TCRLA_Public/190902.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, September 2, 2019, Vol. 20, No. 175

                           Headlines



A R G E N T I N A

ARGENTINA: S&P Downgrades Sovereign Credit Ratings to 'SD'
CHUBUT: Moody's Rates Sr. Unsec. Note Program B3, Outlook Neg.


B R A Z I L

ODEBRECHT SA: Construction Unit, Bondholders Agree to 55% Discount


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: CDES's Top Priority is Yaque River's Recovery
DOMINICAN REPUBLIC: Santiago Wants to be a Smart, Functional City


J A M A I C A

JAMAICA: Agri Ministry, OAS Launch Digital Marketing Plan for MSMEs


M E X I C O

FOREVER 21: Reportedly Preparing for Chapter 11 Bankruptcy
MAXCOM USA: Plan Confirmation, Disclosures OK Hearing on Sept. 17


P U E R T O   R I C O

TAMARA HOME: Seeks to Hire Batista Law as Legal Counsel


V E N E Z U E L A

CONSIS INTERNATIONAL: Creditors Object to Disclosure Statement


X X X X X X X X

[*] BOND PRICING: For the Week August 26 to August 30, 2019

                           - - - - -


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

ARGENTINA: S&P Downgrades Sovereign Credit Ratings to 'SD'
----------------------------------------------------------
On Aug. 29, 2019, S&P Global Ratings lowered its sovereign credit
ratings on Argentina to 'SD' from a long-term rating of 'B-' and a
short-term rating of 'B' (S&P's criteria do not distinguish on
short or long term when there is a default). S&P also took the
following rating actions:

-- S&P lowered its short-term issue ratings to 'D' from 'B';

-- S&P lowered its long-term issue ratings to 'CCC-' from 'B-';

-- S&P lowered its transfer and convertibility assessment on
Argentina to 'B-' from 'B'; and

-- S&P lowered its national scale rating on Argentina to 'SD' from
'raAA-'and removed it from CreditWatch with negative implications,
where S&P placed it on Aug. 16.

Rationale

Following the continued inability to place short-term paper with
private-sector market participants, the Argentine government
unilaterally extended the maturity of all short-term paper on Aug.
28. S&P said, "Under our distressed exchange criteria, and in
particular for 'B-' rated entities, the extension of the maturities
of the short-term debt with no compensation constitutes a default.
As the new terms became effective immediately, the default has also
been cured. Therefore, we plan to raise the long-term ratings to
'CCC-' and the short-term ratings to 'C' on Aug. 30, in line with
our policies."

S&P said, "Lowering the long-term issue ratings on Argentina to
'CCC-' from 'B-' reflects heightened risk of another distressed
exchange as the Macri Administration seeks approval from Congress
to engineer a possible maturity extension of all long-term debt in
the remainder of its current term in office. This action is in line
with our 'CCC' rating criteria and distressed exchange criteria as
we see the most likely scenario as an extension of maturities,
which will not be compensated by the issuer. Alternatively, there
are risks associated with failure to advance, and prospects for
ongoing stressed market dynamics post the national elections.

"We lowered our transfer and convertibility assessment to 'B-' from
'B'. The transfer and convertibility assessment remains higher than
the sovereign rating because the government aims to avoid capital
controls and preserve international reserves with its action on
short-term debt and potential action on long-term debt."

The heightened vulnerabilities of Argentina's credit profile stem
from the quickly deteriorating financial environment, the absence
of confidence in the financial markets about policy initiatives
under the next administration--elections are not until October--and
the inability of the Treasury to roll over short-term debt with the
private sector.

This has immensely stressed debt dynamics amid a depreciating
exchange rate, a likely acceleration in inflation, and a deepening
economic recession.

These factors have stressed capacity to pay, leading to the
maturity extension of short-term debt.

The challenges confront the ability of both the current
administration and the leading presidential candidate to contain
market volatility and restore financial and economic stability.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded  
                                          To From
  Argentina
  Transfer & Convertibility Assessment   B- B

  Argentina
  Senior Unsecured                        CCC- B-

  Downgraded; CreditWatch/Outlook Action  
                                          To From
  Argentina
  Sovereign Credit Rating             SD/D B-/Negative/B


CHUBUT: Moody's Rates Sr. Unsec. Note Program B3, Outlook Neg.
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B3 Global Scale local currency debt rating and a Baa3.ar National
Scale in local currency to the 2019 Treasury Note Program of The
Province of Chubut. The ratings are in line with the province's
long-term issuer ratings in local currency. The issuer carries a
negative outlook.

Assignments:

Issuer: Chubut, Province of

Global Local Currency Senior Unsecured Medium-Term Note Program,
assigned B3

Argentine National Scale Local Currency Senior Unsecured
Medium-Term Note Program, assigned Baa3.ar

RATINGS RATIONALE

The Treasury Note Program was originally created by Resolution N
163-12-EC, whereas Resolution N 173-19-EC sets the general issuance
conditions of the series within the program and its maximum amount,
of up to $221 million. The treasury notes to be issued under this
program could be secured by the Province, possibly affecting cash
flows coming from the federal tax-sharing regime.

The maximum outstanding amount authorized in 2019 for issuances
under the program is ARS3.250 million, which represents 6% of
2018's total revenues. The proceeds of the issuances will be used
by the Province to cover seasonal cash needs.

The Province intends to issue the series of Treasury Notes in
public tenders in the domestic market. Each series of notes could
have different issuance terms and conditions.

The assigned debt ratings reflect Moody's view that the willingness
and capacity of Chubut to honor these treasury notes is in line
with the provincial's long-term credit quality as reflected in the
B3/Baa3.ar issuer ratings in local currency.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A downgrade of the Government of Argentina's bond rating and/or a
further deterioration in the already difficult operating
environment, a decline in the province's operating and financial
results leading to higher-than-expected debt levels, and/or a
further deterioration in the province's liquidity or an
interruption in the royalties revenue stream, could exert downward
ratings pressure.

Given the difficult operating environment and the ongoing fiscal
challenges that Chubut faces, an upgrade of the ratings is
unlikely. However, an upgrade of Government of Argentina's
sovereign rating and/or a systemic improvement, along with lower
idiosyncratic risks from the province -reflected by a sustained
record of operating surpluses and balanced cash financing results,
which would likely lead to lower debt levels-, could exert upward
pressure on Chubut's ratings.

The principal methodology used in these ratings was Procedures
Manual for Risk Rating of Sub-Sovereign Governments published in
January 2017.



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

ODEBRECHT SA: Construction Unit, Bondholders Agree to 55% Discount
------------------------------------------------------------------
Tatiana Bautzer at Reuters reports that Odebrecht's construction
unit OEC has signed an agreement with bondholders to restructure
its debt at a 55% discount, cutting it from $3.2 billion to $1.4
billion, the conglomerate said in a statement.

The bonds, which matured and were unpaid earlier this year, will
have new 4-1/2-year maturities, according to Reuters.  The
agreement concludes the out-of-court restructuring of Odebrecht's
construction unit. Brazilian newspaper Valor Economico first
reported on the signing of the agreement, the report notes.

The Odebrecht conglomerate was one of the main targets in Brazil's
widest-ever corruption probe and filed for bankruptcy protection in
June, 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.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on Aug. 26.  The case is assigned to Hon. Stuart M.
Bernstein.



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

DOMINICAN REPUBLIC: CDES's Top Priority is Yaque River's Recovery
-----------------------------------------------------------------
Dominican Today reports that the Santiago Development Council
(CDES) has major projects for the integral and functional
development of the province, being the Yaque River's recovery one
of its most ambitious efforts.

Interviewed by Listin Diario, the CDES leaders stressed the river's
importance for the entire North Region and for the country as a
water resource, according to Dominican Today.

They said that among Santiago's 2030 Development Agenda figure the
recovery of the Yaque's urban environment, the treatment of 100% of
wastewater and the saving of more than 60% of piped water that is
lost due to irresponsible use, the report relays.  "The CDES
considers the Yaque del Norte, Santiago's main hydrographic asset
for the economy and production," the report adds.

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: Santiago Wants to be a Smart, Functional City
-----------------------------------------------------------------
Dominican Today reports that Santiago de los Caballeros, one of the
most important provinces in the country, has shown in recent years
a dizzying urban and economic growth and is currently preparing to
be an intelligent and functional city.

To achieve this, the public, private and civil society sectors work
towards the achievement of the Santiago 2030 Strategic Plan,
according to information offered during the Daily Listin Breakfast,
according to Dominican Today.

During the meeting, the president of the Council for Strategic
Development of Santiago (CDES), Juan Carlos Ortiz Abreu, explained
that more than 250 public and private entities are focused on
creating the new Official City Agenda for the next decade, called
Santiago 2030, the report notes.

This plan contemplates major transformations in the Cibaena
metropolis and its axes raise the environmental urban recovery of
the Yaque River, changes in the transport system, and projects that
integrate all sectors of the province, the report discloses.

Ortiz said that with the implementation of this plan, the Merca
Cibao, the Cibao Trade Center and the modernization of the Port of
Manzanillo are sought, the report says.

                        "Live the Yaque"

Among the big bets in 2030 is "Live the Yaque" a proposal prepared
by the Inter-American Development Bank, the City of Santiago and
the CDES to promote the "Urban Environmental Recovery Project of
the Yaque del Norte River," the report notes.

Also, the person in charge of communications of the CDES, Laura
Partal, explained that road transformation is of great importance
to guarantee the integral development of the province, the report
discloses.

Dominican Today says that Partal explained that the City Council
and all unions of the National Central of Transport Workers (CNTT),
must partner to implement the urban mobility plan and facilitate
the acquisition of 380 buses of 30 passengers and boost the
collective transport system.

Reynaldo Peguero, director of the CDES, stressed the importance of
a public-private collaboration that has been characterized by its
permanent support for the due development of the city and the
municipality, the report adds.

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: Agri Ministry, OAS Launch Digital Marketing Plan for MSMEs
-------------------------------------------------------------------
RJR News reports that the Ministry of Industry, Commerce,
Agriculture and Fisheries, in partnership with the Organization of
American States (OAS), has launched a three-year Micro, Small and
Medium-sized Enterprise (MSME) Digital Marketing Plan, to
strengthen and empower MSMEs in Jamaica with digital marketing
solutions.

This follows the signing of a memorandum of understanding (MOU),
between the Ministry and Kolau, a partner of Google, to collaborate
towards the digitization of 25,000 MSMEs in three years, according
to RJR News.

The signing took place at the Ministry's St. Lucia Avenue offices
in New Kingston, the report notes.

The goal of the Digital Marketing Plan is to reduce the MSME
failure rate by making them visible online and with e-commerce
integrated at no cost to them, the report adds.

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.



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

FOREVER 21: Reportedly Preparing for Chapter 11 Bankruptcy
----------------------------------------------------------
Teen clothing store chain Forever 21 Inc. is preparing for a
potential bankruptcy filing as its turnaround options fade,
Bloomberg reported, citing people with knowledge of the plans.

According to Bloomberg, Forever 21 hired a team of advisers to help
restructure its debt and has been in talks for additional
financing, but negotiations with possible lenders have stalled.

Forever 21 is now looking to secure a potential
debtor-in-possession financing to take the company into Chapter 11,
even as some window remains to strike a last-minute deal, the
Bloomberg report added.

A bankruptcy filing could leave many of the retailer's more than
800 locations in limbo, as it would allow the discount fashion
chain to shed struggling shops, sources told Bloomberg.

According to USA Today, Eric Snyder, a partner at New York-based
law firm Wilk Auslander, said the immediate issue is with word of
the bankruptcy leaking out credit will dry up until they secure a
debtor-in-possession financing.

"With 815 stores, many in undesirable malls, a bankruptcy filing
gives Forever 21 the leverage to either renegotiate rents, which
landlords are more than willing to do in this retail environment,
or reject leases and free itself of liability for unprofitable
stores," said Snyder, who is chairman of the firm's bankruptcy
department.

Through August 22, 2019, U.S. retailers have announced 7,888 store
closures, according to Coresight Research.  This compares to 5,844
closures for the full year 2018.  Coresight Research estimates
announced U.S. store closures could reach 12,000 by the end of
2019.

                         About Forever 21

Forever 21, Inc., headquartered in Los Angeles, California --
http://www.forever21.com/-- is a fashion retailer of women's,
men's and kids clothing and accessories and is known for offering
the hottest, most current fashion trends at a great value to
consumers.  This model operates by keeping the store exciting with
new merchandise brought in daily.  Founded in 1984, Forever 21
operates more than 815 stores in 57 countries with retailers in the
United States, Australia, Brazil, Canada, China, France, Germany,
Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico,
Philippines and United Kingdom.

Privately held Forever 21 is owned by its founders, Do Won and Jin
Sook Chang.  A husband and wife team, the Changs immigrated from
South Korea in 1981 and started the chain three years later with a
single 900 square-foot store in Los Angeles and only $11,000 in
savings.

Forever 21 has annual sales of $3.4 billion and 30,000 employees.

MAXCOM USA: Plan Confirmation, Disclosures OK Hearing on Sept. 17
------------------------------------------------------------------
The Confirmation Hearing, at which time the Court will consider,
among other things, the adequacy of the Disclosure Statement and
confirmation of the Joint Prepackaged Chapter 11 Plan of Maxcom USA
Telecom, Inc., and Maxcom Telecomunicaciones, S.A.B. de C.V., will
commence at 2:00 p.m. (prevailing Eastern Time) on September 17,
2019.  

Objections to confirmation of the Plan, if any, must be
filed so as to be received no later than September 6, 2019 at 4:00
p.m. (prevailing Eastern Time).

Class C Class C consists of all General Unsecured Claims are
unimpaired. Holders of Allowed Unsecured Claims shall receive Cash
in an amount equal to such Allowed General Unsecured Claims on the
later of the Effective Date or in the ordinary course of business
of the Debtors in accordance with the terms of the particular
transaction giving rise to such Allowed General Unsecured Claim.

Class A Class A consists of the Old Notes Claims are impaired. Each
Holder of an Allowed Old Notes Claim shall receive its Pro Rata
share of (i) Senior Notes, (ii) Junior PIK Notes, (iii) the Cash
Payment and (iv) Cash in an amount equal to the amount of interest
accrued on the Old Notes up to the Effective Date.

All Cash consideration necessary for the Reorganized Debtors to
make payments or distributions pursuant to this Plan shall be
obtained from Cash of the Reorganized Debtors.

A full-text copy of the Disclosure Statement dated August 19, 2019,
is available at https://tinyurl.com/y47nvrre from PacerMonitor.com
at no charge.

                     About Maxcom USA Telecom

Maxcom Telecomunicaciones, S.A.B. DE C.V is a limited liability
public stock corporation (sociedad anonima burstatil de capital
variable) with indefinite life, organized under the laws of Mexico
in 1996.  Maxcom USA is a wholly owned subsidiary of Maxcom Parent
organized under the laws of New York in 2019.  The Debtors are an
integrated telecommunication services operator providing voice and
data services to residential and small- and medium-sized business
customers in markets that the Debtors believed were underserved by
Telefonos de Mexico, S.A.B. de C.V., the local telecommunication
incumbent, and other competing telecommunications providers.

Maxcom USA Telecom, Inc., and Maxcom Telecomunicaciones, S.A.B. de
C.V., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead
Case No. 19-23489) on August 19, 2019.  The case is assigned to
Hon. Robert D. Drain.

The Debtors' counsel is Pedro A. Jimenez, Esq., and Irena
Goldstein, Esq., at Paul Hastings LLP, in New York.  The Debtors'
financial advisor is Alvarez & Marsal Mexico.

Prime Clerk LLC serves as the Debtors' noticing, balloting and
claims administration agent, and maintains the website
https://cases.primeclerk.com/maxcom/

At the time of filing, Maxcom USA's estimated assets was $100,000
to $500,000 and liabilities was $0 to $50,000.  Maxcom
Telecomunicaciones' estimated assets and liabilities was $100
million to $500 million.



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

TAMARA HOME: Seeks to Hire Batista Law as Legal Counsel
-------------------------------------------------------
Tamara Home Care Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire The Batista Law Group,
P.S.C. as legal counsel in connection with its Chapter 11 case.  

Batista Law Group will be paid at these hourly rates:

    Jesus E. Batista Sanchez, Esq.      $250
    Associates                          $200
    Paralegals                          $100

The firm will also be reimbursed for work-related expenses
incurred.

Jesus Batista Sanchez, Esq., a principal of Batista Law Group,
disclosed in court filings that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estate.

Batista Law Group may be reached at:

     Jesus E. Batista Sanchez, Esq.
     Batista Law Group, PSC
     20 Ave. Munoz Rivera, Suite 901
     San Juan, PR 00918
     Telephone: 787-620-2856
     Fax: 787-777-1589

                      About Tamara Home Care Inc.

Founded in 2010, Tamara Home Care Inc. is a privately-held company
that provides home health care services.  It is a small business
debtor as defined in 11 U.S.C. section 101(51D).

Tamara Home filed under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 19-04539) on August 9, 2019, listing under $1
million in both assets and liabilities.

Judge Brian K. Tester presides over the case.  Jesus Enrique
Batista Sanchez, Esq. at The Batista Law Group, P.S.C., is the
Debtor's legal counsel.



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

CONSIS INTERNATIONAL: Creditors Object to Disclosure Statement
--------------------------------------------------------------
Creditors, La Boliviana Ciacruz Seguros Y Reaseguros S.A. and La
Bolivana Ciacruz Seguros Personales S.A.; and Creditors,
Aseguradora Suiza Salvadorea, S.A. and Asesuisa Vida, S.A.,
Seguros de Personas, filed separate objections to the First Amended
Disclosure Statement for Chapter 11 Plan of Reorganization Proposed
by Debtor Consis International, LLC.

La Boliviana points out that the Revised Documents are still
accompanied by several issues rendering the Revised Disclosure
Statement patently unconfirmable.  La Boliviana further points out
that the Revised Documents do not provide sufficient information to
explain the treatment claimants in Class 3 are receiving under the
Revised Documents.  La Boliviana complains that the Revised
Documents do not provide sufficient information to enable parties
to assess feasibility.

Asesuisa points out that the Revised Documents do not provide
information to explain why the proposed treatment of Class 5
claimants (i.e., Asesuisa) renders that class unimpaired.
Asesuisa further points out that the Revised Documents do not
provide sufficient information about how the Revised Plan resolves
the "absolute priority rule" issues raised where equity proposes to
retain all its interests, while other classes are impaired under
the Revised Plan.

The Debtor, in response to La Boliviana, asserted that the
objection ignores the thousands of documents provided and
opportunity to address the issues.  The Objection does not even
reference additional information from which the answers to the
issues are set out, as set forth in the Amended Disclosure.

Attorney for Creditors:

     Allen P. Pegg, Esq.
     Jason L. Mays, Esq.
     HOGAN LOVELLS US LLP
     600 Brickell Avenue, Suite 2700
     Miami, Florida 33131
     Telephone: (305) 459-6500
     Facsimile: (305) 459-6550
     Email: allen.pegg@hoganlovells.com
            jason.mays@hoganlovells.com

                 About Consis International

Consis International LLC -- https://www.consisint.com/ -- provides
computer systems design and related services. It was founded in
August 1987 in Caracas, Venezuela.

Consis International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-22233) on Oct. 2,
2018.  In the petition signed by Oscar Carrera, manager, the Debtor
estimated assets of less than $1 million and liabilities of $1
million to $10 million.  Judge John K. Olson oversees the case.
Weiss Serota Helfman Cole & Bierman, P.L., is the Debtor's legal
counsel.



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

[*] BOND PRICING: For the Week August 26 to August 30, 2019
-----------------------------------------------------------
  Issuer Name             Cpn     Price   Maturity  Country  Curr
  -----------             ---     -----   --------  -------   ---
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
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
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
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
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
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
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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