

The structural rigidities of Brazil's intergovernmental system
have prevented LRGs from achieving a revenue-and-expenditure
balance. Along with poor management practices, these rigidities
weighed on the state of Rio de Janeiro's fiscal and economic
performance, which in turn has a strong influence on the city. S&P
said, "In our view, Brazilian LRGs' institutional framework is
volatile and unbalanced. Overall, this reflects our evaluation of
an intrinsically rigid intergovernmental system that has failed to
address LRGs' significant budgetary imbalances, which we believe
isn't likely to change over the short to medium term. These
factors, in our view, have left LRGs unprepared to address key
long-term spending trends and financing options. We believe,
however, that the framework continues to display an adequate level
of predictability and transparency, with enhanced central
government oversight of LRGs' finances and adherence to fiscal
discipline."

In this context, Mayor Marcelo Crivella of the conservative
Brazilian Republican Party has embraced fiscal austerity measures
since taking office in 2017. These include increasing property and
services taxes, cutting spending by decree, and establishing
special commissions to monitor expenses. So far, Mr. Crivella has
been successful in passing reforms at the local legislature. S&P
said, "We expect additional legislative progress on important
corrective measures, such as a proposal to tax pensions that
exceed the national social security ceiling. At the same time,
however, longer-term capital and financial planning has weakened.
The city now has a short- to medium-term focus, with what we
regard as less realistic budgetary assumptions than in the past."

Stressed budgetary results and higher debt will continue to strain
the city's cash position

S&P said, "In our view, Rio de Janeiro's budgetary performance
will remain under stress over the next three years. This is owing
to higher budgetary outlays related to pensions and personnel,
capital expenses that the city cannot reduce further, and higher
debt service. Tax increases approved in 2017, a potential tax on
pensioners earning more than the national social security ceiling,
and ongoing efforts to rationalize spending will offset these
factors somewhat. However, given that the city has recently
introduced measures to increase revenues, we do not expect it will
pass further laws over the next several years. We expect its own-
source revenues will remain close to 65% of adjusted operating
revenue in 2018-2020.

"In our base-case scenario for 2018, we assume the city's
operating balances will remain negative, although better than in
2017, at around 3.9% of operating revenues, with the deficit after
capital expenditure (capex) at nearly 8% of total revenue. We
expect a gradual improvement by 2020, translating into an
operating surplus at 1% of operating revenues and an after-capex
deficit of 2.8% of total revenues. Works related to recent sports
events have concluded, and we expect capex levels will drop, as
already seen in 2017. At the same time, given the city's
infrastructure needs, its ability to make further cuts is limited;
therefore, capex will likely remain at about 4.4% of total
spending over 2018-2020.

"The city's administration doesn't plan on funding any large new
investment projects amid its fiscal belt-tightening, and we don't
anticipate it will incur significant amounts of new debt beyond
that already agreed. We expect the city's debt will decline to 67%
of operating revenue by 2020 from 74% at year-end 2017. Although
its nominal debt increased by only 5%, debt in relative terms
increased because of the contraction in operating revenues. We
expect revenues will increase only modestly in 2018-2020, thus
keeping direct debt above 60% of operating revenues.

"We expect Rio de Janeiro's liquidity will cover its debt service
by almost 1.1x in 2018. We believe, however, that its very weak
budgetary performance in 2018 will lead to some volatility in the
liquidity ratio. We assess the city's access to external liquidity
as limited. This assessment considers our Banking Industry Country
Risk Assessment (BICRA) of '6' in Brazil. Our BICRAs rank banking
systems on a scale from '1' to '10', with group '1' denoting the
lowest-risk banking systems."

The city incorporates all but one government-related entity (GRE)
into its finances, debt, and liquidity reserves. This GRE is
Companhia de Desenvolvimento Urbano da Regiao do Porto do Rio de
Janeiro S/A (CDURP), a mixed-purpose company whose main function
is to implement projects and public services in the city's port.
As of Dec. 31, 2017, CDURP had assets of Brazilian real (R$) 5.6
billion and liabilities of R$4.8 billion. The company doesn't have
loans from banks. Additionally, the city has the following public-
private partnerships: Porto Maravilha, for which CDURP is the
public counterparty; the light rail vehicle that connects the
city's port area with its downtown; and Barra Olympic Park. The
city also has concessions for a sewage treatment service,
Saneamento Zona Oeste, a zoo, and a toll road.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the debt burden and budgetary
performance had deteriorated. All other key rating factors were
unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

  Ratings Affirmed

  Rio de Janeiro (City of)
   Issuer Credit Rating                   BB-/Stable/B
   Brazil National Scale Rating           brAA-/Stable/--


RIO DE JANEIRO: Troops, Police Launch Operation in Rio Favelas
--------------------------------------------------------------
The Guardian reports that more than 3,000 soldiers and police
officers launched an operation in Rio de Janeiro's City of God
favela in response to spiraling violence just days before the
world famous carnival.

The operation followed mounting insecurity in City of God, a
sprawling working class neighborhood, and other favelas where drug
traffickers armed with automatic rifles rule the streets,
according to The Guardian.

Troops were deployed at dawn mostly to encircle City of God,
blocking access roads, while heavily armed police entered in
search of suspects, the report notes.  However, an AFP
correspondent also saw soldiers inside the favela where they and
police guarded the maze-like network of streets, the report
relays.

By mid-morning 10 people have been taken to police stations to be
identified, a spokesman for the Rio security secretary said, the
report says.

The report discloses that the G1 news site reported that as many
as 22 people and seven minors had been detained in operations
focused on seeking a slew of gang leaders.

In the Mare favela, there were fierce exchanges of gunfire between
traffickers and police, the report relays.  A 13-year-old boy was
killed and protesting locals set fires and used stones to block
Rio's three principal highways which all pass by Mare, the report
notes.

Hours earlier, criminals opened fire on a car, killing a three-
year-old girl, local media reported, the report says.

Brazil's armed forces deployed to Rio de Janeiro in July 2017 to
help the badly overstretched police, the report notes.  Rio state
has been badly hit by Brazil's recession and the slump in the oil
market in the last few years, as well as massive corruption, the
report discloses.

Last month, Defense Minister Raul Jungmann said that nationwide
the security system "is broken," the report relays.

The Rio carnival gets into full swing, with the colorful samba
parades attracting an estimated 1.5 million tourists, the report
adds.


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


NATIONAL COMMERCIAL: Fitch Affirms B IDR; Alters Outlook to Pos.
----------------------------------------------------------------
Fitch Ratings has affirmed National Commercial Bank Jamaica
Limited's (NCBJ) Long-term and short-term, foreign and local
currency Issuer Default Ratings (IDR) at 'B', Viability Rating
(VR) at 'b' and Support Rating at 'B'.

Following Fitch's revision of the Jamaican sovereign's Outlook to
Positive on Jan. 31, 2018, Fitch has similarly revised NCBJ's
Outlook to Positive from Stable, as the Jamaican operating
environment remains the principal constraint on NCBJ's ratings. A
full list of rating actions is at the end of this release.

KEY RATING DRIVERS
IDRS AND VR

The bank's IDRs and VR reflect the high influence of the operating
environment given its exposure to the sovereign as well as the
bank's reach into all major sectors of the Jamaican economy
through its diverse corporate and retail banking, insurance and
securities services. As a result, NCBJ's IDRs are in line with
those of the sovereign. The Positive Outlook reflects the
government's reduced refinancing risks due to improved market
access, continued fiscal discipline, positive public debt
dynamics, stronger business confidence and improved employment
trends, notwithstanding a rate of real GDP growth rate well below
the regional average.

Advancements in monetary policy and financial regulation have also
contributed to a more favourable operating environment. The Bank
of Jamaica has adopted formal inflation targeting and harmonized
regulation across all deposit-taking institutions. It has taken
actions to reduce deposit dollarization, raised governance
standards and is in the process of establishing consolidated
capital requirements for financial holding companies. In addition,
the country's first credit bureaus have improved credit
information, supporting an improving loan quality trend throughout
the banking system.

In terms of its consolidated financial performance, NCBJ's capital
metrics represent a key strength. At December 2017, NCBJ reported
a ratio of tangible common equity to tangible assets of 15.9%
compared to a regional sector median of approximately 8.0%. NCBJ's
liquidity position is also solid, benefitting from a stable
deposit base and access to local and international capital
markets. Overall, liquid assets, including un-pledged trading
securities, available for sale securities, cash and bank deposits,
covered 62.7% of deposits and short-term funding. However, it
should be noted that NCBJ's securities portfolio consist
predominantly of speculative grade government bonds that could
become less liquid in a stress scenario.

The bank's loan quality indicators have demonstrated steady
improvement. Non-performing loans declined to 2.1% at fiscal year-
end 2017 from 3.1% the year prior. The bank's relatively low loan
loss reserves should be viewed in light of non-distributable
reserves in the capital account. Taking into account these
voluntary reserves, reserve coverage was 147.1% of nonperforming
loans. Ratings also consider the bank's stable operating
profitability (6.8% of adjusted risk weighted assets at fiscal
year-end 2017). The bank has successfully compensated for a
steadily pressured net interest margin with fee, commission and
premium income. Non-interest income grew to 43.9% of gross
revenues (less interest and fee expense) during fiscal year 2017.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating Floor of 'B' is equalized with the sovereign
rating, reflecting NCBJ's systemic importance. However,
notwithstanding the government's record of extraordinary support
to the banking system during prior crises, NCBJ's Support Rating
of '4' reflects uncertainties over the sovereign's capacity to
provide future support in light of its high levels of
indebtedness.

RATING SENSITIVITIES
IDRS AND VR

The bank's IDRs and VR would likely move in line with a change in
the sovereign rating, which currently has a Positive Outlook.
Alternatively, a revision of the sovereign Rating Outlook to
Stable would likely result in an affirmation of NCBJ's ratings and
a similar reversion of its Outlook to Stable.

SUPPORT RATING AND SUPPORT RATING FLOOR

While Fitch views the sovereign's propensity to provide timely
support to NCBJ as high due to the bank's systemic importance,
NCBJ's SR has limited upside potential given the weakness of the
government's creditworthiness.


Fitch has affirmed NCBJ's ratings as follows:

NCBJ

-- Long-term foreign and local currency IDRs at 'B'; Outlook to
    Positive from Stable;
-- Short-term foreign and local currency IDRs at 'B';
-- Viability Rating at 'b';
-- Support Rating at '4';
-- Support Rating Floor at 'B'.


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


CREDITO REAL: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Credito Real, S.A.B. de C.V., SOFOM,
E.R. (Credito Real) ratings including the Long-Term Foreign and
Local Currency Issuer Default ratings (IDRs) at 'BB+', Outlook
Stable.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS and SENIOR UNSECURED DEBT
The rating affirmation reflects Credito Real's leading market
position in the payroll deductible loans business in Mexico, as
well as its business model differentiators, such as its
income/risk sharing agreements with distributors, which have
historically resulted in peer-superior asset quality. The
affirmation considers the company's strong profitability metrics,
albeit lower than in years prior to 2015, supported by resilient
margins and a growing loan portfolio; adequate loss absorption
capacity and gradual business model diversification.

Rating constrains include its relatively high risk appetite as a
result of its inorganic growth strategies, its niche business
nature which targets low income clients and its growing presence
in lower rated countries in Central America as well as the
operational, political and reputational risks related to its
payroll business. Its reliance on wholesale funding sources and
its exposure to FX rate fluctuations mainly arising from the
unhedged principal of its subordinated notes and its operations
outside of Mexico also limit its ratings.

Credito Real's strong profitability continues to be a rating
strength. This despite it being lower currently compared to years
prior to 2015 as it was adversely affected in 2015 and 2016 by the
increased operational costs from the businesses acquired and more
recently by higher impairment charges as a result of increased
non-performing loans (NPLs) in the Central American operation of
Instacredit. The pre-tax income to average assets ratio stood at a
sound 6.5% at the third quarter of 2017 (3Q17), down from an
average of 8.4% over the past four years. Fitch believes
profitability should stabilize around current levels as
Instacredit's underwriting standards were recently strengthened.

Adjusted asset quality metrics (which consider charge-offs)
moderately deteriorated as of 3Q17 mainly affected by greater
delinquency in Instacredit and the one-time charge-off of some
legacy receivables from distributors. The impaired loan ratio
adjusted by gross charge-offs of the last 12 months increased to
7.8% as of 3Q17 from 5.6% as of the close of 2016. Fitch
calculates an impaired loan ratio adjusted for the amounts owed by
distributors. This adjusted ratio stood at 4.2% as of 3Q17 (YE16:
3.9%) and at 9.4% if charge-offs are considered (YE16: 7.2%). Its
loan loss reserve coverage is adequate as it more than fully
covers impaired loans.

The company's debt to tangible equity ratio stood at 4.8x and 4.5x
as of 3Q17 and the close of 2016, respectively, a relevant
increase from 2.7x in 2013 as a result of goodwill generated from
acquisitions. The issue of USD230 million subordinated perpetual
notes during the fourth quarter of 2017, which were assigned 50%
equity credit by Fitch, enhanced its tangible equity position.
However, its tangible leverage could increase as a result of
goodwill from potential future acquisitions due to the entity's
appetite for inorganic growth. Nevertheless, Fitch expects it will
remain at levels consistent with its current rating level. On a
pro forma basis, its debt to tangible equity ratio stands at 3.7x
as of 3Q17 when the notes are considered.

Credito Real's funding is wholesale in nature but relatively well
diversified. During 2017 it expanded its funding sources through
the issuance of a securitization transaction and subordinated
perpetual notes. Funding is flexible as it is concentrated in
unsecured sources and because unpledged loans cover 1.1x the
balance of unsecured debt. Its positive maturity gaps that benefit
from a loan portfolio with an average duration of 1.7 years
compared to average debt duration of 3.3 years result in an
adequate liquidity position.

Fitch expects that future organic and inorganic growth, including
its plans to gradually expand its presence in Central America,
will be accompanied by adequate risk controls and underwriting
standards aligned to those currently in place. This, while
maintaining core business model attributes such as its income/risk
sharing scheme with distributors, which have proven to work
effectively in the past and through the economic cycle and which
partially mitigate Credito Real's relatively high risk appetite.

Fitch rates the local and international unsecured debt issued by
Credito Real at the same level as its corporate ratings,
reflecting its senior unsecured nature.

SUBORDINATED DEBT

Credito Real's subordinated notes are rated two notches below its
Long-Term IDR according to Fitch's methodology 'Non-Financial
Corporates Hybrids Treatment and Notching Criteria'. The two notch
differential represent incremental risk relative to the entity's
IDRs, reflecting the increased loss severity due to its
subordination and heightened risk of non-performance relative to
other obligations, namely existing unsecured debt.

Fitch analyzed the terms of the instrument in order to identity
structural features that could constrain the company's ability to
activate the equity-like features of the hybrid. Therefore, Fitch
has granted 50% equity credit given the existence of a coupon
step-up of 500 bps in the event of a change of control, the
ability to defer coupon payments and its perpetual nature.

The initial terms of the issuance incorporate a feature which
according to Fitch's criteria may be considered an effective
maturity date 15 years after the first call date, due to the
existence of a cumulative step-up greater that 100 bps. This could
lead Fitch to stop assigning equity credit five years prior to
such effective maturity date.

Criteria Variation: Fitch applied a criteria variation from the
'Non-Financial Corporates Hybrids Treatment and Notching
Criteria'. The notes contain provisions that mandate the payment
of deferred interest in arrears in the event that distributions
are made to capital stock and parity securities. Fitch views these
provisions as a means of preserving seniority over capital stock
and not as look-back provisions, as these provisions are not
intended to constrain the issuer's ability to defer coupons
following the payment of distributions. Without applying this
variation equity credit would be 0% and the notes' ratings would
be 'BB'.

RATING SENSITIVITIES

IDRs, NATIONAL RATINGS AND SENIOR UNSECURED DEBT

Ratings could be downgraded if Credito Real's leverage ratio (debt
to tangible equity) increases consistently above 7x as a result of
pressure from goodwill of potential acquisitions, organic growth
or deterioration of financial performance. A weakening of asset
quality metrics that result in relevant pressure of its operating
ROA, increased unhedged exposure to foreign currency debt and a
deterioration of its liquidity position could also adversely
affect ratings.

A potential upgrade of Credito Real's ratings is unlikely in the
short term. An upgrade could occur in the medium term if the
company is able to continue diversifying its loan portfolio while
it maintains strong profitability metrics and sustains a debt to
tangible equity ratio below 5x. Additionally, the upgrade would be
contingent on the company's ability to materially improve its
funding flexibility in the form of larger back-up liquidity
facilities that act as a cushion in times of market stress,
considering its reliance on wholesale funding.

Senior debt ratings would mirror any changes in Credito Real's
corporate ratings.

SUBORDINATED DEBT

Credito Real's subordinated notes rating is primarily sensitive to
a change in Credito Real's IDR. Fitch expects that under most
circumstances the notes will remain rated two notches below the
IDR.

Fitch has affirmed the following ratings:

Credito Real S.A.B. de C.V. Sofom, E.R.
-- Long-Term Foreign Currency IDR at 'BB+';
-- Short-Term Foreign Currency IDR at 'B';
-- Long-Term Local Currency IDR at 'BB+';
-- Short-Term Local Currency IDR at 'B';
-- Long-term senior unsecured notes due 2023 at 'BB+';
-- Long-term senior unsecured notes due 2022 at 'BB+';
-- Long-term subordinated perpetual notes at 'BB-';
-- National long-term rating at 'A+(mex)';
-- National short-term rating 'F1(mex)';
-- National short-term rating for short term debt program at
    'F1(mex)'.

The Rating Outlook is Stable.



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


ALEXIS SANTOS: Court Directs U.S. Trustee to Appoint Ombudsman
--------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico ordered the U.S. Trustee to appoint an
ombudsman in the chapter 11 case of Alexis Santos Serafin Torres
Torres, unless the US Trustee and/or the debtor in possession
inform the court in writing, within 21 days, why the appointment
of an ombudsman is not necessary for the protection of the
patients.

Failure to comply with the order may result in the imposition of
sanctions.

Alexis Santos Serafin Torres Torres filed a chapter 11 petition
(Bankr. D.P.R. Case No. 17-07266) on December 13, 2017. The Debtor
is represented by Carlos A Ruiz Rodriguez, Esq.


ARO LIQUIDATION: Tags Optium Fund 2 as Best Bid For Visa/MC Claim
-----------------------------------------------------------------
BankruptcyData.com reported that Aeropostale Inc., now known as
ARO Liquidation Inc., filed with the U.S. Bankruptcy Court a
notice of successful bidder stating that the Company has
determined the credit bid submitted by Optium Fund 2 with its
$1,330,000 bid is the highest and best bid for the purchase of
Visa/MC litigation claim. The Court scheduled a February 20, 2018,
hearing on the sale motion, with objections due by February 16,
2018.

                     About ARO Liquidation

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. From
Aeropostale stores and website.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise.  As of May 1, 2016, the
Company operated 739 Aeropostale(R) stores in 50 states and Puerto
Rico, 41 Aeropostale stores in Canada and 25 P.S. from
Aeropostale(R) stores in 12 states.  In addition, pursuant to
various licensing agreements, the Company's licensees currently
operate 322 Aeropostale(R) and P.S. from Aeropostale(R) locations
in the Middle East, Asia, Europe, and Latin America.  Since
November 2012, Aeropostale, Inc., has operated GoJane.com, an
online women's fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schubac, senior vice president, general counsel and
secretary.

The Debtors disclosed assets of $354.38 million and total debt of
$390.02 million as of Jan. 30, 2016.

The Debtors hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors.  The Committee retained Pachulski Stang
Ziehl & Jones LLP as counsel.

                          *    *    *

On June 29, 2017, Judge Lane authorized changes to the Debtors'
corporate names in relation to their bankruptcy cases.  The new
name for Aeropostale Inc. is now ARO Liquidation, Inc., Case No.
16-11275.


BORINQUEN ANESTHESIA: Taps Juan C. Bigas as Legal Counsel
---------------------------------------------------------
Borinquen Anesthesia Services PSC seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Juan C.
Bigas Law Office as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

Bigas Law Office will charge an hourly fee of $250.  The firm
received from the Debtor a retainer in the sum of $10,000.

Juan Carlos Bigas Valedon, Esq., at Bigas Law Office, disclosed in
a court filing that he and his firm are "disinterested persons" as
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Juan Carlos Bigas Valedon, Esq.
     Juan C. Bigas Law Office
     P.O. Box 7011
     Ponce, PR 00732-7011
     Tel: 787-259-1000/787-633-1253
     Fax: 787-842-4090
     E-mail: cortequiebra@yahoo.com
             jcbigas@gmail.com

                    About Borinquen Anesthesia

Based in Aibonito, Puerto Rico, Borinquen Anesthesia Services PSC
is a privately held company that operates in healthcare industry.
Its principal assets are located at Calle Jose C Vazquez Hospital
General ME Aibonito, PR 00705.  Borinquen Anesthesia is a small
business debtor as defined in 11 U.S.C. Sec. 101(51D).

Borinquen Anesthesia sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-00130) on Jan. 12,
2018.

In the petition signed by Jorge A. Acevedo Orengo, president, the
Debtor disclosed $89,700 in assets and $1.20 million in
liabilities.  Juan C. Bigas Law Office is the Debtor's bankruptcy
counsel.


LATIN AMERICAN MUSIC: To Pay Unsecured Creditors in Full
--------------------------------------------------------
Latin American Music Co., Inc. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a small business disclosure
statement describing its chapter 11 plan of reorganization, which
may provide for the Debtor to reorganize by continuing to operate,
to liquidate by selling assets of the estate, or a combination of
both.

General unsecured claims in Class III are estimated between the
creditors that filed their proofs of claim and the ones that were
scheduled by Debtor and did not file a proof of claim in the
amount of $2,980.62. This class of allowed unsecured claims will
be paid in full at the effective date of the Plan, which
represents a 100% payment. This class is unimpaired.

The Plan will be funded with cash available proceeds from the
revenue that the Debtor generates from licensing, after paying
operating expenses and taxes. Debtor's operating expenses consist
of bank charges, contract labor, office supplies, payroll, repairs
and maintenance, taxes, telephone, utilities, vehicle expenses,
etc.

A full-text copy of the Disclosure Statement is available for free
at:

    http://bankrupt.com/misc/prb17-02023-11-255.pdf

A full-text copy of a prior-filed Disclosure Statement is
available for free at

    http://bankrupt.com/misc/prb17-02023-192.pdf

Latin American Music Co Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 17-02023) on March 24, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by JVictor Gratacos Diaz, Esq. at Gratacos
Law Firm, PSC.

Based in San Juan, Puerto Rico, Latin American Music Company, Inc.
is a corporation dedicated to licensing performance,
synchronization and other rights under copyright in music
compositions.


NUTRITION CARE: U.S. Trustee Directed to Appoint Ombudsman
----------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order directing the U.S. Trustee
to appoint an ombudsman in the chapter 11 case of Nutrition Care,
Inc.

The U.S. Trustee and/or the debtor in possession have 21 days to
inform the Court in writing if the appointment of an ombudsman is
not necessary for the protection of the patients.

Nutrition Care, Inc. filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 18-00394) on Jan. 29, 2018, and is
represented by Tomas F. Blanco Perez, Esq. of MRO Attorneys at
Law, LLC.



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


CARIBBEAN AIRLINES: Questions Surround Hiring of Executives
-----------------------------------------------------------
RJR News reports that concern is being raised about the hiring of
executives at Caribbean Airlines Limited (CAL).

A report in the issue of Trinidad's Express newspaper says the
vacancies are being filled by former employees of the Irish-owned
telecommunications company, Digicel, according to RJR News.

According to the Express report, the recruitments have triggered
concerns about nepotism in CAL's hiring practices, the report
notes.

Sources say former Digicel executive, Garvin Madera, who was
recruited as Caribbean Airlines' CEO last year, is on a hiring
spree, given that the company had initiated a recruitment freeze
and the jobs were advertised and filled after he assumed office,
the report relays.

The newspaper report says there is also concern about the lack of
aviation experience in the company's recent recruitments, the
report notes.

It's reported that Mr. Madera who was CEO at Digicel Play with a
Masters in electrical and computer engineering, had no aviation
experience prior to his taking the post as Caribbean Airlines'
chief executive, 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.


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


VENEZUELA: Denies its Soldiers Work With Colombian Rebel Group
--------------------------------------------------------------
EFE News reports that Venezuela's defense minister denied that
soldiers from his nation are involved with the Colombian rebel
group ELN after the neighboring country's president said that a
Venezuelan citizen was apparently a member of the insurgency.

"We have examined our files . . . there is absolutely no record
that either of those two citizens, whose names we now have, has
ever worked for or offered their services to the National Guard,
according to EFE News.

It's completely false, I reject it," Vladimiro Padrino said in
Caracas, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018 S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility
assessment."


VENEZUELA: Chavismo Seeks New Legislative Elections
---------------------------------------------------
The Venezuelan ruling party proposed the election of a new
National Assembly legislature next April 22, on the same day as
the presidential election already announced for that date.

"I announce this as a proposal that I will take to the relevant
authorities, that the day of the presidential election should also
be the day for electing the new National Assembly to fill the
current vacancy," said Chavismo leader Diosdado Cabello on state
channel VTV.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018 S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility
assessment."



VENEZUELA: OAS Head Almagro Calls for More Sanctions on Country
---------------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that already
convulsed Venezuela woke up to a new electoral outrage perpetrated
by the ruling party, at about the same time the Organization of
American States called for more and more stern sanctions against
the Nicolas Maduro administration.

The oil-rich country is already preparing for polemical
Presidential elections April 22nd, which the United States and
other world and regional powers have said will not recognize,
according to The Latin American Herald.

PSUV, the ruling party of the Maduro regime, is asking the
Constituent Assembly to hold that legislative elections be held
April 22nd, with the aim of reducing the tenure of the opposition
held National Assembly, a coup d' grace after the government spent
2016 gutting the National Assembly of all real power through
Supreme Court decisions and in 2017 appointed a supra
constitutional Constituent Assembly in what the opposition called
rigged elections, the report notes.

Diosdado Cabello, the PSUV's perpetual number two man, made the
request for early legislative elections April 22nd, the same day
as the divisive Presidential vote, the report relays.  "I announce
as a proposal that I will take to the pertinent instances, to
call, on the day of the Presidential elections, elections for the
National Assembly also to fill that void", Mr. Cabello said during
a live interview on state television network, the report notes.

The report notes that Mr. Cabello repeated the PSUV's argument
that the opposition-held legislative "is not doing anything for
the country".

After the Constituent elections in late July, the US initiated a
fresh round of sanctions against Maduro himself as well as other
of his top officials, but the aggressive power grab continued
undeterred with governor and mayor elections that the opposition
also denounced, the report relays.  PSUV won all of these matches
with margins unheard of in democracy, like 91% of all city mayors
in one result, the report says.

Also, speaking from a UN forum on human rights in Geneva focusing
on the Venezuelan crisis, Organization of American States
Secretary General Luis Almagro demanded "broader and stronger"
sanctions against the Maduro regime, which he again accused of
being "a threat for international peace and security," the report
notes.

"Sanctions are the strongest diplomatic tool we have, so I am
asking the (sovereign) states that they introduce more sanctions,
broader sanctions and stronger sanctions against this regime
(Maduro's). Sanctions that will not harm the people of Venezuela,
but the pockets of those that are appropriating whatever money is
left", Mr. Almagro said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018 S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility
assessment."


                            ***********


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.

Submissions about insolvency-related conferences are encouraged.
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                   * * * End of Transmission * * *