/raid1/www/Hosts/bankrupt/TCRLA_Public/181010.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

               Wednesday, October 10, 2018, Vol. 19, No. 201


                            Headlines



B O L I V I A

BANCO FASSIL: Moody's Withdraws B1 DR for Business Reasons


B R A Z I L

JBS SA: Invests $12 Million in Expansion, Eyes China Market


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Plant Outages Will 'Stress' System
DOMINICAN REPUBLIC: Conadeco Rejects Propane in Gasoline Stations


P A N A M A

MILLICOM INT'L: Moody's Rates New $500MM Unsec. Notes Due 2026 Ba2
MILLICOM INT'L: Fitch to Rate $500MM Unsec. Notes 'BB+(EXP)'


P U E R T O    R I C O

DISTRIBUIDORA LEQUAR: Oriental Bank Prohibits Cash Collateral Use
PUERTO RICO: Creditors End Opposition to Bank Debt Restructuring
RISE ENTERPRISES: Plan Confirmation Hearing Set for Dec. 5


V E N E Z U E L A

VENEZUELA: IMF Predicts 10,000,000% Inflation in 2019


                            - - - - -


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B O L I V I A
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BANCO FASSIL: Moody's Withdraws B1 DR for Business Reasons
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Banco Fassil S.A. for
business reasons.

The following ratings of Banco Fassil S.A. were withdrawn:

  - Long-term global local currency deposit rating, previously
    rated B1 with stable outlook

  - Short-term global local currency deposit rating, previously
    rated Not Prime

  - Long-term global foreign currency deposit rating, previously
    rated B1 with stable outlook

  - Short-term foreign currency deposit rating, previously rated
    Not Prime

  - Bolivian long-term national scale local currency deposit
    rating, previously rated A1.bo

  - Bolivian long-term national scale foreign currency deposit
    rating, previously rated A1.bo

  - Global scale local currency subordinated debt rating,
    previously rated B2

  - National scale local currency subordinated debt rating,
    previously rated Baa1.bo

  - Baseline credit assessment, previously rated b1

  - Adjusted baseline credit assessment, previously rated b1

  - Long-term counterparty risk assessment, previously rated
    Ba3(cr)

  - Short-term counterparty risk assessment, previously rated Not
    Prime(cr)

Outlook, Changed to Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.



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


JBS SA: Invests $12 Million in Expansion, Eyes China Market
-----------------------------------------------------------
Ana Mano at Reuters, citing a company statement, reports that JBS
SA is expanding production capacity at two of its Brazilian units
as Chinese demand for its beef exports remain strong.

The plants, which received combined expansion investments of BRL45
million (US$12 million), are located in the state of Minas Gerais,
the statement said, according to Reuters.

The investment aimed at doubling production capacity at the two
units is mainly related to opportunities to export beef to the
Chinese market out of Brazil, JBS SA said, the report notes.

"When comparing exports (to China) this year with the same period
of last, we had a 125 percent increase in volume," Renato Costa,
chief of the country's JBS beef division, was quoted as saying in
the statement referring to Brazilian exports of beef to China, the
report relays.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2018, Moody's Investors Service upgraded JBS S.A.'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.

JBS S.A. is a Brazilian company that is one of the largest meat
processing company in the world, producing factory processed beef,
chicken and pork, and also selling by-products from the processing
of these meats. It is headquartered in Sao Paulo. It was founded
in 1953 in Anapolis, Goias.



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


DOMINICAN REPUBLIC: Power Plant Outages Will 'Stress' System
------------------------------------------------------------
Dominican Today reports that electricity distributor utility
administrator Edesur, Radhames Del Carmen, said that as of October
8 through October 15, the sharpest drop in the grid of 100
megawatts of the San Pedro Power Company (CESPM) is expected, as
it will undergo major maintenance.

Mr. Del Carmen said the projection includes maintenance on the
Barahona power plant that would coincide, according to Dominican
Today.

Mr. Del Carmen however said it was possible to turn on the San
Felipe plants in Puerto Plata and the Turbo Gas de Haina, which he
acknowledges generate at a very high cost for the system, the
report notes.  "But the Government of President Danilo Medina has
decided to cover those costs and give energy to the Dominican
population," he added.

He adds that the good news is the leading plant, AES, is
generating 110 megawatts of its 300-megawatt capacity, the report
relays.

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.


DOMINICAN REPUBLIC: Conadeco Rejects Propane in Gasoline Stations
-----------------------------------------------------------------
Dominican Today reports that the National Consumer Rights Defense
Council (Conadeco), Human Rights representatives and community
leaders have reiterated their rejection to the sale of propane gas
in gasoline stations.

Conadeco President Sandino Bisono called the sale of combined
fuels a "time bomb," since in his view, there are no technical
conditions or security measures to do so in the country, according
to Dominican Today.

The situation prompted Conadeco to submit a demand before the
Industry and Commerce Ministry, to reject permits for the mixed
sale, the report notes.

He noted that the mixed sale would violate all existing
regulations, because he affirms that there are no legitimate
conditions, the report relays.

"The people don't want that because the gas stations are located
in the city where thousands of families live and that would
represent a time bomb for the population," the report quoted Mr.
Bisono as saying.

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.



===========
P A N A M A
===========


MILLICOM INT'L: Moody's Rates New $500MM Unsec. Notes Due 2026 Ba2
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
$500 million senior unsecured notes due 2026 to be issued by
Millicom International Cellular S.A. Millicom's existing Ba2
senior unsecured ratings and its Ba1 CFR were affirmed. The
ratings outlook is stable.

Proceeds from the proposed issuance will be used to partly fund
Millicom's acquisition of an 80% stake of Panama-based company
Cable Onda, with an implied enterprise value of $1.46 billion.

The rating of the proposed notes assumes that the issuance will be
successfully completed and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date and assume that these agreements are
legally valid, binding and enforceable.

Rating assigned:

Issuer: Millicom International Cellular S.A.

$500 million Senior unsecured notes due 2026: Ba2

Affirmations:

Issuer: Millicom International Cellular S.A.

Corporate Family Rating: Ba1

Probability of Default Rating: Ba1-PD

Senior Unsecured Regular Bond/Debenture: Ba2

The outlook for all ratings is Stable

RATINGS RATIONALE

Millicom's Ba1 corporate family rating reflects the company's
strong operating performance, solid business model, leading market
shares in key geographies, and multiregional balance of profit and
cash flow generation that have been improving over the last couple
of years on a consolidated basis. The rating also incorporates the
regulatory and other operating risks and limitations in the
countries where the company operates.

The Ba2 rating on Millicom's senior unsecured notes reflects their
structural subordination to debt at the operating company level as
well as their unguaranteed status. Pro-forma for the proposed
notes, debt at the holding company level will amount to around 24%
of total consolidated debt as of June 2018.

Proceeds from the $500 million proposed notes will be used to
partly fund Millicom's $1.002 billion acquisition of a 80% stake
in Panama-based Cable Onda. Millicom plans to fund the remaining
$502 through additional debt that will be raised by its operating
subsidiaries and existing cash at hand. Cable Onda has $256
million in debt that will be assumed by Millicom, $207 million
including cash at hand as of June 30, 2018 as reported by Cable
Onda.

Overall, the acquisition will result in a $1.209 billion increase
in Millicom's indebtedness bringing its Moody's adjusted pro-forma
leverage to around 3.0x, which in its opinion is still comfortable
for Millicom's Ba1 rating. Moody's expects that the leverage
increase will be temporary and will reduce over time with the
additional EBITDA generation from Cable Onda and the organic
growth of the consolidated business, going back to 2.7x in the end
of 2020.

Millicom's liquidity is adequate. As of June 30, 2018, and pro-
forma for the early repayment of the $224 million SEK notes due
2019 the company had around $500 million in cash compared with
short-term debt maturities of $107 million. Upcoming debt
obligations maturing over the next few years include $378 million
in 2019, $384 million in 2020 and $373 million in 2021. The
company also has a five-year committed revolving credit facility
totaling $600 million due in January 2022, fully available as of
June 2018.

The stable outlook reflects its expectations that Millicom will
maintain its liquidity at adequate levels while sustaining its
historically strong credit metrics. Moody's also expects the
company to continue its conservative approach in managing its debt
maturities ahead of schedule avoiding near term concentration of
payments. The stable outlook also considers that the increase in
leverage as a consequence of Cable Onda's acquisition will be
temporary.

Downward pressure on Millicom's ratings could develop if liquidity
or metrics deteriorate because of an elevated gross debt leverage
surpassing 3.5 times, higher than anticipated shareholder
remuneration, or a material debt-funded acquisition that increases
leverage without prospects of recovery. The ratings could also be
downgraded if Millicom increases its exposure to riskier
countries, or in case of increased sovereign risk in any of the
countries in which it currently operates.

Positive pressure on Millicom's ratings could arise if the
company's gross debt leverage decreases below 2.5 times on an
ongoing basis, its retained cash flow to debt increases above 30%
and if the group sustains a strong liquidity position. An upgrade
would also be dependent on an improvement in the balance of risk
across the countries in which Millicom operates and would require
the group to maintain its strong market positions, a good level of
geographical diversification of cash flows, the continued ability
to repatriate dividends from its subsidiaries and conservative
financial policies.

Millicom International Cellular S.A. is a global
telecommunications investor focused on emerging markets, with
cellular operations and licenses in 11 countries in Latin America
and Africa. The company has around 51 million mobile customers,
and 3.3 million cable and broadband households. The company
derives around 90% of its revenue from its Central and South
American operations in El Salvador, Guatemala, Honduras, Costa
Rica, Nicaragua, Colombia, Bolivia and Paraguay. In Africa,
Millicom operates in Chad and Tanzania, and through a joint
venture in Ghana. The company also offers cable and satellite TV
services in Central and South America. For the 12 months ended
June 30, 2018, the company's consolidated revenue reached $4.2
billion. Millicom is incorporated in Luxembourg and publicly
listed on the Stockholm Stock Exchange.

Cable Onda is the leader in Panama's broadband internet, pay-TV,
fixed telephony and B2B telecommunications markets, serving more
than 500,000 customers mostly through its Hybrid Fibre-Cable
network. In 2017, Cable Onda generated $374 million in revenues.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.


MILLICOM INT'L: Fitch to Rate $500MM Unsec. Notes 'BB+(EXP)'
------------------------------------------------------------
Fitch Ratings expects to rate Millicom International Cellular,
S.A.'s proposed up to USD500 million senior unsecured notes
'BB+(EXP)'. Proceeds from the issuance are expected to be used to
refinance part of a bridge loan that will be used for Millicom's
announced acquisition of Cable Onda. Fitch has also affirmed the
Long-Term Foreign and Local Currency Issuer Default Ratings of MIC
at 'BB+' with a Stable Outlook.

MIC's ratings reflect the company's geographic diversification,
strong brand recognition and network quality, all of which
contributed to leading positions in key markets, a strong
subscriber base, and solid operating cash flow generation. In
addition, the rapid uptake in subscriber data usage and MIC's
ongoing expansion into the underpenetrated fixed-line services
bode well for medium to long-term revenue growth. MIC's ratings
are tempered, despite the company's diversification benefits, by
the issuer's presence in countries in Latin America and Africa
with low sovereign ratings and low GDP per capita. The operational
environment in these regions, in terms of political and regulatory
stability and economic conditions, tends to be more volatile than
in developed markets.

The rating action reflects Millicom's financial and business
profile as the company continues to implement its strategy to
phase out legacy services in favour of underpenetrated data and
content services. The company's strategy to divest assets in low
return countries and reinvest in higher-return markets is also
viewed positively. Post financing of Cable Onda, Fitch expects the
company's leverage, as measured by adjusted consolidated net debt
to EBITDA, will increase to 2.8x then trend down in the short to
medium term.

KEY RATING DRIVERS

Acquisition to Increase Diversification: Millicom will acquire a
controlling 80% stake in Cable Onda, the leading cable and fixed
telecommunications services provider in Panama, for USD1.2
billion. The acquisition increases Millicom's regional
diversification and increases the company's cable and broadband
exposure. Cable Onda has a leading market position in Panama with
more than 50% market share in Pay-TV and broadband. Fitch expects
Cable Onda to represent 7% of Millicom's consolidated EBITDA on a
pro forma basis. Panama's investment-grade rating of 'BBB'/Outlook
Stable as well as the country's dollarized economy is viewed
positively. The acquisition is expected to close by year-end 2018.

Expected Deleveraging to Bolster Credit Quality: Fitch forecasts
Millicom's adjusted consolidated net leverage is expected to
increase toward 2.8x as the company issues new debt to fund its
acquisition. Fitch expects the company to finance the acquisition
of Cable Onda with existing cash and new debt. Millicom has
secured bridge financing from a group of banks and is expected to
raise USD500 million of senior unsecured debt at the holding
company as well as an additional amount of up to USD500 million at
operating subsidiaries. Fitch's base case expects leverage to
trend down to 2.5x and below in the medium term, backed by growing
cash flow generation and EBITDA.

Strong Market Positions: Fitch expects MIC's strong market
position to remain intact, supported by network quality and
extensive coverage, strong brand recognition and growing fixed-
line home operations (cable & broadband). These quality, exhibited
across well-diversified operational geographies, should enable the
company to continue to support stable cash flow generation and
growth opportunities in underpenetrated data and cable segments.
As of June 30, 2018, the company maintained competitive market
positions in its key mobile markets of Guatemala, Paraguay,
Honduras and Colombia.

Stable Performance: Fitch forecasts MIC's EBITDA generation to
improve to USD2.4 billion in 2018, followed by modest growth over
the medium term driven by the company's acquisition of Cable Onda
as well as increasing penetration of mobile data and fixed-line
services. The company's reported revenues have contracted slightly
in recent years, due to the impact of asset disposals. EBITDA has
remained relatively stable as Millicom continued to benefit from
lower corporate and general and administrative costs.

Strong Upstream Dividends: Creditors of the holding company are
subject to structural subordination to the creditors of the
operating subsidiaries given that all cash flows are generated by
subsidiaries. As of June 30, 2018, the group's consolidated gross
debt was USD5.3 billion, with 67% allocated to the operating
subsidiaries. Positively, Fitch believes that a stable and high
level of cash upstreams, through dividends and management fees
from its subsidiaries, is likely to remain intact over the long
term and will mitigate any risk stemming from this structural
weakness.

DERIVATION SUMMARY

MIC's rating is well positioned relative to regional telecom peers
in the 'BB' rating category based on a solid financial profile,
operational scale and diversification, as well as strong positions
in key markets. These strengths are offset by a high concentration
in countries with low sovereign ratings in Latin America and
Africa, which tend to have more volatile economic environments.

MIC boasts a much stronger financial profile, compared with
diversified integrated telecom operators in the region such as
Cable & Wireless Communications Limited (BB-/Stable) and Digicel
Limited (CCC/Rating Watch Negative), supporting a higher, multi-
notch rating. MIC's leverage is moderately higher than Empresa de
Telecomunicaciones de Bogota, S.A. E.S.P. (ETB; BB+/Stable) but
benefits from a stronger business profile that has leading market
positions in multiple markets. MIC also has a stronger capital
structure and business profile than Colombia Telecomunicaciones,
S.A. E.S.P. (BB/Stable), an integrated telecom operator, and Axtel
S.A.B. de C.  (BB-/Stable), a Mexican fixed-line operator.

KEY ASSUMPTIONS

  -- Low-single-digit annual revenue growth in the medium term;

  -- Cable Onda to represent 7% of consolidated EBITDA;

  -- Mobile service revenue contraction to be offset by increasing
     mobile data revenues over the medium term;

  -- Revenue contribution from mobile data and home service
     operations to grow toward 55% of total revenues by 2020;

  -- Home service segment to undergo double-digits revenue growth
     in the short-to-medium term;

  -- Annual capex, including spectrum, of USD1.1 billion over the
     medium term;

  -- No significant increase in shareholder distributions in the
     short to medium term with annual dividend payments remaining
     at USD265 million.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

  -- Improvement in the adjusted consolidated net leverage of 2.0x
     and continued on a sustained basis;

  -- Increased diversification of dividends flow/consistent and
     stable dividends from countries with investment-grade
     ratings;

  -- Positive rating action on sovereign countries that contribute
     significant dividend flow.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

  -- Adjusted consolidated net leverage consistently above 3.0x;

  -- Sustained negative FCF generation due to
     competitive/regulatory pressures or aggressive shareholder
     distributions.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity Profile: Millicom benefits from a good liquidity
position, given the company's large cash position which fully
covers short-term debt.  As of June 30, 2018, the consolidated
group's readily available cash was USD1,081 million, which
comfortably covers its short-term debt obligations of USD439
million. Fitch expects the company to finance the acquisition of
Cable Onda with existing cash and new debt.The company has a five-
year undrawn revolving credit facility for USD600 million until
2022, which further bolsters its liquidity position. Fitch does
not foresee any liquidity problem for both the operating companies
and the holding company given the operating companies' stable cash
generation and consistent cash upstreaming to the holding company.
MIC has a good record, in terms of access to capital markets when
in need of external financing, supporting liquidity management.



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P U E R T O    R I C O
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DISTRIBUIDORA LEQUAR: Oriental Bank Prohibits Cash Collateral Use
-----------------------------------------------------------------
Oriental Bank requests the U.S. Bankruptcy Court for the District
of Puerto Rico to prohibit Distribuidora Lequar, Inc., any use of
the cash collateral.

In addition, Oriental Bank asks the Court to grant it adequate
protection as required by Section 361 of the Bankruptcy Code by:

   (a) Granting a first priority replacement lien on all of the
Debtor post-petition assets;

   (b) Directing the Debtor to segregate an account for all Cash
Collateral in its possession, custody or control since the
Petition
Date and subject to Oriental Bank's lien;

  (c) Directing the Debtor to provide Oriental Bank full access to
its books and records, including all electronic records on any
computers used by or for the benefit of the Debtor, to make
electronic copies, photocopies or abstracts of the business
records of the Debtor;

   (d) Requiring that any Cash Collateral or property of Oriental
Bank that is in the possession, custody or control of the Debtor
or any of the insiders of the Debtor, be turned over to Oriental
Bank;

   (e) Imposing a constructive trust on any Cash Collateral, or
proceeds of any collateral of Oriental Bank, if any, that has been
diverted to any person or bank account as a result of any
diversion of the Debtor's accumulated rents, receipts on accounts
receivables or sale of inventory;

   (f) Prohibiting the Debtor from using any Cash Collateral of
Oriental Bank unless otherwise ordered by the Court;

   (g) Providing that nothing will prejudice the opportunity for,
and nothing will obligate any party to make, further stipulations
concerning any matter, including but not limited to the future use
of Cash Collateral; and

   (h) Directing the Debtor not to sell any item of inventory
below the Debtor's invoice Cost for such item.

Prior to the Petition Date, Oriental Bank granted the Debtor
certain credit facilities which included a Term Loan and a Line of
Credit. The Loans are secured by, among other things, by a
Security Agreement and Mortgage lien over an income producing real
estate property. As of September 7, 2018, the balance owed on the
Term Loan is $1,177,530; and the balance owed on the Line of
Credits is $2,991,966.

Oriental Bank submits that its security interest extends to
Debtor's post-petition inventory and account receivables because
these are proceeds of Debtor's pre-petition inventory and accounts
in the event that such post-petition inventory was financed by the
proceeds of its Inventory and Accounts Collateral. Therefore, the
proceeds of Oriental Bank's Inventory and Accounts Collateral
constitute cash collateral, as defined by Section 363(a), which
the Debtor is using in the operation of its business.

Oriental Bank has not consented and does not consent to the
Debtor's use of its Cash Collateral. Notwithstanding this, the
Debtor has proceeded to use such Cash Collateral without seeking
prior authorization from the Court. The Debtor should not be
rewarded for violating the law. Oriental Bank therefore, requests
that the Debtor be ordered to immediately cease any and all use of
the Cash Collateral, and to turn over all future Cash Collateral
to Oriental Bank.

Oriental Bank argues that pursuant to Section 363(e) of the Code,
any authorized use of the Cash Collateral must be conditioned upon
the Debtor's provision to Oriental Bank of adequate protection for
its interest in the Cash Collateral. However, the Debtor has
failed to provide adequate protection to Oriental Bank. Thus,
Oriental Bank is concerned that, unless explicitly and clearly
prohibited by the Court, the Debtor will continue to use its Cash
Collateral.

Oriental Bank is represented by:

         Alfredo Fernandez Martinez, Esq.
         Maristella Sanchez Rodriguez, Esq.
         DELGADO & FERNANDEZ, LLC
         PO Box 11750
         Fernandez Juncos Station
         San Juan, Puerto Rico 00910-1750
         Phone: (787) 274-1414
         Fax: (787) 764-8241
         E-mail: afemandez@delgadofernandez.com
                 msanchez@deIgadofernandez.com

                 About Distribuidora Lequar

Founded in 1963, Distribuidora Lequar, Inc., is engaged in the
business of selling men's, women's and children's footwear.  It is
located in Rio Piedras, Puerto Rico.

Distribuidora Lequar sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05107) on Sept. 1,
2018.  In the petition signed by Albert Bejar Bitton, vice-
president, the Debtor disclosed $4,095,449 in assets and
$8,011,822 in liabilities.  Judge Enrique S. Lamoutte Inclan
presides over the case.


PUERTO RICO: Creditors End Opposition to Bank Debt Restructuring
----------------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that Puerto Rico's
unsecured creditors will drop their opposition to a deal to
restructure roughly $4 billion of debt issued by the U.S.
commonwealth's defunct Government Development Bank (GDB), under an
agreement revealed.

During a U.S. District Court hearing, lawyers for the government,
the unsecured creditor committee (UCC) and Puerto Rico's federally
appointed financial oversight board announced the agreement,
according to Reuters.  This advances the island's first consensual
debt restructuring under the federal Puerto Rico Oversight,
Management and Economic Stability (PROMESA) Act, the report notes.

"We think that Title III debtors and creditors are better off,"
said Luc Despins, a lawyer from Paul Hastings who represents the
creditor committee, the report relays.

Overwhelmed with $120 billion of debt and pension liabilities, the
Puerto Rico government and four of its public corporations last
year filed for a court-ordered bankruptcy process under Title III
of the PROMESA Act, the report notes.

The report says that the proposed GDB restructuring deal is being
pushed through Title VI of the federal law, which provides for a
consensual restructuring framework between the government and
creditors.  The plan, overwhelmingly approved by creditors last
month, would transfer to a GDB Debt Recovery Authority the bank's
municipal loan portfolios, real estate assets and unencumbered
cash, the report relays.  The authority would issue new bonds
backed by a statutory lien on those assets in an amount equal to
55 percent of outstanding debt, the report discloses.

The deal calls for establishment of a Public Entity Trust, which
would mostly receive non-performing loans made by the GDB to other
government entities, the report relays.

The unsecured creditor committee, mostly government suppliers and
labor unions, had tried to halt the proposed GDB restructuring
deal, arguing it violated the court-ordered bankruptcy stay and
PROMESA, the report notes.  The group also raised a flag over the
deal's release of potential claims against current and former GDB
directors, officers and other representatives, the report says.

U.S. Judge Laura Taylor Swain, who is overseeing the island's
bankruptcy, last month rejected a motion by the committee to stop
the deal, the report discloses.  Under the latest agreement, the
creditor committee will withdraw all legal actions against the
deal, as well as any claim in connection with issuance of GDB
debt, the report relays.  Certain funds and deposits that would
have gone to the GDB Debt Recovery Authority will now go to the
Public Entity Trust, the report notes.

If Swain approves the agreement, the next step would be final
court approval, which the government expects by Nov. 6, the report
discloses.

The agreement does not require a recertification of the GDB
restructuring deal, nor does it affect the schedule for its
approval, lawyers said, the report relays.

Puerto Rico also has deals in the works to restructure debt issued
by its bankrupt Sales Tax Financing Corporation, known as COFINA,
and Electric Power Authority (PREPA), 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.


RISE ENTERPRISES: Plan Confirmation Hearing Set for Dec. 5
----------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores approved Rise Enterprises
SE's disclosure statement referring to its chapter 11 plan.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to confirmation of the plan must be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

A hearing for the consideration of confirmation of the Plan will
be held on December 5, 2018, at 9:00 AM at the Jose V. Toledo
Federal Building and US Courthouse, 300 Recinto Sur Street,
Courtroom 3, Third Floor, San Juan, Puerto Rico.

As previously reported by The Troubled Company Reporter, unsecured
claims, classified in Class 7, of $35,001 or more is estimated at
$1,888,360.78. The allowed claims under this class will receive a
dividend of 5%, in equal monthly installments during the term of
72 months, in full payment of their claims.  Class 7 is impaired.

A copy of the Disclosure Statement from PacerMonitor.com is
available at https://tinyurl.com/y9rhj52s at no charge.

                     About Rise Enterprises

Rise Enterprises, S.E., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04678) on June 30,
2017.  In the petition signed by Ismael Falcon Ortega, partner,
the Debtor estimated assets of less than $1 million and
liabilities of $1 million to $10 million.  Judge Mildred Caban
Flores presides over the case.  Mary Ann Gandia, Esq., at Gandia-
Fabian Law Office, serves as the Debtor's bankruptcy counsel.



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


VENEZUELA: IMF Predicts 10,000,000% Inflation in 2019
-----------------------------------------------------
EFE News reports that the International Monetary Fund in its World
Economic Outlook report for 2018-19 released forecast that
Venezuela would have an inflation rate of 10,000,000 percent in
2019 and that the country's economy would contract by 18 percent
this year and 5 percent next year.

It also pointed out inflation would close the year at 1,370,000
percent, following the IMF's calculation in July that it would be
1,000,000 percent, according to EFE News.

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.
.


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