TCRLA_Public/190207.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

            Thursday, February 7, 2019, Vol. 20, No. 27


                            Headlines



B R A Z I L

ALBANESI SA: Fitch Maintains B- LT Issuer Default Rating on RWN
FERTILIZANTES HERINGER: Files for Bankruptcy Protection


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: October Primaries to Cost Taxpayers US$30MM
DOMINICAN REPUBLIC: Tax Revenue Topped US$8.6BB in 2018


M E X I C O

PETROLEOS MEXICANOS: State Officials Resold Fuel Donated by Firm


P U E R T O    R I C O

CHARLOTTE RUSSE: Files Chapter 11 to Facilitate Orderly Wind-Down
LUBY'S INC: Stockholders Elected 9 Directors
LUBY'S INC: Provides Update Regarding Annual Meeting Results
NAVEGAR NETWORK: Case Summary & 20 Largest Unsecured Creditors


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Rosneft Says Firm Still Owes it $2.3BB
PETROLEOS DE VENEZUELA: Guaido to Appoint Baquero as President


                            - - - - -


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B R A Z I L
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ALBANESI SA: Fitch Maintains B- LT Issuer Default Rating on RWN
---------------------------------------------------------------
Fitch Ratings has maintained its Rating Watch Negative (RWN) for
Albanesi S.A. (B-/RWN) and for the senior unsecured notes (B-
/RR4/RWN) co-issued by Central Termica Roca and Generacion
Mediterranea SA, guaranteed by Albanesi S.A. Each of the issuers
and Albanesi S.A. are jointly and severally liable for any payment
obligations under the notes. The Negative Watch reflects the
continued uncertainty of Albanesi's ability to refinance short-
term maturities and raise capital to fund its 275MW combined cycle
expansion projects. Fitch expects Albanesi to secure the necessary
financing within the next six months.

KEY RATING DRIVERS

Capex Funding Anticipated: Fitch expects Albanesi to issue up to
USD300 million in debt in early 2019. USD250 million of the
proceeds will be used to complete combined cycle conversions,
adding 275MW of new capacity and the remainder will refinance
debt. The expansions were awarded under Resolution 287/2017 and
are expected to cost USD420 million. The estimated completion date
of the combined cycle conversions is 2020 and they are expected to
add approximately USD86 million in EBITDA annually. Fitch believes
that obtaining this financing will notably decrease the risk to
the expansion plan and thus avoid a penalty of USD36.8 million for
failure to complete the conversions by 2020.

Heightened Counterparty Exposure: Albanesi depends on payments
from Compania Administradora del Mercado Mayorista Electrico
(CAMMESA), which acts as an agent for an association representing
electricity generators, transmission, distribution and large
consumers or the wholesale market participants (Mercado Mayorista
Electrico). Albanesi is exposed to potential delays in payment
from CAMMESA and also to risks in fuel supply, although the latter
is mitigated by Albanesi's affiliated gas trading business.
CAMMESA has been able to comply with its commercial agreements to
provide payments within 42 days, even after the recent Argentinian
peso depreciation, but Fitch estimates that due to its capital
requirements, the company cannot afford long delays in payments.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the
uncertainty that the Macri administration will be able to
effectively implement the required electricity regulatory tariffs
adjustments in order for the system to be self-sustainable. The
company operates in a highly strategic sector where the government
has a role as both the price/tariff regulator and also controls
subsidies for industry players. Fitch assumes the Macri
administration continues to be committed to and prioritizes
developing a long-term sustainable regulatory environment, moving
toward a more unregulated market and reducing the deficit.

Credit Metrics: Albanesi's cash flow is relatively stable and
predictable if CAMMESA continues to pay on time. As of third-
quarter 2018, 100% of the company's revenue was denominated in
U.S. dollars and 80% of EBITDA was derived from long-term take-or-
pay contracts under Resolutions 220/2007 and 21/2016. The company
operates eight power plants located in multiple provinces of
Argentina, providing geographical diversification and good access
to fuel and the Sistema Argentino de Interconexion (SADI). Fitch
estimates Albanesi's 2018 EBITDA will be USD152 million, resulting
in leverage of 4.0x and EBITDA/interest of 2.3x.

Improved Liquidity Profile: As of Sept. 30, 2018, Albanesi
reported cash and equivalents of ARS622 million, or USD15 million,
and USD78 million in obligations due in 2019. Fitch assumes that
Albanesi will successfully issue up to USD300 million of long-term
debt in early 2019, which will allow it to fund its committed
expansion under Resolution 287/2017 and provide short-term
financial flexibility. Fitch expects the debt to be amortizing
with an average life of three years, thereby alleviating some of
the company's short-term refinancing pressure.

Legal Uncertainty Surrounding Shareholder: Albanesi's former
Chairman and principal shareholder Armando Roberto Loson was
arrested as part of a federal graft investigation. Mr. Loson,
Albanesi's chairman prior to the arrest and head of the family
that is the controlling shareholder, was detained together with
ten business executives and former public employees as part of an
alleged graft case that is still confidential. Fitch believes
uncertainty remains regarding how the arrest of Mr. Loson will
affect the company.

DERIVATION SUMMARY

Albanesi S.A. is a holding company for most of Grupo Albanesi's
electricity generation assets. Albanesi has been operating in the
sector since 2004, and currently owns or participates in four
generation companies: Generacion Mediterranea S.A. (GEMSA; 900MW),
Central Termica Roca S.A. (190MW), Generacion Rosario S.A. (140MW)
and Solalban Energia S.A. (42%; 120MW).

Through its four generation companies, Albanesi operates nine
thermoelectric power plants geographically distributed throughout
Argentina. Installed generation capacity (including the minority-
owned Solalban) totals 1,350MW, plus a further 275MW pursuant to
Resolution 287/2017 expected in 2020. Altogether, Grupo Albanesi's
generation interests represent 5.5% of Argentina's thermal
capacity and 3.5% of the country's total electricity capacity.

Fitch estimates Albanesi's gross leverage to be 4.0x in 2018 and
to rise to 4.5x in 2019 as more debt is expected to be issued.
Fitch estimates the median gross leverage for its oil and gas
peers during this period to be 1.5x, and 2.3x for its Argentina
utility peers.

KEY ASSUMPTIONS

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

  -- Installed capacity for Albanesi S.A and guarantors of 1,350MW
currently, increasing to 1,625MW in 2020 when projects under
construction are completed. Main increase in installed capacity
due to 125MW at the Maranzana power plant and 150MW at the Ezeiza
power plant;

  -- All additional installed capacity is contracted under Res-220
and 21/2016;

  -- Approximately 60% of the installed capacity contracted under
Res-220/21 in 2016 increasing to 70% by 2018;

  -- Res 220 prices and Energia plus prices remaining flat;

  -- Base energy prices will be USD9.6/MWh;

  -- The Argentine government will continue to subsidize the
Electricity sector to assure CAMMESA payments are made within 42
days;

  -- Regulatory adjustments to tariffs that promote a more
independent market less reliant on support from the Argentine
government;

  -- Company will refinance debt maturing in 2019 and 2020;

  -- Debt issuance of USD300 million is raised to finance final
expansion plans;

  -- Average FX rate of $28.10 for 2018 and $41.00 thereafter.

RATING SENSITIVITIES

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

  -- Given the issuer's high dependence on the subsidies by
CAMMESA from the Treasury, any further regulatory developments
leading to a more independent market less reliant on support from
the Argentine government could positively affect the company's
collections/cash flow;

  -- Signed commitment to refinance debt due to mature in the next
12 months.

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

  -- Inability to refinance short-term debt coming due by first-
half2019 and/or result in default;

  -- A substantial worsening of near-term operating performance
relative to Fitch's expectations;

  -- A change in the company's contractual mix and/or
deterioration on the regulatory framework that could affect the
company's ability to generate revenues under the Energia Plus and
Res 220/07 frameworks;

  -- A reversal of government policies that result in a
significant increase in subsidies and/or a delay in payments for
electricity sales;

  -- A significant deterioration of credit metrics and/or
significant payment delays from CAMMESA.

LIQUIDITY

Improved Liquidity Profile: As of third-quarter 2018, Albanesi
reported cash and equivalents of ARS622 million, or USD15 million,
and USD78 million in obligations due in 2019. Fitch assumes that
Albanesi will successfully issue up to USD300 million of long-term
debt in 2019, which will allow it to fund its committed expansion
under Resolution 287/2017 and provide short-term financial
flexibility. Fitch expects the new debt to be amortizing with an
average life of three years, thereby alleviating some of the
company's short-term refinancing pressure.

Fitch estimates, absent any delays in payments from CAMMESA and
unexpected costs, that the company will be able meet its financial
obligations in 2019, but the company will not have adequate cash
flow to finance its expansion plans. Fitch estimates the company
will need to raise up to USD300 million to finance its schedule
expansion plans.

FULL LIST OF RATING ACTIONS

Fitch maintains the following ratings on Rating Watch:

Albanesi S.A

  -- Long-Term, Local-Currency IDR 'B-'; Rating Watch Negative
maintained;

  -- Long-Term, Foreign-Currency Issuer Default Rating (IDR) 'B-';
Rating Watch Negative maintained.

Central Termica Roca S.A.

  -- International senior unsecured bond rating 'B-'/'RR4'; Rating
Watch Negative maintained.

Generacion Mediterranea S.A.

  -- International senior unsecured bond rating 'B-'/'RR4'; Rating
Watch Negative maintained.


FERTILIZANTES HERINGER: Files for Bankruptcy Protection
-------------------------------------------------------
Marcelo Teixeira at Reuters reports that Brazilian fertilizer
company Fertilizantes Heringer SA has said it is filing for
bankruptcy protection, closing down nine plants in Brazil and
laying off their workers.

Heringer, among the largest players in the Brazilian fertilizer
market with annual output of around 6 million tonnes, explained in
a securities filing late that its liquidity situation deteriorated
recently, leading to the decision, according to Reuters.

Reuters reported that the company was closing down 10
installations including plants and regional offices, and laying
off an unspecified number of workers.

Heringer had some 3,000 employees and BRL2.9 billion ($789.59
million) in debt, according to its third quarter earnings release,
the report says.

The company said it engaged in talks in the last few months aimed
at improving its debt profile, as well as with potential investors
aimed at boosting cash flow, but neither were fruitful, the report
notes.

Its bankruptcy request was filed in a court in Paulinia, an
industrial city near Sao Paulo, where Heringer is headquartered,
the report discloses.

Among the plants it closed are ones located in key agricultural
regions in Brazil such as Rondonopolis (Mato Grosso), Dourados
(Mato Grosso do Sul), Uberaba (Minas Gerais) and Rio Verde
(Goias), the report relays.

It also closed its unit in the port city of Paranagua (Parana),
the report adds.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: October Primaries to Cost Taxpayers US$30MM
----------------------------------------------------------------
Dominican Today reports that of the RD$1.5 billion (US$30 million)
that the primaries on October 6 will cost, the political parties
will only contribute RD$200 million and the rest will be paid by
the State.

Electoral Board (JCE) president, Julio Cesar Castanos Guzman said
the contributions will be proportional to the funds which the
parties receive, according to Dominican Today.

The three major parties, the ruling PLD, the opposition PRM, and
the pro-government PRD will pay RD$4 million monthly to cover
expenses, the report notes.

The minority party AlPais, would pay a smaller proportion, whereas
the OD's expenses will be assumed by the JCE, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Tax Revenue Topped US$8.6BB in 2018
--------------------------------------------------------
Dominican Today reports that the accumulated revenue of 2018
topped RD$430.6 billion (US$8.6 billion), or 11.5% higher than the
same period in the previous year, and 100.9% of the estimated,
Internal Taxes (DGII) disclosed.

In its analysis of the revenue, Internal Taxes' Preliminary Report
December 2018 notes that despite the absence of non-recurring
income from January to December 2017 and 2018, the collection also
rose 11.5%, according to Dominican Today.

During 2017, collections reached RD$386.2 billion and RD$430.6
billion in 2018, or RD$44.4 billion more than in 2017, according
to the DGII, the report notes.

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.


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M E X I C O
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PETROLEOS MEXICANOS: State Officials Resold Fuel Donated by Firm
----------------------------------------------------------------
EFE News reports that a network of officials in 22 states
illegally resold fuel donated by state-owned Petroleos Mexicanos
(Pemex), the non-governmental organization Mexicans against
Corruption and Impunity (MCCI) said.

An investigation conducted by MCCI and the daily Milenio found
that at least nine service stations sold fuel in 2015 that was
originally donated by Pemex to the Defense Secretariat and the
government of Mexico state, which surrounds the Federal District
and forms part of the Mexico City metropolitan area, among other
entities, according to EFE News.

Based in Colonia Veronica Anzures, Mexico, Mexican Petroleum, also
known as Petroleos Mexicanos, engages in the exploration,
exploitation, refining, transportation, storage, distribution, and
sale of crude oil, natural gas, and derivatives of petroleum and
natural gas in Mexico.  It explores and produces crude oil and
natural gas in the northeastern and southeastern regions of Mexico
and offshore in the Gulf of Mexico; converts crude oil into
gasoline, jet fuel, diesel, fuel oil, asphalts, and lubricants, as
well as distributes and markets these products in Mexico; and
processes wet natural gas to obtain dry natural gas, liquefied
petroleum gas, and other natural gas liquids.

                        *      *      *

As reported in the Troubled Company Reporter on Oct. 05, 2016,
Mexican Petroleum filed its report on form 6-K, disclosing a net
loss of MXN145.47 billion on MXN480.70 billion of total sales for
the six-month period ended June 30, 2016, compared to a net loss
of MXN185.18 billion on MXN588.36 billion of total sales for the
same period in the prior year. As of June 30, 2016, the Company
had MXN2.05 trillion in total assets, MXN3.50 trillion in total
liabilities and a total stockholders' deficit of MXN1.44 trillion.

The Company has experienced recurring losses from its operations
and have negative working capital and negative equity, which
raises substantial doubt regarding its ability to continue as a
going concern.



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P U E R T O    R I C O
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CHARLOTTE RUSSE: Files Chapter 11 to Facilitate Orderly Wind-Down
-----------------------------------------------------------------
Charlotte Russe Holdings Corporation together with its
subsidiaries on Feb. 4, 2019, disclosed that the Company has
voluntarily filed for relief under Chapter 11 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the District of Delaware on
February 3, 2019.  Charlotte Russe intends to use these
proceedings to facilitate an orderly wind-down of a group of
approximately 94 of its store locations, while continuing to
pursue a going-concern sale of the business and assets.

Charlotte Russe and Peek stores and online platforms are currently
open and continuing to serve customers.  The Company will provide
more details about the plans for the closing locations of
Charlotte Russe and Peek and their store closing sales in the near
term.

Charlotte Russe has received a commitment for a debtor in
possession financing in the maximum amount of $50 million.  If
approved by the Bankruptcy Court, the financing will support the
Company's operations and administration during the Chapter 11
proceedings.

Charlotte Russe has filed a number of customary motions with the
U.S. Bankruptcy Court seeking authorization to operate its
business in the ordinary course during the Chapter 11 proceedings,
including, without limitation, authority to continue payment of
employee wages and benefits, and amounts due to shippers and
warehousemen, utility service providers and taxing authorities.
The Company also seeks authorization from the Court to continue to
honor certain customer programs.

Additional information regarding Charlotte Russe's Chapter 11
filing and information about the claims process is available at
www.donlinrecano.com/charlotterusse or by calling the Company's
claims agent, Donlin Recano, at (877) 864-4836 or submitting an
inquiry via e-mail to: crinfo@donlinrecano.com.

Cooley LLP is serving as the Company's legal counsel, Berkeley
Research Group is serving as its financial advisor, and Guggenheim
Securities, LLC is serving as its investment banker.

                     About Charlotte Russe

Charlotte Russe -- http://www.CharlotteRusse.com/-- is a fashion
brand for young women, offering affordable on-trend apparel, shoes
and accessories for all sizes, with a fun and engaging shopping
experience wherever and whenever she wants.  Charlotte Russe
operates in the contiguous 48 states, Hawaii and Puerto Rico
through their online store and mobile app, as well as over 500
brick-and-mortar stores located primarily in malls and outlet
centers.  In 2016, the Company expanded to include Peek Kids,
operating 10 stores and an ecommerce site.


LUBY'S INC: Stockholders Elected 9 Directors
--------------------------------------------
Luby's, Inc. held its annual meeting of shareholders in Houston,
Texas on Jan. 25, 2019.  As of Dec. 5, 2018, the record date for
the Annual Meeting, there were a total of 29,664,360 shares of
common stock of the Company outstanding and entitled to vote at
the Annual Meeting.  At the Annual Meeting, 26,940,743 shares of
Common Stock were represented in person or by proxy and,
therefore, a quorum was present.

At the Annual Meeting, the shareholders of the Company:

   (1) elected Gerald W. Bodzy, Judith Craven, Jill Griffin,
       Gasper Mir, III, Christopher J. Pappas, Harris J. Pappas
       and Twila M. Day as directors to serve for terms expiring
       at the 2020 annual meeting of shareholders of the Company;

   (2) ratified the appointment of Grant Thornton LLP as the
       Company's independent registered public accountants for the
       fiscal year ending Aug. 28, 2019;

   (3) approved the advisory vote on the compensation of the
       Company's named executive officers; and

   (4) did not approve the amendment of the Company's Amended and
       Restated Certificate of Incorporation to eliminate the
       supermajority voting requirement for shareholders to remove
       directors.

Approval of the Certificate Amendment Proposal required the
affirmative vote of the holders of 80% or more of the voting power
of the outstanding shares.

None of the four director candidates nominated by Bandera Master
Fund L.P. were elected.  Frank Markantonis and Joe McKinney,
candidates nominated by the Board, each received less than a
majority of the votes cast at the Annual Meeting but more votes
than each director candidate of Bandera.  Therefore, pursuant to
Section 141(b) of the Delaware General Corporation Law, Mr.
Markantonis and Mr. McKinney will remain directors of the Company
until successors for such directors are elected or until such
directors' earlier resignation or removal.

Contrary to what Bandera stated on its proxy card and in its proxy
statement filed with the SEC on Dec. 26, 2018, Bandera did not
vote the proxies it held for the Company's director candidates
other than Christopher J. Pappas, Harris J. Pappas, Frank
Markantonis and Gasper Mir, III, and instead only voted for its
own director candidates.

                         About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 140 restaurants nationally as
of Dec. 19, 2018: 82 Luby's Cafeterias, 57 Fuddruckers, one
Cheeseburger in Paradise restaurants.  Luby's is the franchisor
for 103 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama, and Colombia.  Luby's Culinary Contract Services provides
food service management to 30 sites consisting of healthcare,
corporate dining locations, and sports stadiums.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017.  As of Dec. 19, 2018, Luby's had $208.89
million in total assets, $100.83 million in total liabilities, and
$108.05 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and
net cash used in operating activities of approximately $8.5
million.  The Company's term and revolving debt of approximately
$39.5 million is due May 1, 2019.  The Company was in default of
certain debt covenants of its term and revolving credit agreements
maturing on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to
waive the existing events of default resulting from any breach of
certain financial covenants or the limitation on maintenance
capital expenditures, in each case that may have occurred during
the period from and including May 9, 2018 until Aug. 24, 2018, and
any related events of default.  Additionally, the lenders agreed
to waive the requirements that the Company comply with certain
financial covenants until Dec. 31, 2018, at which time the Company
will be in default without an additional waiver or alternative
financing.  These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.


LUBY'S INC: Provides Update Regarding Annual Meeting Results
------------------------------------------------------------
On Jan. 30, 2019, Luby's, Inc. filed a Form 8-K with the
Securities and Exchange Commission with the results from its
annual meeting of shareholders held in Houston, Texas on Jan. 25,
2019.  As indicated in the Election Results Filing, contrary to
what Bandera Master Fund L.P. stated on its proxy card and in its
proxy statement filed with the SEC on Dec. 26, 2018, Bandera did
not vote the proxies it held for the Company's director candidates
other than Christopher J. Pappas, Harris J. Pappas, Frank
Markantonis and Gasper Mir, III, and instead only voted for its
own director candidates.

Luby's said that at the Annual Meeting, the independent inspector
of elections pointed out to representatives of Bandera prior to
the closing of the polls that Bandera's voting was inconsistent
with the voting instructions outlined on Bandera's proxy card.  In
response, Bandera's proxy solicitor, who was one of the named
proxies in Bandera's proxy card, explicitly confirmed that he
understood and this was how he intended to vote.  The Company did
not learn about this issue until the Inspector of Elections
released the preliminary results three days later, which Bandera
chose to certify.  The Company's counsel was not contacted by
Bandera's lawyers about this purported "mistake" until after the
certification and public filing of the final vote results.  As a
legal matter, following the closing of the polls, there was no
legal action available to change the vote.  The Company's counsel
had explained that to Bandera's counsel.

                         About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 140 restaurants nationally as
of Dec. 19, 2018: 82 Luby's Cafeterias, 57 Fuddruckers, one
Cheeseburger in Paradise restaurants.  Luby's is the franchisor
for 103 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama, and Colombia.  Luby's Culinary Contract Services provides
food service management to 30 sites consisting of healthcare,
corporate dining locations, and sports stadiums.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017.  As of Dec. 19, 2018, Luby's had $208.89
million in total assets, $100.83 million in total liabilities, and
$108.05 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and
net cash used in operating activities of approximately $8.5
million.  The Company's term and revolving debt of approximately
$39.5 million is due May 1, 2019.  The Company was in default of
certain debt covenants of its term and revolving credit agreements
maturing on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to
waive the existing events of default resulting from any breach of
certain financial covenants or the limitation on maintenance
capital expenditures, in each case that may have occurred during
the period from and including May 9, 2018 until Aug. 24, 2018, and
any related events of default.  Additionally, the lenders agreed
to waive the requirements that the Company comply with certain
financial covenants until Dec. 31, 2018, at which time the Company
will be in default without an additional waiver or alternative
financing.  These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.


NAVEGAR NETWORK: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Navegar Network Alliance LLC
           aka Navigant Network Alliance LLC
        500 De La Tanca, Suite 209
        San Juan, PR 00901

Business Description: Navegar Network Alliance is an outsource
                      service provider in the field of medical
                      laboratory billing.

Chapter 11 Petition Date: February 4, 2019

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Case No.: 19-00558

Judge: Hon. Brian K. Tester

Debtor's Counsel: Nayuan Zouairabani Trinidad, Esq.
                  MCCONNEL VALDES LLC
                  270 Munoz Rivera Ave Suite 7
                  San Juan, PR 00918
                  Tel: 787-250-5619
                  E-mail: nzt@mcvpr.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $100 million to $500 million

The petition was signed by Brian Campbell, vice-presient of
operations.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:

    http://bankrupt.com/misc/prb19-00558_creditors.pdf

A full-text copy of the petition is available for free at:

           http://bankrupt.com/misc/prb19-00558.pdf


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PETROLEOS DE VENEZUELA: Rosneft Says Firm Still Owes it $2.3BB
--------------------------------------------------------------
Tsvetana Paraskova at oilprice.com reports that in 2018, Venezuela
repaid US$2.3 billion of the loan it had received from Rosneft
years ago, but the Latin American country still owes another
US$2.3 billion, excluding interests, Rosneft said in its 2018
results release.

Rosneft has extended US$6 billion of loans to PDVSA, which needs
to be fully redeemed in crude oil supplies by the end of this
year, according to oilprice.com.

As of December 31, 2017, Venezuela's state oil firm PDVSA had to
repay US$4.6 billion of the loan, the report discloses.  Through
the course of 2018, it reimbursed half of that amount, excluding
interests, according to Rosneft's 2018 financials presentation,
the report relays.  As of December 31, 2018, Venezuela still owed
Rosneft US$2.3 billion, the report discloses.

Referring to its oil assets in Venezuela, the Russian oil company
said that it has participation in five oil projects and holds 100
percent in a gas project, with export rights, the report says.

Dmitry Peskov, spokesman for Russia's President Vladimir Putin,
said that Russia -- which stands by Nicolas Maduro in the
Venezuelan political crisis -- would use "all available legal
mechanisms" to defend its interests, including oil interests, in
the Latin American country, the report relays.

According to analysts briefed by S&P Global Platts, whatever the
outcome of Venezuela's political impasse, Rosneft won't be cut off
from Venezuelan oil assets, as oil is pretty much the only hard-
currency revenue the country can get, the report says.  An analyst
at a Western bank estimates Rosneft's assets in Venezuela at up to
US$2.5 billion, plus another US$2.5 billion in crude supplies for
the loan to PDVSA, the report relays.  Even in the unlikely
scenario of Rosneft losing all the money it has poured in
Venezuela's oil, the outcome would be "biting but not critical"
for the Russian firm, the analyst told Platts, the report notes.

While Rosneft and Russia are left calculating the potential
financial losses from Venezuela's oil, bond holders of PDVSA are
also in a difficult position as trading in PDVSA bonds stopped
after the U.S. sanctions on the state oil company and its
securities, the report says.

PDVSA may stop servicing the only bond-notes due in 2020-it has
kept on servicing even as it has skipped billions of other bond
payments, Francisco Rodriguez, chief economist at Torino Capital
in New York, told Bloomberg, the report notes.  The 2020 notes are
backed by a first-priority lien on a 50.1-percent in PDVSA's U.S.
refining unit Citgo, but Maduro's regime has no incentive to
service the bond since Venezuelan oil-related bank accounts are
handed over to opposition leader Juan Guaido, whom the U.S. and a
lot of European nations recognize as the interim president of
Venezuela, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2018, S&P Global Ratings affirmed its 'SD' global scale
issuer credit rating and 'D' issue-level ratings on Petroleos de
Venezuela S.A. (PDVSA).


PETROLEOS DE VENEZUELA: Guaido to Appoint Baquero as President
--------------------------------------------------------------
S&P Global Platts reports that self-declared Venezuelan interim
president Juan Guaido has said he will appoint Gustavo Baquero, an
oil industry veteran and university professor, as president of
state Petroleos de Venezuela S.A. (PDVSA), sources close to Guaido
said.

There was no information available about who would accompany
Baquero on a parallel PDVSA board of directors appointed by
Guaido, the leader of Venezuela's National Assembly, according to
S&P Global Platts.  There were also no details of the date on
which the appointment of Baquero will be made.

An engineer, Mr. Baquero, 43, has extensive international
experience in the oil industry, studied business at Harvard
University and graduated from the Andres Bello Catholic University
(UCAB) in Caracas, the report relays.  He has been a professor of
petroleum economics at the UCAB and of business management of
hydrocarbons at the Institute of Higher Studies in Administration
(IESA) in Caracas, the report discloses.

Since proclaiming himself interim president on January 23 and
leading the popular movement to overthrow the government of
President Nicolas Maduro, the Maduro regime has come under
increasing international pressure, with Guadio recognized as
interim president by more than 40 governments, including the US,
Brazil, Canada, France, Germany and the UK, the report says.

Manuel Quevedo, a former brigadier general in the National Guard
with no previous oil experience, was posted to the position by
Maduro in late 2017 as the head of PDVSA and oil minister, the
report relays.  In his capacity as Venezuela's top OPEC
representative, Quevedo holds the rotating OPEC presidency for
2019, the report notes.

Guaido has also announced plans to revamp the board of PDVSA's
embattled US refining and marketing unit, Citgo Petroleum, to ease
political pressures on the company, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2018, S&P Global Ratings affirmed its 'SD' global scale
issuer credit rating and 'D' issue-level ratings on Petroleos de
Venezuela S.A. (PDVSA).


                            ***********


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 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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