TCRLA_Public/190321.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, March 21, 2019, Vol. 20, No. 58



BOLIVIA: Farmers Crushed by Drought and Debt


AES TIETE ENERGIA: Moody's Rates BRL2.2-Bil. Unsec. Debentures Ba2
CONCESSAO METROVIARIA: Moody's Lowers Corp. Family Ratings to B3

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Conatra Questions Handing of Fuel Prices
DOMINICAN REPUBLIC: Labor Again Demands 30% Hike on Minimum Wage

P U E R T O   R I C O

ASCENA RETAIL: Moody's Lowers CFR to B1, Outlook Stable
BAILEY'S EXPRESS: Plan Admin's $5K Sale of Remnant Assets Approved
EMPRESAS BENITEZ: Unsecureds' Recovery Increased to 5.42%
HARAS SANTA: Plan Outline OK; May 8 Plan Confirmation Hearing Set
LUBY'S INC: Hodges Capital Has 5.9% Stake as of Dec. 31

T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Exporting Farmers Face New Certificate
TRINIDAD & TOBAGO: Vegetable Prices Take a Tumble

                           - - - - -


BOLIVIA: Farmers Crushed by Drought and Debt
EFE News reports that farmers in the eastern Bolivian region of
Santa Cruz, one of the country's main agricultural areas, are
feeling desperate about the debt incurred by their crop losses this
summer due to the drought affecting the east and the flooding of
rivers to the north.

This is the third straight year that both small and large producers
of Santa Cruz have been affected by climate change, which has sent
their earnings plummeting due to the unusually meager harvests, and
has left them with no clear idea about their future, according to
EFE News.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Fitch Ratings has affirmed Bolivia's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.


AES TIETE ENERGIA: Moody's Rates BRL2.2-Bil. Unsec. Debentures Ba2
Moody's America Latina assigned ratings of Ba2/
(respectively, in global scale and Brazil's national scale) to AES
Tiete Energia S.A.'s ("AES Tiete" or "the company") planned
issuance of BRL2.2 billion senior unsecured debentures with final
maturity in 2029 (9th issuance). The outlook remained stable.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that the
debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.


The fully-amortizing debentures will have three tranches with up to
10-year maturity. The first tranche of BRL 1.38 billion will have
two principal payments, 50% in the penultimate year of the tenor
(2026) and the remaining at maturity (2027), with bi-annual
interest payments starting after issuance. At the same time, the
second and third tranches (BRL 820 million) will be amortized in
three equal payments in the last three years of maturity from 2027
to 2029. The second tranche carries bi annual interest payments,
while the third one has annual disbursements.

Proceeds from the transaction will be mostly used to refinance
existing debt obligations as well as for payment and reimbursement
of expenses related to the Guaimbe and AGV solar projects. The
debentures will have cross-default clauses with the issuer's other
debt as well as with relevant subsidiaries and will include
acceleration clauses such as: (i) the non-payment of any financial
obligation above USD 25 million, (ii) change of control and
termination of the concession contract (iii) granting intercompany
loans for up to 180 days if not previously approved by creditors,
(iv) dividend payments above the minimum required by Brazilian
Corporate Law if the company is not in compliance with its
obligations including the financial covenants (v) covenant breach
in two consecutive quarters on the following: Net Debt/EBITDA must
be maintained at levels equal or below 4.5x and interest coverage
ratio measured by EBITDA/ Net Interest expense equal to or above

The Ba2/ ratings reflect AES Tiete's overall predictable and
strong cash generation that leads to adequate credit metrics for
the rating category as well as its resilient access to the local
banking and capital markets together with management's prudent
administration of the generation business. The short-term leverage
should be more pressured given the ongoing capacity increase, with
a CFO Pre WC/Debt of average 2.5x according to Moody's projections,
which we expect to be temporary returning to historical levels in
the medium-long term. The ratings also incorporate AES Tiete's
historical high dividend payout and the potential cash outflow of
the judicial dispute over the spot market exposure during the
hydrological crisis (BRL740 million net provision as of December,
2018). AES Tiete's ratings are further constrained by its expansion
strategy in renewable energy coupled with the Capex pressures from
the solar and wind projects still under construction. Brazil´s
sovereign rating also limits the company's rating given the local
revenue dependency and highly regulated business nature as well as
the overall more challenging hydrological conditions.

Rating Outlook

The stable outlook largely reflects Brazil's sovereign rating
outlook given the company´s local-content profile. It also
incorporates Moody's view of AES Tiete's relatively stable cash
flows in the projected period and our expectation that dividend
outflows and any acquisitions or M&A activity will be prudently
managed to maintain adequate leverage and credit metrics for the
rating category.

What Could Change the Rating - Up /Down

We could upgrade the ratings if AES Tiete's operational performance
surpass our expectations or if liquidity improves. If the credit
metrics stay above our projections such that cash interest coverage
(CFO Pre WC + Interest/ Interest) stays above 4.5x and the CFO Pre
WC/Debt above 35% for a sustainable period, we could also consider
an upgrade. Nevertheless, AES Tiete's ratings are constrained by
Brazil´s sovereign rating given its close linkages to the local
economic/regulatory environment and ultimate credit quality.

A rapid or significant downturn in AES Tiete's credit metrics such
as cash interest coverage (CFO Pre WC + Interest/ Interest) stays
below 2.5x and the CFO Pre WC/Debt below 14% on a sustainable basis
could prompt a rating downgrade as well as the degradation of the
liquidity and overall credit quality. The company's operating
margin potentially coming under pressure from a significant
mismatch on spot market exposure or on contracted levels could also
weigh on the ratings. In addition, Moody´s could also review AES
Tiete's rating downwards if the company´s expansion plan continues
to lead to higher leverage thresholds.

According to Moody's standard adjustments, AES Tiete reported (CFO
Pre WC + Interest/ Interest) of 3.1x and CFO Pre WC/Debt of 16% in
the FY ended December 2018. Also in the same period, net operating
revenues reached BRL1.9 billion and EBITDA of BRL1,087 million
while total debt amounted BRL 4.2 billion.

AES Tiete is mainly a hydropower generation company with a 30-year
concession, granted in December 1999 to operate an installed
capacity of 2,658 MW, equivalent to around 2% of Brazil's
electricity capacity, and 1,247 MW of assured average energy. The
company has 9 hydro-power plants (HPPs) and 3 small hydro-power
plants (SHPPs) located in the State of Sao Paulo. Since AES Tiete
is an operational holding company with an adequate balance of the
cash generation and debt at the holding level, we do not consider
it structurally subordinated to the opcos. As of December 2018, AES
Tiete had 80% of its energy contracted for 2019 and did not adhere
to the law 13,203 that hedges the hydrological risk for a premium
as negotiated with the regulator, Aneel, although we expect the
company to maintain an uncontract cushion of around 20% through its

In 2017, the company started investing in non-hydro renewable
sources generation with four new projects until date: (i) Alto
Sertão II wind power plant with 386.1 MW of installed capacity
located in the State of Bahia, (ii) Boa Hora and Guaimbê solar
complexes with 91 MWp and 180 MWp of installed capacity
respectively and (iii) the AGV solar project acquired in Aneel´s
auction held in December 2017 with 94 MWp installed capacity and
total investments of BRL 280 million. These renewable contracts are
supported by long-term PPA agreements maturing around 2033-40 with
fixed prices yearly adjusted by inflation. AES Tiete's expansion
strategy is to continue investing in wind/solar power projects
partially mitigating the company´s exposure to local hydrological

CONCESSAO METROVIARIA: Moody's Lowers Corp. Family Ratings to B3
Moody's America Latina Ltda. has downgraded Concessao Metroviaria
do Rio de Janeiro S/A (MetroRio)'s Corporate Family Ratings (CFR)
to B3 from B2 on the global scale and to from in
Brazil's National Scale Rating. At the same time, Moody's
downgraded to B1/ from Ba3/ the ratings assigned to
Linha Amarela S.A. (Linha Amarela)'s senior secured debentures due
in May 2027. The ratings remain under review for further


Issuer: Concessao Metroviaria do Rio de Janeiro S/A (MetroRio)

  Corporate Family Rating, Downgraded to B3/ from B2/,

  Kept Under Review for further Downgrade

Issuer: Linha Amarela S.A. (Linha Amarela)

  Senior Secured Regular Bond/Debenture, Downgraded to B1/
  from Ba3/, Kept Under Review for further Downgrade

The actions follow the announcement of creditors approval to an
additional 30 day deferral in the payment of approximately BRL1.0
billion debt of Investimentos e Participacoes em Infraestrutura
S.A. - INVEPAR (INVEPAR, unrated), due on March 11th, 2019. INVEPAR
is a holding company of various infrastructure assets in Brazil,
including MetroRio and Linha Amarela.


The rating actions reflect our view of potential contagion risks
for MetroRio and Linha Amarela stemming from INVEPAR's strained
liquidity and highly leveraged capital structure, given to the
existing cross-default features in their current debt arrangements
that link these operating companies with the parent, regardless of
structural features and other credit enhancements.

INVEPAR has made some progress on its refinancing strategy, but
still faces execution risks to rollover its short term debt
maturities. Creditors have agreed to extend the debt maturities for
an additional 30 days until April 11, 2019, while the company
prepares for a new debt issuance in the local capital market of up
to BRL1.37 billion. In Moody's view, the new debt issuance will
provide a temporary relief to INVEPAR's liquidity needs, but its
overall leverage will remain excessive, as indicated by a net Debt
to EBITDA close to 10.0x on a pro-forma basis for the transaction.
As such, INVEPAR will depend upon assets divestures or equity
injections to achieve a more sustainable capital structure over the
next 12 to 24 months.

MetroRio's standalone credit profile remains underpinned by a
long-term concession contract to operate the subway lines 1 and 2
in the city of Rio de Janeiro through 2038. This concession
supports relatively strong and predictable operating cash flows.
Moody's anticipates a Net Debt to EBITDA ratio around 4.0x for
MetroRio in 2018, but lower capital investment requirements will
gradually lead this ratio to approximately 2.5x over the next
years, following the completion of new stations and improved
connectivity with the new subway line 4. Nevertheless, MetroRio's
credit profile is directly exposed to the credit risk of INVEPAR,
given an early amortization clause embedded in its 8th issuance of
debentures that could be automatically triggered by a bankruptcy
filing or extrajudicial recovery plan of INVEPAR, as the guarantor
of these debentures. Today's action on MetroRio's CFR captures such
exposure and Moody's views on the continued liquidity constraints

On a standalone basis, Linha Amarela displays very strong credit
metrics and has an adequate liquidity profile supported by its
strong asset fundamentals and predictable cash flows derived from
its long toll road concession. Moody's anticipates a Net Debt to
EBITDA ratio in the range of 1.7x to 2.0x in 2018. Nevertheless,
Linha Amarela has direct credit linkages with MetroRio due to early
amortization clauses embedded in its 2nd issuance of debentures, in
which a bankruptcy filing or extrajudicial recovery plan of
MetroRio would prompt an acceleration of Linha Amarela's debt. As
such, the rating action on Linha Amarela is related to the rating
action on MetroRio. Linha Amarela's downgrade also reflects the
perception of a more challenging business environment for this
concession after the Municipality of Rio de Janeiro (Ba3, stable)
published two decrees to partially suspend its toll collections
based on an alleged contractual wrongdoings. So far, Linha Amarela
has been able to quickly revert negative decisions through court,
including the allowance for the toll tariff annual inflation
adjustment as per the contractual definitions, but in our opinion
the more frequent disputes with the granting authority and
evidences of government intervention indicate a relatively less
favorable regulatory environment for the company, which exert
pressure over its credit profile.

The review period will assess primarily INVEPAR's progress towards
meeting its financial obligations over the next 30 days and
business plan to secure an improved capital structure to support
its operations. This includes achieving an extended debt maturity
profile and maintaining a liquidity position that would allow
INVEPAR to cover investment requirements and planned spending
programs without affecting the credit profile of MetroRio and Linha


Concessao Metroviaria do Rio de Janeiro S/A (MetroRio) is an urban
railway passenger transportation company, which has the concession
rights to operate Lines 1 and 2 of the subway system in the City of
Rio de Janeiro comprising an extension of 42 km and 36 stations.
The concession rights granted by the State Government of Rio de
Janeiro in 1998 and regulated by AGETRANSP are valid for a 40-year
period through January 2038. Since September 2016, MetroRio also
operates and maintain Rio de Janeiro's subway system's Line 4,
which added 12.7 kilometers and 5 stations to its operations. In
the last twelve months ended September 30 2018, MetroRio reported
net revenues (excluding construction revenues) of BRL756 million
and net profit of BRL9 million.

Linha Amarela S.A. (Linha Amarela) has the concession to operate
the toll road services of a 17.4 km urban route in the City of Rio
de Janeiro, Brazil. The concession was granted by the Municipality
of Rio de Janeiro (Ba3, stable) in 1994, and toll road operation
started in 1998, for a 25-year period. On May 14, 2010, LAMSA
signed an amendment to its concession contract, whereby the
Municipality of Rio de Janeiro (the Granting Authority) granted a
15-year extension of the Concession, until December 2037. As of
September 30, 2018, Linha Amarela reported net revenues (excluding
construction revenues) of BRL272 million and net profit of BRL114

MetroRio and Linha Amarela are wholly owned by Investimentos e
Participacoes em Infraestrutura S.A. - INVEPAR (INVEPAR, unrated),
a holding company controlled by three of the largest Brazilian
pension funds (PREVI, FUNCEF and PETROS) as well as the
construction company OAS S.A. INVEPAR is the guarantor for
MetroRio's 8th debenture's issuance. MetroRio is the guarantor of
Linha Amarela's 2nd debentures' issuance.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Conatra Questions Handing of Fuel Prices
Dominican Today reports that the country's biggest bus owners union
(Conatra) demanded that the Industry and Commerce Ministry scrap
its discretionary handling of fuel prices.

Conatra General Manager Rafael Arias said the Government charges a
RD$88.27 tax on each gallon of gasoline, according to Dominican

In a press conference accompanied by Conatra president Antonio
Marte, Arias demanded that the Government explain to the country
where the fuel sales revenue goes, the report notes.

Conatra's demand comes amid spiraling fuel prices since early
February, 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

DOMINICAN REPUBLIC: Labor Again Demands 30% Hike on Minimum Wage
Dominican Today reports that National Trade Union Confederation
(CNUS) President Rafael (Pepe) Abreu said he expects employers to
accept their proposed 30% increase to the minimum wage, when they
meet in the National Wages Committee.

If employers don't delay the negotiation process, he said, a salary
increase will materialize, according to Dominican Today.

Mr. Abreu also labeled as positive the fact that business owners
have stated that they have a proposal ready before the National
Salary Committee, whose first meeting is set for March 25, the
report notes.

Business leaders said they'll propose a salary increase in the next
Committee meeting, based on the economy's behavior, and Central
Bank data, 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

P U E R T O   R I C O

ASCENA RETAIL: Moody's Lowers CFR to B1, Outlook Stable
Moody's Investors Service downgraded Ascena Retail Group, Inc.'s
Corporate Family Rating (CFR) to B1 from Ba3, Probability of
Default Rating (PDR) to B1-PD from Ba3-PD and senior secured term
loan rating to B1 from Ba3. The Speculative Grade Liquidity Rating
was affirmed at SGL-2. The outlook is stable.

The downgrade reflects Ascena's ongoing execution challenges and
margin pressure. While the company's forecast for a significant
EBITDA decline in Q3 FY 2019 is to a large extent driven by
temporary factors affecting the broader sector, Moody's expects
company-specific weakness to continue, mainly in the Value and

Moody's took these rating actions for Ascena Retail Group, Inc.:

  -- Corporate Family Rating, downgraded to B1 from Ba3

  -- Probability of Default Rating, downgraded to B1-PD from

  -- Speculative Grade Liquidity Rating, affirmed SGL-2

  -- $1.8 billion ($1.372 billion outstanding) senior secured first
lien term loan B due 2022, downgraded to B1 (LGD3) from Ba3 (LGD3)

  -- Outlook, changed to Stable from Negative


Ascena's B1 CFR reflects the company's large scale and diversified
portfolio of women's apparel brands. Ascena's conservative
financial policies and good liquidity over the next 12-18 months
provide key credit support, including solid positive free cash
flow, ample revolver availability and a lack of near term
maturities. Moody's expects that voluntary term loan paydown with
balance sheet cash and free cash flow will allow the company to
maintain solid leverage metrics, with lease-adjusted debt/EBITDA
increasing modestly to 4.5 times at FYE July 2019 despite a
significant earnings decline in 3Q 2019, from 4.4 times (as of
November 3, 2018).

At the same time, the rating is constrained by company-specific
execution missteps and the broader challenge of achieving material
earnings improvement with a portfolio of primarily mature, mid- and
value-priced brands amidst a highly competitive apparel retail
environment. Moody's expectations for relatively weak interest
coverage also constrain the rating, with (EBITDA-CapEx)/interest
expense expected to decline to 1.2 times at FYE July 2019 from 1.4
times (as of November 3, 2018). Moody's expects that cost increases
from inflationary pressures and the mix shift to e-commerce sales
will continue to offset the benefits of efficiency initiatives.

The stable outlook reflects Moody's expectations for material debt
repayment and good liquidity over the next 12-18 months.

The ratings could be upgraded if revenue and earnings return to
growth. Quantitatively, the ratings could be upgraded if Ascena
maintains lease-adjusted debt/EBITDA below 4.5 times, FCF/debt
above 5%, and (EBITDA-CapEx)/interest expense above 2.0 times. An
upgrade would also require continued conservative financial
policies and good liquidity.

The ratings could be downgraded if liquidity deteriorates, if the
company does not address the underperforming Value segment through
a sale, rationalization or performance improvement, or if financial
policies become more aggressive. Quantitatively, the ratings could
be downgraded if lease-adjusted debt/EBITDA is sustained above 5.0
times or (EBITDA-CapEx)/interest expense below 1.5 times.

Headquartered in Mahwah, New Jersey, Ascena Retail Group, Inc.
("Ascena") operates approximately 4,500 women's specialty retail
stores throughout the United States, Canada and Puerto Rico under
the brands Justice, Lane Bryant, Catherines, maurices, dressbarn,
Ann Taylor, and LOFT. Revenue for the last twelve months ending
November 3, 2018 was $6.6 billion.

BAILEY'S EXPRESS: Plan Admin's $5K Sale of Remnant Assets Approved
Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District
of Connecticut authorized David Allen, the Plan Administrator
appointed for Bailey's Express Inc.'s bankruptcy estate, to sell
the remnant assets, consisting of known or unknown assets or
claims, which have not been previously sold, assigned, or
transferred, to Oak Point Partners, LLC for $5,000.

The sale is free and clear of liens, claims, interests and
encumbrances, with such liens, claims, interests, and encumbrances
to attach to the proceeds of the Sale.

The Plan Administrator is authorized to enter into the Purchase

The Bidding Procedures are approved in their entirety.

The 14-day stay under Bankruptcy Rule 6004(h) is waived.

                    About Bailey's Express

Headquartered in Middletown, Connecticut, Bailey's Express -- is a Connecticut-based less than  

truckload carrier. It provides service across the nation and is
dedicated in helping Connecticut, Massachusetts and Rhode Island
companies market their products throughout the U.S. including
Hawaii and Alaska. It has distribution points in Charlotte, Dallas,
Denver, Easton, Fontana, Indianapolis, Jacksonville, Memphis,
Neenah, Phoenix, Salt Lake City and Toledo.  It also provides
service to Mexico, Puerto Rico & Canada.

Bailey's Express filed for Chapter 11 bankruptcy protection (Bankr.
D. Conn. Case No. 17-31042) on July 13, 2017.  In the petition
signed by CFO David Allen, the Debtor estimated its assets and
liabilities at between $1 million and $10 million.

The Hon. Ann M. Nevins presides is the case judge.

Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at
Pullman & Comley, LLC, serve as the Debtor's bankruptcy counsel.

No creditors' committee has been appointed in the case.

On Jan. 12, 2018, the court confirmed the Debtor's Chapter 11 plan
of liquidation.  Pursuant to the plan, David Allen was deemed the
plan administrator for the Debtor's estate.

On Nov. 17, 2017, the Court appointed Trevor Davis Commercial Real
Estate, LLC, as real estate broker.

EMPRESAS BENITEZ: Unsecureds' Recovery Increased to 5.42%
Empresas Benitez Toledo Inc. filed an amended Chapter 11 plan and
accompanying disclosure statement that propose an increase of
general unsecured creditors' recovery to 5.42% from 3.68%.

GENERAL UNSECURED CREDITORS are impaired. The total unsecured
claims (whether claimed or listed) subject to distribution is
$2,876,189.48.  CLASS 6 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 5.42% of their claimed or listed debt
which equals $156,000.00 to be paid Pro Rata to all allowed
claimants under this class.  Unsecured Creditors will receive
quarterly payments (every three months) payment of $6,908.58 to be
distributed pro rata among them.  The payments will begin on month
13 after the effective date of the plan and will be completed on
month 84.  The payment on $6,908.58 includes interest and the last
payment shall be made within 84 months of the effective date of the
Plan.  These creditors will receive a total amount of $193,440.00
including the interest.  If the effective date of the Plan is June
of 2019, the first payment will be made on July 2020.

CLASS 2: CONDADO 5, LLC are impaired. Creditor CONDADO 5 LLC.
filed, Claim Numbered 5 in the amount of $6,064,634.81. This claim
correspond to commercial loan secured with milk quota (personal
property) and real property (dairy farm). The amount of
$4,597,625.00 will be considered as secured amount (value of the
collaterals) and the remaining amount of $1,467,009.81 shall be
considered as unsecured amount and will be treated as per the
Unsecured Claims Class. Condado 5 LLC shall be treated according
the Stipulation Dated March 12, 2019 filed on said date at Docket
No. 108 of case 18-02094-BKT11.

creditor Federacion filed Claim Numbered 3 in the total secured
amount of $1,405,385.82. Said amount is secured with mortgages over
personal property, machinery, equipment and personal guarantees and
personal properties from stockholders etc. 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: CRIM are impaired. The Centro de Recaudacion de Ingresos
Municipales (CRIM) filed Claim Numbered 2 in the total amount of
$9,384.86. The claimed secured portion of this claim is $8,800.80
and the remaining amount of $584.06 was claimed as unsecured. 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 las payment of $355.53. The amount
claimed as unsecured will be paid according to the Unsecured Claims

CLASS 5: ROCIMAR RIVERA are impaired. This Creditor has a secured
loan in the amount of $200,000 and it is secured with 110 head of
cattle with 2 births. These cows are currently part of the herd and
Debtor will retain them. This creditor will be paid $2,145.83 per
month per month for 120 continuous months. This payment includes
interest at 5.25%.

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 Dairy 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 Amended Disclosure Statement dated March
13, 2019, is available at 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.

HARAS SANTA: Plan Outline OK; May 8 Plan Confirmation Hearing Set
Bankruptcy Judge Mildred Caban Flores issued an order approving
Haras Santa Isabel Inc.'s disclosure statement referring to a
chapter 11 plan of reorganization dated Dec. 13, 2018.

Acceptances or rejections of the Plan and any objection to
confirmation of the plan may be filed on/or before 14 days prior to
the date of the hearing on confirmation of the Plan.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan will
be held on May 8, 2019, at 9:00 AM at the Jose V. Toledo Federal
Building and US Courthouse, 300 Recinto Sur Street, Courtroom 3,
Third Floor, San Juan, Puerto Rico.

The Troubled Company Reporter previously reported the Debtor's plan
of reorganization contemplates the sale of all of its assets to the
purchaser, including all of its real properties, thoroughbreds,
inventories, furniture, fixtures, improvements, equipment,
trademarks, trade names and supplies, and others, for $850,000. The
sale will be financed through a credit facility to be granted to
the purchaser by Puerto Rico Farm Credit.

The Debtor will effect all the payments on the effective date from
the proceeds of the sale of its assets and the estimated cash
balance in the Debtor's debtor-in-possession accounts. The total
distributions under the Plan are estimated in $901,000.

A full-text copy of the Disclosure Statement, dated December 13,
2018, is available for free at:


                   About Haras Santa Isabel

Haras Santa Isabel Inc. is a privately-held company in Coamo,
Puerto Rico, in the horse breeding business.

Haras Santa Isabel previously sought bankruptcy protection (Bankr.
D.P.R. Case No. 10-06672) on July 27, 2010.

Haras Santa Isabel again sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-07077) on Dec. 4, 2018.
At the time of the filing, the Debtor disclosed $2,579,669 in
assets and $8,787,638 in liabilities.  The case is assigned to
Judge Enrique S. Lamoutte Inclan.  The Debtor tapped Charles Alfred
Cuprill, Esq., at Charles A Cuprill, PSC Law Offices, as its legal

LUBY'S INC: Hodges Capital Has 5.9% Stake as of Dec. 31
In a Schedule 13G filed with the Securities and Exchange
Commission, these entities and individual reported beneficial
ownership of shares of common stock of Luby's Inc. as of Dec. 31,

                                       Shares       Percent
                                    Beneficially      of
   Reporting Person                    Owned         Class
   ----------------                 ------------    -------
Hodges Capital Holdings, Inc.        1,760,785        5.9%
Craig D. Hodges                      1,760,785        5.9%
Hodges Capital Management, Inc.      1,760,785        5.9%
Hodges Fund                          1,706,885        5.7%

The calculation of the percentage of beneficial ownership of the
Company's common stock is based upon 29,762,888 shares outstanding
on Jan. 23, 2019, as disclosed by the Company in its Quarterly
Report on Form 10-K for the fiscal year ended Dec. 19, 2018.

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

                           About Luby's

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

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

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.

The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019.  The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default.  Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.

These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.

T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Exporting Farmers Face New Certificate
Aleem Khan at Trinidad Express reports that local farmers who focus
on exports may face a new non-tariff phytosanitary barrier, several
speakers at a Caribbean Industrial Research Institute (Cariri)
press conference confirmed.

Over 300 farmers were sensitized at workshops at Cariri in Freeport
last week about a new certification system for food producers
called Good Agricultural Processes (GAP), according to Trinidad
Express.  The speakers expect that GAP certification will be
required to export in the future, the report notes.

"If you look on the global picture once again, the food safety
requirements are threatened.  Even, you know, the US is changing
their legislation . . . is already enforcing and so on, so it means
that the global market is asking more and more, in terms of food
safety and food safety and food safety," said Kliment Petrov, the
Bulgarian GAP facilitator brought in by Cariri, the report adds.

TRINIDAD & TOBAGO: Vegetable Prices Take a Tumble
Leah Sorias at Trinidad Express reports that following devastating
floods in October last year, the prices of fruits and vegetable
soared beyond the reach of some consumers.

Tomatoes were being sold for up to $30 per pound in some markets in
November and December last year, while cucumber prices were in the
vicinity of $15 per pound, according to Trinidad Express.


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
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