TCRLA_Public/190729.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 29, 2019, Vol. 20, No. 150

                           Headlines



B R A Z I L

KNIJNIK PARTICIPACOES: Chapter 15 Case Summary


C A Y M A N   I S L A N D S

FALCON GROUP: S&P Affirms 'BB-/B' ICR, Outlook Positive


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Gets US$50MM Loan to Reduce Disaster Risk
DOMINICAN REPUBLIC: US$674.5MM From Bank Reserve Boosts Credit


J A M A I C A

JAMAICA: Could Borrow Local Currency Internationally Within 5 Yrs.
KEY INSURANCE: Unveils Turnaround Plan


P U E R T O   R I C O

PUERTO RICO: FEMA to Further Restrict Access to Relief Funds
PUERTO RICO: Power Struggle Ensues as Governor Exits


X X X X X X X X

[*] BOND PRICING: For the Week July 22 to July 26, 2019

                           - - - - -


===========
B R A Z I L
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KNIJNIK PARTICIPACOES: Chapter 15 Case Summary
----------------------------------------------
Chapter 15 Debtor:        Knijnik Participacoes S.A.
                          100 Alfredo Egidio de Souza Aranha Av.
                          04726-170
                          Sao Paulo, Brazil
                          c/o Sequor Law, PA
                          1001 Brickell Bay Drive, 9th Floor
                          Miami, FL 33131

Business Description:     Knijnik Participacoes S.A.
                          provides engineering services.  The
                          Company offers land identification,
                          project management, architectural,
                          construction inspection, and civil
                          engineering services.

Chapter 15 Petition Date: July 24, 2019

Court:                    United States Bankruptcy Court
                          Southern District of Florida (Miami)

Chapter 15 Case No.:      19-19817

Judge:                    Hon. Robert A. Mark

Foreign Representative:   Frederico Antonio Oliveira de Rezende
                          Praca Franklin Delano Roosevelt, 200
                          Eight Floor
                          Sao Paulo, SP 01303
                          Brazil

Foreign Proceeding:       Knijnik Participacoes S.A. et al., Case
                          No. 1069936-96.2017.8.26.0100

Foreign
Representative's
Counsel:                  Cristina Vicens Beard, Esq.
                          SEQUOR LAW, P.A.
                          1001 Brickell Bay Drive 9th Floor
                          Miami, FL 33131
                          Tel: 305-372-8282
                          Email: cvicens@sequorlaw.com

Estimated Assets:         Unknown

Estimated Debts:          Unknown

A full-text copy of the petition is available for free at:

        http://bankrupt.com/misc/flsb19-19817.pdf



===========================
C A Y M A N   I S L A N D S
===========================

FALCON GROUP: S&P Affirms 'BB-/B' ICR, Outlook Positive
-------------------------------------------------------
S&P Global Ratings affirmed its long- and short-term issuer credit
ratings on trade finance provider Falcon Group Holdings (Cayman)
Ltd. (Falcon) at 'BB-/B'. The outlook remains positive.

S&P said, "Although Falcon has reduced its leverage, we have
affirmed our ratings on the company principally because we are
still looking for benefits to emerge from its recalibrated strategy
that now focuses on midsize and large clients. Falcon is also
simplifying its product range, focusing on inventory finance
solutions, and reorienting toward larger, lower-risk corporates
that yield lower margins. Despite the uncertain outlook for global
trade, we see early signs of progress in implementing this new
strategy, which could support a higher rating if the strategy is
executed well and leads to stronger transaction volumes and
profitability."

During its financial year (FY) ending Jan. 31, 2019, Falcon prepaid
about $70 million of its outstanding balance on its $100 million
five-year term loan with KKR Credit. Falcon will continue to fund
the majority of its transactions through nonrecourse refinancing
with a range of banks shortly after origination. Falcon does not
consolidate these transactions on its balance sheet, since it
transfers almost all of the associated risks to third parties. S&P
views Falcon's lower balance-sheet leverage positively, although a
financial policy that delivers lower leverage consistently would
better support a future upgrade.

In the next 12 months, S&P expects Falcon's weighted-average
financial metrics to trend as follows:

-- Debt to EBITDA between 2x and 3x;

-- Funds from operations (FFO) to debt at the upper end of the
20x-30x range;

-- EBITDA interest coverage at the upper end of the 4x-6x range;
and

-- Debt to tangible equity below 1x.

S&P siad, "When calculating our weighted-average ratios, we apply a
20% weight to year-end January 2019 and 40% weights to our
projections for both end-2020 and end-2021.

"We now assess Falcon's financial risk profile as intermediate
compared with significant previously. Although the FFO-to-debt and
EBITDA interest coverage metrics remain commensurate with the
significant category, Falcon's capital base and low-risk assets
support its cash flow metrics. Our expectation that the
debt-to-tangible-equity ratio will remain below 1x further supports
the intermediate assessment.

"Falcon reduced the drawn amount on its KKR loan to $29.5 million
by Jan. 31, 2019, and we understand that Falcon intends to reduce
it further to about $15 million. We assume that Falcon will operate
with up to $50 million of on-balance-sheet leverage, and at the
same time, maintain at least $40 million in cash and liquid assets
on its balance sheet at all times. We recognize $10 million of this
sum as surplus cash in our debt leverage metrics."

Falcon reported a net operating margin of 2.2% in the financial
year ending Jan. 31, 2019, down from 2.5% the previous year due to
its new focus on lower-risk clients. This strategic shift resulted
in lower volumes and margins as Falcon discontinued its
relationships with smaller clients and experienced margin pressure
due to the higher price elasticity of larger accounts. As a result,
transaction volumes dropped by 9% and revenues fell by 15%. Lower
volumes are also a result of a slowdown in global trade and rising
uncertainty following trade wars. However, Falcon still managed to
originate $1.9 billion with its key accounts, compared with $2
billion in fiscal year 2018. Credit losses were minimal and Falcon
remained profitable despite the higher finance expense of $11.9
million on the KKR loan.

S&P said, "We expect that Falcon will continue to expand
organically and maintain a disciplined risk appetite and
underwriting criteria. We consider that barriers to entry in
Falcon's market are relatively low, but the company's track record
and established client and counterparty relationships would be
difficult to replicate. Falcon exited non-core businesses,
including its fine art and property bridge-finance businesses
earlier this year.

"Our positive outlook on Falcon reflects our view that the company
is likely to return to sustainable growth if it executes its new
client strategy and financial policy well, and that this could
support an upgrade in the next 12 months.

"We could raise the ratings in the next 12 months if Falcon
maintains low on-balance-sheet debt while expanding organically and
building a track record of transactions with midsize and large
corporates. We would also consider whether Falcon is maintaining
its low risk appetite and disciplined underwriting criteria,
benefiting its franchise, revenue and client base, and financial
metrics.

"We could revise the outlook to stable if Falcon operates with
higher levels of on-balance-sheet debt than we expect, with no
mitigating factors. We could also revise the outlook to stable if
Falcon increased its risk appetite or expanded in non-core and
riskier business areas."



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

DOMINICAN REPUBLIC: Gets US$50MM Loan to Reduce Disaster Risk
-------------------------------------------------------------
Dominican Today reports that the Dominican Government signed a loan
agreement with the European Investment Bank for US$50 million to
carry out public works improvement projects to reduce disaster
risk.

The fixed interest rate is 4.20% and 20-year repayment term,
including a five-year grace period, according to Dominican Today.

The project will have a non-reimbursable financing of EUR16.6
million, provided by the Caribbean Investment Fund (CIF) to finance
pre-investment reports, as well as support for the construction of
homes and other complementary activities, the report notes.

                   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: US$674.5MM From Bank Reserve Boosts Credit
--------------------------------------------------------------
Dominican Today reports that the Central Bank told the economic
agents and the public that its recently adopted monetary policy
measures, which include the release of RD$34.4 billion (US$674.5
million) from the bank reserve and the reduction of 50 base points
of the monetary policy rate, have "positively impacted the
evolution of credit to the private sector in national currency."

It said that as of July 24, RD$12.5 billion of the reserve have
been disbursed, or more than 36% of the total released, distributed
to the productive sectors, according to Dominican Today.

"These resources have been channeled to Manufacturing (RD$3.3
billion), Commerce and SME (RD$2.9.5 million), Agriculture (RD$2.4
billion), Consumption (RD$1.9 billion), Export (RD$1.7 billion) and
Acquisition sectors Housing (RD$223 million, RD$110.1 million for
low-cost housing and RD$112.9 million for housing up to RD$8
million)," the Central Bank said, the report notes.

                   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).



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

JAMAICA: Could Borrow Local Currency Internationally Within 5 Yrs.
------------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Nigel Clarke has
said Jamaica could be in a position to borrow from the
international capital market in local currency within five years.

He said the country is already on this trajectory, citing the
Government's move towards attaining operational independence for
the Bank of Jamaica (BOJ), supported by a credible
inflation-targeting framework and flexible exchange rate, according
to RJR News.

Dr. Clarke added that the advantages of countries borrowing in
domestic currency internationally are significant in reducing the
impact of risks on their economies, the report relays.  Further, he
said it enhances prosperity over prolonged periods, citing Germany
and Japan as examples, the report notes.

He was speaking at a Foreign Exchange Market Development Forum at
the BOJ Auditorium in downtown Kingston, the report adds.

                             About Jamaica

Jamaica is an island country situated in the Caribbean Sea. It is
the fourth largest country in the Caribbean.

Standard & Poor's credit rating for Jamaica stands at B with
positive outlook. Moody's credit rating for Jamaica was last set a
B3 with positive outlook. Fitch's credit rating for Jamaica was
last reported at B+ with stable outlook.

As reported in the Troubled Company Reporter-Latin America on June
27, 2019, RJR News said that Steven Gooden, Chief Executive Officer
of NCB Capital Markets, is warning that the increasing liquidity in
the Jamaican economy might result in heightened risk to the
financial market if left unchecked.  This, he said, is against the
background of the local administration seeking to reduce the debt
to GDP to 60% by the end of the 2025/26 fiscal year, which will see
Government repaying more than J$600 billion which will get back
into the system, according to RJR News.

KEY INSURANCE: Unveils Turnaround Plan
--------------------------------------
RJR News reports that listed company Key Insurance has unveiled
what it described as an aggressive turnaround plan geared at
reversing financial losses and returning it to stable profits by
2021.

The plan is also being touted as a measure to help achieve and
maintain at least the Minimum Capital Test of 250%, as prescribed
by the Financial Services Commission, according to RJR News.

Key Insurance says its operating performance for the financial year
ended December 31 was significantly influenced by claims arising
from newly acquired motor business, the report notes.

The turnaround plan, which was published on the Jamaica Stock
Exchange website, says the company's management is aware of the
urgent need to reverse organizational decline for business
sustainability and growth in profit, the report relays.

The report notes that Key Insurance is reporting, in the meantime,
that the actions taken to-date have achieved positive results, with
an improvement in the company's operating performance and the
meeting of regulatory capital requirements.

Key actions taken so far include an increase in reinsurance for
motor and non-motor business and purchase of additional reinsurance
coverage effective January 1 this year, the report adds.



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

PUERTO RICO: FEMA to Further Restrict Access to Relief Funds
------------------------------------------------------------
Andrew Scurria, Acacia Coronado and Jeffrey Acevedo at The Wall
Street Journal reports that federal mistrust toward Puerto Rico
amid corruption allegations hasn't let up with the governor's
resignation.

Citing the continuing leadership changes in the U.S. territory, the
Federal Emergency Management Agency said it would further restrict
Puerto Rico's access to federal dollars for repairing hurricane
damage, according to The Wall Street Journal.

It said Puerto Rico must receive approval from the agency to draw
down all funds related to Hurricanes Irma and Maria, both of which
hit in 2017, the report notes.

And Puerto Rico's Office of Government Ethics said it has asked its
attorneys to determine whether the person poised to become the next
governor committed ethical violations related to Hurricane Maria
relief efforts, the report relays.

Secretary of Justice Wanda Vazquez, a political appointee next in
line to become governor on Aug. 2, is facing allegations she was
aware of and failed to investigate irregularities in the
distribution of resources following Hurricane Maria, the report
discloses.

Ms. Vazquez posted a statement on Twitter. "During our time in
public service, we have demonstrated that we work with integrity
and honesty for the benefit of the people," the report quoted Ms.
Vazquez as saying.  "The interpretations made about these cases are
false and defamatory," she added.

Any investigation wouldn't prevent her from becoming governor, and
it wouldn't end with her becoming governor, a spokeswoman for the
ethics office said, the report notes.

Puerto Rico Gov. Ricardo Rossello, a Democrat and member of the
pro-statehood New Progressive Party, said he would resign from
office, effective Aug. 2, the report relays.  The release of nearly
900 pages of vulgar messages between him and his advisers sparked
weeks of protests, the report notes.  The announcement prompted
celebrations outside the governor's mansion, La Fortaleza, in San
Juan, the report discloses.

Most streets around the mansion had reopened to traffic and were
largely cleaned up, the report relays.  Elsewhere in San Juan,
demonstrators hoisting Puerto Rico flags shut down traffic in Hato
Rey, a banking and financial hub in the capital city, notes the
report.  Some protesters held signs demanding sweeping, systemic
change, the report says.

The governorship would typically be passed to the secretary of
state, but he was among several officials who recently resigned,
the report says.  Ms. Vazquez is next in the line of succession,
and Mr. Rossello said she would succeed him, the report discloses.

Ms. Vazquez said she would assume the governor's office "if
necessary," leaving open the possibility that another official from
the New Progressive Party could be elevated to the role, the report
relays.

A galvanized public is demanding a crackdown on public corruption,
angered by recent indictments against two former administration
officials that accused them of steering inflated government
contracts to favored businesses, the report notes.

"Puerto Rico needs radical transparency," said Maricruz Tabbia, a
technology entrepreneur focused on public contracting, the report
notes.  "We have a strong opportunity to change the dynamic and
extend transparency into the whole procurement process," the report
quoted Mr. Tabbia as saying.

Yet, Ms. Vazquez or any other successor would take office without a
popular mandate, raising questions about whether significant
reforms are feasible in the short term, the report relays.  As a
member of Mr. Rossello's party, Ms. Vazquez is closely tied to him
in the minds of many residents, the report notes.

"There is a lot of expectation, but change will be hard to come
by," said Anthony Tipping, an analyst at business intelligence firm
WorldAware, the report notes.  "Puerto Rico still woke up with a
huge poverty rate.  These underlying issues aren't going away," he
added.

Graffiti on the walls of many historic buildings around Old San
Juan call for criminal investigations, total transparency and an
end to the unpopular oversight board that is steering Puerto Rico
through a court-supervised bankruptcy, the report notes.

"They are saying enough is enough with corruption, with lies and
deception," said Eduardo Bhatia, a senator from the opposition
Popular Democratic Party, the report relays.  "This is a new
awakening that I hope it lasts forever," Mr. Bhatia added.

                      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.

PUERTO RICO: Power Struggle Ensues as Governor Exits
----------------------------------------------------
Nick Brown at Reuters reports that the resignation of Puerto Rico's
governor after mass protests has sparked a succession battle, and a
Washington corporate lawyer not directly linked to the current,
scandal-plagued administration could emerge as the winner.

Governor Ricardo Rossello said he would step down on Aug. 2 in the
face of public anger over the release of profane chat messages and
embezzlement charges against two former administration officials,
according to Reuters.

Three people appear to be in the strongest positions to succeed
Rossello: Pedro Pierluisi, a former Puerto Rico representative in
the U.S. Congress and now an attorney with Washington law firm
O'Neill & Borges; Senate President Thomas Rivera Schatz and
Jenniffer Gonzalez, Puerto Rico's current delegate to the U.S.
Congress, the report notes.

What happens in the next week before Rossello steps down is
crucial, the report relays.  Secretary of Justice Wanda Vazquez is
next in line to succeed him because the U.S. territory has no
secretary of state, with the resignation of Luis Rivera Marin from
that post in the wake of the chat scandal, the report discloses.

The U.S. territory's constitution stipulates that whoever holds
that post is first in line to succeed the governor, the report
relays.

But protesters who forced Rossello from office have vowed to oppose
Vazquez, saying she is too close to the disgraced governor, the
report notes.

Their ire has prompted leaders of Rossello's pro-statehood New
Progressive Party (PNP) to consider Pierluisi as a possible
successor, according to four sources familiar with the matter, who
asked not to be named so they could discuss it, the report says.

He could become the next governor if nominated and confirmed as
secretary of state before Aug. 2, the report notes.

The report notes that Pierluisi, who represented the island in
Washington from 2009 to 2017, has made it clear to party leaders he
would accept the job, according to one of these people.  He ran
against Rossello in the gubernatorial election in 2016, losing in a
primary, the report discloses.

                          Eyes on 2020

Foremost in the minds of party leaders is whether Rossello's
successor can help them retain the governorship when it comes up
for grabs in November 2020, the report relays.

Before the implosion of his administration, Rivera Schatz and
Gonzalez were seen as potential PNP candidates to challenge Rosello
in a 2020 primary, the report notes.

Before the resignation, two sources told Reuters Gonzalez and
Rivera Schatz were conducting private opinion polling to see which
would stand a better chance with voters in 2020, the report
discloses.

It is not entirely clear how Rossello's early departure may have
influenced their ambitions.

But Rivera Schatz is seen by some members of his party as too close
to Rossello to be a viable candidate in 2020, Reuters relays.

Pierluisi, a former Puerto Rico secretary of justice, is favored by
some Puerto Rico advocates in Washington for his familiarity with
federal politics, according to one of the sources, the report
notes.

Another of the sources said Pierluisi has stressed to party leaders
that he would not seek re-election in 2020, keeping the door open
for Rivera Schatz, Gonzalez or another candidate, the report
discloses.

But there is a potential roadblock. Pierluisi's law firm currently
advises Puerto Rico's oversight board, a role that may constitutes
a conflict of interest that would dissuade the legislature from
approving him, the report says.

He also faced accusations in a 2016 New York Times report of
possible conflicts of interest between legislation he had
introduced and financial consulting work by his wife, allegations
they both denied, Reuters relays.

Even so, Pierluisi had a track record of gaining increased federal
funding for Puerto Rico's 3.2 million people while serving in
Congress, the report notes.

Puerto Ricans want a leader to steer them out of crisis and
economic recession after back-to-back 2017 hurricanes that killed
around 3,000 people just months after the U.S. territory filed for
bankruptcy, the report notes.

That said, Puerto Rico Representative Luis Vega Ramos, a member of
the opposition Popular Democratic Party, said in an interview that
he saw Gonzalez as a strong candidate to be appointed governor, the
report relays.

Earlier, Gonzalez proposed that President Donald Trump name a
special coordinator to oversee federal funding to Puerto Rico, the
report discloses.  While the idea of federal oversight is anathema
to most Puerto Ricans resentful of the island's colonial roots, the
idea could satisfy the Trump administration's concerns about island
leadership, the report notes.

Her alliance with Trump may give her party its best chance at
salvaging victory in 2020, Vega Ramos said, and "she would be in a
better position to campaign for 2020 as an incumbent," the report
relays.

The main hurdle to Gonzalez's appointment is seen as Rivera Schatz,
the report notes.  As Senate president, he could make it difficult
for Gonzalez to be confirmed, 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.



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

[*] BOND PRICING: For the Week July 22 to July 26, 2019
-------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---

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     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
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


                           *********


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.
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Chapman, Editors.

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