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

               Thursday, June 7, 2018, Vol. 19, No. 112



ARGENTINA: S&P Affirms 'B+/B' Sovereign Credit Ratings


TAKATA CORP: Special Master Launches Airbag Compensation Program
* BRAZIL: More Than Half the Lumber Sold is Illegal, Gov't Says


GUATEMALA: Death Toll from Volcano Eruption Reaches 73


JAMAICA: Could Feel Effects of US Trade Tension


FRONTERA ENERGY: S&P Assigns BB- Rating on $500MM Unsecured Notes
MEXICO: Business Group Concerned About NAFTA Talks

P U E R T O    R I C O

COLONIAL MEDICAL: Seeks Sept. 17 Plan Filing Period Extension
TOYS R US: Bank Debt Trades at 20% Off
VENT ALARM: August 8 Plan Confirmation Hearing


VENEZUELA: Scores Victory as US Fails to Secure Suspension Votes

                            - - - - -


ARGENTINA: S&P Affirms 'B+/B' Sovereign Credit Ratings
S&P Global Ratings, on June 4, 2018, affirmed its 'B+' long-term
sovereign credit ratings on the Republic of Argentina. The outlook
on the long-term ratings remains stable. S&P said, "We also
affirmed our short-term sovereign credit ratings on Argentina at
'B'. At the same time, we affirmed our 'raAA' national-scale
ratings and our transfer and convertibility assessment of 'BB-'."


S&P said, "The stable outlook incorporates our expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. We expect the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. We expect that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

"We could lower the rating within the next 12 months if additional
adverse external shocks, poor economic management, or unexpected
political setbacks undermine the government's ability to
accelerate the pace of economic adjustment and implement
additional austerity policies. The resulting weakening of investor
confidence would have a negative impact on the exchange rate,
inflation dynamics, government debt burden, and economic growth
prospects, leading to a downgrade."

Skillful political and economic management that results in
sustained lower inflation after a spike this year, a reduction in
external vulnerabilities, and a better-than-expected fiscal
consolidation could improve Argentina's weak financial profile,
raise investor confidence, and improve prospects for long-term GDP
growth. It could also raise the predictability of long-term
economic policy-making in a country that has seen sharp changes in
policies following changes in government in the past. Signs of
greater institutional and governance effectiveness, along with
progress in improving Argentina's external and fiscal profile,
could lead to an upgrade over the next 24 months.


The ratings on Argentina reflect its weak fiscal and external
profile, limited monetary flexibility despite greater fluctuation
of the peso, and a growing debt burden, which is predominantly
denominated in foreign currency. They also reflect a moderate
economic risk profile and our assessment of weak institutional and
governance effectiveness.

Argentina's GDP growth prospects and inflation outlook worsened in
the second quarter of 2018 following capital outflows that
contributed to a depreciation of the currency. The central bank
responded to currency pressures by initially selling foreign
exchange reserves and then raising its policy interest rates to
40% from 27% in May 2018 to try to staunch depreciation of the
peso. In addition, the government announced it would seek an IMF
program to bolster access to additional official funding and
reduce uncertainty in and maintain access to financial markets. A
quick policy response is needed to stabilize the economy and
contain pressure on the currency (and on inflation). However, the
recent developments imply a further hit to GDP growth, which was
already constrained by a drought that has hurt farm output, and
contribute to a rise in inflation in 2018.

The ratings on Argentina are constrained by its reliance on
external funding to finance persistent and high fiscal deficits.
S&P said, "We estimate the change in net general government debt
to average above 12% of GDP in 2018-2021, reflecting fiscal
deficits and the hit to the debt level coming from exposure to
foreign currency and indexation to inflation. We expect recent
currency depreciation and higher inflation to boost net general
government debt and interest payments, worsening the sovereign's
debt profile."

Argentina has limited monetary flexibility despite its floating
exchange rate because of its small domestic capital markets and
high inflation rate. Political polarization and institutional
weaknesses constrain the effectiveness of democratic Argentina's
institutions of governance, creating greater uncertainty about the
long-term stability of key economic policies.

Institutional and economic profile: Despite recent improvement in
the quality of economic policies, Argentina has weak political

S&P said, "In our view, political polarization limits the
government's ability to efficiently implement its economic agenda,
especially in the face of recent high inflation and concerns about
the exchange rate. We expect economic growth to slow to 1.5% in
2018, from 2.9 in 2017, and recover gradually to 2% next year. We
expect that the Macri Administration will be successful in largely
implementing economic adjustment measures at a faster pace amid
increased global market volatility." President Mauricio Macri,
leader of the Cambiemos coalition, has been able to govern
effectively and pass important laws despite lacking a majority in
either house of Congress, thanks to support from different
factions of the divided opposition Peronist party. He has been
able to work with Peronist provincial governors (who can influence
their delegations in Congress) to approve far-reaching economic
laws. The opposition remains divided largely between Peronists who
support former President Cristina Kirchner and other factions of
that party that support other leaders. Macri's coalition improved
its standing in 2017 midterm Congressional elections, winning
40.7% of the national votes.

Since coming to office, the Macri Administration has undertaken
substantial steps to stabilize the economy and restore its growth
prospects. It liberalized the exchange rate, reduced and
eliminated export duties and other export barriers, cut energy and
transportation subsidies, and reestablished good ties with
external capital markets. It also focused on economic growth by
removing several microeconomic distortions to improve the
country's overall competitiveness (in the oil and gas and auto
sectors), as well as by starting an ambitious program of public-
private partnerships (PPPs) to attract investment into
infrastructure. Moreover, it passed a far-reaching fiscal
responsibility law to rearrange general government finances, a
pension law, and tax reform. Congress recently approved a new
capital markets law designed to deepen domestic financial markets
and boost lending. The government has begun to make progress over
the last two years in rebuilding the official statistics agency
(INDEC), restoring transparency and credibility to its economic

In contrast with previous attempts in Argentina to stabilize the
economy over the past couple of decades, the Macri Administration
decided to adopt a gradual approach to reducing economic
imbalances that it inherited. However, this gradual approach
prolonged its reliance on external markets and on the central bank
for financing large budget deficits (given the small size of local
capital markets). The government now faces the challenge of
credibly accelerating the pace of economic adjustment in the
coming months to quickly correct inflation dynamics, reduce the
fiscal deficit, and set the stage for a recovery in GDP growth
next year (after a fall in the growth rate in 2018). However, it
will be challenging for the government to implement austerity-
based economic policies ahead of national elections scheduled in
late 2019.

There has been a mild improvement in checks and balances between
institutions and policy predictability in the last three years.
However, the country's political pillars remain weak. Argentina
ranked 116th out of 190 countries in 2017 in the World Bank's
Doing Business indicator and ranked 85th out of 180 countries in
Transparency International's Corruption Perceptions Index.
Argentina has a history of sharp changes in economic policies
after changes of government. Such weaknesses continue to affect
the country's investment climate and long-term growth prospects. A
longer track record of policy continuity, effective
implementation, and adherence to the rule of law would strengthen
its institutional effectiveness.

We expect that Argentina's per capita GDP will be around $12,900
this year, down from $14,500 in 2017, because of depreciation of
the currency. We expect reduced GDP growth of 1.5% this year from
2.9% in 2017, followed by a gradual recovery in 2019 to 2%. The
poor growth in 2018 reflects recent market turbulence and investor
uncertainty, and the impact of a drought that will reduce soybean
output and exports. We expect higher inflation to dampen
consumption and high interest rates to constrain private

Growth is likely to pick up in early 2019 on better economic
stability, a recovery in agriculture, and likely some private-
sector investment in infrastructure (through PPPs). Per capita GDP
is likely to grow only 1% during 2018-2020. Over the long term,
Argentina's trend rate of GDP growth is likely to be 3% (or 2% on
a per capita basis). However, there is more uncertainty about this
estimation than in most countries. Continued growth depends on
maintaining access to external funding (from the market and
official lenders), given the government's high debt burden and the
small capacity of domestic capital markets to fund the fiscal

Flexibility and performance profile:

-- Reliance on external funding for financing large fiscal
    deficits highlights external vulnerability The current account
    deficit is likely to fall to 3.9% of GDP in 2018 from 4.8%
    last year.

-- Argentina will continue to depend on external financing for
    covering much of its fiscal deficit, highlighting
    vulnerability to a shift in global market conditions.

-- S&P estimates the change in general government debt at an
    average of 12% of GDP in 2018-2021.

-- S&P expects inflation to rise to 28% in 2018 and then decline
    below 20% in 2020.

Argentina has very little fiscal and external flexibility. S&P
said, "We estimate its narrow net external debt to current account
receipts at 229% in 2018 and an average of 205% in the next three
years. We expect gross external financing needs to usable reserves
and current account receipts to reach 134% in 2018 and remain
around 130% in the next three years."

The combination of a weaker currency and tighter fiscal and
monetary policy should reduce the current account deficit in 2018
to 3.9% of GDP from 4.8% last year. Weak imports should outweigh
the loss of some agricultural exports this year due to a drought.
The current account deficit could approach 3% of GDP in 2019 and
hover around that level on average over the longer term, with the
trade account close to being in balance. Slow economic growth will
contain imports in 2018 and 2019, especially of capital goods.
Argentina's access to external funding, both official and
commercial, should improve after it enters into a program with the
IMF. The IMF program should provide sufficient official lending,
if needed, to cover all of the government's remaining budget
financing needs in 2018 and for most of 2019.

Argentina's shift toward a floating exchange rate provides some
policy flexibility, albeit limited. From December 2015, the
Argentine peso started to float with no currency restrictions.
However, the central bank has intervened to manage the floating
exchange rate, based in part on concerns about the impact on
inflation (and on the government's debt burden) from sharp changes
in its value. Domestic credit is only 16% of GDP and total bank
assets are only 36% of GDP.

Inflation is likely to rise to 28% in 2018, from 25% last year.
Both core and noncore inflation started to accelerate in the last
quarter of 2017, partly reflecting increases in regulated prices
(such as natural gas, fuel, and public transportation). The
combination of persistently high inflation, expectations about
higher U.S. interest rates, and some lingering uncertainty about
the central bank's willingness to tighten interest rates
contributed to market turbulence in the second quarter of this
year. An outflow of capital led to a depreciation of the currency,
leading the central bank to raise its policy interest rate to 40%.
S&P said, "However, we expect that credible monetary and fiscal
adjustment in the coming months will change inflation dynamics,
resulting in a decline in inflation to 20% in 2019 and substantial
further declines in the next two years. We expect that the central
bank is likely to loosen monetary policy only very gradually after
the recent tightening." Over the long term, tighter monetary
policy, along with fiscal austerity, should boost the credibility
of the central bank and reduce inflation to single digits.

The Macri Administration has taken steps to set the stage for a
more effective monetary policy. It has significantly reduced
central bank financing of the fiscal deficit (the sum of
transitory advances and bank profits transferred to the government
declined to 1.5% of GDP in 2017 from 5% in 2015) and set a clear
mandate for price stability by moving toward inflation targeting.
An overall weak fiscal profile constrains the rating. Currency
depreciation and higher inflation will likely boost net general
government debt to 59% of GDP in 2018 from 51% last year. S&P
expects net general government debt to hover just below 60% of GDP
in the next three years on average. Interest payments are likely
to consume around 10% of general government revenues in the coming
year because of the impact of currency depreciation and, to a
lesser extent, rising global interest rates.

S&P expects the general government to post a deficit below 6% of
GDP in 2018 (down from 7% in 2017), falling below 5% in 2019 and
below 4% in the following year. The central government deficit is
likely to be around 5% of GDP in 2018 and around 4% in the
following year. Much of the burden of fiscal adjustment will fall
on expenditures, mainly capital spending. These projections may
change as the government commits to a faster pace of fiscal
deficit reduction in its planned IMF agreement. The government's
ability to maintain fiscal correction during 2019, an election
year, is crucial to the success of its adjustment program.

The high share of foreign currency debt (68% of total central
government debt at the end of 2017) raises Argentina's fiscal
vulnerability to a sharp adverse movement in the exchange rate, as
happened in May 2018. However, about 48% of the debt stock is held
by government-owned agencies (by the central bank, Banco Nacion,
and others), diminishing the rollover risk. The central government
has already finished almost 80% of its financing for 2018,
providing it with substantial liquidity in the event it cannot
gain access to commercial markets on favorable terms for some
time. S&P's general government debt figures exclude debt issued by
the central bank (called LEBACs).

S&P said, "We view contingent liabilities as being limited,
including those posed by the banking system. We score Argentina as
'8' in our Bank Industry Country Risk Assessment (BICRA), with '1'
being the lowest risk category and '10' the highest. The main
source of credit growth recently has been mortgages. Such lending
will likely decelerate sharply in 2018. Nonbank financial
institutions, as well as nonfinancial public-sector enterprises,
pose a limited contingent liability to the sovereign."

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


  Ratings Affirmed

   Sovereign Credit Rating                B+/Stable/B
   Transfer & Convertibility Assessment   BB-
   Senior Unsecured                       B+


S&P Global Ratings placed its 'BB-' global scale and 'brA+'
national scale ratings on Eletropaulo Metropolitana Eletricidade
de Sao Paulo S.A. (Eletropaulo) on CreditWatch with positive
implications, after the announcement that Enel Americas S.A. (Enel
Americas; BBB/Stable/--) has acquired indirect control of the
company. The transaction is subject to customary conditions,
including approval by the regulator, ANEEL (Agencia Nacional de
Energia Eletrica), and lenders, which S&P expects to take place
over the next few months.

TAKATA CORP: Special Master Launches Airbag Compensation Program
Professor Eric D. Green, Special Master for the Department of
Justice's Takata Airbag Individual Restitution Fund and the
Trustee of the Tort Compensation Trust Fund created in the Takata
bankruptcy cases issued a statement on the defective airbag claims
against the Company:

Takata Defective Airbag Claims

Professor Eric D. Green, the Court-Appointed Special Master of the
Department of Justice's $125 million Takata Individual Restitution
Fund ("IRF") and the Court-Appointed Trustee of the Takata Airbag
Tort Compensation Trust Fund ("TATCTF") created in the Takata
bankruptcy case on May 30 disclosed that he has launched the
compensation program for individuals who suffered personal injury
or wrongful death caused by the rupture or aggressive deployment
of a Takata phase-stabilized ammonium nitrate airbag inflator (a
"Takata Airbag Inflator Defect").  The TATCTF has about $140

There are three types of claims that can be brought by individuals
who suffered injury or wrongful death caused by a Takata Airbag
Inflator Defect: (i) an "IRF Claim" for compensation from the IRF,
the personal injury and wrongful death restitution fund overseen
by the Special Master and established under the Restitution Order
entered by the United States District Court for the Eastern
District of Michigan (the "District Court") on February 27, 2017
in connection with the Department of Justice's criminal case
against Takata, U.S. v. Takata Corporation, Case No. 16-cr-20810
(E.D. Mich.); (ii) a "Trust Claim" against Takata, which must be
resolved through the TATCTF, overseen by the Trustee and
established in connection with Takata's Chapter 11 Plan of
Reorganization (the "Bankruptcy Plan") in the Bankruptcy Court for
the District of Delaware (the "Bankruptcy Court"), and (iii) a
"POEM Claim" against a Participating Original Equipment
Manufacturer (a "POEM;" presently the only POEM is Honda/Acura),
which must be resolved pursuant to the Bankruptcy Plan through the
TATCTF overseen by the Trustee.

Each of these three types of claims has its own eligibility
requirements and each claim type covers only physical injuries and
wrongful death resulting from a Takata Airbag Inflator Defect.
Claims related to injuries or wrongful death caused by other
airbag components -- such as airbag failure to deploy, spontaneous
airbag deployment, crash injuries unrelated to the inflator, or
economic losses unrelated to physical injuries or death -- are not
covered by the three types of claims described above.

Individuals can now access the claim forms, which include detailed
instructions regarding how to file a claim, on the IRF website,, or on the TATCTF website,

Oversight of the Claims Process and Resources for More Information

Professor Green was appointed by the District Court to serve as
the Special Master overseeing IRF Claims and was appointed by the
Bankruptcy Court to serve as the Trustee overseeing Trust Claims
and POEM Claims.

                        About Takata Corp

Japan-based Takata Corporation (TYO:7312) -- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

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

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

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.

PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

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

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

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

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

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

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

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

                        *     *     *

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.

* BRAZIL: More Than Half the Lumber Sold is Illegal, Gov't Says
Alianza News reports that more than 50 percent of the lumber sold
in Brazil comes from illegal sources, according to the estimate
released by the Environment Ministry as part of World Environment
Day observance.

"That's our estimate," Edson Duarte said in a radio interview,
according to Alianza News.

The report notes that the environment minister said that the
Brazilian lumber industry, which plays an important role in
exports, has problems, he believes, because it is suspected of
"being associated with illegal deforestation."

"And nobody wants to be associated with the crime of illegal
deforestation in the Amazon," the report quoted Mr. Duarte as

In that regard, the minister said the government recently launched
a new system of control by inspecting the origin of all the wood
native to Brazil in order to combat the trade and illegal supply
chains that exploit this resource, the report notes.

The government is also keeping watch on the Amazon region by
satellite and through a "tracking system" on the land where all
the lumber that is cut and removed in a legal and authorized
manner is registered, the report relays.

The Brazilian Institute of Environment reported the confiscation
of 3,625 hectares (8,950 acres) and imposed fines worth a total of
BRL24 million (US$6.4 million) on lumber suppliers for deforesting
wooded areas in the west-central state of Mato Grosso, which is in
"an advanced state of regrowth," the report relays.

The Brazilian Amazon lost 6,624 sq. kilometers (2,558 sq. miles)
of woodland between August 2016 and July 2017, an area equivalent
to the Rio de Janeiro metropolitan area, which represents 16
percent less than the area deforested in 2015-2016, according to
official data, the report adds.

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.


GUATEMALA: Death Toll from Volcano Eruption Reaches 73
EFE News reports that the death toll from the eruption of the
Fuego volcano climbed to 73 when a woman admitted to a capital
hospital died of her injuries, Guatemalan authorities said.

A spokesperson for Guatemala City's Roosevelt Hospital said that
19 people who were injured by the eruption were being tended to,
including nine minors, according to EFE News.

The hospital currently is treating 13 people injured in the
eruption, although earlier in the day it transferred two teens to
the Shriners Hospital for children in Galveston, Texas, for
further treatment, the report notes.

Volcan del Fuego, located about 50 km (31 mi) west of this capital
at the confluence of the provinces of Escuintla, Sacatepequez, and
Chimaltenango, erupted, belching out a deadly pyroclastic flow of
sand, ash, and smoke mixed with lava, the report relays.

The spokesperson for Guatemala's National Coordination for
Disaster Reduction, David de Leon, said that search teams are
focusing on finding survivors in the provinces of Escuintla and
Sacatepequez, the report says.

The report discloses that Mr. De Leon said that 46 people were
injured and 1.7 million Guatemalans had been affected by the
eruption, adding that 3,271 people had been evacuated and that
nearly 1,999 of them were in shelters.

Guatemala's National Institute for Seismology, Volcanology,
Meteorology and Hydrology said that moderate explosions had been
recorded at the Fuego volcano, the report relays.

The volcanic cone, which rises 3,763 m (more than 12,340 ft), has
belched out ash and smoke heading west, northwest and north, the
report notes.

The report notes that Mr. De Leon said that the ash and rain could
hamper the search for survivors, the report adds.


JAMAICA: Could Feel Effects of US Trade Tension
RJR News reports that there's prediction that Jamaica will feel
the effects of the escalating trade tension between the United
States and some other major economies.

The forecast has come from Pro-Vice Chancellor for Global Affairs
at the University of the West Indies, Mona, Ambassador Dr. Richard
Bernal, according to RJR News.

The US has caused jitters in the trade world after President
Donald Trump announced that he would proceed with tariffs on
aluminum and steel imports, the report notes.

This has been met by strong criticism from its trade partners,
many of whom have warned of their own trade sanctions, the report

Dr. Bernal gave details of the potential impact on Jamaica while
speaking on Beyond The Headlines, the report relays.

"If certain products are prohibited from entering the US or the
tariffs are very high, it may affected the planned aluminum
smelter in Jamaica because if the owners of the alumina plant
planned to export to the US, they might find that it's not only
Chinese products that may be levied against, but products made by
Chinese firms, regardless of where they are. What has resulted
from this, is that China has very much switched its strategy from
merely exporting to now establishing facilities in other
countries. So it will have some effect on us," Dr. Bernal said,
the report notes.

The report relays that Dr. Bernal has also painted a wider picture
of the ripple effects and the implications for other countries:

"You've already seen that the uncertainty generated since March .
. .  . There has been uncertainty in the international investment
market.  So even before something happened there was already a
slowdown and some uncertainty. Now that they have been put in
place, I suspected global investors are waiting to see if things
will stay in place or if this is a prelude to serious
negotiations," he said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


FRONTERA ENERGY: S&P Assigns BB- Rating on $500MM Unsecured Notes
S&P Global Ratings assigned its 'BB-' issue-level rating to
Frontera Energy Corporation's (BB-/Stable/--) $500 million senior
unsecured notes due 2023.

The company will use proceeds to repay the existing 2021 secured
exit notes, as well as for capital expenditures and investments.
The notes benefit from the guarantees of Frontera Energy Colombia
S.A., Pacific Stratus Energy del Peru S.A., and Pacific Midstream
Holding Co., all of which generate more than 90% of the company's
EBITDA. The new notes will have the following incurrence
covenants: gross debt to EBITDA below 3.0x and interest coverage
ratio above 2.5x.

Although the notes will double Frontera's leverage and weaken its
credit metrics, we expect the company to post a debt to EBITDA at
around 1.7x and funds from operations to debt of around 50% for
the next two years, which will still be in line with the company's
credit rating. Frontera's higher EBITDA, stemming from rising oil
prices, and our expectations of some transportation cost savings
should mitigate production declines, in our view. The new notes
will take away the security package, extend Frontera's maturity
debt profile, and decrease its interest rate. These factors will
generate some savings, enable the company to maintain its adequate
liquidity, and allow Frontera to continue investing in order to
stabilize its production after losing one of its largest fields.

S&P's ratings on Frontera reflect its position as the largest
independent oil and gas operator in Colombia, even after it
returned the Rubiales field after the concession to operate it has
expired. However, Frontera is significantly smaller than its
Colombian peer, Ecopetrol S.A. (BBB-/Stable/--), and global peers
in terms of production and reserves. Frontera has been working to
reduce its highly fixed transportation costs, while it's
attempting to eliminate future take-or-pay contracts in order to
decrease costs.


  Frontera Energy Corporation
   Corporate Credit Rating                BB-/Stable/--
   Senior Secured                         BB-

  Rating Assigned

  Frontera Energy Corporation
   Senior Unsecured notes                 BB-

MEXICO: Business Group Concerned About NAFTA Talks
EFE News reports that the chances for a successful and quick
outcome to the process of modernizing the 1994 North American Free
Trade Agreement have declined after the launching of a trade war
by the United States, Mexico's powerful CCE business council said.

Economy Secretary Ildefonso Guajardo on May 25 placed at 40
percent the chances of concluding the NAFTA talks with the US and
Canada before the July 1 Mexican presidential election, and put
them at 80 percent before the end of the year, according to EFE

P U E R T O    R I C O

COLONIAL MEDICAL: Seeks Sept. 17 Plan Filing Period Extension
Colonial Medical Management Corp. asks the U.S. Bankruptcy Court
for the District of Puerto Rico for an extension of time until
September 17, 2018 to file the Disclosure Statement and the
Chapter 11 Small Business Plan.

The Court allowed the filing of the Disclosure Statement and the
Chapter 11 Small Business Plan until May 29, 2018.

As the Court can take notice from the record, the Debtor contends
that there are some issues with some of the creditors that have
impaired the preparation of the disclosure statement and the plan
due to the need to revise the financial data. This situation
requires legal action that is being prepared for the attention of
the Court.

Also, due to a severe fluctuation of the electricity in the area,
the Debtor's computer and system suffered a break down that has
delayed the preparation of the financial data.

The Debtor is in the process of completing all the requirements
including the monthly operational reports and pleadings to the
Court to be ready to file the Disclosure and the plan. However,
due to aforementioned exigent circumstances, the Debtor believes
that it is more likely than not that the Court will confirm the
plan within a reasonable period of time.

             About Colonial Medical Management Corp.

Colonial Medical Management Corp. is an ambulatory health care
clinic located in Anasco, Puerto Rico.  Its practice location is
listed as Carretera 402 Km 1.8 Bo. Marias Anasco, Puerto Rico.

The Debtor previously sought bankruptcy protection (Bankr. D.P.R.
Case No. 14-01922) on March 13, 2014.

Colonial Medical sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-06925) on Nov. 21,

In the petition signed by Luis Jorge Lugo Velez, its president,
the Debtor estimated assets of less than $50,000 and liabilities
of $1 million to $10 million.  Judge Brian K. Tester presides over
the case.  Ada Conde, Esq., at 1611 Law and Justice for All, Inc.,
is the Debtor's bankruptcy counsel.

The U.S. Trustee appoints Edna Diaz De Jesus, the Puerto Rico
State Patient Care Ombudsman, as the Patient Care Ombudsman.

TOYS R US: Bank Debt Trades at 20% Off
Participations in a syndicated loan under which Toys R Us Inc. is
a borrower traded in the secondary market at 80.08 cents-on-the-
dollar during the week ended Friday, May 25, 2018, according to
data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.94 percentage points from the
previous week. Toys R Us pays 500 basis points above LIBOR to
borrow under the $985 million facility. The bank loan matures on
August 21, 2019. Moody's withdraw the rating of the loan and
Standard & Poor's gave no rating to the loan. The loan is one of
the biggest gainers and losers among 247 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday, May 25.

VENT ALARM: August 8 Plan Confirmation Hearing
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order approving Vent Alarm
Corp.'s disclosure statement referring to a chapter 11 plan dated
March 29, 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 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 confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan
will be held on August 8, 2018 at 09:00 A.M. at the Jose V. Toledo
Federal Building and US Courthouse, 300 Recinto Sur Street,
Courtroom 3, Third Floor, San Juan, Puerto Rico.

Prior to the Disclosure Statement hearing, the Debtor filed an
amended Plan and accompanying amended disclosure statement
proposing to make payments to its creditors consisting of:

   1. Payment of all administrative expenses on the later of the
      Effective Date, the date the Administrative Claims become
      allowed, or as agreed to with the holder of each
      Administrative Claim.

   2. Secured Creditor Luchetti (previously Banco Popular of
      Puerto Rico) partial payment in kind of its collateral.

   3. Secured Creditor Luchetti (Oriental Bank) full payment in
      kind of its collateral.

   4. Payment of 21.6% of amount expected to be allowed of
      priority tax claims, i.e. $1,393,530.45, within 30 days
      after the Effective Date.

   5. Payment of approximately 1.3% of the expected to be allowed
      unsecured claims, from the approximate $60,000 carve out for
      unsecured creditors to be paid within 120 days after the
      Effective Date.

   6. All of the Debtor's equity interests will be cancelled on
      the Effective Date.

The Plan is to be funded with the available funds originating from
the sale of the Debtor's assets.

A full-text copy of the Amended Disclosure Statement is available

                   About Vent Alarm Corp.

Vent Alarm Corp., also known as Samcor Valcor, is engaged in the
sale, distribution and installation of security windows, doors and
related products, made up aluminum, valwood and glass materials.
Its principal office and place of business is located at Real 189
km. 9.2 Gurabo, Puerto Rico.

Vent Alarm, dba Valcor, sought Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 15-09316) on Nov. 24, 2015.  The petition
was signed by Fernando Sosa, president.

The Debtor's counsel is Alexis Fuentes Hernandez, Esq., at Fuentes
Law Offices, LLC, in San Juan, Puerto Rico.  WRG Certified Public
Accountants, PSC serves as the Debtor's financial advisor and
in-house accountant.

The Debtor has assets totaling $7.95 million and liabilities
totaling $7.55 million.


VENEZUELA: Scores Victory as US Fails to Secure Suspension Votes
---------------------------------------------------------------- reports that the Venezuelan government celebrated
the U.S. defeat at the voting session trying to expel the
Bolivarian country from the Organization of American States (OAS)
during the 48th General Assembly, falling five votes short from
the 24 needed to suspend a country from the body.

The Communication Minister Jorge Rodriguez also celebrated
Venezuela's victory on Twitter, according to

The General Assembly of the OAS approved a resolution the paves
the way to suspend Venezuelan from the organism and doesn't
acknowledge the legitimacy of the May 20 elections, in which
incumbent President Nicolas Maduro was reelected, the report

But, while the body had approved a motion to include the
suspension of Venezuela in its agenda, the resolution still needed
approval from the foreign ministers of at least 24 of the 35
member States, the report relays.

The resolution was proposed by the U.S. and backed by the 14
countries that make up the so-called Lima Group: Argentina,
Brazil, Canada, Colombia, Costa Rica, Guyana, Guatemala, Honduras,
Mexico, Panama, Paraguay, Peru and Saint Lucia, the report relays.

The Dominican Republic, Bahamas, Jamaica and Barbados also voted
in favor of the resolution, the report notes.

The 11 countries that abstained were Surinam, Saint Kitts and
Nevis, Trinidad and Tobago, Belize, Uruguay, Antigua and Barbuda,
Ecuador, El Salvador, Grenada, Haiti and Nicaragua, the report
discloses.  Meanwhile, Venezuela, Bolivia, Dominica and Saint
Vincent and the Grenadines voted against, the report relays.

Only two times in OAS's history has a state been suspended:
Honduras, in 2009, after a coup ousted President Manuel Zelaya;
and Cuba after the revolution announced its Marxist-Leninist
inclinations in 1962, the report says.

But while the U.S. and its allies have failed for the second time
to suspend Venezuela from the organization, the Bolivarian
government has already announced in 2017 it was leaving it on its
own will, but due to official procedures, it won't stop being a
member state until 2019, 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


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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