TCRLA_Public/190305.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, March 5, 2019, Vol. 20, No. 46



ODEBRECHT SA: Bondholders Offer Debt Relief Plan
SMAR EQUIPAMENTOS: Chapter 15 Case Summary

C A Y M A N   I S L A N D S

OCEAN RIG: Oral Argument on Investor Appeal Scheduled for March 14

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Implements IMF's Enhanced e-GDDs System
DOMINICAN REPUBLIC: Industries Discard 30% Hike to Minimum Wage


INTERNATIONAL AIRPORT: Fitch to Rate Sr. Secured Notes 'B(EXP)'


JAMAICA: Will be Good After IMF, Says EPOC Official

P U E R T O   R I C O

REMLIW INC: Case Summary & 3 Unsecured Creditors

T R I N I D A D   A N D   T O B A G O

LIAT: Facing Financial Problems Again


PETROLEOS DE VENEZUELA: Ordered to Move Lisbon Office to Moscow
VENEZUELA: Guaido Calls for Protests Ahead of Return

                           - - - - -


ODEBRECHT SA: Bondholders Offer Debt Relief Plan
Edith Moy at Bloomberg News reports that creditors of Odebrecht
SA's engineering and construction division holding more than $1
billion of the Brazilian company's bonds said they have proposed a
debt restructuring, including a four-year extension of maturity.

Odebrecht hasn't responded yet to the proposal the creditor group
said in a statement, according to Bloomberg News.

The company was said in December to be running out of collateral it
can pledge to creditors of its scandal-plagued construction unit,
Bloomberg News says.  The subsidiary, Odebrecht Engenharia e
Construcao SA, said in November that it will restructure debt after
missing a coupon payment, Bloomberg News relays.

Key terms of the proposal include:

   -- a four-year maturity extension, along with the ability to pay
all interest in kind through 2021 at the company's option in order
to preserve cash

   -- no reduction in principal amount, no impairment of the equity
interests of Odebrecht

   -- other terms such as an enhanced covenant package, including
prohibition on dividends and other restricted payments until notes
have been fully repaid, and a guarantee from Odebrecht and liens on
certain assets, including shares of Braskem
The company was planning to ask bondholders to accept losses of
more than 70 percent as part of a restructuring of about $3 billion
in outstanding bonds, Reuters reported last month, Bloomberg News

                     About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American engineering
and construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto is
the world's largest builder of hydroelectric plants, of sanitary
and storm sewers, water treatment and desalination plants,
transmission lines and aqueducts.  The Group's main businesses are
heavy engineering and construction based in Rio de Janeiro, Brazil,
and Braskem S.A., its chemicals/petrochemicals company, based in
Sao Paulo, Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2016, The Wall Street Journal related that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person close
to the negotiations.  The move could roil the nation's political
class yet again.  The testimony of the former industrialist, which
is part of the deal, has the potential to implicate numerous
politicians who allegedly took kickbacks from contractors as part
of a years-long graft ring centered on Brazil's state-run oil
company, Petroleo Brasileiro SA, known as Petrobras, according to
The Wall Street Journal.

SMAR EQUIPAMENTOS: Chapter 15 Case Summary
Chapter 15 Debtor:      Smar Equipamentos Industrias Ltda., et al.
                        Rua Augusto Zanini, 895, Jardim Sumare
                        ZIP: 14170-550
                        Sertaozinho, Sao Paulo, SP
Business Description:   Smar Equipamentos Industrias Ltda. --
               is a manufacturer   
                        of process control instruments in Brazil.
                        Founded in 1974, the Company has developed
                        a line of instruments for processes
                        control for chemical and petrochemical,
                        ethanol, food & beverage, mining, oil
                        & gas, pulp & paper, sugar, and water &
                        waste water industries.

Chapter 15
Petition Date:          February 28, 2019

Court:                  United States Bankruptcy Court
                        Southern District of Florida (Miami)

Chapter 15 Case No.:    19-12734

Judge:                  Hon. Robert A. Mark

Representative:         Alexandre Borges Leite
                        Rua Aldo Focosi, 420
                        Bairro Presidente Medici - Unidade 52
                        Ribeirao Preto, Sao Paulo SP
                        Brazil ZIP: 14091-310

Counsel:                Leyza F. Blanco, Esq.
                        SEQUOR LAW, P.A.
                        1001 Brickell Bay Drive, 9th Floor
                        Miami, FL 33131
                        Tel: 305-372-8282

Estimated Assets:       Unknown

Estimated Debts:        Unknown

A full-text copy of the Chapter 15 petition is available for free


C A Y M A N   I S L A N D S

OCEAN RIG: Oral Argument on Investor Appeal Scheduled for March 14
Oral argument on an appeal by American investor Tally Mindy Wiener
has been scheduled to take place on March 14, 2019, at 10 a.m.,
before the United States Court of Appeals for the Second Circuit.

The investor runs a law practice and serves as Coordinating Editor,
International for the American Bankruptcy Institute.  She is
seeking appellate review of injunctions entered in favor of Ocean
Rig UDW Inc., a Greek offshore oil drilling enterprise, by the U.S.
Bankruptcy Court for the Southern District of New York in the
chapter 15 bankruptcy proceedings of Ocean Rig.

For more information about the issues to be heard in the appeal,
which is docketed under case number 18-1374, please visit

The United States Court of Appeals for the Second Circuit holds
oral arguments that are open to the public.  The courthouse is
located in downtown Manhattan at 40 Foley Square.  It is footsteps
away from City Hall and the Brooklyn Bridge and can be reached by
public transportation.

                         About Ocean Rig

Nicosia, Cyprus-based Ocean Rig UDW Inc. (NASDAQ: ORIG) -- is an international offshore drilling
contractor providing oilfield services for offshore oil and gas
exploration, development and production drilling, and specializing
in the ultra-deepwater and harsh-environment segment of the
offshore drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of the
Restructuring.  By orders of the Cayman Court dated March 27, 2017,
Simon Appell and Eleanor Fisher were appointed as the JPLs and duly
authorized foreign representatives, and the Cayman Provisional
Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for Ocean
Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on
March 27, 2017, to seek recognition of the Cayman proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New

                          *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands sanctioned
the schemes of arrangements of the Company and its subsidiaries,
Drill Rigs Holdings Inc. ("DRH"), Drillships Financing Holding Inc.
("DFH"), and Drillships Ocean Ventures Inc., ("DOV," and together
with UDW, DRH and DFH, the "Scheme Companies").  The terms of the
restructuring have therefore been approved by the Cayman Court.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Implements IMF's Enhanced e-GDDs System
The Dominican Republic has implemented the recommendations of the
IMF's Enhanced General Data Dissemination System (e-GDDS) by
publishing essential data through the National Summary Data Page
(NSDP).  The e-GDDS was established by the IMF in 2015 to support
improved data transparency, encourage statistical development, and
help create synergies between data dissemination and surveillance.
The NSDP is a national "data portal" that serves as a one-stop
publication vehicle for essential macroeconomic data on the
national accounts, government operations and debt, monetary and
financial sector, and balance of payments.

The NSDP is hosted by the Central Bank of the Dominican Republic,
utilizing the Statistical Data and Metadata Exchange. A link to the
Dominican Republic's NSDP is available on the IMF's Dissemination
Standards Bulletin Board. The NSDP contains links to statistics
published by the Central Bank, the Ministry of Finance and the
National Office of Statistics.

Publication of essential macroeconomic data through the NSDP will
provide national policy makers and domestic and international
stakeholders, including investors and rating agencies, with easy
access to information critical for monitoring economic conditions
and policies. Making this information easily accessible in both
human and machine-readable formats will allow users to have
simultaneous access to timely data and bring greater data

Louis Marc Ducharme, Chief Statistician and Data Officer, and
Director of the IMF's Statistics Department, welcomed this major
milestone in the country's statistical development. "I am confident
that the Dominican Republic will benefit from using the e-GDDS as a
framework for further development of its statistical system."

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

DOMINICAN REPUBLIC: Industries Discard 30% Hike to Minimum Wage
Dominican Today reports that Dominican Industries Association
(AIRD) Vice President Circe Almanzar, said labor's proposed 30%
increase to the minimum wage would put employers in a very
"cumbersome" position, since in her view there are no conditions to
do so.

"The increase of 30% could cause a very cumbersome situation for
the business sector, definitely there are no conditions to think
about the salary increase of 30%," according to Dominican Today.

When fielding reporters' questions after the presentation of the
Industry and Commerce Ministry's Digital Productive Chaining
Program, Almanzar said the capacity of each company and the
methodology should be taken into account, the report notes.  "The
law of SMEs must be taken into account to restructure the salary,
for which there is dialogue," the report quoted Mr. Almanzar as

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


INTERNATIONAL AIRPORT: Fitch to Rate Sr. Secured Notes 'B(EXP)'
Fitch Ratings expects to assign a 'B(EXP)' rating to the fixed-rate
senior secured notes (the notes) for up to USD510 million to be
issued by International Airport Finance S.A. (the issuer) in
connection with Corporacion Quiport S.A. (Quiport), the
concessionaire of Ecuador's Aeropuerto Internacional Mariscal
Sucre. The Rating Outlook is Negative.


Summary: The rating reflects Quiport's strategic but somewhat
modest traffic base, comprising mostly origin and destination (O&D)
and leisure-oriented passenger traffic, a history of moderate
volatility, and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
They also reflect a tariff setting mechanism that allows for
adjustments by local and the U.S.'s consumer price index and the
rated debt's strong structural features such as no refinancing risk
and the presence of additional liquidity, most notably, a 12-month
offshore Debt Service Reserve Account (DSRA) and a capex reserve
account covering staggered percentages of the next 18 months of
capex needs.

Quiport's ability to service its debt withstands domestic economic
shocks, supported by the participation of international
traffic-related revenues of over 50% of total revenue and the
proven resiliency of the concession framework to adverse political
environments. Break-even analysis show minimal dependency to
domestic traffic and no dependency on international traffic

Average rating case debt service coverage ratio (DSCR) is 1.4x,
while minimum DSCR is 1.1x in year 2032; maximum leverage, measured
as net debt to cash flow available for debt service (CFADS), is
5.8x in year 2019. Credit metrics are commensurate with higher
ratings according to Fitch's applicable criteria. An additional
layer of comfort is provided by the eight-year tail before the
concession's maturity. However, the rating is constrained by
Ecuador's sovereign risk. The presence of a 12-month DSRA provides
sufficient liquidity to preserve debt service should short lived
exchange controls be imposed, supporting a rating of 'B' with a
Negative Outlook, one notch above Ecuador's Country Ceiling (B-).

The Negative Outlook on the notes reflects the Negative Outlook on
Ecuador's Long-Term Foreign-Currency Issuer Default Rating (LT FC
IDR) of 'B-'.

O&D, Leisure-oriented Airport - Revenue Risk: Volume – Midrange

The airport is located in Quito's metropolitan region, which
accounts for 16% of the country's population and has a catchment
area with 2.6 million people and an enplanement base of 5.2 million
paying passengers (pax). The airport's traffic base is mostly O&D,
with leisure-oriented exceeding business traffic. Traffic
volatility is moderate with the largest historic peak to trough of
13.7% occurring between 2014 and 2016, with traffic yet to recover.
Positively, traffic has presented a growth trend in 2017 and 2018.
Carrier concentration in terms of revenue is low. There is some
competition from Ecuador's second largest airport, Guayaquil's Jose
Joaquin de Olmedo International Airport.

Dual Till Regulation - Revenue Risk: Price – Midrange

Regulated revenue tariffs readjusted according to Ecuador's and the
U.S.'s inflations and commercial revenues have no tariff-setting
restrictions. The framework does not include a price recovery model
or pax decline adjustment mechanisms.

Modern Infrastructure - Infrastructure Development/Renewal:

Modern and well-maintained airport with detailed short- and
long-term expansion plans. Future expansions are to be funded with
internal cash flow generation, while the associated expenditures
are smoothed through a rolling capex reserve. The concession
framework does not provide a recovery of expenditures via rate

Fully Amortizing Debt Structure - Debt Structure: Stronger

Senior secured debt composed of a single U.S. Dollar-denominated
tranche with a fully amortizing repayment profile. Structural
features include offshore debt service, O&M, maintenance and capex
reserve accounts, as well as robust debt incurrence and dividend
distribution tests.

Financial Profile

Rating case financial metrics are consistent with higher ratings,
according to applicable criteria for airports with midrange
attributes for volume and price risks. Leverage, measured as net
debt to CFADS, is 5.8x at its maximum in year 2019 and decreases
progressively. Coverage, measured as average DSCR is at 1.4x, while
minimum DSCR is at 1.1x in 2032.


Quiport's closest peer is ACI Airports Sudamerica (ACI;
BBB-/Positive), the indirect owner of Puerta del Sur S.A., who
holds the concession for Montevideo's Carrasco International
Airport in Uruguay. Both airports are the main international
gateways to their countries, are O&D assets and share volume and
price risk attributes, although Quiport is more exposed to
leisure-oriented traffic than ACI is. Maximum leverage at Quiport
is 5.8x in 2019, higher than ACI's 3.9x. ACI's average DSCR is
1.4x, the same as Quiport's. Sovereign risk is materially different
for the two projects, with Quiport located in Ecuador (LT FC IDR:
B-/Negative; Country Ceiling: B-) and ACI in Uruguay (LT FC IDR:
BBB-/ Negative; Country Ceiling: BBB+).


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

  - A Negative Rating Action on Ecuador's Sovereign Rating;

  - Severe and prolonged traffic underperformance with respect to
Fitch's Rating Case.

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

  - A Positive Rating Action on Ecuador's Sovereign Rating.


The issuer will use the net proceeds of the notes to (i)
irrevocably purchase and assume all of Quiport's existing lenders'
rights and obligations under the existing loans, and (ii) make new
loans to Quiport (the new loans). Quiport will apply the proceeds
of the new loans, together with funds in its existing accounts to
repay in full all amounts outstanding under its intercompany loans,
make a retained dividend distribution to its shareholders following
completion of its corporate reorganization, and for certain general
corporate purposes. The aggregate principal amount of the new loans
will be in an amount equal to the aggregate principal amount of the

Aeropuerto Mariscal Sucre is Ecuador's main airport, with 48% of
the country's offer (6.2 million seats), and acts as its main
international gateway both for passengers and cargo. The airport is
owned by Empresa Publica Metropolitana de Servicios Aeroportuarios
- Municipality of Quito (EPMSA) and is currently operated by
Quiport under a 35-year concession agreement; the airport will be
handed back to EPMSA at the end of the concession in 2041.

The concession included the administration and maintenance of the
old airport until cease of operations; and the development, design,
financing and construction of the new airport, as well as its
operation, administration, and maintenance once completed and until
January 2041. Quiport transitioned to the new airport in 2013, with
operations in the old airport ceasing that same year. The new
airport allows more efficient and safer operations (larger runaway
and capacity for larger planes to operate), adaptable facilities
(land available for expansions), and compliance with all
international regulations.

Fitch Cases

Key Assumptions:

  -- Inflation Rate for Base Case (BC) and Rating Case (RC) in
Ecuador: 2019: 0.5%; 2020: 1.5%; onward: 2.0% / year;

  -- Inflation Rate for BC and RC in the U.S.: 2019: 2.1%; 2020
onwards: 2.0% / year;

  -- International PAX Compounded Average Growth Rate (CAGR): 3.5%
(BC); 1.3% (RC);

  -- Domestic PAX CAGR: 3.2% (BC); 1.0% (RC);

  -- OpEx: +3% (BC); +5% (RC);

  -- CapEx: +3% (BC); +5% (RC);

  -- Litigations Cost: 0 (BC); USD100 million amortized over 10
yearly payments of USD1 million (RC).

Credit Metrics:

  -- Average DSCR: 1.7x (BC); 1.4x (RC);

  -- Minimum DSCR: 1.5x (BC); 1.1x (RC);

  -- Net Debt / CFADS: 5.7x (BC); 5.8x (RC).

Break-even analysis is performed on each of the Quiport's main risk
factors while using base case assumptions for the other variables;
break-evens represent the compounded average growth or decrease
rate of a single variable up until the year in which the
transaction no longer supports additional stresses in the relevant
variable. The additional liquidity in the transaction, mainly
present in the expansion capex reserve account and the DSRA,
provides enough support for it to withstand stresses in the key
variables as well as short lived exchange controls.
Break-even results and the corresponding year are:

  -- International pax Growth: -8% - 2031

  -- Domestic pax Growth: -100%

  -- OpEx: +130% - 2020

  -- CapEx: +350% - 2023


The notes will be secured for the benefit of the noteholders by a
first-priority security interest in (a) all of the capital stock of
the Issuer, (b) the issuer's rights under the new loans, (c) the
Issuer's debt service payment account and DSRA and amounts on
deposit therein, (d) all of the capital stock of Quiport, (e) all
future subordinated indebtedness incurred by the Issuer and (f) any
proceeds of the Issuer.


JAMAICA: Will be Good After IMF, Says EPOC Official
--------------------------------------------------- reports that Economic Program Oversight Committee
(EPOC) Co-Chair, Keith Duncan believes Jamaica is and will be in
good stead to manage its affairs after the borrowing relationship
with the International Monetary Fund (IMF) concludes later this

"We will have sufficient [net international] reserves, our debt
levels will be down, tax revenues are buoyant, and we will continue
to run primary surpluses, so that our debt to gross domestic
product [GDP] ratio can be reduced to 60 per cent in fiscal year
2025/26," the report quoted Mr. Duncan as saying.

He said Government's first Supplementary Budget target of $378.1
billion, and was 10.1 per cent over the intake of $353.1 billion
for the corresponding period in 2017; revenue and grants amounting
to $448.8 billion, which exceeded the budgeted $437.3 billion by
2.6 per cent; and a seven per cent Central Government Primary
Surplus out-turn of $107.7 billion, which surpassed the $68-billion
PSBA target, and the Government's $809-billion first Supplementary
Budget target for 2018, the report relays.

The EPOC Co-Chair also indicated that capital expenditure, year
over year, increased by $14.4 billion or 46.6 per cent from $31
billion between April and December 2017 to $45.4 billion for the
corresponding period last year, the report notes.

The report discloses that key among the monetary targets, Duncan
further stated, are a nine-month non-borrowed reserves total of
US$2.5 billion, which significantly exceeded the PSBA target of
US$2.2 billion; and net international reserves amounting to just
over US$3 billion.

He also advised that the value of Jamaica's dollar vis-à-vis the
United States dollar as at February 25, 2019, was J$131.02 to US$1,
the report says.

This, he said, reflected an appreciation of 1.9 per cent ($2.54),
following a 6.56 per cent ($8.38) depreciation the previous month,
the report notes.

The EPOC Co-Chair said the overall strong performance enabled the
Government to meet all eight macro-fiscal structural benchmarks,
spanning November 2016 to December 2018, the report says.

"The Government has also met the 14 structural benchmarks for
public-sector transformation, public bodies and public-service
reform through end-November 2018," Mr. Duncan indicated.

The report notes that he advised that the sole outstanding PSBA
structural benchmark is capping of the total stock of domestic
arrears of seven public bodies at $6.4 billion during the program
period, "which is being met on a monthly basis, to date, by the

The report relays that Mr. Duncan said based on these out-turns,
coupled with the projected decline in the debt to GDP ratio to 96.4
per cent by the end of the 2018/19 fiscal year on March 31, and to
90.9 per cent at the end of 2019/20, "Jamaica is in a good place to
be able to move on its own".

He noted that the fifth PSBA review ends on March 8, with the final
slated for June 2019, the report says.

"So, we will be on our own and not in an IMF programme, according
to statements from Prime Minister [Andrew Holness] and Minister of
Finance and the Public Service [Dr. Nigel Clarke]," Mr. Duncan
said, the report relays.

The report discloses that the EPOC Co-Chair noted that successive
Administrations have, since 2013, remained fiscally disciplined and
prudent in negotiating Jamaica through the economic challenges

Additionally, he said measures have been implemented and are being
pursued to further consolidate the gains recorded, in efforts to
resuscitate Jamaica's economy, the report notes.

Notably, Mr. Duncan pointed out, is establishment of the
independent Fiscal Council, slated to be up and running by the end
of 2019, and affording greater autonomy to the Bank of Jamaica,
through legislation, measures which are intended to ensure Jamaica
"remains on track," the report discloses.

He argued that debt reduction to 60 per cent of GDP will afford the
Government increased fiscal space to channel greater resources into
education, health, social transformation, and social intervention,
thereby "spurring economic growth," the report adds.

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

P U E R T O   R I C O

REMLIW INC: Case Summary & 3 Unsecured Creditors
Debtor: Remliw Inc.
          aka Monte Idilio Inc.
          aka Motel Destiny
        PO Box 10
        Hormigueros, PR 00660

Business Description: Remliw Inc. is a privately held company
                      whose principal assets is a motel facility
                      located at Carr 639 Km 2.1 Arecibo, PR

Chapter 11 Petition Date: March 2, 2019

Court: United States Bankruptcy Court   
       District of Puerto Rico (Ponce)

Case No.: 19-01179

Judge: Hon. Edward A. Godoy

Debtor's Counsel: Damaris Quinones Vargas, Esq.
                  LCDA. DAMARIS QUINONES
                  PO Box 429
                  Cabo Rojo, PR 00623
                  Tel: 787-851-7866
                  Fax: 787-851-1717

Total Assets: $3,300

Total Liabilities: $2,776,090

The petition was signed by Wilmer Tacoronte Negron, administrator.

A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at:


T R I N I D A D   A N D   T O B A G O

LIAT: Facing Financial Problems Again
Kim Boodram at Trinidad Express reports that regional air-carrier
LIAT, operating as Leeward Islands Air Transport, is again in
financial difficulty, this time facing shutdown in ten days unless
it receives a cash injection of US$5 million.

This was disclosed by Trinidad and Tobago Prime Minister Dr. Keith
Rowley, who also said T&T is not likely to get involved again in
the operational aspect of LIAT as Government's shares in the
airline amount to some one per cent, according to Trinidad

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport in
Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016, reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of the
airline should not be underestimated that the Antigua-based LIAT
remains important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was attempting to lose excess baggage as part of measures
to make the carrier "a smaller airline in 2015."  In a document,
signed by Director of Human Resources Ilean Ramsey, eligible
employees were asked to opt to apply for voluntary separation or
early retirement packages to avoid being made redundant, according
to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing, that
chairman of the shareholder governments of the financially troubled
regional airline LIAT, Dr. Ralph Gonsalves said while he is unaware
of the details regarding any possible retrenchment of employees,
the airline needs to deal with its high cost of operations.

The TCR-LA on March 10, 2014, citing, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation of
Chief Executive Officer Captain Ian Brunton, David Evans replaced
Mr. Brunton as chief executive officer.


PETROLEOS DE VENEZUELA: Ordered to Move Lisbon Office to Moscow
Polina Ivanova and Maria Tsvetkova at Reuters report that
Venezuelan President Nicolas Maduro has ordered state oil company
Petroleos de Venezuela S.A. (PDVSA)'s office in Lisbon to be
relocated to Moscow, Vice President Delcy Rodriguez said, a move
she said was designed to help safeguard her country's assets.

Moscow has backed Maduro in the face of a political challenge from
opposition leader Juan Guaido, who declared himself interim
president in January -- a move backed by most Western nations,
according to Reuters.

Mr. Rodriguez, explaining the decision to move PDVSA's office at a
joint news conference in Moscow with Russian Foreign Minister
Sergei Lavrov, said Europe had shown it was no longer able to
guarantee the safety of Venezuela's assets, the report notes.

She cited the Bank of England's reluctance to hand over her
country's gold supplies as an example, and said Caracas was now
determined to expand cooperation with Russia, the report

The PDVSA office move corresponded with plans to expand technical
cooperation in extracting oil with Russian oil companies Rosneft
and Gazprom, she added, the report relays.

"We are going to make industrial investments to produce everything
we need in our country with the Russian Federation's help," said
Rodriguez.  "We (Venezuela and Russia) are strategic partners," she

The decision to move the office to Moscow came after a source at
Gazprombank told Reuters last month it would freeze PDVSA's
accounts and halt transactions with the firm to reduce the risk of
the Russian lender falling under U.S. sanctions, the report

The report notes that Mr. Lavrov told the same news conference that
Russia had sent a first shipment of medical aid to Venezuela and
that Moscow was also helping Venezuela with supplies of wheat.

Russia has supplied 64,100 tons of wheat to Venezuela so far in the
2018/19 marketing season, data from Russia's SovEcon agriculture
consultancy showed on Feb. 18, the report relays.

Russia has accused the United States of trying to engineer an
illegal coup to topple President Maduro and the prospect of his
being ousted is a geopolitical and economic headache for Moscow,
the report says.

Russia, like China, has become a creditor of last resort for
Caracas, lending it billions of dollars as its economy implodes,
the report notes.  Moscow has also helped its military and oil

Kremlin spokesman Dmitry Peskov said earlier that there were no
talks at the moment between Maduro and President Vladimir Putin
about Moscow lending Caracas more money, but that Russia was
watching the situation closely, the report relays.

"We're interested in continuing cooperation with Venezuela,
especially since many of our companies are working on quite big
projects there," the report quoted Mr. Peskov as saying.

"We hope that these projects have good prospects, that there are
prospects to expand them, and of course we hope our Venezuelan
partners can overcome the internal political and economic
difficulties they are facing as soon as possible," he added.

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).

VENEZUELA: Guaido Calls for Protests Ahead of Return
VOA News reports that Venezuela opposition leader Juan Guaido
called on the Venezuelan people to take to the streets to coincide
with his planned return after touring Latin American allies.

"I'm announcing my return to the country. I am calling on the
Venezuelan people to mobilize all over the country [March 4] at
11:00 am (1500 GMT)," Mr. Guaido wrote on Twitter, according to VOA

The opposition leader is expected to reach Caracas March 4.  He
left the Ecuadorian coastal town of Salinas aboard an Ecuadorian
air force plane after meeting with Ecuadorian President Lenin
Moreno, the report notes.  His travel plans have not been made
public, but a spokesman said Mr. Guaido would be in Caracas in time
for the Carnival season, which begins March 4, the report notes.

Mr. Guaido has said he expects to be arrested upon his return.

The report relays that Mr. Guaido, recognized by the U.S. and 50
other countries as Venezuela's interim leader, heads Venezuela's
National Assembly.  He used his authority to invoke the
constitution to declare President Nicolas Maduro's leadership
illegitimate because of election fraud and declare himself interim
president, the report notes.

Mr. Guaido met with U.S. Vice President Mike Pence and other
regional leaders in Bogota, Colombia, and later traveled to Brazil
and Paraguay, the report notes.

The United States increased its pressure on Venezuela, imposing
sanctions on six high-ranking security officials as well as
revoking the visas of dozens of other high officials, the report

The Trump administration said the sanctions were a response to
Venezuelan military officials, who last weekend blocked an
opposition-backed effort to bring food into the country, the report
says.  At one border point, aid trucks caught fire and several
people died, 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'.


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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