TCRLA_Public/190925.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 25, 2019, Vol. 20, No. 192

                           Headlines



A R G E N T I N A

ARGENTINA: Former Vice President Warns of Difficult Period Ahead
ARGENTINA: Minister Says Debt Plan Needs Opposition Approval


B R A Z I L

FERTILIZANTES HERINGER: Uralkali, Uralchem in Deal to Buy Firm
OI SA: Huawei to Join Forces With China Mobile to Bid for Firm


C H I L E

SIGNUM VERDE 2006-02: Fitch Affirms BB Rating on CLP5.3MM Notes


C O S T A   R I C A

REVENTAZON FINANCE: Fitch Affirms BB- Rating on $135MM Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: EIB to Nix Fossil Fuel Projects in 2020


M E X I C O

ALPHA HOLDING: S&P Affirms 'B-' LongTerm Global Scale ICR


P A N A M A

[*] PANAMA: Asks for Help to Halt Deforestation


P U E R T O   R I C O

INVERSIONES CARIBE: Confirmation Held in Abeyance
TAMARA HOME CARE: U.S. Trustee Says PCO Not Necessary

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Former Vice President Warns of Difficult Period Ahead
----------------------------------------------------------------
The Latin American Herald reports that former Argentine president
and vice presidential candidate for the upcoming elections Cristina
Fernandez de Kirchner said that Argentina was going to face a
difficult and complex period after the presidential elections on
Oct. 27.

"The Argentina ahead will be difficult and complex," the former
head of state (2007-2015) said during the launch of her book
"Sinceramente" (Sincerely) in Batanza, a bastion of her party in
Buenos Aires, according to The Latin American Herald.

Alberto Fernandez, the presidential candidate backed by Cristina
Fernandez, is being touted as the favorite to win the elections
after he decimated the incumbent president Mauricio Macri in the
primaries with a 16 percentage-point lead, the report notes.

"I want the sections which have profited the most to pay a little
attention to those who are barely surviving. This is the era which
beckons," the ex president said, adding that Alberto Fernandez was
very skillful in holding dialogs, the report relays.

The Latin American Herald notes that the vice-presidential
candidate of the opposition alliance Frente De Todos (alliance of
everyone) also raised the issue of Argentina's massive debt to the
International Monetary Fund, which issued a $56.3 billion loan to
Buenos Aires on the request of the Macri administration.

"It doesn't seem fair to me that all Argentineans pay the debt with
the same contribution, and we have to discuss that," she said, also
asking where the money which IMF gave to Argentina was, the report
relays.

The La Matanza event was the first public appearance of the senator
after Argentine judge Claudio Bonadio ordered a graft trial against
her and other accused on charges of criminal conspiracy and fraud
related to a public-works project during her administration, the
report discloses.

She has denied any wrongdoing.

Judicial sources told EFE that Bonadio closed the high-profile
graft probe and ordered a trial, in which Cristina Fernandez -- a
senator since 2017 -- is accused of illicit association in her
position as the head of state, and passive bribery, the report
relays.

The judge also urged the Senate to discuss and remove the immunity
of the former president so she could be arrested and a preventive
arrest order he issued against her last year could be carried out,
the report discloses.

However, the repeated plea by the judge is not expected to be
approved by the upper house, where Cristina Fernandez's party holds
a majority, the report notes.

The massive scandal was unearthed in 2018 when a journalistic
investigation came across notebooks kept by a ministry chauffeur
Oscar Centeno for more than a decade, in which he allegedly kept a
record of his travels in Buenos Aires to carry bags full of US
Dollars to various officials during the presidencies of Cristina
Fernandez and her husband Nestor Kirchner, who held the presidency
for two terms, the report relays.

She did not comment on the case, but criticized the government for
"bullying institutions" including the judiciary and the Congress.

Cristina Fernandez has recently returned from Cuba after meeting
her daughter Florencia Kirchner, who is being treated in a hospital
there for post-traumatic stress disorder and other ailments, the
report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires.  Mauricio Macri is the
incumbent president of Argentina.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades --increasing poverty.

Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook.  S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.


ARGENTINA: Minister Says Debt Plan Needs Opposition Approval
------------------------------------------------------------
Jorgelina Do Rosario, Carolina Millan, and Patrick Gillespie at
Bloomberg News report that Argentina's government can't resolve
growing investor concern over the ability to repay its debt alone
and will require consensus with the opposition to reach an orderly
reprofiling of its obligations, Economy Minister Hernan Lacunza
said.

With just a month before general elections and the handover for the
next administration slated for Dec. 10, a bill to address
government debt may not pass through Congress before President
Mauricio Macri finishes his term but signals to the market that the
issue will be debated and is a priority, Lacunza said in an
interview at the presidential residence in Buenos Aires, according
to Bloomberg News.

"Neither this nor the next government can face a negotiation
without political consensus," said Lacunza, who's been in the post
for a month, Bloomberg News notes.  "Argentina must recover
credibility and credit in the medium and long-term, both in this
mandate and the next one," Bloomberg News relays.

Bloomberg News discloses that Macri's government sent a bill to
Congress to kick start talks around extending maturities on local
law bonds to alleviate fears of a looming default.  Argentina's
financial markets have collapsed since an Aug. 11 primary showed
the opposition ahead by more than 15 percentage points, sparking
fears of the return to an interventionist and populist government
that could unwind pro-market reforms and policies, Bloomberg News
says.

Bloomberg News relays that a debt re-profiling announcement and
postponing $7 billion in short-term payments in Aug. 28 wasn't
enough to stop the reserves bleeding.  Four days later, Argentina's
government imposed capital controls to halt the slump, with limits
for exporters to repatriate foreign currency and dollar purchases
for individuals, Bloomberg News discloses.  Argentina's foreign
reserves fell from $66.3 billion to $49.7 billion since the primary
vote.

                        Foreign-Law Talks

Bloomberg News notes that the government had previously said it
wouldn't submit the bill until it had reached agreements with the
opposition.  Lacunza said they had the opposition's support to
submit the bill, but still need agreement on its contents,
Bloomberg News relays.

Separately, the government has received 13 proposals from banks on
how to approach the foreign-law debt reprofiling, added Finance
Secretary Santiago Bausili at the same interview, Bloomberg News
notes.  Technically speaking, the process would be "doable" before
end-of-year.  That's because it would take two to three weeks to
prepare the documentation for a reprofiling plan, and then call for
a bondholder assembly to happen 30 days later, Bloomberg News
relates.

Still, whether it can be resolved in that time period will depend
on politics. Lacunza said it will be difficult to begin those talks
before the Oct. 27 presidential election, Bloomberg News
discloses.

"Any negotiation during an election period must have political
legitimacy, beyond its legality," he said, in his first interview
with a foreign media outlet.  "It wouldn't be prudent or efficient
to face this on our own," he added.

Lacunza will travel to Washington to meet representatives of the
International Monetary Fund to discuss the status of Argentina's
record $56 billion credit line, Bloomberg News relates.  He will
meet interim managing director David Lipton, Western Hemispheric
Chief Alejandro Werner and Argentina mission chief Roberto
Cardarelli, Bloomberg News notes.

The IMF's next disbursement "isn't essential, or imminent" he said,
adding that it would be "convenient," Bloomberg News says.

The Washington organization is unlikely to grant a $5.4 billion
disbursement to the South American country without knowing the
economic policy plans of the government that takes over in
December, people familiar with the situation told Bloomberg News.

When asked about the impact of capital controls on local-law
corporate and province bonds, Lacunza pointed to the central bank
as the one responsible for those policies, Bloomberg News notes.  A
central bank decision Sept. 17 to allow local-law sovereign bond
payments to be cleared from capital controls was led by Lacunza
because those were Ministry-issued bonds, Bloomberg News adds.

                     About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires.  Mauricio Macri is the
incumbent president of Argentina.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades --increasing poverty.

Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook.  S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.




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B R A Z I L
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FERTILIZANTES HERINGER: Uralkali, Uralchem in Deal to Buy Firm
--------------------------------------------------------------
Marcelo Teixeira at Reuters reports that Russian fertilizer and
chemical companies Uralkali and Uralchem have reached a deal with
Fertilizantes Heringer SA to become controlling shareholders in the
Brazilian firm that is now under bankruptcy protection.

In a securities filing, Fertilizantes Heringer said the Russian
companies would buy the Brazilian firm's shares for BRL2 ($0.4796)
each in a deal that would result in a capital increase of up to
US$110 million (GBP88.5 million pounds), according to Reuters.

As reported in the Troubled Company Reporter-Latin America on
April 15, 2019, Reuters said that Brazilian fertilizer company
Fertilizantes Heringer SA proposed to repay unsecured creditors 20%
of amounts owed them and to sell seven non-operating plants, as
part of its restructuring plan, according to a securities filing.
The company filed for bankruptcy protection in February, closing
nine of its plants in Brazil and laying off workers, as its
liquidity situation deteriorated, according to Reuters.


OI SA: Huawei to Join Forces With China Mobile to Bid for Firm
--------------------------------------------------------------
Gabriela Mello at Reuters, citing O Globo news, reports that
Chinese telecoms equipment maker Huawei Technologies Co is joining
forces with China Mobile (0941.HK) to potentially enter a dispute
to buy struggling Brazilian carrier Oi SA, in an attempt to boost
its footprint in Latin America's largest market.

According to the media outlet, both Chinese companies anticipate a
significant growth in business once Brazil starts deploying its
fifth-generation wireless technology (5G) and Oi's 360,000
kilometers (224,000 miles) of fiber infrastructure is seen as an
attractive asset, Reuters relays.

Brazil's largest fixed-line carrier has been struggling to
turnaround its business since it filed for bankruptcy protection in
June 2016 to restructure approximately BRL65 billion of debt,
Reuters discloses.

Reuters reported that, while negotiating its mobile network with
Spain's Telefonica SA (TEF.MC) and Telecom Italia SpA (TLIT.MI), Oi
is also involved in preliminary talks with AT&T Inc (T.N) and
another Chinese company.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Sept. 12, 2019, affirmed its global scale 'B'
issuer credit and issue-level ratings on Oi SA and revised the
outlook to negative from stable. At the same time, S&P lowered its
national scale rating to 'brA-' from 'brA' and assigned a negative
outlook.




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C H I L E
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SIGNUM VERDE 2006-02: Fitch Affirms BB Rating on CLP5.3MM Notes
---------------------------------------------------------------
Fitch Ratings affirms the Signum Verde 2006-02 CLP5,300,000,000
credit linked notes at 'BBsf'. Fitch has removed the CLNs from
Rating Watch Negative and assigned a Stable Outlook.

The Stable Outlook on the CLNs reflects the assessment of the
transaction's main risk driver, Vale S.A., which is the
lowest-rated risk-presenting entity.

KEY RATING DRIVERS

The rating on the CLNs considers the credit quality of Goldman
Sachs Group, Inc. (A/Stable), as the swap counterparty and issuer
of the qualified investment. The rating also considers the Issuer
Default Rating (IDR) of the reference entity, Vale, which is
subject to restructuring as a credit event. Therefore, based on the
CLN "Single-and Multi-Name Credit-Linked Notes Rating Criteria,"
dated April 24, 2019, Fitch has applied a one-notch downward
adjustment to Vales's rating to 'BB+'/Outlook Stable from
'BBB-'/Outlook Stable, prior to applying the "two-risk matrix." The
Stable Outlook reflects the Outlook on the main risk driver, Vale,
which is the lowest-rated risk-presenting entity.

RATING SENSITIVITIES

The credit-linked notes remain sensitive to the ratings migration
of the underlying risk-presenting entities. A downgrade of the
weakest link would result in a downgrade to the CLNs according to
Fitch's criteria.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of the CLNs is linked to the credit quality of Vale, as
the reference entity, and Goldman Sachs Group, Inc. as the swap
counterparty and issuer of the qualified investment. A change in
Fitch's assessment of the credit quality of Vale would
automatically result in a change in the ratitng on the CLNs. Any
change in Fitch's view on the program documents or deterioration on
the credit quality of the counterparties may result in a downgrade
of the CLNs.




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REVENTAZON FINANCE: Fitch Affirms BB- Rating on $135MM Notes
------------------------------------------------------------
Fitch Ratings affirmed Reventazon Finance Trust's USD$135 million
fixed-rate notes at 'BB-sf'. The Rating Outlook is Negative.

Fitch's rating addresses timely payment of interest and ultimate
payment of principal at legal maturity and does not include any
potential acceleration amounts.

KEY RATING DRIVERS

Reliance on ICE Lease Payments: The notes are backed by 100%
participation interest on the Inter-American Development Bank's
(IDB) B-loan acquired through a participation agreement, which
gives the right to receive payments under IDB's B-loan. Instituto
Costarricense de Electricidad (ICE) lease payments from a
non-cancellable financial lease agreement for the operation and
maintenance of the hydropower plant will cover all payments on the
loan.

Credit Quality of ICE: Given the unconditional and irrevocable
nature of the lease payments, Fitch views the credit risk of these
payments as linked to ICE's credit quality. On July 12, 2019, Fitch
affirmed ICE's Long-Term Foreign Issuer Default Rating (IDR) at
'B+' with a Negative Outlook. Grupo ICE's ratings are supported by
its linkage to the sovereign rating of Costa Rica, which stems from
the company's government ownership and the implicit and explicit
expectation of government support.

Strength of the Lease Payments: To determine the strength of the
lease payment obligation, Fitch considered the role of IDB as
lender of record of the obligation being covered by ICE's payments
tied to ICE's ownership structure. As the IDB will continue to be
the lender of record and administer IDB's B-loan, Fitch believes
the holders of the rated notes will benefit from the B-loan
preferential, de facto, status provided by IDB. Because of this
benefit, the credit quality of the payment obligation is considered
to be in line with other obligations of Costa Rica with the IDB and
therefore was notched upward from ICE's IDR.

Preferred Creditor Status of IDB to Costa Rica: Historically,
sovereigns have prioritized certain obligations, such as
obligations from multilateral development banks (MDBs), when the
government cannot service all of the country's external debt. While
the B-loan is not a direct obligation of the sovereign, Fitch
believes treatment of the IDB as a preferred creditor extends to
ICE as the debtor, since ICE is a strategic government-owned entity
that receives underlying sovereign support.

Although Costa Rica has defaulted in the past (1981), neither the
sovereign nor ICE have ever defaulted on debt issued by a preferred
creditor. Currently, IDB's share of Costa Rica's external debt is
approximately 17.9% and historically has been within 12% to 13%,
which makes it an essential preferred creditor for the country.

Adequate Liquidity: The rated fixed-rate notes benefit from a debt
service reserve account equivalent to the next principal and
interest payment due amount. This liquidity provides certainty in
case the transaction is exposed to temporary liquidity shock. As of
July 2019, the external account had sufficient liquidity to cover
debt service on the Nov. 19 issued notes payment.

RATING SENSITIVITIES

A downgrade of ICE, tied to a rating of the sovereign, may trigger
a downgrade of the transaction's rating. However, a rating action
of ICE not tied to a rating downgrade of the sovereign may not
trigger a rating action on the notes if Fitch's view on the
strength of the payment obligation is not affected by such rating
action. Additionally, changes in Fitch's view of the treatment of
the IDB as a preferred creditor may trigger a rating action on the
notes.

CRITERIA VARIATION

Fitch's "Single- and Multi-Name Credit Linked Notes Rating
Criteria," dated April 24, 2019, establishes that the credit
quality of the primary risk contributors in a credit linked notes
(CLNs) transaction is typically determined by an IDR assigned by
Fitch. However, in some situations, a committee would consider
using the actual bond rating (e.g. senior unsecured rating,
subordinate rating) of an asset in place of the IDR.

For this transaction, it has been determined that the credit
quality of the primary risk contributor is not commensurate with
the IDR or any particular bond rating of the obligor, as sovereign
ratings do not directly address all forms of obligations. To
determine the credit quality of the sovereign obligation and its
notching from the sovereign IDR, Fitch incorporated perspectives
from its sovereign group. During the analysis, it was determined
that the appropriate notching uplift from the primary risk
contributor would be one notch.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: EIB to Nix Fossil Fuel Projects in 2020
-----------------------------------------------------------
Dominican Today reports that the European Investment Bank (EIB)
plans to stop financing fossil energy projects in 2020, making it
the first multilateral agency to take such initiative.

In response to this, its support for Dominican Republic's energy
sector will focus primarily on generation projects with renewable
resources, according to the head of the Regional Office for the
Caribbean, Yves Ferreira, during his participation in the
Sustainable Energy Forum held in the country, according to
Dominican Today.

Special attention will also be given to initiatives that make more
rational use of available resources, to those that limit
transmission and distribution losses and which contribute to
building an integrated, efficient and stable national grid,
Ferreira said, the report relays.

In matters of climate change, it will support public transport
projects such as the metro and that reduce energy consumption such
as those that guarantee energy efficiency in public buildings and
street lighting, 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).




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M E X I C O
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ALPHA HOLDING: S&P Affirms 'B-' LongTerm Global Scale ICR
---------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term global scale issuer
credit rating (ICR) on Mexico-based consumer lender, Alpha Holding
S.A. de C.V. The outlook remains stable. S&P also affirmed its 'B+'
issue-level rating on the company's $300 million senior secured
notes. All of its operating subsidiaries guarantee the notes;
therefore, the issuance is rated at the same level of its
consolidated operating entities' creditworthiness.

Ratings reflect Alpha Holding's status as a non-operating holding
company (NOHC). S&P said, "We deduct two notches from its
consolidated operating entities' creditworthiness because of the
company's dependence on dividend upstream to service debt at the
holding level and the significant double-leverage of the firm,
which is projected to be about 145% for the next 12 months.
Nevertheless, we don't envision a default will take place over the
next year because cash flow is sufficient to cover the company's
financial obligations in our base- and stress-case scenario
liquidity analyses."

The operating subsidiaries' unconditional and irrevocable guarantee
support the ratings on the notes. S&P said, "Consequently, the
rating on the notes represents our view of the consolidated group's
creditworthiness. However, given the diminish prospects for the
country's GDP growth set the stage for more adverse operating
conditions that could weaken financial institutions' business and
financial profiles. Such a scenario would prompt us to revise our
economic risk in our Banking Industry Country Risk Assessment for
Mexico to a weaker category. As a result, we would adjustment
downward by one notch our NBFI anchor. Therefore, the consolidated
group creditworthiness would take a hit, and we would lower our
rating on Alpha Holding's $300 million senior secured notes to 'B'
from 'B+'."

S&P said, "Our consolidated analysis reflects Alpha Holding's
stable and growing business operations that mostly involve payroll
lending to public-sector employees and pensioners. It further
reflects our expectations of business stability, reflected in the
likely rising operating revenue and business volumes, and the
widening business diversification. Additionally, the ratings
incorporate our forecasted RAC ratio of about 0.9% by the end of
2020, given that internal capital generation will start to
compensate for the current amount of intangibles in the company's
adjusted capital base. Ratings also incorporate the firm's healthy
asset quality indicators that compare better than its regional
peers. Finally, we base our funding and liquidity assessment on
Alpha Holding's more diversified funding base than the Mexican NBFI
industry average, and its sufficient liquidity, even in our stress
scenario, to cover financial obligations and daily operations."




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[*] PANAMA: Asks for Help to Halt Deforestation
-----------------------------------------------
Giovanna Ferullo at EFE News reports that Panamanian Environment
Minister Milciades Concepcion, in an interview with EFE, warned
that just three of his country's 10 provinces have good forest
coverage after decades of deforestation that has destroyed at least
50 of the woodlands and jungle.

Therefore, he asked for everyone's help in implementing plans to
recover and monitor the forests, including the one-year moratorium
on lumbering and the suspension on issuing lumbering permits,
according to EFE News.




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INVERSIONES CARIBE: Confirmation Held in Abeyance
-------------------------------------------------
Inversiones Caribe Delta, Inc., filed an Amended Plan of
Reorganization to include an alternate scenario, which considers
treatment of Condado 2, LLC's Claim No. 7 in the total amount of
$4,685,595 under the Plan with interest as required by the
prevailing case law.

The Court convened a hearing on the Disclosure Statement on
September 11.  The Debtor was granted 10 days to file and notify an
amended Disclosure Statement and Plan, with a 21-day objection
language, including an alternate scenario in the event the Debtor
does not prevail on its objection to Condado's claim. If no
objections to the Amended DisclosureStatement are timely filed, it
may be approved without a hearing.  Regarding Debtor's Objections
to Condado's Claim, the parties are granted 30 days to obtain
certified translations of supporting documents and 60 days to file
a Joint Pretrial Report on the legal issue of the interest rate.
Once the pretrial report is filed, a pretrial conference and oral
arguments will be scheduled.  Confirmation hearing is held in
abeyance until resolution of the objection to claim.

Class 7: General Unsecured Claims - This class shall consist of any
and all unsecured claim scheduled or filed by any party. The Debtor
listed unsecured creditors in the total amount of $139,670.50. The
Debtor proposes to pay holders of allowed claims under this Class a
5% dividend of their allowed claim in a term of sixty (60)
consecutive months, commencing on the Effective Date. This class is
impaired.

Class 3: Secured Creditor Crim - Ponce Property. This class shall
consist of the allowed secured claim of CRIM on account of the
Ponce commercial property. The Debtor listed CRIM as a secured
creditor on account of the property taxes over the Ponce real
estate property in the total amount of $240,160.19. Any and all
allowed claims under this class will be paid on or before 60 months
from the date of relief, in monthly payments including interest at
the prevailing prime rate. This class is impaired.

Class 4: Secured Creditor Crim - Dorado property. This class shall
consist of the allowed secured claim of CRIM on account of the
Dorado commercial property. The Debtor listed CRIM as a secured
creditor on account of the property taxes over the Ponce real
estate property in the total amount of $240,160.19. CRIM filed
Proof of Claim No. 1 with a claim in the total amount of
$388,636.84 with a secured portion of $134,018.74. Any and all
allowed claims under this class will be paid on or before 60 months
from the date of relief, in monthly payments including interest at
the prevailing prime rate. This class is impaired.

Class 5: Secured Creditor Condado 2, Llc ("Condado") - This class
shall consist of the allowed secured claim of Condado.  Condado
acquired at a discount, the secured claim previously held by
Firstbank Pueflo Rico ("Firstbank"), Debtor's original secured
lender. The Debtor proposes two alternate treatments to Condado's
secured claim, once the same is allowed by the Court:

   (i) Condado shall retain its liens under the plan and payment of
the allowed secured claim will be made in full plus interest at the
Judgment Rate. The Debtor proposes to restructure Condado's allowed
secured claim, which is estimated in the amount of $3,895,758.77.

The allowed amount will be restructured with a thirty (30) year
amortization table, to be paid in one hundred and twenty (120)
consecutive monthly installments, bearing 3.5% interest and a final
balloon payment equal to the aggregate outstanding principal
balance, plus any accrued and unpaid interest thereon. Under this
scenario, this class will be impaired.

  (ii) In the alternative, the Debtor and Preserba propose payment
on the Effective Date of the amount of $5,000,000.00 which is the
outstanding balance of the Judgment as per the Settlement Amount.
This lump sum payment will be made in full settlement and payment
of all claims held by Condado against both Debtors on the Effective
Date. Under this scenario, this class will be not impaired.

Class 8 - Equity Security and/or Other Interest Holders. This class
includes all equity and interest holders who are the owners of the
stock of the Debtor. This class shall not receive a dividend under
the Plan and is not entitled to vote.

The proposed plan will be funded with Debtor's own assets, the
collection of any account receivables, Debtor's cash in bank, funds
from Debtor's post petition operations including new leases, a
capital contribution from Debtor's shareholder, as the same is
needed and if Condado accepts the alternative treatment of payment
on the Effective Date, a post petition financing in the amount of
$5,000,000.00.

A full-text copy of the Amended Disclosure Statement is available
at https://tinyurl.com/y3fbstvg from PacerMonitor.com at no
charge.

A full-text copy of the Amended Plan is available at
https://tinyurl.com/y5z77qqc from PacerMonitor.com at no charge.

Attorney for the Debtor:

     Carmen D. Conde Torres, Esq.
     C. CONDE & ASSOC.
     San Jose Street #254, 5ff Floor
     San Juan, P.R. 00901-1253
     Tel: (787) 729-2900
     Fax: (787) 729-2203
     E-mail: condecarmen@condelaw.com

                  About Inversiones Caribe

Inversiones Caribe owns a parcel of land in Dorado, Puerto Rico,
which is valued at $6 million, and a commercial property in Ponce,
Puerto Rico, which is valued at $1.4 million.

Inversiones Caribe Delta filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-00388) on Jan. 29, 2019.  In the petition signed by
Carlos F. Muratti, president, the Debtor disclosed $7,415,061 in
assets and $3,619,549 in liabilities.  The case has been assigned
to Judge Brian K. Tester.  Carmen D. Conde Torres, Esq., at C.
Conde & Assoc., is the Debtor's counsel.

The case is jointly administered with the Chapter 11 case of
Preserba Compania de Desarrollos, Inc. (Case No. 19-00387).


TAMARA HOME CARE: U.S. Trustee Says PCO Not Necessary
-----------------------------------------------------
The Bankruptcy Court, on Aug. 14, 2019, ordered the United States
Trustee to appoint an ombudsman in the bankruptcy case of Tamara
Home Care Inc., "unless the U.S. Trustee and/or the debtor in
possession inform the court in writing, within twenty-one (21)
days, why the appointment of an ombudsman is not necessary for the
protection of the patients."

The Debtor states that it operates a home specializing in care for
the elderly, and is regulated by the Puerto Rico Department of
Family. The United States Trustee believes a patient care ombudsman
is not necessary at this time. Should the United States Trustee
become aware of any fact or circumstance that may warrant the
appointment of an ombudsman, she will so inform the Court. On
September 22, 2019, Debtor filed its position regarding the
necessity of an ombudsman.

Accordingly, the United States Trustee asks the Court to take
notice of the above and order that an ombudsman not be appointed in
the case.

             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.



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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
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Chapman, Editors.

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

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