TCRLA_Public/181126.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, November 26, 2018, Vol. 19, No. 234


                            Headlines



B A R B A D O S

BARBADOS: Overhauls Corporate Tax Regime


B E R M U D A

FLOATEL INTERNATIONAL: Moody's Hikes CFR to B3, Outlook Stable


B R A Z I L

BRAZIL: President Expects Productive Talks with Trump Adviser


C O S T A   R I C A

REVENTAZON FINANCE: Fitch Puts BB+ USD135MM Notes on RWN


H A I T I

HAITI: Pres. Calls for Dialogue After Protests Against His Gov't.


P U E R T O    R I C O

AUGUST SAGE: Court Confirms Chapter 11 Plan
CARIBBEAN WINDS: Court Confirms Chapter 11 Plan
FERMARALIZ CORP: Seeks to Hire Modesto Bigas Law as Attorney
GREEN HORIZON: Court Confirms Chapter 11 Plan


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Orders New Planes
PETROLEUM CO: Axed Workers Face Uncertain Retirement
PETROLEUM CO: Republic Bank Threatens to Have Pension Wound Up


X X X X X X X X X

* BOND PRICING: For the Week November 19 to November 23, 2018


                            - - - - -


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

BARBADOS: Overhauls Corporate Tax Regime
----------------------------------------
Caribbean360.com reports that Barbados will harmonize its domestic
and international corporation tax regimes by December 31, 2018,
slashing the tax burden for some local companies by up to 29 per
cent.

Prime Minister Mia Mottley disclosed in the Barbados Parliament on
November 20 the ambitious target to overhaul a 40-year-old system
that had provided a preferential low-tax regime for international
business entities, according to Caribbean360.com.

This comes only a month after the corporation tax on domestic
companies was raised from 25 to 30 per cent in a bid to boost
flagging state finances, the report notes.

Prime Minister Mottley explained that the convergence of the tax
systems was to fulfil commitments made to the Organisation for
Economic Cooperation and Development (OECD) by the previous
Freundel Stuart administration, the report relays.

She said a failure to remove the differential taxation policies
for domestic and international companies registered in Barbados
would make the island non-compliant with the OECD's Base Erosion
and Profit Shifting (BEPS) rules and expose it to severe penalties
for harmful tax practices, the report discloses.

The overhaul of the tax system will see the repeal of the
International Business Companies Act, the Societies with
Restricted Liability Act, and the Exempt Insurance Act, the report
notes.

Companies previously categorized as international business
entities will automatically become Regular Barbados Companies,
removing decades-long restrictions that prevented them from
selling their goods and services within the domestic market, the
report relays.  Where insurance companies are concerned, an
amended Insurance Act will provide for three classes of licenses,
including Captives that will continue to only pay a license fee
and remain zero-taxed, the report notes.

As a result of the move toward convergence, most corporate
entities in Barbados will be taxed on a sliding scale of 5.5 per
cent for those companies with taxable income up to BDS $1 million
(US $500,000) down to 1 per cent for those with taxable income
over BDS $30 million (US $15 million), the report discloses.
Insurance companies will be taxed at a rate of zero to 2 per cent
depending on their class of business, the report relays.

The report notes that Ms. Mottley explained the choice was either
to to raise tax rates on international business entities to the
levels paid by domestic companies, or lower the rates for domestic
companies. Given that international companies contributed double
the corporate tax revenue of their domestic counterparts, she
indicated that it made more sense to keep the tax rate competitive
for international companies.

The Prime Minister also sent a signal to the domestic companies
who would be relieved of much of their tax burdens that she
expected to see more reinvestment from them in the local economy,
the report says.

"With these new tax rates I lay down a challenge to domestic
companies that there must be benefits to the country of sharply
lower corporation tax rates. Barbadians will expect these benefits
be in the form of higher local investment, more enfranchisement of
employees and better pay," the report quoted Ms. Mottley as
saying.

The report relays that Ms. Mottley indicated that further tax
overhauls were coming in 2019 and promised a national dialogue on
plans to shift from a direct to more indirect tax system.

"The broad tax principles we are following are that we shall
lighten taxes on work and productivity such as personal income
taxes or corporate income. The burden of taxation will fall on
consumption and wealth, such as VAT, petrol taxes, user fees and
Land Tax. We will protect those most vulnerable through the use of
the innovative Reverse Tax Credit," she added.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2018, S&P Global Ratings raised its long- and short-
term local currency sovereign credit ratings on Barbados to 'B-/B'
from 'SD/SD' (selective default). At the same time, S&P Global
Ratings assigned its 'B-' issue-level rating to Barbados' long-
term debt issued in its debt exchange. S&P Global Ratings also
affirmed its 'SD/SD' long- and short-term foreign currency credit
ratings on the country, and its 'D' (default) ratings on Barbados'
foreign-currency issues. Finally, S&P Global Ratings raised its
transfer and convertibility assessment on the country to 'B-' from
'CC'.


=============
B E R M U D A
=============


FLOATEL INTERNATIONAL: Moody's Hikes CFR to B3, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded Floatel International Ltd's
Corporate Family Rating to B3 from Caa1 and Probability of Default
Rating to B3-PD from Caa1-PD. The outlook on the ratings is
stable.

RATINGS RATIONALE

The upgrade of Floatel's ratings reflects the company's improved
debt maturity profile following the recent debt refinancing as
well as Moody's expectations of (i) strong H2 2018 operating
performance, and (ii) a gradually improving market environment.

However, Floatel's B3 CFR remains constrained by (1) its exposure
to a the volatile offshore oil and gas services market which is
largely driven by the level of oil prices; (2) its small size and
asset concentration risk associated with a fleet of five vessels;
(3) its small order book which provides revenue and EBITDA
generation visibility only until mid-2019; and (4) high adjusted
gross debt to EBITDA of 7.7x as of LTM June 2018 which Moody's
projects to decline to around 5.4x at the end of 2018 supported by
lower debt as a result of the debt refinancing and strong
operating performance in H2 2018.

Besides Moody's expectation of falling leverage, Floatel's ratings
also take into consideration the company's (1) high quality
assets, operating one of the most modern accommodation fleets in
the industry leading to above industry average utilization and day
rates; (2) strong track record of low project cancellations and a
high conversion level of options into firm orders; and (3) solid
EBITDA margins of around 50% without material maintenance capex,
translating into high cash conversion levels.

In October 2018, Floatel refinanced its debt capital with a new
$475 million senior secured bond maturing in April 2024 (split
into a $400 million 1st lien trance and a $75 million 2nd lien
tranche), a $150 million senior secured bank vessel facility
maturing in September 2023 and a $239 million subordinated and
unsecured loan from its shareholder Keppler Corporation which
matures in December 2025. Floatel has used $126 million of cash at
hand as part of the refinancing. In addition, Floatel has now a
$100 million super-senior RCF maturing in September 2023. The
refinancing improved the company's financial profile due to the
materially extended debt maturities and the reduced debt level,
which lowered to $864 million post the transaction from $976
million (including accrued interest) prior to the transaction.

Floatel's performance during the first nine months of 2018 was
mixed with a weak first half but strong improvements in Q3 2018
owing to rising utilisation and higher day rates. Revenues
increased in Q3 2018 to $95.3 million compared to $70.4 million in
Q3 2017 and EBITDA generation improved to $38.1 million ($22.5
million in Q3 2017). However, the strong Q3 2018 performance was
not sufficient to fully offset the falling revenue and EBITDA
generation during the first half for 2018. Overall, Floatel's
reported EBITDA during the first nine months of 2019 fell by 26%
to $101.6 million compared to $136.9 million during the same
period in 2017.

While Floatel has a strong order book for Q4 2018, the company's
overall order book remains small with $182 million (excluding
options) with only the Superior having firm orders into H2 2019.
Nevertheless, Moody's believes that the improving market
environment with rising capital investments planned by the oil
majors increases the probability that existing options for the
Superior, Victory and Triumph will be exercised and that Floatel
can win new orders.

Moody's projects that Floatel will generate EBITDA of around $57
million in Q4 2018 to achieve full year 2018 EBITDA of $159
million. Rising Q4 2018 EBITDA generation should drive the
company's adjusted debt to EBITDA ratio further down to around
5.4x at the end of 2018 from around 6.1x in LTM September 2018 pro
forma the refinancing transaction and 7.7x as of LTM June 2018.
However, under a conservative base case with EBITDA falling to
around $140 million in 2019, the company's leverage would increase
slightly to 5.8x.

LIQUIDITY

While Floatel applied most of its cash to debt reduction in the
recent refinancing, the company's liquidity remains adequate owing
to the new RCF of $100 million of which $81.5 million are
currently available. Moody's also projects that strong cash flow
generation in Q4 2018 will result in a cash balance of more than
$50 million at the end of 2018. The overall low level of available
liquidity is mitigated by the very small debt repayment schedule
over the next few years of around $41 million in 2019 and $21
million annually thereafter. The next large debt maturity only
occurs in September 2023 when the bank vessel facility and the RCF
mature. In addition, Floatel has limited capex cash requirements
and Moody's forecasts the company to remain FCF positive even
under a down case scenario with EBITDA falling by more than 25%
from the expected 2018 level.

RATING OUTLOOK

The stable outlook reflects (i) Moody's expectation that the
company's adjusted debt to EBITDA ratio should fall to around 5.4x
at the end of 2018; and (ii) that the high cash conversion enables
Floatel to remain free cash flow positive even under a scenario of
materially declining EBITDA generation. The stable outlook also
assumes that the company maintains adequate liquidity and covenant
headroom.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade is unlikely in the short term given the small order
book and very limited visibility beyond H1 2019. Any rating uplift
will also be limited by the small scale and asset concentration of
Floatel. However, the rating could be upgraded in the medium term
if the offshore oil and gas industry recovers sustainably which
should lead to a strengthening of the company's order book with
more longer term contracts. In addition, a higher rating requires
that Floatel's Moody's-adjusted leverage falls towards 4x.

The rating would be under negative pressure if EBITDA falls
materially thereby driving the adjusted debt to EBITDA ratio up to
more than 6.5x. Significantly lower liquidity headroom could also
insert negative pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Incorporated in Bermuda with management in Gothenburg, Sweden,
Floatel was established in 2006 as an offshore accommodation
operator for the oil and gas industry. The company owns five
semisubmersible vessels, making it the second largest player in
the niche market after Prosafe SE (unrated), which owns nine
units. Floatel operates a modern fleet with an average age of
around six years.

Floatel is jointly owned by funds of private equity company
Oaktree Capital Management, L.P. (43% ownership) and Keppel
Corporation (unrated, 50% ownership) - a Singaporean conglomerate.
Keppel Corporation also owns the shipyard used by Floatel to build
its vessels. In 2017, the company reported revenues and EBITDA of
$311 million and $171 million, respectively.


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


BRAZIL: President Expects Productive Talks with Trump Adviser
-------------------------------------------------------------
Latin American Herald Tribune reports that Brazil's rightist
President-elect Jair Bolsonaro said that he was sure to have a
productive and positive conversation on Nov. 29 in Rio de Janeiro
with the national security adviser to United States President
Donald Trump.

"I'm pleased to receive the visit of the national security adviser
of the United States, (John Bolton).  We'll certainly have a
productive and positive conversation for the good of our nations,"
Bolsonaro wrote on social media, according to Latin American
Herald Tribune.

In the first known meeting between an official from Trump's
administration and Bolsonaro, who will take office on Jan. 1, the
talks will focus on bilateral trade, Cuba, Venezuela and China,
among other issues, a White House spokesperson said, the report
relays.

The report notes that their discussions about China will come as
the US has stepped up its criticism of the Asian giant's growing
political and economic influence in Latin America.

China is currently Brazil's leading trade partner, with the South
American country mainly exporting raw materials to the Asian
country, the report says.  The United States is Brazil's No. 2
trading partner, although it imports a higher percentage of value-
added products, the report discloses.

Separately, Bolsonaro traveled to Sao Paulo for a series of tests
ahead of an operation on Dec. 12 to remove a colostomy bag, the
report says.

That surgical procedure is expected to fully repair the president-
elect's intestinal tract, which was severely damaged when he was
stabbed at a campaign rally on Sept. 6, the report notes.

Mr. Bolsonaro was hospitalized for 23 days in the lead-up to the
presidential election, which he won in an Oct. 28 runoff, the
report discloses.

The president-elect, who has expressed admiration in the past for
Brazil's 1964-1985 dictatorship, is slowly forming his Cabinet and
has already appointed some former military officers to key posts
in his future administration, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2018, Egan-Jones Ratings Company, on October 8, 2018,
withdrew its 'B+' foreign currency and local currency senior
unsecured ratings on debt issued by the Federative Republic of
Brazil.


===================
C O S T A   R I C A
===================


REVENTAZON FINANCE: Fitch Puts BB+ USD135MM Notes on RWN
--------------------------------------------------------
Fitch Ratings has placed Reventazon Finance Trust's USD135 million
fixed-rate notes on Rating Watch Negative.

The rating action follows Fitch's placement of Instituto
Costarricense de Electricidad's ratings on Negative Watch, which
in turn followed the placement of Costa Rica's sovereign ratings
on Negative Watch.

KEY RATING DRIVERS

Reliance on ICE Lease Payments: The notes are backed by 100%
participation interest on the Inter-American Development Bank's
(IDB) B-loan acquired through a participation agreement, which
gives the right to receive payments under IDB's B-loan. ICE lease
payments from a non-cancellable financial lease agreement for the
operation and maintenance of the hydropower plant will cover all
payments on the loan.

Credit Quality of ICE: Given the unconditional and irrevocable
nature of the lease payments, Fitch views the credit risk of these
payments as linked to ICE's credit quality. On Nov. 19, 2018,
Fitch placed ICE's Long-Term Foreign Issuer Default Rating (IDR)
of 'BB' on Negative Watch. Grupo ICE's ratings are supported by
its linkage to the sovereign rating of Costa Rica, which stems
from the company's government ownership and the implicit and
explicit expectation of government support.

Strength of the Lease Payments: To determine the strength of the
lease payment obligation, Fitch considered the role of IDB as
lender of record of the obligation being covered by ICE's payments
tied to ICE's ownership structure. As the IDB will continue to be
the lender of record and administer IDB's B-loan, Fitch believes
the holders of the rated notes will benefit from the B-loan
preferential, de facto, status provided by IDB. Because of this
benefit, the credit quality of the payment obligation is
considered to be in line with other obligations of Costa Rica with
the IDB and therefore was notched upward from ICE's IDR.

Preferred Creditor Status of IDB to Costa Rica: Historically,
sovereigns have prioritized certain obligations, such as
obligations from multilateral development banks (MDBs), when the
government cannot service all of the country's external debt.
While the B-loan is not a direct obligation of the sovereign,
Fitch believes treatment of the IDB as a preferred creditor
extends to ICE as the debtor, since ICE is a strategic government-
owned entity that receives underlying sovereign support.

Although Costa Rica has defaulted in the past (1981), neither the
sovereign nor ICE have ever defaulted on debt issued by a
preferred creditor. Currently, IDB's share of Costa Rica's
external debt is 16.4% and historically has been within 12% to
13%, which makes it an essential preferred creditor for the
country.

Adequate Liquidity: The rated fixed-rate notes benefit from a debt
service reserve account equivalent to the next principal and
interest payment due amount. This liquidity provides certainty in
case the transaction is exposed to temporary liquidity shock. As
of August 2018, external account balance stands at close to
USD22.21 million, which covers debt service on the November 2018
issued notes payment.

Criteria Variation: Fitch's "Single- and Multi-Name Credit Linked
Notes Rating Criteria," dated July 19, 2018, establishes that the
credit quality of the primary risk contributors in a credit linked
notes (CLNs) transaction is typically determined by an IDR
assigned by Fitch. However, in some situations, a committee would
consider using the actual bond rating (e.g. senior unsecured
rating, subordinate rating) of an asset in place of the IDR.

For this transaction, it has been determined that the credit
quality of the primary risk contributor is not commensurate with
the IDR or any particular bond rating of the obligor, as sovereign
ratings do not directly address all forms of obligations. To
determine the credit quality of the sovereign obligation and its
notching from the sovereign IDR, Fitch incorporated perspectives
from its sovereign group. During the analysis, it was determined
that the appropriate notching uplift from the primary risk
contributor would be one notch.

RATING SENSITIVITIES

A downgrade of ICE, tied to a rating of the sovereign, may trigger
a downgrade of the transaction's rating. However, a rating action
of ICE not tied to a rating downgrade of the sovereign may not
trigger a rating action on the notes if Fitch's view on the
strength of the payment obligation is not affected by such rating
action. Additionally, changes in Fitch's view of the treatment of
the IDB as a preferred creditor may trigger a rating action on the
notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

No third-party due diligence was provided to or reviewed by Fitch
in relation to this rating action.

Fitch has placed the following ratings for Reventazon Finance
Trust on Rating Watch Negative:

  -- $135,000,000 fixed-rate notes 'BB+sf' on Rating Watch
Negative.


=========
H A I T I
=========


HAITI: Pres. Calls for Dialogue After Protests Against His Gov't.
-----------------------------------------------------------------
EFE News reports that the president of Haiti reiterated his call
for dialogue and said that during his term in office no one will
jeopardize the country's interests following the massive protest
against corruption on Nov. 18, when the opposition demanded his
resignation.

In a message to the nation Jovenel Moise, who made no reference to
corruption, said that Prime Minister Jean Henry Ceant has the
power to talk with all sectors, according to EFE News.

Thousands of protesters have asked the government to clarify the
supposedly fraudulent handling of Petrocaribe funds, and the
mobilizations have paralyzed the Haitian capital and other cities
across the country for the third consecutive day, the report
relays.

"The Haitian people elected me as president of Haiti, during my
term of office nobody is going to endanger the interests of the
country.  We cannot leave the democratic process to create chaos,"
said Mr. Moise, who assumed the Presidency in February 2017, after
winning the November 2016 elections, the report notes.

The report relays that Mr. Moise said that democracy demands
sacrifices and that is why they have to put Haiti ahead of
everything.

Accompanied by the prime minister and by the chief police
commander Michel Gedeon, Mr. Moise also added to his message that
peace and development can be achieved through dialogue, the report
says.

The Haitian president also sent a condolence message to the
relatives of the police officer who died on Nov. 19 during a
police operation in La Saline, an area of the capital where armed
conflicts took place both between criminal groups and between the
protest groups and the National Police, the report notes.
However, he did not refer to other victims of the protests in
recent days, the report relays.

The report discloses that Mr. Moise also indicated that he has
given instructions to establish a commission to disarm the armed
bands and reactivate social programs in poor areas.

Mr. Moise's statements came after several days of silence.

In the last protest on Nov. 18, three people died, according to
police, although the organizers say that at least 11 people were
killed, the report says.

In 2017, the Haitian Parliament published a report in which former
party officials currently in power were involved in alleged
irregularities in the use of Petrocaribe funds, but so far no one
has been prosecuted for this case, in which more than $2 billion
were diverted, according to a Senate investigation, the report
adds.


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


AUGUST SAGE: Court Confirms Chapter 11 Plan
-------------------------------------------
The Bankruptcy Court has approved the disclosure statement and
confirmed the Chapter 11 plan jointly filed by JDHG, LLC,
Caribbean Winds, Inc., August Sage Holdings, LLC, and Green
Horizon, Inc., after consideration of argument by the Debtors'
counsel, the Debtors' statement pursuant to Section 1129 of the
Bankruptcy Code, the ballots submitted, the proposed merger
agreement, the agreement with ACM CCSC VI-A CAYMAN ASSET CO, the
feasibility report, and the MORs, including August 2018, and there
being no objections to both the Plan and the Disclosure Statement.

Class 1 under the Second Amended Plan consists of the allowed
claims of ACM Cayman. ACM Cayman with claims for $21, 094, 560.24,
arising from commercial loans issued to Debtors, secured by
Debtors' real properties, will be paid $5,600,000 in full payment
and release of all ACM Cayman's claims against the Debtors and
Affiliates pursuant to the Discounted Payoff, Settlement and
Release Agreement between Debtors and ACM as follows: a
first-nonrefundable $500,000 payment due upon the execution of the
Agreement, to be held in escrow by ACM until the approval of the
Agreement by Bankruptcy Court or the Confirmation Date, whichever
occurs first; a second non-refundable $500,000 payment due within
45 days from execution of the Agreement to be held in escrow by
ACM until the approval of the Agreement by Bankruptcy Court or the
Confirmation Date whichever occurs first; and third $4,600,000
nonrefundable payment due within 90 days from the execution of the
Agreement, to be held in escrow by ACM until the approval of the
Agreement by Bankruptcy Court or the Confirmation Date, whichever
occurs first.

The Agreement will be submitted for approval. The Debtors will
obtain the funds for such payment from $4,100,000 DIP loan from
Acrecent Financial, Inc., a $550,000 contribution from Auberge
Haven Inc., and the balance of $950,000 from loans and
contributions by John B. Dennis' friends and family members.
Estimated recovery for this class is 26%.

A full-text copy of the Second Amended Disclosure Statement is
available at:

     http://bankrupt.com/misc/prb18-02810-11-52.pdf

               About August Sage Holdings

August Sage Holdings LLC owns three properties in San Juan, Puerto
Rico, consisting of: (a) 423.72 square meters with a two-story
residence (Wind Chimes Hotel); (b) 393.57 square meters with a
two-story residence (Wind Chimes Inn Hotel; and (c) 546.07 square
meters with a two-story residence (known as Cervantes 12).  The
company valued the properties at $2.1 million in the aggregate.

August Sage Holding sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02808) on May 21, 2018.

In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $2.10 million in assets and $1.94 million in
liabilities.  Judge Enrique S. Lamoutte Inclan presides over the
case.


CARIBBEAN WINDS: Court Confirms Chapter 11 Plan
-----------------------------------------------
The Bankruptcy Court has approved the disclosure statement and
confirmed the Chapter 11 plan jointly filed by JDHG, LLC,
Caribbean Winds, Inc., August Sage Holdings, LLC, and Green
Horizon, Inc., after consideration of argument by the Debtors'
counsel, the Debtors' statement pursuant to Section 1129 of the
Bankruptcy Code, the ballots submitted, the proposed merger
agreement, the agreement with ACM CCSC VI-A CAYMAN ASSET CO, the
feasibility report, and the MOR's, including August 2018, and
there being no objections to both the Plan and the Disclosure
Statement.

Class 1 under the Second Amended Plan consists of the allowed
claims of ACM Cayman. ACM Cayman with claims for $21, 094, 560.24,
arising from commercial loans issued to Debtors, secured by
Debtors' real properties, will be paid $5,600,000 in full payment
and release of all ACM Cayman's claims against the Debtors and
Affiliates pursuant to the Discounted Payoff, Settlement and
Release Agreement between Debtors and ACM as follows: a
first-nonrefundable $500,000 payment due upon the execution of the
Agreement, to be held in escrow by ACM until the approval of the
Agreement by Bankruptcy Court or the Confirmation Date, whichever
occurs first; a second non-refundable $500,000 payment due within
45 days from execution of the Agreement to be held in escrow by
ACM until the approval of the Agreement by Bankruptcy Court or the
Confirmation Date whichever occurs first; and third $4,600,000
nonrefundable payment due within 90 days from the execution of the
Agreement, to be held in escrow by ACM until the approval of the
Agreement by Bankruptcy Court or the Confirmation Date, whichever
occurs first.

The Agreement will be submitted for approval. The Debtors will
obtain the funds for such payment from $4,100,000 DIP loan from
Acrecent Financial, Inc., a $550,000 contribution from Auberge
Haven Inc., and the balance of $950,000 from loans and
contributions by John B. Dennis' friends and family members.
Estimated recovery for this class is 26%.

A full-text copy of the Second Amended Disclosure Statement is
available at:

     http://bankrupt.com/misc/prb18-02810-11-52.pdf

                About Caribbean Winds Inc.

Caribbean Winds Inc. owns in fee simple the Acacia Seaside Inn
Hotel located at No. 8 Taft Street, Santurce Ward, San Juan,
Puerto Rico, having an appraised value of $1.4 million.

Caribbean Winds sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02809) on May 21, 2018.

In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $7.06 million in assets and $20.22 million in
liabilities.  Judge Brian K. Tester presides over the case.


FERMARALIZ CORP: Seeks to Hire Modesto Bigas Law as Attorney
------------------------------------------------------------
Fermaraliz Corp., seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Modesto Bigas Law
Office, as attorney to the Debtor.

Fermaraliz Corp.requires Modesto Bigas Law to provide legal
services and represent the Debtor in the Chapter 11 bankruptcy
proceedings.

Modesto Bigas Law will be paid at the hourly rate of $250.

Modesto Bigas Law will be paid a retainer in the amount of $7,500.

Modesto Bigas Law will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Modesto Bigas Mendez, partner of Modesto Bigas Law Office, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Modesto Bigas Law can be reached at:

     Modesto Bigas Mendez, Esq.
     MODESTO BIGAS LAW OFFICE
     PO Box 7462
     Ponce, PR 00732
     Tel: (787) 844-1444
     Fax: (787) 842-4090
     E-mail: modestobigas@yahoo.com

                     About Fermaraliz Corp.

Fermaraliz Corp., based in Coamo, PR, filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 18-06456) on Nov. 1, 2018.  In the
petition signed by Jose F. Espada Colon, president, the Debtor
disclosed $389,300 in assets and $1,046,703 in liabilities.  The
Hon. Edward A. Godoy presides over the case.  Modesto Bigas
Mendez, Esq., at Modesto Bigas Law Office, serves as bankruptcy
counsel to the Debtor.


GREEN HORIZON: Court Confirms Chapter 11 Plan
---------------------------------------------
The Bankruptcy Court has approved the disclosure statement and
confirmed the Chapter 11 plan jointly filed by JDHG, LLC,
Caribbean Winds, Inc., August Sage Holdings, LLC, and Green
Horizon, Inc., after consideration of argument by the Debtors'
counsel, the Debtors' statement pursuant to Section 1129 of the
Bankruptcy Code, the ballots submitted, the proposed merger
agreement, the agreement with ACM CCSC VI-A CAYMAN ASSET CO, the
feasibility report, and the MOR's, including August 2018, and
there being no objections to both the Plan and the Disclosure
Statement.

Class 1 under the Second Amended Plan consists of the allowed
claims of ACM Cayman. ACM Cayman with claims for $21, 094, 560.24,
arising from commercial loans issued to Debtors, secured by
Debtors' real properties, will be paid $5,600,000 in full payment
and release of all ACM Cayman's claims against the Debtors and
Affiliates pursuant to the Discounted Payoff, Settlement and
Release Agreement between Debtors and ACM as follows: a
first-nonrefundable $500,000 payment due upon the execution of the
Agreement, to be held in escrow by ACM until the approval of the
Agreement by Bankruptcy Court or the Confirmation Date, whichever
occurs first; a second non-refundable $500,000 payment due within
45 days from execution of the Agreement to be held in escrow by
ACM until the approval of the Agreement by Bankruptcy Court or the
Confirmation Date whichever occurs first; and third $4,600,000
nonrefundable payment due within 90 days from the execution of the
Agreement, to be held in escrow by ACM until the approval of the
Agreement by Bankruptcy Court or the Confirmation Date, whichever
occurs first.

The Agreement will be submitted for approval. The Debtors will
obtain the funds for such payment from $4,100,000 DIP loan from
Acrecent Financial, Inc., a $550,000 contribution from Auberge
Haven Inc., and the balance of $950,000 from loans and
contributions by John B. Dennis' friends and family members.
Estimated recovery for this class is 26%.

A full-text copy of the Second Amended Disclosure Statement is
available at:

     http://bankrupt.com/misc/prb18-02810-11-52.pdf

                 About Green Horizon Inc.

Green Horizon Inc. is the fee simple owner of Blue Horizon
Boutique Hotel located at State Road 996 km 4.3, La Hueca Sector,
Puerto Real Ward, Vieques, Puerto Rico, having an appraised value
of $2.15 million.

Green Horizon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 18-02811) on May 21, 2018.  In the
petition signed by John B. Dennis Brull, president, the Debtor
disclosed $2.57 million in assets and $19.71 million in
liabilities.  Judge Enrique S. Lamoutte Inclan presides over the
case.


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


CARIBBEAN AIRLINES: Orders New Planes
-------------------------------------
RJR News reports that Caribbean Airlines Limited has ordered
twelve new planes.

It will renew its single-aisle fleet with the Boeing 737 MAX 8,
according to RJR News.

S. Ronnie Mohammed, chairman of the airline, said next year
Caribbean Airlines will place even greater focus on enhancing
regional connectivity with more options, the report notes.

It is expected by the fourth quarter of 2019, the airline
will taking delivery of the new fleet, the report relays.

In addition to opening new markets, Caribbean Airlines said the
new airplanes will provide significant advantages on operating
cost, specifically fuel and maintenance, the report notes.

The 737 MAX 8 -- which is part of a fuel-efficient family of
airplanes -- will seat up to 160 passengers in Caribbean Airlines'
three-class configuration, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


PETROLEUM CO: Axed Workers Face Uncertain Retirement
----------------------------------------------------
Caribbean360.com reports that with the final closure of Petroleum
Co. of Trinidad & Tobago (Petrotrin) slated for month-end,
thousands of pensionable employees still face questions about the
security of their retirement funds.

The state-owned oil and gas company has over 5,000 employees and
reports are that nearly 1,300 members of the Petrotrin Employees
Pension Plan (PEPP) are expected to be pensionable from December
1, entitling them to lump-sum payments totaling TT $1 billion (US$
148.5 million), according to Caribbean360.com.

However, Republic Bank Ltd, the trustees of the PEPP, and Minister
of Energy and Energy Industries Franklin Khan have expressed very
diverging views as to whether the pension fund can continue its
payouts to retirees for more than two or three decades, the report
notes.

In a recent letter to Petrotrin Chairman Wilfred Espinet, Republic
Bank raised a red flag that none of the five scenarios outlined by
Trinidad actuarial firm Bacon, Woodrow and de Souza to test the
ongoing viability of the PEPP under a restructuring contemplated
the impact of the huge lump sum payment that would be taken out
from December 1, the report relays.  Moreover, the bank stated
that in four out of the five scenarios the funds of the PEEP would
be exhausted in 25 to 30 years, the report notes.

"The only scenario where the PEPP would have estimated to have
enough funds to meet all benefits payments is predicted on the
PEPP continuing to invest in equities.  And these equities
performing in line with expectations," the letter stated, the
report says.

However, Minister Khan sought to assure the public during this
Tuesday's sitting of the Senate that it was not guaranteed that
the pension fund would run out of money within three decades, the
report discloses.

"The PEPP has comfortably enough assets to cover benefit payments
well into the 2040's according to the actuarial projections.
Beyond that, there may be a deficit but it's too early in the game
to speak that type of language.  As we speak, the workers are
comfortable," the report quoted Mr. Khan as saying.

"The restructuring of PEPP and termination of all employees
changes everything, in that benefit payments are accelerated
significantly by the early retirement of all qualifying members.
It isn't possible to wind up the PEPP and secure benefits by
buying annuities -- as suggested by Republic Bank -- because the
insurance market has nowhere near sufficient capacity," he added
during the course of his contribution, the report notes.

The Energy Minister assured his colleagues that discussions
between Petrotrin and Republic Bank were ongoing to find a
solution that would keep the plan earning enough funds to satisfy
the demands that would be placed on it over the foreseeable
future, the report adds.

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


PETROLEUM CO: Republic Bank Threatens to Have Pension Wound Up
--------------------------------------------------------------
Trinidad Express reports that Republic Bank Limited, trustees of
the Petrotrin Employee Pension Plan (PEPP), has threatened to
apply to the local courts to have the pension plan wound up if it
did not receive urgent instructions on the steps that should be
taken to ensure all members receive all their benefits.

In a letter dated November 20, addressed to Petrotrin chairman,
Wilfred Espinet, Republic Bank Chief Executive Officer Nigel
Baptiste said the trustee is "very concerned," that the pension
plan "will be exhausted in 23 years with unfunded liabilities of
$4 billion," assuming its investments yield four per cent going
forward, according to Trinidad Express.

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


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week November 19 to November 23, 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.

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 * * *