TCRLA_Public/180608.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

               Friday, June 8, 2018, Vol. 19, No. 113


                            Headlines



B R A Z I L

BRAZIL: Temer Discloses $50MM in Loans for Brazilian Farmers
BRAZIL: To Host Major Auction for Oil Fields
COMPANHIA SIDERURGICA: Fitch Keeps 'B-' IDR on Rating Watch Neg.
ELETROPAULO METROPOLITANA: Fitch Puts 'BB' IDR on Watch Positive


C H I L E

* CHILE: Women take to Streets to Demand Rights


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Aims to Renegotiate Trade Pacts With the US


G U A T E M A L A

GUATEMALA: 82 Dead as Volcanic Activity Continues


M E X I C O

* MEXICO: Reporters Say Democracy Depends on a Free Press


N I C A R A G U A

NICARAGUA: Political Crisis Hampers Economic Activity


P U E R T O    R I C O

ADLER GROUP: Unsecured Creditors to Recoup 1.89% Under Plan


                            - - - - -


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


BRAZIL: Temer Discloses $50MM in Loans for Brazilian Farmers
------------------------------------------------------------
Brazilian President Michel Temer announced Wednesday a loan
program worth BRL194.3 billion (US$50.8 million) that will be used
to fund agricultural activities in 2018-2019.

"We are renovating our commitment with farmers, who have turned
Brazil into an agricultural powerhouse," Temer said.

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.


BRAZIL: To Host Major Auction for Oil Fields
--------------------------------------------
Luciana Magalhaes and Paulo Trevisani at The Wall Street Journal
report that the world's largest energy companies line up for a
major auction of coveted Brazilian oil fields, even as Brazil's
government rolled back some market-friendly policies that would
have made its oil industry more competitive.

Exxon Mobil Corp., Chevron Corp., China's Cnooc Ltd. and Spain's
Repsol SA are among 16 companies cleared to bid on four blocks in
the Campos and Santos basins, thought to hold some 14 billion
barrels of oil, according to The Wall Street Journal.

It is the government's fourth auction of areas in the pre-salt
region of southeastern Brazil where as much as 100 billion barrels
of crude are believed to be locked under salt layers far beneath
the seabed, the report notes.

The pre-salt reserves were discovered in 2006, but private
companies were kept away and production delayed by rules that
required state-controlled Petroleo Brasileiro SA, or Petrobras, to
be the operating partner with at least a 30% stake in any
consortium in the region, the report relays.

The report says that the government eased those rules last year to
allow other companies to work without Petrobras if the state giant
declined to participate in a project, although Petrobras still has
the option to be the operator in areas it chooses.

The auction comes just days after Brazilian truckers went on
strike to protest diesel prices that have soared along with
international oil prices, the report notes.  The strike brought
commerce to a standstill, and forced the government to reinstate
price controls for diesel using tax cuts and other subsidies which
it estimated will cost $2.5 billion this year, the report relays.

The decision prompted the resignation of Petrobras' market-
friendly chief executive Pedro Parente, who had relied on the
market pricing policy of the past two years to improve results and
lower debt at the state oil company, the report says.

Despite wavering over fuel prices, the government has a history of
respecting contracts in the oil industry, leading analysts to
believe companies securing blocks in the pre-salt would avoid any
potential backpedaling in the future, the report discloses.

The contracts will be awarded to those that offer the biggest
share of future production to the Brazilian government, the report
relays.  Industry officials say bids could run as high as 75% of
oil produced, a level first seen in an auction of pre-salt blocks
in September, the report notes.

The government also expects to collect around $800 million in
signing fees, the report discloses.

"High interest for the pre-salt is leading to very risky bets,"
said Juliana Miguez of Wood Mackenzie energy consulting group.
She warned projects could become unprofitable if production
doesn't turn out as expected, "but based on pre-salt estimates,
they are feasible," the report notes.

The long-term nature of the projects is also making bidders play
down near-term concerns, analysts said, the report relays.

"The exploration cycle can last two governments," or eight years,
said Helder Queiroz Pinto Junior, an economics professor and
former oil regulator, the report relays.  "The companies focus on
the geological conditions, and these are promising areas," Mr.
Queiroz added.

Petrobras has said it is interested in being the operator in three
of the areas, a sign for some that the blocks hold good prospects,
the report notes.

"No one knows the Brazilian coast better than Petrobras," said
Adriano Pires, director of Rio-based think tank Brazilian
Infrastructure Center, the report relays.  "Investors recognize
that the company . . . .has been very careful in its investments
decisions," 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.


COMPANHIA SIDERURGICA: Fitch Keeps 'B-' IDR on Rating Watch Neg.
----------------------------------------------------------------
Fitch Ratings has maintained Companhia Siderurgica Nacional's
(CSN)'s 'B-' Long-Term Foreign and Local-Currency Issuer Default
Ratings (IDRs),'BB-(bra)' National Scale and 'B-'/'RR4' senior
unsecured notes on Rating Watch Negative.

The 'B-' rating reflects CSN's stressed financial profile during
the past few years due to high leverage and elevated refinancing
risks. Weak iron ore prices during 2015/2016, the severe
macroeconomic recession in Brazil that led to soft demand for
steel products and high interest rates, all hurt CSN's cash flow
and led to an unsustainable capital structure. The combination of
a relatively better scenario for iron ore prices, lower local
interest rates and improving steel industry in Brazil is expected
to help to improve operating cash flow; however, Fitch believes
that the sale of non-core assets remains imperative in order to
support effective deleverage and the refinancing of the bonds in
the international market.

The maintenance of the Negative Watch reflects the ongoing
challenges CSN faces with its high refinancing risks and limited
financial flexibility. If the company is successful in completing
the refinancing with local banks (BRL5 to BRL7 billion), mainly
Caixa Economica Federal, the Negative Rating Watch would be
removed. CSN faces significant debt maturity within the next three
years (around BRL17 billion up to 2020, out of total debt of BRL29
billion and cash holdings of BRL2.9 billion as of March 31 2018).
During 1Q18, CSN has made some progress with its refinancing
strategy; although not sufficient to Fitch stabilize the ratings
yet. CSN completed the refinancing of the debt with Banco do
Brasil (BRL5 billion) and raised USD350 million in cross-border
bonds, which was lower than the expected USD750 million.

KEY RATING DRIVERS

Asset Sales are Key: CSN has adopted a more credit oriented
financial strategy, seeking to improve its capital structure
through non-core asset sales, and successful refinancing of its
cross-border bonds due to 2019 and 2020. As of May, 14 2018, CSN
announced the sale of its subsidiary Companhia Siderurgica
Nacional, LLC (LLC), located in the United States, for USD400
million. The company plans to sell additional BRL2.5 to BRL3
billion in assets in order to reduce its net leverage in the next
12-18 months. Under these potential asset sales, Fitch would
include CSN's shares in other steelmaker Usiminas, the port
terminal Tecon, and the steel operation in Portugal.

Leverage to Decline: Fitch's base case forecast indicates CSN's
total adjusted net debt to EBITDA ratio to be 5.9x in 2018 using a
mid-cycle price assumption for iron ore of USD60 per metric ton.
Net leverage would decline to 5.2x in 2018 under a scenario of
iron ore prices at USD65 per metric ton and would be 4.6x if
prices averaged USD70 per metric ton. These ratios would decrease
further, if the company is able to sell an additional BRL2 billion
of non-core assets, to 5.5x, 4.8x and 4.2x, respectively. Fitch
does not envisage a more material asset sale at this moment, but
believes that non-core asset sales of between BRL2.0 billion to
BRL2.5 billion would be considered positive by creditors and could
help the company with its refinancing discussions.

Elevated Refinancing Risks: The recurring negative free cash flow
generation has deteriorated CSN's historical robust cash position.
CSN's debt amortization schedule is highly skewed to the short-to-
medium term with amortization of BRL5.2 billion during 2018,
BRL5.3 billion in 2019, BRL6.4 billion in 2020 and BRL8.4 billion
between 2021 and 2023. During 2019 and 2020, CSN faces debt
maturities of BRL4.5 billion due on cross-border issuances.
Fitch's base case scenario assumes CSN will rollover between BRL5
billion to BRL7 billion of local bank debt during the next few
months and complete the refinancing of the 2019 and/or part of its
2020's international bonds in the next 12 months.

Improvement in Sector Fundamentals: Higher global iron ore and
steel prices correspond with an upward trend in domestic steel
prices, and some recovery in volumes has benefited CSN's operating
cash flow generation. Fitch projects that CSN's local steel sales
volumes will increase by 10% in 2018, after growing 2% in 2017,
mostly reflecting the strong rebound in automobile production in
Brazil. As a result, local steel producers have been able to apply
several price increases since mid-2016 due to strong international
prices. Fitch expects price increases of approximately 8% to 10%
during 2018.

Operating Cash Flow Recovery: CSN's operating cash flow (CFFO)
recovery relies on increasing flat steel sales, the ability to
continue passing along price increases in the domestic steel
segment, manageable coal costs, and sustained iron ore prices
above USD60 per metric ton. Fitch's base case scenario projects
CSN's EBITDA at approximately BRL4.0 billion, considering Fitch's
iron ore price deck of USD60 for 2018. If iron ore prices, which
are currently around USD64 per metric ton, remain robust and
average USD65 per metric ton during 2018, the company's EBITDA
would be BRL4.5 billion. At USD70 per metric ton, EBITDA would be
BRL5 billion. During the LTM ended March 31, 2018, CSN generated
BRL3.5 billion of EBITDA and BRL1.1 billion of CFFO; free cash
flow (FCF) was negative BRL461 million, after a dividend payment
of BRL502 million, per Fitch's calculation. These results compare
with BRL3.4 billion, BRL276 million and negative FCF of BRL1.4
billion, respectively, in 2016.

FCF to Remain Pressured: Considering CSN's capital structure and
the annual BRL2.3 billion interest burden the company faces, Fitch
estimates FCF to be negative at BRL640 million during 2018,
considering Fitch's iron ore mid-cycle price assumption of USD60
per metric ton. This includes the payment of BRL502 million of
dividends by CSN Mineracao during 1Q18. At USD65 per metric ton,
FCF would be negative by BRL240 million and at USD70 per metric
ton it would be BRL170 million. Fitch's base case scenario
considers capex of BRL1.1 billion in 2018, which represents a
steady decline from BRL1.6 billion in 2016 and 2015. Going
forward, working capital requirements will return, as inventories
are already at low levels, and accounts receivable are pressured
in order to support continued sales expansion.

Good Business Position: CSN's business position as an integrated
steelmaker remains solid, underpinned by captive access to raw
materials (iron ore/energy), high value-added portfolio of
products and an important share in the flat steel industry in
Brazil. The company has a diversified portfolio of assets with
operations in the mining, steel, energy, cement and interests in
railways and port operations. The company has a medium cost
competitive position in the iron ore segment, operating within the
2nd/3rd quartile of the global iron ore cost curve. Giving its
integrated operations in steel, CSN has a better position in the
global slab cost curve (1st/2nd quartile).

Largely Dependent on the Brazilian Market: CSN's operations are
still concentrated in Brazil (around 60% of consolidated
historical revenues). As a result, its operations have been
significantly impacted by the recessionary environment in the
country over the last few years. Flat steel domestic sales in
Brazil are strongly linked to macroeconomic performance. During
2013-2016, CSN's flat steel volume sales dropped 40%, while its
steel EBITDA declined 23%. For 2017, local flat steel sales have
started a recovery trend exhibiting a 5% increase and during the
first 4 months of 2018, it grew 17%, mostly influenced by the
increase in the auto production in Brazil.

DERIVATION SUMMARY

CSN's 'B-'/Negative Watch ratings reflect its highly leveraged
capital structure and elevated refinancing risks. CSN's integrated
business profile and diversified portfolio of assets compares well
with Usinas Siderurgicas de Minas Gerais S.A.'s (Usiminas;
'B+'/Outlook Positive). Both issuers are highly exposed to the
local steel industry in Brazil. CSN and Usiminas show much weaker
business positions when compared to the other Brazilian steel
producer Gerdau S.A (Gerdau; BBB-), that has a diversified
footprint of operations with important operating cash flow
generated from its assets abroad, mainly in the US, and flexible
business model (mini-mills) that allow it to better withstand
economic and commodities cycles.

From a financial risk perspective, Usiminas and CSN are far weaker
than Gerdau, which has been able to maintain positive free cash
flow generation, strong liquidity, and no refinancing risks over
the last few years. CSN faces elevated refinancing risks in the
short to medium term and has the challenge to rebalance its
capital structure through ongoing asset sales. In contrast, after
concluding its debt restructuring, Usiminas has a more manageable
debt schedule amortization and balanced capital structure.

KEY ASSUMPTIONS

  -- 10% increase in steel volumes sold and high-single digit
price increase during 2018 and average of 5% for 2019;

  -- Average iron ore price of USD60 per metric ton during 2018
and USD55 per metric ton in 2019, following Fitch's mid-cycle
price assumption;

  -- Capex of BRL1.1 billion during 2018 and BRL1.3 billion during
2019;

  -- No additional dividends to be paid in 2018 and 25% Net Income
in 2019.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that CSN would be considered a going
concern in bankruptcy and that the company would be reorganised
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern Approach: CSN's going concern EBITDA is based on
2015 EBITDA that reflects a scenario of intense volatility in the
steel industry in terms of sales volumes and prices, during a
period of low iron prices. The going-concern EBITDA estimate
reflects Fitch's view of a sustainable, post-reorganisation EBITDA
level upon which Fitch's bases the valuation of the company. The
EV/EBITDA multiple applied is 5.5x, reflecting CSN's strong market
share in the flat steel market and it also reflects a mid-cycle
multiple.

Fitch applies a waterfall analysis to the post-default enterprise
value (EV) based on the relative claims of the debt in the capital
structure. Fitch's debt waterfall assumptions take into account
the company's total debt at Mar. 31, 2018. The waterfall results
in a 42% 'RR4' Recovery Rating for senior unsecured debt.
Therefore, the senior unsecured notes due 2019, 2020 and perpetual
notes are rated 'B-'/'RR4'.


RATING SENSITIVITIES

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

  -- The Rating Outlook could be revised to Stable if CSN is
     successful in refinancing local debt;

  -- Better than expected scenario for steel sales in Brazil and
     healthy iron ore fundamentals, or asset sale, which would
     lead to an improvement in FCF and net leverage to below 5.0x
     on sustainable basis.

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

  -- CSN's inability to refinance the local bank debt in the next
     two months in the short term;

  -- Unsuccessful refinancing of cross-border bonds before mid-
     2019 in the medium term;

  -- Further deterioration of the steel industry in Brazil, or
     inability to proceed with price increases would also pressure
     free cash flow generation and liquidity, and consequently the
     ratings.

LIQUIDITY

CSN reported BRL2.9 billion of cash and marketable securities as
of March 31, 2018, a very tight position compared to its short-
term debt of BRL5.2 billion and total debt of BRL28.6 billion, per
Fitch's calculation. CSN's debt schedule amortization shows high
concentration in the short-to-medium term with amortization of
BRL5.2 billion due to the next 12 months, BRL5.3 billion in 2019;
BRL6.4 billion in 2020 and BRL8.4 billion between 2021 and 2023.
During 2019 and 2020, CSN faces BRL4.5 billion of maturities for
cross-border issuances. CSN's debt primarily consists of
prepayment export financings (33%), local bank loans (31%), senior
notes (20%) and perpetual bonds (12%). The leverage at the
shareholder level, which is believed to be high, is a concern for
Fitch.

FULL LIST OF RATING ACTIONS

Fitch has maintained the following ratings on Negative Watch:

CSN Long-term Foreign and Local currency IDRs 'B-';

CSN National Long-Term rating 'BB-(bra)';

CSN Islands XI Corp. senior unsecured Long-Term rating guaranteed
by CSN 'B-'/'RR4';

CSN Islands XII Corp. senior unsecured Long-Term rating
guaranteed by CSN 'B-'/'RR4';

CSN Resources S.A. senior unsecured USD Note Long-Term rating
guaranteed by CSN 'B-'/'RR4'.


ELETROPAULO METROPOLITANA: Fitch Puts 'BB' IDR on Watch Positive
----------------------------------------------------------------
Fitch Ratings has placed Eletropaulo Metropolitana Eletricidade de
Sao Paulo (Eletropaulo)'s local and foreign-currency Issuer
Default Ratings (IDRs) of 'BB' and its National Scale Rating
'AA(bra)' on Rating Watch Positive (RWP). The rating action
follows the 73.4% acceptance of the company's shareholders of the
public offer made by Enel Brasil S.A. (Enel Brasil) for its
acquisition.

Fitch forecasts that Eletropaulo's credit profile should improve
once it becomes part of Enel Brasil group, with the RWP being
resolved and all ratings upgraded after the approvals from the
regulator and creditors. Eletropaulo would be consolidated into
Enel Brasil group and become a relevant subsidiary of Enel
Americas S.A. ( BBB+/Stable), its indirect controlling company.
Although the foreign-currency IDR is currently at the same level
of Brazil's country ceiling of 'BB', Fitch considers the strong
strategic, financial and legal ties between Eletropaulo and Enel
Americas, according to the Parent and Subsidiary Rating Linkage
methodology, to be supportive of Eletropaulo's foreign-currency
IDR being placed above the country ceiling. This linkage is mainly
verified by the inclusion of Enel Brasil and its relevant
subsidiaries in cross default clauses in the debt of Enel
Americas.

Enel Americas has a history of intercompany loans, capital
increases and guarantees provided to the Brazilian subsidiaries.
Enel Americas will guarantee the bridge loan of BRL5.5 billion to
finance the 73.4% acquisition of Eletropaulo to be raised through
its Brazilian subsidiaries. In addition, Fitch also views as
positive to Eletropaulo's standalone credit profile Enel Brasil's
commitment to inject BRL1.5 billion as capital increase to finance
company's investment plan that is expected to improve the service
quality indicators.

Enel Brasil's consolidated net leverage, on a pro-forma basis,
would be approximately 3.9x incorporating Eletropaulo's results in
the last twelve months ended in March 2018 and the BRL5.5 billion
bridge loan to finance the acquisition, decreasing to 3.6x at the
end of 2018. Should Eletropaulo's remainder shareholders accept
the offer and the bridge loan increases to BRL7.6 billion, the
pro-forma net leverage would increase to 4.1x in the end of the
year.

Eletropaulo will contribute to Enel Brasil's consolidated business
profile, strengthening its strong market position as the largest
group in the Brazilian electricity distribution segment.
Eletropaulo is the largest electric energy distribution company in
Brazil in terms of volume of energy sales, with presence in 24
municipalities in the metropolitan area of Sao Paulo.

DERIVATION SUMMARY

Eletropaulo's current IDR of 'BB' compares favorably with
Companhia Energetica de Minas Gerais' (Cemig) IDR of 'B', as Cemig
carries higher leverage and higher refinancing needs until the end
of 2018. In relation to Energisa S.A.'s IDR of 'BB +', it compares
negatively, as Energisa benefits from a more diversified asset
base and improvement in the operational results after the
acquisition of Group Rede distribution companies. Emgesa
(Colombia; BBB) and AES Gener (Chile; BBB-) both operating in the
electric generation segment, benefit from a better operating
environment since their revenue generation and asset location are
in investment-grade countries.

RATING SENSITIVITIES

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

The RWP should be resolved and all ratings upgraded upon
completion of Eletropaulo's acquisition by Enel Brasil and its
consolidation into the group, becoming a relevant subsidiary of
Enel Americas.

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

The RWP would be removed, with all ratings remaining at the
current levels, if the acquisition and consolidation into Enel
Brasil group is not concluded.

FULL LIST OF RATING ACTIONS

The following ratings were placed on Rating Watch Positive:

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.

Long-term, foreign- and local-currency IDRs 'BB';

Long-term National Scale Rating 'AA(bra)';

9th senior unsecured debentures issuance, in the amount of BRL250
million, 'AA(bra)';

11th senior unsecured debentures issuance, in the amount of
BRL200 million, 'AA(bra)';

15th senior unsecured debentures issuance, in the amount of
BRL750 million, 'AA(bra)';

20th senior secured debentures issuance, in the amount of BRL700
million, 'AA(bra)'.



=========
C H I L E
=========


* CHILE: Women take to Streets to Demand Rights
-----------------------------------------------
EFE News reports that tens of thousands of people took to the
streets in Santiago and other Chilean cities, called forth by
feminist groups, to demand women's rights, an end to sexist
education and an end to the gender gap.

In the capital, in an exuberant -- but largely peaceful --
atmosphere, organizers said some 80,000 people, although the
government said only 15,000, marched along the city's main street,
Bernardo O'Higgins Boulevard for some four kilometers (2.5 miles)
and about two hours, according to EFE News.



===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Aims to Renegotiate Trade Pacts With the US
---------------------------------------------------------------
Dominican Today reports that the Dominican Government disclosed
the start of talks with the United States to renegotiate the
multilateral trade agreements with that nation.

The talks aim to modify the Free Trade Agreement with the US and
Central America (DR-CAFTA) to delay the timetable for dismantling
tariffs on some agro products, which starts in 2020, according to
Dominican Today.

Standing out among them is rice, which currently has a 99% tariff,
but start to decline as much as 20 percent each year from that
date, until a total clearance by 2026, the report notes.

"There's no way we can compete with the big countries," National
Small and Medium Rice Producers Council president Apolinar
Germosen told El Dia, the report relays.   "That's why we want the
calendar to be delayed 10 or 12 years. If not, we go bankrupt,"
the report discloses.

Agriculture minister Osmar Benitez made the announcement, at the
7th Annual Convention of Rice Markets and Technologies 2018 being
held in Punta Cana (East) with 35 delegations from Central and
South America , as well as the US, 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.



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


GUATEMALA: 82 Dead as Volcanic Activity Continues
-------------------------------------------------
EFE News reports that Guatemalan search and recovery teams found
the bodies of six more people killed in the eruption of the Volcan
de Fuego volcano, raising the known death toll in the disaster to
82.

The bodies were found in the ruins of the community of San Miguel
Los Lotes, in Escuintla province, a village that was buried under
thousands of tons of volcanic material, according to EFE News.

In addition, Guatemalan authorities said that a man who had been
seriously burned in the eruption had died of his injuries, the
report notes.

The Volcan de Fuego volcano continued with its rumbling and
moderate explosions after registering a powerful eruption, and
Guatemalan authorities warned about the danger of avalanches on
the mountain's slopes, the report relays.

A report by the Insivumeh vulcanology institute issued said that
weak to moderate explosions continue within the volcano located
some 50 kilometers (31 miles) west of the capital and a column of
ash reaching up to 4,700 meters (15,400 feet) was rising over it,
EFE News discloses.

The institute warned that the explosions are causing avalanches on
the slopes of the volcano, which is 3,763 meters (more than 12,340
feet) high, the report relays.

Insivumeh also said that rain that has fallen in the area and the
accumulation of material belched out by the fire mountain could
cause sudden landslides, the report notes.

"It's probable that the first 'lahars' (volcanic lava flows) will
be hot and will be transporting fine material similar to cement
and rocks up to a meter (about 3.3 feet) in diameter and tree
trunks ripped out by the flow affecting the communities located on
the sides of ravines," the agency said, the report relays.

The report notes that Insivumeh said that the volcanic activity is
continuing and did not rule out new pyroclastic flows in the
coming hours.

Meanwhile, in its latest report, the Conred national disaster
coordinator said that 75 people -- later raised to 82 -- were
known to have died amid the ongoing emergency, 44 have been
injured, 12,089 evacuated and more than 1.7 million affected.
Moreover, 192 people are missing and 3,319 are being housed in
government-outfitted shelters, the report relays.

Rescue brigades resumed their searches for victims and the
missing, the report discloses.

The provinces most heavily affected by the eruption, with its
pyroclastic flows and heavy ashfall, have been Escuintla,
Chimaltenango and Sacatepequez, all of which have been declared
disaster areas and remain on red alert, the report adds.



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


* MEXICO: Reporters Say Democracy Depends on a Free Press
---------------------------------------------------------
EFE News reports that Mexico is the most dangerous country in the
Americas for journalists, leading many reporters to speak up and
demand that the candidates vying to win the July 1 presidential
election pledge to address violence against the press.

"Unfortunately, we have not seen any of the candidates present a
clear and specific proposal to stop attacks against the press and
guarantee the right to freedom of expression," Ana Cristina
Ruelas, head of the press freedom group Article 19, said during a
press conference in Mexico City, according to EFE News.



=================
N I C A R A G U A
=================


NICARAGUA: Political Crisis Hampers Economic Activity
-----------------------------------------------------
Juan Montes and Jose de Cordoba at The Wall Street Journal report
that a surge of violence has snuffed out economic activity and
dimmed prospects to peacefully resolve a political crisis in
Nicaragua that began as a protest against tax increases and turned
into a revolt against Nicaragua's longtime leader Daniel Ortega.

The WSJ relates that since mid-April, more than 100 people have
been killed in confrontations with police during mass protests and
what human-rights groups said are paramilitary gangs aligned with
Mr. Ortega's government. Violence flared in the quaint colonial
city of Granada, home to hundreds of American retirees, the report
adds.

The Organization of American States approved a mildly worded
resolution -- co-sponsored by the U.S. and Nicaragua -- calling
for an immediate end of the violence and asking all parties to
participate in peaceful dialogue, the report relays.

Nicaragua's government denies links to paramilitary groups and
says the unrest is the result of an opposition plot to overthrow
it, the report says.

Mr. Ortega, a former guerrilla leader who played a central role in
the overthrow of the Somoza family dictatorship in 1979, was re-
elected by a landslide in 2016 for his fourth five-year term, the
report notes.

However, many Nicaraguans say they are fed up with Mr. Ortega and
his wife, the unpopular Vice President Rosario Murillo, who they
say have usurped democratic institutions and snuffed out political
opposition, The WSJ notes.

The WSJ notes that the country's capital of Managua, a sprawling
city of modest malls, is now largely deserted. Few people venture
out at night, and walls are covered with graffiti calling Mr.
Ortega a murderer, the report relays.  Throughout Nicaragua,
barricades have sprung up, blocking roads and snarling traffic.

The crisis comes just weeks before Mr. Ortega is scheduled to
celebrate the 39th anniversary of the triumph of the Sandinista
revolution, the report relays.  The reclusive Mr. Ortega usually
gives a speech as tens of thousands of Sandinista supporters march
in a parade, the report notes.



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


ADLER GROUP: Unsecured Creditors to Recoup 1.89% Under Plan
-----------------------------------------------------------
Adler Group, Inc., filed a plan of reorganization and accompanying
disclosure statement proposing to distribute $15,000 or 1.89% of
the allowed claims of holders of allowed general unsecured claims,
classified in Class 3.

Oriental Bank's secured claims resulting from a Commercial Loan
executed on March 24, 2015 by and between Oriental and Debtor are
also impaired and will be paid $5,000 over a 60-month period as
adequate protection payment while the Debtor's property recovers
from the damages suffered from hurricane Maria and a settlement is
reached between the parties.

Payments and distributions under the Plan will be funded from the
cash resulting from the Debtor's Operations.

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

      http://bankrupt.com/misc/prb17-02727-132.pdf

                     About Adler Group Inc.

Adler Group Inc. owns the Caguas Military property located at Carr
189 km 3.1 (interior) Rincon Ward, Gurabo Puerto Rico, which is
valued at $3 million.  It holds inventory and equipment worth
$513,870.  For 2015, the Company posted gross revenue of $1.61
million 2015 and gross revenue of $1.91 million for 2014.

Adler Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-02727) on April 20, 2017.  In the
petition signed by Jose Torres Gonzalez, authorized
representative, the Debtor disclosed $3.52 million in assets and
$4.43 million in liabilities.

The case is assigned to Judge Mildred Caban Flores.

The Debtor hired MRO Attorneys at Law, LLC, as bankruptcy counsel.


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                   * * * End of Transmission * * *