TCRLA_Public/190130.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

            Tuesday, January 30, 2019, Vol. 20, No. 21



LIFEMILES LTD: S&P Affirms 'BB-' ICR on New $75MM Credit Add-On


BRAZIL: Pres. To Undergo 3rd Operation Since Assassination Attempt
SAMARCO MINERACAO: Dam Disaster May Delay Settlement for BHP, Vale

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Leader Slams Business-Politics Collusion


US FARATHANE: Moody's Affirms B2 CFR, Alters Outlook to Negative

P U E R T O    R I C O

SEARS HOLDINGS: Unsecured Creditors Oppose Sale to Lampert

T R I N I D A D  &  T O B A G O

PETROLEUM CO: Firm's Dimming Light Reflected in San Fernando Town


VENEZUELA: Mexico Willing to Mediate in Conflict
VENEZUELA: Maduro Says He Wants Dialogue With Opposition
VENEZUELA: Guaido Calls for Protests

                            - - - - -


LIFEMILES LTD: S&P Affirms 'BB-' ICR on New $75MM Credit Add-On
Bermuda-based loyalty program company LifeMiles LTD has maintained
strong EBITDA generation and solid credit metrics, given its
favorable top-line growth and profitability that are in line with

LifeMiles plans to issue a second incremental term loan of $75
million as an add-on to its $395 million first lien senior secured
term facility to pay an extraordinary dividend for the same

On Jan. 25, 2019, S&P Global Ratings affirmed its 'BB-' global
scale issuer credit and issue-level ratings on LifeMiles.

S&P said, "The rating affirmation incorporates our view that
LifeMiles will maintain a solid operating and financial
performance in the next 12 months, thanks to its renamed coalition
loyalty program in Colombia and Central America. We believe
LifeMiles' top-line growth will remain at 10%-12%, due to a stable
blended price per mile and growth in miles accrued from air and
non-air coalitions, reflected in recent launches of several miles
packages and co-branded products. The company's strategy aims to
take advantage of a rising middle class in Colombia, Peru, and
Central America who are increasingly using credit and debit card
services. In our view, this strategy will allow LifeMiles to keep
its EBITDA margin just above 50% in the next 12 months."

LifeMiles expects to issue a second incremental term loan of $75
million as an add-on to its $395 million first lien senior secured
term facility to pay an extraordinary dividend for the same amount
to its shareholders. The incremental debt remains unconditionally
guaranteed on a senior secured basis by the company and each of
its direct and indirect subsidiaries, providing upstream
guarantees to the term loan. The facility remains as LifeMiles'
only debt. The security package consists of a first priority
interest in all tangible and intangible assets (including capital
stock of subsidiaries) of the respective borrower and guarantors,
which also mitigates the subordination.

S&P said, "We expect LifeMiles to continue posting strong cash
flows from operations with relatively low working capital and
capital expenditures (capex) needs in the next 12 months.
Therefore, we estimate that excess cash amortizations will lead to
debt levels above $400 million towards the end of 2019. Despite
the latter, in addition to the 10% mandatory amortization per
year, we expect LifeMiles' debt to EBITDA to be above 2.0x and DCF
to debt to be negative or close to 0% in the next 12 months. These
ratios incorporate the use of the new revolving facility of up to
$20 million and the new incremental facility (accordion) of a
minimum of $50 million as part of the company's financial strategy
to maximize its shareholders' returns through dividend payments.
Given this somewhat more aggressive financial policy, we've
revised our financial risk profile assessment to significant from
intermediate and LifeMiles' stand-alone credit profile (SACP) to
'bb-' from 'bb', given the expected higher leverage levels than
our previous forecast." However, the issuer credit rating remains
at 'BB-' given the two-notch rating differential above that of
parent company, Avianca Holdings S.A. (B/Stable/--).


BRAZIL: Pres. To Undergo 3rd Operation Since Assassination Attempt
EFE News reports that Brazilian President Jair Bolsonaro entered a
Sao Paulo hospital for pre-surgical procedures to prepare him for
an operation this week to remove the colostomy bag that he has
been using since an attempted assassination last September.

The 63-year-old Bolsonaro, who visited the area affected by a
mining accident in Minas Gerais state, arrived at Sao Paulo's
Albert Einstein Israelite Hospital with his wife, Michelle, and a
delegation headed by Security Cabinet Chief Minister Augusto
Heleno Ribeiro and several advisers, according to EFE News.

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

SAMARCO MINERACAO: Dam Disaster May Delay Settlement for BHP, Vale
Melanie Burton at Reuters reports that Brazil's deadly tailings
dam collapse is likely to complicate a settlement for a similar
disaster less than four years ago at the Mineracao S.A. iron ore
mine, owned jointly by Vale SA and BHP Group, investors said.

Vale and BHP have been aiming to restart the mine as early as 2020
following a dam failure in 2015 that killed 19 people and buried a
village, according to Reuters.  A second deadly dam burst at a
Vale mine killed 65 people and there are fears the death toll
could soar into the hundreds, the report relays.

The Brazilian prosecutor running talks to settle a lawsuit over
the Samarco collapse told Reuters the second dam burst could
scramble those sensitive negotiations.

Federal prosecutor Jose Adercio Sampaio said that depending on
Vale's culpability in the new disaster, it may change how his task
force handles a BRL155 billion ($41 billion) case against Samarco,
the report notes.  The case is currently suspended amid
negotiations for a potential settlement, the report says.

A restart at Samarco Mineracao SA depends on talks with
prosecutors on building a new tailing dam system and a
restructuring of the company's debt, executives at BHP and Vale
have said, the report discloses.

BHP said that Samarco's operations will only restart if it is
safe, economically viable and has the support of the community and
regulators, the report relays.

It said Samarco has not yet reached an agreement with its lenders
on the restructuring of its unsecured financial obligations, the
report notes.

The report relays that the latest dam failing could draw out any
settlement for Samarco and potential mine restart, investors said.

"In terms of remediation, it's clearly a very sensitive time to be
trying to resolve it. So now it's just another thing to try and
work through," said Andy Forster, senior investment officer with
Argo Investments in Sydney, the report notes.

However, the fallout for BHP was likely to be limited, the report

"It's obviously an ongoing issue -- while they do still have
minority interest in Samarco, they wear these potential
liabilities when they occur," said Jason Teh, Chief Investment
Officer at Vertium Asset Management in Sydney, the report says.

"Samarco is quite small in terms of BHP's operations. It's a small
proportion of its total business. BHP has a pretty good balance
sheet for any potential liabilities," the report quoted Mr. Teh as

A rise in iron ore prices after the mine disaster was lifting
BHP's shares as well as fellow Australian iron ore miners Rio
Tinto and Fortescue, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2017, S&P Global Ratings said it affirmed then withdrew
its 'D' (default) issuer and issue-level ratings on Samarco
Mineracao S.A. and its senior unsecured debt at the issuer's

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Leader Slams Business-Politics Collusion
Dominican Today reports that National Herrera Industries
Association (ANEIH), outgoing president Antonio Taveras Guzman
warned of a paralysis in the national productive apparatus, as a
result of the conspiracy between a business elite with political
sectors entrenched in power, which he affirms has converted the
country from producer to importer on a large scale.

"Our country has been losing competitiveness, our companies have
lost competitiveness, the industrial sector is in the ground and
has lost all its capacity of contribution to the Gross Domestic
Product and agro-industry is practically zero," he said, according
to Dominican Today.

The report notes that Mr. Taveras asked the Dominicans to confront
that and other serious situations that threaten to turn the
country into "an unviable society."

"The country is experiencing a situation that could turn us into
an unviable society if Dominicans don't commit ourselves to the
changes demanded by today's economy, which has to do with having
productive companies and being competitive," the report quoted Mr.
Taveras as saying.


The business leader said the collusion between business leaders
and politicians "is generating the accelerated depredation of the
Dominican State, since many of the transactions end up embezzling
the State," he said, the report notes.

The report relays that Mr. Taveras added that the "large
monopolies and large concentrations of two of the three large
economic groups that do not allow medium and small businesses to
climb to higher levels."

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.


US FARATHANE: Moody's Affirms B2 CFR, Alters Outlook to Negative
Moody's Investors Service changed U.S. Farathane, LLC's rating
outlook to negative from stable and affirmed all ratings,
including the B2 Corporate Family Rating, B2-PD Probability of
Default Rating, and B2 senior secured first lien term loan rating.

The change to a negative outlook reflects the deterioration in US
Farathane's earnings performance, evidenced by a declining margin
(9/30/2018 LTM EBITA margin of 13.8% as compared to 3-year
historical average of 17%) driven primarily by raw materials cost
pressure, labor rate increases and inefficiencies arising from new
program launches. Weak free cash flow is necessitating revolver
utilization to meet required term loan amortization. A softer
economic environment will create challenges to turn around the
operating trends.

Moody's affirmed the ratings because the company's credit metrics
are still within expectations for the B2 rating category given the
company's operating profile. The company also continues to win

Moody's took the following rating actions for U.S. Farathane, LLC:

Corporate Family Rating, affirmed B2

Probability of Default Rating, affirmed B2-PD

$630 million ($545.2 million outstanding) senior secured first
lien term loan due 2021, affirmed B2 (LGD4)

Outlook, changed to Negative


USF's B2 CFR broadly reflects its capabilities in producing
interior and exterior plastic components for light vehicles at
good margins relative to peers, tempered by the company's modest
scale, significant customer concentration and exposure to cyclical
auto sales. USF generates approximately 90% of its revenue from
General Motors, Ford and Chrysler. This degree of customer
concentration is a credit risk as production cutbacks, platform
losses, or pricing pressure would have a disproportionate impact
on USF's revenues and earnings. In addition, Moody's projects that
USF will generate roughly $25-$30 million of free cash flow over
the next year that is not sufficient to fully fund the $31 million
of required term loan amortization. This creates continued
reliance on the $110 million asset-based revolving credit facility
($72 million outstanding as of 9/30/2018) at a time when the
automotive industry is beginning to see softening consumer demand.
Nonetheless, Moody's anticipates that USF's debt-to-EBITDA
leverage (4.2x LTM 9/30/2018 incorporating Moody's standard
adjustments) will continue to remain in a low 4.0x range as the
company experiences pressure on its earnings.

Liquidity is adequate but the revolver reliance and ongoing step
downs in the term loan leverage covenant will increase liquidity
risk if operating and free cash flow performance does not improve.

A higher rating is unlikely given the company's modest scale and
high customer concentration. However, Moody's would consider an
upgrade if USF continues to profitably increase its scale,
improves customer and platform diversity, while maintaining
positive free cash flow, and reduces debt-to-EBITDA leverage.

A downgrade could occur if USF's free cash flow remains weak,
liquidity deteriorates, or debt-to- EBITDA leverage increases
5 times due to operating weakness, debt-financed acquisitions or
payments to equity owners. Customer or platform losses, production
cuts, or pricing pressure would also put downward pressure on the

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

U.S. Farathane, LLC, headquartered in Auburn Hills, Michigan, is a
manufacturer and supplier of functional black plastic, and
interior and exterior plastic components to North American
automotive Original Equipment Manufacturers (OEMs). The company
operates 18 manufacturing facilities in the United States, Mexico
and China.  USF's customers include Chrysler, Ford, General Motors
and, to a much lesser degree, several other large global OEMs and
Tier 1 suppliers. Revenue for the twelve months ended September
2018 was approximately $832 million.

P U E R T O    R I C O

SEARS HOLDINGS: Unsecured Creditors Oppose Sale to Lampert
Unsecured creditors of Sears Holdings Corp. are asking the
bankruptcy court to deny the company's proposal to sell the
business to majority shareholder and CEO Eddie Lampert for
approximately $5.2 billion.

Lampert's ESL Investments, Inc., has won an auction to acquire
substantially all of Sears' assets, including the "Go Forward
Stores" on a going-concern basis.  The proposal will allow 425
stores to remain open and provide ongoing employment to 45,000

But the official committee of unsecured creditors indicated in its
objection and proposed complaint that Sears should instead
liquidate.  The committee claims that the sale to ESL is "inferior
to the higher and better alternative of an orderly asset
monetization and going-out-of-business process for the benefit of
all of the Debtors' creditors."

The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Feb. 4, 2019, at 10:00 a.m. (ET) to
consider approval of the sale to ESL.

"The Creditors' Committee has uncovered facts demonstrating that
Sears's downfall was precipitated, in large part, by years of
self-dealing, breaches of fiduciary duties, and abuses of control
and influence by Edward S. Lampert ("Lampert") and his investment
fund ESL.4 As Sears's CEO, Chairman of the Board, controlling
shareholder (with ESL), and "bank," Lampert was hopelessly
conflicted as he presided over Sears's descent into insolvency and
a persistent state of liquidity crisis and then, time after time,
used those crises to divert more of Sears's assets for his and
ESL's benefit.  Their efforts paid off, as Lampert and ESL raked
in enormous dividends, interest, and fees; obtained control of
Sears's best assets and real estate; and positioned ESL to be
protected in this bankruptcy with claims and liens across the
Debtors' capital structure -- all while intending to leave little
or nothing for other creditors.  Meanwhile, over the course of
Lampert's and ESL's reign, Sears closed over 3,500 stores, cut
approximately 250,000 jobs, and lost untold billions in value.
Lampert and ESL should not now be allowed to assert superior
claims to the value of Sears's remaining assets over the very
creditors they damaged through their prepetition conduct," Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, counsel to
the Committee tells the Court.

ESL asserts that the Debtors' estates owe it nearly $2 billion.
The ESL Claims, however, are legally unsupportable, according to
the Creditors' Committee.  Based on the Creditors' Committee's
investigation to date, it has filed a standing motion and proposed
complaint setting forth the following causes of action, mandating:

   * Disallowance of the ESL Claims: ESL is an entity from which
property is recoverable with respect to the Seritage Transaction,
the Lands' End spin-off, and the 2016-2018 ESL Contributions
(collectively, the "Prepetition Transactions").  The Prepetition
Transactions were actual or constructive fraudulent transfers --
or both -- and are therefore avoidable pursuant to sections 544
and 548 of the Bankruptcy Code and applicable state law.  As a
result, under Bankruptcy Code section 502(d), the ESL Claims must
be disallowed or conditionally disallowed unless and until (i) ESL
returns the value of the property fraudulently transferred in
connection with the Prepetition Transactions; or (ii) the Court
has determined in a final order that that the Prepetition
Transactions did not constitute transfers subject to avoidance
pursuant to Bankruptcy Code Sections 544 and 548 and applicable
state law and that property is not recoverable from ESL.

   * Recharacterization of the ESL Claims: The ESL Claims
improperly assert indebtedness on behalf of the 2016-2018 ESL
Contributions.  ESL contributed capital to Sears knowing it would
be dissipated by unrelenting losses, and without any reasonable
expectation (much less some formal projection) that such "debt"
could ever be repaid according to its terms.  ESL's purpose in
providing this capital to Sears was to maximize the value of its
investments in Sears and the spin-off entities (including
Seritage) and position itself advantageously vis-a-vis Sears's
creditors in anticipation of these Chapter 11 Cases.  These
contributions bear the hallmarks of equity, not debt, and should
be recharacterized and treated as such for any purpose in
connection with these Chapter 11 Cases.

   * Equitable Subordination of the ESL Claims: ESL abused its
insider status and position of trust with the Company to strip
away assets for Lampert's and ESL's benefit, to the substantial
detriment of Sears and its stakeholders.  Lampert and ESL engaged
in years of grossly inequitable conduct such as self-dealing,
breaches of fiduciary duties, and abuses of control and influence
in order to maximize and protect their investments in Sears while
all but guaranteeing the destruction of the Company and
opportunities for its creditors to receive fair recoveries.  In
light of Lampert's and ESL's actions, the ESL Claims should be
equitably subordinated, with any liens securing such claims
transferred to the Debtors' estates.

Tragically, according to the Committee, the Debtors have
capitulated fully to ESL's slow-motion destruction of Sears,
allowing ESL to credit bid (the "ESL Credit Bid") secured claims
in the nominal amount of $1.3 billion in exchange for nearly all
of Sears's remaining assets.  The Creditors' Committee also
contends that ESL's consideration, a substantial amount of which
is in the form of the non-cash ESL Credit Bid, is woefully
inadequate.  Among other reasons, the Debtors' estates will be
left administratively insolvent and the purchaser without a viable
business plan and will have given away the estates' most valuable
claims against ESL and others.

The Creditors Committee's counsel:

         Ira S. Dizengoff, Esq.
         Philip C. Dublin, Esq.
         Abid Qureshi, Esq.
         Joseph L. Sorkin, Esq.
         One Bryant Park
         New York, NY 10036
         Telephone: (212) 872-1000
         Facsimile: (212) 872-1002

                - and -

         Lacy M. Lawrence, Esq.
         2300 N. Field Street, Suite 1800
         Dallas, TX 75201
         Telephone: (214) 969-2800
         Facsimile: (214) 969-4343

A full-text copy of the Committee's Preliminary Objection is
available for free at:

                      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 and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee.  Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.

T R I N I D A D  &  T O B A G O

PETROLEUM CO: Firm's Dimming Light Reflected in San Fernando Town
Ria Taitt at Trinidad Express reports that San Fernando seems to
be becoming more and more a shanty town.

So bemoaned Minister in the Ministry of Finance, Allyson West as
she contributed to the debate on a motion on Petroleum Co. of
Trinidad & Tobago (Petrotrin) filed by UNC Senator Gerald Ramdeen
in the Senate, according to Trinidad Express.

She said San Fernando's dimming light was a reflection of what was
happening with Petrotrin, which was the leading industry in the
area, the report notes.

"I am a proud southerner and when I lived in San Fernando it was
booming, it was booming, bright, growing and developing. In the
last couple of years when I have driven down San Fernando, I have
been distressed by the fact that San Fernando seems to me to be
turning into more and more a shanty town because there is no
growth, you are not seeing the prosperity that the old Texaco and
Petrotrin brought at that time," the report quoted Mr. West as

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.


VENEZUELA: Mexico Willing to Mediate in Conflict
EFE News reports that Mexican President Andres Manuel Lopez
Obrador reiterated that his country is ready to act as mediator
between the Venezuelan government and opposition.

Asked about the Venezuelan crisis a day after Mexico and Uruguay
extended a joint offer of mediation, Lopez Obrador told reporters
at his daily press conference that his foreign policy is anchored
in the Mexican constitution's principles of non-intervention and
respect for the sovereignty of peoples, according to EFE News.

"It's not that we are for or against anyone, we are for defending
the constitutional principles of foreign policy," Lopez Obrador
said, the report notes.

Regarding the possibility of mediation, the leftist leader said
that his government is more than willing to exercise that role,
but only if both sides in Venezuela agree, the report relays.

"We could do it, but we could not carry it out if there isn't a
request from both parties. We will not meddle. We will respect our
principles and if the parties request it, we are disposed to help
them have this dialogue," the report quoted Lopez Obrador as

He added that he had already instructed Foreign Secretary Marcelo
Ebrard "to support to the extent of our possibilities, without
interference in the conflict" and without taking any sides, the
report relays.

"This has to do with a historical tradition of our country in
foreign policy. We should not get involved in the affairs of other
peoples or nations, because we do not want any hegemony or foreign
government to intervene in matters that only concern Mexicans,"
Lopez Obrador said, the report notes.

The report relates that Venezuela's political crisis moved into a
more acute phase when the speaker of the opposition-controlled
National Assembly, Juan Guaido, proclaimed himself interim head of

The opposition, supported by the United States and Washington's
allies in Latin America, say that last May's presidential election
was illegitimate and they refuse to recognize leftist incumbent
Nicolas Maduro as president, the report says.

President Maduro accepted the offer of mediation from Mexico and
Uruguay during a speech at Venezuela's Supreme Court, the report

"Together, the governments of Uruguay and Mexico are calling upon
all parties involved, both within the country and abroad, to
reduce tensions and prevent an escalation of violence that could
aggravate the situation," Montevideo and Mexico City said in a
statement released by the Uruguayan Foreign Ministry, the report

Clashes in recent days between opposition protesters and
Venezuelan security forces have led to at least 20 deaths and 350
arrests, according to figures from human rights organizations, the
report adds.

As reported in the Troubled Company Reporter-Latin America,
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 'CC'

VENEZUELA: Maduro Says He Wants Dialogue With Opposition
EFE News reports that President Nicolas Maduro said that channels
of communication have always been open and that he is committed to
dialogue despite the recent antagonism of the Venezuelan
opposition and the interference from abroad.

"I'm ready for dialogue because I believe in peace, in the word,
I'm a man of words," President Maduro told a press conference at
the presidential palace, while saying he hopes that "sooner rather
than later the opposition gets out of the trap it put itself in
and enters into a reasonable dialogue," according to EFE News.

He said that National Assembly speaker Juan Guaido, who proclaimed
himself interim head of state, met with the leader of the pro-
government National Constituent Assembly, Diosdado Cabello, and
they "talked about a new dialogue for the country" and asked to
"keep that possibility open," the report notes.

The report relays that Mr. Cabello, according to President Maduro,
told Mr. Guaido that the government "is ready for national talks
without conditions, and with an agenda open to partial agreements
that will allow us to move forward in peace to the country's
recovery and to a global accord on governability and democracy."

"I say dialogue because that's the only way to find solutions. The
road to take is dialogue, diplomacy," the report quoted President
Maduro as saying.

President Maduro raised once more the possibility of holding talks
after accusing Guaido of carrying out a coup d'etat, the report

The United States and a dozen of Washington's Latin American
allies have recognized Guaido as Venezuela's interim president,
while several European governments have threatened to do so unless
Maduro calls new elections, the report relays.

President Maduro accuses US President Donald Trump of directing
"an operation to impose" on Venezuela "a puppet government that
serves its interests," the report recalls.

Washington imposed targeted economic sanctions against Venezuela
during the administration of Barack Obama, the report relays.

Trump expanded those sanctions and has also flirted with the
possibility of military intervention in Venezuela, where the US
supported an abortive coup in 2002 against then-President Hugo
Chavez (1954-2013), Maduro's predecessor and political mentor, the
report discloses.

President Maduro was first elected in a special vote following
Chavez's death in office and won a second term last May, but the
opposition contends the process was illegitimate, the report

The president called for 20-year prison sentences to be imposed on
demonstrators guilty of vandalism and said the opposition is
behind the violence that broke out during the protests, the report

Non-government organizations say the protests, which have occurred
particularly in poor neighborhoods and practically always at
night, have left 26 people dead, several injured and almost 400
detained, but up to now the authorities have not confirmed these
figures, the report adds.

As reported in the Troubled Company Reporter-Latin America,
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 'CC'

VENEZUELA: Guaido Calls for Protests
The Latin American Herald reports that the head of parliament and
interim president of Venezuela, Juan Guaido, called two protests
demanding that the military side with the citizens and allow the
entry of humanitarian aid.

In a message spread through his social networks, Mr. Guaido called
on Venezuelans to "go out on the street" in a "great national
protest," to demand that the armed forces allow humanitarian aid
to enter the country, according to The Latin American Herald.

"We will do it peacefully," he requested of his supporters, adding
that the day's aim is to continue delivering to the military the
text of a law that parliament sanctioned, which offers guarantees
to civilian and military officials who disobey Nicolas Maduro and
facilitate a change of government, the report notes.

He also called for another protest, without offering further
details, but said that the protest will take place "on the streets
of Venezuela and around the world," the report relays.

Also, detractors of President Maduro, who has been in power since
2013, urged the military to renounce him and delivered to the army
a copy of the controversial amnesty law, which President Maduro
supporters see as encouraging a coup, the report relays.

President Maduro, meanwhile, visited several barracks in the
center of the country, where he supervised military exercises and
received the support of hundreds of soldiers, the report says.

The political tension in Venezuela surged when Guaido swore in as
interim president in front of hundreds thousands of supporters,
the report relays.

PresidentMaduro won comfortably in the May elections, which much
of the opposition boycotted considering the polls fraudulent, the
report notes.

Mr. Guaido affirms that he "usurps" the presidency, viewing
Maduro's six-year term as "illegitimate," the report says.
Therefore, the executive power falls to the head of parliament
until new elections are called, according to several articles of
the constitution, the report discloses.

More than 20 countries, including the United States, have backed
Mr. Guaido as interim leader, the report adds.

As reported in the Troubled Company Reporter-Latin America,
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 'CC'


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

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

Submissions about insolvency-related conferences are encouraged.
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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 2019.  All rights reserved.  ISSN 1529-2746.

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

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

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

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