TCRLA_Public/190715.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, July 15, 2019, Vol. 20, No. 140

                           Headlines



B R A Z I L

ODEBRECHT SA: Judge Lets Creditors Seize Braskem Shares


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Biz Sector Has No Reason to Challenge Wage Rise
DOMINICAN REPUBLIC: June Prices Decline -0.18%, Paced by Transport
DOMINICAN REPUBLIC: Salary Hike Peeves Merchants, Sees Closures


M E X I C O

ENGENCAP HOLDING: S&P Affirms 'BB' ICR on New Terms to Acquire TIP
MEXICO: Economy Showing Greater Deceleration Than Expected


P U E R T O   R I C O

PUERTO RICO: Top Officials Resign in Group Chat Scandal
SEARS HOLDINGS: U.S. Trustee Forms 5-Member Retirees Committee


X X X X X X X X

[*] BOND PRICING: For the Week July 8 to July 12, 2019

                           - - - - -


===========
B R A Z I L
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ODEBRECHT SA: Judge Lets Creditors Seize Braskem Shares
-------------------------------------------------------
Carolina Mandl and Tatiana Bautzer at Reuters, citing documents,
report that a Brazilian appeals court judge has allowed bank
creditors of Odebrecht SA to take possession of shares in
petrochemical company Braskem SA pledged as collateral for loans
they made to the corruption-ensnared conglomerate.

The new injunction, granted in favor of Brazil's largest lender,
Itau Unibanco Holding SA, overturns a ruling banning any sale or
possession of Braskem shares by banks, according to Reuters.
State-controlled lender Banco do Brasil has filed a similar
request.

Odebrecht filed for bankruptcy protection in June, aiming to
restructure BRL51 billion ($13.57 billion) of debt, in what would
be one of Latin America's largest-ever in-court debt
restructurings, after the group was caught in a sweeping political
corruption investigation, the report recalls.

In its bankruptcy filing, Odebrecht asked the judge to bar banks
from taking possession of shares in the group's crown jewel, its
controlling stake in Braskem, pledged as collateral to creditors,
the report says.  Odebrecht has a 38.3% stake in Braskem, but 50.1%
of its voting shares, the report relays.

The conglomerate said Braskem would be essential to its
restructuring, as it was Odebrecht's main source of revenues in
2018, the report recalls.

In his decision, Judge Alexandre Lazzarini said that Braskem shares
had been pledged as collateral to loans through a lien, and
therefore cannot be considered as Odebrecht's assets, the report
says.  Still, he also said this stake is "essential" to the group,
the report adds.

                       About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals. Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

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, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.



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

DOMINICAN REPUBLIC: Biz Sector Has No Reason to Challenge Wage Rise
-------------------------------------------------------------------
Dominican Today reports that Labor minister, Winston Santos, said
the business sector has no reason to challenge the rise in minimum
wage adopted and defined by the National Wages Committee, since 14%
"is very close to what had already been agreed."

"They can challenge it and have the right to do so. What I do not
see is a reason to challenge, not only because the labor sector
agreed, but the amount of 14% is very close to what we had already
agreed on," the report quoted Mr. Santos as saying.

Speaking at the Santo Domingo State University (UASD), the official
denied that the Ministry has mistreated the business sector, the
report notes.  "The decision was imposed because it was taken by
the Government and the workers," the report relays.

                   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.

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."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

DOMINICAN REPUBLIC: June Prices Decline -0.18%, Paced by Transport
------------------------------------------------------------------
Dominican Today reports that June prices declined -0.18% compared
with May, placing the accumulated inflation in the first half
January-June at 1.17%, the Central Bank revealed.

"With this result, year-on-year inflation, measured from June 2018
to June 2019, stood at 0.92%, remaining below the lower limit of
the target range of 4.0% ± 1.0% established in the Monetary
Program," the Central Bank said on its website, according to
Dominican Today.

"Regarding annualized core inflation, it stood at 1.95%. This
indicator estimates inflationary pressures of monetary origin,
isolating the effects of exogenous factors, by excluding from the
general CPI some agricultural goods whose prices tend to be
volatile, alcoholic beverages, tobacco, fuels, and managed and
transport services, allowing in this way, extract clearer signals
for the conduct of monetary policy," it said, the report notes.

It adds that the analysis of the performance of the CPI reveals
that the groups which most contributed to the negative inflation in
June 2019 were Transport (-1.23%) and Housing (-1.44%), the report
says.

                   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.

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."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

DOMINICAN REPUBLIC: Salary Hike Peeves Merchants, Sees Closures
---------------------------------------------------------------
Dominican Today reports that Dominican Merchants Federation (FDC),
president Ivan Garcia, said that due to the decision in the
National Wages Committee to raise the minimum wage by 14% without
reclassifying the micro, small and medium companies will paralyze
commerce across the country, as a sign of rebuke with the measure.

During a press conference, Garcia said that they will set the dates
and the first towns where the economic activities will start to be
shuttered, according to Dominican Today.

"Next Wednesday with the filing of the appeal against the
resolution of the salary increase before the Superior
Administrative Court (TSA) we will automatically tell the country
the dates of the stoppages," the report quoted Mr. Garcia 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.

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."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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

ENGENCAP HOLDING: S&P Affirms 'BB' ICR on New Terms to Acquire TIP
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Engencap Holding, S. de R.L. de C.V. (Engenium) a Mexico-based
leasing company. The outlook remains negative.

S&P said, "The rating incorporates our revised analysis of the
leveraged acquisition of TIP de Mexico following changes in the
transaction terms due to souring market conditions. Nevertheless,
in our opinion, the new terms don't have a significant impact on
the company's consolidated credit profile. Engenium used a
five-year, MXN2.2 billion senior unsecured syndicated loan to
acquire a 51% controlling stake of TIP's shares. This loan replaced
the previously proposed $215 million subordinated debt instrument.
The new funding structure won't incorporate any equity content, but
will be less expensive and amortize during its five-year term. The
company plans to repay the loan through TIP's cash flows, because
the shares that Engenium acquired have the right over 100% of TIP's
dividends and voting power. In addition, the transaction structure
includes a call option on the rest of TIP's shares that will
provide Engenium with the right, but not the obligation, to acquire
the remaining stake in whole or in part at any future time."


MEXICO: Economy Showing Greater Deceleration Than Expected
----------------------------------------------------------
Mexico News Daily reports that economic growth will fall to its
lowest level in 10 years in 2019, according to the central bank,
which warned that there is also a possibility that the economy will
enter into a "light recession."

Minutes released from the Bank of Mexico (Banxico) June 27 board
meeting state that "economic activity in Mexico is showing greater
deceleration than anticipated" and "growth rates now suggest the
possibility of a light recession," according to Mexico News Daily.

Banxico is forecasting growth of between 0.8% and 1.8% this year,
while private sector economic specialists consulted by the bank for
its June survey predicted that the economy will expand by 1.13% in
2019 compared to 1.32% in the May survey, the report notes.

The minutes show that one board member warned that growth will
likely be around the lower end of the Banxico range but some
improvement is expected in 2020, the report says.

Another deputy governor said that the downward revisions to growth
outlooks are the result of a "weaker international [economic]
environment and internal factors," the report relays.

The report discloses that the same board member predicted that
economic weakness will persist, investment levels will continue to
show signs of sluggishness and consumption will continue to lose
dynamism.

A majority of board members agreed that downside risks to the
economy had increased since the last time they met, the report
says.

Among the external risk factors is the possibility that the
ratification process for the new North American trade agreement
will encounter difficulties in the United States and Canada, the
report notes.  Mexico's Senate approved the pact last month.

The possibility of the United States imposing new tariffs on
Mexican exports also looms as a potential threat, the report
relays.

The U.S. said it would impose tariffs on some fabricated structural
steel imports from Mexico after an investigation determined that
some exporters receive unfair subsidies, notes the report.

Mexican officials and analysts downplayed the impact of the new
duties although President Lopez Obrador said that he wanted to
"fix" the situation, the report relays.

Internal risk factors discussed at the Banxico meeting included the
possibility that Pemex could face additional credit rating
downgrades and that the Federal Electricity Commission's ability to
repay debt could come under increased scrutiny, the report notes.

Fitch downgraded the state oil company to junk status last month
and if another rating agency did the same there would be a huge
sell-off of Pemex bonds.  Banxico urged the government to present a
clear and credible business plan for the company that focuses on
value creation and improving its access to finance, the report
discloses.

The report says that board members discussed the risks of Mexico's
sovereign credit suffering a downgrade, while a decline in
government revenue and public policy decisions in a range of areas
were also cited as potential threats to economic wellbeing.

The meeting was held 12 days before Carlos Urzua, an adherent of
fiscal discipline, announced his resignation as finance secretary,
the report notes.

Interest rates were maintained at 8.25% although one board member
voted for a rate cut, the report says.  Analysts increasingly
believe that the central bank is moving towards cutting rates due
to soft economic growth and recent drops in inflation levels, the
report relays.

While Banxico believes that a "light recession" is a possibility,
the Bank of America (BofA) is predicting that data will show that
the economy contracted for a second successive quarter between
April and June and thus Mexico has already entered into a technical
recession, the report notes.

The economy contracted 0.2% in the first quarter and the BofA
anticipates a 0.1% contraction in the second quarter, the report
discloses.

"A second quarter of [economic] contraction will place Mexico in a
technical recession, which may depreciate the peso and the market
will continue to pressure the central bank for . . . [interest]
rate cuts," the bank said, the report says.

Despite the warnings from both Banxico and the BofA, the president
said that he didn't anticipate a recession, taking aim at the "club
of defenders" of "neoliberal economic policy," which he described
as "a failure," the report notes.

"I don't see the threat of a recession.  Why don't they say that
the peso is the currency that has strengthened the most in relation
to the dollar in this period? Why don't they say that there is less
inflation than before?," the report quoted the president as
saying.

Lopez Obrador acknowledged that growth could slow but stressed that
development levels have improved in the country and that there is a
greater distribution of wealth, the report says.

"During the neoliberal period [the past 36 years, according to the
president] we suffered from two things: there was no growth and
there was no distribution of wealth. The scant growth of the
economy was concentrated in just a few hands. What's the difference
now? That even if there is less growth, there is more development,
more distribution of wealth," he said, adds the report.




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

PUERTO RICO: Top Officials Resign in Group Chat Scandal
-------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that two of Puerto Rico's
top government officials resigned following the publication of a
bombshell group chat in which Governor Ricardo Rossello and his
closest allies exchanged controversial messages that have led to
widespread calls for Rossello to also step down.

The political turmoil comes at a critical stage in the U.S.
commonwealth's historic bankruptcy and as its officials seek
billions of dollars in funding from the federal government for
healthcare and for recovery efforts following devastating
hurricanes in 2017, according to Reuters.

It also follows a 32-count federal indictment and arrests on six
people, including two former high-ranking Puerto Rico government
officials, who were charged with conspiracy and other crimes in
connection with millions of dollars in federal Medicaid and
education funds, the report notes.

Two of the 12-member group chat--Secretary of State Luis Rivera
Marin and Christian Sobrino, the island's chief financial officer
and Rossello's representative on Puerto Rico's federally created
fiscal oversight board--left the government following release by
Puerto Rico journalist group Centro de Periodismo Investigativo of
889 pages of text messages, the report relays.

The report discloses that they show how Rossello and his closest
advisors, including former and current public officials, public
relations operatives and the governor's former campaign manager,
exchanged memes, derogatory, misogynistic and homophobic comments,
as well as jokes about journalists, politicians and activists in a
Telegram group chat.  The messages further include public policy
discussions, sharing of confidential government information and
political campaign work, despite the presence of individuals who
were not public officials at the time, the report says.

Calls for Rossello to resign have come from local politicians,
including from the administration's own political party, and U.S.
Representative Raul Grijalva, an Arizona Democrat who chairs the
House Natural Resources Committee, which oversees U.S. territories,
the report notes.

Activist groups and Puerto Rican celebrities such as Ricky Martin
and Bad Bunny have also called for the governor's immediate
resignation, the report relays.

So far Rossello, who had planned to run for a second term in the
November 2020 election, has resisted the calls, the report adds.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.


SEARS HOLDINGS: U.S. Trustee Forms 5-Member Retirees Committee
--------------------------------------------------------------
The U.S. Trustee for Region 2 on July 9 appointed five retirees to
serve on the committee representing retirees with life insurance
benefits in the Chapter 11 cases of Sears Holdings Corp. and its
affiliates.

The committee members are:

     (1) Richard D. Bruce   
         1455 S. York Street, Unit 228   
         Elmhurst, Illinois 60126   
         (630) 512-7951

     (2) Ronald Olbrysh   
         624 E. Central Avenue   
         Lombard, Illinois 60148   
         (310) 809-6610

     (3) James T. Nally   
         7125 Healy Drive   
         Springfield, Virginia 22150   
         (703) 451-5358

     (4) Mary Rose Steininger   
         337 N. Edgewood Avenue   
         Wood Dale, Illinois 60191   
         (847) 534-4503s

     (5) Joseph E. Hartzell   
         1230 Timothy Lane   
         Phoenixville, Pennsylvania 19460   
         (610) 935-1063
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                       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.



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

[*] BOND PRICING: For the Week July 8 to July 12, 2019
------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
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
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
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
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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