/raid1/www/Hosts/bankrupt/TCRLA_Public/181004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, October 4, 2018, Vol. 19, No. 197


                            Headlines



A R G E N T I N A

ARGENTINA: Academic Economist to Lead Central Bank


B R A Z I L

EDP ESPIRITO SANTO: S&P Affirmed 'BB-' Global Scale Rating
MAGNESITA REFRATARIOS: S&P Withdraws 'BB' Global Scale Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Freezes Fuel Prices as Walkout Threats Weigh
DOMINICAN REPUBLIC: Budget Relies on US$13.7BB Expected Revenue


H A I T I

HAITI: Gets $33.5MM-IDB Grant to Improve Solid Waste Management


M E X I C O

CEMEX S.A.B.: S&P Affirms 'BB' Global Scale Rating, Outlook Stable
OFFSHORE DRILLING: S&P Alters Outlook to Dev. & Affirms CCC- ICR


P A N A M A

GLOBAL BANK: Moody's Affirms Ba1 Deposit Rating, Outlook Stable


P U E R T O    R I C O

DEL MAR ENTERPRISES: Case Summary & 17 Unsecured Creditors
RELIANCE MANUFACTURING: Case Summary & 11 Unsecured Creditors
SKYTEC INC: Taps Fuentes Law Offices as Legal Counsel


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Opportunities in Cocoa for Severed Workers


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ARGENTINA: Academic Economist to Lead Central Bank
--------------------------------------------------
EFE News reports that an academic economist with wide
international experience will be the new president of Argentina's
central bank in place of Luis Caputo, the government said.

Guido Sandleris has been employed since the middle of this year as
secretary of economic policy at the Finance Ministry, according to
EFE News.

The report notes that Mr. Caputo presented his resignation for
"personal reasons" to President Mauricio Macri amid the fierce
economic crisis the country is going through and as the head of
state seeks to close a new deal with the International Monetary
Fund (IMF) to shore up the $50 billion credit accord signed last
June.

A graduate in economy from the University of Buenos Aires, with a
master's degree from the London School of Economics and a
doctorate in economy from Columbia University in 2005, the new
central bank chief joined the Macri administration in 2017 when he
was named top adviser to the Finance Ministry, the report relays.

Previously, in 2016, he worked as undersecretary of finances for
Buenos Aires province, governed by Maria Eugenia Vidal, a Macri
ally, the report notes.

Since 2007, he has been a professor at Torcuato Di Tella
University, where until 2015 he directed the Financial Research
Center and was dean of the Business School between 2014-2015, the
report discloses.

Mr. Sandleris has taught at the LSE and the University of the
Andes, and worked as a visiting researcher at the US Federal
Reserve Bank of Minneapolis, the Central Bank of Chile, the Inter-
American Development Bank and the IMF, the report notes.

He has also done consulting work for companies, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2018, S&P Global Ratings placed on Aug. 31, 2018, its
'B+' long-term and 'B' short-term sovereign credit ratings on
Argentina on CreditWatch with negative implications. At the same
time, S&P placed its 'raAA' national scale rating on CreditWatch
negative and affirmed its 'BB-' transfer and convertibility
assessment.  The CreditWatch negative reflects the risk of
worsening creditworthiness due to potentially weakened
implementation of the government's strategy to stabilize the
economy. Exchange rate volatility, as shown by recent pressure on
the Argentine currency, could jeopardize the effective
implementation of economic adjustment measures, absent further
steps to boost investor confidence.  Consequently, S&P Global
Ratings corrected its short-term ratings on Argentina
by removing them from CreditWatch with negative implications.

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.



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EDP ESPIRITO SANTO: S&P Affirmed 'BB-' Global Scale Rating
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale and 'brAAA'
Brazil national scale ratings on EDP Espirito Santo Distribuicao
de Energia S.A. (EDP Espirito Santo). The outlook on both ratings
remains stable. EDP Espirito Santo's 'bb+' stand-alone credit
profile (SACP) remains unchanged.

S&P said, "At the same, we affirmed the 'brAAA' Brazil national
scale rating on the sister company, EDP Sao Paulo Distribuicao de
Energia S.A. (EDP Sao Paulo). The outlook also remains stable.

"The rating affirmation on EDP Espirito Santo and EDP Sao Paulo
reflects our view that the sovereign rating on the Federative
Republic of Brazil (global scale: BB-/Stable/B; national scale:
brAAA/Stable/--) caps the ratings on both companies. We view
electricity distributors as having an appreciable likelihood of
following Brazil in the hypothetical default scenario, given their
regulated nature. As a result, EDP Espirito Santo and EDP Sao
Paulo could be ultimately subject to electricity rate controls,
and we believe revenue collection and credit availability could be
compromised. In addition, the parent company EDP Energias de
Portugal (EDP; BBB-/Stable/A-3), may not have incentives to
support its Brazilian subsidiaries in case of a hypothetical
sovereign default scenario.

"We analyze EDP Espirito Santo and EDP Sao Paulo based on EDP
Energias do Brasil S.A.'s (EDP Brasil) consolidated figures, given
our view that the group adopts an integrated financial strategy
and actively manages its subsidiaries' operations. We expect EDP
Brasil to maintain debt to EBITDA below 3.0x and FFO to debt above
20%, while free cash flows should remain negative, given its
sizable investments at its distributors and its entry into the
transmission segment. We expect the bulk of R$3 billion investment
in transmission to occur in 2019 and 2020, and mostly to be debt
financed. Nevertheless, the group has a proven track record of
delivering its projects on budget and before the original
schedule, due to its satisfactory planning and executing
capabilities. We expect the transmission activities to generate a
stable and predictable cash flow for EDP Brasil as soon as their
operations start. We expect the transmission lines to represent
about 20% of the group's consolidated EBITDA."


MAGNESITA REFRATARIOS: S&P Withdraws 'BB' Global Scale Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' global scale and 'brAAA'
Brazil national scale issuer credit ratings on Magnesita
Refrat=E2=80=A0rios S.A. at its request. The outlook on both ratings was
stable.

The company completed its merger with RHI AG in October 2017, and
is now a subsidiary of the Europe-based company RHI Magnesita N.V.
(not rated), currently the world's largest refractories producer.
At the time of the withdrawal, the company had no outstanding
rated debt, given that it redeemed its 2020 and perpetual notes in
March and August 2018, respectively.



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DOMINICAN REPUBLIC: Freezes Fuel Prices as Walkout Threats Weigh
-----------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted unchanged fuel prices for the week from September 29 to
October 5, when premium gasoline continues at RD$240.60 per
gallon, and regular gasoline remains at RD$230.20

Regular diesel stays at RD$193.80 and optimum diesel at RD$205.90
per gallon, according to Dominican Today.

Avtur stays at RD$153.90; kerosene at RD$181.60; fuel oil at
RD$125.35 per gallon, the report notes.

Propane gas will still cost RD$127.60 per gallon, while natural
gas remains at RD$28.97 per cubic meter, the report discloses.

The report says that the Dominican Republic Central Bank's posed
average exchange rate of RD$49.92 per dollar was used to calculate
all fuel prices.

                        Strike Threats

The Govt.'s decision to freeze fuel prices comes in the heels of
threats of walkouts by the major transport unions, which demand
lower prices on diesel, propane and gasoline, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings has affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Budget Relies on US$13.7BB Expected Revenue
---------------------------------------------------------------
Dominican Today reports that the surge in the Dominican Republic's
revenue estimated in the 2019 Budget formulated by the government
would be obtained through specific tax measures and by continuing
the pace of indebtedness.

In the draft sent to Congress figure administrative decisions
ranging from leaving without effect again the adjustment for
inflation for the effects of the Income Tax (ISR), the elimination
of tax exemptions and the taxes on the import of slot machines and
the transfer of Internal Taxes' revenue function to Customs,
according to Dominican Today.  As an example, in the case of the
collection of RD$2.00 per gallon of gasoline and diesel, as well
as half of the ITBIS of textile companies, as well as those
operating in the Special Border Development Zone, the report
notes.

The formulated budget also indicates that the Telecom Agency,
Indotel, must transfer to the Treasury 50% of the income obtained
by Contribution to the Development of Telecommunications, and that
the 1% tax to incorporate companies must be paid together with the
ISR, the report relays.

With the measures, the Government expects next year's revenues to
jump to RD$687.0 billion (US$13.7 billion), and taxation 16% of
GDP, from the 15.3% projected for this year, the report discloses.

However, the measures that the Government wants to apply -- which
don't involve higher or new taxes, according to the document --
will not be enough to achieve fiscal balance, the report says.

Current expenses are estimated at RD$643.9 billion for next year,
whereas the fiscal hole will be covered by debt, which will remain
at the same pace as this year, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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HAITI: Gets $33.5MM-IDB Grant to Improve Solid Waste Management
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $33.5
million grant to help finance an integrated solid waste management
program in northern Haiti.

The program's goal is to boost living conditions in the
departments of Cap-Haitien, Limonade and Quartier Morin by
improving management and funding solid waste handling and final
disposal infrastructure.

With nearly 1.5 million inhabitants, Haiti's northern region has
one of the fastest demographic growth rates in the country. The
area is undergoing a fast urbanization process and suffers from
high unemployment, poverty and inequality rates as well as from a
chronic deficit in basic public services access.

The new program will provide the region with infrastructure for
integrated solid waste management, including the construction of a
center for the integrated management of solid municipal and
assimilable waste located in Mouchinette. The facility includes a
landfill and infrastructure for waste recycling and composting.
The project will also finance the purchase and maintenance of a
fleet of waste collection trucks and the construction of transfer
stations at Cap-Haitien.

In addition, the program contemplates an institutional
strengthening plan to generate national and local capabilities in
solid waste management and environmental education activities.

It is expected that at the end of the five-year program, nearly
23,000 households will have an efficient solid waste management
service capable of processing 130,000 tons of waste, producing
9,000 tons of compost for agriculture, and separating more than
1,800 tons of recyclable waste for commercialization.

The Bank's grant will be accompanied by $2.36 million in co-
financing from the French Development Agency and $1.3 million in
local counterpart funds provided by the Government of Haiti.



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CEMEX S.A.B.: S&P Affirms 'BB' Global Scale Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its global scale ratings on CEMEX
S.A.B. de C.V. and on its subsidiaries at 'BB'. S&P said, "We also
affirmed our national scale ratings on CEMEX and Cemex Mexico S.A.
de C.V. at 'mxA/mxA-1'. The outlook on both scales remains stable.
At the same time, we affirmed our issue-level rating on CEMEX's
senior secured debt at 'BB' and on its perpetual bonds at 'BB-'.
We also affirmed our national scale issue-level ratings on the
company's subordinated debt at 'mxBBB+'."

The recovery rating on all of CEMEX's rated senior secured debt
remains at '3', which indicates that bondholders can expect a
meaningful (50%-70%) recovery in the event of a payment default.
The recovery rating on all subordinated debt remains at '6', which
indicates that bondholders can expect a negligible (0%-10%)
recovery in the event of a payment default.

S&P said, "After we upgraded the company in 2017 due to the
strengthening of its financial performance and leverage metrics,
CEMEX has been facing unanticipated setbacks this year such as
increasing cost pressures and slow business conditions in certain
markets, which have constrained its EBITDA growth. In particular,
the higher fuel costs and weaker-than-expected demand at some
markets in Central America and the Middle East have lowered EBITDA
margins below 20% for the 12 months ended June 30, 2018. While
CEMEX's key credit metrics remain in line with our current
assessment of its financial risk profile, the deleveraging has
slowed down, and we currently don't consider the company's debt to
EBITDA will approach 4.0x by the end of 2018, which we previously
expected."

As management remains committed to improving the company's capital
structure, CEMEX recently announced a strategic plan to accelerate
debt repayments and increase shareholder value. This plan
contemplates new asset divestments between $1.5 billion and $2.0
billion, and cost savings for about $150 million in 2019. S&P
said, "The plan also includes dividend payments for $150 million
starting in 2019, which in our view don't conflict with its debt
reduction target. In addition, we expect CEMEX's top-line growth
to continue benefiting from favorable industry fundamentals in the
U.S., which would mitigate the impact of softer economic
conditions across Latin America and other regions where the
company has operations. We also expect its adjusted EBITDA margins
to return to the 20% area despite rising cost pressures, while the
company continues to focus on achieving operating efficiencies
across its global operating platform. Therefore, as CEMEX's
deleveraging materializes, we consider that its financial risk
profile could improve in the next couple of years."

S&P said, "Our view on CEMEX's financial risk profile remains
unchanged. Our updated forecast on the company incorporates a $1
billion in total debt reduction during 2018, mostly through
internal cash flow generation. This should maintain the company's
leverage ratio in the 4.0x-4.5x range by year-end, trending
towards 4.0x in 2019."


OFFSHORE DRILLING: S&P Alters Outlook to Dev. & Affirms CCC- ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Offshore Drilling
Holding S.A. (ODH) to developing from negative. S&P also affirmed
its 'CCC-' issuer credit rating on the company.

The outlook revision to developing follows ODH's announcement that
it reached a settlement agreement with PEMEX to terminate the
charter agreements relating to Bicentenario and Centanario GR
rigs. PEMEX has agreed to pay a termination fee of $73.9 million
for the Bicentenario rig and $156.1 million for Centenario GR.
These payments consist of two installments; the first has already
occurred, while the second will occur up to 135 days after Sept.
13, 2018. The agreement stems from lack of money in PEMEX's budget
for drilling programs for both rigs.

Although, the proceeds of this settlement could be sufficient for
the replenishment of ODH's debt service account (DSRA) and for
debt servicing in the short and medium term, S&P believes the
company's capital structure remains unsustainable amid the current
business conditions.

S&P said, "The developing outlook reflects that we may lower or
raise the rating over the next few months, depending on the
business and financial strategy the company presents. If ODH uses
proceeds for a sizable capex plan that could compromise the cash
and we conclude that the refinancing risk increases, we could
downgrade the company.

"If we conclude that the new business strategy could bolster ODH's
cash flows, while shrinking the refinancing needs, we could raise
the rating."



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GLOBAL BANK: Moody's Affirms Ba1 Deposit Rating, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings and
assessments of Panama's Global Bank Corporation and Subsidiaries,
following the September 24 announcement that it intends to acquire
99.972% of Banco Panameno de la Vivienda, S.A. The transaction is
subject to regulatory approvals and the bank expects it to close
by the end of this year. The outlook on the Ba1 long-term deposit
rating remains stable.

The following ratings were affirmed:

Baseline credit assessment, ba1

Adjusted baseline credit assessment, ba1

Long term foreign currency deposit rating, Ba1 stable outlook

Short term foreign currency deposit rating, Not Prime

Long and short-term counterparty risk ratings, Baa3 and Prime-3

Long and short-term counterparty risk assessments, Baa3(cr) and
Prime-3(cr)

Outlook Actions:

Issuer: Global Bank Corporation and Subsidiaries

Outlook, Remains Stable

RATINGS RATIONALE

The affirmation of Global Bank's ratings incorporates Moody's
expectations that the acquisition will have a limited impact on
the bank's capital, asset quality, and profitability, while
bolstering its deposit funding.

The acquisition, which will cost a total of $245 million or 1.5
times Banvivenda's book value as of June 2018, will be funded with
a $180 million capital injection from Global Bank's parent, G.B.
Group Corporation (G.B. Group). Global Bank will finance the
remaining $65 million of the deal with credit lines from
international banks, as well as with its own resources. Some of
the infusion from G.B Group will be obtained from its existing
shareholders, as well as those of Banvivienda shareholders, who
will take a 5% stake in G.B. Group. The rest of the infusion will
be financed with a new term loan to be obtained by G.B. Group. The
capital increase will help Global Bank offset goodwill of an
estimated $80 million.

Consequently, despite the premium and the size of the deal, which
will increase Global Bank's balance sheet by 28.6%, Moody's
anticipates the bank's tangible common equity (TCE) ratio will
decline by about150 basis points, to around a still manageable
10.5%.

Although the term loan being obtained by G.B. Group will put
pressure on Global Bank to increase its dividend payout ratio,
Moody's does not expect this will result in a further decrease in
the bank's capital ratio over the next 12-18 months. With the bank
expected to focus on integrating Banvivienda's business, loan
growth, and hence capital consumption, should remain modest.

With Banvivenda's return on assets of 0.9% on an annualized basis
in the first six months of 2018 just slightly below Global's 1%,
profitability will also stay relatively stable. Cost synergies
should help balance any increases in loan loss provisions
following the acquisition, as well as reductions in net interest
income resulting from low loan growth amid continuously rising
funding costs.

Asset risk will also remain stable. The combined non-performing
loan ratio will actually decline slightly to 1.6% of gross loans,
from 1.8% currently, driven by Banvivienda's very low delinquency
ratio at about 1%. However, this will be offset by Banvivienda's
considerably higher level of restructured loans at 3.6% of gross
credit, versus 1.7% for Global Bank, which could translate into
higher NPLs and eventually to an increase in credit costs. While
Banvivienda is more focused on residential mortgage and
agribusiness lending than Global Bank, the latter's portfolio
distribution will change just modestly, with lending to
residential mortgages and agribusiness increasing to 26% and 7% of
gross loans respectively, from 23% and 6% currently.

The acquisition will help support Global Bank's deposit franchise,
increasing its domestic market share to 8.6% from 6.4% currently.
Nevertheless, it will remain the country's third largest bank
behind Banco General, S.A. (deposits Baa2 stable outlook, BCA of
baa2) and Banistmo S.A. which have deposit market shares of 21%
and 12% respectively. Despite the increase in deposit funding,
market funds will remain substantial at about a third of total
assets, which exposes the bank to external refinancing and
repricing risks. With the acquisition being largely funded from
external sources, liquid assets will also stay steady at a
moderate 15% of the balance sheet. However, a larger portion of
Banvivienda's liquid assets are invested in corporate bonds versus
Global Bank. These instruments may not be as liquid as government
securities in a stress scenario.

Notwithstanding the ratings affirmation, Moody's notes that it
will continue to monitor developments regarding the acquisition,
including the completion of the financing package as well as its
ultimate effects on Global Bank's consolidated capitalization,
earnings and asset quality.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The ratings could face upward pressures if the bank's core
capitalization and profitability strengthen significantly, and its
asset quality remains stable. Positive rating pressures would also
be triggered by a material improvement in the quality and quantity
of the bank's liquid assets and decreased reliance on market
funding. Conversely, the ratings could face downward pressure if
the bank's TCE ratio falls below 10%, or if problem loans spike,
with an ensuing negative effect on earnings.

The principal methodology used in these ratings was Banks
published in August 2018.



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DEL MAR ENTERPRISES: Case Summary & 17 Unsecured Creditors
----------------------------------------------------------
Debtor: Del Mar Enterprises Inc.
        PO Box 3562
        Aguadilla, PR 00605

Business Description: Del Mar Enterprises Inc. is a real estate
                      company that owns in fee simple a commercial
                      real estate located at Aguadilla, Puerto
                      Rico consisting of two story commercial
                      building with an appraised value of
                      $1 million.  The Company also owns a lot of
                      land located at Barrio Borinquen Aguadilla,
                      Puerto Rico having an appraised value of
                      $100,000.  Del Mar Enterprises previously
                      filed for bankruptcy protection on April 9,
                      2013 (Bankr. D.P.R. Case No. 13-02735).

Chapter 11 Petition Date: October 1, 2018

Case No.: 18-05767

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  E-mail: notices@condelaw.com
                          condecarmen@condelaw.com

Total Assets: $1,102,823

Total Liabilities: $2,166,875

The petition was signed by Edgardo L. Delgado Colon, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 17 unsecured creditors is available for free
at http://bankrupt.com/misc/prb18-05767.pdf


RELIANCE MANUFACTURING: Case Summary & 11 Unsecured Creditors
-------------------------------------------------------------
Debtor: Reliance Manufacturing, Inc.
        1527 Ave Ponce De Leon
        Suite 205
        San Juan, PR 00926

Business Description: Reliance Manufacturing, Inc. is a privately
                      held home builder in San Juan, Puerto Rico.

Chapter 11 Petition Date: October 1, 2018

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Case No.: 18-05778

Judge: Hon. Brian K. Tester

Debtor's Counsel: Myrna L. Ruiz Olmo, Esq.
                  MRO ATTORNEYS AT LAW, LLC
                  PO Box 367819
                  San Juan, PR 00936-7819
                  Tel: 787-237-7440
                  Email: mro@prbankruptcy.com

Total Assets: $441,201

Total Liabilities: $2,788,977

The petition was signed by Gilberto Media Safon, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at http://bankrupt.com/misc/prb18-05778.pdf


SKYTEC INC: Taps Fuentes Law Offices as Legal Counsel
-----------------------------------------------------
SkyTec Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Fuentes Law Offices, LLC as its
legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

Alexis Fuentes-Hernandez, Esq., the attorney who will be handling
the case, charges an hourly fee of $250.  His firm received a
$11,717 retainer from the Debtor.

Mr. Hernandez disclosed in a court filing that he is
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.

Fuentes Law Offices can be reached through:

     Alexis Fuentes Hernandez, Esq.
     Fuentes Law Offices, LLC
     P.O. Box 9022726
     San Juan, PR 00902
     Tel: (787) 722-5216
     Fax: (787) 722-5206
     E-mail: alex@fuentes-law.com

                         About Skytec Inc.

Skytec, Inc., is a privately-held company based in Puerto Rico
that provides wireless telecommunication solutions.

Skytec sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 18-05288) on Sept. 12, 2018.  In the
petition signed by Henry L. Barreda, president, the Debtor
disclosed $2,119,734 in assets and $5,848,090 in liabilities.

Judge Enrique S. Lamoutte Inclan presides over the case.



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T R I N I D A D  &  T O B A G O
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PETROLEUM CO: Opportunities in Cocoa for Severed Workers
--------------------------------------------------------
Leah Sorias at Trinidad Express reports that Director of the
University of the West Indies (UWI) Cocoa Research Centre,
Professor Pathmanathan Umaharan, believes there are huge
opportunities in the cocoa industry for severed Petroleum Co. of
Trinidad & Tobago (Petrotrin) employees.

With training, he says, they can find employment in the production
of cocoa, packaging and marketing, cocoa processing and even
chocolate production, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.


                            ***********


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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