TCRLA_Public/190313.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 13, 2019, Vol. 20, No. 52

                           Headlines



B R A Z I L

AVIANCA BRASIL: Strikes Deal With Azul, Holds on to Planes For Now


C H I L E

AES GENER: Fitch Rates Proposed $450MMM Junior Hybrid Notes 'BB'
AES GENER: S&P Assigns BB Rating to New $450MM Jr. Sub. Notes


C U B A

CUBA: Exiles Call For Implementation of Law to Recover Property


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Drought The Worst in 30 Years
DOMINICAN REPUBLIC: Free Zones in 2 Industrial Parks Cost US$47MM
DOMINICAN REPUBLIC: Push to Raise Minimum Salary Faces Hurdle


E C U A D O R

ECUADOR: Gets OK for US$4.2BB Extended Fund Facility


J A M A I C A

JAMAICA: Davis Whyte Expected More in 2019/2020 Budget


P E R U

PERU: Cracks Down on Lawlessness, Tax Evasion in Garment District


P U E R T O   R I C O

EMPRESAS BENITEZ: Unsecureds to Get 3.68% Over 60 Months


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Damage to Aircraft to be Covered by Insurance
PETROLEUM CO: Minister Notes 'Gaps' in Securing Assets

                           - - - - -


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B R A Z I L
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AVIANCA BRASIL: Strikes Deal With Azul, Holds on to Planes For Now
------------------------------------------------------------------
Alberto Alerigi and Marcelo Rochabrun at Reuters report that
Brazilian airline Azul SA said it will seek to buy certain assets
held by struggling rival Avianca Brasil for $105 million, on the
same day a local court allowed the carrier to hold onto its planes
despite mounting missed payments.

Under the proposed terms, Azul would buy airport slots and assume
some aircraft leases from Avianca Brasil but inherit none of its
debts, according to Reuters.

Azul will also extend an immediate financial lifeline to Avianca
Brasil, disbursing as much as $40 million to pay for the carrier's
operating expenses from now until April, two sources familiar with
the matter said, the report notes.  Avianca Brasil has continued to
miss payments on its airplane leases, and has fallen behind on its
payroll, the sources said, the report relays.

At a higher court hearing, a panel of Brazilian judges postponed
ruling for an additional two weeks on an appeal from aircraft
lessors, allowing Avianca Brasil to keep operating its planes
despite missed payments, the report discloses.

Reuters notes that Azul said the nonbinding purchase agreement
would involve 70 pairs of slots, which grant airlines the rights to
operate regular flights between airports.

The sale would more than double Azul's presence at Congonhas, Sao
Paulo's busy domestic airport, according to one of the sources
familiar with the deal, the report relays.

"These are slots that the company could not have obtained on its
own," said the source, the report notes.

The report discloses taht Brazil's air travel regulator ANAC said
they have not yet received a formal proposal from the carriers
regarding the sale.

"The deal, if approved, could be accretive for Azul," wrote
analysts at Brazil bank BTG Pactual in a note to clients,
highlighting the profitability of operations at Congonhas and the
possibility of acquiring Avianca Brasil's loyalty program, the
report notes.

Azul already operates two Airbus A320 planes that were previously
used by Avianca Brasil until they were repossessed in December due
to outstanding payments, the report says.

Under the agreement, Azul said it could end up operating up to 30
Airbus planes currently in use by its rival, the report discloses.

Avianca Brasil filed for bankruptcy protection in December in an
attempt to stall aircraft lessors who had sued to repossess its
fleet, two months after the carrier started missing payments on
many of its aircraft, the report recalls.

Since filing for bankruptcy, Avianca Brasil has secured a $75
million loan from hedge fund Elliott Management, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2018, Ana Mano and Marcelo Rochabrun at Reuters said that
Brazil's fourth-largest airline, Avianca Brasil, filed for
bankruptcy protection, saying its operations had been threatened
by potential repossession of aircraft, which could prevent the
carrier from continuing to operate.  The unlisted airline said in
its bankruptcy filing that leasing companies seeking to take back
some 30 percent of its all-Airbus fleet threatened its ability to
fly some 77,000 passengers in December, according to Reuters.

Avianca said in a statement that the bankruptcy filing resulted
from a failure to reach a "friendly agreement." It also said its
flights would not be affected, the report relayed.  The aircraft
are still under Avianca Brasil's control for now and it remains
unclear what their fate will be as the carrier is asking a
Brazilian court to allow it to keep the planes for now, the report
noted.  The report disclosed that the airline said in the filing
it largely blamed high fuel prices and a strong dollar for its
troubles.



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C H I L E
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AES GENER: Fitch Rates Proposed $450MMM Junior Hybrid Notes 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned a long-term rating of 'BB' to AES Gener
S.A.'s (Gener) proposed USD450 million junior subordinated (hybrid)
notes issuance due 2079. AES Gener expects to use the proceeds from
the issuance to refinance its outstanding 2073 Hybrid notes. Fitch
rates AES Gener S.A.'s Long-Term Foreign and Local-Currency Issuer
Default Ratings (IDRs) at 'BBB-' and its National Scale Rating
'A+(cl)'. The Rating Outlook is Stable.

The proposed hybrid notes will receive a 50% equity credit given
that interest payments on the notes are deferrable at the company's
discretion and are compounded at the applicable interest on the
notes. Also, the notes' subordinated ranking provides loss
absorption for more senior indebtedness of the company, as notes
will be structurally subordinated to all existing and future
unsecured and unsubordinated debt of AES Gener.

AES Gener's ratings reflect its capacity to generate strong cash
flow from operations from its balanced contractual position in
Chile and Colombia, and adequate liquidity profile, which offset
its relative higher medium term leverage as it completes its Alto
Maipo hydro plant project.

KEY RATING DRIVERS

Modest Improvement in Credit Metrics: Fitch believes AES Gener's
gross leverage, defined as total debt to EBITDA, improved modestly
to 3.7x in 2018, compared with 4.3x in 2017, partially explained by
the USD528 million debt prepayment in 2018 and a 11% increase in
EBITDA. Fitch estimates AES Gener's gross leverage will average
4.0x in 2019-2022. The higher leverage is due its Alto Maipo
project, which Fitch estimates will cost USD3.0 billion from 2014
through completion in 2021. Fitch estimates FFO fixed-charge
coverage will average 4.0x through 2022 below its 2018 level of
4.3x. At these levels, AES Gener's gross leverage and FFO
fixed-charge coverage ratios are in line with the lower end of the
BBB rating category. Fitch does not see a clear deleveraging
trajectory until Alto Maipo is complete and generates cash flow.

Negative FCF: Fitch expects structurally negative FCF through 2022,
as AES Gener implements its decarbonization strategy (Greentegra)
and completes Alto Maipo. Fitch estimates cash flow from operations
will average USD590 million through 2022, and a total capex during
that period of USD1.7 billion with dividends being 100% of the
previous year's net income. Fitch does not anticipate any changes
in AES Gener's dividend policy to accelerate its investment plans.


Low Business Risk: The ratings reflect AES Gener's low business
risk resulting from a balanced contractual position and a diverse
portfolio of generation assets supporting cash flow generation
stability and predictability. The ratings also recognize that the
company's major plants operate under constructive regulatory
environments in Chile and Colombia with investment-grade
counterparties. AES Gener's ratings also include the reduced risk
that cost overruns could have for its capital structure after
entering into a fixed-pay, turnkey agreement with Strabag for the
construction of Alto Maipo.

Re-contracting Risk: AES Gener has a strong track record of
recontracting capacity, but faces challenges recontracting its coal
capacity (excluding Cochrane and Angamos), as off-takers are more
inclined to contract energy from cleaner energy sources. Until Alto
Maipo is complete and the North and Central grids are fully
connected, Fitch believes the company will probably recontract its
expiring contracted capacity with shorter-term PPA's.

Ambitious Decarbonization Strategy: Fitch believes AES Gener's
decarbonization strategy (Greentegra) is ambitious. AES Gener plans
to incorporate renewable energy sources in new long term PPAs and
plans to begin construction on 290MW (210MW from Wind and 80MW from
Solar) in 2019, on top of the 561MW under construction (531MW from
Alto Maipo, 20MW in Solar and 10MW in Batteries). Given AES Gener's
current leverage profile, Fitch believes the company has limited
room to execute the strategy without affecting leverage, since 76%
of its installed capacity in Chile (excluding Cochrane and Angamos)
is coal.

DERIVATION SUMMARY

AES Gener's ratings are below those of Enel Generacion Chile
(BBB+/Stable), Engie Energia Chile S.A. (BBB/Stable) and Colbun
(BBB/Stable) as a result of the company's relatively weaker
financial profile, though they carry similar business risks. AES
Gener's consolidated gross leverage, which is consistently around
3.5x, is higher than that of Enel Generacion, which consistently
reports gross leverage below 2.0x, and Engie and Colbun with
leverage in the mid-2x range.

Similar to the other Chilean electricity GenCos, AES Gener's credit
profile benefits from a diverse generation portfolio, which
features a component of long-term contracted assets with
investment-grade counterparties and supports these companies'
ratings. AES Gener's PPAs in the Sistema Interconectado Central
(SIC) have an average life of five years and more than 12 years for
the Sistema Interconectado del Norte Grande (SING), which provides
stable, fixed, monthly, capacity-charge payments. The PPAs also
allow for the pass-through of variable costs to the company's
counterparties. AES Gener is slightly more exposed to recontracting
risk than peers Enel Generacion Chile and Engie Energia Chile, and
is in a similar position as Colbun.

AES Gener is well positioned relative to its Latin American GenCos
peers in terms of installed capacity, asset diversification and
contracted position. AES Gener has an installed capacity of
approximately 5.1GW, which compares favorably with Colbun's 3.3GW
and is similar to Enel Generacion Chile's 5.6GW.

Unlike Enel Generacion Chile and Engie Energia Chile, AES Gener
benefits from geographical diversification with operating assets in
Chile, Colombia and, to a lesser extent, Argentina. This geographic
diversification bodes well for the company's credit quality when
compared with Enel Generacion Chile and Engie Energia Chile, which
are concentrated in a single country. In addition, the company has
limited exposure to hydrological conditions in Chile or Argentina,
as its major hydro assets are located in Colombia.

KEY ASSUMPTIONS

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

  -- Average total contracted volume of 20,531 GWh in Chile from
2019-2022;

  -- Average energy sales of 5,855 GWh in Colombia from 2019-2022;

  -- EBITDA average of USD850 million during 2019-2022;

  -- Accumulation capex of USD1.7 billion from 2019 through 2022;

  -- Alto Maipo total cost of USD3.0 billion from 2014 through
2021;

  -- Annual dividend equal 100% of previous year's net income.

RATING SENSITIVITIES

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

  -- Sustained gross leverage defined as Total Debt to EBITDA below
3.5x;

  -- FFO fixed-charge coverage of 4.5x or above;

  -- Supported by cash-flow from new contracted capacity
integrating renewable projects;

  -- Improvement in the mix of cash flow generation toward higher
credit quality markets would be viewed positively;

  -- Structurally neutral to positive FCF across the investment
cycle.

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

  -- A material and sustained deterioration of credit metrics
reflected in total consolidated debt/EBITDA of 4.5x or above and
total nonrecourse debt/EBITDA above 3.0x-3.5x on a sustained basis
could result in a negative rating action;

  -- FFO fixed-charge coverage of 3.5x or below;

  -- A change in the company's commercial policy leading to an
unbalanced contractual position in the long term;

  -- Pressure from shareholders to increase dividends and reduce
debt repayment program agreed in the company's plan;

  -- Increasing its exposure to non-investment-grade countries.

LIQUIDITY

Adequate Liquidity: AES Gener's liquidity is supported by its
stable and predictable cash flow generation, track record of access
to both domestic and international capital markets, and by USD322
million of cash on hand, all of which compare favorably with USD317
million of short-term debt as of Dec. 31, 2018. As part of the Alto
Maipo project, USD768 million of long-term debt that was considered
due and payable, but which has been restructured as part of the
agreement to continue the project's construction. The remaining
portion from total outstanding short-term debt corresponds to loans
expected to be through cash flows. AES Gener has an improved
maturity profile with an average life of 14 years and an amortizing
debt schedule. Liquidity is further buoyed by committed and unused
credit lines of approximately USD250 million committed credit
revolver maturing in 2021.

FULL LIST OF RATING ACTIONS

AES Gener S.A.

Fitch currently rates the following:

  -- Long-term, foreign- and local-currency Issuer Default Ratings
(IDRs) 'BBB-';

  -- International senior unsecured bond ratings 'BBB-';

  -- International junior subordinated bond ratings 'BB';

  -- National Scale long-term rating 'A+(cl)';

  -- National senior unsecured bond ratings 'A+(cl)';

  -- National equity rating at 'Primera Clase Nivel 2(cl)'.

Rating Outlook remains Stable.

AES GENER: S&P Assigns BB Rating to New $450MM Jr. Sub. Notes
-------------------------------------------------------------
Chilean power generation company, AES Gener S.A. (Gener), is
planning to issue $450 million in junior subordinated notes due
2079. The company plans to use proceeds to refinance the existing
junior subordinated notes.

On March 11, 2019, S&P Global Ratings assigned its 'BB' long-term
rating to the proposed notes. In addition, S&P affirmed its
existing 'BB' rating on the company's junior subordinated notes,
and our 'BBB-' issuer credit and senior debt ratings.

Gener will use the proceeds to refinance the existing junior
subordinated hybrid bullet notes due 2073. Gener is aiming to
extend the current maturity schedule, but more importantly, reduce
funding costs given more favorable market conditions currently than
when the company previously issued debt.

The planned issuance's terms and conditions are substantially
similar to the existing one. S&P said, "In our view, the proposed
issuances will have intermediate equity content, given the
existence of the option to defer interest payments, sufficient
permanence, and subordination in liquidation or bankruptcy
proceedings. We gave an equal treatment in the past to the hybrid
bond issued back in 2013 that will be now refinanced. Based on our
assessment of intermediate equity content, we add 50% of the
existing notes to adjusted capital. On an aggregate basis, Gener's
debt will remain unchanged because we did an identical adjustment
to the one on the notes issued earlier."

S&P said, "The affirmation of the existing ratings continue to
reflect our view that Gener will continue to benefit from the
predictable cash flow generation given its long-term power purchase
agreements (PPAs), which have an average remaining term of 11
years, and creditworthy counterparties including major distribution
companies, large copper mines, and industrial conglomerates. In
addition, we expect Gener to start the construction of 310 MW of a
renewable arena. The additional capacity will be mainly located in
Chile, includes wind farms of 290 MW, and a 20 MW solar park in
Colombia. In our view, Gener will manage its debt in order to
maintain a debt-to-EBITDA ratio around 2.0x, even amid the
construction of the renewable wind and solar park.

"We expect Chilean operations to continue representing about 65% of
consolidated EBITDA, followed by those in Colombia (25%), and
Argentina (10%) in the next two years. In Chile, Gener's contracted
sale prices will continue to be indexed to coal prices and the U.S.
consumer price index (CPI), which largely mirror the company's
operating costs and reduce the volatility of its cash flows. In
addition, Gener's Colombian subsidiary (AES Chivor; with a 1,020
megawatt [MW] capacity and a 6% market share in terms of
generation) is a low-cost hydro plant in that country's expanding
electricity market. However, AES Chivor's PPAs average only two to
three years, and the company sells a considerable portion of
electricity in the volatile spot market.

"We expect Gener to post an adjusted EBITDA margin in the range of
26%-29% in the next two years. In addition, we expect Gener to
refinance the existing hybrid notes and post a conservative debt
level in order to meet its cash flow needs, maintaining a
debt-to-EBITDA ratio around 2.0x in the next two years with certain
volatility in the FOCF-to-debt ratio given the capex plan for the
renewable facilities. In our view, debt increases to finance the
expansionary capex will be gradual and in line with the contracts
signed for the construction of each park."



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C U B A
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CUBA: Exiles Call For Implementation of Law to Recover Property
---------------------------------------------------------------
EFE News reports that Cuban exile groups in Miami are urging the
Donald Trump administration to "fully" activate the law that would
allow plaintiffs to sue "foreign (and not just Cuban) companies" in
US courts which are making money off property confiscated during
and after the island's 1959 Revolution.

Attorney Nicolas Gutierrez, the president of the National
Association of Cuban Landowners in Miami, told EFE that, for now,
the measures undertaken by the US are merely "symbolic."



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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Drought The Worst in 30 Years
-------------------------------------------------
Dominican Today reports the drought in the northwest, south and
southwest intensifies and last until the next 60 days, according to
forecasts of the National Meteorology Office.

The crisis in those regions could occur in other areas, as the
extreme drought is expected to spread to all agricultural regions,
situation that caught the country unprepared, according to
Dominican Today.

The rains that could fall over the south, southwest and northwest
won't be enough to accumulate the required water, said
Agro-meteorologist Leoncio Duarte, the report notes.

"This year's rains are less than 52% of the levels of the last 30
years," said Duarte, quoted by El Dia, the report relays.

The report discloses that he said the phenomenon affected by the
weak El Nino has spread to most regions, and could worsen.  "You
have to start a mitigation plan to prevent the problem," he added.

                         Not Prepared

Dams and canals agency director, Olgo Fernandez, affirmed that the
country was not prepared for such a prolonged drought, which he
notes that it's the worse of the last 50 years, and will only
provide assistance to the areas in crisis, the report notes.

The official warned that all types of planting are prohibited until
May and called for curtailing the consumption of water, the report
adds.

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: Free Zones in 2 Industrial Parks Cost US$47MM
-----------------------------------------------------------------
Dominican Today reports that the National Export Free Zones Council
(Cnzfe) approved the permits to develop and operate two new
industrial parks, as well as to install 12 free zone companies.

Industry and Commerce minister and Cnzfe President Nelson Toca
headed the meeting where he affirmed that the new companies have
invested over RD$1.7 billion (US$47 million) to develop and operate
their productive activities, according to Dominican Today.

He said the new parks cost RD$349 million and will create 2,876
jobs, and expected income exceeding US46 million, the report
notes.

According to Cnzfe Director, Luisa Fernandez, the Las Carolinas
free zone park and the La Habanera industrial free zone will
operate in Monte Plata and Santiago, respectively, the report
says.

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: Push to Raise Minimum Salary Faces Hurdle
-------------------------------------------------------------
Dominican Today reports that the talks in the National Salary
Committee (CNS) began to seek a consensus to increase the minimum
salary.

But, for employees to see the increase materialize and whose
percentage has yet to be established, the labor unions and the
government will have to accept the enforcement of Law 187-17 that
classifies companies as micro, small and medium, according to RJR
News.

The Labor Ministry, through the CNS, uses a table to set the
salaries of the companies, through which establishes that the
highest minimum wage, that is, the one that must be paid by the
large entities, which is currently RD$15,447.60 monthly, the report
notes.

The report relays that this salary must be paid in the companies
whose facilities or stocks, or the set of both figures, equal or
exceed RD$4 million.

Meanwhile, any company that has facilities or stocks, or all of
them for an amount of two to four million pesos, currently must pay
a salary of RD$10,620 monthly, which is the middle of the three
that include the scale of the Non-Sectorized Private Sector, the
report notes.

The lowest of the minimum salary scale must be paid in economic
units whose facilities or stocks, or all of them do not exceed two
million pesos, is currently RD$9,411.60, the report adds.

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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E C U A D O R
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ECUADOR: Gets OK for US$4.2BB Extended Fund Facility
----------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a US$4.2 billion (435 percent of quota and SDR 3.035
billion) arrangement under the IMF's Extended Fund Facility (EFF)
for Ecuador. The Board's decision enables the immediate
disbursement of US$652 million (equivalent to SDR 469,7 million, or
67.3 percent of Ecuador's quota). This arrangement provides support
for the Ecuadorean government's economic policies over the next
three years.

The Ecuadorian authorities' plan aims to create a more dynamic,
sustainable, and inclusive economy for the benefit of all
Ecuadorians. It is centered around four major priorities; boosting
competitiveness and job creation; strengthening fiscal
sustainability and the institutional foundations of Ecuador's
dollarization; protecting the poor and most vulnerable; and
improving transparency and bolstering the fight against
corruption.

Following the Executive Board discussion, Ms. Christine Lagarde
Managing Director and Chair, summarized the Board's findings:

"The Ecuadorian authorities are implementing a comprehensive reform
program aimed at modernizing the economy and paving the way for
strong, sustained, and equitable growth. The authorities' measures
are geared towards strengthening the fiscal position and improving
competitiveness and by so doing help lessen vulnerabilities, put
dollarization on a stronger footing, and, over time, encourage
growth and job creation.

"Achieving a robust fiscal position is at the core of the
authorities' program, which will be supported by a three-year
extended arrangement from the IMF. The aim is to reduce debt-to-GDP
ratio through a combination of a wage bill realignment, a careful
and gradual optimization of fuel subsidies, a reprioritization of
capital and goods and services spending, and a tax reform. The
savings generated by these measures will allow for an increase in
social assistance spending over the course of the program. The
authorities will continue their efforts to strengthen the
medium-term fiscal policy framework, and more rigorous fiscal
controls and better public financial management will help to
enhance the effectiveness of fiscal policy.

"The authorities are committed to supporting job creation,
restoring competitiveness and catalyzing private sector-led growth
while increasing transparency and forcefully countering corruption.
A more efficient tax system, public wage restraint, facilitating
the hiring process, and a more efficient energy sector are
important components of the authorities' plan in this area.

"Building crisis-preparedness capabilities and strengthening the
oversight of banks and cooperatives will help to strengthen
financial sector resilience. The institutional foundations of
dollarization will be supported by the authorities' efforts,
already underway, to increase the operational autonomy of the
central bank and to build reserve buffers.

"Protecting the poor and most vulnerable segments in society is a
key objective of the authorities' program. In this context, the
authorities plan to extend the coverage of, and increase the
nominal level of benefits under the existing social protection
programs. Work is also underway to improve the targeting of social
programs."



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J A M A I C A
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JAMAICA: Davis Whyte Expected More in 2019/2020 Budget
------------------------------------------------------
RJR News reports that as debate on Jamaica's $803 billion budget
continues in the House of Representatives, a trade unionist says
public sector workers are not likely to benefit much from the
Government's spend in the 2019/2020 fiscal year.

Head of the Jamaica Confederation of Trade Union Helene Davis
Whyte, said she was expecting more benefits in the recently tabled
Budget, according to RJR News.

"From the point of view of public sector workers in particular who
have been undergoing these periods of sacrifice.  One had hoped
that we would begin to see the government taking into account those
things that directly affect workers -- the ordinary man in the
street," the report notes.

She also said that the 2019/2020 budget does not provide hope for
much changes in the economy during the new financial year, the
report relays.

"In fact one of the areas of concern for us  -- is economic growth
and for many of us, we brought into the notion, that if you grew
the pie -- then you would have more to get," she said, 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 E R U
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PERU: Cracks Down on Lawlessness, Tax Evasion in Garment District
-----------------------------------------------------------------
EFE News reports that Gamarra, the heart of Peru's garment
industry, was sealed off before dawn by a police operation
combating unlicensed commerce and racketeering.

The operation kicked off under orders of the mayor of Lima's La
Victoria district, George Forsyth, a retired soccer pro who, after
taking office early this year, launched a merciless war against the
many unregulated, untaxed businesses in the area, according to EFE
News.



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

EMPRESAS BENITEZ: Unsecureds to Get 3.68% Over 60 Months
--------------------------------------------------------
Empresas Benitez Toledo Inc. filed a plan of reorganization and
accompanying disclosure statement.

CLASS 5: General Unsecured Creditors are impaired.  The total
unsecured claims (whether claimed or listed) subject to
distribution is $2,876,189.48. CLASS 5 claimants shall receive from
the Debtor a non-negotiable, interest bearing at 4.00% annually,
promissory note dated as of the Effective Date. Creditors in this
class shall receive a total repayment of 3.68% of their claimed or
listed debt which equals $106,000.00 to be paid Pro Rata to all
allowed claimants under this class. Unsecured Creditors will
receive quarterly payments (every three months) payment of
$5,653.33 to be distributed pro rata among them. The payments will
start on month 13 after the effective date of the plan and will be
completed on month 72. The payment on $5,653.33 includes interest
and the last payment shall be made within 72 months of the
effective date of the Plan. These creditors will receive a total
amount of $135,680.00 including the interest.

CLASS 2: CONDADO 5, LLC, is impaired. Creditor CONDADO 5 LLC filed
Claim Number 5 in the amount of $6,064,634.81. Condado 5 LLC shall
be treated according to the Stipulation Dated February 27, 2019
filed on said date at Docket No. 95 of case 18-02094-BKT11.

CLASS 3: FEDERACION DE ASOCIACIONES PECUARIAS are impaired.  The
complete amount of $1,405,385.82 will be deemed as secured and will
be paid as follows: The Debtor will continue with weekly payments
of $1,000 per week to Federacion up to July of 2019, from here on
the Debtor will make weekly payments of $2,500.00 until the full
payment of the debt. The interest rate will be 4.25%.

CLASS 4: Centro de Recaudacion de Ingresos Municipales (CRIM) is
impaired.  CRIM filed Claim Numbered 2 in the total amount of
$9,384.86.  This understands that this amount is incorrect since
the Debtor has a Certificate of Bonafide Farmer as Per Act 225 as
granted by the Puerto Rico Treasury Department and this means that
real property used for farming operations do not have to pay
property taxes. If for some reason this debt cannot be settled with
CRIM the debtor will pay the secured amount in monthly installments
of $400 per month for 22 months and one last payment of $355.53.

Upon confirmation of the Plan, the Debtor shall have sufficient
funds to make all payments then due under this Plan. The funds will
be obtained from the continuation of Debtor's farm but specifically
the funds to pay Condado 5 LLC, Priority Taxes and Classes of the
Plan will come from the operation of Debtor's dairy farm business.

A full-text copy of the Disclosure Statement dated February 28,
2019, is available at https://tinyurl.com/y5nmlrxf from
PacerMonitor.com at no charge.

               About Empresas Benitez Toledo

Empresas Benitez Toledo Inc. is the fee simple owner of a dairy
farm located in Isabela, Puerto Rico, having an appraised value of
$1.88 million.  The company previously sought bankruptcy protection
on Jan. 14, 2013 (Bankr. D. P.R. Case No. 13-00186).

Empresas Benitez Toledo sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02094) on April 19,
2018.  In the petition signed by Carlos R. Benitez Lopez,
president, the Debtor disclosed $6.94 million in assets and $8.26
million in liabilities.

Judge Enrique S. Lamoutte Inclan presides over the case.



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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN AIRLINES: Damage to Aircraft to be Covered by Insurance
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RJR News reports that Caribbean Airlines (CAL) Limited said the
cost of repairing its aircraft which was damaged at Piarco
International Airport in Trinidad will be covered by insurance.

The cost is still being assessed, according to RJR News.

The plane was being operated by a licensed aircraft engineer.

Preliminary reports indicate that soon after the aircraft began to
taxi, the engineer noticed that the hydraulic system was not
activated, the report notes.

The front section of the aircraft's fuselage hit the wall of  the
terminal building, the report says.

RJR News says that the aircraft was not in active service and there
were no passengers or crew on board.

An investigation was immediately initiated by Caribbean Airlines
and the Trinidad and Tobago Civil Aviation Authority to determine
the root cause and to avoid recurrence, the report says.

The aircraft has since been withdrawn from service, the report
adds.

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

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

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

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

PETROLEUM CO: Minister Notes 'Gaps' in Securing Assets
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Trinidad Express reports that Trinidad and Tobago Energy Minister
Franklin Khan told Parliament that there were some gaps in the
security of the clubs and housing areas formerly held by Petroleum
Co. of Trinidad & Tobago (Petrotrin) and which are not operating.

Responding to an urgent question from Opposition Member of
Parliament for Oropouche West, Vidia Guyadeen-Gopeesingh, Khan
confirmed that on February 28, the Heritage Sports Club had been
broken into and the bandits got away with "just a few bottles of
alcohol," according to Trinidad Express.

The report notes that he said since December, 2018, a security
contract was awarded to Amalgamated Security to secure the sites of
the Guaracara refinery assets, Paria terminalling assets and
widespread Heritage assets.

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


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

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

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

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


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