TCRLA_Public/190306.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

          Wednesday, March 6, 2019, Vol. 20, No. 47

                           Headlines



B R A Z I L

BANCO INDUSTRIAL: Moody's Affirms 'Ba2' Deposit Ratings
BRAZIL: Economy Edges Up 1.1% for Second Straight Year
JBS SA: Imports Corn First Time in 2019


J A M A I C A

JAMAICA: Now Tapping Into Dormant Bank Accounts


P U E R T O   R I C O

AMADO AMADO: April 24 Hearing on Disclosure Statement
CAGUAS COPY: Taps Gratacos Law Firm as Legal Counsel
CHARLOTTE RUSSE: Sets Bidding Procedures for All Assets
FNJCC CORP: Hires Cynthia I. Garcia Fraticelli as Accountant
INVERSIONES CARIBE: Condado Stops Continued Cash Collateral Use



V E N E Z U E L A

PETROLEOS DE VENEZUELA: Guaido Seeking to Make Payment on Bond
PETROLEOS DE VENEZUELA: Offers Spot Crude Following US Sanctions

                           - - - - -


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B R A Z I L
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BANCO INDUSTRIAL: Moody's Affirms 'Ba2' Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed all ratings assigned to
Banco Industrial do Brasil S.A. (BIB), including the long-and
short-term deposit ratings of Ba2 and Not Prime (NP) for local
currency and Ba3/Not Prime for foreign currency in global scale,
the long and short-term national scale deposit rating of
Aa3.br/BR-1, as well as the long and short-term counterparty risk
rating of Ba1/ Not Prime, in local and foreign currencies. Moody's
also affirmed BIB's assessments, including the baseline credit
assessment (BCA) of ba2, and counterparty risk assessments of
Ba1(cr) for long-term and Not Prime(cr) for short-term. The ratings
have a stable outlook.

RATINGS RATIONALE

The affirmation of BIB's ratings reflects Moody's expectation that
the bank will continue to report adequate financial metrics over
the next 12 to 18 months, supported by a consistent business
strategy that results in stable and recurring profitability, strong
capital cushion and low delinquency levels. BIB's earning
generation will remain modest and will benefit from an anticipated
higher volume of loan origination, despite increased competition
from peer banks and low interest rates. BIB's core business is
lending to small and mid-sized companies (SMEs), from which it
sources most of its revenues, complemented by earnings from payroll
lending to public servants.

BIB's loan portfolio grew 16.5% in 2018, which was far above the
5.5% system's growth, and partially supported the decline in the
90-day problem loan ratio to 0.8% of total loans from 1.4% one year
prior. In general, BIB's asset quality still performs better than
the industry's average metrics, reflecting the bank's high volume
of short-term, collateralized loans, backed by self-liquidating
receivables, which help mitigate credit risk. On the other hand,
the high loan renegotiation volume and early delinquency ratios
raise potential challenges to asset risk if Brazil's economic
recovery remains tepid. In a possible downturn scenario, BIB's high
exposure to the largest 20 borrowers relative to tangible common
equity (TCE), at 136% as of December 2018, could pressure asset
risk.

BIB has also demonstrated capacity to deliver modest but positive
bottom-line results, with the ratio of net income to tangible
banking assets averaging 1.56% over the past 5 years. However, the
bank's performance in 2018 was driven by flat income from loans and
stronger treasury gains and fees, in addition to lower provision
for credit losses.

A key positive factor supporting BIB's ratings is the bank's
consistent high levels of capital, with ratios of Moody's TCE to
risk weighted assets (RWAs) above 15.5% over the past 6 years, even
after accounting for payout ratios usually above 50%. In 2019,
Moody's expects the bank will face modest pressure on capital if it
reports double-digit growth of its credit portfolio.

BIB's ratings are constrained by its concentrated funding base,
with large reliance on highly confidence-sensitive wholesale
depositorss. Although the bank reports a dependence on market funds
below 30% of its total funding, the 20 largest investors account
for roughly 50% of local funds, including deposits, deposits
like-instruments (LCIs and LCAs) and local banknotes (LFs). In
addition, more than 70% of such funds are comprised of assets and
investment funds, financial institutions and private pension
investors. Moody's expects no material change in BIB's funding
position in the next 12 to 18 months, since the bank has limited
access to fundraising from both brokers and its still-incipient
digital platform. BIB's modest liquidity cushion is offset by an
adequate asset liability management.

The affirmation of BIB's Ba2 deposit ratings also reflects the
affirmation of the bank's adjusted BCA of ba2 and does not
incorporate any uplift from affiliate or government support.

WHAT COULD CHANGE THE RATINGS UP/DOWN

BIB's ratings are at the same level as Brazil's sovereign rating,
and therefore, upward ratings movement is unlikely at this point,
unless the sovereign rating of Brazil is upgraded and provided the
bank's financial strength, including its above peers' asset quality
and capital remains robust.

However, BIB's ratings could be downgraded if the sovereign rating
is downgraded, because the bank's standalone BCA is constrained by
the sovereign rating. There could be negative pressure on BIB's
ratings as a result of material asset-quality deterioration and
lower profitability coming from higher provisions and an increase
in funding costs. A consistent decline in profitability could
compromise the bank's capacity to replenish capital through
earnings, which could be negative in the long run.

METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.

Banco Industrial do Brasil S.A. is headquartered in Sao Paulo,
Brazil. As of December 30, 2018, BIB reported consolidated assets
of BRL3.2 billion and shareholders' equity of BRL510 million.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco Industrial do Brasil
S.A. were affirmed:

  - Long-term global local currency deposit rating of Ba2; stable
outlook

  - Short-term global local currency deposit rating of Not Prime

  - Long-term global foreign currency deposit rating of Ba3, stable
outlook

  - Short-term global foreign currency deposit rating of Not Prime

  - Long-term global local currency counterparty risk rating of
Ba1

  - Short-term global local currency counterparty risk rating of
Not Prime

  - Long-term global foreign currency counterparty risk rating of
Ba1

  - Short-term global foreign currency counterparty risk rating of
Not Prime

  - Long-term Brazilian national scale deposit rating of Aa3.br

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term Brazilian national scale counterparty risk rating of
BR-1

  - Baseline credit assessment of ba2

  - Adjusted baseline credit assessment of ba2

  - Long-term counterparty risk assessment of Ba1(cr)

  - Short-term counterparty risk assessment of Not Prime(cr)

  - Outlook, Stable

BRAZIL: Economy Edges Up 1.1% for Second Straight Year
------------------------------------------------------
EFE News reports that Brazil's economy inched up 1.1 percent for
the second straight year, continuing a slow recovery following a
deep recession, the state-run IBGE statistics agency said.

The South American giant's 1.1 percent growth rate in 2017 came on
the heels of 3.6 percent and 3.8 percent contractions in gross
domestic product (GDP) in 2016 and 2015, respectively, according to
EFE News.

The 2018 GDP number was in line with the forecast of financial
markets, which expected the economy to expand by 1.2 percent last
year, the report notes.

Growth was driven primarily by a 1.9 percent increase in consumer
spending, the main engine of Brazil's economy, while public-sector
spending was virtually unchanged, the report says.

Investment rose 4.1 percent in 2018, the first increase in four
years, the report relays.

Accumulated agricultural output for the four quarters of last year
inched up just 0.1 percent, while industrial output climbed 0.6
percent, its first annual gain since 2013, the report relays.

The services sector, which accounts for more than 75 percent of
Brazil's GDP, expanded by 1,3 percent, according to the IBGE, the
report notes.

EFE discloses that economists attribute Brazil's slow recovery in
2018 to a truckers' strike that caused widespread economic
disruptions over 10 days last May and a sharp 2.5 percent drop in
investment in the fourth quarter due to uncertainty surrounding the
presidential election.

But the tepid growth also has been blamed on structural problems,
including a large budget deficit that many regard as the biggest
threat to Brazil's economy, the report notes.

Rightist President Jair Bolsonaro submitted a pension-overhaul
proposal to Congress this month that aims to save BRL1.2 trillion
over 10 years by tightening eligibility requirements for
public-sector employees, the report notes.

Brazil's GDP grew 1.1 percent in the fourth quarter of 2018
relative to the same three-month period of 2017 and expanded by 0.1
percent in the October-December period compared to the third
quarter, the report says.

Consumer spending rose just 0.4 percent in the fourth quarter
compared to the third quarter; that key indicator was up 1.5
percent relative to the final quarter of 2017, the report
discloses.

Industrial output declined in the fourth quarter, falling 0.3
percent compared to the third quarter and 0.5 percent relative to
the same quarter of 2017, the report notes.

The agricultural sector posted strong growth in the fourth quarter,
expanding by 2.4 percent relative to the final quarter of 2017, the
report adds.

As reported on the Troubled Company Reporter-Latin America on Feb.
11, 2019, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil. The outlook on the long-term ratings remains stable. At the
same time, S&P affirmed its transfer and convertibility assessment
of 'BB+'. S&P also affirmed its 'brAAA' national scale rating, and
the outlook remains stable.

JBS SA: Imports Corn First Time in 2019
---------------------------------------
Ana Mano at Reuters reports that Brazilian food giant JBS SA has
ordered its first shipment of imported corn this year to be used as
feed at meat processing plants in the southern state of Santa
Catarina, a source with direct knowledge of the decision said.

The source, speaking on condition of anonymity because the
information is not public, said the company resorted to importing
corn, renewing a practice that became common for several months
starting last March, according to Reuters.

The report notes that JBS is slated to bring in initially some
30,000 tons of corn from Argentina, the source said, adding other
cargoes are being considered.

Last year JBS imported the equivalent of five ships from Argentina
containing loads of between 30,000 tons and 35,000 tons of corn
each, the source said, the report relays.

The move suggests those meat processors with the ability to
alternate suppliers stand a better chance of protecting operating
margins given Brazil's poor infrastructure capabilities and legal
insecurity stemming the government-set cargo prices instituted last
year after a truckers' strike, the report notes.

"Other players are looking for alternatives in the market," said
the source, the report says.  "But they are slower to make
decisions," the source added.

Reuters relays that rival BRF, Brazil's largest chicken processor
and the world's largest exporter, did not comment immediately.

The source said overall companies are reluctant to take on freight
risk given the Supreme Court has yet to rule on lawsuits
challenging the legality of the government's decision on cargo
rates, the report discloses.

In 2018 striking Brazilian truck drivers disrupted supplies and
exports from one of the world's agricultural power-houses after a
10-day stoppage over a rise in diesel prices, leading the
government to introduce the minimum freight prices, the report
notes.

As much as 167 meat-producing plants halted operations and at least
70 million chickens of a total flock of 1 billion were culled
during the strike, the report discloses.

The source said the fact Brazilian farmers are holding out as they
await for higher corn prices is also a factor leading JBS to buy
from Argentina, the report says.

"This, combined with more expensive freight in Brazil, makes
importing (corn) attractive," the source said, the report adds.

As reported in the Troubled Company Reporter-Latin America on Oct.
22, 2018, Fitch Ratings has assigned an expected rating of 'BB-' to
a proposed benchmark USD-denominated senior unsecured notes issued
by JBS Investments II GmbH, a wholly-owned subsidiary of JBS S.A.
(JBS). These notes will be unconditionally guaranteed by JBS S.A.
The notes will rank pari-passu with JBS's other unsecured
obligations. The proceeds are expected to be used to refinance
existing indebtedness including JBS's 2020 notes pursuant to a cash
tender offer.



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J A M A I C A
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JAMAICA: Now Tapping Into Dormant Bank Accounts
-----------------------------------------------
RJR News reports that the Government has commenced the process of
tapping into nearly $50 billion in dormant bank accounts to provide
low-interest financing to micro, small and medium-sized enterprises
(MSMEs).

Industry and Commerce Minister, Audley Shaw, said a consultancy
group has been contracted to review and advise the Government on
accessing the accounts, according to RJR News.

He made the disclosure at a Jamaica Business Development
Corporation stakeholder breakfast forum in Kingston, the report
relays.

The move comes against the background of  the governance framework
which Mr. Shaw noted stipulates a 15-year timeline before dormant
funds can be accessed by the State, the report notes.

This compares to the international standard of  seven years, and
the five-year timeline in the United States, the report says.

The report discloses that Mr. Shaw, who met with the consultants
earlier, indicated that the group is actively exploring the matter
and will submit reports on the outcomes.

The first report is due next month and a second report by July
which will be shared with the Minister of Finance, the report
relays.

Mr. Shaw said access to affordable financing has been identified as
a major constraint to MSME growth and development in Jamaica, 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.



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P U E R T O   R I C O
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AMADO AMADO: April 24 Hearing on Disclosure Statement
-----------------------------------------------------
A hearing on the approval of the disclosure statement explaining
Amado Amado Salon & Body Corp. and Amado Salon De Belleza, Inc.'s
Chapter 11 plan of reorganization is schedule d for April 24, 2019
at 9:00 AM.  Objections to the form and content of the disclosure
statement should be in writing and filed and served not less than
fourteen (14) days prior to the hearing.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/y2n8skr5 from PacerMonitor.com at no charge.

             About Amado Amado Salon & Body Corp.

Amado Amado Salon & Body Corp. and Amado Salon De Belleza, Inc. are
privately-held companies in San Juan, Puerto Rico, engaged in the
beauty salon business.  The Debtors first filed for Chapter 11
bankruptcy protection (Bankr. D.P.R. Case Nos. 14-10459 and
14-10460) on Dec. 23, 2014.

The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Lead Case No. 18-01144) on March 5, 2018.

In the petitions signed by Amado Navarro Elizalde, president, Amado
Amado Salon estimated assets and liabilities of $1 million to $10
million.  Amado Salon De Belleza estimated assets and liabilities
of less than $1 million.

Judge Mildred Caban Flores presides over the cases.

CAGUAS COPY: Taps Gratacos Law Firm as Legal Counsel
----------------------------------------------------
Caguas Copy Equipment Inc. received approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Gratacos
Law Firm, P.S.C., as its legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; represent the Debtor in negotiation with its
creditors to formulate a reorganization plan or arrange the orderly
liquidation of its assets; and provide other legal services in
connection with its Chapter 11 case.

The Debtor provided the firm an initial deposit of $2,750 for the
filing fee and other legal expenses and $1,250 as a retainer.

Gratacos Law Firm is "disinterested" as defined in Section 101(14)
of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Victor Gratacos-Diaz, Esq.
     Gratacos Law Firm, P.S.C
     P.O. Box 7571
     Caguas, PR 00726
     Phone: (787) 746-4772
     Fax: (787) 746-3633
     E-mail: bankruptcy@gratacoslaw.com

                    About Caguas Copy Equipment

Caguas Copy Equipment Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 19-00470) on Jan. 31, 2019, disclosing
under $1 million in both assets and liabilities.  The case has been
assigned to Judge Edward A. Godoy.  The Debtor is represented by
Victor Gratacos Diaz, Esq., of Gratacos Law Firm, PSC.

CHARLOTTE RUSSE: Sets Bidding Procedures for All Assets
-------------------------------------------------------
Charlotte Russe Holding, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to authorize the
bidding procedures in connection with the sale of substantially all
of their assets by auction.

The Debtors commenced their Cases to either (i) effectuate the Sale
of their Assets pursuant to a Court-approved bidding and auction
process; or (ii) otherwise dispose of their Assets pursuant to
store closing sales and other value maximizing transactions.

The Debtors ask approval of an expedited sale process that provides
the Debtors with an opportunity to obtain a going concern bid.
They continue to believe that, if available, a going concern sale
would provide the best result for all interested parties.

In accordance with the milestones established by the Debtors'
proposed DIP facility, the Debtors are required to obtain a firm
commitment from a Going Concern Stalking Horse Bidder by Feb. 17,
2019, and an order approving the Going Concern Stalking Horse Bid
by Feb. 25, 2019.  In the event that no such commitment or order is
obtained by the respective dates, the Sale Milestones require the
Debtors to pursue a full chain liquidation pursuant to the timeline
set in order to maximize value for all stakeholders.

The Debtors propose to sell the Assets free and clear of liens,
claims and encumbrances, and if the Going Concern Path is pursued,
contemplate the potential assumption and assignment of certain
executory contracts and unexpired leases in connection therewith.
With the assistance of Berkeley Research Group, LLC ("BRG") and
Guggenheim Securities, LLC, the Debtors anticipate engaging in a
comprehensive post-petition marketing process for either a going
concern transaction or a full chain liquidation with financial and
strategic buyers.  he proposed Bidding Procedures are designed to
permit the Debtors to pursue any available transaction to maximize
the value of their assets for the benefit of their  estates.
Moreover, they believe that the proposed deadlines provide these
estates with a full opportunity to market the Debtors' business as
a going concern or a full chain liquidation and maximize value for
all stakeholders.

By the motion, the Debtors ask entry of the Bidding Procedures
Order:

     a. approving (i) the Debtors' proposed Bidding Procedures for
marketing the Assets, which procedures are attached as Annex 1 to
the Bidding Procedures Order; (ii) the Auction and Hearing Notice;
and (iii) if a Going Concern Stalking Horse Bid is obtained in
accordance with the Sale Milestones, the Assumption and Assignment
Notice;

     b. if a Going Concern Stalking Horse Bid is obtained in
accordance with the Sale Milestones, approving procedures to
determine cure amounts for the Debtors' executory contracts and
unexpired leases that may be assumed and assigned in connection
with the Sale;

     c. establishing March 3, 2019 at 4:00 p.m. (ET) as the
deadline for the submission of liquidation bids or establishing
March 7, 2019 at 4:00 p.m. (ET) as the deadline for the submission
of going concern bid;

     d. scheduling the Auction, if necessary, for the Liquidation
Path, no later than March 5, 2019 or, for the Going Concern Path,
no later than March 11, 2019; and

     e. scheduling the Sale Hearing for March 6, 2019 for the
Liquidation Path or March 13, 2019 for the Going Concern Path,
subject to the Court's availability, to consider the Sale of the
Assets to the Buyer or such other party that is the successful
bidder at the Auction.

In addition, they respectfully ask the entry of the Sale Order:

     a. approving the Sale of all or any of the Assets to such
party that is the successful bidder at the Auction;

     b. if a Going Concern Stalking Horse Bid is obtained in
accordance with the Sale Milestones, approving the assumption and
assignment of executory contracts and unexpired leases in
connection with the Sale;

     c. finding that the party that is the successful bidder is a
"good faith purchaser," as that term is defined in section 363(m)
of the Bankruptcy Code, and has not violated section 363(n) of the
Bankruptcy Code;

     d. waiving the 14-day stay requirements of Bankruptcy Rules
6004(h) and 6006(d); and

     e. granting certain related relief.

The Debtors are requesting that the Court approves the Bidding
Procedures for the Sale of the Assets with a final sale hearing to
occur either (x) no later than March 6, 2019 if the Liquidation
Path is pursued or, (y) no later than March 13, 2019 if the Going
Concern Path is pursued.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: (i) March 3, 2019 (Liquidation Path) and
(ii)
March 7, 2019 (Going Concern Path)

     b. Initial Bid: At least the sum of (i) the Stalking Horse
Bid, (ii) any break-up fee or expense reimbursement approved by the
Court, and (iii) a reasonable minimum overbid amount to be
calculated in the Debtors' reasonable discretion

     c. Deposit: 10% of the gross cash consideration

     d. Auction:  If at least one Qualified Bid in respect of the
Assets is received by the Bid Deadline, the Debtors will conduct
the Auction.  If the Liquidation Path is pursued, the Liquidation
Auction will take place at the offices of Cooley LLP, 1114 Avenue
of the Americas, New York, NY 10036 on March 5, 2019 at 10:00 a.m.
(ET).  If the Going Concern Path is pursued, the Going Concern
Auction will take place at the offices of Cooley LLP, 1114 Avenue
of the Americas, New York, NY 10036 on March 11, 2019 at 10:00 a.m.
(ET).

     e. Bid Increments: The Debtors will announce the bidding
increments for bids on one or more of the Acquired Assets or Other
Assets at the outset of the Auction.

     f. Sale Hearing: (i) March 6, 2019 (Liquidation Path) and
(ii)
March 13, 2019 (Going Concern Path)

     g. Closing: (i) March 7, 2019 (Liquidation Path) and (ii)
March 14, 2019 (Going Concern Path)

Pursuant to Bankruptcy Rule 2002(a), the Debtors are required to
provide their creditors with 21 days' notice of the Sale Hearing.
They propose that the deadline for objecting to approval of the
proposed Sale be (x) March 4, 2019 at 12:00 p.m. (ET) pursuant to
the Liquidation Path; or (y) March 6, 2019 at 4:00 p.m. (ET)
pursuant to the Going Concern Path.

Pursuant to the Going Concern Path, the Debtors, as part of the
Sale, may assume and assign Assumed and Assigned Agreements.  By no
later than 21 days prior to the Going Concern Sale Hearing, the
Debtors will file a schedule of cure obligations for the Assumed
and Assigned Agreements.  They propose that any objections to the
assumption and assignment of any executory contract or unexpired
lease identified on the Cure Schedule must be filed by March 6,
2019.

Finally, the Debtors respectfully submit that the Court waives the
14-day stay requirements contained in Bankruptcy Rules 6004(h) and
6006(d).

A copy of the Bidding Procedures and form of APA attached to the
Motion is available for free at:

     http://bankrupt.com/misc/Charlotte_Russe_17_Sales.pdf  

                About Charlotte Russe Holding

Charlotte Russe Holding, Inc., is a specialty fashion retailer of
young women's apparel and accessories comprised of seven entities.
The company and its affiliates are headquartered in San Diego,
California and have one distribution center located in Ontario,
California.  In addition, the companies lease office space in Los
Angeles, California and San Francisco, California, where they
primarily conduct merchandising, marketing, e-commerce and
technology functions.

The companies sell their merchandise to customers in the contiguous
48 states, Hawaii, and Puerto Rico through their online store and
512 Charlotte Russe brick-and-mortar stores located in various
regional malls, outlet centers, and lifestyle centers.  The bulk of
the companies' apparel and accessory products are sold under the
Charlotte Russe brand with ancillary brands for denim and perfume
(Refuge), young women's plus-size apparel (Charlotte Russe Plus),
and cosmetics (Charlotte by Charlotte Russe).

Charlotte Russe Holding and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10210) on Feb. 3, 2019.

At the time of the filing, Charlotte Russe Holding estimated assets
of $100 million to $500 million and liabilities of $100 million to
$500 million.

The cases are assigned to Judge Laurie Selber Silverstein.

The Debtors tapped Bayard, P.A. and Cooley LLP as their bankruptcy
counsel; Guggenheim Securities, LLC as their investment banker; A&G
Realty Partners, LLC as lease disposition consultant and business
broker; Gordon Brothers Retail Partners LLC, Hilco Merchant
Resources LLC and Malfitano Advisors, LLC as liquidation
consultant; and Donlin, Recano & Company, Inc., as claims and
noticing agent.

FNJCC CORP: Hires Cynthia I. Garcia Fraticelli as Accountant
------------------------------------------------------------
FNJCC Corp. seeks authority from the U.S. Bankruptcy Court for the
District of Puerto Rico to employ Cynthia I. Garcia Fraticelli as
accountant to the Debtor.

FNJCC Corp. requires Cynthia I. Garcia Fraticelli to:

   a. close out the Debtor's book as of the date of the filing of
      the bankruptcy case, and open new books as of the next day
      thereafter;

   b. establish a new bookkeeping system to replace the system
      heretofore used by the Debtor;

   c. prepare the periodic statements of the Debtor in
      Possession's operations as required by the rules of the
      court;

   d. prepare and file the Debtor's state and federal tax return
      every quarter and every year;

   e. prepare the General Ledger and Disbursements Register;

   f. reconcile the account;

   g. prepare Certified Interim Financial Statements for each
      state tax return to be submitted every year on or before
      April 14.

   h. render tax management counseling;

   i. represent in tax investigations; and

   j. prepare monthly operating reports.

Cynthia I. Garcia Fraticelli will be paid at the hourly rate of
$350.

Cynthia I. Garcia Fraticelli will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Cynthia I. Garcia Fraticelli, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Cynthia I. Garcia Fraticelli can be reached at:

     Cynthia I. Garcia Fraticelli
     PO Box 335494
     Ponce, PR 00733-5494
     Tel: (787) 613-0411
     Fax: (787) 812-3409
     E-mail: contabilidad.jlc@gmail.com

                       About FNJCC Corp.

FNJCC Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05552) on Sept. 26,
2018.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000.  The
Debtor tapped Modesto Bigas Law Office as its legal counsel.

INVERSIONES CARIBE: Condado Stops Continued Cash Collateral Use
---------------------------------------------------------------
Condado 2, LLC, asks the U.S. Bankruptcy Court for the District of
Puerto Rico to (i) prohibit Inversiones Caribe Delta, Inc. from
using its cash collateral and (ii) allow Condado to seek and
collect the rental proceeds that constitute its cash collateral.

Condado holds a first priority pre-petition security interest over
the rental proceeds from the Debtor's Property. Prior to the filing
of the instant bankruptcy petition, Firstbank Puerto Rico,
predecessor in interest of Condado, extended to the Debtor certain
credit facilities: (1) a term loan in the amount of $3,100,000; (2)
a term loan in the amount of $300,000; (3) a loan in the amount of
$275,000; and (4) a loan in the amount of $185,000.

The Debtor defaulted with the terms of the Loan and thus, the
Debtor and Firstbank entered into a Payment Plan Agreement and
Judgment by Consent, whereby the terms of the Loan were amended to,
inter alia, extend the maturity dates and terms of repayment, and
to restructure the balance of the Loan into two term notes: (1)
Term Note I in the amount of $2,175,150 due on Sept. 29, 2013; and
(2) Term Note II in the amount of $1,144,850 due on Sept. 29,
2013.

The Loan is secured, inter alia, by Debtor's real estate property.
The Debtor also pledged any and all proceeds derived from the
Property in favor of Firstbank, now Condado.

Pursuant to its Schedule, the Debtor currently has various lease
agreements. Condado asserts that such rental proceeds secure the
Loan and constitute Condado's cash collateral. The Debtor, however,
has not sought authorization to use Condado's Cash Collateral and
nor has Condado consented to its use.

Condado submits that it is not adequately protected because, inter
alia, the Debtor has been using its cash collateral without its
consent and without seeking authorization to do so in contravention
to the requirements of the Bankruptcy Code.

Attorneys for Condado 2, LLC:

         Sonia E. Colon, Esq.
         Gustavo A. Chico-Barris, Esq.
         Camille N. Somoza, Esq.
         Ferraiuoli LLC
         PO Box 195168
         San Juan, PR 00919-5168
         Tel: (787) 766-7000
         Fax: (787) 766-7001

                      About Inversiones Caribe

Inversiones Caribe owns a parcel of land located in Barrio
Higuillar Dorado, Puerto Rico having an appraised value of $6
million and a commercial property in Ponce Puerto Rico value at
$1.40 million.

Inversiones Caribe Delta, Inc. filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 19-00388) on Jan. 29, 2019.  In the petition signed
by Carlos F. Muratti, president, the Debtor disclosed $7,415,061 in
assets and $3,619,549 in liabilities.  The case is assigned to
Judge Brian K. Tester. The Debtor is represented by Carmen D. Conde
Torres, Esq. at C. Conde & Assoc.



=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Guaido Seeking to Make Payment on Bond
--------------------------------------------------------------
Lucia Kassai, Fabiola Zerpa, and Ben Bartenstein at Bloomberg News
report that the finance team working with Venezuela's National
Assembly leader Juan Guaido is leaning toward asking the U.S. for
permission to use an escrow account to pay a bond from the state
oil company that's backed by Citgo, according to people involved in
the discussions.

The $71 million interest payment on PDVSA notes maturing in 2020 is
due on April 27 and failure to transfer the money to creditors
could trigger a rush to seize the U.S. refiner, which was recently
taken over by a Guaido-appointed board, according to Bloomberg
News.  Venezuela's embattled President Nicolas Maduro, who has been
deemed illegitimate by more than 50 countries, no longer has an
incentive to pay the bond since he's already lost control of Citgo,
Bloomberg News relays.

"All obligations will be honored since they're key to the
protection of state assets," Jose Ignacio Hernandez, Guaido's newly
appointed U.S.-based Attorney General, said in a telephone
interview from Boston, Bloomberg News discloses.

Bloomberg News says that the Citgo escrow account may hold as much
as $560 million, according to one of the people, who asked not to
be identified discussing internal deliberations.  But to use the
money for the bond payment, Guaido's team would need an OK from the
U.S. Treasury Department's Office of Foreign Assets Control,
Bloomberg News notes.  Discussions are continuing among Guaido's
team on legal and debt strategies, the people said, Bloomberg News
relates.

Bloomberg News says that the PDVSA 2020 bond is the only Venezuelan
debt security that has yet to fall into default, as Maduro
prioritized payments to ensure he wouldn't lose the collateral, a
50.1 percent stake in Citgo Holding Inc.

Because the bonds are asset-backed and Venezuela has kept paying
them, they're quoted at 94 cents on the dollar, compared with an
average price for Venezuelan and PDVSA debt around 30 cents,
Bloomberg News notes.

After Maduro was sworn in for a new term Jan. 10, Guaido emerged to
stake his claim to the presidency citing articles in the
constitution, Bloomberg News relays.  Since then, Venezuela has had
two presidents of sorts and Guaido named his own boards to state
oil company PDVSA and to Citgo, Bloomberg News notes.  Despite not
having physical control over PDVSA assets in Venezuela, given that
the U.S. government has recognized him as the rightful leader of
the South American country, he could receive favorable rulings to
actions brought before U.S. courts, Bloomberg News discloses.
If Guaido's camp decides not to pay the PDVSA bond, or if it can't
get permission to access the escrow funds for that purpose, it may
be a while before investors see a resolution, Bloomberg News says.

"Make some popcorn because this is going to be a long movie," said
Ray Zucaro, the chief investment officer at RVX Asset Management in
Miami, who holds PDVSA debt but not the 2020 notes, Bloomberg News
relays.

If the Maduro-controlled PDVSA board opts to default on the debt,
bondholders may find themselves competing with other creditors to
collect on the Citgo collateral, Bloomberg News notes.  The long
list of potential claimants includes ConocoPhillips, Crystallex and
other firms that have sued the state oil company or government for
defaulting on various obligations, Bloomberg News discloses.
Making matters even more complicated, the other 49.9 percent of
Citgo not backing the bonds has been pledged to Rosneft, Russia's
state-run oil company, as collateral for a $1.5 billion loan,
Bloomberg News relays.

"The incentives of the current administration in Venezuela to
continue paying the PDVSA 2020s have probably declined
significantly as a result of the sanctions and the resulting
changes in Citgo," said Shamaila Khan, director of emerging-market
debt at AllianceBernstein in New York, Bloomberg News relays.

Bloomberg News notes that one other potential scenario is that
PDVSA defaults on the bond and the Trump administration issues an
asset protection order to prevent bondholders from laying claim to
Citgo.  This strategy was deployed in Iraq after the 2003 invasion,
which kept creditors from seizing local assets, Bloomberg News
discloses.

If the U.S. were to make such a ruling, "it could take 5 to 10
years or even more for a new government to say the oil sector is
comfortably running again," a prerequisite to getting the order
lifted, said Cecely Hugh, investment counsel in emerging-market
debt at Aberdeen Standard Investments in London, Bloomberg News
relays.  "It wouldn't be until then when bondholders could think
about attaching or claiming assets," 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).

PETROLEOS DE VENEZUELA: Offers Spot Crude Following US Sanctions
----------------------------------------------------------------
spglobal.com reports that Petroleos de Venezuela S.A. (PDVSA) is
offering 5.8 million barrels of crude oil and diluted spot crude
because of US sanctions, according to sources and PDVSA tenders.

Traditional customers of Venezuelan crude grades, such as Merey 16,
Boscan, Bachaquero and diluted crude oil, did not submit bids for
nine shipments scheduled between March and June, according to
spglobal.com.

Lukoil also did not submit offers for another three shipments of
400,000 barrels each of Bachaquero crude," said a market source
close to the negotiations, the report notes.  "Due to the fact that
Lukoil did not make any offer for the Boscan and Bachaquero crude,
the rejection of the price negotiation for the April-June 2019
period by Lukoil is recorded," the source added, the report
relays.

Lukoil's rejection leaves PDVSA free to look for other buyers, the
source said, the report discloses.

Russia's Rosneft also failed to bid for 1.5 million barrels of
Merey 16 crude and 1.5 million barrels of DCO, the report relays.

"These shipments are included in the contracts signed between PDVSA
and Lukoil for the payment of debts, which in addition to crude
include refined products," said a PDVSA official responsible for
monitoring the contracts, the reprt notes.  "For these shipments
previously committed to Rosneft, PDVSA activated the backup
procedure clause, which allows it to place the crude oil with other
customers in the volumes corresponding to March," said the source,
the report relates.

PDVSA will also carry out a tender to offer a shipment of 400,000
barrels of Boscan crude, which must be loaded at the Bajo Grande
terminal in western Venezuela, the report discloses.  Originally
this crude was assigned to Chevron as payment for loans and to
provide cash flow for PDVSA, the report notes.  Chevron had a 40:60
joint venture with PDVSA the Boscan field, located in western
Venezuela, but updated data on Boscan field production is not
available, the report adds.

The administration of US President Donald Trump unveiled sanctions
on PDVSA January 28 that served as a de facto ban on US crude
imports of Venezuelan oil and an immediate ban on US exports of
diluent to Venezuela, the report recalls.  The new sanctions
require any payment for crude from PDVSA to be deposited into
blocked accounts within the US, the report says.  The funds would
ultimately be transferred to a new Venezuelan government, led on an
interim basis by Juan Guaido, if and when Nicol?s Maduro
relinquishes power, the report notes.

On February 1, the US Treasury also gave non-US companies three
months to wind down transactions with PDVSA that involve the US
financial system, essentially prohibiting sales of PDVSA crude and
products in dollars, 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).


                           *********


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.

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