TCRLA_Public/190521.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

          Tuesday, May 21, 2019, Vol. 20, No. 101

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Barbados May Sell Shares in Airline, PM Browne Says
LIAT: Barbados PM Remains Guarded on Plans for Airline Shares


B R A Z I L

BRISTOW GROUP: Davis Polk, Haynes Represent Oak Hill, Hedge Funds
BRISTOW GROUP: Gets Court Approval of 1st Day Motions
BRISTOW GROUP: Taps Prime Clerk as Claims Agent


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Firms Report Surplus, Question Blackouts
[*] DOMINICAN REPUBLIC: Taxpayers Trust Internal Taxes, Poll Says


M E X I C O

ECATEPEC DE MORELOS: Moody's Alters Ratings Outlook to Stable


P U E R T O   R I C O

FERMARALIZ CORP: Unsecureds to Get 2% in 60 Months Under Plan
SEARS HOLDINGS: Exclusive Plan Filing Period Extended to June 12


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Offers 6.4MM barrels of Discounted Crude

                           - - - - -


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

LIAT: Barbados May Sell Shares in Airline, PM Browne Says
---------------------------------------------------------
The Daily Observer reports that the government of Barbados has
agreed to sell "a significant portion" of its 49 percent interest
in the cash-strapped regional airline, LIAT Ltd., formerly known as
Leeward Islands Air Transport or LIAT.

Antigua and Barbuda Prime Minister Gaston Browne has confirmed
receipt of a letter from Barbados Prime Minister Mia Mottley
expressing a willingness to sell a portion of Barbados' shares, but
retaining at least 10 percent, according to The Daily Observer.

PM Browne made the announcement on his radio station on the weekend
and in a subsequent interview with OBSERVER media, the report
notes.

PM Browne said the shares from Barbados will add to the 34 percent
shares which Antigua and Barbuda currently owns in the regional
carrier and while that may place the twin island state in a
majority position, the intention is to ensure that more individuals
are able to invest in the carrier, the report relays.

"I am not to sure what the ongoing negotiating would result in,
whether or not our shares will increase by 10, 15 or 20 percent, I
do not want to anticipate the final outcome of the negotiations,"
the report quoted Mr. Browne as saying.

"It is probably that Antigua and Barbuda could end up in a majority
position, but it does not necessarily mean that we will hold onto
majority position. We may want to encourage other countries within
the Caribbean to come onboard and even divesting some of those
shares," Mr. Browne said, the report relays.

He also stressed that, "Considering that there was a decision to
collapse LIAT and to have a smaller operation", the Antigua and
Barbuda government had to move to protect the interest of workers
and the local economy, the report relays.

Earlier this month, Mr. Browne made the formal offer to Barbados to
acquire its shares in LIAT through a take-over of the liability of
Barbados to the Caribbean Development Bank (CDB) from which monies
had been borrowed to purchase planes for the airline. The official
offer followed a recent meeting of the airline's shareholder
governments at which Barbados PM Mottley was not present, the
report notes.

Going forward, the government will be establishing a negotiating
team comprising of Aviation Minister Sir Robin Yearwood, Minister
of State in the Ministry of Finance Lennox Weston, along with
another unnamed official, to commence talks with a team from
Barbados, the report says.

"What we want to do is to ensure that we have full participation of
all the governments, if possible, and at the same time to enlarge
LIAT's operation," Mr. Browne re-emphasized, the report discloses.

PM Mottley stopped short of indicating whether or not her
administration would dispose of its 49 percent interest in the
airline, declaring instead that she would not be having any
discussions in the public domain, the report says.

                         About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,
is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones and
chief financial officer is Rojer Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.


LIAT: Barbados PM Remains Guarded on Plans for Airline Shares
-------------------------------------------------------------
Caribbean360.com reports that Barbados Prime Minister Mia Mottley
has remained tight-lipped on speculations that Barbados wants to
offload its majority stake in LIAT Ltd.

Ms. Mottley stopped short of saying whether her Government would
dispose of its 49 per cent interest in the cash-strapped airline,
declaring instead that she will not be having any discussions in
the public domain, according to Caribbean360.com.

Ms. Mottley said she would speak on the matter at an "appropriate
time", suggesting that discussions were at a delicate stage, the
report notes.

She would only say that she was focused on ensuring reliable and
affordable regional transport, the report notes.

Ms. Mottley was responding to a question during the annual luncheon
of the Barbados Employers' Confederation (BEC) at the Lloyd Erskine
Sandiford Centre, the report cites.

In addition to Barbados and Antigua and Barbuda where the airline
is based, the other major shareholding governments are St Vincent
and the Grenadines and Dominica, the report cites.  After years of
coaxing, Grenada disclosed that it was officially a shareholder,
the report discloses. The four territories together make up just
over 94 per cent shareholding interest, the report relays. The
remaining shareholders are made up of private companies, other
Caribbean governments and employees.

LIAT and other officials have been engaged in back-to-back meetings
trying to find a solution to keep the airline afloat, while
exploring the possibility of a minimum guarantee scheme, which
would see countries benefiting from the airline services
contributing financially, Caribbean360 discloses.

                         About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,
is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones and
chief financial officer is Rojer Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.




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

BRISTOW GROUP: Davis Polk, Haynes Represent Oak Hill, Hedge Funds
-----------------------------------------------------------------
In connection with the chapter 11 cases commenced by Bristow Group
Inc. and affiliates, Davis Polk & Wardwell LLP and Haynes and
Boone, LLP on May 15, 2019, submitted a verified statement pursuant
to Rule 2019 of the Federal Rules of Bankruptcy Procedure with
respect to their representation of the group of holders of 8.75%
senior secured notes due 2023 issued by Bristow, which members also
provided the secured term loan to the Bristow and Bristow Holdings
Company Ltd. III under the term loan agreement, dated as of May 10,
2019.

In or around March 2019, the Secured Noteholder Group engaged Davis
Polk to represent it in connection with the Members' holdings of
Prepetition Secured Notes.  In or around April 2019, the Secured
Noteholder Group engaged Haynes and Boone to act as co-counsel in
the Chapter 11 Cases.

Davis Polk and Haynes and Boone also separately represent Ankura
Trust Company, LLC, as administrative agent and collateral agent
under the 2019 Term Loan, and the superpriority secured
debtor-in-possession credit facility committed by Members of the
Secured Noteholder Group.  

The members of the Secured Noteholder Group, collectively,
beneficially own or manage (or are the investment advisors or
managers for funds that beneficially own or manage) approximately
$310.47 million in aggregate principal amount of Prepetition
Secured Notes and $75 million in aggregate principal amount of
claims under the 2019 Term Loan.

As of May 14, 2019, members of the Secured Noteholder Group are:

   1. BLACKROCK FINANCIAL MANAGEMENT, INC.
      40 East 52nd Street, New York, NY 10022

      * $31,193,000 in aggregate principal amount of
        Prepetition Secured Notes

   2. DW PARTNERS, LP
      590 Madison Ave, 13th Floor, New York, NY 10022

      * $30,698,000 in aggregate principal amount of
        Prepetition Secured Notes

      * $7,416,241.74 in aggregate principal amount of 2019
        Term Loan Claims

   3. HIGHBRIDGE CAPITAL MANAGEMENT, LLC
      40 West 57th Street 32nd Floor, New York, NY 10019

      * $50,129,000 in aggregate principal amount of
        Prepetition Secured Notes

      * $12,110,521.28 in aggregate principal amount of 2019
        Term Loan Claims

      * $12,500,000 in aggregate principal amount of 4.50%
        convertible senior notes due 2023

   4. OAK HILL ADVISORS, L.P.
      1114 Avenue of the Americas, 27th Floor
      New York, NY 10036

      * $156,960,000 in aggregate principal amount of
        Prepetition Secured Notes

      * $37,919,516.06 in aggregate principal amount of 2019
        Term Loan Claims

   5. WHITEBOX ADVISORS LLC
      280 Park Ave, Suite 43W
      New York, NY 10017

      * $41,467,000 in aggregate principal amount of
        Prepetition Secured Notes

      * $10,017,893.55 in aggregate principal amount of 2019
        Term Loan Claims

Counsel can be reached at:

        HAYNES AND BOONE, LLP
        Charles Beckham, Esq.
        Kelli Norfleet, Esq.
        Martha Wyrick, Esq.
        1221 McKinney Street, Suite 2100
        Houston, TX 77010
        Telephone: (713) 547-2000
        Facsimile: (713) 547-2600
        E-mail: charles.beckham@haynesboone.com
                kelli.norfleet@haynesboone.com
                martha.wyrick@haynesboone.com

          - and -

        DAVIS POLK & WARDWELL LLP
        Damian S. Schaible, Esq.
        Natasha Tsiouris, Esq.
        450 Lexington Avenue
        New York, NY 10017
        Telephone: (212) 450-4000
        Facsimile: (212) 701-5800
        Email: damian.schaible@davispolk.com
               natasha.tsiouris@davispolk.com

                       About Bristow Group

Bristow Group Inc. -- http://www.bristowgroup.com/-- is an
industrial aviation service provider offering helicopter
transportation, search and rescue (SAR) and aircraft support
services to government and civil organizations worldwide.
Bristow's strategically located global fleet supports operations in
the North Sea, Nigeria and the U.S. Gulf of Mexico; as well as 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.

Bristow Group Inc. and its 7 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 19-32713) on May 11,
2019.

Bristow disclosed $2,860,804,000 in assets and $1,885,623,000 in
liabilities as of Sept. 30, 2018.

The Hon. Marvin Isgur is the case judge.

Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving
as the Company's legal counsel and Alvarez & Marsal is serving as
the Company's restructuring advisor.  Houlihan Lokey is serving as
financial advisor to the Company.  Prime Clerk LLC is the claims
and noticing agent.


BRISTOW GROUP: Gets Court Approval of 1st Day Motions
-----------------------------------------------------
Bristow Group Inc. (NYSE: BRS) has received approval from the U.S.
Bankruptcy Court for the Southern District of Texas for its First
Day motions related to its voluntary Chapter 11 reorganization.

In a statement May 15, Bristow said that the Court has approved
Bristow's motions seeking a variety of "first-day" relief for the
filing entities, including authority to pay employee wages and
salaries, Company-sponsored benefit programs, as well as vendors
and suppliers in the ordinary course for goods and services
provided after the Petition Date.

Bristow intends to use the Chapter 11 proceedings to restructure
and strengthen its balance sheet and achieve a lower and more
sustainable debt level, while continuing to provide safe, reliable
and professional industrial aviation services to its global clients
well into the future.

All of Bristow's businesses are operating in the ordinary course
and are anticipated to continue to do so for the duration of the
Chapter 11 process.

The Chapter 11 filings pertain to six of Bristow's legal entities
in the United States and two of its Cayman Islands subsidiaries.
Bristow's other non-U.S. entities, including those holding
Bristow's non-U.S. air operating certificates ("AOCs"), are not
included in the Chapter 11 filings.  The following entities are
included: Bristow Group Inc., BHNA Holdings Inc., Bristow Alaska
Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow
U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd.

                       About Bristow Group

Bristow Group Inc. -- http://www.bristowgroup.com/-- is an
industrial aviation service provider offering helicopter
transportation, search and rescue (SAR) and aircraft support
services to government and civil organizations worldwide.
Bristow's strategically located global fleet supports operations in
the North Sea, Nigeria and the U.S. Gulf of Mexico; as well as 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.

Bristow Group Inc. and its 7 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 19-32713) on May 11,
2019.

Bristow disclosed $2,860,804,000 in assets and $1,885,623,000 in
liabilities as of Sept. 30, 2018.

The Hon. Marvin Isgur is the case judge.

Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving
as the Company's legal counsel and Alvarez & Marsal is serving as
the Company's restructuring advisor.  Houlihan Lokey is serving as
financial advisor to the Company.  Prime Clerk LLC is the claims
and noticing agent.


BRISTOW GROUP: Taps Prime Clerk as Claims Agent
-----------------------------------------------
Bristow Group Inc. received approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Prime Clerk LLC as its
claims, noticing and solicitation 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.  It will
also provide plan-related solicitation services including
balloting, distribution of solicitation materials, and tabulation
and calculation of votes.

Prime Clerk will charge these hourly fees:

     Claim and Noticing Rates:

     Analyst                             $30 - $50
     Technology Consultant               $35 - $95
     Consultant/Senior Consultant        $65 - $165
     Director                           $175 - $195
     COO/Executive VP                    No charge  

     Solicitation, Balloting and Tabulation Rates:

     Solicitation Consultant                $190
     Director of Solicitation               $210

Prior to their bankruptcy filing, the Debtors provided the firm an
advance fee in the amount of $50,000.

Benjamin Steele, vice president of Prime Clerk, disclosed in court
filings that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.

Prime Clerk can be reached through:

     Benjamin J. Steele
     Prime Clerk LLC
     One Grand Central Place
     60 East 42nd Street, Suite 1440
     New York, NY 10165
     Mobile: 646-240-7821
     Email: bsteele@primeclerk.com

                     About Bristow Group Inc.

Bristow Group Inc. -- http://www.bristowgroup.com/-- provides
industrial aviation and charter services to offshore energy
companies in Europe, Africa, the Americas, and the Asian Pacific.
It also provides search and rescue services for governmental
agencies and the oil and gas industry.  Headquartered in Houston,
Bristow Group employs approximately 3,000 individuals around the
world.

Bristow Group and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case Nos. 19-32713 to
19-32720) on May 11, 2019.  As of Sept. 30, 2018, the Debtors had
$2,860,804,000 in assets and $1,885,623,000 in liabilities.  

The cases have been assigned to Judge David R. Jones.

The Debtors tapped Baker Botts LLP as bankruptcy counsel; Wachtell,
Lipton, Rosen & Katz as co-counsel with Baker Botts; Alvarez &
Marsal and Houlihan Lokey Capital, Inc. as financial advisors; and
Prime Clerk LLC as claims, noticing and solicitation agent.




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

DOMINICAN REPUBLIC: Power Firms Report Surplus, Question Blackouts
------------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
(ADIE) report a 12% surplus of available energy that hasn't entered
the system even though it's necessary to avoid the long blackouts
in the last few days.

According to the Coordinating Body of the National Grid (OC-SENI),
at the beginning of the peak demand, at 5pm, the actual
availability of the system was 2,337.94 megawatts, while that the
demand supplied was 2,091.51MW, leaving a reserve of 245.93
corresponding to 11.76% of available energy that has not been
called into the system by the Electricity Distribution Companies,
the report notes.

The ADIE said that although some power plants are down for
maintenance, this available energy could avoid the long blackouts.
"If it were introduced to the electrical system, [it] would
minimize the discomfort that causes citizens to be deprived of a
service as vital as is the electric power," ADIE said, according to
Dominican Today.

"In addition to the plants in maintenance, other factors that have
affected the supply are the high temperatures that increase the
demand for energy, and the drought that has caused hydroelectric
plants to produce 8% less than the generation they usually deliver
o the system," the ADIE said, 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: Taxpayers Trust Internal Taxes, Poll Says
-----------------------------------------------------------------
Dominican Today reports that 91% of taxpayers have a high favorable
rating of how Internal Taxes (DGII) does its job and 92% have an
excellent or very good view of the DGII compared to other
government agencies.

Moreover, the survey by CID Latin America, with a sample of 1,765
people nationwide found that 85% of respondents have a high level
of satisfaction with the services provided by the DGII, according
to Dominican Today.

"The assessment given to the DGII is also in line with the opinion
that the informants have about the credibility and trust in the
institution," the CID said, the report notes.

The majority of the informants (85%) indicates that the management
of the DGII is credible and 82% trust Internal Taxes.

The pollster said the data were gathered in November, December 2018
and January 2019, with a margin of error of ± 2.53% and a
confidence level of 95%, 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
===========

ECATEPEC DE MORELOS: Moody's Alters Ratings Outlook to Stable
-------------------------------------------------------------
Moody's de Mexico has affirmed the B1 (Global Scale, local
currency) and Baa3.mx (Mexican National Scale) issuer ratings of
the Municipality of Ecatepec de Morelos, and changed the outlook to
stable from negative. At the same time, Moody's affirmed the debt
ratings of the municipality's MXN 250 million enhanced loan from
BBVA Bancomer at Ba1/A1.mx.

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

The change of outlook to stable from negative reflects Ecatepec's
improved gross operating balances and its fiscal results in 2017
and 2018 following a period of deterioration in previous years,
which has alleviated pressure on the municipality's credit metrics.
Ecatepec reported positive operating results equal to 4.3% of
operating revenues in 2017 and a high 17.9% in 2018, compared with
average operating deficits of 10.5% between 2014 and 2016. This
improved result reflects not only higher revenue but also efforts
to contain operating expenditure growth in recent years. Ecatepec
also reported improved fiscal balances, which include capital
revenue and expenditures, in 2017 and 2018. Thanks to cuts in
spending on public works the municipality reported cash financing
surpluses equal to 3.6% of total revenue in 2017 and 16.3% in 2018.
Moody's expects the municipality will continue to report positive
but modest operating balances in 2019 and 2020 of between 1.7-1.8%,
along with balanced financial results. These improved results will
allow Ecatepec to maintain stable debt and liquidity metrics over
the medium term.

RATIONALE FOR THE AFFIRMATION OF THE ISSUER RATINGS

The affirmation of the issuer ratings reflects the aforementioned
improvements in the municipality's operating and financial results
along with its low debt levels and its low but stable liquidity. In
2018, Ecatepec's net direct and indirect debt (NDID) was equal to
15.2% of operating revenues, below the 21.3% median for B1 rated
Mexican municipalities and down from 24.6% in 2014. Although the
municipality intends to contract a new loan for approximately MXN
100 million pesos in 2019 to finance capital spending, Moody's
estimates its overall NDID will only rise to 17.1% at the end of
the year, a still manageable level. In addition, Ecatepec has
reported stable liquidity metrics in recent years, albeit at
relatively low levels, with cash and equivalents equal to 0.3x
current liabilities. Moody's expects liquidity will remain
relatively weak but will be stable in recent ranges in 2019 and
2020. While Ecatepec has made use of short-term funding instruments
in previous years including advances on participations transfers,
the municipality carried no short-term debt balances at the end of
2018 and doesn't currently have any short-term loans.

While Ecatepec faces contingencies related to the municipal water
company (SAPASE), which has historically required support from the
municipality to meet its obligations, these considerations are
already incorporated in current ratings.

RATIONALE FOR THE AFFIRMATION OF DEBT RATINGS

The affirmation of the ratings of the MXN 250 million enhanced loan
reflects the affirmation of Ecatepec's issuer ratings. Under
Moody's methodology rating enhanced municipal and state loans in
Mexico, the loan ratings are directly linked to the credit quality
of the issuer, which ensures that underlying contract enforcement
risks, economic risks and credit culture risks (for which the
issuer rating acts as a proxy) are embedded in the enhanced loans
ratings.

WHAT COULD CHANGE THE RATING UP OR DOWN

Given the stable outlook, an upgrade/downgrade is unlikely in the
medium term. However, if the municipality's operating and financial
results continue to improve, supporting sustained improvements in
its liquidity, this could exert upward pressure on the ratings. On
the other hand, if the municipality's operating and financial
results weaken and liquidity deteriorates further, leading to an
increased dependence on risky short-term loans, the ratings would
face downward pressure.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Ecatepec's issuer
ratings or an improvement in debt service coverage ratios above our
expectations would likely result in an upgrade on the enhanced loan
ratings. Conversely, a downgrade of the municipality of Ecatepec's
issuer ratings or a fall in debt service coverage ratios would
likely result in a downgrade on the enhanced loan ratings.




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

FERMARALIZ CORP: Unsecureds to Get 2% in 60 Months Under Plan
-------------------------------------------------------------
Fermaraliz Corp. filed a small business Chapter 11 Plan and
accompanying disclosure statement.

Class 3 - Claims 3, 4, 5 and unsecured portion of claim 2 are
impaired. General Unsecured Claims total $618,997.53. The Debtor
will pay 2% of the allowed unsecured claims to be paid in 60
monthly payments of $217.00 including 2% interest per annum. Total
payout: $12,812.00

Payments and distributions under the Plan will be funded from the
debtor's post petition income from the operation of the business.

A full-text copy of the Disclosure Statement dated May 2, 2019, is
available at https://tinyurl.com/y694dk7e from PacerMonitor.com at
no charge.

                 About Fermaraliz Corp.

Fermaraliz Corp., based in Coamo, PR, filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 18-06456) on Nov. 1, 2018.  In the petition
signed by Jose F. Espada Colon, president, the Debtor disclosed
$389,300 in assets and $1,046,703 in liabilities.  The Hon. Edward
A. Godoy oversees the case.  Modesto Bigas Mendez, Esq., at Modesto
Bigas Law Office, is the Debtor's bankruptcy counsel.


SEARS HOLDINGS: Exclusive Plan Filing Period Extended to June 12
----------------------------------------------------------------
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern
District of New York extended the period during which Sears
Holdings Corporation and its affiliated debtors have the exclusive
right to file a Chapter 11 plan through June 12, and to solicit
acceptances for the plan through Aug. 13.

                     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 automotive
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.




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

PETROLEOS DE VENEZUELA: Offers 6.4MM barrels of Discounted Crude
----------------------------------------------------------------
Hellenic Shipping News reports that Venezuelan state-owned
Petroleos de Venezuela S.A. (PDVSA) is offering 6.4 million barrels
of discounted crude oil to Russian, Chinese and Indian companies,
according to a company official and reports seen by S&P Global
Platts.

"We are negotiating under spot contracts three shipments of 1.8
million barrels each of Merey 16 crude and 1 million barrels of DCO
by May," said the PDVSA official, who spoke to Mr. Platts on the
condition of anonymity, according to Hellenic Shipping News.

According to a PDVSA report, a cargo of 1.8 million barrels of
Merey 16 crude that would have been loaded into the Spring Splendor
tanker during April 24-26 was rescheduled for May as a spot sale,
Hellenic Shipping News says.

The tanker Spring Splendor unloaded a cargo of 975,000 barrels of
Nigerian light crude (Agbami) at the Jose terminal, in Anzoategui
state, during an April 18-20 window. The Nigerian oil was to be
used as an extra heavy crude diluent, the report said, Hellenic
Shipping News discloses.

Hellenic Shipping News relates that crudes are being priced at
Dated Brent discounts between $15/b and $17/b, FOB, according to a
PDVSA report.

"Prices are outside PDVSA's parameters for the European and Asian
markets, but there is a need to decrease inventories at cargo
terminals, and to give operational continuity to dispatch terminals
and production fields," the report said, Hellenic Shipping News
discloses.

Venezuelan crude production has fallen from 1.23 million b/d in
January to 750,250 b/d in April, according to S&P Global Analytics,
Hellenic Shipping News says.

However, because US sanctions have hampered PDVSA's crude selling
and limited the company's access to crude tankers, crude
inventories have grown, Hellenic Shipping News notes.

"The inventories are full due to the limitations that traditional
customers have to get tankers to lift crude oil from Venezuelan oil
ports due to US sanctions," the PDVSA official said, Hellenic
Shipping News relates.

Crude inventories have also expanded following the shutdown of
PDVSA's PetroMonagas heavy crude upgrader because of power
failures, Hellenic Shipping News notes.

The PDVSA official would not say which companies the 6.4 million
barrels of crude were being marketed to, Hellenic Shipping News
relays.

However, Russia's Rosneft said it has a sanctions waiver from the
US for deliveries of Venezuelan crude to Rosneft's Indian refinery,
as the supplies have been carried out under prepayment contracts,
Hellenic Shipping News notes.

PDVSA has reduced its debt to Rosneft to $1.8 billion in the first
quarter, compared with $2.3 billion at the end of 2018, Rosneft
said, Hellenic Shipping News relates.

Hellenic Shipping News notes that Rosneft is a partner in multiple
projects with PDVSA , including: PetroMonagas; PetroVictoria;
Boqueron; PetroMiranda; and offshore projects on the Paria
peninsula.

The combined crude production of Venezuela state PDVSA and its
foreign partners in the Orinoco Belt has fallen 77% to 169,800 b/d
on Tuesday from 764,100 b/d at the start of April due to a lack of
tankers to carry exports, according to a company technical report,
Hellenic Shipping News relates.

The Orinoco production decline, if extended, will pull Venezuelan
output lower. One field operator earlier said an "optimistic
scenario" would put Venezuelan output at 400,000 b/d to 500,000
b/d, Hellenic Shipping News discloses.

The US sanctions serve as a de facto ban on US imports of
Venezuelan crude and an immediate ban on US exports of diluent to
Venezuela, Hellenic Shipping News says.

The sanctions require any payment for crude from PDVSA to be
deposited into blocked accounts within the US. The funds would
ultimately be transferred to a new Venezuelan government, led on an
interim basis by Juan Guaido if and when Nicolas Maduro
relinquishes power, Hellenic Shipping News relays.

On February 1, the US Treasury also gave non-US companies three
months to wind down transactions with PDVSA that involve the US
financial system, essentially prohibiting sales of PDVSA crude and
products in dollars, Hellenic Shipping News adds.

As reported in the Troubled Company Reporter-Latin America on Aug.
24, 2018, S&P Global Ratings affirmed its 'SD' global scale issuer
credit rating and 'D' issue-level ratings on Petroleos de Venezuela
S.A. (PDVSA).



                           *********


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
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of the same firm for the term of the initial subscription or
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