TCRLA_Public/180817.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, August 17, 2018, Vol. 19, No. 163


                            Headlines



B O L I V I A

BANCO FASSIL: Fitch Gives First-Time 'B+' IDR, Outlook Stable


B R A Z I L

BANCO DE BRASILIA: Fitch Hikes Issuer Default Ratings to BB-
BANCO PINE: S&P Alters 'B-/B' Global Scale Ratings Outlook to Neg.
BANESTES SA: Fitch Affirms 'BB-' Long Term IDR, Outlook Stable
GOL LINHAS: S&P Affirms 'B-' ICR & Alters Outlook to Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Southern Towns Cry Out for Beltways


J A M A I C A

JAMAICA: Debt on The Decline
JAMAICA: Inflation Remains Below Target


P U E R T O    R I C O

A'GACI LLC: SSG Capital Acted as Investment Banker in Chapter 11
SPANISH BROADCASTING: Suffers $2M Net Loss in Second Quarter


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: No Dumping Ground for Old Chicken, PM Says


                            - - - - -


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B O L I V I A
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BANCO FASSIL: Fitch Gives First-Time 'B+' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Banco Fassil S.A (Fassil) first-time
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
of 'B+ 'and Viability Rating (VR) of 'b+'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

VR AND IDRS

The bank's VR, or standalone creditworthiness, drives its IDRs.
Fassil's rising company profile and its weak profitability highly
influence its VR. The VR also considers Fassil's sound but
deteriorating asset quality, pressured capitalization, and
adequate liquidity levels. The bank's operating environment is
also considered as a factor that moderates performance and
influences its VR.

Fassil's company profile has a high importance for its VR. The
bank's growth strategy is oriented to maintain its attained
position as the sixth largest bank in the system by assets. This
objective has been met amidst a heavily regulated and competitive
financial sector, positioning the bank as a leader in the Santa
Cruz Department. Fassil has outpaced other large banks in the
commercial and SME market segments, becoming the fifth and fourth
player in these niches, respectively. The bank's assets constitute
over 80% of Santa Cruz Financial Group (SCFG).

The Bolivian banking system is highly regulated and faces a
defiant operating environment. Quota requirements on compulsory
loans, and caps/floors on interest rates have pressured the
system's interest margins and profitability. Risk appetite
decisions are also constrained. Fassil's credit profile is
therefore limited by a challenging regulatory framework.

In Fitch's view, Fassil's decline in profitability constitutes the
main weakness for its credit profile. The banking system is
cornered by regulatory requirements and tough competition, and
Fassil has been largely affected. Despite high loan increase,
profits have consistently been reduced over the past five years
mainly driven by diminished interest margins (NIM) and increased
impairment charges. Recovery might be delayed until YE2019 and
will depend on stronger NIMs from diminished competitive pressures
and a matured loan portfolio with stable impairment charges.

Fitch believes that Fassil's high risk appetite seen during its
consolidation period has moderated. The bank showed steep loan
growth, beyond market averages, for the YE2013-YE2015. However,
from YE2016 to March 2018, growth moderated as the economy
deaccelerated and the bank approached its target market share.
Fitch expects future risk appetite to be in line with other large
banks and compulsory loan requirements.

Even though Fassil's asset quality has been historically better
than its peers, Fitch believes it will follow up on its recent
upward trend and converge toward market averages. Asset quality
metrics are still sound and positively compare with peers in the
'b' category; however, a current economic slowdown that caused a
system-wide increase in NPLs and the maturing loan book have
increased loan impairments progressively. Fitch expects Fassil's
current NPL ratio (0.88% as of March 2018) to converge to market
historic average (2014-2017: 1.52%) toward YE2019. Lower
restructuring and a high percentage of guaranteed loans with
respect to peers might help the bank maintain a slight advantage.

Fitch considers that the bank faces pressures on its capital
metrics. Strong growth and thin earnings have stressed its Fitch
Core Capital (FCC) to Risk Weighted Assets (RWA) ratio (March
2018: 9.29%; 2014: 16.36%). Further growth is likely to be
sustained on pending and authorized capitalizations by
shareholders, which won't relevantly change Fitch's view on
capital. Low usage of subordinated borrowing to fulfil regulatory
requirements positively weighs on Fitch's opinion.

In its opinion, Fassil's funding structure is adequate; total
loans are funded through customer deposits that have shown
stability. However, funding is concentrated on term deposits from
institutional clients, making its top 20 depositors over 74% of
total deposits. By regulation, SCFG has solidary responsibility
over the bank's financial obligations by the amount invested,
which currently accounts for 7.7% of the total funding. Banco
Fassil has a strong liquidity profile, sustained on ample liquid
assets (over 25% of short-term liabilities) and a comfortable
asset/liability match.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Floor are rated '5' and 'NF',
respectively. In Fitch's view, sovereign support cannot be relied
upon for Fassil, as it isn't considered a systemically important
bank.

RATING SENSITIVITIES

VR AND IDRS

The Rating Outlook is Stable, and upside potential for Fassil is
limited. However, if the bank achieves a stronger franchise and
sound and consistent operating profits to RWA (above 2%), that
relevantly improve capitalization levels, ratings could be revised
upward.

Weaker profitability metrics, pressured by significant asset
quality deterioration, increasing operating costs and/or lower
interest margins, could underpin a downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR
Upside potential for Fassil's SR and SRF is limited by its company
profile and could only occur over the time. Substantial growth in
market share in terms of retail deposits and systemic importance
could cause an upward revision.

Fitch has assigned the following ratings:

Banco Fassil S.A

  -- Long-Term Foreign and Local Currency Issuer Default Rating
(IDR) 'B+'; Outlook Stable;

  -- Short-Term Foreign and Local Currency rating 'B';

  -- Viability Rating 'b+';

  -- Support Rating '5';

  -- Support Floor 'NF'.



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B R A Z I L
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BANCO DE BRASILIA: Fitch Hikes Issuer Default Ratings to BB-
-------------------------------------------------------------
Fitch Ratings has upgraded the long-term, foreign- and local-
currency Issuer Default Ratings (IDRs) of BRB - Banco de Brasilia
S.A. (BRB) to 'BB-' from 'B+', its Viability Rating (VR) to 'bb-'
from 'b+' and its long-term National Rating to 'A+(bra)' from
'A(bra)'. Rating Outlooks on the long-term IDRs and long-term
National Rating are Stable. Fitch also affirmed BRB's Support
Rating (SR) at '4'.

The upgrade of BRB's IDRs and National Ratings derives from the
upgrade of the bank`s VR and reflects that BRB`s IDRs are now
driven by its VR. The upgrade of BRB's VR mainly reflects material
improvements in its profitability and capitalization over the past
15 months, compared with 2015 when the bank posted a significant
deterioration in key credit metrics. Fitch considers operating
environment and company profile as high influence factors for the
VR. BRB's ratings factor in its solid regional franchise in the
Federal District, where it had a market share of 6% and 7% in
loans and term deposits, respectively, as of March 2018 and its
well-balanced and stable business model.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS and VR

BRB's asset quality indicators have gradually improved in 2016 and
2017 after reaching their weakest level in 2015. Despite a small
increase in the loans classified in the D-H range of the central
bank's risk scale in the first quarter of 2018, the ratio of these
loans to total loans remains better than the peer average. Fitch
expects asset quality ratios to strengthen gradually due to the
enhanced underwriting standards in the company lending segment,
which drove the increase in BRB's impaired loans in 2015. As of
March 2018, NPLs over 90 days declined to 2.2% of gross loans from
2.8% and 4.2% in 2017 and in 2016, respectively. As in the case of
most Brazilian banks, higher net chargeoffs and renegotiations
have partially limited the rise in impairment ratios.

BRB's profitability has improved significantly since 2015.
Operating profit rose to 7.08% of risk weighted assets (RWAs) at
March 2018 from 5.03% and 2.02% in 2017 and 2016, respectively.
The improvement was the result of a significant decline in
impairment charges combined with an increase in the net interest
margin and better efficiency ratios.

BRB's FCC and regulatory capital ratios have strengthened since
2016 due to better profitability and a decline in outstanding
loans, and have approached the peer average. The FCC ratio rose to
14.45% as of March 2018 from 13.39% in 2017. Fitch expects capital
adequacy ratios to decline slightly as RWA growth is likely to
turn positive and the bank increased its dividend payout from 25%
to 40% in 2018, but to continue to be commensurate with its
current rating level.

Funding and liquidity are positive drivers for BRB's VR. The bank
has a retail funding base, which is highly stable, diversified and
low cost. Deposits and deposit-like financial bills made up 87% of
total funding at March 2018. In the same period, gross loans
corresponded to a comfortable 95% of deposit and deposit-like
financial bills (96% in 2017). As part of its strategy, the bank
has gradually increased the share of retail deposits at the
expense of wholesale deposits, which has been supportive of the
net interest margin.

KEY RATING DRIVERS - SUPPORT RATING

The affirmation of BRB's SRs at '4' reflects the limited
probability of support from its majority shareholder, the
Government of the Federal District (GDF). Fitch believes GDF would
have a high willingness but limited capacity to support BRB,
should the need arise. BRB is strategically important for GDF, as
it is the local government's main financial agent, and it has a
meaningful market share in the state's loans and time deposits.
Furthermore, in addition to its commercial operations, BRB
performs a policy role for the region through lending operations
that aim to promote development and growth.

RATING SENSITIVITIES - IDRS, SUPPORT RATING

Changes in BRB's VR could affect the bank's IDRs, while material
changes in Fitch's assessment of GDF's ability and willingness to
provide support to BRB would affect both the IDRs and the SR of
the bank.

RATING SENSITIVITIES - VIABILITY RATING

BRB's VR would be downgraded in case of a sovereign ratings
downgrade or if its FCC ratio falls to less than 11% and if its
operating income/RWA is below 2%, both for a sustained period. An
upgrade in BRB's VR would be conditional on a sovereign ratings
upgrade and at the same time on a sustained and material
improvement of its operating profit/RWA ratio and its FCC ratio.

Additionally, a material deterioration in Fitch's assessment of
GDF's credit profile could also affect BRB's VR, since there is
little room for the bank's VR to be much above the credit profile
of its parent. Conversely, an improvement in Fitch's assessment of
GDF's willingness and capacity to support BRB would be neutral for
BRB's VR at the current rating levels.

RATING SENSITIVITIES - NATIONAL RATINGS

The National ratings of BRB may be affected by a change in Fitch's
perception of the bank's local relativities with respect to other
Brazilian entities.

Fitch has taken the following rating actions:

  -- Long-term foreign- and local-currency IDRs upgraded to 'BB-'
from 'B+'; Outlook Stable;

  -- Short-term foreign- and local-currency IDRs affirmed at 'B';

  -- Long-term National Rating upgraded to 'A+(bra)' from
'A(bra)'; Outlook Stable;

  -- Short-term National Rating affirmed at 'F1(bra)';

  -- Support Rating affirmed at '4';

  -- Viability Rating upgraded to `bb-` from 'b+'.


BANCO PINE: S&P Alters 'B-/B' Global Scale Ratings Outlook to Neg.
------------------------------------------------------------------
S&P Global Ratings revised the outlook on its 'B-/B' global scale
ratings on Banco Pine S.A. (Pine) to negative from stable. S&P
also revised the bank's SACP to 'ccc+' from 'b-' and lowered its
national scale rating to 'brBBB-' from 'brBBB'. The outlook on the
latter is also negative.

The lower SACP reflects the bank's weaker capital position and the
heightened challenges it faces in generating sustainable
profitability and thus, internal capital generation. However,
because of the bank's conservative liquidity management and lack
of significant maturities concentration, we're affirming
our 'B-/B' global scale ratings.


BANESTES SA: Fitch Affirms 'BB-' Long Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Banestes S.A. - Banco do Estado do
Espirito Santo's (Banestes) IDRs and Long-Term National Rating.
The Rating Outlook is Stable.

KEY RATING DRIVERS

VR, IDRs AND NATIONAL RATINGS

Banestes' Issuer Default Ratings (IDRs) are driven by its
Viability Rating (VR), which mainly reflects the strong influence
of the operating environment on the bank's performance due to the
concentration of activities in the State of Espirito Santo and its
regional importance. The ratings also consider Banestes' company
profile, which incorporates its regional franchise and business
model. The bank's financial profile is reasonable and has been
resilient and without major fluctuations throughout the economic
cycles. The ratings also reflect the bank's stable liquidity,
relatively strong capitalization and adequate funding sources.

Banestes' business model relies on lower-cost retail funding,
provided by its branch network, mainly in the State of Espirito
Santo. In addition, the bank benefits from a reasonably
diversified product offering, which makes it less dependent on
credit-linked revenues than its peers. As a state bank, a relevant
part of its strategy includes providing services and granting
credit to state and municipal public employees, as well as to
companies that intend to invest in the state. Banestes has a 46%
share of term deposits (first in the state) and 14% in credit
operations (third in the state), with a 32% share of the retail
credit market.

The bank's underwriting standards are in line with the practices
of the leading players in the banking industry. Credit risk is the
most capital consuming. In March 2018, the credit risk-weighted
assets accounted for 75%. Banestes had a credit portfolio
consisting of loans to individuals (59%) and companies (41%). Top
10 borrowers accounted for only 8.4% of total credit in March
2018. Payroll loans accounted for 48% of the individuals'
portfolio in March 2018. Credit quality remains acceptable, with
NPLs (90 days past due) totaling 3.0% in March 2018 (2.5% in 2017,
3.6% in 2016 and 4.1% in 2015). In March 2018, loans classified as
'D-H', according to the Resolution 2.682 of the Central Bank of
Brazil (BC), accounted for 12.8% of the portfolio, which shows
some improvement over previous years (13.6% % in December 2017 and
15.5% in December 2016).

In the last four years, Banestes showed good profitability,
without major fluctuations. The operating result on the average
risk-weighted assets was 2.6% in March 2018.

The bank's capitalization levels are relatively solid with a Fitch
Core Capital ratio (FCC) of 14.9% in March 2018 (12.6% in December
2017, 16.6% in December 2016 and 17.3% in December 2015). The
decline in 2017 is due to increased exposure to NTN-Fs (National
Treasury Notes - Series F), which consumed a larger share of risk-
weighted assets.

One of Banestes' strengths is its stable and diversified funding
base, with clients related to savings accounts and term deposits
with low concentration. Fitch views Banestes' liquidity as
adequate and its minimum cash policy as conservative. The most
liquid assets accounted for about 50% of total deposits and
financial bills and were comprised mainly of federal public
securities.

SUPPORT RATING

The '4' Support Rating (SR) reflects the limited probability of
support from its controlling shareholder, the State of Espirito
Santo. Fitch believes the state would have a high willingness but
limited capacity to support the bank, should the need arise. In
Fitch's opinion, Banestes is strategically important for the
state, acting as its main tax-collecting agent, carrying out
transfers to municipalities, and is responsible for the state's
cash management. In addition, state public entities, to which the
bank provides services and grants credit to suppliers, as well as
payroll deductible loans to public employees, make up an important
part of the bank's business.

RATING SENSITIVITIES

IDRs AND VR

Banestes' VR is sensitive to any change in Fitch's assumptions
regarding the exposure to regional risk, capitalization and credit
quality. The VR may be downgraded if Banestes' operating profit to
RWAs substantially deteriorates and/or if the FCC falls below 11%,
both in a sustained manner. An upgrade in Banestes's VR would be
conditional on a sovereign rating upgrade and at the same time on
a sustained and material improvement of its operating profit/RWA
ratio and its FCC ratio.

Fitch's internal analysis of the State of Espirito Santo may
affect the bank's ratings. Thus, Banestes' ratings could be
impacted by any change in the financial profile of that state.

SUPPORT RATING

Banestes' SR may be changed upon any change in the strategic
importance of the bank or upon potential changes in the capacity
or willingness of the State of Espirito Santo to provide support
to the bank.

NATIONAL RATINGS

Any changes to Banestes' IDRs or in the bank's credit profile when
compared to its Brazilian peers could lead to a change in the
National Ratings.

Fitch has affirmed the following ratings:

Banestes S.A. - Banco do Estado do Espirito Santo

  -- Long-term IDRs in Foreign and Local Currencies at 'BB-';
Outlook Stable;

  -- Short-term IDRs in Foreign and Local Currencies at 'B';

  -- National Long-Term Rating at 'A+(bra)', Outlook Stable;

  -- National Short-Term Rating at 'F1 (bra)';

  -- Support Rating at '4';

  -- Viability Rating at 'bb-'.


GOL LINHAS: S&P Affirms 'B-' ICR & Alters Outlook to Stable
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Gol Linhas Aereas
Inteligentes S.A. (Gol) to stable from positive. At the same time,
S&P affirmed its global scale issuer credit and issue-level
ratings on Gol at 'B-' and lowered its Brazilian national scale
corporate rating on the company to 'brBBB' from 'brBBB+'.

The 'B-' issue-level ratings on Gol's senior unsecured debts are
the same as the corporate credit rating. However, S&P revised
Gol's recovery rating to '4' from '3', given its expectations of
average recovery prospects (30%-50%; rounded estimate 35%) for
unsecured creditors.

The outlook revision and the national scale downgrade reflect that
Gol's capital and cost structure are highly exposed to the U.S.
dollar, affecting the company's leverage and consequently changing
our previous expectation of a quicker deleveraging by the end of
2018. The 17% exchange rate devaluation and the 24% spike in Brent
oil prices in the first half of the year have resulted in our
revised expectation of gross debt to EBITDA at around 5.0x and FFO
to gross debt around 12% in 2018 from the previous 3.7x and 17%,
respectively, supporting S&P's view of Gol's negative capital
structure.



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


DOMINICAN REPUBLIC: Southern Towns Cry Out for Beltways
-------------------------------------------------------
Dominican Today reports that crossing Peravia and Azua provinces
is becoming often annoying as an increasing number of vehicles in
the South region are getting stuck in often long traffic jams.

The notable jump in population and the ensuing growth in the
amount of autos have converted Azua and Bani into hurdles for
motorists, truckers and bus drivers, according to Dominican Today.

Local residents complain that their towns' main inconvenience
occurs during rush hour (from 8:00 a.m. to 11:00 a.m., and from
3:00 a.m. to 7:00 a.m.), the report relays.

"In times of heavy traffic, sometimes it takes up to 20 minutes to
get out of Bani," said a driver of one of the bus routes, the
report relays.

The report says that Bani and Azua are among the South's most
thriving provinces, where trucks that transport the harvests to
Santo Domingo and other regions cross daily, in addition to the
hundreds of buses that shuttled people to the southern towns of
Pedernales, Barahona, Elias Pina and San Juan.

A Public Works Ministry source quoted by Diario Libre said the
project to build the Bani Beltway is under the tendering process,
while the construction for Azua's advances, the report notes.

For now the tourists who want to visit the picturesque South can
expect slow going on the Sanchez highway (RD-2), as well as the
occasional traffic chaos when crossing Bani or Azua, 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.


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J A M A I C A
=============


JAMAICA: Debt on The Decline
----------------------------
RJR News reports that Jamaica's debt is steadily decreasing as a
result of increased payments by the Government.

Prime Minister Andrew Holness said the Finance Ministry repaid
J$58 billion in debt last month, according to RJR News.

He disclosed that the Government's borrowing has also been reduced
noting that Jamaica only needed to borrow back $10 billions, the
report relays.

He says this means that the Government's debt diet is changing,
adding that Government financing is improving and if the island
continues on this trajectory, where it's repaying more debt than
it needs to borrow, Jamaica will hit its 60 per cent debt to gross
domestic product ratio (target) probably sooner than later, the
report notes.

He said Jamaica will meet the target by the 2025/6 fiscal year,
the report added.

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.


JAMAICA: Inflation Remains Below Target
---------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(STATIN) is reporting that point-to-point inflation is now at 3.2
per cent.

This means inflation is still below the targetted range of 4 to 6
per cent, according to RJR News.

Inflation for July came in at 1%, the report adds.

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.


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


A'GACI LLC: SSG Capital Acted as Investment Banker in Chapter 11
----------------------------------------------------------------
SSG Capital Advisors, LLC, acted as the investment banker to
A'GACI, LLC, in the placement of exit financing and restructuring
pursuant to a Chapter 11 Plan of Reorganization in the U.S.
Bankruptcy Court for the Western District of Texas.  The Plan was
confirmed and became effective in August 2018.

Founded in 1971 and headquartered in San Antonio, Texas, A'GACI is
a multi-channel fast fashion retailer and lifestyle brand for
young women.  The Company maintains an active online presence and
sells on-trend quality apparel, shoes and accessories at value
prices through its website and 55 store locations across 8 U.S.
states and territories.

After many years of successful operations, A'GACI suffered poor
financial performance as it set aggressive growth targets by
opening 21 new store locations across Arizona, California,
Florida, Nevada and Puerto Rico from 2015 to 2017.  This
significant expansion combined with the flawed implementation of a
new ERP system strained the Company's resources and delayed its
response to evolving consumer shopping preferences and declining
mall traffic.  Shortly after the ERP implementation, a number of
the Company's most profitable stores in Texas, Florida and Puerto
Rico were severely impacted by Hurricanes Harvey, Irma and Maria
resulting in a temporary closure of 24 locations.  These
circumstances drove management's strategic initiative to optimize
the store portfolio, reduce fixed costs and identify a new capital
partner to support the Company's return to profitability.  A'GACI
filed for protection under Chapter 11 of the U.S. Bankruptcy Code
in January 2018.

SSG was retained in January 2018 to advise the Company on
strategic alternatives including a possible sale or restructuring
of the existing business.  A comprehensive marketing process did
not produce acceptable bids and SSG sought new financing to
facilitate the Company's plan of reorganization and exit from
bankruptcy.  SSG's ability to solicit interest from several
lenders in an efficient and timely process and its experience with
refinancing enabled the Company to maximize value, preserve jobs,
maintain the loyalty of vendors and customers and exit bankruptcy
in seven months.  Unlike most retail bankruptcies, A'GACI was able
to avoid a liquidation or sale of its assets and achieve a true
Chapter 11 reorganization with new exit financing.

Other professionals who worked on the transaction include:

    * Ian T. Peck, David L. Staab, Paul H. Amiel and Laura Shapiro
of Haynes and Boone, LLP, counsel to A'GACI, LLC;

    * Stephen L. Coulombe, Gabe Koch, Michael Bohne and Caroline
Barns, of Berkeley Research Group, LLC, financial advisor to
A'GACI, LLC;

    * Michael Jerbich and Chris Draper of A&G Realty Partners,
LLC, real estate advisor to A'GACI, LLC;

    * W. Steven Bryant of Locke Lord LLP, counsel to the Senior
Lender;

    * Steve A. Peirce of Norton Rose Fulbright LLP (US), counsel
to the Equipment Lender;

    * Richard S. Lauter and Emily S. Chou of Lewis Brisbois
Bisgaard & Smith LLP, counsel to the Official Committee of
Unsecured Creditors;

    * John P. Madden, Jack Allen and Ryan Feulner of Emerald
Capital Advisors Corp., financial advisor to the Official
Committee of Unsecured Creditors;

    * John F. Ventola and Melissa D. Waite of Choate Hall &
Stewart LLP, counsel to the Exit Lender; and

    * Eric B. Terry of Eric Terry Law, PLLC, counsel to the Senior
Creditor.

CONTACTS ON THIS DEAL:

Teresa C. Kohl
Managing Director
tkohl@ssgca.com
(610) 940-9521

J. Scott Victor
Managing Director
jsvictor@ssgca.com
(610) 940-5802

Brian A. McAuley
Associate
bmcauley@ssgca.com
(610) 940-6067

Michael P. Gunderson
Analyst
mgunderson@ssgca.com
(610) 940-1072

                   About SSG Capital Advisors

SSG Capital Advisors is an independent boutique investment bank
that assists middle-market companies and their stakeholders in
completing special situation transactions.  It provides its
clients with comprehensive investment banking services in the
areas of mergers and acquisitions, private placements, financial
restructurings, valuations, litigation and strategic advisory.
SSG has a proven track record of closing over 300 transactions in
North America and Europe and is a leader in the industry.

Securities are offered through SSG Capital Advisors, LLC (Member
SIPC, Member FINRA).  All other transactions are effectuated
through SSG Advisors, LLC, both of which are wholly owned by SSG
Holdings, LLC.  SSG is a registered trademark for SSG Capital
Advisors, LLC and SSG Advisors, LLC.

                    About A'GACI, L.L.C.

Founded in San Antonio, Texas, A'GACI, L.L.C. --
http://www.agacistore.com/-- is a fast-fashion retailer of
women's apparel and accessories.  A'GACI attracts young, fashion-
driven consumers through its value-pricing and frequent
introductions of new and trendy merchandise.  It operates
specialty apparel and footwear stores under the A'GACI banner as
well as a direct-to-consumer business comprised of its e-commerce
Web site http://www.agacistore.com/Stores feature an assortment
of tops, dresses, bottoms, jewelry, and accessories sold primarily
under the Company's exclusive A'GACI label.  In addition, the
Company sells shoes under its sister brand labels of O'Shoes and
Boutique Five.

A'GACI, L.L.C., filed a Chapter 11 petition (Bankr. W.D. Tex. Case
No. 18-50049) on Jan. 9, 2018.  In the petition signed by manager
David Won, the Debtor disclosed $82 million in total assets and
$62 million in total liabilities as of Nov. 25, 2017.  The company
listed $37.3 million in assets and $54.7 million in liabilities in
a February 2018 court filing, according to a San Antonio
Express-News report.

The case is assigned to Judge Ronald B. King.

Haynes and Boone, LLP, serves as the Debtor's bankruptcy counsel;
Berkeley Research Group, LLC is the financial advisor; and SSG
Advisors, LLC, is the investment banker.  Kurtzman Carson
Consultants LLC, is the claims, noticing and balloting agent.

No trustee, examiner or official committee of unsecured creditors
has been appointed in the case.


SPANISH BROADCASTING: Suffers $2M Net Loss in Second Quarter
------------------------------------------------------------
Spanish Broadcasting System, Inc., reported a net loss of $1.99
million for the three months ended June 30, 2018, compared to net
income of $2.56 million for the three months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $5.36 million compared to a net loss of $8.27 million for
the same period during the prior year.

As of June 30, 2018, the Company had $437.38 million in total
assets, $538.63 million in total liabilities and a total
stockholders' deficit of $101.24 million.

"Our second quarter results marked a continuation of our solid
financial and operating performance as we built upon the momentum
in our business," said Raul Alarcon, Chairman and CEO.  "Our
top-line growth was supported by a continued focus on actively
managing our costs which were down significantly compared to last
year and helped drive healthy margin expansion.  We have built a
multi-platform leadership position serving the needs of Latinos
nationwide and connecting brands with highly attractive
demographic groups.  Moving forward, we will remain focused on
advancing our multi-platform strategy while driving improved
performance."

For the quarter-ended June 30, 2018, consolidated net revenues
totaled $34.8 million compared to $34.2 million for the same prior
year period, resulting in an increase of $0.6 million or 2%.  The
Company's radio segment net revenues remained flat due to
increases in network and local revenue, which were offset by
decreases in barter, special events, national and digital sales.
Its local sales increased in its Los Angeles, Puerto Rico, Miami
and San Francisco markets, while its national sales increased in
its Los Angeles, Puerto Rico, and San Francisco markets.  The
Company's special events revenue decreased primarily in its San
Francisco and Los Angeles markets, mainly due to lower event
activity which was partially offset by increases in its Puerto
Rico, New York, and Miami markets.  The Company's television
segment net revenues increased by $0.6 million or 21%, due to the
increases in local and subscriber-based revenues, and hurricane
related insurance proceeds for business interruption in Puerto
Rico.

Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $11.6
million compared to $8.1 million for the same prior year period,
representing an increase of $3.5 million or 44%.  The Company's
radio segment Adjusted OIBDA increased $3.2 million or 30%,
primarily due to a decrease in operating expenses of $3.2 million.
Radio station operating expenses decreased mainly due to the
impact of legal settlements and decreases in special events, taxes
and licenses, and barter expenses partially offset by increases in
professional fees and marketing expenses.  The Company's
television segment Adjusted OIBDA increased $1.0 million, due to
the decrease in operating expenses of $0.4 million and the
increase in net revenues of $0.6 million.  Television station
operating expenses decreased primarily due to reductions in
programming related production costs, legal fees and bad debt
expense and partially offset by a decrease in production tax
credits.  The Company's corporate Adjusted OIBDA worsened $0.7
million or 25%, mostly due to an increase in bonuses and legal
fees.

Operating income totaled $9.1 million compared to $16.5 million
for the same prior year period, representing a decrease of $7.3
million or 45%.  This decrease was primarily due to having
recognized a gain on the sale of its Los Angeles facility in the
prior year and impairing an FCC broadcasting license in the
current year partially offset by the increase in net revenues, the
decrease in operating expenses and recapitalization costs.

For the six-months ended June 30, 2018, consolidated net revenues
totaled $68.7 million compared to $65.5 million for the same prior
year period, resulting in an increase of $3.2 million or 5%.  The
Company's radio segment net revenues increased $1.0 million or 2%,
due to increases in network, local, and special event revenue,
which were partially offset by decreases in barter and national
revenues.  The Company's local sales increased in its Puerto Rico
and Los Angeles markets, while its national sales decreased in our
New York, San Francisco and Miami markets.  The Company's
television segment net revenues increased by $2.1 million or 35%,
due to increases in special events, and subscriber-based revenues
and hurricane related insurance proceeds for business interruption
in Puerto Rico.

Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $20.9
million compared to $13.9 million for the same prior year period,
representing an increase of $7.0 million or 50%.  The Company's
radio segment Adjusted OIBDA increased $6.0 million or 31%,
primarily due to a decrease in operating expenses of $5.0 million
and an increase in net revenues of $1.0 million.  Radio station
operating expenses decreased mainly due to the impact of legal
settlements and decreases in digital development and content
production costs related to the LaMusica application, special
events, taxes and licenses, and barter expenses partially offset
by
increases in professional fees and marketing expenses.  The
Company's television segment Adjusted OIBDA increased $2.3
million, due to the decrease in station operating expenses of $0.1
million, and the increase in net revenues of $2.1 million.
Television station operating expenses decreased primarily due to
reductions in programming related production costs and
professional fees offset by increases in special event expenses.
The Company's corporate Adjusted OIBDA worsened by $1.3 million or
25%, mostly due to an increase in bonuses, legal fees and travel
related expenses.

Operating income totaled $16.7 million compared to $20.3 million
for the same prior year period, representing a decrease of $3.6
million or 18%.  This decrease was primarily due to having
recognized a gain on the sale of its Los Angeles facility in the
prior year and impairing an FCC broadcasting license in the
current year partially offset by the increase in net revenues, the
decrease in operating expenses and recapitalization costs.

A full-text copy of the Form 10-Q is available for free at:

                        https://is.gd/FwX0w5

                     About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and
operates 17 radio stations located in the top U.S. Hispanic
markets of New York, Los Angeles, Miami, Chicago, San Francisco
and Puerto Rico, airing the Spanish Tropical, Regional Mexican,
Spanish Adult Contemporary, Top 40 and Latin Rhythmic format
genres.  SBS also operates AIRE Radio Networks, a national radio
platform which creates, distributes and markets leading Spanish-
language radio programming to over 250 affiliated stations
reaching 94% of the U.S. Hispanic audience.  SBS also owns MegaTV,
a television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
SBS also produces live concerts and events and owns multiple
bilingual websites, including www.LaMusica.com, an online
destination and mobile app providing content related to Latin
music, entertainment, news and culture.

The report from the Company's independent accounting firm Crowe
Horwath LLP, the Company's auditor since 2013, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the 12.5% Senior Secured Notes
had a maturity date of April 15, 2017.  Cash from operations or
the sale of assets was not sufficient to repay the notes when they
became due.  In addition, for the year ended Dec. 31, 2017, the
Company had a working capital deficiency and negative cash flows
from operations.  These factors raise substantial doubt about its
ability to continue as a going concern.

Spanish Broadcasting reported net income of $19.62 million for the
year ended Dec. 31, 2017, compared to a net loss of $16.34 million
for the year ended Dec. 31, 2016.  As of March 31, 2018, Spanish
Broadcasting had $435.6 million in total assets, $534.9 million in
total liabilities and a total stockholders' deficit of $99.26
million.

                          *     *     *

In May 2017, S&P Global Ratings withdrew its 'D' corporate credit
rating and issue-level ratings on Spanish Broadcasting System.
"We withdrew the ratings because we were unlikely to raise them
from 'D', based on SBS' ongoing plans to restructure its debt,"
said S&P Global Ratings' credit analyst Scott Zari.  S&P had
downgraded SBS to 'D' on April 21, 2017, following the company's
announcement that it didn't repay its $275 million 12.5% senior
secured notes that were due April 15, 2017, as reported by the TCR
on May 25, 2017.

In April 2017, Moody's Investors Service downgraded SBS's
corporate family rating to 'Ca' from 'Caa2'.  SBS's 'Ca' corporate
family rating reflects an elevated expected loss rate following
the default under the company's 12.5% senior secured notes due
April 2017, said Moody's.


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


TRINIDAD & TOBAGO: No Dumping Ground for Old Chicken, PM Says
----------------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Prime Minister
Dr. Keith Rowley says Trinidad and Tobago should not be considered
a dumping ground for old food, in particular chicken, from other
economies.

He said Government was moving to implement new regulations which
would prevent importers from bringing "old chicken" into the
country, according to Trinidad Express.

The report notes that Mr. Rowley was speaking at the Nutrimix
Group of Companies sod-turning ceremony for its Next Generation
Hatchery at Rivulet Road, Couva.

He said, "That requires Government policy, it requires Caricom
agreement and local entrepreneurs to stand requiring to be
defended by the Government of Trinidad and Tobago and we will do
just that," the report says.

Agriculture Minister, Clarence Rambharat, said while local poultry
processors were supplying fresh meat to restaurants across the
country they find themselves up against chicken which had outlived
its usefulness in the North American market, the report discloses.

"Chicken that is more than six months old, chicken that is as old
as three years and they find themselves up against that kind of
chicken in the local market place.  What we must do as a country
is to finally implement the Caricom standards to review import
permitting system to defend local processors and to give them an
opportunity to grow and complete on a level playing field," he
said, the report notes.

The report relays that Mr. Rambharat said it was necessary to
implement appropriate standards and changes to the permitting
process which will restrict importers from bringing into the
country poultry that is over 180 days old from the date of
processing.

He said Government was moving to review the 60-year-old
legislation which dealt with the animal and livestock sector, the
report discloses.

"The last amendment to that legislation was done 21 years ago. All
those new cycle sanitary measures and all the international health
requirements relating to animal health and livestock in particular
are difficult to implement, are difficult to police, are difficult
to enforce, simply because the existing law does not provide us
with the opportunity to do so," he said, the report notes.

He said Cabinet was considering a new Animal Health Bill which
would soon be referred to the legislation review committee, the
report says.

The report discloses that Mr. Rambharat said poultry represented
50 per cent of the agriculture sector.  Mr. Rambharat said the
local poultry processors employed 12,000 people, mostly single
mothers, the report relays.

Mr. Rambharat said in recent times the local poultry sector have
gone to the Government for support in allocation of land for
expansion and introduction of new technology, the report notes.

Mr. Rambharat said an important party of the poultry sector,
sometime overlooked, was the pluck shops, the report discloses.
He said there were some 3,000 pluck shops in Trinidad and Tobago,
the report notes.  This, he said, created an opportunity for
employment in the rural areas, the report relays.

The report adds that he said the Government had retained a
consultant to conduct appropriate survey and discussion with pluck
shop owners.  This would allow the Government to introduce a
proper health and safety standard and assist pluck shop owners
with training.

Nutrimix Group of Companies director, Ronnie Mohammed, said in the
last 38 years there has been continuous improvement and effective
modernisation which led to multiple expansions of the company's
existing hatchery facility in Barrackpore, the report notes.

The report discloses that Mr. Mohammed said the new facility will
initially be laid out on five acres of land.  The first phase of
the facility will have a capacity for approximately 1.3 million
eggs with provisions for an additional 1.7 million eggs, the
report relays.  "On completion, it will be the most modern
facility in the Caribbean anf the single largest investment in
agriculture in T&T over the last five years," he said, the report
notes.

Mr. Mohammed said the facility will directly employ 100 people
during the 18-month period of its construction and 50 people when
it is operational, the report adds.


                            ***********


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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