TCRLA_Public/180528.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

             Monday, May 28, 2018, Vol. 19, No. 104



ARGENTINA: Thousands of Locals Reject Government's Turn to IMF
GST AUTOLEATHER: Exits Chapter 11 Bankruptcy Under New Ownership
COMPANIA GENERAL: S&P Affirms 'B-' Global Scale CCR, Outlook Neg.


BOLIVIA: S&P Cuts LT Sov. Credit Rating to 'BB-', Outlook Stable


VIRTUAL COMMUNICATIONS: Voluntary Chapter 11 Case Summary


BRAZIL: Truckers' Strike Escalates


HONDURAS: To Increase Quality of Specialty Coffees w/ EU Support


BAC INTERNATIONAL: S&P Affirms 'BB+/B' ICRs, Outlook Stable
MEXICO: Expert Warns of Renewable Energy Limitations

P U E R T O    R I C O

JML INVESTMENT: Oriental Bank Prohibits Cash Collateral Use
PEDRO LOPEZ MUNOZ: Proposes Sale of Cabo Rojo Property for $550K


VENEZUELA: Maduro Orders Soldiers to Swear Loyalty
VENEZUELA Maduro Regime Anxiety Ups as More Soldiers Rounded Up


* BOND PRICING: For the Week From May 21 to May 25, 2018

                            - - - - -


ARGENTINA: Thousands of Locals Reject Government's Turn to IMF
EFE News reports that political parties, labor unions and
grassroots groups mobilized thousands of people in this capital to
denounce Argentine President Mauricio Macri for seeking a
financial rescue package from the International Monetary Fund.

At the foot of the iconic obelisk in central Buenos Aires,
opponents of the conservative government listened to musical
performances and heard actors Paola Barrientos and Osmar Nunez
read passages from a manifesto, according to EFE News.

"We reject the government's accords with the IMF and its model of
political and economic dependence on the great foreign powers,"
the declaration began, notes the report.

Macri's government turned to the IMF several weeks ago as the
Argentine peso continued to plunge against the dollar despite the
central bank's decision to boost the benchmark interest rate to 40
percent, EFE recounts.  Negotiations are now under way on a stand-
by credit line and Argentines know from past experience that IMF
help comes with strings attached in the form of demands for
economic austerity.

"We practice politics as a tool to transform reality. We embrace
the truth so that never again can a government use the path of
lies to impose an economic project of misery and do it with
cynicism, hypocrisy and repression," the manifesto read aloud at
the rally said, according to EFE News.

The prospect that the IMF -- associated by many in Argentina with
the 1998-2002 depression that saw the economy shrink by 20 percent
-- will again have a major say in economic policy has increased
the sense of grievance among government opponents already unhappy
about massive increases in utility rates, reports EFE News.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2018, Fitch Ratings has affirmed Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.

GST AUTOLEATHER: Exits Chapter 11 Bankruptcy Under New Ownership
GST AutoLeather, the global leader in automotive leather
components, and its subsidiaries have exited Chapter 11 bankruptcy
effective, May 22, 2018, under new ownership.

To lead the transition, GST has named Randy Johnson President and
CEO.  Along with its current strong leadership, GST is announcing
the addition of two key leather industry experts, Bryn Kahrl as
Vice President of Global Operations and Scott Landis as Chief
Human Resources Officer.

"We are committed to being the most competitive, innovative, and
sought-after supplier to major OEMs worldwide, leveraging our
strong customer service, a renewed focus on lean manufacturing and
standardization, and care for our employees as we instill a
customer and operationally focused leadership culture," said Mr.

Mr. Johnson replaces former CEO Dennis Hiller, who will stay on
with the leather company as a board advisor to assist in the
transition.  Mr. Johnson most recently served as CEO of Romeo RIM,
Inc. a Michigan-based composites manufacturer where he transformed
that business and its brand through lean and innovation processes.
Prior to that, Mr. Johnson served as Vice President of Global
Operations at Eagle Ottawa for 12 years, leaving in 2014 before
its sale to Lear Corporation.  At Eagle Ottawa, Mr. Johnson was
the architect of the operational transformation resulting in years
of best-in-class competitive performance and a stable world class
manufacturing team.

Post Chapter 11 exit, GST is majority owned by funds managed by
Black Diamond Capital Management, L.L.C. ("BDCM"), which has a
track record of assisting companies in growing value by focusing
on operational and commercial improvements through a disciplined
long-term approach.  "We are looking forward to supporting GST's
future efforts to build upon its strong global market share with a
keen focus on providing top customer service while enhancing its
operations," said Stephen H. Deckoff, Managing Principal of BDCM.

"GST has exited bankruptcy with a strong balance sheet and ample
liquidity, talented leaders globally, and a reputation as a
high-quality leather designer and manufacturer," Mr. Johnson said,
adding, "GST is among a small group of leather suppliers that can
be considered truly global in nature."

                      About GST Autoleather

Headquartered in Southfield, Michigan, GST AutoLeather, Inc., was
founded in 1933, then known as Garden State Tanning, initially
operated as a tanning company that processed leather for the
upholstery and garment industries.  The Company entered the
automotive industry in 1946.

As of Oct. 3, 2017, the Company employs 5,600 people worldwide,
including the United States, Mexico, Japan, China, Korea, Germany,
Hungary, South Africa, and Argentina.  The Company supplies
leather to virtually every major OEM in the automotive industry,
including Audi, BMW/Mini, Daimler, Fiat Chrysler, Ford, General
Motors, Hyundai, Honda, Porsche, PSA, Nissan, Kia, Toyota and

GST AutoLeather, Inc., and five of its affiliates filed voluntary
petitions for relief under chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 17-12100) on Oct. 3, 2017.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; Lazard Middle Market, LLC as financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent, Ernst &
Young LLP, as tax advisors. Deloitte & Touche LLP, as independent

On Oct. 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee is
represented by Christopher M. Samis, L. Katherine Good, Aaron H.
Stulman, Christopher A. Jones and David W. Gaffey of Whiteford
Taylor & Preston LLP and Erika L. Morabito, Brittany J. Nelson,
John A. Simon, Richard J. Bernard and Leah Eisenberg of Foley &
Lardner LLP.

Royal Bank of Canada is represented by Andrew V. Tenzer of Paul
Hastings LLP.

COMPANIA GENERAL: S&P Affirms 'B-' Global Scale CCR, Outlook Neg.
S&P Global Ratings affirmed its 'B-' long-term global scale
corporate credit and debt ratings on Compania General de
Combustibles S.A. (CGC). The outlook remains negative.

S&P said, "Despite improved operating performance that's likely to
nearly double EBITDA generation in 2018 compared to 2017, CGC's
financial flexibility remains tight, in our view. The negative
outlook reflects our expectations of FOCF deficits in the next 24
months, which would result in tight liquidity and refinancing
risks, absent mitigating measures."

S&P's base-case scenario incorporates stronger operating
performance based on increased production and higher realized
prices, amid a 20% depreciation of the Argentine peso, which
improves CGC's cost profile in dollar terms. Also, the company
replaced the volumes it previously sold to Oil Combustibles S.A.
(not rated), given that the latter went into financial distress,
with oil exports.

Rating weakness stems from CGC's small size and narrow scope of
operations, a FOCF shortfall, and Argentina's volatile regulatory
framework for the energy industry.


BOLIVIA: S&P Cuts LT Sov. Credit Rating to 'BB-', Outlook Stable
On May 23, 2018, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on Bolivia to 'BB-'
from 'BB'. At the same time, S&P affirmed its 'B' short-term
foreign and local currency ratings. The outlook on the long-term
ratings is stable.

S&P also lowered its transfer and convertibility assessment to
'BB-' from 'BB'.


S&P said, "The stable outlook reflects our view that in the next
12-24 months Bolivia's economy will continue to grow at around
4.3%, underpinned by sustained levels of public investment and
consumption, thanks to a recovery in external revenues stemming
mainly from the rebound in hydrocarbon prices. We expect that such
growth will be accompanied by large but declining current account
and fiscal deficits. We expect broad continuity in economic policy
through the national elections in 2019. We also expect domestic
credit growth to decelerate in the coming years after many years
of rapid increase.

"We could lower our ratings on Bolivia in the next 12-24 months if
we see indications of unexpected economic imbalances in the
financial system stemming from a rapid increase in domestic
credit. We could also lower our ratings if fiscal slippage results
in higher-than-expected annual increases in net general government

"We could raise our ratings on Bolivia in the same period if
timely and substantial adjustment in fiscal and other policies
were to contain and reverse the ongoing deterioration in the
sovereign's external profile, resulting in greater economic
resilience against external shocks. Similarly, better-than-
expected export performance, especially through improved prospects
for long-term hydrocarbon output and exports, could sustain
favorable GDP growth beyond our expectations and contain the
current account deficit (CAD)."


S&P said, "The downgrade reflects our view that Bolivia's external
position has been weakened by sustained large CADs. We project
that Bolivia's narrow net external profile (total external debt,
less official foreign-exchange reserves plus public- and
financial-sector liquid external assets), will move into a debtor
position of 5% of current account receipts (CAR) in 2019 from a
creditor position of 8.7% this year and 24% in 2017. The country
accumulated large external and fiscal buffers during the period of
high commodities prices. However, lower export earnings in recent
years have contributed to a trade deficit and CAD, eroding the
country's external position.

"We expect that CADs will persist, but gradually narrow, in the
coming three years. The combination of recently rising oil prices
(which are connected to the price of Bolivia's natural gas exports
to Brazil and Argentina) and continued strong demand for imports,
reflecting GDP growth above 4%, on average, will likely reduce the
CAD to around 5% of GDP in 2018, down from over 6% last year.

"Our ratings on Bolivia reflect its low GDP per capita, which we
project to be around $3,600 in 2018. Despite substantial
improvement in income, social indicators, and physical
infrastructure in recent years, the country remains poor by
overall Latin American standards. We expect that per capita GDP
growth will average 2.6% over the next three years--faster than in
most of the region.

"We view Bolivia's governing public institutions as still
developing and susceptible to politicization. Policy
decisionmaking is highly centralized. In our view, Bolivia's
exchange-rate policy provides for limited monetary flexibility,
despite considerable progress in recent years in reducing the
share of dollar-denominated assets and liabilities in the
financial system."

The ratings on Bolivia also reflect its fiscal and export
dependence on commodities. Hydrocarbons (mainly natural gas) and
minerals account for the bulk of the country's exports,
contributing to volatility in its terms of trade. In addition,
S&P's ratings on Bolivia reflect its limited monetary flexibility.

On the other hand, Bolivia's low net general government debt
(which S&P project to be 23% of GDP in 2018) is a rating strength.
The government's policy of running fiscal surpluses during the
years of high commodity prices gave it substantial fiscal
reserves, allowing it to sustain public spending in recent years
while containing its borrowing needs. S&P thinks that the
financial system poses limited contingent liabilities for the

Institutional and economic profile: Growth prospects remain tied
to the hydrocarbon sector and large infrastructure projects

-- GDP grew 4.2% in 2017 despite continuing unfavorable global
    economic conditions and low commodities prices. S&P expects
    growth to average 4.1% in 2018-2021.

-- Ambitious investment projects, low inflation, and higher oil
    prices will buttress economic growth. At the same time,
    bottlenecks related to policy implementation may reduce the
    effectiveness of investment.

-- President Evo Morales is likely to maintain his dominant
    political standing and run for reelection in 2019.

S&P said, "We expect Bolivian GDP to grow 4.3% in 2018 (2.7% in
per capita terms), after growing 4.2% in 2017. Economic
performance has been, and we expect it to continue to be,
underpinned by high levels of public-sector investment in
strategic sectors of the economy. Low inflation, aided by a stable
exchange rate versus the U.S. dollar, and sustained investment
should support growth in the next couple of years. We estimate GDP
per capita to average $3,940 in 2018-2021. Per capita GDP growth
is likely to average 2.5% in this period."

Bolivia is a small, open economy whose performance is influenced
by developments in natural gas, mining, and agriculture. Commodity
exports account for more than 80% of total exports, while natural
gas is about one-third of all exports. About 40% of public-sector
revenues (in the form of royalties and tax revenues) came from the
hydrocarbon sector, on average, in 2010-2017, diminishing to 27%
in terms of general government revenues (excluding public
companies). S&P expects that higher oil prices in 2018 will
partially compensate for the decline in gas output. Gas output
continued to decline in 2017, following the trend that began in
2015 (an average of an almost 3% decline per year).

More than a decade of sustained economic growth and declining
poverty continues to underpin the government's popular support.
President Evo Morales, from the Movimiento al Socialismo (MAS)
political party, is likely to run for a fourth term in 2019, after
he received a favorable ruling from the Constitutional Court in
November 2017, which struck down clauses in the Constitution that
specifically prevented elected officials from standing for
reelection indefinitely.

Policymaking in Bolivia is likely to remain highly centralized
among the president and a small number of key ministers and aides.
The governing MAS political party holds a more than two-thirds
majority in Congress and has a widespread presence throughout the

Weak institutional capacity to design and implement policies and
projects constrains Bolivia's ambitious plans for public
investment. Bolivia ranks poorly in corruption indices, like
Transparency International (it's 112 out of 180 countries, where 1
is the most transparent), and in the Ease of Doing Business from
the World Bank (it's 152 out of 190 countries, where 1 is the
highest ease of doing business).

Flexibility and performance profile: Persistent CAD continues to
deteriorate Bolivia's external position.

-- An ambitious government investment plan will contribute to
    fiscal deficits during 2018-2021.

-- A rebound in energy export prices will gradually reduce the
    CAD, but S&P expects it to remain around 5% of GDP in the next
    two years.

-- S&P expects credit growth will decelerate in the next two
    years, after many years of rapid expansion, containing
    potential risks from the financial sector.

The combination of low prices for natural gas, weaker agricultural
exports because of a poor harvest, weaker demand from main trading
partners, and strong imports, caused in large part by the public
sector's expenditure program, resulted in a CAD of 6.3% of GDP in
2017. Bolivia had run current account surpluses until 2014 and
deficits thereafter. S&P said, "In our opinion, consistent CADs
since 2015 highlight Bolivia's vulnerability to sharp changes in
its terms of trade (the prices of exports compared with prices of
imports). Our base case assumes that recent oil price increases
will help mitigate the CAD, lowering it toward 5% of GDP in 2018-
2019 and 2% of GDP by 2021."

Prolonged CADs have gradually eroded the country's external
position. S&P expects Bolivia's gross external financing needs
(current account payments and public- and private-sector external
debt due by remaining maturity) relative to CAR and usable foreign
exchange reserves to rise toward 74% in 2018 and average almost
87% in 2019-2021.

Public-sector and general government revenues may rise moderately
in the coming years because of a higher contribution from the
hydrocarbon sector, given the economy's dependence on this
industry. This is likely to reflect the lagged impact of a modest
recovery in oil prices, which are linked to the export price for
Bolivia's natural gas. The government's economic development
strategy, which relies on public investment, should continue to
propel public-sector spending. As a result, public spending should
slightly increase in terms of GDP.

S&P said, "We expect the general government deficit to be around
4% of GDP in 2018-2019 and to decrease to around 2.5% of GDP in
2020-2021. We expect the government to fund this deficit using a
mix of resources, including drawing upon its ample fiscal reserves
and other domestic sources, internal resources and local debt
issuances. As a result, we expect the net general government debt
could increase by over 3.5% of GDP, on average annually, during

"We project net general government debt (gross general government
debt less liquid assets) could approach 23% of GDP in 2018, up
from almost 21% in 2017, and continue climbing toward 27% of GDP
in 2021. Interest costs will likely rise to around 3% of general
government revenue in 2018 and average 4% in the next three years,
reflecting the higher debt stock. We estimate that around 40% of
the net general government debt (or more than 60% of public-sector
debt) is denominated in foreign currency (mainly U.S. dollars) as
of Dec. 31, 2017.

The government faces limited contingent liabilities. Total assets
of depositary corporations are below 90% of GDP. We place the
Bolivian banking system in our Banking Industry Country Risk
Assessment (BICRA) group '8'. BICRAs are grouped on a scale from
'1' to '10', ranging from what we view as the lowest-risk banking
systems (group '1') to the highest-risk (group '10'). We assess
the contingent liability from the banking sector to be limited,
based on the low level of nonperforming loans and strong domestic
retail funding base. While credit expanded rapidly in recent
years, this has not been accompanied by a sustained growth in
inflation-adjusted assets prices, especially considering the
decline in construction costs (in real terms) in the last few
years. At the same time, an official residential price index in
Bolivia is not available (albeit authorities have recently started
to gather data on residential prices in the main cities of the
country). The nonbank financial sector is also modest in size and
poses limited contingent risk to the sovereign. The largest
public-sector enterprise is Yacimientos PetrolĀ°feros Fiscales
Bolivianos (YPFB). The company has been largely financed by the
government, including via subsidized loans from public-sector
investment funds managed by the central bank, for specific
investment projects.

Unlike most of its counterparts in other countries, the Bolivian
central bank lends to public-sector enterprises (mainly to YPFB,
the oil and gas company). The resources come from specific
government funds that are managed by the central bank to finance
investment in various projects. All such funds, as well as dollars
kept in a bank deposit guarantee fund, are distinct from the
central bank's foreign-exchange reserves. Total central bank
funding to public enterprises and trust funds reached just less
than 12% of GDP in 2016.

Inflation is likely to be 3.5% in 2018, just slightly above what
it was in 2017, and hover around 4%-4.5% over the coming three
years. Inflation will be anchored by Bolivia's stable exchange
rate; however, S&P believes that it remains vulnerable to supply

Bolivia's stable exchange rate versus the U.S. dollar since 2011
has anchored inflation expectations and contributed to
significantly lower dollarization in the country, which reached
its lowest level as of April 2018. However, steps toward greater
exchange-rate flexibility would contain external vulnerabilities
given persistent CADs and the expected drop in foreign-exchange

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's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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

  Downgraded; Ratings Affirmed
                                          To            From
  Bolivia (Plurinational State of)
   Sovereign Credit Rating            BB-/Stable/B  BB/Negative/B

                                          To            From
  Bolivia (Plurinational State of)
   Transfer & Convertibility Assessment   BB-           BB
   Senior Unsecured                       BB-           BB


VIRTUAL COMMUNICATIONS: Voluntary Chapter 11 Case Summary
Debtor: Virtual Communications Corporation
        319 E. Warm Springs Road, Ste 100
        Las Vegas, NV 89119

Business Description: Virtual Communications Corporation,
                      headquartered in Las Vegas, Nevada, is a
                      privately held technology company that
                      develops technology solutions that enable
                      businesses to improve their customer
                      interaction experience.  The company's
                      primary product is the ALICE ("A Live
                      Interactive Communication Experience")
                      Receptionist software.  The ALICE system,
                      provided as a software subscription model,
                      permits businesses to control many aspects
                      of handling visitors to their physical
                      premises without the need for a designated
                      member of staff to be located in the
                      entity's reception area.  A single staff
                      member may remotely interact with visitors
                      to a number of physical locations.  The
                      company currently sells its product to
                      businesses and government entities in the
                      United States, Australia, Azerbaijan,
                      Belgium, Bermuda, Brazil, Canada, China and
                      New Zealand.

Chapter 11 Petition Date: May 22, 2018

Case No.: 18-12951

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Hon. Laurel E. Babero

Debtor's Counsel: Bart K. Larsen, Esq.
                  KOLESAR & LEATHAM, CHTD.
                  400 South Rampart Boulevard, Suite 400
                  Las Vegas, NV 89145
                  Tel: (702) 362-7800
                  Fax: (702) 362-9472

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael Yoder, president and director.

The Debtor failed to incorporate in the petition a list of its 20
largest unsecured creditors.

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



BRAZIL: Truckers' Strike Escalates
EFE News reports that the Brazilian truckers' strike left Rio de
Janeiro all but paralyzed for the fourth consecutive day on
May 24, despite President Michel Temer's proposed truce and
Petrobras' offer to lower fuel prices.

Trucker leaders had said that Petrobras' offer to lower diesel
prices by 10 percent for a period of 15 days was not a solution
and that the strike would go on indefinitely, according to EFE

The protests had spread to 20 Brazilian states, the report notes.

According to the Rio de Janeiro Fuel Retailers Association
(SINDOMB), at least half of the country's gas stations are without
gasoline, diesel or ethanol and in Brasilia and Sao Paulo,
shortages have caused motorists to sit in long lines waiting to
fill up, the report relays.

In the Federal District, LP gas was also in short supply and,
despite the fact that its price has remained stable, hospitals,
jails and malls have been unable to stock up, the report notes.

Airports have also been gravely affected by the strike, as only
nine tanker trucks have arrived at the Brasilia airport -- well
short of the 20 required each day to provision the airplane fleet
-- while Congonhas airport authorities in Sao Paulo said that they
only have enough fuel to last until May 25.

The fuel shortage has also led to a reduction in public
transportation in several cities, the report relays.

With Petrobras' decision to temporarily lower diesel prices,
however, the government hopes to be able to come to an agreement
with the truckers, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


HONDURAS: To Increase Quality of Specialty Coffees w/ EU Support
EFE News reports that Honduras is seeking to increase the quality
of its specialty coffees with a $5.6 million aid package from the
European Union, the technical director of the Honduran Coffee
Institute (Ihcafe).

"We seek to increase the production of specialty coffee so that
every person who tries it will become an ambassador for Honduran
coffee," Omar Funez said, according to EFE News.

Honduras' specialty coffees depend on the different "varieties,
soil conditions and the climate," but "quality is sometimes lost
due to processing and drying," he said, the report notes.

According to Mr. Funez, however, a lot has been done in Honduras
to improve coffee drying infrastructure as well as wet and dry
processing by means of the EU Progresa program, which provides aid
to 8,000 small coffee growers, the report relays.

Some 100,000 families currently grow coffee in Honduras, helping
the country earn more than $450 million from coffee exports in
2016-2017, according to estimates made by Ihcafe, the report

The report discloses that Mr. Funez attended a specialty coffees
event along with EU representative Andrea Masarelli and small
coffee growers from the eastern province of El Paraiso.

Mr. Funez said that the EU is a "good partner" to increase the
production of specialty coffees in the highlands of El Paraiso,
the report notes.

He added that Honduras produces more than a dozen varieties of
specialty coffees, including the Parainema, Lempira, Catuai and
Caturra varieties, the report relays.

Honduras is the largest exporter of coffee in Central America and
the fourth largest exporter in the world, behind Brazil, Colombia
and Vietnam, Ms. Masarelli told EFE.


BAC INTERNATIONAL: S&P Affirms 'BB+/B' ICRs, Outlook Stable
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term
issuer credit ratings on BAC International Bank Inc. (BIB) and its
core subsidiary Credomatic International Corp. (CIC). The stable
outlook reflects that on its parent Banco de Bogota, given BIB and
CIC's core status to the parent. BIB's SACP remained 'bbb-'.

S&P said, "Our ratings on BIB reflect its leading market position
in Central America on a consolidated basis and its sound business
stability, supported by a large and well-diversified customer
base. The ratings also reflect our projected RAC ratio of 6.5%, on
average, over the next two years, underpinned by solid internal
capital generation and a conservative dividend payout policy.
Moreover, its stable asset quality and highly diversified loan
portfolio (location and sector) support our risk position
assessment. Finally, we take into account the bank's large retail
deposit base, well-managed liquidity sources, and manageable
short-term obligations.

"The stable outlook on BIB and its subsidiary CIC mirrors that on
the parent Banco de Bogota. The outlook also reflects, over the
next 12 months, our expectation that BIB will maintain its strong
presence and leadership in Central America in terms of loans and
deposits. Additionally, we believe that its profitable operations
and its heavy geographic diversification strategy will help it to
maintain its business stability, despite economic challenges in
the region. We expect BIB and CIC to maintain their core status to
BdeB in the future. BIB, on a consolidated basis, continues to
account for a great portion of its parent's earnings and capital,
and the group continues to view it as a fundamental subsidiary for
its future strategy. In that regard, the ratings on BIB and CIC
will move in tandem with those on the parent."

MEXICO: Expert Warns of Renewable Energy Limitations
Latinx Today reports that the massive use of fossil fuels has led
humans to an "energy abyss," which will not be easily remedied due
to the limitations of renewable energies, expert Edgar Ocampo said
at the National Autonomous University of Mexico (UNAM).

Mr. Ocampo, a UNAM researcher, said during a conference that the
technical and physical limitations of renewable energies will make
it hard to solve the problem of the depletion of natural
resources, according to Latinx Today.

The report notes that Mr. Ocampo also spoke of the challenges
involved in transforming the current energy system into a system
based on green energies, as "in every energy transition, one type
of energy does not completely replace the previous one. Renewables
will not substitute fossil fuels."

This is due to the exorbitant quantity of oil that is used every
day -- some 90 million barrels -- and to the fact that the world
remains dependent on fossil fuels for roughly 80 percent of its
energy, the expert said, the report notes.

According to Mr. Ocampo, replacing these enormous quantities of
energy with solar and wind power is an enormous challenge, the
report relays.

The researcher mentioned Germany as one of the countries that is
leading the renewable energy transition, having set as a goal in
the year 2000 to have renewables represent 18 percent of its
energy consumption by 2020, the report discloses.

However, only 13 percent of Germany's energy is currently from
renewable sources, Mr. Ocampo said, the report notes.

According to the scientist, the renewable energy potential -- from
water, wind, solar, and geothermic sources -- in Mexico would be
383 terawatt-hours per year, meaning that an additional 600
terawatt-hours would be needed, the report adds.

P U E R T O    R I C O

JML INVESTMENT: Oriental Bank Prohibits Cash Collateral Use
Oriental Bank asks the U.S. Bankruptcy Court for the District of
Puerto Rico to prohibit JML Investment, Inc., from using cash
collateral and require the Debtor to segregate any and all funds
received by the Debtor that are part of the rental income.

Prior to the Petition Date, the Debtor and Oriental Bank entered
into a number of credit relationships pursuant to which the Debtor
provided as collateral to Oriental Bank assets including, among
others, the Debtor's rent income of several spaces located at #58
Betances Avenue, Hermanas Davila, Bayamon, Puerto Rico.. The
Oriental Bank's collateral consists of a security interest in all
rents present and future at said premises.

Oriental Bank's lien extends to property (specifically rental
income) of the Debtor acquired before the commencement of the case
and to proceeds, products, offspring, or profits of such property,
acquired by the estate after the commencement of the case to the
extent provided by the security agreement executed by Oriental
Bank and the Debtor.

Oriental Bank does not consent to the use of cash collateral.

Attorney for Oriental Bank:

               William Santiago-Sastre, Esq.
               De Diego Law Offices, PSC
               PO Box 79552
               Carolina, Puerto Rico 00984-9552
               Tel: 787-622-3942
               Fax: 787- 622-3941

                       About JML Investment

JML Investment, Inc., is a privately held company in Bayamon,
Puerto Rico.  The Company is a small business Debtor as defined in
11 U.S.C. Section 101(51D).

JML Investment filed a Chapter 11 petition (Bankr. D.P.R. Case No.
18-01881), on April 8, 2018.  In the petition signed by Jose
Sabater, authorized, the Debtor estimated assets and liabilities
$1 million to $10 million.  Gilbert Lopez-Delgado, Esq., at Lopez
Delgado Law Office, is the Debtor's counsel.

PEDRO LOPEZ MUNOZ: Proposes Sale of Cabo Rojo Property for $550K
Pedro Lopez Munoz asks the U.S. Bankruptcy Court for the District
of Puerto Rico to authorize the sale of the lot of land described
as Property Num. 26,845, registered at page No. 72, of Vol. 800 in
Cabo Rojo, of the San German Property Registry, to Dr. Hector
Donato Cruz and Sra. Erika Serrano Melendez for $550,000.

Objections, if any, must be filed within 21 days after service of

The Debtor listed in its Schedules an interest in the Property
with a value of $600,000.  It has an area of approximately 322,89
square meters.

The Debtor listed Banco Popular as a creditor with a secured claim
over the Property in the amount of $241,847.  The equity on the
property was claimed as "exempted."  Nevertheless, the Debtor
intends to use all or some of the proceeds of the sale of the
Property to fund the Plan of Reorganization.

The Debtor has identified the Purchasers as the potential buyers
for the Property in the amount of $550,000.  They have entered
into the Purchase Option Agreement.  The transfer of the Property
will be free and clear of liens under the provisions of 11 USC
363, and exempt from the payment of taxes, stamps and vouchers,
pursuant to the provisions of 11 USC 1146, if the transaction for
some reason is delayed and takes place under the Plan of
Reorganization.  This Purchase Option Agreement will expire 90
days from the date of the Agreement.

The Debtor submits recent appraisal for the property performed by
Mr. Hamid R. A. Gonzalez Silva, Esq., SRA, MIE.  The indicated
value by sales comparison approach was $550,000.  That is the same
amount that the Purchasers have offered for the Property.

Each of the parties to the sale will assume its own payment of
expenses under the provisions of the Notary Law of Puerto Rico.
The Property, as of the date, has no property tax debt.

The Home Owner Association' fees owed and pending are those fees
for May 2018.  The Debtor will continue to pay the monthly fees
until the date of the sale.

Banco Popular de Puerto Rico has filed a claim over the property
in the amount of $362,537.  The Debtor has continued to make
payments on the property and any amounts owed over this secured
claim will be paid from the proceeds of the sale.  The remaining
proceeds from the sale of the property will be used to fund the
Plan of Reorganization.

A copy of the Agreement attached to the Motion is available for
free at:

The Creditor:

          P.O. Box 13706
          San Juan, PR 00908-3736

Pedro Lopez-Munoz filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 13-08171) on Oct. 1, 2013.


VENEZUELA: Maduro Orders Soldiers to Swear Loyalty
EFE News reports that the Venezuelan President ordered the armed
forces to sign a "loyalty" document after several soldiers were
found to have allegedly tried to engage in a conspiracy to hinder
the presidential elections on May 20.

"I have ordered (the military) to take the oath and turn it into a
document to be signed by the entire National Bolivarian Armed
Forces (FANB) in order to carry out a process of remoralization,
reactivation of the moral and ideological values of each officer,"
Nicolas Maduro said, according to EFE News.

Accompanied by military leaders, President Maduro made the
announcement in a speech in front of several units of cadets from
military schools in a military parade celebrating his re-election,
the report notes.

During the ceremony, President Maduro also offered more details of
the alleged "conspiracy", which he said was financed and directed
by Colombia and promoted by the US government to divide the FANB
and "try at the time to suspend the May 20 elections," the report

The newly re-elected president said that this movement has been
"dismembered" and that "all those responsible for selling and
giving themselves to traitors are convicted and confessed," the
report discloses.

President Maduro noted that since the FANB is an organization
rooted in "Chavista" and "Bolivarian" ideologies, "no vestige of
colonialism or neocolonialism is accepted here," adding "it is an
anti-imperialist armed force," the report notes.

"I demand maximum loyalty to the FANB, maximum loyalty to the
Constitution," he said, the report relays.

Earlier, the president said before the ruling National Constituent
Assembly, where he was sworn in as president, that several
"conspirators" linked to the US embassy in Venezuela and the
Colombian government had been caught, the report discloses.

The Venezuelan president also expelled the US Charge d'Affaires in
Caracas, Todd Robinson, from Venezuela and accused him of
conspiring against the Maduro-led Bolivarian revolution and the
elections, the report relays.

Neither Colombia nor the US recognize the elections as legitimate
as the Venezuelan opposition coalition chose not to participate
because they considered them fraudulent, the report notes.

According to the National Electoral Council, the May 20 poll had
the lowest voter turnout rate in the history of the country, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.

VENEZUELA Maduro Regime Anxiety Ups as More Soldiers Rounded Up
Carlos Camacho at The Latin American Herald reports that embattled
Venezuelan head of state Nicolas Maduro wants dialogue after his
disputed win on the internationally rejected elections.  While the
dialogue table is readied however, military officers are being
arrested by the dozen, independent news media threatened and
diplomats expelled, according to The Latin American Herald.

In Cuban style, President Maduro is having more people arrested
while offering to release some 338 political prisoners already in
custody, the report notes.

"Seventeen military officers are confirmed arrested," the head of
local human-rights NGO "Foro Penal" Gonzalo Himiob said during a
Periscope broadcast, the report notes.  "But there could be up to
60 arrested, total," he said, he added.

The numbers do not lie: The political repression that started in
earnest in May 2014 -- after Maduro had been in office for only 9
months and was meeting violent street protests -- is, unbelievably
and contrary to all promises by himself and his government,
actually getting worse, the report discloses.

The report relays that President Maduro clearly does not see the
contradiction, but rather very much dwells and revels in it:
during a public speech he talked about dialogue and reconciliation
in magnanimous, life-forgiving tones, while the vast machinery of
the state intelligence apparatus was grinding away, eliminating
foes, according to "Foro Penal" and the political opposition.

And while President Maduro couldn't bring himself to utter the
words "political prisoners" during his speech, Mr. Himiob says the
elephant in the room needs to be talked about, the report relays.
"It is the obligation of the State to recognize that there is
prison and persecution for political issues.  This is not a gift,
don't let yourselves be fooled," the lawyer said, the report

Let's not forget this is the same man who danced salsa on live
television with his wife ("First Combatant" Cilia Flores) every
time a demonstrator was killed by security forces in 2014 and
2017, as detailed by Mexican magazine "Letras Libres," the report

The monthly tally of political prisoners by Foro Penal, which is
certified by the Organization of American States, grows almost
every month and it is now at its highest since records started
being kept, the report notes.  You need to forego the entire
democratic period (1958-1998) and dive into the annals of the
Marcos Perez Jimenez, perhaps even Juan Vicente Gomez military
dictatorships in order to come up with numbers for a period of
Venezuelan life were there were several hundred political
prisoners at one given moment, the report relays.

"In these hours, when the regime savages valiant officers and
soldiers of our National Armed Force, I ratify to you that you are
not alone.  Venezuela and the democratic world support you,"
opposition politician Maria Corina Machado tweeted, the report

As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.


* BOND PRICING: For the Week From May 21 to May 25, 2018

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD


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


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.

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