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

               Wednesday, August 8, 2018, Vol. 19, No. 156



BRAZIL: 1,400% Stock Jump Shows Merger Winds are Blowing in
ODEBRECHT SA: Open to Foreign Partner for Construction Unit


COLOMBIA: IDB OKs $600MM Loan for Bogota's Transportation System

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: BCIE Earmarks US$500MM for Local Public Works
DOMINICAN REPUBLIC: Citizens Call for Fuel Price Reductions


DIGICEL GROUP: To Increase Prices for Products and Services
JAMAICA: Utility Companies Continue to Lose Millions to Theft


MEXICO: IDB OKs US$108.6MM Loan for Geothermal Energy Generation

P U E R T O    R I C O

PR GOLD BOND: Unsecured Priority Claims to be Paid in Full at 4%

V I R G I N   I S L A N D S

ICW GLOBAL: Goes Into Voluntary Liquidation

                            - - - - -


BRAZIL: 1,400% Stock Jump Shows Merger Winds are Blowing in
Fabiola Moura and Vinicius Andrade at Bloomberg News report that
speculation about consolidation is a staple in Brazil's highly
competitive, fast-growing telecom sector.  Now, conditions may be
ripe for action, according to Bloomberg News.

NII Holdings Inc. has skyrocketed this year in New York trading,
signaling that investors are stepping up their M&A bets as two
favorite targets finish actions that could pave the way for deals.
Nextel Telecomunicacoes Ltda., NII's Brazilian unit, concluded a
debt restructuring and is in better shape to be acquired as the
country slowly exits a long recession, Bloomberg News notes.

The same can be said for Oi SA, the country's largest fixed-phone
operator, which is wrapping up the largest debt restructuring in
Brazil's history, Bloomberg News says.

NII's stock surged 1,387 percent year-to-date through Aug. 3, the
second-best performance in the Russell 2000 index, Bloomberg News
relays.  The company hired Rothschild & Co. to organize the sale
of its 70 percent stake in Nextel Telecomunicacoes, Reuters
reported on June 28, citing people with knowledge of the matter,
Bloomberg News says.  Investors will likely look to Aug. 7's
second-quarter report and conference call for an update on the
sale process, the report adds.  The company in its first quarter
saw total subscribers grow for the first time in more than two

Recent changes in leadership at Tim Participacoes SA, the
Brazilian arm of Telecom Italia SPA, also seem to suggest
consolidation could be on the horizon, Bloomberg News discloses.
Sami Foguel, the new chief executive officer, has little
experience in the telecom sector, but plenty in dealmaking,
Bloomberg News notes.

"Nextel Brazil would be an attractive acquisition target not only
for Tim Brazil, but also for Telefonica Brazil or America Movil,"
said Kevin Roe, an analyst with Roe Equity Research LLC, Bloomberg
News relays.  "Nextel Brazil's unique and valuable spectrum is the
primary interest for any buyer, but there are also mobile network
consolidation synergies to be captured.  AT&T may also have an
interest given they already have a material Brazil presence in
satellite TV service."

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2018, Fitch Ratings affirmed Brazil's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'BB-' with a Stable

"Brazil's ratings are constrained by the structural weaknesses in
its public finances and high government indebtedness, weak growth
prospects, a challenging political environment and corruption-
related issues that have weighed on effective economic policy
making and hampered the progress on reforms. The ratings are
supported by Brazil's economic diversity and entrenched civil
institutions, with its per capita income higher than the 'BB'
median. The country's capacity to absorb external shocks is
underpinned by its flexible exchange rate, low external
imbalances, robust international reserves position, a strong net
sovereign external creditor position, deep and developed domestic
government debt markets, and a low share of foreign currency debt
in total government debt," Fitch said.

ODEBRECHT SA: Open to Foreign Partner for Construction Unit
Aluisio Alves at Reuters reports that the construction unit of
Brazilian conglomerate Odebrecht SA is seeking to win $18 billion
in engineering contracts in the next two years and could partner
with a strategic foreign investor, said the unit's chief
executive, Fabio Januario.

Mr. Januario said a foreign partner could help to reduce
dependence on Brazil's oil and gas sector, whose fortunes have
swung sharply over the past decade with the price of crude oil,
according to Reuters.  "We are open to partners but it has to be
someone who gives us that," Mr. Januario said during an interview.

The engineering group reached an accord with lenders for loans
worth BRL2.6 billion ($699 million) about three months ago, giving
the Brazilian conglomerate at the center of a corruption scandal
two years to maneuver after flirting with the risk of default, the
report notes.

Januario expects Brazil's construction sector to rebound after a
presidential election in October. The backlog for Odebrecht
Engenharia & Construcao SA has shrunk to $14 billion, down 50
percent since the end of 2014, says the report.

Reuters says after signing a new leniency deal with Brazilian
authorities in July, Odebrecht is seeking agreements in other
countries in which it operates as a way to resume operations
outside Brazil.

Odebrecht already has signed deals with Ecuador, Panama,
Guatemala, the Dominican Republic and the United States. In Peru,
Januario said the company expects to reach a deal in up to 45
days, Reuters 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,

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 reported 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.


COLOMBIA: IDB OKs $600MM Loan for Bogota's Transportation System
The Inter-American Development Bank (IDB) has approved a $600
million conditional credit line for investment projects that
includes a $70 million loan to build Bogota's First Metro Liner
(PLMB, after its Spanish initials).

Bogota's demographic and urban growth over the past 20 years has
turned it into Latin America's No. 4 city in terms of economic
dynamism.  This growth produced an 81% rise in the use of private
cars and 308% in that of motorcycles between 2007-2016.  This
situation affected mobility conditions in general and public
transportation in particular, causing road saturation and
increasing travel time for users. Rapid urbanization has also
affected mobility, in particular for public transport users, whose
travel speed plunged from 19.2 km/h to 16.6 km/h between 2010-
2015.  This mass transportation time increase translates into a
productivity loss of 172,000 hours/day for the city.

This situation has led city authorities to develop a "Better
Mobility for All" program that includes the public transportation
system and PLMB.

PLMB will be 23.96 km long and run totally on an elevated
platform.  The project was chosen after comparing eight different
proposals, all of which included 31 indicators -- environmental,
urban, building, social, financial, risk, etc.).  The conclusion
was that the elevated Metro can help save up to $61 million in
investments per km and its operation will cost 28% less than an
underground system.  Additionally, it can be finished in a shorter
period of time and construction risks are smaller than with the
underground option.

Another key consideration was that PLMB be not just a
transportation project but also a major urban renovation
initiative, one that would be integrated with and at the same time
invigorate the city public transport systems, in particular

PLMB will implement technological innovations such as Building
Information Modeling (BIM) to keep track of construction, as well
as automatic driving trains. It will also take steps to discourage
sexual violence, including security cameras with state-of-the-art
technology and improve illumination and signaling both at stations
and surrounding areas.  The project will also include ramps for
easy access to persons with disabilities.

The Metro liner will cover the area with the biggest demand for
transportation in town -- Caracas Avenue between 1 and 72 streets.
The project will serve some 990,000 passengers a day. PLMB and the
Transmilenio expansion will result in a more efficient system due
to their physical and billing integration.  Once the totality of
the city's mass transportation network is integrated, nearly 80%
of Bogota residents will have a Metro stop within under 1 km from
their location, which is expected to help reduce the use of
private means of transportation.

This project aims to contribute to Bogota's economic growth and
improve citizens mobility and quality of life.  In addition, the
electric Metro will help reduce CO2 emissions in the capital
district by 36,000 tons -- a major contribution to the fight
against greenhouse gases.

The first loan of the IDB's conditional credit line, of $70
million, is for a 20-year term, with a 5.5-year disbursement
period, a 5.5-year grace period and a LIBOR-based interest rate.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: BCIE Earmarks US$500MM for Local Public Works
Dominican Today reports that the Central American Economic
Integration Bank (BCIE) has a loan portfolio of more than US$500.0
million to support the Government's planned public works.

BCIE Executive Vice-President Alejandro Rodriguez Zamora made the
announcement after the opening of the III Regional Seminar "Risk
Management for the Public Sector: Challenges and Opportunities for
Debt Management in a Global Volatile Environment," according to
Dominican Today.

The executive said the current portfolio in the country is
US$210.0 million and that they work closely with the Dominican
authorities to identify relevant projects, programs and operations
and consistent with the BCIE strategy, the report notes.

"Our strategy has three axes: social development, competitiveness
and regional integration with a transversal axis that is
environmental sustainability," the report quoted Mr. Rodriguez as

Mr. Rodriguez added that they support the Government in some
public investment projects; citing the US$250.0 million loan for
stage three of the construction of the Monte Grande dam
(southwest) as the most recent, noting that the funds have yet to
be disbursed, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings 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.

DOMINICAN REPUBLIC: Citizens Call for Fuel Price Reductions
Dominican Today reports that a citizen group has filed a request
addressed to the Minister of Industry and Commerce, Nelson Toca,
asking him to fulfill Law 112-00 by adjusting taxes and lowering
the price of fuels.

The signatories state that this ministry has not adjusted taxes as
established by this law, leading to excessive charges, which
illegally raises fuel prices, according to Dominican Today.

The group, headed by Victor Garrido and Claudio Caamano, point out
that article 2 of Law 112-00 stipulates that taxes on fuel should
be adjusted according to the Consumer Price Index published by the
Central Bank, in which, according to documentation attached to
their petition, has varied by 301% between November 2000 and June
2018, the report relays.

In their statement, they accuse the Ministry of Industry and
Commerce of charging an excess of 3.59 pesos on regular gasoline,
DOP9.23 on optimum gasoil and 7.98 on regular, along with other
fuels, the report discloses.  They also showed that last year,
using fuel consumption data published by the ministry, the
Dominican public was overcharged by almost DOP3 million, the
report relays.

They state that they are giving Minister Nelson Toca an
opportunity to rectify this error by lowering the prices that
Dominicans pay for fuels, otherwise they will take the matter to
the courts to halt this blatant violation of the law, the report

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings 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.


DIGICEL GROUP: To Increase Prices for Products and Services
RJR News reports that Digicel Group will be increasing the prices
for some of its prepaid and postpaid mobile products as well as

Price increases for prepaid mobile products and services including
SMS messages will take effect today, Aug. 8, according to RJR

However, price increases for select post paid plans and Postpaid
SMS messages will take effect on September 1, the report notes.

Digicel Group said the increase will not affect its Freedom
Postpaid Plans, the report relays.

In a public advisory, Digicel Group said the price increase is in
response to the ongoing devaluation of the Jamaican dollar against
the U.S. currency, the report relays.

Digicel Group said the adjustments will also enable it to continue
to invest in superfast LTE and other ground-breaking technologies
to deliver better coverage across the island within the shortest
time possible, the report notes.

Meanwhile, Digicel Group will be increasing the data allowances to
some prepaid mobile products and services, the report discloses.

This also takes effect Aug. 8, the report notes.

Digicel Group said it will be increasing the data allowances by
10-per cent on all affected data plans, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Moody's Investors Service has changed to negative
from stable the outlook on the ratings of Digicel Group Limited
("Digicel", "DGL" or the "company") and Digicel Limited ("DL") and
assigned a negative outlook to Digicel International Finance
Limited ("DIFL"). At the same time, Moody's has affirmed DGL's B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR), as well as the B1 rating on the unsecured notes of
DL and the Ba2 rating on the secured bank credit facilities of

JAMAICA: Utility Companies Continue to Lose Millions to Theft
RJR News reports that the Jamaica's utility companies said they
continue to lose millions of dollars due to theft of service as
well as equipment and describe it as a significant problem that is
affecting not only their bottom line but their customers.

The problem was disclosed at a webinar hosted by the Office of
Utilities Regulation (OUR), according to RJR News.

Director of Losses Operations & Analytics at the Jamaica Public
Service Company (JPS), Rasheed Anderson, said the company
estimates that 200,000 households and commercial entities are
stealing electricity, the report notes.

There are 600,000 legitimate customers, the report relays.

The report says that Mr. Anderson disclosed that in 2017, the JPS
paid US$70.8 million for fuel that was not recovered.  The figure
so far this year is US$ 32.2 million, the report notes.

Meanwhile, the National Water Commission (NWC) estimates that
between 12 per cent and 30 per cent of  its supplies are stolen,
the report says.

Corporate Communications Manager at the NWC, Charles Buchanan,
says between 250,000 to 300,000 connections are involved in the
theft of water, the report discloses.

And telecommunications companies Digicel and FLOW reported that
they are also being significantly affected by theft and vandalism.
This includes theft of cables, generators, batteries and fuel, the
report says.

Director of Corporate Communications and Stakeholder Management at
FLOW, Kayon Mitchell, says so far this year, fifty-one communities
have been affected by theft and vandalism, costing the company
US$1.9 million to restore services, the report notes.

Digicel Group, which is experiencing similar issues of theft and
vandalism, says expensive equipment including batteries placed at
cell sites, are being stolen and sold for scrap metal, the report

Group Head of Field Operations Management at Digicel, Anthony
Barrows, pointed out that batteries which cost the companies
$80,000 each, are being sold for scrap metal for less than $2,000,
adds the report.

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


MEXICO: IDB OKs US$108.6MM Loan for Geothermal Energy Generation
The Inter-American Development Bank (IDB) has approved a
modification of a loan totaling US$108.6 million that aims to
increase private investment in electricity generation projects
from geothermal sources, putting at the developers' disposal a
number of financial mechanisms tailored to meet the specific needs
of each project at every step of their development.  This includes
the following phases: exploration, drilling, field preparation,
construction and operation of private geothermal projects, as well
as reducing the value at risk for developers, which is the main
barrier to investment.  The program's goal is to finance up to 300
MW of geothermal capacity over a 10-year period.  It also hopes to
leverage other public and private funds to contribute to Mexico's
geothermal sector with estimated investment levels to the tune of
US$4.2 billion for proven geothermal reserves.

The Program for Financing and Risk Transfer for Geothermal Energy
in Mexico, structured under the global loan modality, will consist
of two main components: risk mitigation for geothermal projects
and financing adapted to the different phases of project
exploration and execution.  In addition, it will have a third
component of technical assistance to support execution and other
implementation costs.

Mexico is the main emitter of greenhouse gases from fuel burning
in Latin America and No. 12 in the world.  Its ambitious goals
include reducing these emissions by 25% by 2030, with the energy
sector having the biggest reduction potential.  Moreover, 80% of
Mexico's energy continues to be derived from fossil fuels, making
it even more imperative to transform the country's energy
generation system to make it more sustainable and profitable.

"Geothermal power is baseload energy, with a capacity factor of
95%-plus, allowing to have electricity available 24-7 at a
competitive price, much like natural gas.  Like solar and wind
energy, it is renewable, but without their characteristic
intermittency.  It is fully climate-change resilient and has an
enormous energy density, which paves the way for getting large
amounts of energy in a relatively small area," says Christiaan
Gischler, project leader and IDB's geothermal theme team leader.
Its direct use has high-impact applications and social advantages.
"Low enthalpy (low temperature) applications are crucial for the
fruit drying industry, and the use of steam is critical for small-
and mid-sized enterprises," he adds.

Geothermal energy helps create new jobs and take advantage of
economies of scale, combining the knowledge of Mexico's existent
extractive industries to perform the perforation work needed
during the exploration phase.

The program's total amount is US$108.6 million: US$54.3 million
financed with resources from the IDB's Ordinary Capital, US$51.5
million from a contingent recovery grant financed with resources
from the Clean Technology Fund (CTF); and US$2.8 million in
technical cooperation.

There are currently two processes under way: first an
International Public Tender to pick the companies that will be in
charge of performing the drilling work during the exploration
phase; and second, a Call for the Selection of the Eligible
Developers who will participate in this program.

P U E R T O    R I C O

PR GOLD BOND: Unsecured Priority Claims to be Paid in Full at 4%
PR Gold Bond Administration Services Inc. filed an amended
disclosure statement in connection with its plan of

Class 3 unsecured priority claims will be paid in full with an
interest of 4% rate, to the extent that such claims are allowed
and ordered paid by the Court, by debtor over a period ending no
later than five years after the date of the order of relief.

Debtor's estate, consisting of the real estate property, personal
properties, a checking account, office equipment and inventory,
and, being able to continue operations and generating income, will
allow for the payment of the secured and priority creditors
allowed, with a dividend available to unsecured creditors (Class

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

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

         About PR Gold Bond Administration Services

Based in Bayamon, Puerto Rico, PR Gold Bond Administration
Services Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.
17-06052) on August 28, 2017.  Luis D. Flores Gonzalez, Esq.  at
Luis D. Flores Gonzalez Law Office represents the Debtor as legal
counsel.  At the time of filing, the Debtor estimated less than
$50,000 in assets and $100,001 to $500,000 in liabilities.

V I R G I N   I S L A N D S

ICW GLOBAL: Goes Into Voluntary Liquidation
In accordance with Section 204 (1) (b) of the BVI Business
Companies Act 2004, ICW Global Ltd incorporated on the territory
of the British Virgin Islands is undergoing the process of
voluntary liquidation.

The voluntary liquidation started on July 10, 2018.

The liquidator can be reached at:

         Emil Tsunizhov
         Nicosia, 23 Mesaloggio
         Cyprus, 2007


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.

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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.

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