/raid1/www/Hosts/bankrupt/TCRLA_Public/180606.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

               Wednesday, June 6, 2018, Vol. 19, No. 111


                            Headlines



B R A Z I L

BRAZIL REALTY: Moody's Rates 1st Series of 8th Issue Certs 'Ba2'


C O L O M B I A

* COLOMBIA: Must Choose Between Peace And War, VP Hopeful Says


C O S T A   R I C A

FRONTERA ENERGY: Fitch Rates USD500M Notes 'B+(EXP)'/'RR4'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: AIRD to Focus on Sustainable Mining


G U A T E M A L A

GUATEMALA: Death Toll at 65 After Deadly Volcanic Eruption


P U E R T O    R I C O

HOGAR CARINO: Plan Discloses Surrender of $445K Collateral to SDPR
PR GOLD BOND: June 20 Hearing on Plan and Disclosures
SPANISH BROADCASTING: Renews CEO's Contract for Another 4 Years


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Should Adopt Standard for Poultry, Pres. Says


V E N E Z U E L A

VENEZUELA: President Maduro Pardons Country's Political Prisoners
VENEZUELA: Oil Price Stumbles Entering June


                            - - - - -

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B R A Z I L
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BRAZIL REALTY: Moody's Rates 1st Series of 8th Issue Certs 'Ba2'
----------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Ba2
(Global Scale, Local Currency) and Aa3.br (National Scale) to the
1st Series of the eighth issuance of real estate certificates
("certificados de recebiveis imobiliarios" or CRI) issued by
Brazil Realty Companhia Securitizadora de Creditos Imobiliarios
and backed by one series of debentures issued by Cyrela Brazil
Realty S.A. Empreend E Participacoes (Cyrela). Cyrela will invest
the issuance proceeds in real estate projects defined according to
the transaction documents.

Issuer: Brazil Realty Companhia Securitizadora de Creditos
        Imobiliarios

  1st series, 8th issuance -- assigned Ba2 (Global Scale, Local
                              Currency)/Aa3.br (National Scale)

RATINGS RATIONALE

The Ba2 (Global Scale, Local Currency) and Aa3.br (National Scale)
ratings assigned to the CRI are primarily based on the willingness
and ability of Cyrela (as debtor) to honor the payments defined in
transaction documents, as reflected in the Ba2/Aa3.br senior
unsecured ratings of the underlying debenture backing the CRI
issuance. Any change in the ratings of the debentures will lead to
a change in the ratings of the CRI.

The certificates will be backed by a real estate credit note
("cedula de credito imobiliario" or CCI), which in turn is backed
by the debentures issued by Cyrela. The underlying debentures are
rated Ba2 (Global Scale, Local Currency) and Aa3.br (National
Scale). Cyrela is also responsible for covering any transaction
expenses.

The 1st series of CRI are floating rate notes, indexed to a
percentage of DI (interbank deposit rate) of 102%. Investors will
receive interest payments semi-annually and principal will be paid
in months 25, 37 and 49, which is the expected legal final
maturity in 2022.

The issuance total value is up to BRL 405 million.

The definitive ratings on the CRI are based on a number of
factors, among them the following:

  - The willingness and ability of Cyrela to make payments on the
    underlying debentures, rated Ba2/Aa3.br. Cyrela is therefore
    ultimately responsible for making timely principal and
    interest payments on the debentures backing the CRI.

  - Pass through structure; interest risk mitigated: The payment
    schedule of the CRI replicates the scheduled cash flow of the
    underlying debentures, with a one-day lag, which allows
    adequate timing to make payments under the CRI. The CRI
    payments will match payments on the underlying debentures. The
    floating rate of DI to be paid under the CRI will be
    determined using the same DI period under the underlying
    debenture. To mitigate the risk of the additional one day of
    interest for the first interest payment, the debentures will
    incorporate one extra day of interest accrual.

  - Cyrela is ultimately responsible for the transaction expenses:
    Cyrela will be responsible, under the transaction documents,
    for all expenses.

  - No commingling risk: Cyrela commits to make the payments due
    on the debentures directly to the segregated account in name
    of the securitization company, held at Itau Unibanco S.A. (Ba2
    stable).

Headquartered in Sao Paulo, Brazil, and founded in 1962, Cyrela is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels and geographic regions. Primarily focused
on the high-income segment, the company has also been developing
projects for the middle-income segment through the Living brand
since 2006. The company has around 89 construction sites. During
2017, Cyrela had net revenues of BRL 2.7 billion and net losses of
BRL95 million, mainly related to non-cash provision.

The Ba2 /Aa3.br senior unsecured ratings of the debentures that
backs the CRI reflects Cyrela's solid position in the Brazilian
homebuilding market, with a strong brand name, good
diversification in terms of product offerings and experienced
management team. Additional credit positives include the company's
still-adequate operating performance even in adverse market
conditions, good liquidity and low leverage. At the same time, a
slow and gradual recovery in Brazil's homebuilding industry will
likely translate into more soft revenue and lower new housing
start growth rates, and reduced business opportunities, which will
keep Cyrela's operating performance below pre-recession levels at
least until year-end 2018. Another credit concern is Cyrela's
long-term receivables from finished units, which expose the
company to client delinquency risk.

Cyrela holds a near 100% stake in Brazil Realty Companhia
Securitizadora, a fully controlled subsidiary incorporated in
2004, whose first issuance occurred in 2011. Brazil Realty has
issued approximately BRL1.43 billion of CRI to date, including
this transaction.

Factors that would lead to an upgrade or downgrade of the ratings:

Any changes in the senior unsecured ratings of the underlying
debentures will lead to a change in the ratings on the CRI.



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


* COLOMBIA: Must Choose Between Peace And War, VP Hopeful Says
--------------------------------------------------------------
Alianza News reports that Colombia must choose between peace and
war in the upcoming elections, according to the running mate of
leftist presidential candidate Gustavo Petro.

"What's coming to Colombia once again is a vote for war or for
peace," Angela Maria Robledo told EFE in an interview about the
June 17 runoff, in which Petro faces right-winger Ivan Duque,
according to Alianza News.

In such a situation, Ms. Robledo advocates peace with
reconciliation and appealed to the grand alliance with other
political movements, which on May 27 won the vote of what she
calls "free citizens," the report relays.

"We won almost 5 million votes, which for us is a historic result.
So was the vote for (center-left aspirant Sergio) Mr. Fajardo, who
got almost 10 million votes from free citizens, free of the
political machine, corruption and traditional parties," she said,
the report notes.

In that first round, Mr. Duque obtained 7.5 million votes against
the 4.8 million for Petro and 4.5 million for Fajardo, the report
relays.

The report discloses that she believes that these forces have a
lot in common, as well as with those voting for Liberal candidate
Humberto de la Calle, which is why she doesn't understand why both
Fajardo and the man who negotiated peace with the FARC rebels are
urging their supporters to cast blank ballots in the runoff.

"We believe that what appeared was a vote of free citizens, a vote
of conscience, an all-important vote, and with it we can take on
Ivan Duque," Ms. Robledo said, the report notes.

Whoever Colombians vote for next June 17, for the first time in
the nation's history a woman will occupy the vice presidency, as
Duque's running mate is also female, the report says.

The report relays that Ms. Robledo said that she and Marta Lucia
Ramirez embody "two very different political tendencies."

"Ramirez is a very rational woman, who has had a very interesting
position in public life, but for her there are first-, second- and
third-class citizens.  She is also accompanied by a man like
(former prosecutor Alejandro) Ordonez, a homophobic womanizer who
doesn't see the Constitution as our guide," Ms. Robledo said of
her political rival, the report notes.

As for herself, Ms. Robledo believes she represents an
alternative, given that she is "a feminist who for many decades
has worked on behalf of women's rights, not just for feminists but
for all women, for mothers and for the aged, the report relays.

"In Congress I was a staunch defender of women's rights and I'm a
woman of peace," Ms. Robledo said of her four years in the lower
house, the report adds.



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C O S T A   R I C A
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FRONTERA ENERGY: Fitch Rates USD500M Notes 'B+(EXP)'/'RR4'
----------------------------------------------------------
Fitch Ratings has assigned a 'B+(EXP)'/'RR4' rating to Frontera
Energy Corporation's proposed USD500 million senior unsecured bond
issuance. Proceeds of the issuance are expected to be used to
repay the company's existing USD250 million debtor-in-possession
(DIP) financing. The balance will be used to fund Frontera's
capital intensive investment program.

KEY RATING DRIVERS

Reserve Concentration: Frontera's production and reserves are
concentrated in a few blocks, most of which are in Colombia, and
its reserve life is short, with 1P reserves of 4.5 years and 2P
reserves of six years. The company's reduced investment capacity
due to the low price environment has forced it to curtail its
investments international assets, Fitch expects that Frontera's
concentration in Colombia could increase. The company's most
important properties are in Colombia, and the country accounted
for approximately 95% of its proved reserves. This limited
diversification exposes it to operational as well as economical
risks associated with small scale operations. As of December 2017,
it had net 1P and net proved and probable (2P) reserves of
approximately 115 million and 154 million bbls.

Pressured FCF: Fitch expects Frontera's free cash flow to remain
pressured in the near term given robust capex requirements to
replenish reserves. A temporary slowdown in capex in 2017 resulted
in positive FCF of USD110 million for the year. Through the next
three years, however, Fitch expects consistently negative FCF as
Frontera implements a significant exploration and development plan
aimed at improving its reserve life and production profile. Higher
international oil prices should help reduce cash drain.

Slowly Improving Production Profile: In the medium term, Fitch
expects Frontera's net production to recover to around 75 thousand
barrels of oil equivalent per day (boe/d) from a peak of
approximately 150,000 boe/d reported prior to the expiration of
its main concession. The decrease in production is the result of
both the expiration of the Piriri-Rubiales concession in mid-2016
as well as contraction in investment that resulted from the
decline in oil price. The updated production prospects constrain
the company's rating to the 'B' category given the inherent
operational risks associated with a small scale oil and gas
production profile. Frontera's average production in 2017
decreased by approximately 12% to 70.1 thousand boe/d from 2016
production of 79.7 thousand boe/d, excluding Piriri-Rubiales
production.

Average Production and Replacement Costs: Frontera's competitive
position is considered average for the oil and gas industry and
the company's production costs are expected to marginally increase
from recently reported numbers as a result of the expected decline
in production and increase importance of production from frontier
fields. During 2017, Frontera's operating costs increased to
approximately USD26.1/boe from approximately USD23.6/boe yoy.
Going forward Fitch expects Frontera's operating costs to increase
close to historical levels, primarily as a result of smaller scale
of production as well as the loss of the Piriri-Rubiales
production, which lowered the company's average operating costs.

Improved Capital Structure and Liquidity: The company's capital
structure significantly improved post restructuring as Frontera's
creditors agreed to convert approximately USD5.4 billion of
financial debt into approximately 58% equity interest in the
company. The remaining equity interests is owned by Catalyst
group, which has a 29% interest for USD250 million capital
injection, and by a group of creditors that own 13% of it in
exchange having provided the USD250 million DIP financing.

DERIVATION SUMMARY

Frontera's credit profile compares well among other small
independent oil and gas companies in the region. The ratings for
Frontera (B+/Stable), GeoPark Limited (B+/Stable), Gran Tierra
Energy International Holdings Ltd (B/Stable) and Compania General
de Combustibles S.A. (CGC, B/Negative) are constrained to the 'B'
category given the inherent operational risks associated with
small scale and low diversification of oil and gas production
profile.

Frontera's capital structure and liquidity position after the
reorganization is strong compared to peers in the category. As of
Dec. 31, 2017, the company reported negative net debt, with cash
on hand covering debt by 1.9x resulting in a net leverage of -
0.7x. On the same date, GeoPark's net leverage was 2.2x and cash
on hands cover more than six years of debt repayments while CGC's
net leverage stood at 6.3x and cash on hands covers no more than
four years of debt repayment.

Frontera benefits from its relatively larger production size
comparted to peers. Medium-term production expectation are in
excess of 70,000 boe/d, while GeoPark is expected to report an
average of 27,500 boe/d in 2017 and CGC marginally above 20,000
boe/d. Frontera's size advantage is significantly offset by a
comparatively weak 1P reserve life of 4.5 years. Geopark's reserve
life is 9.5 years, and its lower-rated peers, Gran Tierra and CGC,
have reserve lives of 5.9 years and 6.3 years, respectively.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  -- Fitch's price deck for Brent oil prices of $57.50 on average
     through the midterm;

  -- Average Production of 74 thousand boed until 2022;

  -- Production costs averaging USD31/barrel;

  -- Average annual Capex of USD430 million.

KEY RECOVERY RATING ASSUMPTIONS

  -- The recovery analysis assumes that Frontera would be
     liquidated in bankruptcy;

  -- Fitch has assumed a 10% administrative claim.

Liquidation Approach

  -- The liquidation estimate reflects Fitch's view of the value
     of inventory and other assets that could be realized in a
     reorganization and distributed to creditors;

  -- The 50% advance rate is typical of inventory liquidations for
     the oil and gas industry;

  -- The USD10 per barrel reflects the typical valuation of recent
     reorganizations in the oil and gas industry. The waterfall
     results in a 100% recovery corresponding to 'RR1' recovery
     for the senior secured notes (USD250 million). The Recovery
     Rating is, however, limited to 'RR4' due to the soft cap for
     Colombia.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

  -- Sustained conservative capital structure with leverage below
     2.0x and investment discipline;

  -- Increase production size on a sustained basis above 75,000
     boe/d, 1P Reserve life closer to 10 years, and a sustainable
     strategy for maintaining reserve replacement at that level;

  -- Increase in the company's asset diversification.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

  -- Deterioration of liquidity as a result of either more
     aggressive than expected investments or dividend distribution
     after current restrictions are lifted;

  -- A reduction in the reserve replacement ratio that leads to
     proved reserve life below 4.0 years.

LIQUIDITY

Strong Liquidity: Fitch views the company's liquidity position as
strong supported by cash on hand and manageable debt amortization
profile. As of December 2017, Frontera reported USD511 million of
cash on hand against post restructuring debt of USD250 million
senior secured notes due 2021 and capital leases of USD19 million.

Fitch expects negative to neutral FCF through the medium term, as
Frontera executes on its exploration program. Fitch estimates
total capex of approximately USD2 billion over the next four
years.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

Frontera Energy Corporation

  -- Senior unsecured notes 'B+(EXP)'/'RR4'.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: AIRD to Focus on Sustainable Mining
-------------------------------------------------------
Dominican Today reports that when analyzing social and
environmental sustainability and mining extraction processes,
modern mining practices must take into account all the necessary
parameters of environmental and labor protection and strengthening
the contribution and cooperation from nearby communities,
Dominican Industries Association (AIRD) vice president Circe
Almanzar said.

Ms. Almanzar disclosed the breakfast, "Industrial Actions that
Transform" to address the Barrick-Pueblo Viejo case, set for June
14 in AIRD's offices, starting 8:00 a.m., according to Dominican
Republic.

Ms. Almanzar affirmed that the technological innovation processes
are evident today and even many of the environmental
sustainability aspects depend on mining extraction methods, the
report notes.

The report relays that Ms. Almanzar said that in Barrick Pueblo
Viejo's case, the mining company has "complied excessively with
its environmental obligations," even assuming the remediation of
negative impacts left by previous operations and guaranteeing the
sustainable extraction of minerals.

                  First Woman Miner CEO

She stressed that the event's guest lecturer will be Barrick
Pueblo Viejo Corp. CEO Juana Barcelo, the first woman to head a
mining company in the Dominican Republic, and the first in the
Canada-based multinational, the report discloses.

Ms. Barcelo, a Barrick stakeholder, joined the company in 2009 as
Pueblo Viejo legal director, after having worked as a legal
consultant for the mining project since its initial phase in 2003,
when the operator was still Placer Dome, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.



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G U A T E M A L A
==================


GUATEMALA: Death Toll at 65 After Deadly Volcanic Eruption
-----------------------------------------------------------
Malaysian Digest reports that Guatemalan authorities raised the
death toll to 65 in the eruption of the Volcan del Fuego, located
about 50 kilometres (31 miles) west of the country's capital.

National Disaster Reduction Coordinator spokesman David de Leon
said that official figures are that 46 people have been injured,
although the number of people being housed in shelters has risen
to 1,877 in the provinces most affected by the eruption, and
declared to be disaster areas: Sacatepequez, Escuintla and
Chimaltenango, according to Malaysian Digest.

The report notes that Mr. De Leon said that 3,271 people have been
evacuated from the vicinity of the fire mountain, which began
erupting on June 3, belching out a deadly pyroclastic flow
consisting of sand, ash and smoke mixed with lava.

The ash cloud from the volcano has spread more than 260 kilometres
(161 miles) from the site, affecting more than 1.7 million people,
the report relays.

President Jimmy Morales, accompanied by first lady Patricia
Marroquin, made a tour of the community of El Rodeo in southern
Escuintla province, one of the areas hardest hit by the eruption,
with its subsequent ashfall and pyroclastic flows, the report
says.

Bringing a message of unity, Mr. Morales said that his government
has enough food to take care of those affected and that it will
deal with the emergency, the report discloses.

Mr. Morales issued a call for calm and also called upon his fellow
citizens for "patience," adding that army mobile mess units have
been deployed to provide hot food to those who have been affected
and noting that there is sufficient potable water for everyone,
along with other provisions to see them through the emergency
period, the report relays.

Army brigades are continuing to search for the missing, clearing
tons of rocks, sand and ash spewed out by the volcano, the report
notes.

Just in Escuintla, the Conred disaster management agency has
opened 11 shelters to attend to people who have lost their homes,
the report says.

The report discloses that Mr. Morales announced in El Rodeo that
he had spoken directly with his counterparts in Panama, Costa
Rica, El Salvador and Honduras and all of them had offered their
full support to Guatemala in the emergency.

The governments of Israel, Colombia and the US, among others, have
also offered aid to Guatemala, the report says.

Homes, vehicles, animals and presumably an unknown number of
people remain buried in the ash and rubble that the volcano has
emitted, the report notes.

The Volcan del Fuego rises 3,763 meters (more than 12,340 feet)
high and is the most active of Guatemala's 32 volcanoes, the
report relays.

Authorities temporarily closed the capital's La Aurora airport due
to the heavy fall of ash in the area but now that cleaning
brigades have removed that ash from the runway it has reopened for
international flights, the report notes.

The Insivumeh national volcanology institute says that the fire
mountain has returned to near normal, although it is still
experiencing moderate explosions and a new eruption cannot be
ruled out, the report adds.



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


HOGAR CARINO: Plan Discloses Surrender of $445K Collateral to SDPR
------------------------------------------------------------------
Hogar Carino, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico an amended plan of reorganization dated
May 14, 2018.

Class 2 under the amended plan consists of all secured claims or
portions of claims to date filed. The expected amount allowed in
these claims is $360.108.69. Secured claim #5 by the Internal
Revenue Services will be paid in full. For Claim # 2 by Scotiabank
de Puerto Rico, Debtor is surrendering its collateral appraised at
$455,000; Stay was Lifted in favor of Scotiabank related to Claim
#2, any unsecured portion will be paid as unsecured claim. Copy of
said appraisal has been provided to Scotiabank; Claim #4 by CRIM
will be paid in full.

The previous version of the plan provided that Claim #2 by Scotia
Bank de Puerto Rico will be paid the value of the collateral
estimated at $200,000.

The plan will be funded by cash on hand, funds to be obtained from
the operation of debtor's business Hogar Carino I and Hogar Carino
II, new income from the increase of the operation of the Elderly
Care facilities (Carino I & II) with an estimate increase capacity
of 40 patients. Future income from savings on reduction of
operational expenses maintaining and increasing the services to
customers, revising the monthly rates will be use also for the
payment plan.

A copy of the Amended Plan is available at:

    http://bankrupt.com/misc/prb17-02648-11-103.pdf

                      About Hogar Carino

Hogar Carino, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 17-02648) on April 18, 2017.  In the petition
signed by Elizabeth Noemi Pardo Rivera, vice president, the Debtor
disclosed total assets of $516,698 and total liabilities of $1.54
million.  The Hon. Brian K. Tester presides over the case.  The
Law Office of Luis D. Flores Gonzalez is counsel to the Debtor.


PR GOLD BOND: June 20 Hearing on Plan and Disclosures
-----------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico conditionally approved PR Gold Bond
Administration Services Inc.'s disclosure statement filed on May
23, 2018.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on June 20, 2018
at 09:00 A.M. at the U.S. Bankruptcy Court, Jose V. Toledo U.S.
Post Office and Courthouse Building, 300 Recinto Sur Street,
Courtroom 3, Third Floor, San Juan, Puerto Rico.

As of May 23, general unsecured creditors have been claimed in the
amount of $1,033,314.70.  The Debtor's Schedule F listed the
amount of $123,000 as unsecured debts.  The Debtor proposes to pay
general unsecured creditors 5% of the unsecured portion, on
monthly installments, within a period not to exceed 60 months.

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

        http://bankrupt.com/misc/prb17-06052-52.pdf

        About PR Gold Bond Administration Services

Based in Bayamon, Puerto Rico, PR Gold Bond Administration
Services Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.
17-06052) on August 28, 2017.  Luis D. Flores Gonzalez, Esq.  at
Luis D Flores Gonzalez Law Office represents the Debtor as legal
counsel.

At the time of filing, the Debtor estimated less than $50,000 in
assets and $100,001 to $500,000 in liabilities.


SPANISH BROADCASTING: Renews CEO's Contract for Another 4 Years
---------------------------------------------------------------
Spanish Broadcasting System, Inc., renewed its employment
agreement with Raul Alarcon, its chairman of the Board of
Directors of the Company, chief executive officer and president.
The Employment Agreement replaces and supersedes an employment
agreement between the Company and Mr. Alarcon that was entered
into on June 5, 2014.

Under the Employment Agreement, Mr. Alarcon will continue to serve
as chairman of the Board, chief executive officer and president.
The Employment Agreement is deemed to be effective as of May 29,
2018 and continues through Dec. 31, 2022.  The Employment
Agreement automatically renews for one successive three-year term
until Dec. 31, 2025 unless either party notifies the other that it
will not renew the Employment Agreement.  After Dec. 31, 2025, the
Employment Agreement automatically renews for successive one-year
terms unless sooner terminated pursuant to the terms of the
Employment Agreement.

Under the Employment Agreement, Mr. Alarcon is entitled to receive
an annual base salary of $1,750,000.  Mr. Alarcon can also earn an
annual performance bonus of up to $750,000 based on the Company's
achieving a certain level of earnings before interest, taxes,
depreciation and amortization and a discretionary bonus as
determined by the Compensation Committee of the Board.  The
Employment Agreement provides for a retention bonus equal to
$1,616,668, with $216,668 payable upon execution of the Employment
Agreement and $50,000 per month for 28 months.  Mr. Alarcon is
entitled to participate in all employee benefit plans and
arrangements of the Company, including without limitation, all
life, group insurance and health insurance plans and all
disability, retirement, stock option and other employee benefit
plans of the Company.  Mr. Alarcon is entitled to the use of one
automobile and the services of a driver at the expense of the
Company and reimbursement from the Company for insurance,
maintenance and fuel expenses related thereto.  Mr. Alarcon is
also entitled to life insurance and reimbursement for personal tax
and accounting services and certain legal expenses.

Mr. Alarcon's employment under the Employment Agreement will
terminate: (a) for cause or (b) by reason of Mr. Alarcon's death
or disability.  If Mr. Alarcon's employment is terminated for
cause, the Company will pay his accrued base salary and all other
benefits accrued through the date of termination.  If Mr.
Alarcon's employment is terminated due to his death or disability,
the Company will pay his accrued base salary and all other
benefits accrued through the date of termination and all non-
vested options immediately vest.

Under the terms of the Employment Agreement, Mr. Alarcon has
agreed not to disclose any confidential information concerning the
Company's business.  In addition, Mr. Alarcon has agreed not to
solicit or to interfere with the Company's relationship with any
of the Company's employees or independent contractors or to
interfere with the Company's relationship with any person or
entity with which the Company had any contractual or business
relationship until one year following termination of his
employment.  Furthermore, Mr. Alarcon has agreed not to provide
competing services until one year following termination of his
employment.

                   About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- is a
Spanish-language media and entertainment company with radio and/or
television stations in the top U.S. Hispanic markets, including
Puerto Rico.  Spanish Broadcasting and its subsidiaries own 17
radio stations in the Los Angeles, New York, Puerto Rico, Chicago,
Miami and San Francisco markets.  In addition, the Company owns
and operates six television stations, which operate as one
television operation, branded as "MegaTV."  We also has various
MegaTV broadcasting outlets under affiliation or programming
agreements.

As part of its operating business, the Company produce live
concerts and events and maintain multiple bilingual websites,
including www.LaMusica.com, Mega.tv, various station websites, as
well as the LaMusica mobile app providing content related to Latin
music, entertainment, news and culture.

The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017.  Cash from operations or
the sale of assets was not sufficient to repay the notes when they
became due.  In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations.  These factors raise substantial doubt about its
ability to continue as a going concern.

Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016.  As of Dec. 31, 2018, Spanish
Broadcasting had $435.9 million in total assets, $531.81 million
in total liabilities and a total stockholders' deficit of $95.91
million.

                          *     *     *

In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System.
"We withdrew the ratings because we were unlikely to raise them
from 'D', based on SBS' ongoing plans to restructure its debt,"
said S&P Global Ratings' credit analyst Scott Zari.  S&P had
downgraded SBS to 'D' on April 21, 2017, following the company's
announcement that it didn't repay its $275 million 12.5% senior
secured notes that were due April 15, 2017, as reported by the TCR
on May 25, 2017.

In April 2017, Moody's Investors Service downgraded SBS's
corporate family rating to 'Ca' from 'Caa2'.  SBS's 'Ca' corporate
family rating reflects an elevated expected loss rate following
the default under the company's 12.5% senior secured notes due
April 2017.



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


TRINIDAD & TOBAGO: Should Adopt Standard for Poultry, Pres. Says
----------------------------------------------------------------
Leah Sorias at Trinidad Express reports that President of the
Poultry Association of Trinidad and Tobago, Robin Phillips, has
called for this country to adopt the Caribbean standard for
poultry, to ensure that chicken being imported here is safe to
consume.

Caricom improved the poultry standard since 2012, but T&T never
adopted it, according to Trinidad Express.

"The Caribbean poultry standards require 180 days as the standard
for the period of consumption from date of slaughter," Mr.
Phillips noted, the report notes.

"We are not sure at what stage the chicken that is being imported
into T&T and the wider Caribbean is because there is no mandatory
requirement for the slaughter date to be part of the approval
process," he added, the report relays.



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


VENEZUELA: President Maduro Pardons Country's Political Prisoners
-----------------------------------------------------------------
Malaysian Digest reports that Venezuela's President Nicolas Maduro
said that he has granted pardon to those considered political
prisoners in the country, some of whom have already been released
in recent days as part of a reconciliation process announced by
the government.

"I pardon them.  I believe that pardon is necessary to move
towards a higher state of national spirit," President Maduro said
during a meeting with the authorities of the ruling United
Socialist Party of Venezuela (PSUV) in Caracas, according to
Malaysian Digest.

In President Maduro's opinion, the 80 releases granted over the
last few days "are going in the right direction" and he called for
"the understanding and support of the whole country," the report
notes.

Insisting that they are not political prisoners, President Maduro
claimed that this move is about "measures of benefit and freedom
towards the political actors involved in the violence" and in
acts, he said, that were aimed at overthrowing the Bolivarian
revolution, the report relays.

"To my opponent, to the most violent of all, to the one who went
out to throw stones, who came out with a gun, who were called to
overthrow the government (. . .) and did not succeed because here
I am as president, and as president I say: Let's go to politics,
let's go to peace," he continued, the report relays.

The Venezuelan president also pointed out that 80 percent of the
population supports dialogue, appeasement, reconciliation and
reunification -- the very reasons why his government is pursuing
the measure of granting pardons, the report says.

However, he made clear that "if they go back into violence, they
will return to prison. Again, justice will be applied," the report
adds.

Of the almost 100 releases announced so far by the government,
only 39 correspond to "political prisoners," according to Foro
Penal, the organization that leads the defense of almost 400 cases
of this type in the country, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. Our transfer and convertibility assessment remains at
'CC'.


VENEZUELA: Oil Price Stumbles Entering June
--------------------------------------------
The Latin American Herald reports that the price Venezuela
receives for its mix of medium and heavy oil fell along with world
prices during the week ending June 1.

According to figures released by the Venezuela Ministry of
Petroleum and Mining, the average price of Venezuelan crude sold
by Petroleos de Venezuela S.A. (PDVSA) during the week ending June
1 fell to $66.18, down $2.28 from the previous week's $68.56, the
report notes.

WTI in New York averaged $67.55 -- down $4.09 -- for the week,
while Brent crude traded in London averaged $76.44 -- down $2.74
from the previous week, according to The Latin American Herald.

According to Venezuelan government figures, the average price in
2018 for Venezuela's mix of heavy and medium crude for 2018 is
$60.98, the report says.

Venezuela's average oil price for 2017 was $46.66, up from 2016's
$35.15, the report notes.  It is higher than 2015's $44.65 but
lower than 2014's $88.42, 2013's $98.08, 2012's $103.42 and 2011's
$101.06, 2010's $72.43, the report relays.  The 2009 average was
$57.01.

In 2017, WTI averaged $50.88 -- up from 2016's $43.32 -- while
Brent averaged $54.73 -- up from 2016's $44.98, the report says.

Historically, Venezuela's basket set its highest weekly average
ever on July 18, 2008, when it hit $126.46 before economies around
the world began crashing under the weight of expensive oil, the
report notes.  The recent low was set January 22, 2016, when
Venezuela's basket averaged just $21.63, the report says.

The United States is the largest importer of Venezuela's oil
exports.

According to the US Department of Energy, Venezuela is the third-
largest supplier of imported crude oil and petroleum products to
the United States, though U.S. imports from Venezuela have been on
an overall decline in recent years, the report notes.

In 2016, the United States imported an average of 797,000 barrels
per day of crude oil and petroleum products from Venezuela, a
decline of 49% from a decade earlier, the report discloses.  As
Venezuela's crude production continued to collapse, by February of
2018, Venezuela was exporting just 472,000 bpd to the U.S.A.,
falling from the third largest supplier of crude to the U.S. to
6th, the report says.

Venezuela sends a large share of its oil exports to the United
States because of the proximity and the operation of sophisticated
U.S. Gulf Coast refineries specifically designed to handle heavy
Venezuelan crude, the report relays.

While U.S. imports of primarily crude oil from Venezuela have been
on the decline, U.S. exports of petroleum products to Venezuela
have increased largely because of Venezuela's tight finances that
leave it unable to invest and maintain its own domestic
refineries, the report notes.

Oil is the main export of Venezuela and provides most of the
country's foreign currency, the report points out.

As of 2015, Venezuela had nearly 298 billion barrels of proved oil
reserves -- the largest in the world. The next largest proved oil
reserves are in Saudi Arabia with 268 billion barrels and Canada
with 173 billion barrels, the report recalls.

Venezuela reported to OPEC -- where Venezuela is a founding
member -- that its production had fallen to 1.505 million barrels
per day in April 2018. OPEC calculated Venezuela's April oil
production even lower at 1.436 million bpd, the report relays.

Under 2016's OPEC agreement, Venezuela agreed to cut its
production by 95,000 bpd to 1.972 million bpd, the report recalls.

In 1998, the year prior to Hugo Chavez becoming president,
Venezuela was producing 3.5 million bpd and had plans to increase
that production go 6 to 8 million bpd by 2008, the report notes.
Instead, expropriations, disastrous communist economic policy,
hyperinflation, corruption, and political purges and loyalist
hiring have brought Venezuela's once mighty oil production to just
half of what it was 20 years ago, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. Our transfer and convertibility assessment remains at
'CC'.


                            ***********


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.
.


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