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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, April 25, 2019, Vol. 20, No. 83

                           Headlines



B R A Z I L

BRISTOW GROUP: Moody's Cuts CFR to Caa3 & Sr. Sec. Rating to Caa2
BRISTOW GROUP: Warns It May Elect to Enter Chapter 11
GAIA SECURITIZADORA: Moody's Assigns (P)Ba1 to 12th-Issue Certs
ODEBRECHT FINANCE: Moody's Withdraws 'C' CFR on Inadequate Data


C A Y M A N   I S L A N D S

SCOTTISH ANNUITY: Don Beskrone Appointed as Interim Trustee


C O S T A   R I C A

COSTA RICA: Unemployment & Income Inequality Remain High, IMF Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Electricity Presents Main Hurdle To Growth
DOMINICAN REPUBLIC: Energy Available is 9% Above Demand
DOMINICAN REPUBLIC: Industries Remain Determined to Compete


M E X I C O

MEXICO: Fuel Theft Crisis Is Over, Mexican President Says


P U E R T O   R I C O

EMPRESAS CARRION: Unsecureds to Get 1% Under Chapter 11 Plan
KONA GRILL: Must Pay Fees to Avoid Nasdaq Delisting


U R U G U A Y

BANQUE HERITAGE: S&P Alters Outlook to Positive & Affirms 'B+' ICR

                           - - - - -


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B R A Z I L
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BRISTOW GROUP: Moody's Cuts CFR to Caa3 & Sr. Sec. Rating to Caa2
-----------------------------------------------------------------
Moody's Investors Service downgraded Bristow Group Inc.'s Corporate
Family Rating to Caa3 from Caa2, Probability of Default Rating to
Caa3-PD from Caa2-PD, senior secured rating to Caa2 from Caa1, and
senior unsecured notes to Ca from Caa3. The SGL-4 Speculative Grade
Liquidity Rating was affirmed. The rating outlook remains
negative.

"The downgrade follows Bristow's decision on April 15 to skip
interest payment on its 6.25% senior unsecured notes due October
2022, as it evaluates various strategic alternatives to strengthen
the capital structure and shore up liquidity," said Sajjad Alam,
Moody's Senior Analyst. "The company has yet to file its financial
statements for the quarter ending December 31, 2018, and is facing
an elevated level of default risk over the near term."

Issuer: Bristow Group Inc.

Downgraded:

  Corporate Family Rating, Downgraded to Caa3 from
  Caa2

  Probability of Default Rating, Downgraded to Caa3-PD
  from Caa2-PD

  Senior Secured Notes, Downgraded to Caa2 (LGD2) from
  Caa1 (LGD3)

  Senior Unsecured Notes, Downgraded to Ca (LGD5) from
  Caa3 (LGD5)

Affirmed

  Speculative Grade Liquidity Rating, Affirmed SGL-4

Outlook:

  Maintain Negative Outlook

RATINGS RATIONALE

Bristow's Caa3 CFR reflects its unsustainably high debt burden and
the associated high debt service cost; elevated default risk due to
voluntary non-payment of interest on April 15, 2019, delayed
financial reporting, potential non-financial covenant violation,
and the uncertainty around the company's ability to continue as a
going concern; and projected negative free cash flow generation
through fiscal 2020 that will further weaken liquidity. If the
company does not make the $12.5 million interest payment on the
6.25% senior unsecured notes within the 30-day grace period, it
will be an "Event of Default" under the notes indenture.
Additionally, there's substantial risk that Bristow's independent
auditor could include a "going concern" statement in the annual
10-K filing, which would also trigger an "Event of Default" under
Bristow's certain secured equipment financings. The rating also
considers the poor outlook for the offshore oil and gas industry,
and Moody's expectation of persistent pricing pressure for
helicopter services due to industry-wide overcapacity.

Bristow's leverage will remain very high at around 7x through
fiscal 2020, and ongoing projected negative free cash flow will
further erode liquidity. The company has not filed its fiscal third
quarter 2019 financials on due date and management has concluded
that there is "material weakness" in internal controls involving
certain non-financial covenants of its secured financing and lease
agreements. Moody's expects negative free cash flow generation to
continue through fiscal 2020 leaving very limited cash cushion
unless the company is able to execute assets sales or raise funding
through other means.

The SGL-4 rating reflects weak liquidity. Bristow will generate
$70-$80 million of negative free cash flow in fiscal 2020 reducing
its cash balance. As of December 31, 2018, Bristow had $231 million
of balance sheet cash and $6 million of availability under its ABL
facility, but Moody's estimates total liquidity would be lower
today following the $20 million breakup fee payment to Columbia
Helicopters (unrated) and likely negative free cash flow generation
since December 31. Bristow has been returning leased helicopters
and selling unencumbered helicopters to boost liquidity, but it has
been a slow process thus far.

Bristow's senior notes are rated Ca, one notch below the Caa3 CFR
given the significant amount of secured debt in the capital
structure. The secured term loan is rated one notch above the CFR
at Caa2 because of their priority-claim to Bristow's assets in a
potential default scenario.

The negative outlook reflects the high likelihood of a potential
restructuring. The PDR could be downgraded if the company
selectively defaults on a particular debt instrument or files under
Chapter 11. An upgrade is unlikely in 2019 absent a significant
reduction in refinancing and default risks.

Bristow Group Inc., headquartered in Houston, Texas, is a leading
provider of helicopter transportation services to the oil and gas
industry worldwide.

Bristow has major transportation operations in the North Sea,
Nigeria and the U.S. Gulf of Mexico, and in most of the other major
offshore oil and gas producing regions of the world, including
Australia, Brazil, Canada, Russia
and Trinidad.


BRISTOW GROUP: Warns It May Elect to Enter Chapter 11
-----------------------------------------------------
Bristow Group Inc. has warned that it and certain of its
subsidiaries may elect to implement a financial restructuring
through Chapter 11 of the U.S. Bankruptcy Code, according to its
Form 8-K filing with the Securities and Exchange Commission.  The
Company has engaged financial and legal advisors to assist it in,
among other things, analyzing various strategic financial
alternatives to address its liquidity and capital structure,
including strategic financial alternatives to restructure its
indebtedness.

The Company also believes that its consolidated financial
statements to be included in its amended 2018 Form 10-K, its
Quarterly Report on Form 10-Q for the quarter ended Dec. 31, 2018
and its Annual Report on Form 10-K for the fiscal year ended March
31, 2019 may contain disclosures that express substantial doubt
about its ability to continue as a going concern, indicating the
possibility that it may not be able to operate in the future.

                  Form 10-Q Filing Deadline Extension

The Company has obtained waivers from certain lenders that extend
the deadline under its agreements with those lenders for filing the
Company's Form 10-Q for the quarter ended Dec. 31, 2018 to June 19,
2019, subject to certain conditions.  In addition, the Company has
determined it would be in the Company's best interest to exercise
its contractual right to utilize a contractual grace period of up
to 30 days and not make a $12.5 million interest payment on the
6.25% Senior Unsecured Notes maturing in 2022 as it continues to
work on its overall financing arrangements.

Bristow President and Chief Executive Officer L. Don Miller stated,
"Bristow is working diligently with its financial and legal
advisors to best position the company for the future, both
financially and operationally.  The steps we are announcing today
will afford us additional time to continue our efforts to complete
our financial reporting process and address our capital structure.
Most importantly, we are, as always, focused on continuity of
service in a safe, reliable and professional manner for our valued
employees, clients and passengers, as we continue to navigate a
challenging market."

            Financial Reporting and Debt Covenant Waivers

The Company has obtained waivers of its covenants with its secured
equipment financing lenders and asset backed revolving credit
facility lenders with respect to the timing of delivery of
unaudited financial statements for the quarter ended Dec. 31,
2018.

The waivers also include waivers of cross-default provisions
arising from the decision to enter the 30-day grace period in
connection with the Senior Notes.  The waivers have the effect of
extending the Company's deadline under its agreements with the
lenders to file its 10-Q for the quarter ended Dec. 31, 2018 until
June 19, 2019, subject to certain conditions, including securing
customary forbearance agreements with certain other debtholders.

    Strategic Financial Alternatives Review and Liquidity Update

The Company has engaged Houlihan Lokey and Alvarez & Marsal as its
financial advisors and Baker Botts L.L.P. and Wachtell, Lipton,
Rosen & Katz as its legal advisors to assist the Company in
analyzing various strategic financial alternatives to address its
capital structure, including strategic and refinancing alternatives
to restructure its indebtedness and other contractual obligations.

The Company said there can be no assurance that this review will
result in any particular outcome, or that the Company will succeed
in obtaining the forbearance agreements.

As of April 12, 2019, the Company had approximately $202.1 million
of liquidity, consisting of aggregate cash on hand and availability
under its ABL facility.

As part of the strategic financial review process, Bristow has
elected not to make an interest payment of approximately $12.5
million due April 15, 2019 on the Senior Notes.  Under the terms of
the relevant indenture, the Company has a contractual grace period
of up to 30 days during which it may elect to make the interest
payment and cure any related default.  Bristow believes it is in
its best interest to use the grace period to continue working with
its advisors and creditors to review alternatives for improving its
capital structure.

The Company does not intend to comment further on its financial
results or performance until its Form 10-Q for the quarter ended
December 31, 2018 has been filed with the SEC.

                    About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- is a global industrial aviation
services provider offering helicopter transportation, search and
rescue (SAR) and aircraft support services to government and civil
organizations worldwide.  Bristow has major transportation
operations in the North Sea, Nigeria and the U.S. Gulf of Mexico,
and in most of the other major offshore oil and gas producing
regions of the world, including Australia, Brazil, Canada, Russia
and Trinidad.  Bristow provides SAR services to the private sector
worldwide and to the public sector for all of the U.K. on behalf of
the Maritime and Coastguard Agency.

Bristow Group reported a net loss of $198.08 million for the fiscal
year ended March 31, 2018, following a net loss of $176.89 million
for the fiscal year ended March 31, 2017.  As of Sept. 30, 2018,
Bristow Group had $2.86 billion in total assets, $329.21 million in
total current liabilities, $1.39 billion in long-term debt, $28.48
million in accrued pension liabilities, $31.63 million in other
liabilities and deferred credits, $97.37 million in deferred taxes,
and total stockholders' investment of $975.18 million.

                          *     *     *

As reported by the TCR on April 22, 2019, Moody's Investors Service
downgraded Bristow Group Inc.'s Corporate Family Rating to 'Caa3'
from 'Caa2'.  "The downgrade follows Bristow's decision on April 15
to skip interest payment on its 6.25% senior unsecured notes due
October 2022, as it evaluates various strategic alternatives to
strengthen the capital structure and shore up liquidity," said
Sajjad Alam, Moody's senior analyst.  "The company has yet to file
its financial statements for the quarter ending December 31, 2018,
and is facing an elevated level of default risk over the near
term."

S&P Global Ratings had downgraded Bristow Group Inc.'s ICR to 'D'
from 'CCC-', according to a TCR report dated April 19, 2019.  The
downgrade reflects Bristow's decision to exercise its 30-day grace
period after electing not to make a $12.5 million interest payment
on its 6.25% unsecured notes due 2022.


GAIA SECURITIZADORA: Moody's Assigns (P)Ba1 to 12th-Issue Certs
---------------------------------------------------------------
Moody's America Latina Ltda. has assigned provisional ratings of
(P)Ba1 (sf) (global scale, local currency) and (P)Aaa.br (sf)
(national scale) to the first series of the 12th issuance of
agribusiness certificates (certificados de recebiveis do
agronegocio, or Senior CRA) to be issued by Gaia Securitizadora
S.A.. The CRA will be backed by agricultural production financial
notes (cedulas de produto rural financeira, or CPR Financeiras) and
agribusiness receivables certificates (certificados de direitos
creditorios do agronegocio, or CDCAs) issued and payable by
agricultural producers, cooperatives and distributers. The
transaction will be a securitization program sponsored by Nufarm
Industria Quimica e Farmaceutica S.A. (Nufarm Brasil, not rated), a
subsidiary of Nufarm Limited (Nufarm, long-term rating Ba3, global
scale, outlook stable). The receivables backing the securities will
benefit from a credit insurance policy from Euler Hermes SA (Euler
Hermes, long-term rating Aa3, global scale, outlook stable).

Issuer: Gaia Securitizadora S.A.

  First series, 12th issuance

   -- (P) Ba1(sf) (global scale, local currency)
   -- (P) Aaa.br (sf) (national scale)

The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's as
of April 17, 2019. Certain issues relating to this transaction have
yet to be finalized. Upon conclusive review of all documents and
legal information as well as any subsequent changes in information,
Moody's will endeavor to assign definitive ratings to this
transaction. If any assumptions or factors considered by Moody's in
assigning the ratings change, Moody's could change the ratings
assigned to the Senior CRA.

RATINGS RATIONALE

The transaction is a 3-year revolving securitization program to
provide financing to agricultural producers and distributors of
agricultural inputs to acquire defensives and other products
provided by Nufarm Brasil, as well as other agricultural inputs
provided by other approved suppliers. The transaction will be
backed by either (i) CPR Financeiras, which are notes issued by the
agricultural producers and/or cooperatives, as obligors or (ii)
CDCAs, certificates issued by the distributers, as obligors.

The provisional ratings on the Senior CRA are based on the
following factors, including:

  - Credit enhancement of 15% for the benefit of the Senior CRA
(first series) in the form of subordination from the Mezzanine CRA
and subordinated CRA, each representing 10% and 5% of the capital
structure, respectively. The available subordination will absorb
the first 15% of collateral losses and will be sufficient to cover
the exposure to the three largest three obligors. The transaction
will have an overcollateralization trigger which will prevent the
acquisition of new receivables when the Senior CRA represents more
than 85% of non-delinquent assets, unless Nufarm Brasil invest in
newly issued subordinated CRA to maintain the minimum
overcollateralization level.

  - Credit insurance policy. The underlying receivables will
benefit from a credit insurance policy provided by Euler Hermes
that covers any credit losses in excess of the initial 15%
subordination, subject to the parameters set forth in the policy.
The Senior CRA's ratings consider Euler Hermes's ability and
willingness to make payments under the insurance policy, and the
potential for claim rejections which may arise under various
circumstances. The 6-months lag between the legal final maturity of
the CRA and the maximum term of the receivable provides sufficient
time to receive any outstanding payments on insurance claims.
Payments of indemnification from the insurance company can occur up
to 44 business days after the defaulted credit's maturity date.

  - Nufarm's financial and operational stability and the quality of
their origination process. Nufarm's failure to comply with its
obligations as per the credit insurance policy could lead to claim
rejections by Euler Hermes. The transaction will benefit from a put
option on defaulted receivables against Nufarm Brasil if the
insurance company disputes a presented claim due to: (i) Nufarm
Brasil's failure to deliver monitoring reports, (ii) incorrect
formalization of receivables, and (iii) misrepresentation of
obligor's information and other documents provided to the insurance
company. Nonetheless to minimize this exposure, a formalization
agent ACE - Agriculture Collateral Experts Ltda (ACE, not rated)
and, together with Laure, Volpon e Defina Advogados (LVD Advogados,
not rated), will provide a legal opinion addressing each individual
receivable's existence, validity, enforceability and
effectiveness.

  - Interest rate mismatch risk. The receivables will be purchased
at a fixed discount rate and the CRA will be indexed to the
cumulative daily average accrual of interbank deposits (DI) rate.
This risk will be mitigated through interest rate options
negotiated with B3 S.A. -- Brasil, Bolsa, Balcao (B3 S.A.,
long-term rating Ba1, global scale, outlook stable). The interest
rate options will cover the period from the receivables'
acquisition date until their maturity date.

- Segregated assets. The CRA benefits from a fiduciary regime
(regime fiduciario) whereby the assets backing the CRA will be
segregated. These segregated assets are destined only for payments
on the CRA and payment of certain fees and expenses, and will be
segregated from all other assets on the issuer's balance sheet.
However, the transaction is subject to residual legal risk because
Gaia's agribusiness credits can be affected by the securitization
company's tax, labor and pension creditors.

The senior CRA's legal final maturity is in March 2023 and the
notes will accrue, on a daily basis, a floating interest rate
equivalent to DI rate plus 120 bps spread. Accumaled accrued
interest and principal is due on the senior CRA by the legal final
maturity date. However, extraordinary amortization of principal and
payments of interest can occur in the months of June and October
provided that the minimum overcollateralization level is maintained
and other criteria are met. During the revolving period, the
securitization company will be able to use collection proceeds to
provide additional financing to the obligors that paid the
receivables by the scheduled due date.

Factors that would lead to an upgrade or downgrade of the ratings:

A deterioration in the ratings of Nufarm Brasil's parent company,
Euler Hermes or B3 S.A. could lead to a downgrade in the ratings on
the Senior CRA. In addition, a change in Moody's opinion regarding
the residual legal risk related to the securitization company and
operational risks related to Nufarm Brasil could also trigger a
downgrade of the senior CRA ratings.

A significant improvement in the ratings of Nufarm Brasil's parent
company, together with high relevance of the Brazilian subsidiary
and a strong track record of claim payments related to similar
insurance policies could lead to an upgrade on the Senior CRA
ratings.

A significant improvement in the ratings of Nufarm Brasil's parent
company, together with high relevance of the Brazilian subsidiary
and a strong track record of claim payments related to similar
insurance policies could lead to an upgrade on the Senior CRA
ratings.


ODEBRECHT FINANCE: Moody's Withdraws 'C' CFR on Inadequate Data
---------------------------------------------------------------
Moody's Investors Service has withdrawn the foreign currency C
ratings assigned to the senior unsecured notes issued by Odebrecht
Finance Ltd. and guaranteed by Odebrecht Engenharia e Construcao
S.A. At the same time, Moody's has withdrawn OEC's C corporate
family rating on its global scale.

Ratings withdrawn:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC)
  
  - Corporate Family Rating, C

Issuer: Odebrecht Finance Ltd.

  - Backed Senior Unsecured Regular Bond/Debenture (Foreign
Currency), C

Outlook Actions:

Issuer: Odebrecht Finance Ltd.

  - Outlook, Changed To Rating Withdrawn From No Outlook

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because of inadequate
information to monitor the ratings, due to the issuer's decision to
cease participation in the rating process.

The last rating action on OEC was taken on November 5, 2018 when
the ratings were downgraded to C with no Outlook assigned.

OEC is currently in default with its obligations relative to its
total debt of around $3.1 billion as of September 2018, of which
$2.9 billion are relative to its rated bonds.

OEC one of the largest engineering and construction company in
Latin America, with $2.5 billion in net revenues in the last twelve
months ended June 2018 and had an estimated project backlog of
around $9.8 billion located in Brazil, other Latin American
countries and Africa.

OEC is a subsidiary of Odebrecht S.A., a family-owned investment
holding company for one of the largest non-financial conglomerates
in Brazil that controls Braskem S.A. (Ba1 stable), the largest
chemical company in Latin America, along with other investments in
the oil & gas, energy sectors, toll roads, water sewage concessions
and real estate.




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C A Y M A N   I S L A N D S
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SCOTTISH ANNUITY: Don Beskrone Appointed as Interim Trustee
-----------------------------------------------------------
Andrew R. Vara, an Acting United States Trustee, appointed Don A.
Beskrone as the Interim Trustee for Scottish Annuity & Life
Insurance Company (Cayman) Ltd.

Scottish Holdings, Inc., and Scottish Annuity & Life Insurance
Company (Cayman) operate as subsidiaries of Scottish Re Group Ltd.
Scottish Re Group Limited -- http://www.scottishre.com/-- is a
holding company organized under the laws of the Cayman Islands with
its principal executive office in Bermuda.  Through its operating
subsidiaries, the company is engaged in the reinsurance of life
insurance, annuities and annuity-type products.  These products are
written by life insurance companies and other financial
institutions primarily located in the United States. Scottish Re
Group has operating companies in Bermuda, Ireland, and the United
States.

Scottish Holdings and Scottish Annuity sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
18-10160) on Jan. 28, 2018.  In the petition signed by CEO Gregg
Klinenberg, the Debtor estimated assets and liabilities of $1
billion to $10 billion.

The Debtors hired Hogan Lovells US LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as co-counsel; Mayer Brown LLP
as special counsel; and Keefe, Bruyette & Woods, Inc., as an
investment banker.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Feb. 20, 2018.  The Committee tapped Mayer
Brown LLP as special counsel and Appleby (Cayman) Ltd. as special
counsel.

Max Mailliet serves as Luxembourg insolvency receiver of non-debtor
affiliate Scottish Financial (Luxembourg) S.a r.l.




===================
C O S T A   R I C A
===================

COSTA RICA: Unemployment & Income Inequality Remain High, IMF Says
------------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Costa Rica on March 27,
2019.

Costa Rica has made great strides converging towards OECD living
standards, and its accession process to the OECD was opened in
2015.  Moreover, over the last four decades the export sector has
transformed itself from being agricultural-based to
high-value-added manufacturing and service-oriented, helped by
trade openness and strong FDI inflows. Nevertheless, unemployment
and income inequality remain elevated, and the persistently high
fiscal deficit and rapidly rising public debt continue to pose
vulnerabilities. The new government recognizes the challenges and
passed a fiscal reform bill -- after nearly two decades of gridlock
-- into law last December. It is also planning a broad array of
reforms, including those required for OECD accession.

Reflecting the impact of a public-sector strike against the fiscal
reform, developments in Nicaragua, tighter global and domestic
financial conditions, and the uncertainty surrounding the fiscal
reform that eroded consumer confidence, growth slowed markedly in
2018 to 2 3/4 percent, falling below potential and closing the
output gap. Inflation remains low, and inflation expectations are
converging toward the mid-point of the target range. External
sector performance continues to be solid. The banking system is
sufficiently well-capitalized to absorb sizable shocks.

Fiscal consolidation and tight financial conditions are expected to
keep growth moderate in 2019-20 (around 2 3/4 -3 percent),
notwithstanding a pickup in public investment, base effects
associated with the 2018 public-sector strike, and improving terms
of trade. In the medium term, positive confidence effects and
progress with structural reforms, including those related to OECD
accession, should lower risk premia and boost investment, pushing
growth up towards its potential of 3½ percent. Inflation is
expected to remain within the target range. Despite the fiscal
reform, the government faces sizable financing needs in the near
term and central government debt is expected to reach above 60
percent of GDP in 2023, after which it will gradually decline.

The outlook is subject to downside risks, including partial
implementation of the fiscal reform, an escalation of global trade
tensions, and a sharp tightening of global financial conditions.

                   Executive Board Assessment

Directors commended Costa Rica for the significant progress made in
improving living standards and reducing poverty. Directors noted
that while the medium-term outlook is generally positive, it faces
downside risks. Directors encouraged the authorities to continue
their efforts to address fiscal and financial vulnerabilities,
strengthen the economy's resilience, and advance structural reforms
to foster inclusive growth.

Directors commended the recent fiscal reform, which is important
for restoring fiscal sustainability. They called for full and
timely implementation of the fiscal reform to improve market
confidence and rebuild fiscal space to manage potential shocks and
major contingent liabilities, especially pensions. While being
mindful of the current political constraints, Directors generally
considered that further front-loaded measures might be needed to
reduce financing pressures and improve debt dynamics. Directors
underscored that given the relatively low tax-to- GDP ratio, any
further adjustment, if needed, should be underpinned by
well-designed revenue measures while protecting the poor. To allow
fiscal policy to better contribute to growth and equity, they
highlighted the importance of improving public spending efficiency
and debt management, ensuring better targeting of social
assistance, and implementing a medium-term expenditure framework
and fiscal council.

Directors welcomed the passage of the bill safeguarding the central
bank independence and greater foreign exchange flexibility. They
considered that monetary policy should continue to remain data
dependent and balance downside risks to inflation stemming from
slower activity and upside risks to inflation arising from tighter
global financial conditions. Directors noted that transparency
could be further improved by publishing the calendar of monetary
policy meetings and their corresponding meeting minutes, helping
further anchor inflation expectations.

Directors observed that the banking system is sufficiently
well-capitalized to absorb shocks. They saw need for continued
efforts to monitor and tackle financial vulnerabilities related to
high dollarization, sizable net foreign liabilities of banks,
sharply growing household borrowing, and significant sovereign
exposure. Directors welcomed the authorities' plans to push ahead
with the FSAP/ FSSR recommendations and encouraged their rapid
implementation and adoption of Basel III standards.

Directors welcomed the authorities' efforts to implement structural
reforms in line with the OECD accession process, to boost
competitiveness and inclusive growth, and to continue pursuing
green development and the objectives of the Paris Agreement. They
viewed promoting female labor force participation, tackling youth
unemployment, and addressing weaknesses in transport infrastructure
as key priorities. Directors supported the OECD's recommendation to
undertake an in-depth review of key sectors (e.g. electricity)
exempted from the competition law, and measures to increase banking
competition and reduce high interest rate spreads.

As reported in the Troubled Company Reporter-Latin America on  Jan.
17, 2019, Fitch Ratings has downgraded Costa Rica's Long-Term
Foreign-Currency Issuer Default Rating to 'B+' from 'BB' and
removed it from Rating Watch Negative. The Rating Outlook is
Negative.




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

DOMINICAN REPUBLIC: Electricity Presents Main Hurdle To Growth
--------------------------------------------------------------
Dominican Today reports that the Inter-American Development Bank
(IDB) labels the electricity system's deficiencies as severe and
represent one of the main structural hurdles to the Dominican
Republic's growth.

The situation, the IDB says, undermines the productivity and
competitiveness of Dominican Republic's economy and that solving
the problems in that sector would lower production costs, "so that
the level of general employment could increase," says the report,
according to Dominican Today.

Dominican Today relays that the conclusion figures in a
complementary document to the Macroeconomic Report of Latin America
and the Caribbean 2019 "Building opportunities to grow in a
challenging world."

"It is necessary to invest in the expansion and maintenance of
electrical distribution networks and installation of meters, and in
the management and operational improvement of the EDEs
(distributors)," indicates the report that includes a diagnosis on
the Dominican land and maritime transport which are "costly and
inefficient," IDB said, the report notes.

"The issue of cartelization of prices by unions that handle 80% of
land routes and the lack of infrastructure for checks and cold
chains in ports affect costs," IDB added.

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.


DOMINICAN REPUBLIC: Energy Available is 9% Above Demand
-------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in the ADIE on Monday said the available energy exceeded by
9% the demand from April 15 to 19.

"The electricity consumed by the system in the aforementioned
period reached an accumulated 255 GWh, so there is no generation
deficit," it said, according to Dominican Today.

The group said that in the specified time range, there was an
accumulated reserve of 22.8 GWh, the report notes.

"Reservation is understood as the supply of energy that is
available and is not required by the system, specifically by the
distribution companies," the ADIE said, the report relays.

"These calculations are based on the available information on
demand, availability and reservation of energy in the portal of the
Coordinating Body of the Interconnected Electrical System
(OCE-SENI)," 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.


DOMINICAN REPUBLIC: Industries Remain Determined to Compete
-----------------------------------------------------------
Dominican Today reports that Industries Association (AIRD)
president Celso Juan Marranzini, when presenting the 15th edition
of HechoenRD magazine, said: "The eyes of our competitors are upon
us, not with their arms crossed, but actively working to gain
market space and increase their exports with increasing added
value."

He notes that it's an opportunity to provide the country with a
strong economic and social development base for the coming years,
"opening the doors to a new era of industrialization under the
banner of the Fourth Industrial Revolution," according to Dominican
Today.

For AIRD executive vice president and publisher Circe Almanzar,
"competing requires that participants are in similar conditions,
that define their comparative advantages, that their structural
problems are solved, that they can take advantage of foreign
markets, as well as foreign industries take advantage of the
domestic market," the report relays.

She adds that when the DR-Cafta free trade deal was signed, "the
Dominican productive sector had significant delays in competing
with its peers in the region and that new agreements made more
evident the weaknesses of the Dominican productive structure," 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.




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

MEXICO: Fuel Theft Crisis Is Over, Mexican President Says
---------------------------------------------------------
EFE News reports that President Andres Manuel Lopez Obrador said
that the crisis over fuel theft from pipelines belonging to
state-owned oil company Petroleos Mexicanos (Pemex) is over.

"This was an issue that appeared very hard to resolve, but we were
able to deal with it," Lopez Obrador said during his daily press
conference at the National Palace in Mexico City, according to EFE
News.





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

EMPRESAS CARRION: Unsecureds to Get 1% Under Chapter 11 Plan
------------------------------------------------------------
Empresas Carrion Allende, Inc., filed a Chapter 11 Plan and
accompanying Disclosure Statement.

CLASS 4 - GENERAL UNSECURED CREDITORS. General unsecured claims not
treated under Class 3 will be paid 1% of the allowable amount of
the claim in 60 equal monthly installments without interest,
commencing 45 days after the effective date of the plan. Aggregate
amount of monthly payments is $789.24. This Class is impaired.

CLASS 1 - SECURED CLAIM -CRIM. The allowed secured claim of Centro
de Recaudacian de Impuestos Municipales (CRIM) will be paid in 60
equal monthly installments including interest at 4.25% annual rate
commencing 30 days from Effective Date. This Class is impaired.

CLASS 2 - SECURED CLAIM OF ORIENTAL BANK. The Debtor is negotiating
a stipulation with Oriental Bank to payoff the loan with a discount
commensurate to the reduction in value of the properties subject to
obtaining the appropriate financing.  In the alternative, the
debtor would propose a debt restructuring. The suggested treatment
of a restructuring would provide for equal monthly payments of
principal and interest of $5,618.84 at 4.5% annual interest rate
amortized at 30 years.  The Debtor would commence making the
payments for this class 30 days from Effective Date of the Plan.
The proposal also provides the Debtor time to continue efforts to
obtain refinancing of the loans through an exit or post
confirmation financing.  The Debtor will maintain insurance of the
properties, which compromises Oriental's collateral and will pay
all properties taxes applicable to say collateral until he pays
Oriental in full as provided for herein.

CLASS 3 - UNSECURED CONVENIENCE CLASS. Unsecured Convenience claims
will be paid 1% of the allowed amount of the claim, not to exceed
$700.00 per claim, without interest, within 90 days after the
effective date of the plan. Aggregate amount of payments is
$2,014.09. This Class is impaired.

CLASS 5 - CO DEBTOR GUARANTEES. This class will be paid the
allowable amount of their claim by the co-debtor through a payment
plan by the co-debtor. The allowed amount of the claim will be
reduced by any payment provided by the co-debtor, proceeds from
sales of property or equipment, or discounted payoff to the bank or
its successors.

CLASS 6 - EQUITY SECURITY HOLDERS. All shares held by stockholders
of the corporation at the date of the filing of the petition shall
be cancelled. All new money provided by the existing shareholders
will be paid through the issuance of new shares as of the effective
date of the plan. No dividends will be paid to creditors under this
class. This Class is impaired, however, as insiders, this class
does not have the right to vote on the Plan.

A full-text copy of the Disclosure Statement dated April 5, 2019,
is available at http://tinyurl.com/y4qc74yrfrom PacerMonitor.com
at no charge.

                  About Empresas Carrion Allende

Empresas Carrion Allende, Inc., operates a grocery store in
Arecibo, Puerto, Rico.

Empresas Carrion Allende filed its petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-07111)
on Dec. 6, 2018.  In the petition was signed by Sandra I. Carrion
Montalvo, president, the Debtor estimated $1 million to $10 million
in both assets and liabilities.  The case is assigned to the Hon.
Mildred Caban Flores.  Francisco J. Ramos Gonzalez, Esq. at
Francisco J. Ramos & Asociados CSP, led by Francisco J. Ramos
Gonzalez, is the Debtor's counsel.


KONA GRILL: Must Pay Fees to Avoid Nasdaq Delisting
---------------------------------------------------
Kona Grill, Inc., was notified by the Nasdaq Stock Market LLC on
April 16, 2019, that it would be subject to delisting proceedings
if it did not pay certain fees required by Listing Rule 5250(f).
If the Company elects not to appeal, then trading of the Company's
common stock will be suspended at the opening of business on April
25, 2019, and a Form 25-NSE will be filed with the Securities and
Exchange Commission which will remove the Company's securities from
listing and registration on the Nasdaq Stock Market.

                        About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona Grill,
Inc. -- http://www.konagrill.com/-- currently owns and operates 34
restaurants in 20 states throughout the United States and Puerto
Rico.  In addition, the Company has two international restaurants
that operate under franchise agreements.  Its restaurants feature
contemporary American favorites, sushi and an extensive selection
of alcoholic beverages.

Kona Grill reported a net loss of $31.96 million for the year ended
Dec. 31, 2018, compared to a net loss of $23.43 million for the
year ended Dec. 31, 2017.  As of Dec. 31, 2018, Kona Grill had
$53.61 million in total assets, $74.04 million in total
liabilities, and a total stockholders' deficit of $20.43 million.

BDO USA, LLP, in Phoenix, Arizona, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 16, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, stating that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.




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

BANQUE HERITAGE: S&P Alters Outlook to Positive & Affirms 'B+' ICR
------------------------------------------------------------------
S&P Global Ratings revised the outlook on Uruguayan bank Banque
Heritage (Uruguay) S.A. to positive from stable because it expects
that the bank will be able to execute its new business plan
appropriately while maintaining its improved capital levels. S&P is
also affirming its global scale long-term 'B+' issuer credit rating
on the bank and upgrading the national scale rating to 'uyBBB+'
from 'uyBBB'.

S&P said, "The rating action follows our expectation that Banque
Heritage (Uruguay) will be able to execute its new business plan
over the next two years without incurring additional credit and
operation risk while it maintains its recently improved
capitalization levels.

"The positive outlook on Banque Heritage (Uruguay) for the next 12
months reflects that we could potentially raise the ratings if the
bank executes its new two-year business plan without incurring
additional credit and operational risks while it maintains its
recently improved levels of capitalization."



                           *********


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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