TCRLA_Public/181002.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

               Tuesday, October 2, 2018, Vol. 19, No. 195


                            Headlines




B A R B A D O S

BARBADOS: Rains From Tropical Storm Kirk Cause Massive Flooding


B R A Z I L

PETROLEO BRASILEIRO: Reaches Settlement for US Corruption Charges


C A Y M A N  I S L A N D S

SCHAHIN II: Seeks U.S. Court Recognition of Cayman Scheme
SCHAHIN II FINANCE: Chapter 15 Case Summary


H O N D U R A S

HONDURAS: Gets $150MM-IDB Loan for Energy Transmission Program


M E X I C O

METROFINANCIERA SAPI: Fitch Revises B- LT IDR Outlook to Stable


P U E R T O    R I C O

PUERTO RICO: Numerous Sectors Only Half-Recovered 1Yr After Maria
STONEMOR PARTNERS: Axar Entities Support Reorganization Merger
STONEMOR PARTNERS: Starts Process of Converting to Delaware Corp
STONEMOR PARTNERS: ACII Will Vote in Favor of Merger Transaction


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Tewarie Has Concerns on IMF Report


V E N E Z U E L A

VENEZUELA: Migrants Seek New Lives in Southern Brazil


                            - - - - -


===============
B A R B A D O S
===============


BARBADOS: Rains From Tropical Storm Kirk Cause Massive Flooding
---------------------------------------------------------------
Caribbean360.com reports that Barbados felt the brunt of Tropical
Storm Kirk on Sept. 28, even after the centre of the system passed
north of the island.

The tail end of the storm brought violent showers overnight that
left many areas flooded -- some underwater -- and some roads
impassable, according to Caribbean360.com.

After four hours of constant showers, rainfall accumulations of
three to five inches had already been recorded, and by 8 a.m.,
Sept. 28, that had increased to 9.5 inches, the report notes.

A flood warning remains in effect until noon.

The showers abated late in the morning, and the Met Office said a
gradual improvement in conditions was expected as the day
progressed, the report says.

During the course of the night and early morning, electricity in
some areas was disrupted, as was water supply, the report
discloses.

Just as had been the case, authorities said there would be no
national shutdown, Sept. 28, the report relays.  Although schools
remained closed, it was initially announced that all government
offices would reopen at 10. However, it was subsequently announced
that the resumption of business as usual would be delayed until
noon, the report discloses.

In its bulletin, the National Hurricane Centre (NHC) in Miami said
Kirk was weakening over the eastern Caribbean Sea, with maximum
sustained winds reduced to 45 miles per hour, but the associated
weather was still affecting the Windward Islands, the report
notes.

The report relays that the storm was located about 185 miles west
southwest of Martinique and about 360 miles south southeast of San
Juan, Puerto Rico and moving towards the west northwest at 13
miles per hour.

"This motion is expected to continue through Sept. 28. On the
forecast track, the centre of Kirk or its remnants will move
across the eastern and central Caribbean Sea over the next day or
two," the NHC said, the report says.

"Kirk is forecast to weaken to a tropical depression tonight, and
then degenerate into a trough of low pressure," the report
discloses.

The tropical storm warnings for Barbados, Dominica, Martinique, St
Lucia and Guadeloupe have been discontinued, as well as the
tropical storm watch for St Vincent and the Grenadines, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 10, 2018, S&P Global Ratings lowered its issue-level
ratings on Barbados' global bonds due 2019 and 2022 to 'D'
(default) from 'CC'. At the same time, S&P Global Ratings lowered
its long- and short-term local currency sovereign issuer credit
ratings to 'SD' from 'CC' and 'C', respectively.



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


PETROLEO BRASILEIRO: Reaches Settlement for US Corruption Charges
-----------------------------------------------------------------
The Maritime Executive reports that Brazilian state-owned oil firm
Petroleo Brasileiro S.A. (Petrobras), the dominant player in
Brazil's offshore oil industry, has agreed to an $850 million
criminal settlement with the U.S. Justice Department over corrupt
payments to politicians and political parties in Brazil.  It is
the latest development in the long-running "Lava Jato"
investigation into illicit links between Petrobras and Brazil's
top leadership, a scandal that has upended the nation's political
landscape over the past four years, according to The Maritime
Executive.

"Executives at the highest levels of Petrobras -- including
members of its Executive Board and Board of Directors --
facilitated the payment of hundreds of millions of dollars in
bribes to Brazilian politicians and political parties and then
cooked the books to conceal the bribe payments from investors and
regulators," said Assistant Attorney General Brian A. Benczkowski
of the Justice Department's Criminal Division in a statement
obtained by the news agency.

As part of the settlement, Petrobras admitted that its top
executives made millions of dollars in corrupt payments to
Brazilian politicians, and that they facilitated similar bribes
from a contractor, the report relays.  Petrobras also admitted to
improper book-keeping and to failing to set up internal financial
controls, the report discloses.

The report notes that while most of the conduct described in the
settlement occurred in Brazil, it falls under U.S. jurisdiction
because Petrobras has significant business connections in the
United States: it is a Nasdaq-listed company, with American
investors and regular disclosures to the U.S. Securities and
Exchange Commission. This means that it is subject to the terms of
the Foreign Corrupt Practices Act, which criminalizes bribery of
foreign officials.

"Today's substantial resolution demonstrates the FBI's continued
commitment to working with U.S. and international partners to
investigate corruption no matter where it occurs," said Special
Agent in Charge Matthew J. DeSarno of the FBI Washington Field
Office's Criminal Division, the report notes.  "We remain
committed to holding companies and executives who violate the
Foreign Corrupt Practices Act accountable for their activity, and
we will continue to work diligently to uphold the integrity of an
increasingly global marketplace," Mr. DeSarno added.

The DOJ also took pains to highlight Petrobras' proactive
cooperation in the investigation, its work to clean up in the wake
of the revelations, and the fact that the company was itself a
victim of its executives' actions, the report says.  Petrobras has
since replaced all of its board and its top-level executive
leadership, and it has reached a separate settlement agreement
with Brazilian authorities, the report discloses.

                         SEC Settlement

Separately, Petrobras has also agreed to pay the U.S. Securities
and Exchange Commission a penalty of $930 million on related
charges, the report notes.  According to the SEC's account,
Petrobras recorded a complex system of overpayments and kickbacks
as money spent to improve its infrastructure, resulting in an
estimated $2.5 billion overstatement of its assets, the report
says.  Based on this overstatement, the firm made false and
misleading statements to U.S. investors about its worth in the
lead-up to a $10 billion stock offering in 2010, the report
relays.

"If an international company sells securities in the United
States, it must provide truthful information about its business
operations," said Steven Peikin, co-director of the SEC
Enforcement Division, the report notes.

The SEC penalty will be reduced by the amount that Petrobras pays
out to a class action settlement fund for civil damages related to
the bribery scandal, the report discloses.  The SEC's order also
sets up a so-called "Fair Fund" to distribute any remaining
penalty amount to investors who were harmed by Petrobras' actions,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2017, S&P Global Ratings raised its global scale ratings
on Petroleo Brasileiro S.A. (Petrobras) to 'BB-' from 'B+',
including its corporate credit rating and the ratings on the
senior unsecured notes issued through the company's financing
vehicles (Petrobras International Finance Co. and Petrobras Global
Finance B.V.).



==========================
C A Y M A N  I S L A N D S
==========================



SCHAHIN II: Seeks U.S. Court Recognition of Cayman Scheme
---------------------------------------------------------
Schahin II Finance Company (SPV) Limited on Sept. 6, 2018,
disclosed that a Practice Statement Letter has been issued by
Deutsche Bank Trust Company Americas (solely in its capacity as
Indenture Trustee (the "Indenture Trustee") for the 5.875% notes
due 2022 (the "Existing Notes") issued by the Company) with
respect to a Cayman scheme of arrangement (the "Cayman Scheme") of
the Company.  The purpose of the Cayman Scheme is to raise an
additional $15 million of new capital through the issuance of a
new series of notes (the "New Notes").  The New Notes will be
available, subject to certain conditions, to holders of the
Existing Notes on a pro rata basis.  The New Notes will have a
senior position above the Existing Notes in the payment waterfall.
The rights of the Existing Notes will generally remain unchanged;
however, voting under the indenture will require a majority of
holders of each series of notes.

Holders of Existing Notes that wish to obtain further information
about the Scheme should contact Epiq, the SPV's Information Agent
or FFS, the SPV's Cayman Islands agent.

The material terms of the New Notes are:

   -- $15 million cash proceeds

   -- 18 month maturity

   -- First priority in payment waterfall

   -- 7% OID

   -- PIK interest of 8%

   -- If the vessel is sold before the repayment of the New Notes,
      holder will receive the greater of the PIK interest and 22%
      of the net proceeds from the sale of the drillship Sertao
      (the "Vessel") after payment of the New Notes and costs.

   -- Secured pari passu over the Vessel and transaction cash
      accounts

The full offering amount of the New Notes is being backstopped by
certain members of a steering committee of holders of the Existing
Notes (the "Steering Committee").  Such backstop parties will be
paid a backstop fee of 3% of the $15 million investment, payable
in New Notes.

The investment in the New Notes will provide the Company with
additional liquidity to continue to maintain the Vessel and
weather the industry downturn, covering the "warm stacking" of the
vessel, insurance costs and other advisor fees, and is estimated
to provide liquidity through the maturity date of the New Notes.
Earlier in 2018, the Indenture Trustee, acting at the direction of
a majority of holders of the Existing Notes, obtained an order for
the appraisement and sale of the Vessel in the English Admiralty
Court.

A sealed tender auction was held, with bids due by
June 12, 2018.  The bids received were well below the auction
reserve price and thus the auction did not result in a sale.  The
liquidity provided by the New Notes will allow the owner of the
Vessel, Dleif Drilling, LLC ("Dleif") (which is a party to the
Indenture) to, in consultation with the Steering Committee, market
the Sertao for sale in an improved industry environment.  Pareto
Securities remains engaged as broker to Dleif and continues to
actively market the rig to interested parties.

The Scheme is conditional on the requisite creditor approval,
sanction by the Cayman Court, and being given effect by the U.S.
Bankruptcy Court pursuant to a Chapter 15 proceeding to recognize
the Cayman Scheme in the U.S.  If the Scheme is not approved and
the New Notes are not issued, there may not be sufficient
liquidity to maintain the Vessel going forward, which would likely
result in a loss of value to holders of the Existing Notes.

For information on this press release, one may contact Ben Hobden
-- ben.hobden@conyersdill.com -- of Conyers Dill & Pearman,
Cayman Islands legal counsel to the Issuer.


SCHAHIN II FINANCE: Chapter 15 Case Summary
-------------------------------------------
Chapter 15 Debtor:        Schahin II Finance Company (SPV) Limited
                          2nd Floor, Boundary Hall
                          Cricket Square
                          P.O. Box 2681
                          Grand Cayman
                          Cayman Islands

Business Description:     Based in Cayman Islands, Schahin II
                          Finance Company (SPV) Limited operates
                          in the financial industry.

Chapter 15 Petition Date: September 27, 2018

Chapter 15 Case No.:      18-12964

Court:                    United States Bankruptcy Court
                          Southern District of New York
                          (Manhattan)

Foreign
Representative:           Kevin Butler
                          Conyers Directors (Cayman) Ltd.
                          2nd Floor, Boundary Hall
                          Cricket Square
                          P.O. Box 2681
                          Grand Cayman
                          Cayman Islands

Foreign proceeding in which
appointment of the foreign
representative occurred:  Grand Court of the Cayman Islands

Foreign
Representative's
Counsel:                  John S. Mairo, Esq.
                          PORZIO, BROMBERG & NEWMAN, P.C.
                          156 West 56th Street, Suite 803
                          New York, NY 10019
                          Tel: (212) 265-6888
                               (973) 889-4107

                          Fax: (973) 538-5146
                          Email: jsmairo@pbnlaw.com

Estimated Assets:         Unknown

Estimated Debts:          Unknown

A full-text copy of the Chapter 15 petition is available at:

          http://bankrupt.com/misc/nysb18-12964.pdf



===============
H O N D U R A S
===============


HONDURAS: Gets $150MM-IDB Loan for Energy Transmission Program
--------------------------------------------------------------
The approved lending operation will strengthen Honduras's National
Transmission System (NTS) by financing priority works under the
National Electricity Energy Company's (ENEE, after its Spanish
initials) investment program. The loan will also boost ENEE's
interconnectivity with the Regional Electricity Market (MER) to
foster the use of the Electricity System of the Central American
Countries (SIEPAC); improve ENEE's financial sustainability and
institutional capability; expand transmission quality by raising
service reliability; and increase transmission to the NTS of
energy generated from renewable sources.

The program is in line with the Honduras Country Strategy for the
years 2015-2018 aimed at improving service quality and efficiency
as well as diversifying the generation matrix and enhancing users'
access to the energy system.

The program will also boost service quality by reducing power
outages, expanding the transmission system at national level,
increasing the volume of transactions at the regional electricity
market, and raising power service coverage at national level. In
addition, it will include gender equality, development with
identity, climate change, and disaster risk management components.

In 2014, the Honduran Government launched a reform process,
establishing an institutional structure that includes an Energy
Secretariat in charge of strategic planning and energy policy
formulation. This reform process has made it possible to
restructure and upgrade ENEE, dividing it in separate business
units through the establishment of the ENEE Group comprising the
ENEE Holding as well as generation, transmission and distribution
companies.

The reform also contributed to the sector's financial recovery;
enhanced private participation in energy distribution, reducing
losses, which was one of the sector's main challenges; raised
Honduras ability to become actively involved in the MER,
increasing energy purchases from 1.4% in 2013 to 3.7% in 2017,
which has in turn cut generation costs; and helped launch
international public tenders to purchase energy and thermal power.

The program's total cost is $164.15 million, including a $150
million IDB loan, of which a $90 million component is from the
Bank's regular ordinary capital for a 25-year term, with a 5.5-
year grace period and a LIBOR-based interest rate, and a $60
million tranche from its concessional ordinary capital, for a 40-
year term, with a 40-year grace period and 0.25% interest. An
additional $5 million will come from the Scaling Up Renewable
Energy Program in Low Income Countries (SREP), which is managed by
the IDB. The lending program includes two components for financing
and evaluation, follow-up and project audits expenses - one will
fund transmission infrastructure expansion plans and the other
will support ENEE's institutional strengthening efforts.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2017, Moody's Investors Service has upgraded the
Government of Honduras' foreign currency and local currency issuer
and senior unsecured ratings to B1 from B2. The rating outlook was
moved to stable from positive.



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


METROFINANCIERA SAPI: Fitch Revises B- LT IDR Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Metrofinanciera S.A.P.I. de C.V. Sofom,
E.R.'s (Metrofinanciera) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'B-' and Short-Term IDRs at 'B'.
Fitch also affirmed Metrofinanciera's Long- and Short-Term
National Scale ratings at 'B-(mex)' and 'B(mex)', respectively.
The Rating Outlook on the Long-term ratings has been revised to
Stable from Negative.

The revision of the Outlook to Stable reflects the relevant
decrease on Metrofinanciera's liquidity pressures following the
conclusion of a restructuring deal with Sociedad Hipotecaria
Federal, S.N.C. (SHF), its main creditor and shareholder. Post-
restructuring cumulative liquidity gaps from performing assets are
positive for the next four years, with a relevant reduction in the
magnitude of the subsequent negative gaps compared to its current
position.

The revision also considers the restructuring's positive impact on
profitability and Metrofinanciera's substantially lower exposure
to market risk, as inflation-indexed debt will be refinanced with
lower cost credit facilities in Mexican pesos. The Stable Outlook
also considers Fitch's view that Metrofinanciera's profitability
guidance is achievable based on lower funding costs and the
company's non-performing assets recovery assumptions, which are in
line with its historical performance.

KEY RATING DRIVERS

IDRs AND NATIONAL RATINGS

The affirmation of Metrofinanciera's ratings considers its
recovering franchise in the construction loans segment in Mexico,
reflected in the sustained growth of its construction loan
portfolio, and the low delinquency metrics of this business line.
It also considers the lower net operational losses it has
registered during 2018 and the more comfortable amortization
schedule of its funding base following the restructuring
agreement.

The ratings continue to be limited by relatively tight
capitalization ratios, the high delinquency metrics of its legacy
portfolios and its exposure to unproductive assets, which put
pressure on its asset quality, as well as by its weak financial
performance and the secured nature of its funding mix.

The restructuring deal, which is in the process of being
formalized, will result in a more comfortable debt maturity
schedule and lower funding costs. Even though negative liquidity
gaps from performing assets persist after the four-year bucket,
the relative value of the negative cumulative gap as a proportion
of equity for the fifth and 10th year buckets is 2% and 55%,
respectively, an improvement from levels of 41% and 151%,
respectively prior to the restructuring. The secured nature of its
wholesale funding base, and its concentration in a sole on-balance
sheet creditor (SHF), continues limiting its funding flexibility.

Fitch believes that Metrofinanciera is well-positioned to reverse
operational losses and reach its break-even point during 2019,
although challenges persist. Management forecasts losses of MXN29
million in 2018 and expects to break-even in the beginning of
2019, with a projected net profit of MXN109 million. For this
projection, Metrofinanciera considers benefits from lower interest
expenses as a result of the restructuring process and from lower
loan impairment charges driven by controlled asset quality. In
addition to this, adequate disposal of foreclosed assets is
crucial to achieve Metrofinanciera's earnings guidance, as 13% of
2019 expected net revenue corresponds to gains on sale of
unproductive assets. In Fitch's view, this is achievable
considering the entity's historical gains of around 16% from 2015
to 2017.

As of June 2018, Metrofinanciera's impaired loan ratio adjusted to
consider charge-offs and foreclosed assets decreased to 15.0%,
down from its four-year historical average of 31%. Concentrations
per borrower are relevant but lower relative to some of its peers.
At the end of June 2018 its top 20 borrowers represented 2x
equity, slightly higher than at the close of 2017 (1.8x). Its
reserve coverage ratio was 59%, higher than the 40% registered
during 2016. Fitch believes that this level of reserves is still
low, although it is aligned with regulatory requirements.
Restructured loans are still relevant; however, most are on a
performing status.

In Fitch's opinion, Metrofinanciera's leverage ratios are
relatively high and its loss absorption capacity is still
pressured. As of June 2018, the debt to tangible equity ratio was
7.5x, higher than the past two-year average of 6.7x. Likewise, its
Fitch Core Capital (FCC) to Risk Weighted Assets (RWA) ratio was
relatively low at 10.6%, while its regulatory capital ratio stood
at 14.6%.

RATING SENSITIVITIES

IDRs AND NATIONAL RATINGS

The ratings could be downgraded if there is renewed pressure on
its liquidity position or if its debt to tangible equity ratio
increases consistently above 8x. Ratings could also be downgraded
if Metrofinanciera does not reach its break-even point within the
next 12 months.

The ratings could be upgraded in the medium term if
Metrofinanciera is able to register sustained profits, while it
continues to grow its construction loan portfolio, with continued
improvements in asset quality ratios and its liquidity profile.

Fitch has affirmed the following ratings:

Metrofinanciera S.A.P.I. de C.V. Sofom, E.R.

  -- Long-term Foreign Currency IDR at 'B-';

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

  -- Long-term Local Currency IDR at 'B-';

  -- Short-term Local Currency IDR at 'B';

  -- National Long-term rating at 'B-(mex)';

  -- National Short-term rating at 'B(mex)'.

The Rating Outlook on the long-term ratings was revised to Stable
from Negative.



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


PUERTO RICO: Numerous Sectors Only Half-Recovered 1Yr After Maria
-----------------------------------------------------------------
EFE News reports that despite the fact that it has been a year
since Hurricane Maria devastated Puerto Rico, some of the island's
shopping centers, hotels, many homes, farms, government agencies
have not fully recovered, not to mention the many stoplights,
highways signs and portions of the electric grid that have not
been repaired.

It was known that the storm would make a direct hit on the island
last Sept. 20, but the level of the devastation was unexpected in
the biggest catastrophe ever to affect the 3.3 million local
residents, according to EFE News.

The report notes that it was the most powerful storm to hit Puerto
Rico since San Felipe in 1928, destroying virtually everything in
its path, leaving thousands of people homeless, without electric
power, potable water or telecommunications and with virtually all
stores closed.

The shopping centers -- such as the Mall of San Juan, Plaza
Carolina in a municipality near the capital, and Plaza Real in the
Humacao in southeastern Puerto Rico -- were badly damaged by
Maria, the report discloses.

As the Mall of San Juan general manager, Jose Ayala Bonilla, told
EFE, the mall was closed for 30 days after Maria, with just 45 of
its 100 stores reopening on Oct. 19.

"The initial impact was the water, which came through the roof and
once inside the building affected the businesses. And with the
lack of light, that created humidity and that affected a rather
large number of tenants," he said, the report relays.

The damage to the mall -- which opened in 2015 -- is estimated at
$2 million, the report relates.

As a result of the storm, between 15-20 stores had to be rebuilt,
including Nordstrom, which is now in the process of hiring
employees for its Nov. 9 reopening, the report notes.

Saks Fifth Avenue, another of the mall's anchor stores, still has
not reopened, and it is not known if it will do so, the report
discloses.

Currently, the mall has 103 tenants who are doing business,
including mobile or cart vendors and 86 stores, the report relays.

"The bulk of the work and the reconstruction has already been
finished. What remains are details in the common areas to replace
certain things," Ayala said, the report notes.

The report relays that the Gap will reopen on Sept. 26, and Banana
Republic and Novus will do so at the end of October, he said, but
other stores had to pull out and their spaces are now occupied by
new renters.

Given the possibility that another storm may strike the island at
some point, Ayala said that the mall administrators have modified
certain areas of the facility, including the water drainage system
from the roof and the walls, the report notes.

Meanwhile, almost 100 percent of the island's agricultural
production was destroyed, amounting to more than $2 billion in
losses, while a number of government offices, including the
Department of Justice facilities in San Juan, had to move to other
locations in the capital, the report adds.

                        About Puerto Rico

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

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

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

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

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

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

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

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

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

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

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

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

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

                    Bondholders' Attorneys

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

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

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

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

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

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.
The Retiree Committee tapped Jenner & Block LLP and Bennazar,
Garcia & Milian, C.S.P., as its attorneys.  The Creditors
Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as
counsel.

STONEMOR PARTNERS: Axar Entities Support Reorganization Merger
--------------------------------------------------------------
The Investment Manager, Axar GP, LLC and the Axar Vehicles have
entered into a Voting and Support Agreement with the General
Partner, GP Holdings, Robert Hellman, in his capacity as trustee
under the Voting and Investment Trust Agreement for the benefit of
American Cemeteries Infrastructure Investors, LLC pursuant to
which each of the Axar Entities and ACII Entities agreed to, among
other things, support a corporate reorganization on the terms
outlined in the merger agreement entered into on Sept. 27, 2018 by
and among StoneMor Partners L.P., the General Partner, GP Holdings
and a wholly-owned subsidiary of the General Partner to convert
the General Partner from a Delaware limited liability company into
a Delaware corporation, to be named StoneMor Inc., whose common
stock is expected to be listed for trading on the New York Stock
Exchange.  Pursuant to the Merger Agreement, (i) GP Holdings will
contribute all of its Common Units to the General Partner and the
General Partner will contribute GP Holdings' Common Units to a
newly formed and wholly-owned subsidiary of the General Partner,
(ii) Merger Sub will merge with and into the Partnership and each
Common Unit (other than those held by LP Sub) will convert into
the right to receive one share of common stock, par value $0.01
per share, of StoneMor Inc.  As a result of the Merger Agreement,
LP Sub will be the sole limited partner of the Issuer, StoneMor
Inc. will continue to be the sole general partner of the Issuer,
and each holder of Common Units (other than LP Sub) will become
shareholders of StoneMor Inc.  Pursuant to the VSA, the Axar
Entities and the ACII Entities agreed to (i) vote their Common
Units of the Issuer in favor of the corporate reorganization, and
(ii) enter into a standstill limiting their respective actions
with respect to the Issuer, in each case until the earliest of (A)
the consummation of the reorganization, (B) the termination of the
Merger Agreement, (C) the date that any amendment to the Merger
Agreement is made that adversely affects the rights of any Axar
Entity without the written consent of the Axar Entities and (D)
June 30, 2019.  The VSA also provides that each of the ACII
Entities and the Axar Entities with the right to participate,
prorata based on its respective ownership percentage of the
outstanding equity in future equity raises, if any, by the Issuer.

On Sept. 27, 2018, the Axar Entities entered into a Nomination and
Director Voting Agreement with the General Partner, the ACII
Entities pursuant to which each of the Axar Entities and ACII
Entities agreed to, as a condition for entering into the VSA,
among other things, certain post-conversion governance provisions
relating to StoneMor Inc., including that the Merger Agreement for
the corporate reorganization will provide for a nine member board
of directors, with ACII having the right to designate two
directors and the Investment Manager having the right to designate
one director so long as each holds specified amounts of common
stock, as well as a standstill agreement to be entered into by
each of the Investment Manager and ACII limiting their respective
actions with respect to StoneMor Inc. so long as each has board
representation.

The Director Voting Agreement also provides that each of the ACII
Entities and the Axar Entities with the right to participate, pro
rata based on its respective ownership percentage of the
outstanding equity in future equity raises, if any, by StoneMor
Inc.

As of Sept. 27, 2018, Axar Capital Management, LP, Axar GP, LLC
and Andrew Axelrod beneficially owned 6,872,773 Common Units
Representing Limited Partnership Interests of StoneMor Partners
L.P., which constitutes 18.1 percent of the Common Units
outstanding.

A full-text copy of the regulatory filing is available at:

                        https://is.gd/Hw16gi

                      About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 316 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of Dec. 31, 2017, Stonemor had
$1.75 billion in total assets, $1.66 billion in total liabilities
and $91.69 million in total partners' capital.

                           *    *    *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
Caa1 from B3.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."


STONEMOR PARTNERS: Starts Process of Converting to Delaware Corp
----------------------------------------------------------------
StoneMor Partners L.P. has executed a definitive agreement that
will result in the transition to a newly-created Delaware
corporation, StoneMor Inc.

Joe Redling, StoneMor's president and chief executive officer
said, "We are pleased to take this step to convert from a master
limited partnership to a Delaware corporation, one of many
initiatives underway to improve the operational and financial
performance of our business.  We believe this conversion will
provide many benefits, including simplifying our tax structure and
financial reporting obligations, broadening our investor base and
improving our cost of capital over time."

Key Transaction Details

   * All MLP unitholders will receive 1.0 share of StoneMor Inc.
     common stock in exchange for each common unit that they own.

   * All incentive distribution rights, the economic general
     partner interests in and control of the MLP will be exchanged

     for approximately 2.95 million shares of StoneMor Inc. common
     stock.

   * The Conflicts Committee of the Board of Directors of the
     General Partner (which consisted of independent directors),
     by special approval, unanimously approved the terms of the
     transaction and has recommended unitholders vote in favor of
     the transaction.

   * StoneMor's largest unitholder, Axar Capital Management, has
     agreed to vote in favor of the transaction and upon
     completion, can designate up to one nominee to StoneMor
     Inc.'s Board of Directors so long as it continues to at least

     33% of the StoneMor Inc. common stock issued to it in the
     transaction.

   * American Cemeteries Infrastructure Investors, LLC may
     designate two directors to StoneMor Inc.'s Board of Directors
     so long as it owns at least 50% of the StoneMor Inc. common
     stock issued to it in the transaction.

   * While circumstances will vary on the tax position of each
     individual unitholder, based on analysis performed by the
     Partnership, it is not anticipated that the transaction will
     result in taxable gain for most unitholders.

Continued Redling, "In recent months we have established a new
operating structure based on three regional divisions and a
general manager model that creates a clear focus on managing
profitability down to the property level.  We are actively
addressing costs and overall profitability by executing a
comprehensive expense reduction effort, and we are also reviewing
our asset base to identify non-strategic properties or markets we
may wish to divest in support of our turnaround efforts."

                     Conditions to Closing

Completion of the conversion is subject to customary conditions,
including the affirmative vote of the holders of a majority of
outstanding MLP units at a special meeting of the unitholders and
an amendment to the MLP's credit agreement to permit the
transaction.  StoneMor is currently in the process of working with
its lenders in order to obtain the necessary approvals.  StoneMor
is also required to become current with its financial filings
before seeking the required unitholder vote.  While StoneMor is
working to satisfy each of these closing conditions as
expeditiously as possible, it is not anticipated that the
transaction will close before the first quarter of 2019, with the
actual closing date dependent on the time necessary to satisfy
such conditions.

                           Advisors

Vinson & Elkins LLP acted as legal counsel to the Partnership.
Raymond James acted as independent financial advisor and Drinker
Biddle & Reath LLP acted as independent legal counsel to the
Conflicts Committee of the Board of the General Partner.

                About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 316 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of Dec. 31, 2017, Stonemor had
$1.75 billion in total assets, $1.66 billion in total liabilities
and $91.69 million in total partners' capital.

                           *    *    *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
Caa1 from B3.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."


STONEMOR PARTNERS: ACII Will Vote in Favor of Merger Transaction
----------------------------------------------------------------
American Cemeteries Infrastructure Investors, LLC and StoneMor GP
Holdings LLC, had entered into a voting and support agreement
among Axar Capital Management, LP, Axar GP, LLC, Axar Master Fund,
Ltd. and StoneMor Partners L.P., pursuant to which, among other
things, each of GP Holdings and ACII agreed, subject to certain
terms and conditions, to vote (or cause the vote of, as
applicable) all of the Common Units owned by it and its affiliates
in favor of the approval and adoption of the Merger Agreement.

On Sept. 27, 2018, StoneMor Partners L.P. announced it had entered
into a merger and reorganization agreement with StoneMor GP LLC,
StoneMor GP Holdings LLC and Hans Merger Sub, LLC, a wholly owned
subsidiary of GP, pursuant to which, among other things, subject
to the terms and conditions, (i) GP Holdings will contribute the
2,332,878 Common Units owned by it to GP and immediately following
receipt thereof, GP will contribute the GP Holdings' Common Units
to StoneMor LP Holdings, LLC, a Delaware limited liability company
and wholly owned subsidiary of GP, (ii) GP will convert into a
Delaware corporation to be named "StoneMor Inc." and all of the
limited liability company interests of GP held by GP Holdings
prior to the Conversion will be cancelled in accordance with the
Merger Agreement and (iii) Merger Sub will be merged with and into
the Issuer with the Issuer surviving and with StoneMor Inc. as its
sole general partner and LP Sub as its sole holder of Common Units
and each outstanding Common Unit (other than those held by LP Sub)
being converted into the right to receive one share of common
stock, par value $0.01 per share, of StoneMor Inc.

In connection with the Transaction, and concurrently with the
execution and delivery of the Merger Agreement, ACII and GP
Holdings entered into a nomination and director voting agreement
with the Axar Entities and GP, pursuant to which, among other
things, GP agreed, subject to the terms and conditions set forth
therein, to permit ACII to designate up to two nominees to the
board of directors of StoneMor Inc.

As of Sept. 27, 2018, ACII and its affiliates beneficially owned
the following Common Units Representing Limited Partner Interests
of StoneMor Partners:

                                     Units        Percentage of
                                  Beneficially     Outstanding
  Reporting Person                    Owned            Units
  ----------------                ------------    -------------
American Cemeteries                2,364,162           6.2%
Infrastructure Investors, LLC

AIM Universal Holdings, LLC        2,364,162           6.2%

StoneMor GP Holdings LLC           2,332,878           6.1%

Matthew P. Carbone                 2,364,162           6.2%

Robert B. Hellman, Jr.             4,732,751          12.5%

The percentages are calculated based upon 37,958,645 Common Units
outstanding on June 20, 2018, as disclosed by the Issuer on its
annual report on Form 10-K, filed July 17, 2018.

A full-text copy of the regulatory filing is available at:

                       https://is.gd/Lpdvm3

                    About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 316 cemeteries and 91
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

Stonemor reported a net loss of $75.15 million on $338.2 million
of total revenues for the year ended Dec. 31, 2017, compared to a
net loss of $30.48 million on $326.2 million of total revenues for
the year ended Dec. 31, 2016.  As of Dec. 31, 2017, Stonemor had
$1.75 billion in total assets, $1.66 billion in total liabilities
and $91.69 million in total partners' capital.

                           *    *    *

As reported by the TCR on July 10, 2018, Moody's Investors Service
downgraded Stonemor Partners L.P.'s Corporate Family rating to
Caa1 from B3.  The Caa1 CFR reflects Moody's expectation for
breakeven to modestly negative free cash flow (before
distributions), ongoing delays in filing financial statements and
Stonemor's significant reliance on its revolving credit facility
for liquidity in 2018.

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."



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


TRINIDAD & TOBAGO: Tewarie Has Concerns on IMF Report
-----------------------------------------------------
Ria Taitt at Trinidad Express reports that Caroni Central MP Dr.
Bhoe Tewarie expressed concern about the fact that the
International Monetary Fund Article IV report contained just a
one-line reference to Petrotrin.

Speaking to reporters after the sitting of the House of
Representatives, Mr. Tewarie concluded that this meant that none
of the numbers used by the IMF in the writing of the Article IV
Report took into account the impact of the closure of the refinery
and the consequences of decisions about Petrotrin, according to
Trinidad Express.



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


VENEZUELA: Migrants Seek New Lives in Southern Brazil
-----------------------------------------------------
EFE News reports that fear and uncertainty traveled alongside hope
and expectation on a plane taking 230 Venezuelans from northern to
southern Brazil, where they will attempt to remake their lives and
escape the crisis that has hit their country.

The Brazilian Air Force's (FAB) Boeing C767 left from Boa Vista -
the capital of the northern border state of Roraima - toward Porto
Alegre carrying men, women and children who had been staying in
shelters for Venezuelan migrants during the last few months,
according to EFE News.

"Is it very cold in Porto Alegre?," some of the Venezuelans asked
with concern, many of whom come from tropical areas on the
Caribbean coast, like La Guaira, Chichiriviche, Cumana or Isla de
Margarita, a tourist Mecca that has suffered from Venezuela's
economic, social and political crisis, the report notes.

Among those who will attempt to remake their lives in Canoas, near
Porto Alegre, is lawyer Leonardo Yegres, who arrived in Roraima
from Cumana, in eastern Venezuela, along with his wife, Adriana,
his daughter, who is 11 years old, and their six-year-old poodle
"Princesa," the report relays.

Mr. Yegres told EFE that, when he arrived in Boa Vista,
authorities said "Princesa" couldn't stay in the shelter because
of health reasons.

"I slept on the streets several days with the dog, and then a
woman accepted to keep her at her home," the lawyer said, adding
that he and his family had nearly decided to relinquish their
place on the FAB plane because of Princesa, the report notes.

"I had to fight against wind and storm. I spoke to people from the
armed forces, from humanitarian organizations, but they said I
couldn't take her on the plane," the report quoted Mr. Yegres as
saying.

One day before the flight, Mr. Yegres met Social Development
Minister Alberto Beltrame, who was visiting some of the shelters
for Venezuelan migrants in Boa Vista and who solved the issue on
the spot, the report relays.

"He spoke to some military officers and they authorized us to
travel with Princesa. And here we are, ready for a new life,"
Yegres said next to his family and the dog as they arrived in
Porto Alegre, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at
'CC'.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                   * * * End of Transmission * * *