/raid1/www/Hosts/bankrupt/TCRLA_Public/180719.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

            Thursday, July 19, 2018, Vol. 19, No. 142


                            Headlines



B R A Z I L

ODEBRECHT SA: Dominican Republic Presidency Responds to Accusation
ODEBRECHT SA: Trial in Corruption Case Set for Aug. 7
PINHEIRO NETO: Among Restructuring & Insolvency Law Elite by GRR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Border Towns 'Survive' on Trade With Haiti
DOMINICAN REPUBLIC: Fitch Rates USD1.3 Billion Bonds 'BB-'
METRO: DGII Shuts Terminal of Bus Company


E C U A D O R

ECUADOR: Eyeing Trade Deal With Eurasian Economic Commission


G U A T E M A L A

GUATEMALA: Death Toll From Volcano Eruption Rises to 116


P A N A M A

AES PANAMA: S&P Alters Outlook to Negative & Affirms 'BB' CCR


P U E R T O    R I C O

AMERICAN CENTER: Taps Lourdes Ledon as Special Counsel


T R I N I D A D  &  T O B A G O

CL FINANCIAL: "Time to Divest," Liquidators' Report Says
TRINIDAD & TOBAGO: Agrees to Pay TT$42MM in Fees for NIF Bonds


U R U G U A Y

URUGUAY: Denies Media Reports About Threat to Food Safety


                            - - - - -


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


ODEBRECHT SA: Dominican Republic Presidency Responds to Accusation
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Presidency
responded to deputy Faride Raful's accusation that the Government
continued to pay Joao Santana and his wife Monica Moura, after
they were detained on corruption charges in Brazil's Odebrecht
graft case.

According to a letter to the Chamber of Deputies, which was read
in the session, the Presidency said "pre-established contracts"
account for the over RD$1.4 billion paid to Santana and Moura, on
their status as top advisers for president Danilo Medina's
campaigns of 2012 and 2016, the report notes.

The opposition PRM party asked the lower Chamber to appoint a
commission to investigate the deputy's allegation, a request that
the full House rejected, according to Dominican Today.

The report notes that the complaint has sparked heated debates in
newspapers, TV and radio programs and social networks in recent
weeks.

                        Link With Brazil

President Medina affirmed that Santana and Moura "are now
responding over there (in Brazil)," and urged reporters to "link
yourselves with over there," the report adds.

                     About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

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.


ODEBRECHT SA: Trial in Corruption Case Set for Aug. 7
-----------------------------------------------------
Dominican Today reports that Supreme Court Special Instruction
judge Francisco Ortega set for August 7 the hearing to open a
trial against the seven indicted in the Odebrecht SA US$92.0
million graft case.

He also granted Juan Roberto Rodr°guez, Angel Rondon, Tommy Galan,
V°ctor Diaz Rua, Conrado Pittaluga, Andres Bautista and Jesus
Vasquez, 10 additional days to submit their defense, according to
Dominican Today.

The report notes that the announcement comes one week after the
Supreme Court again rejected the motion to recuse Ortega from the
case.

                       Biggest Corruption Case

In addition to the bribes, the alleged ballooned cost of over
US$1.2 billion in the construction of the Punta Catalina power
plant makes Odebrecht the country's biggest corruption scandal,
the report adds.

                      About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American
engineering and construction company fully owned by the
Odebrecht Group, one of the 10 largest Brazilian private groups.
Construtora Norberto is the world's largest builder of
hydroelectric plants, of sanitary and storm sewers, water
treatment and desalination plants, transmission lines and
aqueducts.  The Group's main businesses are heavy engineering
and construction based in Rio de Janeiro, Brazil, and Braskem
S.A., its chemicals/petrochemicals company, based in Sao Paulo,
Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

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.


PINHEIRO NETO: Among Restructuring & Insolvency Law Elite by GRR
----------------------------------------------------------------
Pinheiro Neto Advogados was once again recognized in the 2nd
Annual GRR list as one of the 2018 world's leading law firms for
cross-border restructuring and insolvency matters.  This 2nd list,
published by the Global Restructuring Review (from Law Business
Research Group), ranked 119 law firms around the world based on a
research on the work developed last year, the structure of the
areas, the professionals and client feedback.


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


DOMINICAN REPUBLIC: Border Towns 'Survive' on Trade With Haiti
--------------------------------------------------------------
Dominican Today reports that the Border Development director
Miguel (Tito) Bejaran said Dominican border towns survive from an
underlying economy based on trade with Haiti and which must be
preserved.

The official warned that if trade is eliminated in the border
towns as some sectors demand, their inhabitants would "die of
hunger" and only those who reside there know the region's reality,
according to Dominican Today.

"Underlying the border is an underground economy, if trade is
eliminated between Haiti and the Dominican Republic those border
towns would starve," the official said quoted by EFE, the report
notes.  "From the capital the world looks different, however,
there are phenomena such as immigration on both sides."

He also regrets Haiti's instability, the report notes.  "The
street demonstrations will generate more misery and calamity in
the neighboring country," the report relays.

                      Water, Food Source

In a related topic, Mr. Bejaran said that creation of the Yaque
del Norte River Rescue Council seeks to guarantee food and
environmental security in the North and Northwest regions, the
report says.  "Providing sustainability to that watershed is
increases the possibilities of development in the region and
solves the problem of floods," he added.


DOMINICAN REPUBLIC: Fitch Rates USD1.3 Billion Bonds 'BB-'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Dominican Republic's
USD1.3 billion bonds, maturing July 2028. The notes have a coupon
of 6%.

Proceeds from the issuance will be used for general purposes of
the government, including the partial financing of the 2018
budget.

KEY RATING DRIVERS

The bond rating is in line with Dominican Republic's Long-Term
Foreign-Currency Issuer Default Rating(IDR) of 'BB-'.

RATING SENSITIVITIES

The bond would be sensitive to any changes in Dominican Republic's
Long-Term Foreign Currency IDR. Fitch affirmed Dominican
Republic's Long-Term Foreign Currency IDR at 'BB-' with a Stable
Outlook on Nov. 16, 2017.


METRO: DGII Shuts Terminal of Bus Company
-----------------------------------------
Dominican Today reports that the Internal Taxes Directorate (DGII)
shuttered the terminal of Metro bus company for failure to utilize
fiscal printers and tax receipts, as well as violation of Tax Code
Law 11-92.

The notices placed at the downtown bus terminal of Dominican
Republic's biggest bus company, say that the company had violated
several articles of the Tributary Code, according to Dominican
Today.

Local media report that DGII officials arrived around and ordered
the doors closed and the staff evacuated, proceeding to place the
notices "Closed by the DGII" on all the doors even on the
perimeter fence, the report notes.



=============
E C U A D O R
=============


ECUADOR: Eyeing Trade Deal With Eurasian Economic Commission
------------------------------------------------------------
Alianza News reports that Ecuador is optimistic it can reach a
trade deal with the Eurasian Economic Commission (EEC) in the
first half of 2019, the Andean nation's foreign trade minister
said after meeting with his counterpart from that economic union.

Ecuador's Pablo Campana and the EEC's trade minister, Veronika
Nikishina, took part in Quito in an initial meeting of the Joint
Committee on Economic and Commercial Cooperation between Ecuador
and the countries of the Eurasian Economic Union (EAEU), according
to Alianza News.

That bloc, whose executive body is the EEC, is made up of Russia,
Belarus, Kazakhstan, Armenia and Kyrgyzstan, the report notes.

The EAEU is a market of more than 1 billion people that is
Ecuador's third-largest trade partner, the report relays.

"Ecuador is characterized by the strength of its export products
in the farm sector, aquaculture and fishing and products in the
agro-industrial sector," Mr. Campana said at a press conference in
which he underscored the EAEU's potential as a market for Ecuador,
the report discloses.

In turn, he noted that the Andean nation imports raw materials
that it does not produce, fertilizers, wheat and in some cases
"medicine and chemical products," the report relays.

The report notes that trade between Ecuador and the EAEU nations
amounts to more than $1 billion annually, although that represents
only a small portion of both parties' total exports and imports.

"The trade figures are small in comparison with the potential we
have," Mr. Nikishina said, the report relays.

The EEC minister stressed the importance of diversifying the
economic union's trade relations and opening space for more
products, noting that "Ecuador only exports four products to
member states: bananas, flowers, coffee and seafood," the report
discloses.

"In the other direction, there are three deliveries that come from
the (EAEU) to Ecuador: hydrocarbons, fertilizers and mineral
products," she said, adding that the two trade partners have
"complementary economies," the report relays.

The report notes that Mr. Campana said the meeting was meant to
serve as a basis for promoting a trade agreement that could be
finalized in the first half of next year.

In 2017, Ecuadorian exports to EAEU countries amounted to $872
million, although imports from those five nations to Ecuador
barely exceeded $160 million, according to that South American
country's Foreign Trade Ministry, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, affirmed its
'B-/B' long- and short-term foreign and local currency sovereign
credit ratings on Ecuador. The outlook remains stable.

In addition, S&P affirmed its 'B-' transfer and convertibility
(T&C) assessment for Ecuador.


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


GUATEMALA: Death Toll From Volcano Eruption Rises to 116
--------------------------------------------------------
Aldia News reports that the death toll from the eruption of Fuego
volcano on June 3 has risen to 116, the National Coordination for
Disaster Reduction of Guatemala said.

Three new victims identified by the Guatemalan National Institute
of Forensic Sciences are on the list of the missing, and hence the
total toll stands at 116 deaths and 302 missing, agency
spokesperson David de Leon said, according to Aldia News.

The report notes that the forensic institute still has to
investigate more than 200 cases to determine if they correspond to
the missing.

The Fuego volcano on June 3 saw one of the strongest eruptions in
history, causing significant material damage and affecting almost
2 million people, the report adds.


===========
P A N A M A
===========


AES PANAMA: S&P Alters Outlook to Negative & Affirms 'BB' CCR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on AES Panama S.R.L. to
negative from stable. S&P also affirmed its 'BB' corporate credit
rating on the company and its 'BB' issue-level rating on its $375
million senior unsecured notes due 2022.

The outlook revision reflects the risk of reduced cash flows at
AES Panama in 2019, given that the company will be exposed to the
spot market that year. The risk would most be pronounced if spot
prices increase above $120 per MWh in 2019 and/or if the AES
Changuinola's repair takes longer than expected.

In January 2019, AES Changuinola, a hydro plant with 175 megawatt
(MW) capacity, will enter into a 10-month stoppage in order to
repair a leakage in its water tunnel. As such, it will be unable
to deliver the contracted energy to AES Panama, whereas the latter
has long-term power purchase agreement (PPA) contracts with the
power distribution companies. Even though current spot prices are
below $100 per MWh, S&P acknowledges the volatility of the
Panamanian energy market because hydropower generates of 50% of
the country's electricity.

S&P's base-case scenario assumes normal hydrology and no delays in
AES Changuinola's repair. In S&P's view, the company's exposure to
the spot market will be mitigated by the August start-up of AES
Colon, a thermal plant with 381 MW. More importantly, AES Panama
reduced the contracted level for 2019 to around 450 MW,
establishing a bigger cushion to absorb the hydrology risk.

The ratings also reflect the company's competitive position as the
largest power generator in Panama, which is tempered by the
historical volatility of profitability stemming from exposure to
hydrological risk. In addition, the ratings reflect S&P's
expectations that AES Panama's cash flow generation will stay in
line with our expectations, with EBITDA margin of around 50% in
the next three years.


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


AMERICAN CENTER: Taps Lourdes Ledon as Special Counsel
------------------------------------------------------
American Center for Civil Justice, Inc., seeks approval from the
U.S. Bankruptcy Court for the District of New Jersey to hire
Lourdes Morera Ledon, Esq., as special counsel.

Ms. Ledon will represent the Debtor in a case entitled Lourdes
Domenech Guzman et al. v. Gilberto Guzman Ramos et al. (Civil No.
DAC2010-3790), which is pending before the Puerto Rico Court of
First Instance, Superior Division of Bayamon.

The Debtor proposes to pay the attorney an hourly fee of $250 for
her services.  Paralegals will be paid $75 per hour.

Ms. Ledon disclosed in a court filing that she is "disinterested"
as defined in section 101(14) of the Bankruptcy Code.

              About American Center for Civil Justice

American Center for Civil Justice, Inc., is a tax-exempt
organization that provides legal services.  The organization
defends human and civil rights by advocating and aiding lawsuits
by victims of oppression, acts of violence and other injustices.

American Center for Civil Justice filed voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J.
Lead Case No. 18-15691) on March 23, 2018.  In the petition signed
by Elie Perr, president, the company estimated $10 million to $50
million in assets and liabilities.

The Honorable Christine M. Gravelle presides over the case.

Broege, Neumann, Fischer & Shaver LLC, led by Timothy P. Neumann,
is the Debtors' counsel.


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


CL FINANCIAL: "Time to Divest," Liquidators' Report Says
--------------------------------------------------------
Asha Javeed at Trinidad Express reports that the Holiday Inn
Express at Piarco will be up for sale in the coming months as Home
Construction Ltd (HCL) seeks to divest its interest in it and its
holding company Trinidad Hotels Limited.

This was disclosed in the Second Report of the Joint Liquidators
(JLs) of CL Financial (CLF) dated June 18 and signed by Marcus
Wide of the international accounting firm, Grant Thornton,
according to Trinidad Express.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders have vowed to pay back
a TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board.  However, after a near seven-hour hearing,
High Court Judge Kevin Ramcharan sided with the company
shareholders, ruling that the action by the Government was
premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


TRINIDAD & TOBAGO: Agrees to Pay TT$42MM in Fees for NIF Bonds
--------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago has agreed to
pay about TT$42 million in fees and expenses in connection with
the distribution and securing of the TT$4 billion in bonds to be
issued by the National Investment Fund Holdings Company, according
to the prospectus for the bond offering.

The prospectus of the bond issue states: "The total of all
expenses to be incurred by the company in connection with the
distribution and securing of the bonds is approximately
TT$42,000,000. These expenses will be met by GORTT," according to
Trinidad Express.

The $42 million in fees is being shared among bankers First
Citizens Bank, the lead stockbroker First Citizens Brokerage and
Advisory Services, registrar and paying agent, T&T Central
Depository, auditors PKF Chartered Accountants and Business
Advisors as well as the attorneys, Fitzwilliam, Stone, Furness-
Smith and Morgan, the report notes.


=============
U R U G U A Y
=============


URUGUAY: Denies Media Reports About Threat to Food Safety
---------------------------------------------------------
EFE News reports that there are no threats to Uruguay's food
safety, Ranching, Agriculture and Fisheries Minister Enzo Benech
said.

"Currently, there are no health and safety risks," Mr. Benech
said, according to EFE News.  "All threats are being properly
managed and the best evidence is that we now have 120 markets open
to our products," he added.

"It is highly irresponsible and dangerous to speculate about this
when ours is a country that sells food to the world," the minister
said, the report notes.

Speaking after a Cabinet meeting, Mr. Benech responded to media
reports suggesting that the regulatory apparatus to ensure
livestock are free of disease might become less effective, the
report relays.

Mr. Benech noted that agriculture accounted for 80 percent of
exports, adding that sales continue because of "the confidence"
that buyers have in the Uruguayan system's quality, the report
discloses.

"We will never shirk our responsibility and our sanitary
requirements.  We are an example to the world for the traceability
in our cattle production, and for the plans implemented for the
use and management of soils," the report quoted Mr. Benech as
saying.

Mr. Benech also pointed out that Uruguay had already entered, or
was about to enter, several major markets, such as China, the
United States, Japan and Mexico, he added.


                            ***********


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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