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       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 28, 2019, Vol. 20, No. 63

                           Headlines



A R G E N T I N A

ARGENTINA: Makes Push to End Child Labor


B R A Z I L

AVIANCA BRASIL: To Trim Fleet Size, Destinations
ENEVA SA: Discloses Secondary Share Offering
OI SA: Shares Sink After Reporting Quarterly Loss
SUL AMERICA: Fitch Hikes Long-Term IDRs to 'BB-', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Starts to Shutter Puerto Plata's Trash Dump
DOMINICAN REPUBLIC: Suspends Lumbering on Severe Drought


J A M A I C A

JAMAICA: Finance Minister Raises Ceiling of Contingencies Fund


M E X I C O

GRUPO KALTEX: Fitch Cuts LT IDRs & $320MM Sr. Secured Notes to 'CC'
MEXICO: High Dependence on Agricultural Imports Weakens Mexico


P U E R T O   R I C O

BROOKSTONE HOLDINGS: Plan Adds Info on Liquidating Trust Assets
LIBERTY CABLEVISION: Fitch Hikes LT IDR to 'B', Outlook Stable
PUERTO RICO: Trump Adversary to Run for Governor in 2020


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Retains 'Max 8' Lawyers


U R U G U A Y

BANCO BANDES: Moody's Withdraws Caa2 Ratings for Business Reasons


V E N E Z U E L A

VENEZUELA: Blackout Continues, Maduro Gov't. Extends Holiday

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Makes Push to End Child Labor
----------------------------------------
EFE News reports that three out of every 10 minors in Argentina
work for a living, but experts responding to that fact say the
country is nonetheless in an excellent position to eliminate and
prevent child labor with its defined public polices and under
pressure from its international commitments.

"All cards are on the table in Argentina. I've been in this for
many years and never saw a situation with so many opportunities,"
Gustavo Ponce, head of the prevention and eradication of child
labor at the local chapter of the International Labor Organization
(ILO), told EFE, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.



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B R A Z I L
===========

AVIANCA BRASIL: To Trim Fleet Size, Destinations
------------------------------------------------
Marcelo Rochabrun at Reuters reports that Brazilian carrier Avianca
Brasil will reduce its fleet size and cease operations at Rio de
Janeiro's international airport as it downsizes in the wake of a
bankruptcy filing in December, the firm said.

The company said in a statement it would seek to reduce the number
of destinations it serves to 23 and cut its fleet size to 26 planes
over the month of April, according to Reuters.  It will also cease
operations in the cities of Belem and Petrolina, as well as at Rio
de Janeiro-Galeao International Airport, the report notes.

Avianca Brasil filed for bankruptcy in December after falling
behind on lease payments for its fleet of more than 45 Airbus SE
planes, the report recalls.  Since then, it has received various
court rulings that have allowed it to hold on to its planes dispute
vigorous protests by its lessors, the report notes.

Brazilian airline Azul SA said recently it would seek to buy
Avianca Brasil's assets, while the struggling airline has received
$75 million in financing from New York hedge fund Elliott
Management Corp., 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.

ENEVA SA: Discloses Secondary Share Offering
--------------------------------------------
Reuters reports that Brazilian energy firm Eneva SA disclosed a
secondary offering of 49.97 million shares in a securities filing,
confirming an earlier Reuters report.

The firm, which owns gas-fired power plants and natural gas
exploration and production assets in northeastern Brazil, said
shareholders Itau Unibanco Holding SA, Uniper Holding GmbH, Banco
BTG Pactual SA, Banco Pine SA , and Dommo Austria GmbH, a unit of
Brazil's Dommo Energia SA, plan to sell shares in the offering,
according to Reuters.

According to the closing share price of Eneva on March 26, the
secondary offering may be worth about BRL930 million ($237
million), the report notes.

Banks Itau BBA, Santander Brasil SA, BTG Pactual, and Citigroup
Inc's Brazil unit will manage the offering, confirming the earlier
report by Reuters.

Eneva, which filed for bankruptcy in 2014, was part of a stable of
companies in which the tycoon Eike Batista, who was found guilty of
bribery after his once-promising investments floundered, had a
stake, the report recalls.

Since July, Eneva's Brazil-listed common shares have soared over 60
percent to trade at BRL18.60, the report says.

The secondary offering is set to be priced on Apr. 4, the company
said, the report adds.

                   About Eneva SA

Eneva SA operates several thermal power plants in Brazil with a
total installed capacity of 2.9 GW.  The company also has
interests in gas exploration fields in the country.

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2014, Juan Pablo Spinetto at Bloomberg News reported that
Eneva Participacoes SA (Eneva SA), the Brazilian utility
controlled by EON SE (EOAN) and Eike Batista, filed for bankruptcy
protection, becoming the fourth venture founded by the former
billionaire to seek creditor protection in just more than a year.

Eneva, which Batista set up as MPX Energia SA in 2001, filed the
request to a court in the state of Rio de Janeiro, where the
company is based, it said in a statement obtained by Bloomberg
News.  The petition, called a judicial recovery in Brazil, comes
after failure to renew a deal between the company and its lenders
to suspend debt payments, Eneva SA said, according to the report.

OI SA: Shares Sink After Reporting Quarterly Loss
-------------------------------------------------
Reuters reports that Brazilian telecommunications firm Oi SA
reported a big quarterly loss, sending shares of the heavily
indebted company down nearly 5 percent in morning trading.

Oi, Brazil's largest fixed-line operator, reported a net loss of
BRL3.359 billion ($858 million) in the fourth quarter of 2018 on
March 26, 65.7 percent more than the loss it reported a year
earlier, the report notes.  Total revenue fell 7.9 percent, the
report relays.

The company's total debt at the end of 2018 stood at BRL16.45
billion, an improvement over BRL54.62 billion at the end of 2017,
thanks largely to debt restructuring, the report says.

Oi boosted investments 7.5 percent in 2018, the company said,
expanding its Brazil's high-speed broadband to compete more
effectively with the local units of Telefonica SA and Telecom
Italia SpA, the report discloses.

In 2016, Oi filed for bankruptcy protection, setting off a
protracted battle among creditors and shareholders, the report
says.

A restructuring plan was finally agreed in December 2017 and much
of the company's activities since then have revolved around
implementing the terms of the agreement, the report adds.

As reported on the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings assigned its 'B' issue-level
rating to Oi S.A.'s (global scale: B/Stable/--; national scale:
brA/Stable/--) existing $1.6 billion senior unsecured notes due
2025. S&P also assigned a '4' recovery rating to the notes, which
indicates average recovery expectation of 30%-50% (rounded
estimate 40%) in the event of payment default.

SUL AMERICA: Fitch Hikes Long-Term IDRs to 'BB-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Sul America S.A.'s (SASA) Long-Term
Local- and Foreign-Currency Issuer Default Ratings (IDRs) to 'BB-'
from 'B+' and Long-Term National Rating to 'AA-(bra)' from
'A+(bra)'. The Rating Outlooks are Stable.

KEY RATING DRIVERS

The upgrade of the SASA's IDRs follows the publication of Fitch's
revised global master insurance criteria "Insurance Rating
Criteria" on Jan. 11, 2019 and the subsequent placement of SASA's
IDRs Under Criteria Observation (UCO) on Jan. 16, 2019. The revised
criteria include changes to the way Fitch captures country-related
risks in ratings, moving away from the use of "top-down" sovereign
constraints, to defining how country risk is captured within each
key credit factor under a "bottom-up" analysis. Prior to that,
SASA's ratings were constrained by Brazil's sovereign ratings
(Long-Term Local- and Foreign-Currency IDRs BB-/Stable).

The upgrade of SASA's Long-Term National Rating follows the upgrade
of its Long-Term Local-Currency IDR and reflects the improvement in
Fitch's assessment of SASA's standing within the universe of
Brazilian issuers.

SASA's ratings reflect the company's favourable business profile
relative to that of other Brazilian insurers, very strong financial
performance and earnings, and adequate capitalization, partially
offset by its significant exposure to Brazilian government
securities and other non-investment grade securities, as well as
risks associated with operating in the Brazilian insurance market.

SASA has a strong and stable market position in Brazil led by a
significant presence in the health and auto segments, where it
ranks as the third- and fourth-largest insurer, respectively, with
market shares of approximately 10% in each.

SASA's financial performance improved slightly and remained strong
in 2018, when the operating environment started recovering
modestly. Return on average equity (ROAE) was 15.2% in 2018 and
14.5% in 2017. This was the result of solid technical results
(combined ratio improved to 96.3% in 2018 from 97.8% in 2017) and
despite the continuation of the reduction in financial income
driven by the monetary easing policy that halted in May 2018.

Likewise, the company's liquidity was strong, with liquid assets
corresponding to 133% of loss and technical reserves in 2018;
however, Fitch notes most of SASA's liquid assets are of lower
credit quality.

Fitch considers SASA's capitalization and leverage adequate, with
the financial leverage ratio (FLR) at 19%, net premiums written
(NPW) to capital at 2.6x and net leverage at 4.4x in 2018 (22%,
2.5x and 4.2x, respectively in 2017). Fitch's overall assessment of
capital adequacy also recognizes that investment risks are not
captured within the noted ratios. The company's fixed-charge
coverage ratio improved in 2018 to 13x from 10x in 2017.

SASA's exposure to non-investment grade securities is a key
negative rating driver. Brazilian government securities make up a
significant portion of its investment portfolio (77% in 2018), and
represent over 100% of capital, which Fitch views as a material
concentration. Excluding the securities that are linked to
unit-linked products (VGBLs and PGBLs), all non-investment grade
and other risky securities corresponded to 1.4x of SASA's capital.


RATING SENSITIVITIES

Upgrade Sensitivities: An improvement in Fitch's assessment of
SASA's investment and asset risk and capitalization and leverage
credit factors, which would most likely be driven by an improvement
in Brazil's sovereign ratings.

Downgrade Sensitivities: A deterioration in Fitch's assessment of
SASA's investment and asset risk and capitalization and leverage
credit factors, which would most likely be tied to a downgrade of
Brazil's sovereign ratings. In addition, SASA's ratings could be
negatively affected by a sustained and material deterioration in
profitability, characterized by an ROAE below 8% and FLR remaining
above 31% for a sustained period.

FULL LIST OF RATING ACTIONS

  -- Long-Term Foreign- and Local-Currency IDRs upgraded to 'BB-'
from 'B+'; Outlook Stable;

  -- Short-Term Foreign- and Local-Currency IDRs affirmed at 'B'.

  -- Long-Term National Rating upgraded to 'AA-(bra)' from
'A+(bra)'; Outlook Stable;

  -- Short-Term National Rating affirmed at 'F1+(bra)';

  -- Long-Term National Rating of senior unsecured debentures due
2019, 2021 and 2022 upgraded to 'A+(bra)' from 'A(bra)'.

In addition, all international scale ratings have been removed from
UCO status.



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

DOMINICAN REPUBLIC: Starts to Shutter Puerto Plata's Trash Dump
---------------------------------------------------------------
Dominican Today reports that Dominicana Limpia, the Puerto Plata
City Council and other agencies began the process to shutter the
trash dump and control of the landfill that has operated in the
province for decades.

The initiative, for which the government has allocated RD$250
million (US$50 million), will be executed in different stages
during eight months, and conceived as an integral solution with the
construction of a sanitary landfill, according to Dominican Today.

Dominicana Limia director Domingo Contreras said the proposal is an
integral model that will impact on the other tourist destinations
of the province and that "today paves the way open for the
definitive solution to the problem of solid waste in the province,"
the report notes.

Mayor Walter Musa guaranteed that his management will not take any
action that affects neither the tourist development nor surrounding
communities, the report relays.

                      Ships Were Staying Away

Musa acknowledged for the first time that the landfill's conditions
and its frequent fires prompted ships to discard port calls, a
situation that had been initially denied by the city authorities
and the Tourism Ministry, 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: Suspends Lumbering on Severe Drought
--------------------------------------------------------
Dominican Today reports that the Environment Ministry temporarily
suspended the felling of trees and transport of wood from
plantations and forest management plans nationwide, due to the
severe drought across the country.

"It's imperative and urgent to reinforce the necessary actions to
prevent and control the effects that could cause the scarcity of
rain, to guarantee compliance with the functions that Law 64-00
assigns to this Ministry as the governing body of the environment
and natural resources," the agency said in a statement obtained by
the news agency.

                              Bug Blight

Environment Ministry resolution 0018/2019 indicates that the
cutting and transport of trees is excluded, according to the
technical diagnosis that is affected by Ips calligraphus (Pine Bark
Borer), "whose extraction and movement is under strict compliance
with the provisions of the Resolution: 5/2019 dated January 14,
2019," the report notes.

It adds that the measure exempts trees from Acacia magnum
plantations used as biomass for power companies, 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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J A M A I C A
=============

JAMAICA: Finance Minister Raises Ceiling of Contingencies Fund
--------------------------------------------------------------
RJR News reports that Finance Minister Dr. Nigel Clarke moved a
resolution in the House of Representatives to raise the ceiling of
the Contingencies Fund from J$100 million to J$10 billion.

This will allow the Government to cover unexpected expenditure
during a natural disaster, notes the report.

Dr. Clarke said Jamaica's economic independence is threatened by
its vulnerability to natural disasters, according to RJR News.

In his 2019/20 budget presentation, the Finance Minister outlined
the intent of the Government to develop a policy for the financing
of natural disaster risk including catastrophe bonds, contingent
credit instruments and traditional insurance products like the
Caribbean Catastrophe Risk Insurance Facility, the report notes.

He said, in the past, unplanned weather related recovery
expenditure diverted scarce resources away from social and economic
development priorities, 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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M E X I C O
===========

GRUPO KALTEX: Fitch Cuts LT IDRs & $320MM Sr. Secured Notes to 'CC'
-------------------------------------------------------------------
Fitch Ratings has downgraded Grupo Kaltex, S.A. de C.V.'s Long-Term
Local and Foreign Currency Issuer Default Ratings (IDRs) to 'CC'
from 'CCC'. Fitch has also downgraded the company's USD320 million
senior secured notes due 2022 to 'CC'/'RR4' from 'CCC'/'RR4'.

The downgrade reflects Kaltex's continued tight liquidity compared
to debt service and short-term debt. It also reflects pressure on
operating cash flows as a result of higher costs and variables
outside of management's control. In Fitch's view, the likelihood
that the company can restructure in the medium term is increasing.
Kaltex is meeting its obligations through shareholder support, and
Fitch anticipates this will continue while the company implements
initiatives to achieve operating recovery.

The ratings reflect Fitch's assumption that Kaltex will meet
interest payments in April and remain reliant on the completion of
either asset sales or shareholders support absent an improvement in
the operating cash flow to strengthen its liquidity position. Any
indication of risks related to debt service payment will result in
additional downgrades.

The ratings also reflect the company's exposure to the cyclicality
of the textile industry, level of consumer demand, input cost price
volatility, limitation of transferring cost increases into prices
in a rapid manner and absence of long-term customer contracts. In
addition, the ratings take into account Kaltex's revenue
diversification, good commercial relations with top-quality
customers, and its position as the world's fourth-largest denim
player based on installed capacity.

KEY RATING DRIVERS

Negative FCF Generation: The company's exposure to volatile
commodity related input costs limits its ability to transfer the
full impact of variations to prices. During 2018 total revenues
grew 8.2% while cost of goods sold (COGS) increased 9.1%. This has
limited the operating cash flow generation of the company. At Dec.
31, 2018, Kaltex's operations (working capital requirements, Capex
and debt amortizations) were financed mainly by shareholder
support. Positive FCF generation is the key aspect to strengthen
the company's liquidity position. Fitch underscores this as
critical for the company's business as a going concern.

Lower Than Anticipated Profitability: Increases in raw materials
prices have pressured the company's profitability and cash flow
generation. During 2018, COGS as a percentage of revenues reached
83% making the company to report low EBITDA margins. Fitch expects
Kaltex's operations to stabilize, with EBITDA margins of
approximately 7.0%, which is lower than the originally anticipated
10%-11%. Fitch estimates that EBITDA margins of approximately 11%
could allow the company to register leverage levels below 4.5x and
interest coverage level above 2.0x.

Challenging Operating Environment: Fitch expects that the
ratification of the USMCA will take place during 2019 but extended
discussions in the U.S. Congress are anticipated. In the mid-term
the company's position in North America could benefit from the
terms of the agreement. However, potential increased volatility in
the peso-dollar exchange rate could add pressure to the company's
operating performance.

High Leverage Reduces Flexibility: Current and estimated adjusted
leverage levels are higher than the bond financial covenant and
prevent Kaltex from incurring additional indebtedness. The company
recorded a leverage level, measured as total debt /EBITDA, of 5.9x
at Dec. 31, 2018 in Mexican peso terms. Fitch projects this ratio
will reach 5.4x at YE 2019 and 5.2x at YE 2020.

Management is working on asset sales in the form of available land.
Proceeds are intended to strengthen Kaltex's liquidity. Fitch will
not include these potential cash flows in its base case until they
are completed.

Exposure to Cyclical Industry: The ratings reflect the company's
exposure to the cyclicality of the textile industry, level of
consumer demand, input cost price volatility, inability to transfer
cost increases into prices rapidly and absence of long-term
customer contracts.

The company's operations depend on variables affecting
discretionary consumer spending, including general economic
conditions, consumer confidence, unemployment, consumer debt,
interest rates and political conditions. A decline in discretionary
spending may cause volatility in sales volume. Kaltex is exposed to
input cost price volatility and has limited ability to rapidly
transfer cost increases into consumer prices. The company also
exhibits customer concentration, which increases operational risk,
as customers may experience weak performance or shift to a
different supplier.

Business Diversification: Kaltex's cash flow and profitability are
supported by a diversified revenue base, operating vertical
integration and product offerings. The company has diversified
revenue by product type and geographic market, which reduces the
risk of concentration in one segment of the textile industry, and
mitigates adverse economic cycles in a particular region. At Dec.
31, 2018, 55% of Kaltex's total revenues were generated in Mexican
pesos, 40% in U.S. dollars, 4% in Colombian pesos and 1% in Euros.

DERIVATION SUMMARY

Kaltex's business position is limited by its exposure to cost
increases and sales volume sensitivity to price upturns; this
exposure results in higher cash flow volatility. The company's
obligations are met with shareholder support. Its liquidity
position is tight compared with debt service and short-term debt.
Grupo IDESA, S.A. de C.V. (CCC) faces pressure on its capital
structure resulting from a weakening in its stand-alone credit
profile and its tight liquidity.

Fitch views the company's deteriorated financial and liquidity
metrics as in line with the 'CC' category. Kaltex's scale of
operations, financial profile, profitability and leverage levels
compare unfavorably to denim companies in the 'BB' category, such
as Levi Strauss & Co (BB+/Stable).

KEY ASSUMPTIONS

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

  - Revenue of approximately MXN18.8 billion on average over the
next two years;

  - EBITDA margin averaging about 7.0%;

  - Capex of approximately 3.0% of sales;

  - Shareholders support continues;

  - 2019 interest payments are met;

  - Total debt/EBITDA levels around 5.3x over the next two years.

RATING SENSITIVITIES

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

  - Improved liquidity profile in the form of significant and
steady operating recovery, equity injections or asset sales;

  - FFO and EBIT margins above 5%, EBITDA margin improvement to
above 10%, expansion of positive FCF margin above 1%, and stable
operating results through industry and economic cycles resulting in
a comfortable liquidity position, interest coverage above 2.0x and
total debt/EBITDA consistently below 4.5x.

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

  - Failure to improve liquidity and complete asset sales or equity
injections;

  - Perception of risks on meeting interest payments;

  - Continued operational pressures resulting in EBITDA/interest
paid below 1.0x.

LIQUIDITY

Tight Liquidity Position: At Dec. 31, 2018, the company's available
cash balance was USD21 million with senior notes interest payment
of USD14.2 million in April, USD14.2 million in October and
approximately USD32 million of short-term debt due during 2019
(approximately USD21 million correspond to revolving credit
lines).

At Dec. 31, 2018, Kaltex reported total debt of USD360 million, of
which 98% was denominated in U.S. dollars and the rest in Colombian
pesos. The debt consists mainly of USD320 million senior secured
notes due 2022, and the rest is bank loans. As of Dec. 31, 2018,
the issuer and the subsidiary guarantors collectively accounted for
about 74.3% of Kaltex's consolidated assets, 94.2% of the
consolidated EBITDA and 95.0% of consolidated sales.

In addition, the notes are secured by mortgages that include
Mexican plants in Tepeji del Rio, Hidalgo and Altamira, Tamaulipas,
a non-possessory pledge agreement that includes machinery and
equipment owned by Manufacturas Kaltex, S.A. de C.V. and a
non-possessory pledge agreement covering machinery and equipment
owned by Kaltex Fibers, S.A. de C.V. Based on company's
information, the approximate value of the collateral at Dec. 31,
2018 was MXN1,917 million (approximately USD97 million).

The company expects lower working capital requirements during the
second half of 2019 due to the seasonality of the textile and
retail business. Kaltex continues with the land selling process,
but there is no specific date when they could materialize due to
the uncertainty created by the current political conditions.
Proceeds are intended to support operations and improve liquidity
position.

FULL LIST OF RATING ACTIONS

Fitch has downgraded Grupo Kaltex's ratings as follows:

  -- Long-Term Foreign Currency IDR to 'CC' from 'CCC';

  -- Long-Term Local Currency IDR to 'CC' from 'CCC';

  -- Senior secured 8.875% USD320 million notes due 2022 to
'CC'/'RR4' from 'CCC'/'RR4'.

MEXICO: High Dependence on Agricultural Imports Weakens Mexico
--------------------------------------------------------------
EFE News reports that heavy dependence on agricultural and food
imports makes Mexico vulnerable, Agriculture and Rural Development
(Sader) Minister Victor Manuel Villalobos said.

"We cannot be in the hands of the external market in satisfying the
population's food requirements," Villalobos said in a keynote
speech at the EFE Forum on agriculture held at the Autonomous
University of Tabasco, in the city of Villahermosa, according to
EFE News.



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

BROOKSTONE HOLDINGS: Plan Adds Info on Liquidating Trust Assets
---------------------------------------------------------------
Brookstone Holdings Corp., Brookstone, Inc., Brookstone Company,
Inc., Brookstone Retail Puerto Rico, Inc., Brookstone International
Holdings, Inc., Brookstone Purchasing, Inc., Brookstone Stores,
Inc., Big Blue Audio LLC, Brookstone Holdings, Inc., and Brookstone
Properties, Inc., and the Official Committee of Unsecured Creditors
filed a Third Amended Joint Plan of Liquidation under Chapter 11
dated March 15, 2019.

This latest filing provides additional information on the
Liquidating Trust Assets. The Liquidating Trust shall consist of
the Liquidating Trust Assets, the Administrative/Priority Claims
Reserve Account, and the Other Secured Claims Reserve Account. On
the Effective Date, as provided in the Implementation Memorandum,
the Debtors shall transfer all of the Liquidating Trust Assets,
Administrative/Priority Claims Reserve Account, and the Other
Secured Claims Reserve Account then held by the Debtors to the
Liquidating Trust free and clear of all liens, claims, and
encumbrances, except to the extent otherwise provided herein. The
transfer of the Liquidating Trust Assets, the
Administrative/Priority Claims Reserve Account, and the Other
Secured Claims Reserve Account to the Liquidating Trust shall not
affect any attorney-client privilege, the work-product privilege,
and any other applicable evidentiary privileges of the Debtors.

A copy of the Third Joint Amended Plan is available at
http://tinyurl.com/y36lwju2from omnimgt.com free of charge.   

                  About Brookstone Holdings

Founded in 1965, Brookstone Holdings Corp. is a U.S.-based product
developer and retailer of wellness, entertainment, and travel
products that are fun to discover, smart to use and beautiful in
design.  Brookstone products are available at its 35 retail
locations in airports throughout the U.S., online at Brookstone.com
and through select premium retailers worldwide.

Brookstone Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
18-11780) on Aug. 2, 2018.

In the petitions signed by Stephen A. Gould, secretary, the Debtors
estimated assets of $50 million to $100 million and liabilities of
$100 million to $500 million.

Judge Brendan Linehan Shannon presides over the cases.

The Debtors tapped Gibson, Dunn & Crutcher LLP as their bankruptcy
counsel; Young Conaway Stargatt & Taylor, LLP as Delaware counsel;
Berkeley Research Group, LLC as financial advisor; GLC Advisors &
Co. as investment banker; and Omni Management Group, Inc., as
administrative agent.

LIBERTY CABLEVISION: Fitch Hikes LT IDR to 'B', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Liberty Cablevision of Puerto Rico LLC
(LCPR) to 'B' from 'B-' and has assigned it a Stable Rating
Outlook. The upgrade is due to improvements in LCPR's operating
profile, following USD142 million of investments by the company to
restore services in Puerto Rico after Hurricane Maria. Due to its
efforts, LCPR's net debt to EBITDAR ratio fell from 7.0x in 2017 to
4.8x in 2018, which was comfortably below the prior positive rating
sensitivity of 5.5x.

LCPR's ratings continue to reflect the company's strong business
position as the leading pay-tv and broadband services provider in
Puerto Rico. The company has extensive network coverage and
quality, and strong brand recognition. The ratings are tempered by
LCPR's lack of geographic diversification, making it vulnerable to
the weak macroeconomic conditions in Puerto Rico.

KEY RATING DRIVERS

Service Largely Restored: LCPR was able to restore service to 100%
of its network as of Dec 31, 2018, which was faster than previously
expected by Fitch. LCPR's network passed 1.1 million homes and
served 738,600 revenue generating units (RGUs), which falls short
of the 800,000 RGUs served before Hurricane Maria devastated Puerto
Rico.

Improved Financial Profile: As revenue rebounds to pre-hurricane
levels, Fitch expects EBITDA margins around 47% over the medium
term. Due to continued higher investment outlays associated with
expanding network and growing RGUs, Fitch believes LCPR will have
neutral to positive free cash flow in 2019 and positive FCF in
2020, as capital intensity falls. Net leverage, as measured by net
debt-to-EBITDAR, should continue to be below 5.0x.

Liberty Latin America: LCPR benefits from being owned by Liberty
Latin America (LLA), both financially and operationally. LLA has a
history of moving cash between its subsidiaries to support
investments by the group. Following Hurricane Maria, LLA extended a
subordinated shareholder loan of $70 million to LCPR. It also
acquired the remaining 40% stake of LCPR from Searchlight Capital
in October 2018, in exchange for 9,500,000 Liberty Latin America
Class C shares. LLA generated $1.5 billion of EBITDA during 2018
and ended the year with around $6 billion of net debt, resulting in
a leverage ratio for the group of 4x. In addition to LCPR, Fitch
rates LLA's other key subsidiaries Cable & Wireless Communications
Limited (BB-/Stable) and VTR Finance B.V. (BB-/Stable).

Weak Operating Environment: Economic conditions in Puerto Rico
continue to be challenging. LCPR's lack of geographic
diversification makes it highly exposed to Puerto Rico's struggling
economy, which has resulted in high unemployment rates and
increased migration of people from the island. Despite the
company's resurgence after recent hurricanes, these factors have
the potential to erode service affordability and limit revenue
growth.

DERIVATION SUMMARY

LCPR compares unfavourably to regional peers in the 'BB' rating
category such as Millicom (BB+/Stable) and Cable & Wireless
(BB-/Stable) due to its relatively small scale of operations and
lack of diversified service offerings, with no mobile operation. In
addition, the company's operating environment in Puerto Rico, which
has undergone economic challenges, is also a key credit concern.
These weaknesses offset LCPR's leading market position and network
competitiveness, which are broadly in line with VTR Finance, a
Chilean cable operator of Liberty Latin America group (rated
BB-/Stable Outlook). The company's financial profile is stronger
than Digicel Group Limited, which is an integrated telecom operator
rated 'CCC-'.

KEY ASSUMPTIONS

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

  -- Mid-to-high single digit revenue growth during 2019;

  -- EBITDA margins of 47% over the medium term;

  -- Neutral to positive FCF generation in 2019; positive FCF in
2020;

  -- Capital intensity ranging from 20%-30% over the medium term as
the company looks to restore Homes Passed and
RGUs;

  -- No significant dividends paid in 2019.

Fitch's recovery analysis assumes that Liberty Cablevision of
Puerto Rico would be considered a going-concern in bankruptcy and
that the company would be reorganized rather than liquidated. Fitch
has used a going-concern EBITDA of USD113 million in its analysis
and an EV multiple of 5.0x.

Fitch calculates a recovery for the term loan to be in the 51%-70%
range based on a waterfall approach. As a result, this 1st lien
term loan has been uplifted by one notch to 'B'/'RR3'. Fitch does
not expect any residual value to cover the 2nd lien senior secured
term loan. This level of recovery results in the 2nd lien senior
secured term loan being rated two notches below the IDR at
'CCC'/'RR6'.

RATING SENSITIVITIES

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

  -- Continued solid top-line growth and positive FCF generation;

  -- Clear commitment for deleveraging in the absence of any
material cash flow upstream to Liberty Latin America (LLA),
resulting in its adjusted net leverage falling well below 4.5x on a
sustained basis.

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

  -- Deterioration in operating performance caused by unfavourable
macroeconomic conditions and competitive landscape;

  -- Sustained negative FCF generation amid higher-than-expected
capex requirement;

  -- Any material cash flow upstream to LLA;

  -- Adjusted net leverage above 5.5x on a sustained basis.

LIQUIDITY

Adequate Liquidity: Fitch does not foresee any liquidity problem
for LCPR in the short to medium term since the company does not
face any sizable debt maturities until 2022, when its first lien
term loan B becomes due. LCPR's liquidity is adequate given its
cash balance of USD20 million and no material short-term debt as of
Dec. 31, 2018. The company's liquidity position is further
strengthened by its USD40 million undrawn credit facility as well
as shareholder support in the form of subordinated shareholder
loans and equity injections.

LCPR has approximately USD943 billion in total outstanding debt
through its Liberty Puerto Rico Bank facility, all of which is
guaranteed by LCPR and secured by pledges over LCPR's shares and
assets. The company's first-lien term loan is comprised of an
outstanding principal balance of USD850 million due 2022, and the
company's second-lien term loan has an outstanding principal
balance of USD93 million due in 2023; carrying value of the loans
amount to USD933.7 million. The company also has related-party
loans of USD70 million. Due to the structure of these loans,
particularly the payment features, subordination and maturity
profile, these are not counted as part of LCPR's debt, per Fitch's
holding company PIK and shareholder loans methodology.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following

Liberty Cablevision of Puerto Rico, LLC

  -- Long-term IDR to 'B' from 'B-'; Outlook Stable;

  -- 1st lien senior secured loan and revolving credit facility to
'B+'/'RR3' from 'B'/'RR3';

  -- 2nd-lien secured term loan to 'CCC+'/'RR6' from 'CCC'/'RR6'.

PUERTO RICO: Trump Adversary to Run for Governor in 2020
--------------------------------------------------------
Reuters reports that Carmen Yulin Cruz, the mayor of Puerto Rico's
capital San Juan and a fierce adversary of President Donald Trump,
said she was running for governor of the U.S. territory in 2020.

Ms. Cruz gained international attention in 2017 when she sparred
with Trump over the speed and scale of the federal response to
Hurricane Maria, which devastated her Caribbean island, according
to Reuters.

"The day after the hurricane, it was clear that President Trump and
his Republican government were going to leave us to die," Cruz, 56,
said in her announcement speech, wearing a T-shirt reading "Without
Fear," the report notes.  "The governor of Puerto Rico and the
resident commissioner put their political interests in front of the
country's needs and kept quiet," he added.

The report relays that Mr. Cruz will face Puerto Rico Governor
Ricardo Rossello, 40, in the 2020 November general elections.
Rossello, of the New Progressive Party which backs Puerto Rico
becoming a U.S. state, is seeking a second term.

The report discloses that Mr. Cruz is a member of the Popular
Democratic Party, which supports Puerto Rico remaining a
Commonwealth of the United States with self government. She is also
a co-chair of Senator Bernie Sanders' 2020 presidential campaign.

She is in favor of eliminating a federal financial oversight board
tasked with managing the territory's finances, the report relays.

The island is navigating the largest government bankruptcy in U.S.
history, with $120 billion of combined bond and pension debt when
it declared bankruptcy in May 2017 after more than a decade of
recession, the report adds.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

CARIBBEAN AIRLINES: Retains 'Max 8' Lawyers
-------------------------------------------
Asha Javeed at Trinidad Express reports that majority State-owned
Caribbean Airlines Limited (CAL) has retained US-based attorneys to
review its leases for the 12 new Max 8 aircraft from Boeing.

This follows the fatal Ethiopian Air crash earlier this month,
which resulted in worldwide safety concerns and the global
grounding of the aircraft. CAL expects to take receipt of its first
Boeing Max 8 aircraft in December this year, according to Trinidad
Express.

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.



=============
U R U G U A Y
=============

BANCO BANDES: Moody's Withdraws Caa2 Ratings for Business Reasons
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and assessments
assigned to Banco Bandes Uruguay S.A. (Bandes Uruguay). Before the
withdrawal, the outlook on the deposit ratings was stable.

The following ratings and assessments were withdrawn:

Issuer: Banco Bandes Uruguay S.A.

Long-Term Global Local Currency Deposit Rating, previously rated
Caa2, stable

Short-Term Global Local Currency Deposit Rating, previously rated
Not Prime

Long-Term Global Foreign Currency Deposit Rating, previously rated
Caa2, stable

Short-Term Global Foreign Currency Deposit Rating, previously rated
Not Prime

Long-Term Uruguayan Local Currency National Scale Deposit Rating,
previously rated Caa2.uy, stable

Long-Term Uruguayan Foreign Currency National Scale Deposit Rating,
previously rated Caa2.uy, stable

Baseline Credit Assessment, previously rated caa2

Adjusted Baseline Credit Assessment, previously rated caa2

Long-Term Counterparty Risk Assessment, previously rated Caa1(cr)

Short-Term Counterparty Risk Assessment, previously rated Not
Prime(cr)

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.



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

VENEZUELA: Blackout Continues, Maduro Gov't. Extends Holiday
------------------------------------------------------------
EFE News reports that electricity supply problems continued on
March 26 in Venezuela, more than 24 hours after the first of two
new blackouts that have once again left much of the country in
darkness, a situation that motivated the Nicolas Maduro government
to extend by another day its suspension of work and school
activities.

The two cuts in electricity service are affecting almost the whole
country and are once again being blamed by the government on
sabotage, according to EFE News.  The second of them was
accompanied by a fire at the Guri hydroelectric plant, the
country's most important energy facility, the report notes.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in May 2018 removed its long- and short-term local
currency sovereign credit ratings on Venezuela from CreditWatch
with negative implications and affirmed them at 'CCC-/C'. The
outlook on the long-term local currency rating is negative. At the
same time, S&P affirmed its 'SD/D' long- and short-term foreign
currency sovereign credit ratings on Venezuela.  S&P's transfer and
convertibility assessment remains at 'CC'.


                           *********


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

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

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

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

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

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


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