TCRLA_Public/190918.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, September 18, 2019, Vol. 20, No. 187

                           Headlines



A R G E N T I N A

NACION SEGUROS: Fitch Lowers IFS Rating to 'CC'
[*] S&P Revises SACPs of Nine Argentine Corporations


B A H A M A S

BAHAMAS: Dodges New Storm, Continues Recovery From Hurricane Dorian


B R A Z I L

AGENCIA DE FOMENTO: Fitch Hikes LongTerm IDRs to CCC


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bank Releases US$374.5MM of Bank Reserve
DOMINICAN REPUBLIC: Drought Decreases Reservoir Levels


E C U A D O R

INT'L AIRPORT: Fitch Alters Outlook on $400MM Sec. Notes to Stable


M E X I C O

CREDITO REAL: Fitch Gives BB+(EXP) Rating to New EUR Unsec. Notes
CREDITO REAL: S&P Assigns 'BB+' Rating on New Sr. Unsecured Notes


P U E R T O   R I C O

ACEMLA DE PUERTO RICO: Preliminary Bid for Reconsideration Junked
LA TRINIDAD ELDERLY: Court Dismisses Ch. 11 Bankruptcy Petition
TSAWD HOLDINGS: WSFS Wins Summary Judgment Bid vs Sport Dimension


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Maritime Firms Can Now Access $250K in Funding

                           - - - - -


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

NACION SEGUROS: Fitch Lowers IFS Rating to 'CC'
-----------------------------------------------
Fitch Ratings has downgraded the Insurer Financial Strength ratings
of Nacion Seguros S.A., Nacion Reaseguros S.A. and Nacion Seguros
de Retiro S.A. to 'CC' from 'CCC'.

The companies' ratings are based on a group approach given Fitch's
opinion of the strategic importance to their ultimate parent, Banco
de la Nacion Argentina (BNA). The downgrade reflects Fitch's
updated view of the operating environment for Argentinian financial
institutions following the downgrade of Argentina's long-term
foreign currency Issuer Default Rating (IDR) to 'CC' from 'CCC'.

KEY RATING DRIVERS

Fitch considers the three Nacion insurance companies core
subsidiaries of BNA. The latter is a large state-owned bank whose
liabilities are guaranteed by the Argentinian government. Although
Fitch does not rate BNA, the agency considers BNA's
creditworthiness to be tied to Argentina's.

The downgrade of Argentina's ratings follows several weeks of
extreme financial instability triggered by the adverse market
reaction to the results of primary elections on Aug. 11. This posed
a major setback to macroeconomic stabilization efforts and
sovereign financing conditions, which led Fitch to downgrade
Argentina's ratings to 'CCC' on Aug. 16. Following the government's
announcement on Aug. 28 that it would delay repayment on its
short-term debt instruments to alleviate liquidity constraints and
protect central bank international reserves, Fitch downgraded the
ratings to 'RD' on Aug. 30 as the new repayment schedule took
effect.

As of Sept. 3, Fitch upgraded Argentina's Long-Term IDRs to 'CC'
from 'RD' (Restricted Default) following the payment of short-term
debt instruments on Aug. 30 under revised terms imposed via
presidential decree, which effectively constitutes the conclusion
of an exercise that Fitch categorized as a 'distressed debt
exchange' (DDE).

In Fitch's opinion, these conditions are likely to adversely affect
financial institutions' financial performance through declining
loan portfolios (in real terms), rising non-performing loans,
higher funding costs and rising administrative expenses due to
rising inflation.

The insurance subsidiaries are rated based on a group approach that
reflects the strengths and weaknesses of the group members. Key
considerations include the bank's large distribution channels,
brand and leadership position in the Argentinian banking industry.

RATING SENSITIVITIES

The ratings and their Outlooks are dependent on Fitch's view of the
ability and willingness of BNA to provide support to the insurance
subsidiaries. Changes to Argentina's sovereign rating can also have
an impact on the Nacion insurance ratings.

[*] S&P Revises SACPs of Nine Argentine Corporations
----------------------------------------------------
S&P Global Ratings, on Sept. 16, 2019, downwardly revised the
stand-alone credit profiles (SACPs) of many of the local companies,
but with no impact on the ratings on these entities so far. S&P is
affirming its ratings on these companies. S&P also affirmed the
SACP and the 'B' rating on Navios South American Logistics Inc.
(Navios), which has significant exposure to Argentina.

The outlook on all these companies (except Navios) remains
negative, reflecting the potential further worsening in their
credit quality amid Argentina's more challenging business
conditions and increased risks of currency controls that might
impair their ability to pay cross-border debt.

S&P revised downward the SACPs of the entities listed below. The
SACP is an assessment of the intrinsic credit risk of an entity
before a sovereign stress test.

SACP revised downward to 'bb'

-- Telecom Argentina S.A. (from 'bb+')

SACPs revised downward to 'bb-'

-- Aeropuertos Argentina 2000 S.A. (from 'bb+')
-- Transportadora de Gas del Sur (from 'bb')

SACPs revised downward to 'b+'

-- IRSA Propiedades Comerciales S.A. (from 'bb')
-- Pampa Energia S.A. (from 'bb-')
-- Compania de Transporte de Energia Electrica en Alta Tension
    TRANSENER (from 'bb-')

SACPs revised downward to 'b'

-- AES Argentina Generacion S.A. (from 'bb-')
-- IRSA Inversiones y Representaciones S.A. (from 'b+')

SACP revised downward to 'b-'

-- Petroquimica Comodoro Rivadavia S.A. (from 'b')

The SACPs on the remaining corporations we rate in Argentina—
CAPEX S.A., Compania General de Combustibles, YPF S.A., and YPF
Energia Electrica--remain unchanged at this point. Additionally,
the SACP of Empresa Distribuidora y Comercializadora Norte S.A. is
'b-'.

The deterioration of the SACPs of the regulated entities listed
above results from a combination of:

-- Lower EBITDA generation, because S&P now assumes future
    tariff adjustments won't include 100% inflation pass
    through; and

-- Higher debt stock, attributable to the sharp depreciation
    of the peso. S&P expects this will result in erosion of
    main credit metrics.

S&P said, "We affirm the ratings on all the Argentine entities
(excluding Metrogas) at 'B-', with most of them capped by our
transfer and convertibility assessment (T&C) on Argentina, which is
the risk of the sovereign imposing currency controls on
non-sovereign issuers, eroding their capacity to access foreign
currency to serve cross-border debt. We rate these entities above
the foreign and local currency ratings on Argentina because we
believe they're likely to remain current on their obligations,
while the sovereign proceeds with its debt restructuring.

"However, the outlook on these entities is negative, reflecting the
many challenges stemming from Argentina's political turmoil, which
we commented on in our recent sovereign rating actions: "Argentina
Downgraded To 'SD' on Maturity Extension Of Short-Term Debt;
Long-Term Issue Ratings Lowered To 'CCC-'," published Aug. 29,
2019, and "Argentina Sovereign Ratings Raised To 'CCC-/C' From 'SD'
Following Cured Default On Short-Term Notes; Outlook Negative,"
published Aug. 30, 2019.

"We will continue to closely monitor how the further erosion of
economic and credit conditions, regulatory revisions, or direct
market intervention (particularly in the utilities and energy
sectors) could affect the ability to generate cash and the
refinancing risk of rated corporate and infrastructure entities in
Argentina. Thus, we could further revise the SACPs of these
entities in the future."



=============
B A H A M A S
=============

BAHAMAS: Dodges New Storm, Continues Recovery From Hurricane Dorian
-------------------------------------------------------------------
EFE News reports that the Bahamas archipelago has been spared of a
new tropical storm that appeared to threaten the island groups
which were the most impacted by Hurricane Dorian nearly two weeks
ago, as the tiny Caribbean nation continues to recover in the wake
of the devastation caused by the hurricane.

Tropical storm Humberto has been slowly moving away from the
Bahamas islands towards the north-northwest with maximum sustained
winds of 50 miles per hour (80.5 kilometers/hour) and is expected
to develop into a hurricane by Sept. 15 or Sept. 16, though away
from land, according to EFE News.




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

AGENCIA DE FOMENTO: Fitch Hikes LongTerm IDRs to CCC
----------------------------------------------------
Fitch Ratings has upgraded Agencia de Fomento do Estado do Rio de
Janeiro S.A.'s Long-Term Foreign and Local Currency Long-Term
Issuer Default Ratings to 'CCC' from 'C' and Long-Term National
Rating to 'CCC(bra)' from 'C (bra). Fitch has also affirmed
AgeRio's Support Rating at '5'.

KEY RATING DRIVERS - IDRS AND NATIONAL RATINGS

AgeRio's ratings are now driven by its intrinsic profile. The
upgrades reflect that AgeRio's ratings are no longer compressed by
the IDRs of its parent, State of Rio de Janeiro (ERio; Long-Term
Foreign and Local Currency IDRs 'BB-'/Stable). ERio's IDRs were
recently upgraded, reflecting the federal government's (Brazil;
'BB-'/Stable) continuous support for the timely service of ERio's
financial debt. Fitch also assigned ERio a Standalone Credit
Profile (SCP) of 'd', which reflects its irrevocably impaired
payment capacity and very weak financial profile without the
support of the federal government.

AgeRio's ratings reflect Fitch's view that ERio would not be able
to pass on the federal government's support onto AgeRio, if the
need arose, since federal government support to ERio is destined
exclusively for the payment of ERio's financial debt. Agerio's
credit worthiness also cannot be fully delinked from ERio's very
weak SCP due to potential contagion risks, including a further
deterioration of the operating environment in ERio and potential
withdrawal of resources by ERio from Agerio under a stress
scenario.

Agerio's ratings consider the agency's reasonable key credit
metrics, as well as the role it plays as ERio's development arm
implementing the state government's economic development policies
as a creditor and financial agent.

AgeRio's is highly capitalized. As of June 2019, the regulatory
capital ratio increased to 124.4% from 71.90% in year-end 2018, due
to a fall in risk-weighted assets following a change in the
risk-weights of exclusively managed investment funds. Over the same
period, AgeRio's liquidity also remained very high, with liquid
assets (government securities and investment fund quotas fully
comprised of government securities and reverse repos) corresponding
to 4x its total liabilities, compared with the 10% minimum limit
required by the regulator.

As of June 2019, AgeRio posted solid profitability when operating
income to risk-weighted assets rose to 5.96% (0.84% in year-end
2018). Asset quality remained broadly stable with 'D-H' loans
making up 20.18% of gross loans (20.78% in year-end 2018). AgeRio's
loan portfolio is adequately provisioned: as of June 2019, loan
loss allowances covered 91% of impaired loans (95% in year-end
2018).

KEY RATING DRIVERS - SUPPORT RATING

Fitch affirmed AgeRio's SR at '5' reflecting that support from ERio
cannot be relied upon given its very weak financial capacity.

RATING SENSITIVITIES - IDRs, NATIONAL RATINGS AND SUPPORT RATINGS

Agerio's ratings are limited by ERio's SCP. Therefore any changes
to ERio's SCP could affect AgeRio's ratings. Further, any evidence
of increases in contagion risks to AgeRio that materially increases
the likelihood of AgeRio's default and/or failure would negatively
affect its ratings. In addition, deterioration in AgeRio's
financial metrics, in particular in its capital adequacy or
liquidity position, would lead to a negative rating action.

Fitch has taken the following rating actions on AgeRio:

  -- Long-Term Foreign- and Local-Currency IDRs upgraded to 'CCC'
from 'C';

  -- Short-Term Foreign- and Local-Currency IDRs affirmed at 'C';

  -- Long-term National Rating upgraded to 'CCC(bra)' from
'C(bra)';

  -- Short-term National Rating affirmed at 'C(bra)';

  -- Support Rating affirmed at '5'.




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

DOMINICAN REPUBLIC: Bank Releases US$374.5MM of Bank Reserve
------------------------------------------------------------
Dominican Today reports that the Central Bank said that RD$19.1
billion (US$374.5 million) of the RD$34.0 billion bank reserve have
been released, as disclosed by the Monetary Board for loans to
various productive sectors.

Central banker Hector Valdez Albizu made the disclosure to open the
VIII International Communication Seminar, according to Dominican
Today.

He also announced that the use of sectoral resources will be more
flexible for all banks in the interim and finished housing loans to
further revitalize credits, the report notes.

He added that the Central Bank maintains its forecast that the
Dominican economy will grow around 5%, the report says. " The
adjustments in the monetary policy rate have allowed greater
mobility of resources."

                   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: Drought Decreases Reservoir Levels
------------------------------------------------------
Dominican Today reports that the level of the reservoirs continues
to decrease dramatically as a result of the drought that has forced
residents to go to wells and build large cisterns to store water.

Currently, the supply water from Tavera dam is 18 cubic meters, but
with austerity measures the agricultural sector has had to decrease
up to 50 percent of consumption, through irrigation canals,
according to Dominican Today.

Marino Abreu, regional director of the dams and canals agency
(INDRHI), said that in normal times the producers of rice, bananas
and other items consume up to 70 percent of the water served, the
report notes.  Abreu said that they managed to collect 75 percent
of the rice crop, so from now on the demand for water will
decrease, the report relays.

The Tavera-Bao reservoir was at 315.16 meters above sea level, the
report relays.  The entrance was 25 cubic meters and 18 output. Of
that production, 11 cubic meters was for agricultural consumption,
the report notes.

"At present, due to the same awareness that the same agricultural
producers have assumed, water consumption has already dropped
between 50 and 60 percent and that allows maintaining a certain
balance at times of this long drought," he said, the report says.

Meanwhile the Moncion reservoir is at 254.90 meters above sea
level, with an entry of just 16 cubic meters and the output is 11,
the report adds.

                   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).




=============
E C U A D O R
=============

INT'L AIRPORT: Fitch Alters Outlook on $400MM Sec. Notes to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on International
Airport Finance S.A.'s USD400 million senior secured notes to
Stable from Negative and has also affirmed the rating at 'B'. The
issuance was made in connection with Corporacion Quiport S.A., the
concessionaire of Quito's Mariscal Sucre International Airport.

RATING RATIONALE

The Outlook revision follows the corresponding Outlook revision on
Ecuador's Long-Term Foreign-Currency Issuer Default Rating (LT FC
IDR) of 'B-' to Stable from Negative.

The stabilization of Ecuador's Outlook reflects developments that
have helped mitigate near-term sovereign financing risks. An IMF
program signed in February has eased financing constraints both by
expanding financing sources and facilitating a successful liability
management operation in June to reduce external market debt
maturities in 2020, and has also provided an anchor for fiscal
consolidation and structural reforms.

KEY RATING DRIVERS

The rating reflects Quiport's strategic but somewhat modest traffic
base, comprising mostly origin and destination (O&D) and
leisure-oriented passenger traffic, a history of moderate
volatility, and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
It also reflects a tariff setting mechanism that allows for
adjustments for local and U.S. and Ecuadorian consumer prices and
the rated debt's strong structural features. The rated debt has no
refinancing risk and includes additional liquidity, most notably a
12-month offshore Debt Service Reserve Account (DSRA) and a capex
reserve account covering staggered percentages of the next 18
months of capex needs.

Quiport's ability to service its debt can withstand domestic
economic shocks, supported by the participation of international
traffic-related revenues of over 50% of total revenue and the
proven resiliency of the concession framework to adverse political
environments. Break-even analysis shows minimal dependency on
domestic traffic and no dependency on international traffic
growth.

Average rating case debt service coverage ratio (DSCR) is 1.7x,
while minimum DSCR is 1.4x in year 2032; maximum leverage, measured
as net debt to cash flow available for debt service (CFADS), is
5.0x in year 2020. Credit metrics are commensurate with higher
ratings according to Fitch's applicable criteria. An additional
layer of comfort is provided by the eight-year tail before the
concession's maturity. However, the rating is constrained by
Ecuador's sovereign risk. The presence of a 12-month DSRA provides
sufficient liquidity to preserve debt service should short lived
capital controls be imposed, supporting a rating of 'B' with a
Stable Outlook, one notch above Ecuador's Country Ceiling (B-).

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action:

  -- A negative rating action on Ecuador's sovereign rating;

  -- Severe and prolonged traffic underperformance with respect
     to Fitch's rating case.

Developments that may, individually or collectively, lead to
positive rating action:

  -- A positive rating action on Ecuador's sovereign rating.



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

CREDITO REAL: Fitch Gives BB+(EXP) Rating to New EUR Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Credito Real, S.A.B. de C.V. Sofom,
E.N.R.'s proposed euro-denominated senior unsecured notes an
expected 'BB+(EXP)' rating. The final rating is subject to the
receipt of final documentation conforming to information already
received.

The proposed notes will be redeemed in whole or in part at the
option of the issuer. In the event of a change of control, the
holders of the notes have the right to require Credito Real to
purchase all or a portion of the notes. The notes will be
unconditionally guaranteed by two restricted subsidiaries of
Credito Real (Credito Real, S.A. and CREAL Nomina, S.A. de C.V.).

Credito Real intends to use net proceeds from the notes to
refinance existing debt, specifically to pay a tender offer of a
portion of the 2023 senior notes as well as for general corporate
purposes.

KEY RATING DRIVERS

The rating of the senior global debt is at the same level as
Credito Real's Long-Term Issuer Default Ratings (IDRs) of 'BB+', as
the likelihood of default of the notes is the same as the one of
Credito Real.

Credito Real's ratings are highly influenced by its company
profile, which is underpinned by its well-positioned franchise in
the payroll deductible loans business in Mexico, and its business
model differentiators, such as its income/risk sharing agreements
with distributors, which have historically resulted in
peer-superior asset quality. The ratings are also heavily
influenced by its comparatively higher risk appetite relative to
peers, underpinned by its inorganic growth strategy, its growing
presence in low rated countries in Central America as well as the
operational, political and reputational risks related to its
payroll business.

Credito Real's main financial strengths include strong
profitability metrics supported by resilient margins and a growing
loan portfolio, as well as adequate loss absorption capacity.
Rating constraints include the reliance on wholesale funding
sources and its exposure to FX rate fluctuations mainly arising
from the unhedged principal of its subordinated notes and its
operations outside of Mexico.

Capitalization and leverage metrics remain sound. As of June 2019,
leverage (measured as total debt to tangible equity) was 4.0x.
Fitch estimates that the proposed global senior unsecured notes on
a pro forma basis, and considering the most recent shares
repurchase, would result in a slight increase of its leverage
metrics to approximately 4.2x. The new debt issuance will result in
a more comfortable amortization schedule and lower refinancing
needs over the next years. There will not be increased exposure to
market risk as a result of this transaction, as the company is
planning to hedge FX and interest rate risk though derivative
financial instruments for both the principal and interest
payments.

RATING SENSITIVITIES

The rating of this issue will remain aligned to the company's
Long-Term IDRs and, therefore, it would mirror any potential change
on the latter.

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses were reclassified as other intangibles and
deducted from Fitch Core Capital. Results from investments in
associates were reclassified as operating income. The extraordinary
gain that resulted from the early amortization of derivatives in
2016 was reclassified as non-recurring. Its legacy operational
lease portfolio was included in gross loans, with the portion of
delinquent leases classified as impaired loans. The coupons of the
perpetual notes were reclassified as interests.

CREDITO REAL: S&P Assigns 'BB+' Rating on New Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Credito
Real S.A.B. SOFOM, E.N.R.'s (Credito Real; global scale:
BB+/Negative/--; national scale: mxA+/Negative/mxA-1) proposed
senior unsecured notes.

Credito Real plans to issue around EUR400 million-EUR450 million.
Nevertheless, it has authorization to issue up to EUR500 million
with a tenor between five and seven years.

The 'BB+' rating on the new notes is at the same level as the
long-term global scale issuer credit rating on Credito Real. This
considers that Credito Real's secured debt represented less than
15% of adjusted assets as of June 2019, and its unencumbered assets
fully cover unsecured debt. The new notes will rank equally in
right of payment with all of the lender's existing and future
senior unsecured debt. S&P expects Credito Real to use the proceeds
for refinancing existing senior notes--about $300 million due
2023--and the remainder for working capital needs.

The rating on the notes incorporates a hedge against currency
exchange fluctuations on the total amount of the principal and
interest during the issuance term. S&P expects Credito Real to
complete the hedge within the next 60 days.

S&P said, "Our view of Credito Real's funding and liquidity remains
the same. We expect the issuance will slightly improve the
lender´s debt maturity profile. On the other hand, we believe that
Credito Real's funding structure will remain at similar levels
after this issuance, because market debt would represent about 69%
(66% before the issuance) of the total funding base. The remainder
of its funding base will rely on credit facilities from banks
(31%).

"In our view, Credito Real's liquidity is sufficient to fund daily
operations, and in our view, it has the ability to raise funds, if
needed, as its track record of market access demonstrates. In our
base-case and stress scenarios, Credito Real's cash flow analysis
remains positive, and we expect the lender to cover its liquidity
needs on a monthly basis for more than 12 months, even in the
absence of market funding.

"The ratings on Credito Real incorporate its sound market share in
Mexico's nonbank payroll lending segment that translates into a
steady growth in operating revenue and business stability. In
addition, we incorporate its still solid capitalization--thanks to
rising internal capital generation--despite the share buyback
program for up to $100 million that the lender announced in October
2018. This results in an expected risk-adjusted capital (RAC) ratio
of 11.8% on average for 2019 and 2020. Although credit losses have
increased since Credito Real acquired Instacredit in 2016, we
expect them to diminish gradually."

  Ratings List

  Credito Real S.A.B. SOFOM, E.N.R.

  Issuer Credit Rating

   Global Scale                    BB+/Negative/--
   CaVal (Mexico) National Scale   mxA+/Negative/mxA-1

  New Rating
  
  Credito Real, S.A.B. de C.V., SOFOM, E.N.R.

    Senior Unsecured               BB+




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

ACEMLA DE PUERTO RICO: Preliminary Bid for Reconsideration Junked
-----------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte denied Debtors ACEMLA de
Puerto Rico and Latin American Music Co. Inc.'s preliminary motion
for reconsideration and for additional time to file a motion for
reconsideration.

The Debtors state that the court found "cause" for dismissal
because of the Debtors' "former counsel's difficulties of
explaining the complex nature of [] Debtors businesses in their
disclosure statements and of the apparent confusion caused by []
Debtors' accountants by the poor communication between and among []
Debtors, former counsel, and the accountants." It is further
alleged that the "Debtors, advised by their only recently approved
undersigned counsel, were not afforded an opportunity to remedy the
deficiencies in both their Disclosure Statements and Plans of
Reorganization."

ACEMLA and LAMCO request the court to consider the "Preliminary
Motion" and allow an additional term of 15 days to supplement the
motion and to propose an Amended Disclosure Statement. The Debtors
allege that "new evidence" was obtained after the hearing that
shows that the Debtors' projections and testimonies are credible.

The Debtors argue that the dismissal constitutes a "manifest
injustice." To support the assertion, the Debtors include a "list"
of the court's discussion of the testimony of CPA Aquino and his
projections and of Mr. Alan McAbee's testimony. The Debtors assert
that CPA Aquino is preparing a supplemental financial report, to
complement information related to 2018 revenues, past due accounts
receivables, licenses, amongst other. They also provide a list of
Mr. McAbee's strategies to improve ACEMLA's business and request
"the opportunity to supplement this motion and amend the Disclosure
Statement." The Debtors state that "Mr. McAbee will make a proffer
to this Honorable Court by an Unsworn Declaration Under Penalty of
Perjury, to provide more details regarding the above-mentioned
strategies to improve ACEMLA's businesses."

The Debtors, essentially, argue that (1) there is "newly discovered
evidence" and (2) the order dismissing the cases constitutes a
manifest injustice, both grounds for reconsideration under Rule
59(e). For a motion for reconsideration to succeed, "the movant
must demonstrate either that newly discovered evidence (not
previously available) has come to light or that the rendering court
committed a manifest error of law."

The Debtors have failed to show the court any "newly discovered
evidence." The information provided in their Preliminary Motion
should've been in possession of the Debtors prior to the hearing
for the approval of the Disclosure Statement and, therefore,
presented therein. The fact that the Debtors request an opportunity
to supplement the Disclosure Statement and the Plans, as well as
the projections and the witnesses' testimonies, reveal the Debtors'
attempt to relitigate the matters considered by the court during
the hearing. As stated by the opposing parties, the Debtors are
transparently trying to cure at the reconsideration stage the
deficiencies of their disclosure statements and plans and their
evidentiary presentation at trial by attempting to make new
arguments and by presenting new evidence for the court to
consider." The court agrees with the opposing parties when stating
that the Debtors are using the motion for reconsideration as a
vehicle to undo its own procedural errors.

Furthermore, the Preliminary Motion for Reconsideration and the
request for time to "supplement" or amend the Disclosure Statement
and the plans fails to consider the time limitations imposed by 11
U.S.C. section1121(e) for a small business case. Similarly, the
allowance of an extension of time to supplement the Disclosure
Statements and Plans, as requested by the Debtors, contravenes the
requirements of 1129(e) which mandate the court to confirm a plan
within 45 days after the plan is filed.

A copy of the Court's Opinion and Order dated August 29, 2019 is
available at https://tinyurl.com/yy8cfn46 from Pacermonitor.com at
no charge.

               About ACEMLA de Puerto Rico Inc.

ACEMLA de Puerto Rico Inc. is one of the four "Performance Rights
Organization" (PRO), in the United States and No. 76 in the CISAC
world roster.  It controls and licenses LAMCO's non-exclusive
performance rights and those of its affiliate music publisher's
editors and composers.  This institution was created to defend the
Latin composer's rights in the United States and the world, and it
is as such that in 1985, by an appeal presented before the highest
federal court in this country, against a decision of the Copyright
Royalty Tribunal against ASCAP, BMI and SESAC, is successful, and
since then ACEMLA operates as the fourth society, or a performance
Rights Society (PRO), in the United States.

ACEMLA de Puerto Rico Inc. and Latin American Music Co Inc. filed
Chapter 11 petitions (Bankr. D.P.R. Case Nos. 17-02021 and
17-02023) on March 24, 2017.  In its petition, ACEMLA estimated
assets of less than $500,000 and liabilities of $1 million to $10
million.  LAMCO estimated assets and liabilities of less than $1
million.

The Hon. Enrique S. Lamoutte Inclan presides over the cases.

Gratacos Law Firm, PSC, serves as bankruptcy counsel.


LA TRINIDAD ELDERLY: Court Dismisses Ch. 11 Bankruptcy Petition
---------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte issued an order granting Loiza
Ponce Holdings, LLC's motion to dismiss the chapter 11 bankruptcy
case of Debtor La Trinidad Elderly LP SE.

Loiza Ponce alleges that the petition was filed in bad faith as the
purpose for filing the same was solely to stay the judicial sale of
its real estate property and that Debtor lacks any reasonable
likelihood of rehabilitation. Debtor opposes the motion to dismiss
alleging that it has complied with all requirements regarding the
filing of schedules, statement of financial affairs, monthly
reports of operation, a disclosure statement and chapter 11 plan.

Debtor also challenges the validity of Loiza Ponce's secured claim
as the forbearance agreement which was entered by the debtor
regarding the secured loan is null and void for not being
authorized by the entity required to do so. Debtor also alleges
that the petition was filed to protect its main asset from
foreclosure. Loiza Ponce replied alleging that the instant
petition, as well as the prior petition were exclusively filed to
thwart the execution of the pending judicial sale of Debtor's only
asset, the real property in which the elderly housing project
sits.

Regarding the nullity of the forbearance agreement Loiza Ponce
alleges that the issue was presented before the state court and
Debtor is now estopped by its own acts as it created the situation
which it now challenges.

It is the debtor's position that the Forbearance and Settlement
Agreement subscribed on October 28, 2016 and the complementary
documents are null ab initio and invalid because the limited
partner 1602 CATS #1 Investments, LLC did not authorize any of
those transactions in conformity with the Partnership Agreement.
With this contention as a basis, the Debtor has submitted a chapter
11 plan which classifies Loiza Ponce (Class 5) as a creditor
holding a disputed claim as to both the nature and amount owed,
fixed at no more than $3,682,427. Loiza Ponce filed a proof of
claim as a secured creditor in the amount of $6,082,818.91.
Distribution to Loiza Ponce under the proposed chapter 11 plan
hinges on a final determination of an adversary proceeding
challenging the nature of the claim and an objection to claim
opposing the amounts claimed by as secured. The Debtor has not
filed an adversary proceeding against Loiza Ponce nor an objection
to its proof of claim. Consequently, the secured proof of claim
filed by Loiza Ponce is deemed allowed. Moreover, the claim is
based on a final judgment in a state court action, which this court
may not revisit under the Rooker Feldman doctrine.

The undisputed value of the real property which is subject to Loiza
Ponce's lien is $3,500,000. Therefore, Loiza Ponce is an under
secured creditor.

The holders of the lien over the Debtor's real property, CPG/GS PR
NPL LLC and now Loiza Ponce have tried to collect on the amounts
owed by the Debtor and foreclose the real property since Nov. 1,
2012. The state court has entered a final judgment in favor of the
plaintiff secured creditor, has issued execution orders, writs of
execution, and has scheduled a public sale for Sept. 26, 2018 and
April 3, 2019. The Debtor filed the first chapter 11 petition on
Sept. 25, 2018 and the current petition on April 2, 2019, that is
the day before each of the dates for which the public sale of the
property was scheduled.

The Debtor is not making current payments to the secured creditor
and is presumptively reserving the amounts in its bank account. The
repayment terms proffered in the chapter 11 plan are not clear and
premised on weak legal basis. Thus, any positive cash balance in
the monthly reports of operations must be adjusted to conform to
this reality.

The court notes that the Debtor does not have employees and is
operated by a state court ordered judicial administrator, Star
Management Corporation.

After considering the facts in light of the applicable law, the
court finds that the instant bankruptcy petition was filed solely
for the purpose of forestalling the imminent public sale of its
real property. The court further finds that the Debtor has not
shown a likelihood to have a chapter 11 plan within a reasonable
time in view of its treatment of the secured claim held by Loiza
Ponce. Therefore, the court concludes that the petition was not
filed in good faith, that is, for a valid bankruptcy purpose.

In view of the foregoing reasons, the motion to dismiss filed by
Loiza Ponce is granted and the instant bankruptcy petition is
dismissed.

A copy of the Court's Opinion and Order dated Sept. 13, 2019 is
available at https://tinyurl.com/yxpfmww7 from Pacermonitor.com at
no charge.

              About La Trinidad Elderly LP SE

San Juan, Puerto Rico-based La Trinidad Elderly LP SE, which owns
an affordable residential unit apartment building located at
Castillo Street #11, Ponce, Puerto Rico, filed a voluntary Chapter
11 petition (Bankr. D. P.R., Case No. 19-01830) on April 2, 2019.
The Company previously sought bankruptcy protection on Sept. 25,
2018 (Bankr. D. P.R. Case No. 18-05549).

The case is assigned to Hon. Enrique S. Lamoutte Inclan.

The Debtor's Counsel is Wigberto Lugo Mender, Esq., at Lugo Mender
Group, LLC, in Guaynabo, Puerto Rico.

At the time of filing, the Debtor had estimated assets of $1
million to $10 million and estimated liabilities of $10 million to
$50 million.


TSAWD HOLDINGS: WSFS Wins Summary Judgment Bid vs Sport Dimension
-----------------------------------------------------------------
The case captioned TSA Stores, Inc., TSA Ponce, Inc., and TSA
Caribe, Inc., Plaintiffs, and Wilmington Savings Fund Society, FSB,
as Successor Administrative and Collateral Agent,
Plaintiff-Intervenor/Counterclaim Defendant, v. Sport Dimension
Inc. a/k/a Body Glove, Defendant/Counterclaim Plaintiff, Adv. No.
16-50368 (MFW) (Bankr. D. Del.) are cross-motions for summary
judgment filed by Wilmington Savings Fund Society, FSB and Sport
Dimension a/k/a Body Glove. The dispute is which party has a
priority interest in the inventory, and its proceeds, sold by
Debtors TSAWD Holdings, Inc. and affiliates on consignment from
Sport Dimension (the "Disputed Goods").

Upon review, Bankruptcy Judge Mary F. Walrath grants WSFS's motion
and denies Sport Dimension's motion.

WSFS argues that Article 9 of the Uniform Commercial Code governs
the priority of the competing interests in the Disputed Goods and
that WSFS's interest is superior to Sport Dimension's because its
financing statement was filed first. Sport Dimension argues that
Article 9 does not govern the priority of the parties' interests
because the Disputed Goods do not meet the UCC's definition of
"consignment."

WSFS argues that (i) it satisfied each requirement for the creation
of an enforceable security interest in the Disputed Goods under
Article 9, (ii) it perfected its security interest long before
Sport Dimension perfected its interest, and (iii) Sport Dimension
failed to take the steps necessary to obtain priority under the
UCC's inventory collateral rule. Sport Dimension only disputes the
third contention.

Under section 9-322(a), conflicting perfected security interests
rank according to priority in time of UCC-1 filings. However,
section 9-324(b) provides an exception for a party who obtains a
purchase money security interest ("PMSI"), such as a consignment
interest, in inventory collateral that is already subject to a
prior perfected security interest. Under that provision, the later
filing PMSI-holder may obtain a priority interest in inventory it
delivers to the consignee if it meets the following requirements:

   (1) the purchase-money security interest is perfected when the
debtor receives possession of the inventory;

   (2) the purchase-money secured party sends an authenticated
notification to the holder of the conflicting security interest;

   (3) the holder of the conflicting security interest receives
the
notification within five years before the debtor receives
possession of the inventory; and

   (4) the notification states that the person sending the
notification has or expects to acquire a purchase-money security
interest in inventory of the debtor and describes the inventory.

WSFS argues that Sport Dimension failed to provide proper notice
under subsections (2) and (3).

Sport Dimension filed a UCC-1 on Jan. 25, 2016, creating a PMSI in
inventory delivered to the Debtors on consignment after that date.
Sport Dimension provided notices of its UCC-1 filing that same day
to a number of the Debtors' creditors, including BOA, the
predecessor Term Loan Agent. Sport Dimension argues, therefore,
that it satisfied the requirements of section 9-324(b) and its
interest has priority over WSFS's prior perfected interest.

WSFS argues that Sport Dimension's notice to BOA failed to satisfy
the UCC's notice requirement. To satisfy the requirement, a
consignor must send notification to the addresses of other secured
parties that appear on their respective UCC-1s. At the time Sport
Dimension provided notice to BOA (Jan. 25, 2016), WSFS as
successor
Term Loan Agent had already filed an amended UCC-1 reflecting its
address (Dec. 31, 2015). WSFS asserts, therefore, that Sport
Dimension failed to provide notice to the appropriate address and,
accordingly, failed to satisfy the requirements for obtaining a
priority PMSI.

The Court agrees with WSFS. Sport Dimension provides no legal
authority to support its argument that proper notice is provided by
notice to a predecessor agent to a secured party. Nor is there any
evidence that BOA forwarded the notice to WSFS. Thus, the Court
finds that Sport Dimension has failed to satisfy the requirements
of section 9-324(b) and, consequently, WSFS's lien has priority.

Therefore, the Court concludes that all proceeds of the Disputed
Goods that were paid to Sport Dimension postpetition must be
disgorged.

Thus, the Court denies Sport Dimension's motion for summary
judgment and grants WSFS's motion.

A copy of the Court's Opinion dated April 12, 2019 is available at
https://bit.ly/2klaSgf from Leagle.com.

Andrew L. Magaziner, Michael S. Neiburg, Young Conaway Stargatt &
Taylor, LLP, Wilmington, DE, for Plaintiffs.

Daniel A. O'Brien, Venable LLP, Wilmington, DE, for
Defendant/Counter-Claimant.

Joseph Charles Barsalona II, Daniel B. Butz, Morris Nichols Arsht
&
Tunnell LLP, Wilmington, DE, for Intervenor-Plaintiff.

Sarah Sheldon Brooks, Venable LLP, Los Angeles, CA, for
Counter-Claimant.

                   About TSAWD Holdings

TSAWD Holdings Inc., formerly known as Sports Authority Holdings,
and its affiliates are sporting goods retailers with roots dating
back to 1928.  The Debtors currently operate 464 stores and five
distribution centers across 40 U.S. states and Puerto Rico.  The
Debtors offer a broad selection of goods from a wide array of
household and specialty brands, including Adidas, Asics, Brooks,
Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The
North Face, and Under Armour, in addition to their own private
label brands.  The Debtors employ 13,000 people.

TSAWD and six of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March
2, 2016.  The petitions were signed by Michael E. Foss as chairman
and chief executive officer.

The Debtors have engaged Robert A. Klyman, Esq., Matthew J.
Williams, Esq., Jeremy L. Graves, Esq., and Sabina Jacobs, Esq., at
Gibson, Dunn & Crutcher LLP as general counsel; Michael R. Nestor,
Esq., Kenneth J. Enos, Esq., and Andrew L. Magaziner, Esq., at
Young Conaway Stargatt & Taylor, LLP as co-counsel; Rothschild Inc.
as investment banker; FTI Consulting, Inc., as financial advisor;
and Kurtzman Carson Consultants LLC as notice, claims,
solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, appointed seven
creditors of Sports Authority Holdings Inc. to serve on the
official committee of unsecured creditors.  Lawyers at Pachulski
Stang Ziehl & Jones LLP represent the Official Committee of
Unsecured Creditors.

                         *     *     *

In May 2016, the Delaware Court allowed Sports Authority to proceed
with the liquidation of all of its roughly 450 stores across the
country after the Debtors resolved or beat out about 100 objections
to the sale.  Judge Mary F. Walrath approved an agreement for a
joint venture of Gordon Brothers Retail Partners LLC, Hilco
Merchant Resources LLC and Tiger Capital Group LLC to conduct going
out of business sales.  The Joint Venture won an auction for the
Debtors' inventory.  The Debtors failed to obtain a winning
going-concern bid at a May 17, 2016 auction.

In July 2016, Judge Walrath approved the sale of the Debtors'
intellectual property and more than two dozens of property leases
to Dick's Sporting Goods Inc.  Dick's bid was reportedly for $15
million.




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

TRINIDAD & TOBAGO: Maritime Firms Can Now Access $250K in Funding
-----------------------------------------------------------------
Leah Sorias at Trinidad Express reports that small and medium-sized
enterprises (SMEs) operating in the maritime sector are now able to
access up to $250,000 in funding through the Ministry of Trade and
Industry's Grant Fund Facility (GFF).

According to the Ministry, the facility was recently expanded to
include the maritime sector, the report notes.

The Ministry launched the GFF in November 2017 as part of efforts
to diversify the economy, according to Trinidad Express.

The GFF is administered by Government's National Export
Facilitation Organization of Trinidad and Tobago (ExporTT Ltd),the
report relays.



                           *********


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
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