TCRLA_Public/180831.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 31, 2018, Vol. 19, No. 173


                            Headlines



A R G E N T I N A

ARGENTINA: Bond Risk Soars W/ Investors Losing Faith in Macri Era
ARGENTINA: IMF Studying Request for Early Help as Peso Crashes


B R A Z I L

ADECOAGRO SA: S&P Affirms BB Issuer Credit Rating, Outlook Stable
BANCO DE DESENVOLVIMENTO: S&P Places 'B-' ICR on Watch Positive
INVESTIMENTOS E PARTICIPACOES: S&P Places 'BB-' GSR On Watch Neg.
JBS SA: Emerges From Bribery Scandal to Become Market Favorite


P E R U

PERU: Minister Reaffirms Free Trade Support During China Visit


P U E R T O    R I C O

POLICLINICA FAMILIAR: Continuing Ops of Business to Fund Plan
PUERTO RICO AQUEDUCT: S&P Withdraws 'CC' Revenue Bond Ratings
SAN JUAN ICE: Ice Plant Repair Delays Plan Filing


V E N E Z U E L A

VENEZUELA: Retirees Reject Change in Payment Mechanism


                            - - - - -



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A R G E N T I N A
=================


ARGENTINA: Bond Risk Soars W/ Investors Losing Faith in Macri Era
-----------------------------------------------------------------
Ben Bartenstein at Bloomberg News reports that Mauricio Macri's
presidency was meant to lead Argentina out of a dismal period of debt
defaults, currency controls and recession.  Markets show investors are
losing faith in the new dawn for South America's second-largest
economy, according to Bloomberg News.

Argentina's yield spread over Treasuries -- the extra cost it pays to
borrow in the bond market compared with the U.S. -- has climbed this
month to the highest since December 2014, Bloomberg News notes.  The
spread surpassed Ecuador's, which has the dubious distinction of
having the second-most defaults in the world since 1800, for the first
time since May 2015, Bloomberg News relays.

Meanwhile, the peso has sunk 41 percent this year to a record low,
vying with Turkey's lira for the worst performance in emerging
markets, Bloomberg News says.  The Treasury Ministry forecast on
Monday that Argentina will suffer its second recession in three years
amid stubbornly high inflation, Bloomberg News discloses.  And, Mr.
Macri asked the International Monetary Fund to accelerate payments
from the $50 billion credit line granted in June to ease the nation's
financial crisis, Bloomberg News says.

An early release of funds from the IMF could help to stabilize
Argentine assets, according to Frances Hudson, a global strategist in
Edinburgh at Aberdeen Standard Investments, Bloomberg News relays.

"Otherwise, it's edging closer to a crisis in a region that seems
vulnerable and volatile on a number of fronts," she said, Bloomberg
News notes.

While analysts from Moody's Investors Service to the Institute of
International Finance have flagged Argentina as among the most fragile
developing nations amid dollar appreciation and rising interest rates,
some investors see the recent turmoil as a chance to scoop up the
nation's bonds on the cheap, Bloomberg News says.

"Front-loading of the IMF payments is very good news as it should help
address investors' concerns that they might default next year if
market conditions don't improve," said Delphine Arrighi, a portfolio
manager at Old Mutual Global Investors in London, Bloomberg News
notes.  "Argentine dollar bonds are now totally mispriced and do offer
value versus Angola and other credits," she said.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


ARGENTINA: IMF Studying Request for Early Help as Peso Crashes
--------------------------------------------------------------
Hugh Bronstein and Jorge Otaola at Reuters report that the
International Monetary Fund said it was studying a request from
Argentina to speed up disbursement of a $50 billion loan program after
a collapse in investor confidence in President Mauricio Macri's
government sent the peso tumbling more than 7 percent on Aug. 29.

It was the biggest one-day decline in the peso ARS=RASL since the
currency was allowed to float in December 2015, according to Reuters.
It closed at a record low of 34.10 per U.S. dollar and is down more
than 45.3 percent against the greenback this year, prompting massive
central bank interventions, the report notes.

Nerves are frayed in Latin America's No. 3 economy as it struggles to
break free from its notorious cycle of once-a-decade financial crises,
the report relays.  The last one, which was punctuated by a 2002 debt
default, tossed millions of middle-class Argentines into poverty, the
report relays.

The run on the peso prompted Argentina to turn to the IMF for the $50
billion credit line earlier this year, the report relays.  As part of
the deal, Argentina's government pledged to speed up plans to reduce
the fiscal deficit, the report discloses.

But given the peso's continued depreciation, which makes the country's
dollar-denominated debts more expensive to pay, investors are
increasingly concerned that the IMF help may not be enough, the report
says.

"We have agreed with the International Monetary Fund to advance all
the necessary funds to guarantee compliance with the financial program
next year," Mr. Macri said in a televised address, the report relays.
"This decision aims to eliminate any uncertainty," he added.

"Over the . . .  we have seen new expressions of lack of confidence in
the markets, specifically over our financing capacity in 2019," the
report quoted Mr. Macri as saying.

The report relays that IMF Managing Director Christine Lagarde
responded by saying in a statement that the multi-lateral lender's
staff would "reexamine the phasing of the financial program."  She
said that the "more adverse international market conditions" had not
been "fully anticipated" when the IMF and Argentina reached the deal
in June, the report notes.

"Authorities will be working to revise the government's economic plan
with a focus on better insulating Argentina from the recent shifts in
global financial markets, including through stronger monetary and
fiscal policies," the report quoted Mr. Lagarde as saying.

Argentina has $24.9 billion in peso-and foreign currency-denominated
debt payments due next year, according to official data, the report
relays.

Speaking to reporters after the IMF statement was issued, Treasury
Minister Nicolas Dujovne said the government would reduce the size of
its financing program, but did not provide specifics, the report
notes.

              Union To Protest Belt-Tightening

If Macri was trying to calm investors, it did not work, the report discloses.

"The market is saying: 'Just the fact that you are engaging in this
conversation makes me very, very nervous,'" Daniel Osorio, president
of New York-based consultancy Andean Capital Advisors, said in a
telephone interview, the report says.

The peso's decline has contributed to a jump in inflation, which hit a
12-month rate of 31.2 percent in July, the report relays.  In
response, the central bank has hiked interest rates to 45 percent and
sold more than $13 billion in reserves, including $300 million in an
auction, the report notes.

All that, combined with the budget cuts promised to the IMF that will
slow down public works projects, is contributing to a recession that
will result in an economic contraction of 1 percent this year,
according to the government, the report says.  That could hurt Macri's
re-election prospects in next year's presidential race, the report
discloses.

The June signing of the IMF deal reduced the need for costly bond
market funding and briefly steadied the peso, the report notes.  The
government has since announced more than $2 billion in budget savings,
a process Mr. Macri promised to continue, the report relays.

"We will accompany the IMF support with all necessary fiscal efforts,"
said Mr. Macri, who was elected in 2015 on a free market platform
after eight years of deep government intervention in the economy under
previous President Cristina Fernandez., the report says

Argentina's biggest labor group, the CGT, said it will call a 24-hour
general strike on Sept. 25 to protest Macri's belt-tightening
measures, the report relays.  Two smaller union groupings said they
will go on a 36-hour strike on Sept. 24 to protest the IMF, which many
blame for the 2002 crisis, the report notes.

"I know that these tumultuous situations generate anxiety among many
of you," Mr. Macri said.  "I understand this, and I want you to know I
am making all decisions necessary to protect you," he added.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


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


ADECOAGRO SA: S&P Affirms BB Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings has affirmed its 'BB' global scale issuer credit
and issue-level ratings on Adecoagro S.A. The outlook on the credit
rating remains stable.

The affirmation reflects the company's ability to maintain stable
credit metrics, such as debt to EBITDA close to 2.0x, despite
plummeting sugar prices and a severe drought in Argentina that has
scaled back grain production in region.

Adecoagro kept its EBITDA generation stable in the period thanks to
its sound operating efficiency and its ability to maximize ethanol
production above the industry average, prices for which remain
supportive. Adecoagro's production mix towards ethanol was of 77% in
the first half of 2018, and S&P expects it to close the year at around
70%, compared with 53% in 2017. Its commercial and hedging strategy
for sugar has also been assertive, with an average fixed price for
about 90% of the company's sugar production in 2018 close to $16.5
cents per pound, compared with the current spot price of 10 cents per
pound.

The company's portfolio diversification played an important role in
mitigating the impact of the drought in Argentina. The 27% drop in
Adecoagro's soybean yield from the previous harvest was offset not
only by the higher international prices of the commodity, but also by
the improved productivity of the company's other crops, such as rice.
Overall, S&P expects the EBITDA from Adecoagro's farming business in
2018 to remain close to 2017 levels, at around $60 million.

Adecoagro's deleveraging should be more gradual than in our previous
forecast, mainly because of lower commodity prices and somewhat higher
investments in the company's cluster expansion, reducing FOCF to
meager levels in the year. S&P said, "On the other hand, we now expect
Adecoagro to reach 13.5 million tons of sugarcane crushing volume in
2020, one year earlier than in our previous forecast. The higher
expansion capex will be mainly funded through internal cash flow
generation, and the recent sale of farms in Brazil, which will likely
generate about $35 million in proceeds in the next 18 months. We don't
include the profits from land sales in our adjusted EBITDA, because we
view it as a non-recurrent gain."

S&P said, "Also, we expect the company's farming business to return to
normalized yield levels over the next few years, with additional
growth coming from its dairy business, as Adecoagro ramps up its two
additional free stall facilities that should allow the company to
produce close to 150 million liters by 2021.

"Our base-case forecast excludes any sizable M&A transaction, despite
the ongoing rumors that Adecoagro would acquire Argentina-based dairy
producer SanCor. We view that if any kind of transaction were to
occur, it should not affect Adecoagro's debt to EBITDA ratio by more
than 0.5x."


BANCO DE DESENVOLVIMENTO: S&P Places 'B-' ICR on Watch Positive
---------------------------------------------------------------
On Aug. 28, 2018, S&P Global Ratings placed its 'B-' issuer credit
rating on Banco de Desenvolvimento de Minas Gerais S.A. - BDMG (BDMG)
on CreditWatch with positive implications.

S&P said, "The CreditWatch placement reflects the possibility that we
could raise our ratings on BDMG after reassessing the negative
intervention risk from the state of Minas Gerais (CCC-/Negative/--),
its controlling and sole shareholder.

"We aim to solve the CreditWatch listing on our ratings on BDMG within
the next 90 days, depending on our reassessment of the negative
intervention risk from the state of Minas Gerais and the indirect
impact of the state's weak credit conditions on the bank's credit
fundamentals, particularly on its loan portfolio performance. We
expect the bank to maintain a comfortable liquidity cushion to cover
its 12-month debt service and solid capitalization, despite the
state's financial constraints."


INVESTIMENTOS E PARTICIPACOES: S&P Places 'BB-' GSR On Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB-' global scale and 'brAA+' national
scale ratings on Investimentos e Participacoes em Infraestrutura S.A.
- Invepar on CreditWatch negative. S&P said, "At the same time, we
placed on CreditWatch negative our 'brAA+' issuer credit and
issue-level ratings on Invepar's toll road, Concessionaria Auto Raposo
Tavares S.A. (CART). We also kept our recovery rating on CART's debt
unchanged at '4'."

The CreditWatch negative placement reflects a 50% chance of a
downgrade in the next 90 days if the company is unable to refinance
around R$1.1 billion in debentures at the holding level that mature on
Dec. 11, 2018, which should result in liquidity's deterioration.
According to the financial statements presented as of June 30, 2018,
unencumbered cash position at the holding company level was
approximately R$440 million, covering about 40% of short-term
maturities. Moreover, S&P'll downgrade Invepar by multiple notches if
it believes the refinancing terms are coercive, rather than
opportunistic, or if the liquidity profile is concentrated in the
short term.


JBS SA: Emerges From Bribery Scandal to Become Market Favorite
--------------------------------------------------------------
Gerson Freitas Jr. and Paula Samboa at Bloomberg News report that the
world's largest meat producer is emerging from a bribery scandal as a
bright spot in the corporate debt market as the company benefits from
strong U.S. beef demand and the weaker Brazilian real.

Bonds issued by Sao Paulo-based JBS SA have generated the biggest
returns among meat-producing peers globally this year, according to
Bloomberg News.  Its $750 million of notes due in 2024 have posted a
6.2 percent gain, compared with an average 2 percent loss for 450
securities from food companies with at least $500 million of debt,
according to data compiled by Bloomberg.

The rally shows just how far JBS has come since last year, when
bribery confessions from Wesley and Joesley Batista, the billionaire
brothers who control JBS, sent shares and bonds plunging, Bloomberg
News says.  The company subsequently shed assets, paid down $2 billion
of debt and extended maturities on its obligations, bringing down
short-term borrowing to a record low, Bloomberg News relays.

The meatpacker's bonds have become the most attractive for investors
in Brazil's protein sector, according to reports this month by Mizuho
Securities USA in New York and Sao Paulo-based XP Investimentos,
Bloomberg News notes.

JBS SA's move to cut debt levels reduced the risk the company would
struggle to roll over its obligations, bolstering investor confidence,
according to Roger Horn, a senior emerging-markets desk analyst at
SMBC Nikko Securities America Inc., Bloomberg News notes.

"Removing liquidity risk helps with the financial community," Mr. Horn
said, Bloomberg News discloses.  "That was absolutely the right
decision to take," Mr. Horn added.

The meat giant has also benefited from record profit at JBS USA Beef
-- its biggest unit, with operations spanning Australia, Canada and
the U.S. -- amid stronger demand from Japan and South Korea, Bloomberg
News relays.  Also bolstering results is an 19 percent drop in the
Brazilian currency this year, which creates more reais when JBS
converts its overseas income, Bloomberg News says.  In the second
quarter, earnings before interest, taxes, depreciation and
amortization jumped 13 percent to BRL4.24 billion ($1 billion), while
remaining flat in dollar terms, Bloomberg News relays.

"The geographic diversification is helping them," said Omar Zeolla, an
analyst at Oppenheimer & Co., who added that improved results for
JBS's U.S. beef business more than offset weaker profit margins in its
U.S. and Brazilian chicken and pork businesses, Bloomberg News relays.

JBS's parent company last year agreed to pay BRL10.3 billion as part
of a leniency agreement with Brazilian prosecutors after the Batista
brothers confessed to bribing more than 1,800 politicians and gave
evidence against President Michel Temer, wreaking havoc in Brazil's
financial markets and political circles. The company has also held
talks with the Department of Justice for a settlement in the U.S,
Bloomberg News notes.

"The legal risks are still there, but the company is large enough to
withstand any difficulties in that regard," Mr. Zeolla said, Bloomberg
News adds.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2018, Moody's Investors Service upgraded JBS S.A. (JBS)'s
corporate family rating to B1 from B3. At the same time, the
senior unsecured ratings of its wholly-owned subsidiary JBS USA
Lux S.A. ("JBS USA") were upgraded to B1 from B2 and its senior
secured ratings to Ba3 from B1. The outlook for all ratings is
stable.


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P E R U
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PERU: Minister Reaffirms Free Trade Support During China Visit
--------------------------------------------------------------
EFE News reports that Peru's Minister of Foreign Affairs during a
meeting with his Chinese counterpart underlined his country's
commitment to free trade and anti-protectionism measures.

At the meeting between Nestor Popolizio and Wang Yi held at the
Chinese foreign ministry in Beijing, Popolizio said that the two
nations agreed on defending free trade and multilateralism at a time
of growing protectionism and unilateralism, according to EFE News.

"This leads us to work not only on bilateral aspects but also on
multilateral ones," Mr. Popolizio told Wang as he concluded his
official three-day visit to China aimed at strengthening political and
commercial ties, the report relays.

He added that China is the first country in Asia that he has visited
as the head of Peruvian diplomacy, which he said was proof of how much
the government of President Martin Vizcarra valued the nation's
relationship with its largest trading partner, the report adds.


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


POLICLINICA FAMILIAR: Continuing Business Operations to Fund Plan
-----------------------------------------------------------------
Policlinica Familiar Shalom Inc. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a disclosure statement in
support of its chapter 11 plan dated August 21, 2018.

The Debtor's Chapter 11 Plan proposes to pay creditors pursuant to
a schedule of deferred cash payments, under a 7-year term,
beginning on its effective date, with cash to be received from the
continuing operation of its business and/or additional cash
contributions from its shareholders and/or DIP financing if
necessary.

The Plan classifies all Debtor claims in 7 classes, providing for 1
class of priority claims; 3 classes of secured claims; 2 classes of
general unsecured claims; and 1 class of equity security holders.

General unsecured creditors holding allowed claims will receive
cash distributions which the proponent of the Plan has valued at
10% and 5% of the allowed amount of the claim or scheduled amount,
depending on whether or not a claim was timely filed.

The financial projections show that the Debtor will have enough
cash flow, after paying operating expenses and post-confirmation
taxes, to finance the Plan. The final Plan payment is expected to
be paid on the 84th month following the effective date of the
Plan.

A copy of the Disclosure Statement is available at:

     http://bankrupt.com/misc/prb17-02544-11-108.pdf

Counsel for Debtor  Policlinica Familiar Shalom Inc.:

     Jose R. Cintron, Esq.
     USDC-PR 208411
     605 Condado, Suite 602
     Santurce, Puerto Rico 00907
     Tel 787-725-4027
     Cel 787-605-3342
     Fax 787-725-1709
     jrcintron@prtc.net
     lawoffice602@gmail.com

           About Policlinica Familiar Shalom Inc

Policlinica Familiar Shalom Inc. filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 17-02544) on April 12, 2017.  The Debtor is
engaged in the health care business as defined in 11 U.S.C. Section
101(27A) whose principal assets are located at Carr 2 Km 101.6 Barrio
Terranova Quebradillas, PR 00678.  The Company said it is suffering
economic hardship and is in the process of losing its business
premises in foreclosure proceedings.

The Debtor's Counsel is Jose Ramon Cintron, Esq., in San Juan,
Puerto Rico.

At the time of filing, the Debtor had estimated assets of $0 to
$50,000 and estimated liabilities of $1 million to $10 million.


PUERTO RICO AQUEDUCT: S&P Withdraws 'CC' Revenue Bond Ratings
-------------------------------------------------------------
S&P Global Ratings is withdrawing its 'CC' long-term and underlying
ratings, and negative outlook, on Puerto Rico Aqueduct and Sewer
Authority's (PRASA) series 2008A, 2008B, 2012A and 2012B revenue bonds
due to a lack of sufficient information.

S&P said, "Independently audited financial disclosures have been and,
in our view, are likely to remain delayed and intermittent. We believe
the reliability and sufficiency of the information relating to PRASA's
debt continues to deteriorate despite management's stated intent to
continue making revenue bond debt service payments and the recent
release of an updated amended fiscal plan--which noted that noted that
"the current debt structure is not sustainable." Furthermore, the
delayed financial information and confidential nature of some related
matters contribute to our view that we cannot assess the outcome or
timing of the ongoing creditor negotiations. Also complicating the
negotiations are the uncertainty as to what, if any, role
intergovernmental disaster aid could play and what, if any,
implications any aid could have for PRASA's credit fundamentals."


SAN JUAN ICE: Ice Plant Repair Delays Plan Filing
-------------------------------------------------
San Juan Ice, Inc., asks the U.S. Bankruptcy Court for the District of
Puerto Rico to extend the exclusivity period during which only the
Debtor can file a plan of reorganization through and including Oct.
31, 2018, from Sept. 27, 2018.

According to the Debtor, the reason for the extension is based on
the operation of the ice plant as a result of the passage of
Hurricane Maria and the repairs that must be done for the full
operation and increase in income to the debtor corporation.

To date, the Debtor is involved in the resolution of the insurance
claim relating to the repairs of the ice plant, in addition to the
execution of repairs.  The realization and finalization of repairs
will have a significant impact on the income of the debtor
corporation.  It is understood that the repairs in the process and
to be made will affect the final formulation of the Plan.

A copy of the Debtor's request is available at:

           http://bankrupt.com/misc/prb18-01784-58.pdf

                     About San Juan Ice, Inc.

San Juan Ice Inc., based in San Juan, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 18-01784) on April 3, 2018.  In
the petition signed by Ramiro Rodriguez Pena, president, the Debtor
disclosed $580,495 in assets and $1.17 million in liabilities.  The
Hon. Mildred Caban Flores presides over the case.  Robert Millan,
Esq., at Millan Law Offices, serves as bankruptcy counsel.


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


VENEZUELA: Retirees Reject Change in Payment Mechanism
------------------------------------------------------
Alianza News reports that dozens of Venezuelan retirees protested here
against a measure put in place by President Nicolas Maduro to deliver
pension payments through the use of the QR-coded Homeland Card,
demanding that they be able to use the traditional national identity
card.

The president of the Federation of Retirees and Pensioners, Emilio
Lozada, told reporters that "the measure implemented by Maduro is
criminal because it violates our human rights," as many retirees do
not have the Homeland Card and "their pension is their only income,"
according to Alianza News.

Pensions are now starting to be paid through the "digital wallet"
accessed through the Homeland Card Web site, which, according to
Lozada, "creates uncertainty and confusion among those who do not know
much about technology," the report notes

"Not all of us know how to use the online transfer system, which is
why we want pensions to be paid in cash," the report quoted Mr. Lozada
as saying.

The Homeland Card was first announced by the Mr. Maduro administration
last year, when he urged Venezuelans to register to obtain it, as
pensions and other payments would be accessed with the card, allowing
people to keep track of the social benefits they receive, the report
relays.

The opposition has accused the government of using the Homeland Card
as a means of social control and of potential vote-buying, the report
notes.

Media outlets have said that the IVSS pension agency has yet to define
how it will make pension payments, the report says.

The decision to start making payments through the Homeland Card is
part of a series of measures the Maduro administration has put in
place this month, including raising the minimum wage around 3,500
percent and carrying out a massive devaluation of the currency, 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


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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, Psyche A. Castillon, 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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