TCRLA_Public/180713.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, July 13, 2018, Vol. 19, No. 138

                            Headlines

B R A Z I L

ODEBRECHT: Inks Settlement Deal with 2 Brazil States in Probe


C O L O M B I A

CREDIVALORES CREDISERVICIOS: Fitch Affirms B+ IDR, Outlook Stable


M E X I C O

MEXICANA DE AVIACION: STPS Prepares Payment for Former Workers
OCEANOGRAFIA: Creditors, Investors Appeal Citigroup Case Dismissal


P U E R T O    R I C O

PUERTO RICO: PREPA CEO Steps Down Following Compensation Issues
PUERTO RICO: PRRPA Appoints Rafael Diaz Granados as New CEO


V E N E Z U E L A

VENEZUELA: Illegal Migration Issue Discussed Amid Bankrupt Economy


                            - - - - -



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


ODEBRECHT: Inks Settlement Deal with 2 Brazil States in Probe
-------------------------------------------------------------
The Associated Press reports that construction conglomerate
Odebrecht has signed an agreement with two more Brazilian state
bodies to settle cases related to a corruption scheme in which
Odebrecht and others formed a de facto cartel to rig bids with
state-run oil giant Petrobras and bribe officials.

The AP relates that Odebrecht signed an agreement on July 9 with
the solicitor general and the comptroller general to pay around
$700 million over 22 years to Petrobras and other state entities.
The two state bodies will drop legal proceedings against
Odebrecht, the report says.

After the installments are adjusted for inflation, authorities
estimate Odebrecht will pay around $1.76 billion, according to the
AP.

The report notes that the agreement expands a 2016 settlement in
which Odebrecht agreed to pay at least $2.6 billion to resolve
charges with authorities in the United States, Brazil and
Switzerland. The fine is part of that $2.6 billion, adds the AP.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related that Marcelo
Odebrecht, the jailed former head of Brazilian construction giant
Odebrecht SA, agreed to sign a plea-bargain agreement in
connection with Brazil's largest corruption probe ever, according
to a person close to the negotiations.  The move could roil the
nation's political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.



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


CREDIVALORES CREDISERVICIOS: Fitch Affirms B+ IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Credivalores Crediservicios S.A.S.'s
(Credivalores) Long-Term Foreign Currency Issuer Defaults Ratings
(IDR) at 'B+' and Short-Term Foreign Currency IDR at 'B'. The
Rating Outlook is Stable.

KEY RATING DRIVERS

IDRs

The Credivalores' IDRs are highly influenced by the company
profile and asset quality metrics. The ratings also consider the
company's relatively ample risk appetite due to its focus on the
low to middle income segments, modest financial performance, and
capitalization and the recently improved funding flexibility.

Fitch recognizes Credivalores' 15-year track record of building
its franchise throughout Colombia. The company has become one of
the largest non-bank financial institutions with a business model
focused primarily on the payroll-deductible lending business
(Libranza) segment. It has also grown its other main sources of
revenue through credit card lending and the financing of insurance
products.

Despite Credivalores' strong position in the competitive payroll
and credit card industry, its ratings are constrained due to its
limited market share in the low to middle income consumer lending
segments relative to other financial institutions targeting the
same segment. The company's less diverse retail business model and
limited pricing power (due to regulatory interest rate caps on
what payroll lenders can charge) could increase the entity's
vulnerability to external factors and the operating environment.

Credivalores impaired loan ratio of 10.6%, as of March 31, 2018,
has remained stable over the past few years. Loan Loss Coverage to
Impaired loan ratios of 126% of impaired loans appears
satisfactory. Charge-off ratio increased to 6.9% as of March 31,
2018.

Credivalores' profitability is modest; however, profitability
metrics have improved over the last 12 months ending March 31,
2018. The positive trend is expected to continue at least over the
short-term given investments in efficiency, credit growth and the
sourcing of stable and cost efficient long-term funding. Lower
revenues following the discontinuation of portfolio sales and the
lower risk appetite during the second half of 2016 during the
"Libranza Crisis" are being offset by loan growth. This has
resulted in improved operating profitability. Fitch expects that
these positive trends will continue for the remainder of 2018 and
into 2019 when return ratios are expected to be satisfactory.
Management currently forecast return rations to be similar to 2015
levels.

Funding and liquidity has improved over the past 12 months.
Credivalores has extended the average tenor of its funding and has
greatly reduced the level of its secured debt up to 12% at March
31, 2018 from 52% at Dec. 31, 2016. However, funding is still
concentrated and could be sensitive to market sentiment. Fitch
will consider refinancing risk from increased levels of market
debt in its analysis.

The rating also considers Credivalores' relatively high leverage
ratios for its concentrated business model, which is at 7x as of
March 2018. Fitch believes future leverage metrics could be
relatively pressured due to expected on balance sheet loan growth
and still modest earnings. The company plans to continue
refraining from paying dividends to support internal equity
growth.

Credivalores has recently strengthened its management team by
adding a new CFO with extensive banking experience. The company
expects to expand its credit offerings and fee-generating, cross-
selling opportunities while continuing its focus on regions where
there is less competition. Management expects to use its credit-
granting agility and other efficiencies gained from recent
technological investments to provide a service level that makes
Credivalores' products and services more attractive to potential
clients, especially when compared to its larger competitors. These
factors are likely to result in a sustained improvements in
profitability and when necessary, recovery of impairments.
However, this is subject to the continued strengthening of the
operating environment, the degree of competition and unforeseen
events.

RATING SENSITIVITIES

IDRs AND SENIOR DEBT

The Credivalores' IDRs are sensitive, in general, to relevant
changes in its company profile and credit metrics. In addition, an
improvement in Credivalores' profitability that leads to
stabilization of pre-tax income to average assets greater than
1.5% could be positive for the company's Long-Term IDR. A relevant
increase in leverage or a sustained deterioration in the company's
asset quality metrics that reduces the company's ability to absorb
unexpected losses could be negative for its ratings.

Senior Unsecured debt is at the same level as the IDR, and will
mirror any change on the IDR. Fitch is maintaining the existing
recovery rating at 'RR4', which is considered average.


Fitch has affirmed the following:

Credivalores

  -- Long-Term Foreign Currency IDR at 'B+'; Outlook Stable;

  -- Short-Term Foreign Currency IDR at 'B';

Senior Unsecured Notes

  -- Long-term Foreign Currency 'B+'/'RR4'.



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


MEXICANA DE AVIACION: STPS Prepares Payment for Former Workers
--------------------------------------------------------------
Informador.mx reports that the Ministry of Labor and Social
Security (STPS) will announce the mechanism for the start of
payment of settlements to the 8,000 former workers of Mexicana de
Aviacion, the head of the agency, Roberto Campa Cifrian, said.

According to the report, the official said that for months he has
been working together with the Federal Office of the Defense of
the Worker to find an agreement that allows the dispersion of the
resources that have to do with the liquidation.

Informador.mx relates that Campa said that the mechanism is being
finalized and probably next week the announcement will be given to
the pilots, flight attendants, land and trust workers.

On whether the former workers can collect their payments before
the end of the year, Campa said that the parties involved will
make "all the effort" so that the extruders can have their money
before the end of 2018, Informador.mx relays.

Informador.mx says Campa announced that in the coming days there
will be a meeting of the members of the Mexicana de Aviacion Trust
to delineate and agree on the mechanism for payment of
settlements.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.


OCEANOGRAFIA: Creditors, Investors Appeal Citigroup Case Dismissal
------------------------------------------------------------------
Karen Kidd at Florida Record reports that a group of investors and
creditors who claim they lost $1.1 billion in a bankrupt Mexican
oil services firm are appealing their racketeering and corruption
lawsuit against Citigroup Inc. after a federal judge in the U.S.
District Court for the Southern District of Florida, Miami
Division, dismissed the case earlier in June.

The investors and creditors, including the lawsuit's named
plaintiff, Louisiana-based shipping company Otto Candies, filed
notice June 22 that they will appeal the June 15 decision by U.S.
District Judge Darrin P. Gayles to the 11th U.S. Circuit Court of
Appeals in Atlanta, Florida Record relates.

Citigroup has been pushing to have the case heard in Mexico,
Florida Record notes.

"Plaintiffs are a diverse group of entities including shipping
companies, investment funds and a bank, located all over the world
including in the United States, Mexico, the Caribbean, South
America, Europe, and the Middle East," Florida Record quotes
Judge Gayles as saying in his 15-page amended order issued
June 15, dismissing the case.

According to Florida Record, the ruling said "Plaintiffs bring
this action as vendors, creditors, and bondholders of Oceanografia
S.A. de C.V. (OSA), a now bankrupt Mexican oil and gas services
company.  Petroleos Mexicanos S.A. de C.V. is Mexico's state-owned
oil and gas company and, at one time, one of the largest customers
of OSA's offshore drilling services."

Plaintiffs filed suit against Citigroup in February 2016 claiming
they were defrauded as part of a loan scheme that lead to OSA's
collapse in 2014, Florida Record recounts.

During a hearing in November, Citigroup asked Judge Gayles to
dismiss the case, saying "Mexico is the more appropriate forum"
and, alternatively, that plaintiffs in the case had failed to
state a claim as required under federal rules of civil procedure,
Florida Record relays.

Oceanografia SA de CV provided offshore services for the oil
industry in the Gulf of Mexico. It offered engineering, diving,
installation, inspection and maintenance of marine structures;
drilling support services; materials logistics; and personal
carriers and inspection, installation, and construction of subsea
pipelines.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 15, 2014, Ben Bain at Bloomberg News said Oceanografia SA's
bankruptcy has rejected at least MXN2 billion (US$150 million) of
claims sought by Citigroup Inc., according to a person with
knowledge of the matter.

Citigroup Inc. had sought about MXN7.7 billion of claims in the
case, said the person, who asked not to be named because the
findings aren't public, according to Bloomberg News.  The
government-appointed mediator, Jose Antonio de Anda Turati,
excluded some of the New York-based bank's claims because it
didn't provide sufficient documentation to support them, the
person said, Bloomberg News relates.



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


PUERTO RICO: PREPA CEO Steps Down Following Compensation Issues
---------------------------------------------------------------
The Associated Press reports that Walter Higgins, the CEO of
Puerto Rico's bankrupt power company, resigned on July 11 just
months after he was chosen to oversee its privatization as the
U.S. territory struggles to restore electricity to the last of
those who remain in the dark nearly 10 months after Hurricane
Maria.

The resignation of Mr. Higgins adds to challenges for a company
that is $9 billion in debt and has seen a turnover of leaders
since the Category 4 storm hit Puerto Rico, the AP notes.

Mr. Higgins was named CEO of Puerto Rico's Electric Power
Authority in late March and was expected to help strengthen the
power grid and supervise deals to privatize the generation of
energy and award concessions for transmission and distribution,
the AP recounts.

According to the AP, Mr. Higgins said in his resignation letter
that the compensation details outlined in his contract could not
be fulfilled.  His announcement comes a month after Puerto Rico's
justice secretary said it would be illegal for him to receive
bonuses, the AP states.

He also released a brief statement saying his wife's family is
facing a serious health issue and that was an important factor in
his decision to resign, the AP relates.

A power company spokesman, as cited by the AP, said Mr. Higgins
will remain as a member of the power company's board and that he
resigned following a mutual agreement with the board that offers
no financial compensation.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst &
Youngis the Board's financial advisor, and Citigroup Global
Markets Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                   Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch
Alternative Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth. The Retiree Committee tapped Jenner
& Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys. The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


VEGA ALTA: Plan and Disclosure Statement Hearing Set for June 6
----------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico conditionally approved Vega Alta Community
Health, Inc.'s amended disclosure statement dated April 7, 2018.

Acceptances or rejections of the Amended 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 Amended Disclosure
Statement and/or the confirmation of the Amended 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
Amended Disclosure Statement and the confirmation of the Amended
Plan and of such objections as may be made to either will be held,
for cause, on June 6, 2018 at 9:00 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.

The Troubled Company Reporter previously reported that the Debtor
amended the disclosure statement to clarify the Internal Revenue
Service's administrative, secured and priority values in
accordance with the most current balance.

A copy of the Amended Disclosure Statement is available at:

     http://bankrupt.com/misc/prb16-08128-11-154.pdf

                          About Vega Alta

Vega Alta Community Health, Inc., provides primary medical
services to the residents of Vega Alta and nearby areas.

The Debtor, based in Catano, Puerto Rico, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 16-08128) on Oct. 11, 2016.
Jaime Rodriguez Perez, at Jaime Rodriguez Law Office, PSC, serves
as bankruptcy counsel.  In its petition, the Debtor listed $25,582
in assets and $1.47 million in liabilities.  The petition was
signed by Luis M Gonzalez Bermudez, president.


PUERTO RICO: PRRPA Appoints Rafael Diaz Granados as New CEO
-----------------------------------------------------------
Eva Llorens Velez at Caribbean Business reports that the salary of
the new Puerto Rico Electric Power Authority (Prepa) CEO, Rafael
Diaz Granados, will be $750,000 a year, which is much higher than
what was being paid to his predecessor, Walter Higgins III, who
resigned on July 11.

Mr. Higgins stepped down precisely because of issues with his
$400,000 salary, as he confirmed in a letter to the utility's
employees, Caribbean Business relates.

Mr. Diaz Granados, a retired General Electric executive and energy
entrepreneur, was appointed on July 11 as CEO during a meeting
held by Prepa's Governing Board, of which he is a member,
Caribbean Business discloses.

According to Caribbean Business, a Prepa statement said Mr. Diaz
Granados has "global" executive experience in the "management,
restructuring and optimization of multimillion-dollar
corporations" and is "prepared to lead" Prepa to the "next phase
of efficiency."

The board assured that the incoming CEO's $750,000 a year salary
is consistent with the compensation paid to power industry
professionals in companies of similar "size, complexity and scope"
to the public corporation, Caribbean Business notes.

This salary amount is lower than that obtained through the formula
provided by the American Public Power Association: Salary =
138,100.90 + (0.2899022 x electric revenues in 1000's, Caribbean
Business states.


                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst &
Youngis the Board's financial advisor, and Citigroup Global
Markets Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                   Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch
Alternative Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth. The Retiree Committee tapped Jenner
& Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys. The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


VEGA ALTA: Plan and Disclosure Statement Hearing Set for June 6
----------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico conditionally approved Vega Alta Community
Health, Inc.'s amended disclosure statement dated April 7, 2018.

Acceptances or rejections of the Amended 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 Amended Disclosure
Statement and/or the confirmation of the Amended 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
Amended Disclosure Statement and the confirmation of the Amended
Plan and of such objections as may be made to either will be held,
for cause, on June 6, 2018 at 9:00 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.

The Troubled Company Reporter previously reported that the Debtor
amended the disclosure statement to clarify the Internal Revenue
Service's administrative, secured and priority values in
accordance with the most current balance.

A copy of the Amended Disclosure Statement is available at:

     http://bankrupt.com/misc/prb16-08128-11-154.pdf

                          About Vega Alta

Vega Alta Community Health, Inc., provides primary medical
services to the residents of Vega Alta and nearby areas.

The Debtor, based in Catano, Puerto Rico, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 16-08128) on Oct. 11, 2016.
Jaime Rodriguez Perez, at Jaime Rodriguez Law Office, PSC, serves
as bankruptcy counsel.  In its petition, the Debtor listed $25,582
in assets and $1.47 million in liabilities.  The petition was
signed by Luis M Gonzalez Bermudez, president.



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


VENEZUELA: Illegal Migration Issue Discussed Amid Bankrupt Economy
------------------------------------------------------------------
Curacao Chronicle reports that the crisis in Venezuela and the
illegal migration to Aruba, Curacao and Bonaire was the topic of a
meeting that the First Chamber of the Dutch Parliament had with
Minister of Foreign Affairs Stef Blok and State Secretary of Home
Affairs and Kingdom Relations Raymond Knops on July 10.

According to Curacao Chronicle, the Senate's Permanent Committee
for Kingdom Relations had called for a meeting with Blok and Knops
because of severe concerns about the grave situation in Venezuela
and the effects that this has on the three islands located nearby
the South American country.

The Senators were especially keen to hear about the illegal
immigration, the refugees that have been coming to mainly Aruba
and Curacao and the prospect that their numbers will increase as
the situation in Venezuela is deteriorating, Curacao Chronicle
states.

"We initially had concerns that the situation could escalate after
the presidential elections with a large migration surge as a
result.  That scenario didn't materialize despite the horrendous
situation and a completely bankrupt economy," Mr. Blok, who spoke
of "awful poverty" and many people fleeing because of "hunger and
deprivation", as cited by Curacao Chronicle, said.

Messrs. Blok and Knops said there are no indications for military
intervention from the side of Venezuela in the direction of the
islands, Curacao Chronicle relates.

"We are closely monitoring the situation," Curacao Chronicle
quotes Mr. Blok, who confirmed that Dutch Defence had a threshold
function through its presence in Curacao and Aruba, as saying.

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.  S&P's 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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