TCRLA_Public/190520.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

          Monday, May 20, 2019, Vol. 20, No. 100

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Incurs $1.40 Million Net Loss in First Quarter


B R A Z I L

BRAZIL: Economic Activity Shrinks in March
CORNERSTONE VALVE: Seeks Approval to Hire Accountant


P A R A G U A Y

[*] PARAGUAY: Economy Performing Very Strongly, IMF Says


P U E R T O   R I C O

KONA GRILL: Taps Epiq Corporate as Claims Agent
SEARS HOLDING: Exteriors by Design Objects to Disclosure Statement
THAI LEMAR: June 5 Plan Confirmation Hearing


V E N E Z U E L A

VENEZUELA: Gasoline Shortage Comes to Haunt Caracas
VENEZUELA: Guaido Confirms Sending Negotiators to Norway


X X X X X X X X

[*] BOND PRICING: For the Week May 13 to May 17, 2019

                           - - - - -


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

GAUCHO GROUP: Incurs $1.40 Million Net Loss in First Quarter
------------------------------------------------------------
Gaucho Group Holdings, Inc., filed with the U.S. Securities and
Exchange Commission on May 15, 2019, its quarterly report on Form
10-Q reporting a net loss of $1.40 million on $440,495 of sales for
the three months ended March 31, 2019, compared to a net loss of
$1.42 million on $1.27 million of sales for the three months ended
March 31, 2018.

As of March 31, 2019, Gaucho Group had $6.25 million in total
assets, $7.61 million in total liabilities, $9.02 million in series
B convertible redeemable preferred stock, and a total stockholders'
deficiency of $10.38 million.

The Company has an accumulated deficit of $82,623,456 at March 31,
2019.  Cash used in operating activities was $1,582,720 and
$1,191,886 during the three months ended March 31, 2019 and 2018,
respectively.  Based upon projected revenues and expenses, the
Company believes that it may not have sufficient funds to operate
for the next twelve months.

The Company funded its operations during the three months ended
March 31, 2019 through the proceeds from convertible debt
obligations of $786,000 and proceeds from the sale of common stock
for net proceeds of $884,750.  The Company repaid loans payable of
$43,226 and debt obligations of $30,000, during the three months
ended March 31, 2019.

Gaucho Group said, "Based on current cash on hand and subsequent
activity as described herein, we may not have sufficient funds to
operate our business operations for the next twelve months.  While
we are exploring opportunities with third parties and related
parties to provide some or all of the capital we need over the
short and long terms, we have not entered into any external
agreement to provide us with the necessary capital.  Historically,
the Company has been successful in raising funds to support our
capital needs.  If we are unable to obtain additional financing on
a timely basis, we may have to delay vendor payments and/or
initiate cost reductions, which would have a material adverse
effect on our business, financial condition and results of
operations, and ultimately, we could be forced to discontinue our
operations, liquidate and/or seek reorganization under the U.S.
bankruptcy code."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/qYg4A2

                       About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com/-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss attributable to common
stockholders of $6.40 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to common stockholders of $8.25
million for the year ended Dec. 31, 2017.  As of Dec. 31, 2018,
Gaucho Group had $5.64 million in total assets, $6.71 million in
total liabilities, $9.02 million in series B convertible redeemable
preferred stock, and a total stockholders' deficiency of $10.09
million.

Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.




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

BRAZIL: Economic Activity Shrinks in March
------------------------------------------
Jamie McGeever at Reuters reports that Brazilian economic activity
fell in March, a central bank indicator, adding weight to the view
flagged by policymakers earlier that the economy likely contracted
in the first quarter.

The central bank's IBC-BR economic activity index, a leading
indicator of gross domestic product (GDP), fell 0.28% in March from
February, more than the median 0.2% decline predicted in a Reuters
poll of economists, according to Reuters.

In the first three months of the year, activity fell 0.68%.

The IBC-BR index released follows a string of weak economic
indicators for March, including declines in industrial production,
retail sales and jobs, the report notes.

Minutes from the central bank's May 7-8 policy meeting showed that
policymakers believed there was a "relevant probability" that GDP
contracted in the first quarter and that this weakness will likely
be felt in subsequent quarters, the report says.

Reuters discloses that Economy Minister Paulo Guedes said the
government will cut its 2019 growth forecast to 1.5% from 2.2%,
bringing it more in line with private sector forecasters who think
2019 GDP growth will struggle to improve much on the 1.1%
registered in each of the previous two years.

The IBC-BR economy activity index fell 2.52% in March compared with
the same month a year ago, and rose 0.23% in the January-March
period on a year-on-year basis, the central bank said. In the 12
months to March, it rose 1.05%, the report relays.

Government and central bank policymakers say approval of the
pension reform bill, which aims to generate savings of 1.237
trillion reais (US$314 billion) over the next decade, is key to
reviving the economy, the report adds.

As reported on the Troubled Company Reporter-Latin America on Feb.
11, 2019, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil. The outlook on the long-term ratings remains stable. At the
same time, S&P affirmed its transfer and convertibility assessment
of 'BB+'. S&P also affirmed its 'brAAA' national scale rating, and
the outlook remains stable.


CORNERSTONE VALVE: Seeks Approval to Hire Accountant
----------------------------------------------------
Cornerstone Valve, LLC and Well Head Component, Inc., seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to hire an accountant.

In an application filed in court, the Debtors propose to employ
Darshan Wadhwa, a certified public accountant, to file their tax
returns and provide audit services.

Mr. Wadhwa will charge $175 per hour for his services.  The
retainer fee is $3,000.

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

                    About Cornerstone Valve and
                        Well Head Component

Cornerstone Valve LLC -- http://www.cornerstonevalue.com/-- is a
manufacturer of fabricated metal products.  Well Head Component,
Inc., which conducts business under the name Avsco, provides supply
chain and project management services.  It offers engineering,
designing, and manufacturing services, as well as modification and
logistics services.  Well Head is an international OEM
representative and distributor of industrial products for the most
requested brands used by energy markets.  

Headquartered in Houston, Texas, Well Head has an in-country
presence in Nigeria, Libya, UAE and most recently in Brazil and
Italy.

Cornerstone Valve and Well Head sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 19-30869 and
19-30870) on Feb. 15, 2019.  At the time of the filing, Cornerstone
Valve estimated assets and liabilities of between $1 million and
$10 million.  Well Head estimated assets of between $1 million and
$10 million and liabilities of less than $1 million.  The cases are
assigned to Judge Marvin Isgur.  Sartaj Bal, PC, is the Debtors'
bankruptcy counsel.



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

[*] PARAGUAY: Economy Performing Very Strongly, IMF Says
--------------------------------------------------------
A group of Directors from the 24-member Executive Board of the
International Monetary Fund (IMF) comprising Mr. Sami Geadah, Mr.
Zhongxia Jin, Mr. Gabriel Lopetegui, Mr. Maher Mouminah, Mr. Thomas
Ostros, and Mr. Piotr Trabinski visited Paraguay from May 16-17. At
the end of their visit, the Executive Directors issued the
following statement:

"Paraguay and the International Monetary Fund have enjoyed a long
and a very positive relationship.  Our visit to Asuncion was an
opportunity to strengthen our engagement with the country and learn
firsthand about the authorities' policies to continue improving the
country's economy.  We also learned more about the challenges
Paraguay faces and discussed how the IMF can contribute. We had the
honor to meet with President Mario Abdo Benitez, Finance Minister
Benigno Lopez, Central Bank Governor Jose Cantero Sienra, other
senior officials, as well as members of congress, representatives
of the private sector and students.

"The Paraguayan economy has performed very strongly over the past
decade and a half, enjoying one the fastest rates of growth in the
region. Sound macro-economic policies, including credible monetary
policy and low fiscal deficits and debt have contributed to
enviable resilience. Paraguay has also made very important strides
on the social front. Income inequality and poverty rates have
fallen substantially over the past 15 years. Looking ahead,
continued efforts to facilitate diversification and improve
productivity growth will raise living standards for all
Paraguayans, and boost convergence with advanced countries.

"The Fund has worked with Paraguay through policy dialogue and the
provision of technical assistance and capacity development to help
improve the design and implementation of its policies. Going
forward, we expect to continue strengthening our excellent
cooperative relation.

"We would like to thank the authorities and the people of Paraguay
for their warm welcome and open dialogue."

As reported in the Troubled Company Reporter-Latin America on Feb.
8, 2019, Fitch Ratings has assigned a 'BB+' rating to Paraguay's
USD500 million bond, with final maturity in 2050. The bond has a
coupon of 5.4%.




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

KONA GRILL: Taps Epiq Corporate as Claims Agent
-----------------------------------------------
Kona Grill, Inc. received approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Epiq Corporate Restructuring,
LLC as its claims and noticing agent.

The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Chapter 11 cases of the company and its affiliates.

Epiq will charge these hourly fees for claim administration
services:

     Clerical/Administrative Support        $25 - $45
     IT/Programming                         $65 - $85
     Case Managers                          $70 - $165
     Consultants/Directors/VPs             $160 - $177.50
     Solicitation Consultant                   $190
     Executive VP, Solicitation                $215
     Executives                              No Charge

Epiq will receive a retainer in the amount of $25,000.

Kathryn Tran, director of Epiq, disclosed in court filings that the
firm and its employees are "disinterested" as defined in Section
101(14) of the Bankruptcy Code.

Epiq can be reached through:

     Kathryn Tran
     Epiq Corporate Restructuring, LLC
     777 Third Avenue
     New York, NY 10017
     Phone: (646) 282-2523

                       About Kona Grill

Kona Grill, Inc. -- https://www.konagrill.com/ -- owns and operates
27 casual dining restaurants in 18 states, as well as Puerto Rico,
serving contemporary American favorites, sushi, and alcoholic
beverages throughout the United States and Puerto Rico.

Kona Grill, Inc., and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
19-10953) on April 30, 2019.  As of Dec. 31, 2018, the Debtors'
total assets is $53,613,000 and total liabilities of $74,049,000.
The petition was signed by Christopher J. Wells, chief
restructuring officer.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Piper Jaffray as investment banker; Alvarez & Marsal North America,
LLC as restructuring advisor and Epiq Corporate Restructuring, LLC
as claims and noticing agent.


SEARS HOLDING: Exteriors by Design Objects to Disclosure Statement
------------------------------------------------------------------
Exteriors By Design, Inc., dba California Commercial Roofing
Systems, objects to the disclosure statement explaining Sears
Holdings Corporation's Chapter 11 Plan stating that "Our contract
payments would not be made until January 25, 2025 for work
requested by  Eddie Garcia, DFM for Sears Holdings Management
Corporation, the now Transform Holdco, LLC."

Exteriors complains that after payment terms of 60 days had passed,
it inquired of Sears Holdings Management to Pay Help, who indicated
that the payment for invoice #4483, #4484, #4485 would be paid 6
years from now on January 1, 2025.

Exteriors seeks that its objection be heard and that these invoices
#4483, #4484, #4485 be paid immediately.

Attorney for Exteriors By Design, Inc.:

     Ray C. Schrock, P.C.
     Jacqueline Marcus
     Garrett A. Fail
     Sunny Singh
     Weil, Gotshal & Manges, LLP
     767 Fifth Ave
     New York, NY 10153

                  About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotion
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them.  Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee.  Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.


THAI LEMAR: June 5 Plan Confirmation Hearing
--------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan of Thai
Lemar Inc. is conditionally approved.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on June 5, 2019 at
2:00 PM at the U.S. Bankruptcy Court, U.S. Post Office and
Courthouse Building, 300 Recinto Sur, Courtroom No. 1, Second
Floor, San Juan, Puerto Rico.

Acceptances or rejections of the Plan may be filed on/or before ten
(10) days prior to the date of the hearing on confirmation of the
Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before ten
(10) days prior to the date of the hearing on confirmation of the
Plan.

                   About Thai Lemar Inc.

Thai Lemar, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case
No. 18-07263) on Dec. 13, 2018, estimating less than $1 million in
both assets and liabilities.  Jose M. Prieto Carballo, Esq., at JPC
Law Office, serves as counsel to the Debtor.




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

VENEZUELA: Gasoline Shortage Comes to Haunt Caracas
---------------------------------------------------
EFE News reports that Caracas residents formed long lines to fill
up their vehicles' gas tanks and even had to avoid certain service
stations that were temporarily closed for lack of fuel, a sign that
Venezuela's gasoline shortage has come to haunt the capital.

As EFE observed in a drive around Caracas, the greatest fuel
shortage is on the east side of the capital and some parts of the
downtown area.

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'.


VENEZUELA: Guaido Confirms Sending Negotiators to Norway
--------------------------------------------------------
Voa News reports that Venezuelan opposition leader Juan Guaido
confirmed he sent a team of negotiators to Norway to help mediate
the crisis in the South American country but denied they were in
talks with representatives of President Nicolas Maduro's
government.

Mr. Guaido said at a political rally in Caracas "some envoys in
Norway" were "trying to mediate" the political and economic crisis
in Venezuel, according to Voa News.  It was the first official
confirmation that talks were being attempted between the two sides
after a months-long power struggle, the report relays.

Representatives of the Venezuelan government and the opposition are
in Norway.

Venezuelan officials said Information Minister Jorge Rodriguez is
representing President Maduro, while lawmaker Stalin Gonzalez is
leading the opposition delegation, the report discloses.

Mr. Maduro said Rodriguez was on "a very important mission" abroad
during a televised speech, but did not provide any details, the
report relays.

The negotiations are being held after the military failed to heed a
call on April 30 by Guaido to rise up against Maduro, the report
notes.  Guaido, the leader of the National Assembly, declared
himself president earlier this year after the opposition-majority
legislature determined Maduro won another term in a fraudulent
election, the report says.

The United States and about 50 other countries recognize Guaido as
Venezuela's legitimate president. Venezuela has put the U.S. at
odds with Russia -- which has supplied military equipment to the
Maduro regime -- and Cuba, which the U.S. accuses of placing
pro-Maduro troops on the ground in Venezuela, the report notes.

Also, the U.S. has suspended all commercial flights between the
U.S. and Venezuela, the report discloses.

U.S. Transportation Secretary Elaine Chao said she, along with the
secretaries of state and homeland security, has determined
conditions exist in Venezuela "that threaten the safety or security
of passengers, aircraft, or crew," the report relays.

Many international airlines, including those in the United States,
have already stopped flying to and from Venezuela because of the
political upheaval, the report adds.

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'.




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

[*] BOND PRICING: For the Week May 13 to May 17, 2019
-----------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP



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

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

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

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

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

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