TCRLA_Public/181029.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

               Monday, October 29, 2018, Vol. 19, No. 214



BARBADOS: Prime Minister Touts Debt Restructuring Program

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Businesses Still Cope With Scarce Dollars
DOMINICAN REPUBLIC: Country is Corrupt But Competitive


* JAMAICA: To Implement Express Cargo Clearance Procedure


CEMEX SAB: Dominican Unit's Cement Marketing Cost Up by 30%

P U E R T O    R I C O

SAN JUAN ICE: Seeks Dec. 29 Plan Filing Exclusivity Extension
SEARS HOLDINGS: U.S. Trustee Forms 9-Member Committee

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Enterprises "Clearly Not Market-Driven"


VENEZUELA: Migratory Crisis is a Menace to LatAm Region


* BOND PRICING: For the Week October 22 to October 26, 2018

                            - - - - -


BARBADOS: Prime Minister Touts Debt Restructuring Program
RJR News reports that Barbados Prime Minister Mia Mottley has
emphasized the importance of the recently negotiated debt
restructuring program, saying it has saved her country in several

Ms. Mottley made the comments earlier during talks with members of
staff and students of the University of the West Indies, Cave Hill
Campus, according to RJR News.

The prime minister acknowledged that the debt restructuring
program has been difficult for everyone, including pensioners, the
report notes.

She again stressed that the burden must be shared fairly, noting
that she inherited $1.9 billion in arrears, the report relays.

The Barbados government recently commenced its program for
restructuring the public service and reducing expenditure, the
report adds.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Businesses Still Cope With Scarce Dollars
Dominican Today reports that Herrera Industries Association
(ANEIH) President Antonio Taveras affirmed that the private sector
continues to face hurdles when seeking dollars to pay external
suppliers, and that banks delay as long as 20 days to make
disbursements to the companies.

The business leader said the situation is cyclical and will
continue as long as reforms aren't made that solve the problems
facing the country to generate enough foreign currency to sustain
the economy, according to Dominican Today.

On the depreciation of the Dominican peso of 3.5% in the first
nine months, Mr. Taveras said that it was a "more or less
manageable" level, as long as it remains around that level, the
report notes.

"A higher rate of depreciation would affect inflation and, as a
consequence, to people with fewer resources," he said, the report

According to Mr. Taveras, the concern is whether the exchange
depreciation will reach levels of 5% to 6%, the report discloses.

                      Cheaper Peso

Two weeks ago, the dollar exceeded RD$50 and closed at RD$50.03 on
Oct. 17.

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: Country is Corrupt But Competitive
Dominican Today reports that Santiago Commerce and Production
Chamber president Marco Cabral Franco expressed concern with the
World Economic Forum report that ranked Dominican Republic among
the world's most corrupt nations.

He said the scourge is evidenced in the country's frequent
scandals involving both the public and private sectors and that
are still pending court rulings, according to Dominican Today.
"This is a priority issue to ensure the social, economic and
business development of the country," the report quoted Mr. Franco
as saying.

The report notes that Mr. Cabral said the report alerts over the
nation's spiraling debt as a percentage of GDP.  "To counter this,
we must produce and export more," he added.

                Advances in Competitiveness

Nonetheless, the business leader praised Dominican Republic's
"significant advances" in competitiveness, the report notes.

He also stressed the importance of showing the world a better
environment for business.  "This improvement should be used by the
entities responsible for promoting the country abroad," he added.

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.


* JAMAICA: To Implement Express Cargo Clearance Procedure
RJR News reports that effective Oct. 29, it will become easier to
clear some types of cargo at the island's ports as the Jamaica
Customs Agency will implement its Express Cargo Clearance

This is part of efforts to simplify the process for the clearance
of personal shipments below US$5,000, according to RJR News.

"What we are doing is empowering the agents, the customers
brokers, freight forwarders, consolidators to submit the
declarations on behalf of clients. Previously the customs officers
would have been preparing the declarations after examination. What
is going to happen now, is that the clearing agent will submit
those simplified declarations in advance and in some cases they
will even pay for the declaration in advance, on behalf of the
customer," said Acting Deputy Commissioner of Operations at
Jamaica Customs, Marlon Lowe, the report notes.

He also said that the Express Cargo Clearance Procedure is
expected to drastically reduce the waiting time for the processing
of goods, the report relays.

"So from arriving, the customer in most cases will have the goods
undergo an examination and release.  In some cases, the clearing
agent, will do the entire process, including witnessing the
examination and also delivering the goods.  This service is for
personal shipment of a non-commercial nature, below the cost of
US$5,000," he added.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.


CEMEX SAB: Dominican Unit's Cement Marketing Cost Up by 30%
Dominican Today reports that the cost of marketing cement
increases as much as 30% just by leaving Cemex Dominicana's plant
until loaded on ships for export.

According to Cemex Caribbean Cluster director Alejandro Ramirez
Cantu, the high cost of cargo transport strips the country of
competitiveness compared to other nations in the region, according
to Dominican Today.

Mr. Ramirez said cement's variable cost limits trade with other
nations, the report relays.  So much so that it's more feasible
for the same company to export some merchandise from its branches
in other nations to Haiti than from its subsidiary in the
Dominican Republic, the report discloses.

Quoted by El Dia, the executive said that weakness presents an
opportunity to be more competitive, which he affirms could be
achieved by improving cargo transport and making ports more
efficient, the report notes.

He stressed the country's strategic location point to bolster
international trade and the potential to become the Singapore of
the Caribbean, cited Punta Caucedo port as an example, the report

Mr. Ramirez added that the local construction industry boasts the
Caribbean region's lowest prices, "but at the same time has high
production costs."

As reported in the Troubled Company Reporter-Latin America on
March 16, 2018, Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s
(CEMEX) Long- Term Issuer Default Rating (IDR) at 'BB-'. Fitch has
also affirmed the company's National Scale Long-Term Rating at
'A(mex)' and affirmed the company's National Scale Short-Term
rating at 'F1(mex)'. The Rating Outlook remains Positive.

P U E R T O    R I C O

SAN JUAN ICE: Seeks Dec. 29 Plan Filing Exclusivity Extension
San Juan Ice, Inc. requests the United States Bankruptcy Court for
the District of Puerto Rico for an additional 60-day extension of
time to file the Disclosure Statement and Plan from Oct. 31 to
Dec. 29, 2018, due to various circumstances.

Without the requested extension, the filing of the Chapter 11
Disclosure Statement and Plan are due on Oct. 31, 2018.

The Debtor is still in the process of making the adjustments after
the passage of Hurricane Maria for the full operation and increase
in income to the debtor corporation, which will affect the final
preparation of the reorganization plan.

In addition, counsel has been delayed in the final preparation of
the reorganization plan due to the passing of his mother. The
circumstances and time that counsel has had to invest in this
personal matter has adversely affected the time that he has needed
to dedicate himself to the final preparation of the plan.

The Debtor believes that the changes in process will affect the
final formulation of the Plan and are within the allowable time
period. The Debtor asserts that the extension requested will also
allow counsel the necessary time to responsibly complete the
reorganization plan.

                     About San Juan Ice, Inc.

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

SEARS HOLDINGS: U.S. Trustee Forms 9-Member Committee
The U.S. Trustee for Region 2 on Oct. 24 appointed nine creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 cases of Sears Holdings Corporation and its affiliates.

The committee members are:

     (1) Pension Benefit Guaranty Corporation
         1200 K Street N.W.
         Washington, D.C. 20005-4026
         Attention: Adi Berger, Director
         Telephone: (202) 326-4000

     (2) Oswaldo Cruz
         23002 Dolores Street
         Carson, California 90747
         Telephone: (310) 809-6610

     (3) Winiadaewoo Electronics America, Inc.
         65 Challenger Road, Suite 360
         Ridgefield Park, New Jersey 07660
         Attention: Minje Kim, President
         Telephone: (201) 552-4950

     (4) Apex Tool Group, LLC
         13620 Reese Boulevard East, Suite 410
         Huntersville, North Carolina 28078
         Attention: David E. Sturgess
                    Senior Vice President, General Counsel
         Telephone:  (980) 441-4097

     (5) Computershare Trust Company, N.A.
         2950 Express Drive South, Suite 210
         Islandia, New York 11749
         Attention: Michael A. Smith, Vice President
         Telephone: (631) 233-6330

     (6) The Bank of New York Mellon Trust Company
         601 Travis-16th Floor
         Houston, Texas 77002
         Attention: Dennis Roemlein, Vice-President
         Telephone: (713) 483-6531

     (7) Basil Vasiliou
         800 S. Pointe Drive-Apt. 2001
         Miami Beach, Florida 33139
         Telephone: (305) 608-0807

     (8) Simon Property Group, L.P.
         225 W. Washington Street
         Indianapolis, Indiana 46204
         Attention: Ronald M. Tucker
         Vice-President/Bankruptcy Counsel
         Telephone: (317) 263-2346

     (9) Brixmor Operating Partnership, L.P.
         450 Lexington Avenue-13th Floor
         New York, New York 10017
         Attention: Patrick Bennison, Vice-President
         Telephone: (212) 869-3000

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                       About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) -- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings.  DLA Piper
LLP is the real estate advisor.  Prime Clerk is the claims and
noticing agent.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Enterprises "Clearly Not Market-Driven"
Juhel Browne at Trinidad Express reports that remarks by newly
appointed United States Ambassador to Trinidad and Tobago Joseph
Mondello, in his first public address in Port of Spain, note that
State enterprises are "clearly not transparent", "clearly not
market-driven" and "clearly not designed to benefit the people"
and did not include any mention of China.

The Sunday Express was informed after Mondello's address, however,
that his boss, US Secretary of State Michael Pompeo, used the same
words -- "clearly not transparent", "clearly not market-driven"
and "clearly not designed to benefit the people" -- in reference
to state enterprises from China operating in certain projects in
Panama, according to Trinidad Express.


VENEZUELA: Migratory Crisis is a Menace to LatAm Region
EFE News reports that the Venezuelan migratory crisis is a menace
throughout the Americas that demands a coordinated response by the
countries of the region, Betilde Munoz-Pogossian, director of the
Department of Social Inclusion of the Organization of American
States (OAS) said.

"This migration is a matter of regional risk and is a threat to
the security, peace, tranquility and health of the entire
hemisphere.  If we don't control it and provide medicines and
vaccines, we could have epidemics breaking out all over," she
said, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, in May 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


* BOND PRICING: For the Week October 22 to October 26, 2018

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

Banco do Brasil SA/Cayman 6.25   75.043                 KY     USD
Rio Energy SA             6.875  71.638   2/1/2025      AR     USD
Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    USD


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.

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

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