/raid1/www/Hosts/bankrupt/TCRLA_Public/190424.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, April 24, 2019, Vol. 20, No. 82

                           Headlines



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Drought Forces Santiago Towns to Ration Water
PUNTA CATALINA PLANT: Pact Falls Through, Workers Walkout Again


J A M A I C A

JAMAICA: IMF Dissatisfied With Inflation Rate
JAMAICA: Public Debt Projected to Fall to 98.7% GDP, IMF Says
JAMAICA: Signs Two Financing Agreements with EU for JMD2.8 Billion


M E X I C O

M&G MEXICO: Chapter 15 Case Summary


P U E R T O   R I C O

CHARLOTTE RUSSE: Seeks to Hire PwC to Provide Tax Services
JJE INC: DOJ Watchdog Directed to Appoint Patient Care Ombudsman


X X X X X X X X

LATAM: IDB Estimates GDP Impacts From Infrastructure Investments

                           - - - - -


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

DOMINICAN REPUBLIC: Drought Forces Santiago Towns to Ration Water
-----------------------------------------------------------------
Dominican Today reports that the relentless drought has forced
organizations headed by the Santiago Water Utility (Coraasan) to
enact contingency plans.

Even in communities that usually and constantly received drinking
water have resorted to rationing, and in those that have already
faced shortages, the supply has turned critical, according to
Dominican Today.

Coraasan spokesman Dario Fernandez described the situation as
worrisome from the lack of rain that would improve the level of the
reservoirs that feed the aqueducts, the report relays.

The water level of the benchmark Tavera dam continued to decrease
to 313 meters above sea level, the critical point, the report
adds.

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


PUNTA CATALINA PLANT: Pact Falls Through, Workers Walkout Again
---------------------------------------------------------------
Dominican Today reports that the Punta Catalina power plant workers
have again staged a walkout to protest the agreement their union
and the Odebrecht-Tecnimont-Estrella conglomerate reached, which
they say doesn't benefit to employees.

The agreement calls for workers to receive a bonus of one salary:
50% on April 30 and the other 50% on May 30, according to Dominican
Today.

However, the workers expected last year's bonuses, which in their
view should be more than one salary, the report notes.

But the workers' demands prompted the conglomerate to declare
losses last year, who said it is the reason it couldn't pay the
bonuses, the report relays.

           About Punta Catalina Plant

The Punta Catalina Thermoelectric Power Plant is a 770-megawatt
coal-fired power plant in Punta Catalina-Hatillo, Dominican
Republic.  The construction of the plant is under the charge of the
Odebrecht-Tecnimont-Estrella consortium (a contractor group
composed of Italian company Maire Tecnimont SpA, Brazilian
contractor Construtora Norberto Odebrecht S.A, and Chile-based
Ingenieria Estrella SRL). Groundbreaking for the project, estimated
to cost US$2 billion, was held in late 2013.  Unit 1 of the Power
Plant became operational on Feb. 27, 2019, with an initial 36.5
megawatts to the national grid (SENI).

The Project has had its shares of financing delays and funding
scandal.  In February 2017, a U.S. court discovered that main
contractor Odebrecht had paid $92 million in bribes to Dominican
officials between 2001 and 2014, as a means of securing a number of
contracts, including the contract to build the Punta Catalina
plant. The project's staff have pleaded with politicians to stand
behind continued construction work on the plant, despite the
corruption allegations. Some environmental groups also opposed the
plant construction, citing harmful impact on the Caribbean coasts
and climate in general.

The plant's parent company and sponsor is the Dominican Republic's
state electric utility, Corporacion Dominicana de Empresas
Eléctricas Estatales (CDEEE).




=============
J A M A I C A
=============

JAMAICA: IMF Dissatisfied With Inflation Rate
---------------------------------------------
RJR News reports that the International Monetary Fund (IMF) remains
dissatisfied with Jamaica's inflation rate.

In a release following a meeting, the IMF board said further
monetary easing is needed to restore inflation to the mid-point of
the 4-6 per cent target range, according to RJR News.

It says the Bank of Jamaica's (BOJ's) recent reduction in the
reserve requirement on Jamaican dollar deposits will help but
further rate cuts are likely to be needed, the report notes.

The IMF adds that the BOJ should also continue to reduce its
foreign exchange market footprint, including limiting its foreign
exchange sales during disorderly market conditions, the report
says.

The annual inflation rate for 2018 was 2.4 per cent.

However, STATIN released new data showing that inflation is moving
significantly for the first time in seven months, a sign the
central bank could meet its inflation target by June, the report
discloses.

The inflation rate for March was 0.8 per cent.

Monthly inflation had been tracking at or near zero per cent in the
previous four months, 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 affirmed its 'B' long-
and short-term foreign and local currency sovereign credit ratings,
and its 'B+' transfer and convertibility assessment on the
country.


JAMAICA: Public Debt Projected to Fall to 98.7% GDP, IMF Says
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the fifth review of Jamaica's performance under the
program supported by the Stand-By Arrangement (SBA), on a lapse of
time basis.  The 36-month SBA with a total access of SDR1,195.3
million (about US$1.66 billion), equivalent of 312 percent of
Jamaica's quota in the IMF, was approved by the IMF's Executive
Board on November 11, 2016. The Jamaican authorities continue to
view the SBA as precautionary, and to use it as an insurance policy
against unforeseen external economic shocks that could lead to a
balance of payments need.

Strong implementation of the reform program continues. After
commendable performance under two successive Fund arrangements
since May 2013, Jamaica's public debt is projected to fall below
100 percent of GDP for the first time since FY2000/2001 to 98.7
percent of GDP in FY18/19. Unemployment is near all-time lows,
business confidence is high, and the economy is estimated to have
expanded by 1.8 percent in 2018, buoyed by mining, construction and
agriculture. International reserves are estimated to be comfortable
under a more flexible exchange rate. All quantitative performance
criteria at end-December 2018 were met, and the structural
benchmark to table in Parliament amendments to the Bank of Jamaica
(BOJ) Act was completed in October 2018. In December 2018, however,
inflation was 2.4 percent, triggering staff consultation under the
Monetary Policy Consultation Clause; it remained at the same level
in February 2019.

Achieving higher growth calls for action from both the public and
private sector. For its part, the Government of Jamaica's FY19/20
budget is reducing the primary surplus by 1/2 percent of GDP to 6
1/2 percent without compromising the medium-term public debt
anchor. The fiscal loosening supports growth and social spending by
providing resources for security, infrastructure, school meals and
transportation. Further, the cuts to distortionary financial taxes
will help support economic activity and job creation. The private
sector, for its part, should capitalize on these fiscal measures to
increase investment, and create new opportunities for advancing
financial inclusion.

Public sector governance shortcomings should be immediately
addressed. This could be achieved, in part, by: (i) empowering the
Integrity Commission, (ii) passing regulations to solidify a
transparent and competency-based process for board appointments to
public bodies' boards, (iii) migrating funds from the government's
commercial bank accounts to the TSA and closing those accounts, and
(iv) reducing the number of public bodies.

Further monetary easing is needed to restore inflation to the
midpoint of the 4 to 6 percent target range. The BOJ's recent
reduction in the reserve requirement on Jamaican dollar deposits
will help make policy accommodative but further rate cuts are
likely to be needed. In deciding further policy loosening, the BOJ
should carefully assess all incoming data. The BOJ should also
continue to reduce its FX market footprint, including by limiting
its FX sales to disorderly market conditions; the need for further
reductions in reserve requirements should be assessed.

Strengthening coordination between the BOJ and FSC and increasing
capacity in both institutions is paramount to maintain financial
sector stability. Risk-based supervision of financial conglomerates
requires the methodical collection, sharing, and monitoring of data
and lending standards. Joint work among the regulators will be
required to draft legislation for the special resolution regime and
to address AML/CFT deficiencies.

An ongoing commitment to strengthen domestic institutions is needed
as Jamaica prepares to exit from the Fund financial arrangement
later this year. Laying the groundwork for the Fiscal Council,
amendments to the BOJ Act for its operational autonomy, and a
disaster resilience policy framework are steps in this direction.
Overhauling the public sector compensation structure by
streamlining allowances and making it performance-based,
prioritizing and reducing government functions and size, and
upgrading public bodies' governance are critical for fiscal
sustainability.

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 affirmed its 'B' long-
and short-term foreign and local currency sovereign credit ratings,
and its 'B+' transfer and convertibility assessment on the
country.


JAMAICA: Signs Two Financing Agreements with EU for JMD2.8 Billion
------------------------------------------------------------------
RJR News reports that Jamaica signed two financing agreements with
the European Union (EU), under the 11th European Development Fund,
valued at JMD2.8 billion.

This will support the Public Finance Management Reform Program at a
cost of JMD509.1 million, with first disbursement of JMD132.5
million, according to RJR News.

It will also address environmental and climate change challenges
through improved forest management in Jamaica at a cost of JMD2.3
billion, with first disbursement of JMD279 million, the report
notes.

The agreements were signed by Senator Kamina Johnson Smith,
Minister of Foreign Affairs and Foreign Trade, and Neven Mimica,
Commissioner in charge of International Cooperation and Development
in the European Commission, during a ceremony held at The Jamaica
Pegasus hotel in New Kingston, 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.



===========
M E X I C O
===========

M&G MEXICO: Chapter 15 Case Summary
-----------------------------------
Two affiliates that have filed voluntary petitions seeking relief
under Chapter 15 of the Bankruptcy Code:

     Debtor                                   Case No.
     ------                                   --------
     M&G Mexico Holding, S.A. de C.V.         19-11223
     c/o Morgan, Lewis & Bockius LLP
     101 Park Avenue
     New York, NY 10178

     M&G Polimeros Mexico, S.A. de C.V.       19-11224
     c/o Morgan, Lewis & Bockius LLP
     101 Park Avenue
     New York, NY 10583

Business Description:     M&G Mexico Holding and M&G Polimeros
                          Mexico are engaged in the chemical
                          manufacturing business.  The Debtors are
                          headquartered in Altamira, Mexico.

Chapter 15 Petition Date: April 21, 2019

Court:                    United States Bankruptcy Court
                          Southern District of New York
                          (Manhattan)

Foreign Representative:   Luis Rafael Apperti Llovet
                          Petrocel Km 2, Puerto Industrial
                          Altamira Tamaulipas 89603
                          Mexico

Foreign Proceeding in
Which Appointment of
the Foreign Representative
Occurred:                 Concurso Mercantil No. 53/2019,
                          commenced in Mexico City on
                          March 12, 2019

Chapter 15 Petitioner's
Counsel:                  Craig A. Wolfe, Esq.
                          MORGAN, LEWIS & BOCKIUS LLP
                          101 Park Avenue
                          New York, NY 10178
                          Tel: (212) 309-6204
                               (212) 309-6000
                          Email: craig.wolfe@morganlewis.com

Estimated Assets: Unknown

Estimated Debt: Unknown

Full-text copies of the petitions are available for free at:

          http://bankrupt.com/misc/nysb19-11223.pdf
          http://bankrupt.com/misc/nysb19-11224.pdf




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

CHARLOTTE RUSSE: Seeks to Hire PwC to Provide Tax Services
----------------------------------------------------------
Charlotte Russe Holding, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire
PricewaterhouseCoopers LLP.

PwC will provide advice or assistance to the company and its
affiliates with respect to matters involving the Internal Revenue
Service's audit of their 2015 U.S. form 1120, U.S. Corporation
Income Tax Return.

The firm's hourly rates are:

     Partner/Principal              $1,121
     Managing Director              $1,046
     Director/Senior Manager          $999
     Manager                          $878
     Senior Associate                 $689
     Associate/Other Staff        $284 - $533

The professionals expected to provide the services are:

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

The firm can be reached through:

     Mac Calva
     PricewaterhouseCoopers LLP
     300 Madison Avenue
     New York, NY 10017-6204
     Telephone: +1 (646) 471 2368 / +1 (646) 471 3000
     Telecopier: + 1 (813) 286 6000

                   About Charlotte Russe Holding

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

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

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

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

The cases are assigned to Judge Laurie Selber Silverstein.

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


JJE INC: DOJ Watchdog Directed to Appoint Patient Care Ombudsman
----------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico directed the United States Trustee to
appoint a patient care ombudsman for JJE Inc dba Hospicio Toque de
Amor.

The Court order was made following a petition filed on April 12,
2019, reflecting the case as a "health care business" case.

                         About JJE, Inc.

JJE, Inc. is a home health care services provider based in Manati,
Puerto Rico.

JJE, Inc. filed a Chapter 11 petition (Bankr. D.P.R. Case No.:
19-02034) on April 12, 2019, and is represented by Victor Gratacos
Diaz, Esq., in Caguas, Puerto Rico.

At the time of filing, the Debtor had $295,244 in total assets and
$1,953,718 in total liabilities.  

The petition was signed by Jenny Olivo, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb19-02034.pdf




===============
X X X X X X X X
===============

LATAM: IDB Estimates GDP Impacts From Infrastructure Investments
----------------------------------------------------------------
Growth in Latin American and Caribbean is sharply impacted by the
failure to invest in infrastructure and the cost rises over time,
according to a new report by the Inter-American Development Bank.

The study looks at energy, transportation, telecommunications, and
water and sanitation sectors in six countries indicative of the
reality for the entire region: Argentina, Bolivia, Costa Rica,
Chile, Jamaica and Peru.

On average, failure to add new capital to existing stocks is
estimated to cost the selected Latin American and Caribbean
countries approximately 1 percentage point of forgone GDP growth.
The cost rises to 15 percentage points in forgone growth if the
gaps persist over 10 years.

This is the equivalent of around $900 billion based on the current
GDP levels for the entire region.

The infrastructure investment gap in the region is estimated at
around 2.5 percent of GDP, or around $150 billion per year. Latin
America and the Caribbean not only lags in investment amounts but
also in quality, according to the IDB Group's annual Macroeconomic
Report, which this year has a focus on infrastructure investment.

"The impacts vary across countries depending on economic
structures," said IDB Principal Economic Advisor Andrew Powell, one
of the report's editors. "Our analysis shows just how critical more
and better investments are needed in infrastructure, tackling
issues that range from better project identification to financing
constraints."

Failure to invest more in infrastructure hurts the poor the most,
likely because they spend more of their income on infrastructure
services. The study found that households in the lower 40 percent
of the income distribution will lose 11 percentage points of real
income over a 10-year period.

The report also looks at how infrastructure investments impact the
labor productivity in economic sectors. It calculates that a
positive shock to growth of just $13 billion in Brazil, Argentina,
Chile, Colombia and Mexico, from well-chosen infrastructure
investments, could boost growth in the region by 0.5 percent per
year for each of three years.

               Investment Strategies That Work Best

The report analyzes infrastructure investment strategies in more
detail by identifying which types of infrastructure --
transportation, energy or construction -- affect labor productivity
in each economic sector (industry, commerce or agriculture) the
most. For the region on average, the estimates are that if
countries can increase investment levels in these infrastructure
sectors enough to close the gaps with developed OECD countries,
then the economy-wide productivity growth could increase by 75
percent with respect to the historical average. This means the
region's income per capita income could double in almost half the
time.

In terms of quality, Latin America and the Caribbean comes in fifth
place among six regions, ahead of Sub-Saharan Africa.

The region performs best in the energy sector, with scores that are
close to emerging Asia. It performs most poorly in the transport
sector. The report identifies the sectors where the region has the
biggest gaps. For instance, in telecommunications, Panama, Mexico
and Guyana underperform, while Jamaica, Barbados and Costa Rica
score above their predicted quality levels given their level of
development.

"The challenge here is closing the infrastructure gap in times of
tight budget constraints," said IDB Principal Economic Specialist
Eduardo Cavallo, a co-author of the book. "And yet investment in
the right infrastructure projects can improve productivity and
boost growth thus enhancing fiscal revenues."

The report recommends closing the infrastructure gaps through
greater and better public investment and by attracting more private
finance. Improving project identification and preparation and
providing the necessary institutional and legal framework to
prioritize and manage complex projects that require both public and
private sources of financing should help boost private investment.

Multilateral development banks are important players to provide
both expertise and to crowd-in private financing. Country-level
infrastructure funds with an associated MDB facility for project
identification and development could issue infrastructure bonds to
provide greater financing from institutional investors. Individual
projects financed in this way could count on MDB guarantees for
certain risks allowing greater participation from hands-off
investors.

                         About the IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.



                           *********


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.
.


                  * * * End of Transmission * * *