/raid1/www/Hosts/bankrupt/TCRLA_Public/190626.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, June 26, 2019, Vol. 20, No. 127

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Formal Talks on Sale of Barbados Stake Still to Take Off


A R G E N T I N A

YPF SA: S&P Rates New 10-Year Senior Unsecured Bonds 'B'
YPF SOCIEDAD: Moody's Rates New Unsecured Notes Due 2029 'B2'


B R A Z I L

AVIANCA BRASIL: Loses Slots in Sao Paulo's Domestic Airport
ODEBRECHT SA: Dominican Judge Sends 6 to Trial for Corruption


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Leaders Warn Against Constitutional Amendment
PUNTA CATALINA PLANT: Still Out; Blackouts Surge


J A M A I C A

DIGICEL GROUP: Seeks to Quash Haiti-Linked Lawsuit in New York


P U E R T O   R I C O

HIGH TIMES: CMYIA Objects to Disclosure Statement
PUERTO RICO: LCDC Members Ink Plan Support Agreement

                           - - - - -


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

LIAT: Formal Talks on Sale of Barbados Stake Still to Take Off
--------------------------------------------------------------
Sheria Brathwaite at Nation News reports that talks on Barbados
selling its majority shareholding in regional carrier LIAT Ltd.,
formerly known as Leeward Islands Air Transport or LIAT, are yet to
get off the ground.

This is according to Barbados' lead negotiator, Attorney General
Dale Marshall, who said his team was experiencing difficulties
setting up a meeting with the Antigua and Barbuda government and
LIAT officials, according to Nation News.

Last month, Antiguan Prime Minister Gaston Browne revealed on a
radio talk show that he sent a proposal to the Barbados Government
regarding the sale of most, if not all, of its shares in LIAT, the
report notes.

As reported in the Troubled Company Reporter-Latin America on June
13, 2019, the New York Carib News reports that the Barbados
government formally announced plans to sell its shares in the cash
strapped regional airline, LIAT, but insisted that it was committed
to regional transportation and would continue to hold minimum
shares in the Antigua-based carrier. Barbados Prime Minister Mia
Mottley in a statement to Parliament confirmed reports that Antigua
and Barbuda would be seeking to replace her country as the largest
shareholder government by seeking to acquire the shares Bridgetown
would be outing up for sale, The NY CaribNews relates.

                            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,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.

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




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

YPF SA: S&P Rates New 10-Year Senior Unsecured Bonds 'B'
--------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to YPF
S.A.'s (B/Stable/--) proposed 10-year senior unsecured bonds. The
bonds will rank pari-passu with all other senior unsecured debt and
S&P expects YPF to use the proceeds mostly to prepay debt.

S&P said, "The rating on the notes is the same as our issuer credit
rating on YPF because we don't believe there's significant
structural subordination, given that YPF is an operating holding
company and priority liabilities at the subsidiaries' level are
low.

"Our 'B' rating on YPF mostly reflects its exposure to Argentina by
virtue of being controlled by the Argentine government (through a
51% equity stake), and because YPF is the largest integrated oil
company in the country and one of the largest entities operating
there. Our stand-alone credit profile (SACP) on YPF is 'bb-' mainly
because its leverage profile is fairly conservative, with a
debt-to-EBITDA ratio of around 2x while the company is investing
heavily to develop its operations in Argentine shale deposit "Vaca
Muerta." We expect this to materially strengthen YPF's reserves and
output in the next five years."

  Ratings List

  YPF S.A.
   Issuer credit rating           B/Stable/--

  New Rating

  YPF  S.A.
   Senior Unsecured               B  


YPF SOCIEDAD: Moody's Rates New Unsecured Notes Due 2029 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to YPF Sociedad
Anonima's proposed senior unsecured notes due 2029. The issuance
volume will be in line with benchmark size. The outlook is stable.

Net proceeds from the proposed issuance will be used for liability
management, capital spending and working capital requirements.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Rating assigned:

Issuer: YPF Sociedad Anonima

  - Senior unsecured 10-year notes due 2029: B2

RATINGS RATIONALE

YPF's B2 ratings reflect the company's large oil and gas production
and reserve size, solid cash generation and credit metrics for its
rating category. The ratings also reflect YPF's status as the
largest industrial corporate and energy company in the domestic
market, where it generates the bulk of its revenue, and its links
with the government of Argentina (B2 stable), its controlling
shareholder.

The ratings are mainly constrained by YPF's concentration of
operations in Argentina, a moderate-to-high foreign-currency risk
given that most of the company's debt is denominated in foreign
currency, its portfolio of majority mature producing fields and its
rigid labor cost structure.

YPF's ratings combine its underlying b2 Baseline Credit Assessment
(BCA), which expresses a company's intrinsic credit risk, and its
view of moderate support from and high dependence on the government
of Argentina (B2 stable). YPF's b2 BCA incorporates its
vulnerability to the local energy policy framework and economic
environment and its rigid labor cost structure. It also takes into
consideration its belief that the company's credit metrics will
remain strong for the B rating category through the next 12-18
months.

In addition, YPF's ratings reflect the application of Moody's joint
default rating methodology for government-related issuers (GRI) and
considers the close relationship between the company and the
government of Argentina, its controlling shareholder. Moody's view
includes the assumptions of i) moderate likelihood of extraordinary
government support to YPF in case of need and ii) high default
correlation between the company and the government. The government
of Argentina's ability and willingness to provide support to YPF is
measured by the former's B2 local currency rating and stable
outlook as well as YPF's majority government ownership and control,
in addition to the importance of the company to the Argentine
economy, where it holds a dominant market position in the energy
sector. In turn, while YPF accounts for only a small part of the
government's revenue base, the high default correlation assumption
reflects the tendency of the company and the government to be
jointly susceptible to adverse circumstances that simultaneously
move them closer to default. For instance, YPF derives the majority
of its revenues domestically; in addition, the company and the
government both share common exposure to foreign exchange rate
risk.

YPF is Argentina's largest integrated oil and gas company and the
largest oil and gas producer in Argentina at 513 thousand barrels
of oil equivalent per day (Mboe/d) in 2018 (note: natural gas
figures include Moody's conversion rate of 6,000 million cubic feet
= 1 boe, which differs from the company's), representing around 40%
of Argentina's total. As of December 2018, the company had proved
oil and gas reserves of 1,051 million barrels of oil equivalent
(MMboe), up 17% from 2017, equivalent to a reserve life of 5.8
years with a reserve replacement ratio of 182%. In the downstream
business, YPF controls half of Argentina's refining industry, with
total operating capacity of about 320 thousand barrels per day
(bpd) as of March 2019. It also operates the largest retail system
in Argentina, with over 1,500 branded gas stations, which
constitute about 35% of the total gasoline service stations in the
country.

YPF's 5-year business plan is focused on production growth at a
compound annual growth rate of 5%-7% in 2019-23, mainly through
unconventional resources -shale oil and gas production was up 57%
in 2018-, which should lead to stronger cash flow generation and
help maintain stable leverage. Since 2015, a reduction in well
costs and falling operational and development costs have improved
shale oil productivity and profitability at YPF's Loma Campana
block in Vaca Muerta. YPF's development costs fell to around
$11.4/bbl in 2018, down 58% since 2015, with operating costs down
58% to $6/bbl. YPF expects to reduce development costs by an
additional 27% by 2023, and operating costs by 14%.

YPF has not tapped the local or international bond markets since
late 2017 and has paid off the majority of long-term debt
amortizations with its own cash generation, which explains the $1.7
in adjusted debt reduction since December 2017 to $9.4 billion as
of March 2019. The funds from the proposed notes' issuance will
support the company's liability management in 2019, while the
company aims to finance its capital spending program mostly with
its own cash generation. YPF's cash flow generation remained strong
in the last twelve months as of March 2019, with cash from
operations (CFO) as adjusted by Moody's at $3.9 billion, above $3.7
billion in cash requirements for capital spending, returning a
positive free cash flow generation of $343 million. Moody's expects
CFO to remain at around $4.0 billion in 2019-20, supporting YPF's
$3.5-4.0 billion in annual capital spending needs. Pro forma the
transaction, it expects Moody's adjusted debt to EBITDA ratio to
raise to around 2.8x as of year-end 2019, up from 2.6x as of March
2019, and interest coverage as measured by EBITDA to interest
expense to lower to around 3.9x, from 5.0x in 2018.

The company's liquidity profile is adequate and will improve pro
forma the transaction, with no significant maturities until 2021.
As of March 2019, YPF's cash balances of $1.6 billion was just
below the $1.9 billion of adjusted debt coming due through the next
12 months, including $944 million in trade finance facilities which
are typically rolled over. Cash proceeds from the proposed
transaction will fund fully or in part $606 million in corporate
notes due in the next twelve months as of March 2019, including a
CHF300 million in bonds due in September. Most of the company's
cash is denominated in US dollars. The company has demonstrated
ample access to both local and international capital markets to
conduct liability management.

YPF has a weak export profile, as exports represented 10% of
revenues as of March 2019, similar to previous years. The company's
foreign-currency risk is considered moderate-high because 90% of
its debt is denominated in foreign currency. About 40% of its
capital spending and operating costs are denominated in US dollars,
but 45% of its revenues are generated in US dollars.

YPF's stable outlook reflects its assumption that in the next 12 to
18 months the company's credit metrics will remain around current
levels, which are solid for a B rating category. Moody's  believes
that YPF's main shareholder, the Argentine government, (1) will
exert no influence over the company to spend in capital spending or
dividends beyond its operating cash flow generation capacity, and
(2) has incentives to maintain prices of crude and oil products at
a level that makes it economically attractive for oil companies to
invest to increase production and reduce the country's dependence
on imports of oil products and natural gas. In this sense, although
Argentina returned to free market prices in late 2017-early 2018,
in mid-2018 the Argentine Government temporarily restored price
agreements for crude and fuel with the industry to protect local
consumers against rising fuel prices amid higher international oil
prices and a steep depreciation in the peso. YPF's creditworthiness
cannot be completely de-linked from the credit quality of the
Argentine government, and thus the company's ratings also
incorporate the risks that it shares with the sovereign.

YPF's ratings could be upgraded (1) if the company manages to grow
total production while maintaining strong margins and relatively
low leverage; (2) if there is an upgrade of the government of
Argentina's B2 rating and YPF maintains its strong credit metrics
for its rating category; (3) if there is a more clear view of the
government's energy policies for the next several years and how
they could affect YPF.

The ratings could be downgraded (1) if YPF is unable to sustain
current credit metrics; (2) if the company loses access to credit
markets or lacks access to foreign currency to meet its debt
service obligations; (3) if the government of Argentina's rating is
downgraded.

YPF is an Argentina-based integrated energy company with operations
concentrated in the exploration, development and production of
crude oil, natural gas and liquefied petroleum gas, and downstream
operations engaged in refining, chemicals production, retail
marketing, transportation and distribution of oil and petroleum
products. The company is 51% owned by the Argentine government and
had last-12-month revenue as of March 2019 of $15.7 billion and
total assets of $26.8 billion. The company conducts its operations
and has properties and customers in Argentina; its operations
outside the country include exploration activities in Chile and
Bolivia, and markets lubricants and specialties in Brazil and
Chile. The company is concentrated in the Neuquina, Golfo San
Jorge, Cuyana, Noroeste and Austral basins.

The methodologies used in this rating were Global Integrated Oil &
Gas Industry published in October 2016, and Government-Related
Issuers published in June 2018.




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

AVIANCA BRASIL: Loses Slots in Sao Paulo's Domestic Airport
-----------------------------------------------------------
Reuters reports that Brazil's civil aviation regulator will take
back grounded airline Avianca Brasil's slots in Sao Paulo's coveted
domestic airport as part of a plan to redistribute them later,
according to a decision published in the government's official
gazette.

The airline was Brazil's No. 4 carrier and had planned to auction
its airport rights, known as slots, on July 10, in hopes of raising
at least $140 million, according to Reuters.  But without the Sao
Paulo slots, which represent the most lucrative portion of all the
airline's slots, it is unclear whether the auction will still take
place, the report notes.

In a separate report, Reuters relayed that Brazil's antitrust
regulator wants new rules for allocating airplane landing and
departure rights, known as slots, in Sao Paulo's crowded domestic
airport, saying they are too concentrated among two main airlines.
The recommendation comes as the country's civil aviation regulator
ANAC has announced it will take back the slots held by grounded
airline Avianca Brasil in the airport, known as Congonhas, as part
of a plan to redistribute them later.

Under current rules, many of the slots would go to the two airlines
that already control most of Congonhas' flights: Gol Linhas Aereas
Inteligentes and LATAM Airlines Group

The antitrust regulator, known as CADE, wants the rules changed to
favor potential new entrants, increasing competition, according to
a legal recommendation made public, the report relates.

Reuters notes that the Brazilian government recently enacted a law
that allows foreign-owned carriers to operate domestic flights in
Latin America's largest air market, which could unleash new
competition for the Congonhas slots.

                     About Avianca Brasil

Avianca Brazil, officially Oceanair Linhas Aereas S/A, is a
Brazilian airline based in Sao Paulo, Brazil.  It operates
passenger services from more than 20 destinations.  It is hailed as
the fourth largest airline in Brazil.  Synergy Group is the parent
company of Avianca Brazil.

On December 10, 2018, Avianca Brazil filed for bankruptcy when
three lessors took a move to gain possession of 30% of the
airline's 50 all-Airbus fleet.  The airline further blamed high
fuel prices and a strong dollar for its troubles.  The airline
noted at that time that flights won't be affected.

Since the airline filed for bankruptcy, its operations
progressively diminish until they were suspended in late May 2019.


ODEBRECHT SA: Dominican Judge Sends 6 to Trial for Corruption
-------------------------------------------------------------
Martin Adames at Associated Press reports that a judge in the
Dominican Republic ordered a former Senate president, an ex-public
works minister and four other people to stand trial in a bribery
scandal involving Brazilian construction giant Odebrecht SA.

Judge Francisco Ortega Polanco sent ex-Senate leader Andres
Bautista, former public works minister Victor Diaz Rua, businessman
Angel Rondon and three others to trial in the corruption case,
which has toppled former presidents and business and political
leaders across Latin America and the Caribbean, according to
Associated Press.

Of the seven suspects being investigated in the Dominican Republic,
only former Senate president Jesus VAzquez was spared trial, the
report relays.

Prosecutors allege Bautista took bribes from Odebrecht for the
Northwest Aqueduct Line expansion and the Palomino Hydroelectric
Plant project, the report relays.  They say he introduced 1.8
billion Dominican pesos (US$36 million at the current exchange
rate) into the banking system in less than 15 years, the report
notes.

Diaz Rua and Rondon are accused of being major beneficiaries of the
alleged corruption scheme, the report relays.

All deny the charges against them. As he left the court, Bautista
said the "judge didn't refer to the evidence that we provided," the
report notes.

Dominican Attorney General Jean Alain Rodriguez called the judge's
decision "transcendental," the report relays.

"In the past 20 years, this is the corruption case with the
greatest magnitude to be investigated in the Dominican Republic
because of the number of accused, the level of their influence of
the same and the amounts of money involved," the report quoted Mr.
Rodriguez as saying.

Odebrecht has acknowledged paying nearly $800 million to
high-profile leaders across the region in exchange for lucrative
public works contracts, the report adds.

Dominican Today relays that the sentences opens the possibility
that old corruption cases, which haven't been prosecuted, can be
brought to justice at any time, if the principle is upheld.

                       About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American engineering
and construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto is
the world's largest builder of hydroelectric plants, of sanitary
and storm sewers, water treatment and desalination plants,
transmission lines and aqueducts.  The Group's main businesses are
heavy engineering and construction based in Rio de Janeiro, Brazil,
and Braskem S.A., its chemicals/petrochemicals company, based in
Sao Paulo, Brazil.

As reported in the Troubled Company Reporter-Latin America on June
20, 2019, Aluisio Alves at Reuters reports that Brazilian
conglomerate Odebrecht SA filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt in what would
be one of Latin America's largest-ever in-court debt
restructurings.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, according to Reuters.




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

DOMINICAN REPUBLIC: Leaders Warn Against Constitutional Amendment
-----------------------------------------------------------------
Dominican Today reports that National Young Entrepreneurs
Association (ANJE) President Guillermo Julian warned that bribing
congressmen to get votes for another constitutional reform would
lacerate the institutionalism that the Dominican people have
managed to build with many efforts and sacrifices.

Julian was asked about the complaints from several people,
including opposition PRM party presidential hopeful Luis Abinader
that in Congress offers have already been made to legislators to
vote to amend the law of laws, according to Dominican Today.

Speaking on Telesistema Channel 11, Julian stressed that it's up to
Congress to amend the Constitution and not business associations or
society, the report notes.  "As a society we must ask the
congressmen for an ethical and necessary behavior to maintain the
institutional levels in the country," the report quoted Mr. Julian
as saying.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

Fitch Ratings affirmed Dominican Republic's Long-Term,
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook in September 2018.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."


PUNTA CATALINA PLANT: Still Out; Blackouts Surge
------------------------------------------------
Dominican Today reports that the generation of energy, according to
data from the National Grid Coordinator, show that the Punta
Catalina power plant as "available" despite that it generates less
than one mega in its testing phase, while Odebrecht SA, which built
it, has yet to explain its one-month outage.

As of June 24, there were 18 plants available, 21 with partial
unavailability and 17 off line, according to Dominican Today.  The
amount generated was 2,410MW, with an unused power of 268.13MW and
a low hot reserve of 87.88 megawatts, the report notes.

The Electricity Distributor of the North (Edenorte), that supplies
electricity to the 14 provinces of Cibao, reported that all its
circuits began to be subject to regulated cuts, "depending on the
availability of power in the area," the report adds.

                 About Punta Catalina Plant

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

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

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




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

DIGICEL GROUP: Seeks to Quash Haiti-Linked Lawsuit in New York
--------------------------------------------------------------
RJR News reports that several companies, including Digicel Group,
are expected to file a motion to try and get a Haiti-linked case
against them thrown out of a New York court.

The case concerns allegations that levies on Haitian telephone
calls and money transfers, which are supposed to fund the
impoverished nation's education sector, have instead been wrongly
diverted to Haitian politicians, according to RJR News.

The companies are accused by Haitian immigrants in the US of
conspiring in a fraudulent scheme to collect the fees for the
government, the report notes.

Several current and former politicians from Haiti are also accused
of being involved, the report relays.

The Irish Times reports companies are also accused of price fixing,
the report adds.

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.  The company is owned by the Irish billionaire Denis
O'Brien, is incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter on Jan. 21, 2019,
Moody's Investors Service appended the "limited default"
designation to the probability of default rating of Digicel Group
Limited, following the completion of its exchange offer, which
Moody's considers as a distressed exchange under its definition of
default, and upgraded Digicel's PDR to Caa1-PD/LD from Caa3-PD. At
the same time, Moody's upgraded the rating of the new 2022 notes
issued at Digicel Group One Limited to Caa1 from Caa2, assigned a
Caa3 rating to the new 2022 notes at Digicel Group Two Limited and
downgraded the rating of the new 2024 notes at DGL2 to Caa3 from
Caa2. Moody's affirmed Digicel's Caa1 corporate family rating, as
well as the ratings of its other debt instrument. The outlook on
all ratings remains stable. The LD designation was to be removed
within three business days.




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

HIGH TIMES: CMYIA Objects to Disclosure Statement
-------------------------------------------------
CMIYA Investments, Inc., objects to the amended disclosure
statement explaining the Chapter 11 plan of High Times Corp.

CMYIA complains that the disclosure statement dated May 16, 2019,
fails to adequately disclose information regarding the
discrepancies in income and expenses of the Debtor's business
operations and other matters.

CMYIA points out that the Debtor has failed to provide evidence of
having paid the post-petition taxes on CMIYA's collateral, as they
became due and payable on January 1, 2019.

According to CMYIA, the Debtor's amended disclosure statement does
not have any evidence of the actual value of Debtor's real
properties, which are the main assets of the estate for liquidation
purposes, as the combined value of the properties encumbered in
favor of CMIYA is higher that its claim and the third real property
has no liens.

CMYIA complains that the disclosure statement should not be
approved because the underlying proposed plan is patently
unconfirmable.

Counsel for CMIYA:

     LUIS M. SUAREZ LOZADA
        LAW OFFICES
     P.O. Box 192333
     San Juan, Puerto Rico 00919-2333
     Phone: (787) 296-4299
     Email: suarez@caribe.net

               About High Times Corp.

High Times Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-04770) on August 21,
2018.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000.  Judge
Enrique S. Lamoutte Inclan presides over the case.  Alexis A.
Betancourt Vincenty, Esq., at Lugo Mender Group LLC, is the
Debtor's bankruptcy counsel.


PUERTO RICO: LCDC Members Ink Plan Support Agreement
----------------------------------------------------
The Lawful Constitutional Debt Coalition, which includes certain
major holders of Puerto Rico's General Obligation ("GO") and Public
Buildings Authority ("PBA") bonds issued prior to March of 2012, on
June 16 disclosed that three months of negotiations with the
Financial Oversight and Management Board (the "Oversight Board")
have resulted in a Plan Support Agreement ("PSA") that establishes
terms for the consensual restructuring of more than $18 billion in
GO and PBA debt.  The Coalition's members, who have joined together
to pursue a consensual restructuring that offers all creditors
equitable outcomes, each signed the PSA made public on June 16.
Other PSA signatories include members of the ad hoc group of
Qualified School Construction and Qualified Zone Academy
bondholders.

Susheel Kirpalani of Quinn Emanuel Urquhart & Sullivan, LLP, in his
capacity representing the LCDC, commented:

"It is a very positive development for Puerto Rico that a
cross-section of large bondholders has worked with the Oversight
Board to develop a consensual restructuring agreement that will
accelerate the Commonwealth's exit from bankruptcy, respect the
lawful priority of valid public debt, and help ultimately restore
capital markets access.  The PSA forged by major stakeholders
includes approximately $8 billion in GO and PBA debt reduction
while establishing a framework for reducing the Commonwealth's
total funded debt and general unsecured claims by $23 billion.  The
terms also create an efficient path for resolving disputes over the
validity and priority of GO debt -- one that will enable the
Commonwealth to save hundreds of millions of dollars per year in
restructuring-related expenses upon exiting bankruptcy.

"This agreement demonstrates that creditors with long-term
investments and interests in Puerto Rico are willing to make
meaningful compromises intended to reignite capital formation and
economic development on the island.  Under the terms, holders of
valid GO bonds will accept baseline haircuts of approximately 36%.
When paired with recently announced consensual agreements with
unions and retirees, we believe the restructuring of more than $18
billion in constitutional debt will help Puerto Rico speed up its
exit from bankruptcy and achieve the type of revitalization that
other municipal issuers have realized following their
bankruptcies.

"Looking ahead, the LCDC is optimistic that like-minded creditors
will sign on to the PSA disclosed on June 16.  We believe this
agreement's terms provide all holders of GO and GO-guaranteed debt
the opportunity to realize equitable recoveries based on their
relative priority and rights.  We look forward to working alongside
constructive stakeholders to achieve confirmation and then
consummation of a Plan of Adjustment for the Commonwealth in the
months to come."

The documentation that has been made public as part of the
June 16 disclosure is available at:

         https://oversightboard.pr.gov/documents/

A summary of the key terms provided under the PSA include:

   -- Participating bondholders will receive a combination of new
      bonds and cash;

   -- In aggregate, GO bondholders will receive a baseline
recovery
      of approximately 64%1;

   -- Ratable distributions for disputed bondholder claims will be
      placed in escrow;

   -- Authority to litigate or settle existing "late vintage
      litigation" will be transferred to a litigation trust
      post-confirmation, and;

   -- Litigation value of up to $1.4 billion will exist for the
      Commonwealth.

                          About the LCDC

The LCDC consists of institutional holders of Puerto Rico's GO and
PBA bonds issued prior to March of 2012.  The Coalition's mission
is to reach an equitable, economically-viable restructuring that
respects the lawful priority of early vintage constitutional debt
and properly characterizes the PBA structure.  Quinn Emanuel
Urquhart & Sullivan, LLP and Reichard & Escalera, LLC are serving
as the LCDC's legal counsel, with Miller Buckfire & Co, a Stifel
company, acting as the Coalition's financial advisor.



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *