---

        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, November 7, 2018, Vol. 19, No. 221


                            Headlines



A R G E N T I N A

ARGENTINA: Seeks Lower Drug Prices for Retirees


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Lack of Trust Halts Puerto Plata Port Redo
DOMINICAN REPUBLIC: Gets a US$600 Million Loan From China
DOMINICAN REPUBLIC: To Boost Energy Efficiency With IDB Loan


J A M A I C A

JAMAICA: Customs Working to Reduce Clearance Time for Goods


M E X I C O

CREDITO REAL: S&P Affirms BB+ Issuer Credit Rating, Outlook Stable
ELEMENTIA SAB: S&P Alters Outlook to Negative & Affirms BB ICR
RASSINI AUTOMOTRIZ: Fitch Puts BB LT IDR on RWN on Share Buyout


P U E R T O    R I C O

AES PUERTO RICO: Fitch Affirms Rev. Bonds at C; Removes from RWN
ADLER GROUP: Unsecured Claimants to Get $15,000 Lump Sum
INSTITUCION AMOR: Unsecured Claimant to Get 10% of Allowed Claim
NUTRITION CARE: Unsecured Convenience Class to Get 0.63%
VIDAL ROSARIO LEON: Jan. 23 Plan Confirmation Hearing


                            - - - - -



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


ARGENTINA: Seeks Lower Drug Prices for Retirees
-----------------------------------------------
Latinx Today reports that Argentine President Mauricio Macri
unveiled a new agreement between the National Institute for
Retirees and Pensioners Services (PAMI) and pharmaceutical
companies that aims to reduce the cost of prescription medicines.

"After 20 years, PAMI will again buy drugs directly from the
laboratories without intermediaries," he said during an event at
the Buenos Aires headquarters of drug-maker Laboratorio Pablo
Cassara, according to Latinx Today.

"This healthy competition will allow 5 million retirees served by
PAMI to access better supply," the president said, the report
notes.

For the past two decades, PAMI operated by buying medicines
through associations representing the drug sector, rather than
purchasing directly from laboratories, the report says.

"Then, the associations decided who would sell and we bargained
for discounts," the report quoted Mr. Macri as saying. "But the
system was not working, it was not sufficiently competitive and
transparent," he added.

That arrangement, he said, led to a PAMI that was "weak,
unbalanced, that ended up behind in payments for medicine and
prosthetic devices," the report notes.

The new rules "will clearly favor domestic industry," according to
Macri, who noted that several of Argentina's pharmaceutical
companies have already established themselves as global players.

As previously in the Troubled Company Reporter-Latin America, 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, 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.


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


DOMINICAN REPUBLIC: Lack of Trust Halts Puerto Plata Port Redo
--------------------------------------------------------------
Dominican Today reports that the rejection by Santo Domingo-based
shipping lines which fear losing their contracts has kept the
construction by investors of Puerto Plata's port from
materializing.

Deputy Ginette Bournigal made the statement after a tour of the
investment site with members of the Chamber of Deputies Maritime
Affairs Committee, and Port Authority director, Victor Gomez
Casanova, according to Dominican Today.

Mr. Gomez praised the interest which he affirms the community of
Puerto Plata has shown in the development of the port, "that will
provide an important economic dynamism throughout the region,"
citing the over US$72.0 million in direct income, and could create
more than 6,000 jobs, the report relays.

It emerged that the two companies in charge of the construction
would preserve the acquired rights of fishermen and port workers,
the report notes.

Mr. Bournigal said that a group of entrepreneurs linked to the
agro-industrial sector, headed by Avelino Sarante, has pledged to
invest US$100.0 million to improve the port "which is in
deplorable conditions," the report says.

"Because of our nature, and because of the times they have
deceived us, we Dominicans always question everything. I
understand that it is possible to show mistrust in the execution
of a private investment for the construction of the freight dock,"
the former senator said, 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.


DOMINICAN REPUBLIC: Gets a US$600 Million Loan From China
---------------------------------------------------------
Dominican Today reports that State Electric Utility (CDEEE) Chief
Executive Officer Ruben Jimenez Bichara disclosed a US$600.0
million government-to-government loan through China's Exim Bank,
to improve the energy distribution system and lower losses by 28%.

He said the loan at a 2 to 3% rate, also reduces energy theft and
improve "the country's entire energy system," according to
Dominican Today.

Meanwhile, president Danilo Medina denied that the government is
seeking Chinese investors for the Punta Catalina coal-fired power
plant, and noted that it's a State project, the report notes.

He also denied that a free trade agreement with China was
negotiated, the report relays.  "We must be very careful, because
this involves the Dominican business community" and the Chinese
produce very cheaply," 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.


DOMINICAN REPUBLIC: To Boost Energy Efficiency With IDB Loan
------------------------------------------------------------
Dominican Republic will receive a $400 million loan from the
Inter-American Development Bank.

The $400 million program will facilitate adoption and
implementation of sectorial reforms and policies needed to make
the country's electricity sector financially sustainable and
operationally efficient.

The goals of the plan include strengthening the electricity
sector's institutional and supervisory capital and enhancing
sectorial planning and regulation. At the same time, the loan will
help support better management and operations at electricity
distribution companies.

The idea of strengthening the electricity sector's institutional
and supervisory capital includes improving the supervisory
capacity of its operational and financial leaders by providing
more transparent information. It also includes boosting oversight
of the wholesale electricity market to increase efficiency in
power generation.

Enhancing sectorial planning and consolidation of the regulatory
framework aims to ensure efficient expansion of electricity
generation and transmission systems; boost efficiency in the
management of demand for electricity, for which it was agreed that
the Ministry of Energy and Mines would enhance its institutional
capacity for the development of energy efficiency programs; and
support the design and implementation of a new and efficient
utility rate regime that will favor sustainability in the sector.

The government of the Dominican Republic undertook a reform
process in the sector in 2011, when the IDB approved the first in
a series of three Programmatic Policy-based Loans -- the $200
million Program for Sustainability and Efficiency in the
Electricity Sector. It was designed with the goal of seeking to
implement measures agreed on by the government, the International
Monetary Fund and multilateral banks as part of the Electricity
Sector Action Plan for 2010-2015.

The $400 million IDB loan is over 20 years with a one-year
disbursement period, a grace period of 5.4 years and an interest
rate pegged to the LIBOR.

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.


=============
J A M A I C A
=============


JAMAICA: Customs Working to Reduce Clearance Time for Goods
-----------------------------------------------------------
RJR News reports that the Jamaica Custom Agency is working to
further reduce the clearance time for goods.

It is collaborating with border regulatory agencies, ports and
warehouse keepers in improving efficiencies at the port, according
to RJR News.

The agency has also implemented an Express Cargo Clearance Process
which is a simplified process for clearing small personal
shipments from the ports and public bonded facilities, the report
notes.

Customs has also introduced the flexible working shifts to
facilitate declaration processing on a 24-hour basis for several
categories of goods, the report relays.

In addition, the JCA is hosting sensitization sessions with the
private sector on the benefits of the Authorized Economic Operator
program which is geared towards compliant traders, the report
says.

This allows for expedited declaration processing and clearance of
goods with little to no physical inspection of cargo, the report
adds.

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.


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


CREDITO REAL: S&P Affirms BB+ Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its long-term global scale 'BB+'
issuer credit ratings on Credito Real S.A.B. de C.V. SOFOM, E.N.R.
(Credito Real). S&P also affirmed its 'mxA+/mxA-1' national scale
issuer credit ratings on the company. The outlook remains stable.

S&P said, "Finally, we affirmed our 'B+' issue-level rating on the
subordinated perpetual notes and affirmed our 'BB+' issue-level
ratings on the lender's senior unsecured notes. The ratings on
Credito Real's senior unsecured debt incorporate that as of June
30, 2018, secured debt represented less than 15% of adjusted
assets and unencumbered assets completely covered unsecured debt.
Consequently, we don't apply notches of subordination to these
issuances.

"The affirmation follows our review after Credito Real announced
on Oct. 29, 2018, that its Board approved a share repurchase fund
for up to $100 million that it could use all or part of to buy
back shares over the next 24 months."


ELEMENTIA SAB: S&P Alters Outlook to Negative & Affirms BB ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Elementia, S.A.B. de
C.V. to negative from stable. S&P said, "We also affirmed our 'BB'
issuer credit rating on the company. At the same time, we affirmed
our 'BB' issue-level rating on Elementia's $425 million senior
unsecured notes due 2025. Moreover, our recovery rating of '3'
(rounded estimate 50%) on the notes, indicating our expectation of
meaningful recovery prospect for the bondholders in the event of a
payment default, remains unchanged."

During the 12 months ended September 2018, Elementia has faced
several internal and external setbacks that pressured its
profitability, cash position, and key credit metrics beyond our
expectations. An unexpected stoppage at its South Carolina cement
plant during the first half of 2018, changes in production
technology, and a one-off charge for the capacity rationalization
and right-sizing dented the company's performance. Also, Elementia
faced sluggish business conditions at its Latin America building
system division, while the recent volatility in copper price and
the fluctuation of the Mexican peso against the dollar acted as a
drag on its metals division. Such business conditions and a higher
interest burden--given the 27% exposure to variable rates--have
resulted in weaker-than-expected credit metrics, with adjusted
debt to EBITDA well above 4.0x and EBITDA interest coverage ratio
below 3.0x for the period.

The recent MXN1.5 billion capital increase announcement indicates
the commitment of shareholders towards maintaining a flexible
capital structure and to alleviating covenants headroom through
the end 2018. However, we believe Elementia's credit metrics could
remain tight for the rating level, particularly amid foreign
exchange volatility, higher fuel, and energy costs, greater
interest rates, and soft macroeconomic conditions in some of its
key markets. Moreover, S&P believes Elementia will use the
proceeds from the equity injection for expansion projects in order
to strengthen its position in the markets where it currently
operates.


RASSINI AUTOMOTRIZ: Fitch Puts BB LT IDR on RWN on Share Buyout
---------------------------------------------------------------
Fitch Ratings has placed Rassini Automotriz, S.A. de C.V. 's
Foreign- and Local-Currency Long-Term Issuer Default Ratings of
'BB' on Rating Watch Negative. The RWN follows Rassini, S.A.B. de
C.V.'s announcement that its controlling shareholders -- through
GGI INV SPV, S.A.P. de C.V. -- launched a tender offer to purchase
up to 100% of the publicly-traded shares of Rassini not currently
owned by the controlling shareholders. If the buyout is completed
as planned, RA's credit profile may change depending on the
ultimate credit profile of the group. Fitch expects to resolve the
RWN once the outcome of the tender offer is known and the effects
on the credit profile of RA can be determined. This would include
the ultimate debt obligations of RA.

The controlling shareholders own 45.7% of the total shares of
Rassini. The purchase of amount of the 54.3% of the shares not
currently owned by the controlling shareholders is approximately
USD365 million. A debt-funded transaction at the GGI level, and
assuming Rassini is GGI's only cash flow generator, would likely
lead to a rating downgrade of RA's ratings as it would weaken
Rassini's capital structure. In this scenario, Rassini's leverage
would increase to close to 3.0x from 0.8x as of third-quarter
2018, upon closing of the transaction, and a 1-notch downgrade to
'BB-' would be the likely.

KEY RATING DRIVERS

Strong Business Position: RA, a subsidiary of Rassini,
manufactures suspension and brake components for light and heavy
vehicles, with leading positions in North America and Brazil. The
company's main product line, leaf springs, which accounted for 57%
of total sales as of the last nine months ended Sept. 30, 2018,
has historically had a dominant market position in North America.

Product Diversification Positive: Rassini was awarded new brakes
contracts over the last several years that have allowed the brakes
division to post fast revenue growth, reducing Rassini's
dependence on leaf springs. This division has been an increasing
contributor to Rassini's EBITDA as the company has increased brake
rotor production and machining capabilities to meet demand.
Reported sales volumes have grown 5% year to date, and grew 5% in
2017 and 9% in 2016.

Customer and Regional Concentration: Rassini is considered an
essential supplier to several original equipment manufacturers
(OEMs), including General Motors Co., Fiat Chrysler Automobiles
N.V. and Ford Motor Co. Detroit's Big Three OEMs represented 76%
of Rassini's total revenues during 2017; North America accounted
for 90% and 95% of Rassini's total revenues and EBITDA,
respectively. Regional and customer concentration have increased
in recent years due to organic growth in North America.

Stable FFO Generation: The company is expected to generate FFO of
about USD110 million in 2018, which compares with USD120 million
during 2017. Modest declines in FFO are mainly the result of an
extraordinary contract in 2017 as well as high cash taxes in 2018.
Rassini's FFO is not expected to strengthen materially in the near
term due to slowing North American vehicle production growth.

DERIVATION SUMMARY

Rassini's business profile and scale is similar to companies such
as Tupy (BB/Stable). Both companies have operations primarily in
North America and Brazil. Rassini's concentration to North America
at around 90% of revenue compares unfavourably with peers.
Although Tupy has concentrations to the North American market
above 60% and some exposure to South America, it has diversified
its revenue sources to Europe. Rassini's exposure to Detroit's Big
Three OEMs is high at around 75% and compares unfavourably with
Tupy's more diversified customer portfolio. Positively, Rassini's
operating EBITDA is slightly higher at around USD170 million
relative to USD140 million of Tupy. Rassini's business profile,
particularly in leaf springs is considered stronger than Tupy's
given Rassini's dominant market share in that product line.
Rassini's net leverage is about 1x lower than Tupy. The company's
liquidity position relative to upcoming debt maturities, is
primarily supported by expectations of continued cash flow
generation and low leverage. Larger peers such as Nemak (BBB-) or
Dana Inc. (BB+) enjoy greater financial market and banking access,
hold greater product, customer and geographic diversification and
typically hold committed credit facilities or large cash balances
relative to short-term obligations.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Consolidated volumes remain relatively flat over the
intermediate term;

  -- Rassini's EBITDA above USD160 million over the intermediate
term;

  -- Total debt/EBITDA significantly below 2x over the
intermediate term;

  -- Rassini remains FCF positive over the intermediate term.

RATING SENSITIVITIES

Fitch expects to resolve the RWN once the outcome of the tender
offer and the effects on the credit profile of RA are known.

LIQUIDITY AND DEBT STRUCTURE

Rassini's sustainable liquidity is adequate and primarily
supported by solid cash flow generation and low debt levels, which
should allow the company to continue to manage upcoming debt
maturities. The company's financial debt was USD96 million as of
third-quarter 2018. The majority of this debt matures over the
next two years and compares with estimated readily available cash
of USD43 million and expectations of cash flow from operations of
about USD120 million over the intermediate term.

The company uses receivable factoring facilities on average in an
amount of USD40 million. Fitch treats these facilities as debt for
its ratio calculations as immediate replacement funding is
required if the receivables financing shuts down or eligible
receivables decline in quality and the facility ceases to fund
ongoing receivables.


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


AES PUERTO RICO: Fitch Affirms Rev. Bonds at C; Removes from RWN
----------------------------------------------------------------
Fitch Ratings has removed from Rating Watch Negative and affirmed
the following AES Puerto Rico L.P. securities issued through the
Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority:

  -- $161.87 million ($160.57 million) cogeneration facility
revenue bonds series A (tax-exempt bonds) due June 2026 at 'C';

  -- $33.1 million ($32.83 million) cogeneration facility revenue
bonds, series B (taxable bonds) due June 2022 at 'C'.

Removal of the Negative Watch reflects stabilization of the
project's position, given the low likelihood for any short-term
resolution to the off-taker's 'D' rating or conclusion of its
insolvency proceedings that could lead to subsequent action on the
project's rating. The situation with the off-taker is evolving
with remaining downside risks that may materialize as a result of
the insolvency proceedings, and are reflected in the rating.

KEY RATING DRIVERS

AES PR's 'C' rating is linked to but not constrained by the credit
quality of the Puerto Rico Electric Power Authority, currently
rated 'D'. PREPA is the revenue counterparty under AES PR's power
purchase agreement. A payment default and negative rating action
by Fitch is likely should PREPA fail to make payments under the
PPA and would become a real possibility should PREPA try to
renegotiate the PPA under bankruptcy proceedings. However, PREPA
is currently honoring its PPA payment obligations, demonstrating
the importance of AES PR as a supplier of power for PREPA.

Contracted Revenue Profile - Revenue Risk: Weaker

The 25-year tolling-style PPA with a non-investment-grade
counterparty mitigates some risk of exposure to capacity price,
energy margin, and dispatch risks throughout the debt term,
subject to project availability and heat rates. However, there are
concerns regarding the offtaker's ability to make future
contractual payments given its financial and operational
difficulties that have been exasperated by Hurricane Maria.

Uneven Operations - Operation Risk: Weaker

AES PR has historically been susceptible to forced outages that
have reduced availability and capacity payments. Further, the
operating cost profile has exceeded original estimates. Management
has taken a proactive approach to limit forced outages with some
results, though extended scheduled outages have negatively
impacted project availability in some periods.

Manageable Supply Risk - Supply Risk: Midrange

Fuel supply risk is mitigated by a two-year, fixed-price fuel
supply agreement sufficient to meet the project's expected fuel
requirements through 2019. The short-term risk of the agreement is
mitigated by the historical precedence for renewal and liquid
market for coal. Fuel price risk is mitigated by the tolling-style
PPA, subject to heat rates. Ash inventory is actively managed by
the project via the sale of its various ash products. AES-PR's
efforts have helped to offset near-term ash disposal concerns, but
cash flow uncertainty is heightened without a permanent solution.

Weak Structural Features - Debt Structure: Weaker

The project's bonds are fixed-rate and mature within the PPA term
but have back-loaded amortization profiles. AES PR does not have
O&M or major maintenance reserves, which increases the importance
of operational stability and heightens the project's reliance on
other sources of liquidity. The equity distribution, leverage, and
debt service reserve provisions are consistent with standard
project finance structures. Approximately 55% of the total debt
outstanding, including unrated bank loans, is variable-rate with
over 80% synthetically fixed with investment-grade counterparties.

Financial Profile

The project's 'C' rating is guided by Fitch's ratings definitions
and by the assessments assigned for all the qualitative key rating
drivers. For projects in this rating category, rating case
coverages provide little additional information to evaluate the
risk of default. By definition, the rating suggests that this
issuer has little capacity to navigate adverse economic
conditions.

RATING SENSITIVITIES

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

  -- Failure of PREPA to meet its payment obligations;

  -- PREPA's attempts to renegotiate the PPA under its insolvency
proceedings that negatively impact the project's cash flows and
ability to service debt;

  -- Poor plant performance that limits the project's ability to
meet debt service obligations.

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

  -- An improvement in PREPA's long-term credit quality;

  -- Sustained improvements to plant availability or heat rate.

CREDIT UPDATE

Performance Update

AES PR's rating reflects the rating of PREPA, which Fitch
downgraded to 'D' on July 6, 2017, after PREPA commenced the
insolvency proceedings under Title III of the Puerto Rico
Oversight, Management, and Economic Stability Act on July 2, 2017
and failed to pay principal and interest due on its revenue bonds
on July 3, 2017.

The project's unique position in Puerto Rico's power market
suggests that PREPA should continue to make payments to the
project. PREPA needs the power supplied by AES PR, as it is Puerto
Rico's lowest cost power producer, and has continued to make
payments under the PPA even if with some delays. Overall demand on
the island is significantly lower than pre-hurricane levels, and
is unlikely to recover soon as many people have left the island
and a significant amount of economic activity has disappeared.
Even with this lower demand, the project remains an essential
component of the power sector in Puerto Rico. Nevertheless, there
is a risk that PREPA will not have sufficient funds to pay the
project or will try to renegotiate the PPA in its restructuring
process, adversely affecting AES PR's cash flows.

The project had strong availability for the first five months of
the year. However, its monthly availability dropped to 47% in June
due to a forced outage related to a steam turbine rotor fault.
After the issue was resolved, the availability largely recovered
although monthly numbers were still trailing below the 90%
threshold due to a scheduled outage and some tube leaks. Under the
PPA, AES PR must maintain a 12-month rolling effective
availability factor (EAF) above 90% to earn the full capacity
payment from PREPA. This metric fell to 87.7% in June and has
remained around 88%. At this level the project continues to earn
close to 97% of its capacity revenues. Over the past five years,
the project's EAF under the PPA has drifted between 85%-95% with
intermittent dips below the PPA threshold. The project earned 96%-
100% of capacity revenues depending on the month for the review
period.

Except during June 2018 when the forced outage occurred, the
project's capacity factor has steadily climbed, and it reached 80%
in September 2018. Given that both of the transmission lines
connecting the facility are now restored, the project expects high
capacity factors to continue.

As of Sept. 25, 2018, the 12-month historic DSCR was 1.44x, which
improved from 0.9x for 12-month period ending Feb. 23, 2018.
PREPA's return to more regular payments under the PPA allowed the
project to replenish its debt service reserve accounts and
establish an operating liquidity cushion. The project's 12-month
projected DSCR calculated on Sept. 25, 2018 is expected to drop to
1.2x, driven by scheduled outages and additional costs of
disposing ash products, which remain a concern.

PREPA has been paying the project under its invoices more
regularly, reducing the receivables cycle close to what is
contemplated under the PPA. This is a significant improvement from
recent history and a positive for the project's liquidity
position. The project has fully replenished its debt service
reserves and has a significant amount of operating cash, which can
be used to meet its upcoming debt obligations and fund operations.
In the medium to long term the project remains dependent on
PREPA's continued payments to service debt and finance operations.
PREPA's long-term financial position and restructuring plans will
continue to have an outsized effect on the project. PREPA's recent
payment track record and high levels of dispatch corroborate the
project's view that it is an important part of Puerto Rico's
generation system as a reliable and a low-cost producer.


ADLER GROUP: Unsecured Claimants to Get $15,000 Lump Sum
--------------------------------------------------------
Adler Group, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico an amended disclosure statement explaining
its amended Chapter 11 plan dated October 17, 2018.  The Amended
Plan is being filed with the Court simultaneously with the Amended
Disclosure Statement.

The Amended Plan provides that Class 1 consists of the Secured
Claim of Oriental Bank.  This impaired class consists of
Oriental's allowed secured claim, in the amount of $2,113,4802,
resulting from a Commercial Loan executed on March 24, 2015 by and
between Oriental and the Debtor.  The allowed secured claim of
Oriental shall be paid in equal monthly installments of $16,382,
for principal and interest, for a period of 60 months, with a
balloon payment for the outstanding balance.  Monthly payments
include 7% annual interest and principal amortization term of 20
years.

Class 2 consists of Small Business Administration's Impaired Claim
resulting from a Commercial Loan executed on March 24, 2015 by and
between SBA and the Debtor, which is partially secured by the
Debtor's real property.  Pursuant to Section 506 of the Bankruptcy
Code, the claim is deemed partially secured and, thus, shall also
receive distribution under Class 3 of the Amended Plan.  The
Debtor has estimated the secured portion of the claim in
$586,519.90 payable in 240 monthly installments of $3,631.93 each
for principal and annual interest of 4.25%, and 20 years
amortization term.  The unsecured amount has been estimated in
$1,007,947.49 and treated within the general unsecured claims
(Class 3).

Class 3 consists of Holders of Allowed General Unsecured Claims.
The Holders of Allowed General Unsecured Claims will receive a
lumpsum distribution of $15,000, equivalent to 0.60% of their
allowed claims.  The lump-sum will be distributed on the Effective
Date in a pro-rata basis calculated over the allowed amount.

Class 4 consists of impaired Interests in the Debtor.  The Holders
of the Equity Interest in the Debtor will not receive any
distribution under the Amended Plan.

Except as otherwise provided in the Amended Plan, the Debtor will
effect payments of pending Administrative Expense Claims on or
before the Effective Date from the estimated cash balance in its
DIP accounts.  Secured Claims, General Unsecured Claims, as well
as Priority Tax Claims, will be paid through the payment plans
from the cash resulting from the Debtor's Operations.

A copy of the Disclosure Statement from PacerMonitor.com is
available at https://tinyurl.com/ya73ug8h at no charge.

                  About Adler Group Inc.

Adler Group Inc. owns the Caguas Military property located at Carr
189 km 3.1 (interior) Rincon Ward, Gurabo Puerto Rico, which is
valued at $3 million.  It holds inventory and equipment worth
$513,870.  For 2015, the Company posted gross revenue of $1.61
million 2015 and gross revenue of $1.91 million for 2014.

Adler Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-02727) on April 20, 2017.  In the
petition signed by Jose Torres Gonzalez, authorized
representative, the Debtor disclosed $3.52 million in assets and
$4.43 million in liabilities.

The case is assigned to Judge Mildred Caban Flores.  The Debtor
hired MRO Attorneys at Law, LLC, as bankruptcy counsel.


INSTITUCION AMOR: Unsecured Claimant to Get 10% of Allowed Claim
----------------------------------------------------------------
Institucion Amor Real Corporation filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a second amended disclosure
statement dated October 17, 2018, explaining its small business
Chapter 11 plan.

The Plan provides that Class 2 consists of the general unsecured
claim of Centro Ceski C.S.P. Inc., for the amount of $120,000.
Loan to start up operations and maintain working capital, debt was
incurred in October 2013, but did not file a claim.  Class 2 will
receive a dividend of 10% of the allowed claim: $12,000.  The
payment will be $333.33 each month for 36 months.  This class is
deemed unimpaired.

Class 3 consists of the disputed claim of Institucion De
Envejecientes Nuevo Renacer De Juana Diaz involving a rent
contract.  This class will not receive any distribution under the
Plan since the claim was noted as disputed and no claim was filed.
It does not vote for the Plan.  This class is deemed impaired.

Payments and distributions under the Plan will be funded by the
income from the Debtor's continued operation of the business.

A copy of the Disclosure Statement from PacerMonitor.com is
available at https://tinyurl.com/ycw7mjvw at no charge.

             About Institucion Amor Real Corp.

Institucion Amor Real Corporation filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 18-01737) on March 29, 2018.  In the
petition signed by Jose A. Santiago, its president, the Debtor
estimated at least $50,000 in assets and $100,000 to $500,000 in
liabilities.  Judge Edward A. Godoy is the case judge.  Nydia
Gonzalez Ortiz, Esq., at Santiago & Gonzalez, is the Debtor's
counsel.


NUTRITION CARE: Unsecured Convenience Class to Get 0.63%
--------------------------------------------------------
Nutrition Care, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico an amended disclosure statement explaining
its amended Chapter 11 plan dated October 11, 2018.

The Amended Disclosure Statement provides that Class 1 consists of
Contingent, Disputed and Unliquidated claim of PR Treasury.  This
class shall consist of an unsecured claim resulting from an
administrative proceeding against the Debtor, Case No.
2014-IVU-3012, for alleged fines related to the sales tax systems,
inapplicable to the Debtor.  The Debtor has challenged the
Treasury's administrative proceedings, which have yet to be
concluded.  The impaired Class 1 will receive a $240 lump sum
payment to be made on the Effective Date of the Amended Plan.  The
lump sum represents 0.56% of the claimed amount.

Class 2 consists of unsecured convenience class of creditors
pursuant to 11 U.S.C. Section 1122 for claims that are equal to or
under $3,000.  This impaired class will receive a lump sum of $25
distributed on pro rata basis of the allowed claims and to be made
on the effective date of the Amended Plan.  The lump sum
represents 0.56% of the allowed amount in this class.

Class 3 consists of unsecured convenience class of creditors
pursuant to 11 U.S.C. Section 1122 for claims that are equal to or
over $3,001.  This impaired class will receive a payment of
$4,735, distributed in two lump sums of $2,367.50 each.  Each lump
sum will be distributed in a pro rata basis of the allowed claims.
The first lump sum of $2,367.50 will be made on the Effective Date
of the Amended Plan and the second lump sum of $2,367.50 will be
made on the 9th month of the Effective Date of the Amended Plan.
The sum of these lump sum represents 0.63% of the allowed amount
in this class.

Class 4 consists of equity interest holders that are impaired
under the Amended Plan.  Equity interest Holders will receive no
distribution.

Payments and distributions under the Amended Plan will be funded
by the on-going operations of Debtor's business.

A copy of the Amended Plan from PacerMonitor.com is available at
https://tinyurl.com/y9uexmsk at no charge.

                    About Nutrition Care

Nutrition Care, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-00394) on Jan. 29,
2018.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $1 million.  Judge
Enrique S. Lamoutte Inclan presides over the case.  Tomas F.
Blanco Perez, Esq., of MRO Attorneys at Law, LLC is the Debtor's
bankruptcy counsel.


VIDAL ROSARIO LEON: Jan. 23 Plan Confirmation Hearing
-----------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order approving the disclosure
statement explaining Vidal Rosario Leon Breast Cancer Institute
PSC's plan.

January 23, 2019, at 2:00 P.M., is fixed as the date of hearing of
confirmation of the Plan.  Any objection to confirmation of the
Plan shall be filed on or before seven days prior to the date of
the Confirmation Hearing.

At the Confirmation Hearing, the Court will conclude the estimated
date for "substantial consummation" of the plan as defined in 11
USC Section 1101(2).

Vidal Rosario Leon filed for chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 17-06542) on Oct. 18, 2017, and is
represented by Luisa S. Valle Castro, Esq. of C. Conde &
Associates.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *