TCRLA_Public/191011.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

          Friday, October 11, 2019, Vol. 20, No. 204

                           Headlines



A R G E N T I N A

TELECOM ARGENTINA: S&P Assigns 'B-' Rating on New Sr. Unsec. Notes


C H I L E

UBIOME INC: Asks to Convert Case to Chapter 7 Liquidation


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Major Sugar Group Raises Workers Wages 21%
DOMINICAN REPUBLIC: September Prices Climb 0.38%, Paced by Foods


E C U A D O R

ECUADOR: IMF Releases Statement for Country


J A M A I C A

JAMAICA: Net International Reserves Increases After 3-Month Decline


M E X I C O

SEGUROS AZTECA: Moody's Affirms Ba1 IFS Rating, Outlook Stable
SERVICIOS CORPORATIVOS JAVER: S&P Affirms 'B+' Global Scale ICR


P U E R T O   R I C O

ASCENA RETAIL: Not Considering Chapter 11, Says Interim Chair
PUERTO RICO: U.S. Supreme Court Turns Away Pension Fund Dispute
TECNICENTROS MUNDIAL: Creditors to Get Payment From Pep Boys Sale


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: Government Says Conclusion is Near on CLICO's Debt

                           - - - - -


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A R G E N T I N A
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TELECOM ARGENTINA: S&P Assigns 'B-' Rating on New Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating to Telecom
Argentina S.A.'s (Telecom; B-/Negative/--) proposed senior
unsecured notes due 2025. Telecom intends to exchange its
outstanding 6.5% senior unsecured notes due 2021 for the proposed
2025 notes.

S&P said, "We view the exchange as a measure of active debt
management. The existing notes have about two remaining years to
mature, and in our view, the offer doesn't represent a loss of
value for current debt holders. We expect the exchange to be at par
but with an implicit premium because the exchange will have a cash
consideration, and we expect the coupon of the new notes to be
higher. Investors that agree to the exchange will receive a
percentage of the exchange notes at 100%, on par and the remainder
at 100% nominal value in cash.

"The rating on the notes is the same as the issuer credit rating on
Telecom, because we don't believe there's significant contractual
or structural subordination. We estimate priority debt represents
less than 5% of consolidated financial obligations. In our opinion,
the proposed exchange would improve Telecom's financial
flexibility,for upcoming years, given that the company would extend
its debt maturity profile. Our 'B-' credit rating on Telecom
reflects its solid market position as the leading telecom and first
fully convergent operator in Argentina. The rating also reflects
the company's relatively low leverage for the current rating level.
Despite the company's large capex plans and the weaker economic
conditions in Argentina, we expect Telecom's business to remain
resilient by maintaining solid operational cash flows and gross
debt to EBITDA between 2.0x and 2.5x in 2019 and 2020 (net debt to
EBITDA of 1.7x-1.9x).

"The 'B-' rating on Telecom and its proposed notes is above the
'CCC-' sovereign foreign currency rating on Argentina, because we
believe the company will remain current on its obligations, while
the sovereign proceeds with its debt restructuring. On the other
hand, the 'B-' rating on Telecom Argentina is below its 'bb'
stand-alone credit profile. We cap the rating on Telecom at our
transfer and convertibility assessment of Argentina. This is
because only about 5% of the company's revenues and EBITDA come
from operations outside Argentina, which we believe wouldn't be
enough to cover full foreign currency commitments if the sovereign
were to further restrict corporates access to foreign exchange,
which would erode Telecom's capacity to service cross-border
debt."




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C H I L E
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UBIOME INC: Asks to Convert Case to Chapter 7 Liquidation
---------------------------------------------------------
uBiome, Inc., on Oct. 1, 2019, disclosed that it has requested that
the Bankruptcy Court presiding over its pending Chapter 11
bankruptcy convert its case to a liquidation under Chapter 7 of the
U.S. Bankruptcy Code.  A hearing at which the Bankruptcy Court will
consider uBiome's request has not been scheduled.

The Company had been in discussions with its post-bankruptcy
lenders and the statutory Official Committee of Unsecured Creditors
in an attempt to secure access to its post-bankruptcy financing
facility and settle disputes with the Committee, but was unable to
reach agreements on these matters.  Management and the independent
directors of the Board of uBiome have determined that, without
consensus among the Committee, the lenders and the Company, the
conversion to a case under Chapter 7 is in the best interests of
uBiome and its stakeholders.

If uBiome's motion is approved by the Bankruptcy Court, the
liquidation of uBiome's business will be administered under the
oversight of a Court-appointed trustee.

uBiome is advised in this matter by Young Conaway Stargatt &
Taylor, LLP.

                       About uBiome, Inc.

uBiome, Inc. -- https://ubiome.com/ -- is a microbial genomics
company founded in 2012. uBiome combines its patented proprietary
precision sequencing with machine learning and artificial
intelligence to develop wellness products, clinical tests, and
therapeutic targets. uBiome has filed for over 250 patents on its
technology, which includes sample preparation, computational
analysis, molecular techniques, as well as diagnostic and
therapeutic applications. uBiome and its non-debtor foreign
affiliates currently employ approximately 100 individuals, of which
35 are located in the United States, 37 in Chile, and 28 in
Argentina.

On Sept. 4, 2019, uBiome, Inc., sought Chapter 11 protection
(Bankr. D. Del. Case No. 19-11938).  The Debtor was estimated to
have assets of $50 million to $100 million and liabilities of $10
million to $50 million as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtor tapped Young, Conaway, Stargat & Taylor, LLP as counsel;
Goldin Associates, LLC, as restructuring advisor; and GLC Advisors
& Co., LLC and GCLA Securities LLC as investment banker.  Donlin
Recano & Company, Inc., is the claims agent.




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

DOMINICAN REPUBLIC: Major Sugar Group Raises Workers Wages 21%
--------------------------------------------------------------
Dominican Today reports that the Workers Union of the Sugar
Industry Consortium (CAEI) on Monday signed the collective
bargaining agreement that will govern labor relations between the
company and employees in the next three years.

According to a statement, under the agreement, workers covered by
the agreement will receive a salary increase of 21% in that period,
the report notes.

The agreement maintains the conditions that the company will pay
workers a stimulus bonus for meeting the goals of milling and sugar
production, each period of the next three cane harvests, 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).


DOMINICAN REPUBLIC: September Prices Climb 0.38%, Paced by Foods
----------------------------------------------------------------
Dominican Today reports that consumer prices in the Dominican
Republic rose 0.38% in September compared to the previous month,
with which accumulated inflation stands at 2.38%, Dominican
Republic's Central Bank said on its website.

It said year-on-year inflation, measured from September 2018 to
September 2019, was 2.02%, staying below the lower limit of the
target range of 4.0% ± 1.0% established in the Monetary Program,
according to Dominican Today.

"In the accumulated inflation during the period January-September
2019, the variation of the Food and Non-Alcoholic Beverages group
(5.62%) has mainly affected, which explains approximately 65% of
the accumulated increase in the first nine months of the year," the
report notes.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

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

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




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

ECUADOR: IMF Releases Statement for Country
-------------------------------------------
IMF issued a statement on Oct. 2, 2019, for Ecuador:

"The reforms disclosed by President Lenin Moreno aim to improve the
resilience and sustainability of Ecuador's economy and foster
strong, and inclusive growth.  The announcement included important
measures to protect the poor and most vulnerable, as well as to
generate jobs in a more competitive economy."

"The authorities are also working on important reforms aimed at
supporting Ecuador's dollarization, including the reform of the
central bank and the organic code of budget and planning."

"IMF staff will continue to work closely with the authorities to
improve the prospects for all Ecuadorians. The second review is
expected to be submitted to the Executive Board in the coming
weeks."




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

JAMAICA: Net International Reserves Increases After 3-Month Decline
-------------------------------------------------------------------
RJR News reports that following three months of decline, there has
been an increase in Jamaica's Net International Reserves (NIR).

Information released by the Central Bank shows that the NIR rose by
US$161 million in September, according to RJR News.

It ended the month at almost US$3.1 billion, the report notes.

The NIR was valued close to 23 weeks of goods and services imports,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

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.




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

SEGUROS AZTECA: Moody's Affirms Ba1 IFS Rating, Outlook Stable
--------------------------------------------------------------
Moody's de Mexico S.A. de C.V. affirmed Ba1 global local currency
and A1.mx national scale insurance financial strength ratings to
Seguros Azteca, S.A. de C.V. and Seguros Azteca Danos, S.A. de C.V.
The outlook for these ratings remains stable. Both insurers are
part of Grupo Elektra, which is one of the leading companies in the
Mexican retail market. Grupo Elektra also encompasses banking
activities through Banco Azteca, S.A. (rated Baa3 global scale for
long-term bank deposits local currency, stable outlook) which is
one of the leading consumer banking institutions in Mexico.

RATINGS RATIONALE

Moody's said that the Ba1 and A1.mx IFS ratings of both Seguros
Azteca and Seguros Azteca Danos reflect its niche participation in
the Mexican insurance market, focused in the middle to low-income
segment of the Mexican population. The companies target its
products to the ample base of clients of Grupo Elektra's retail
stores and Banco Azteca. As a consequence, both companies'
distribution platform is one of the largest in the Mexican
financial system with around 4,000 branch offices. Both companies
benefit from this unique distribution platform which supports the
solid compound gross premiums written annual growth rates of 13%
for Seguros Azteca and 43% for Seguros Azteca Danos, for the period
2014-2018.

Seguros Azteca's ratings' benefit from a relatively low-product
risk exposure, considering its focus on short term credit life
covering basic death and disability coverages without embedded
guarantees. The rating agency noted that other positive
considerations for the company include the company's solid
profitability metrics, with an average Return on Capital of 21%
over the last five years and its adequate organic growth. Tempering
these positive credit considerations are Seguros Azteca's limited
business diversification and the high dependence on Grupo Elektra's
business platform, which restrains its long-term growth prospects.
Furthermore, the company's asset quality is constrained by a
relatively high investment concentration in an affiliated loan,
although that exposure has declined over the last few years.

Seguros Azteca Danos ratings are based on its good-quality
investment portfolio, which is mostly allocated to investment-grade
Mexican government sovereign securities. Other positive credit
considerations include its adequate profitability track record and
its good capitalization metrics, considering the company's gross
underwriting leverage (GUL) of 2.7x as of December 2018, which is
lower than its peers on a local and regional basis. Offsetting
these strengths are Seguros Azteca Danos' high revenue dependence
on Banco Azteca's lending activity, which limits the company's
premiums diversification, and the high direct catastrophic exposure
of its property coverages -given the high seismic activity and
other natural events in Mexico-, resulting in a high dependence on
reinsurance protection.

Factors that could result in an upgrade of Seguros Azteca include a
combination of the following: 1) Improvement in the company's
market position in the Mexican life insurance industry (for
example, a sustained market share above 1% of industry's gross
premiums); 2) enhanced product diversification, with three lines of
business representing at least 10% of net premiums with limited
correlation in revenues and earnings; 3) reduction in affiliated
loans and high risk assets below 20% of equity. Factors that could
lead a rating downgrade of Seguros Azteca include the following: 1)
deterioration in the company's market position and franchise
strength (for example, a relative market share ratio below 0.1x);
2) deterioration in profitability, with return on average capital
(ROC) below 5% on a sustained basis; 3) worsened capitalization
metrics with equity/assets adjusted below 30%; and 4) less
integration with or divestiture from Grupo Elektra.

Factors that could result in an upgrade of Seguros Azteca Danos
include a combination of the following: 1) significant
strengthening of the company's market position in the Mexican P&C
insurance industry (for example, a sustained market share above 2%
of industry's gross premiums); 2) enhanced product diversification
with less catastrophic exposure; 3) successful expansion into other
distribution platforms. Factors that could lead to a rating
downgrade of Seguros Azteca Danos include a combination of the
following: 1) deterioration of the company's market position and
franchise strength; 2) A weakening profitability trend, with a
return on capital (ROC) below 5% on a sustained basis; 3) worsened
capitalization metrics, for example, with a sustained GUL above
4.0x; or 4) less integration with or divestiture from Grupo
Elektra.

Seguros Azteca, S.A. de C.V. and Seguros Azteca Danos, S.A. de
C.V., headquartered in Mexico City, Mexico, provide life and
general insurance, products, respectively. As of June 2019, Seguros
Azteca reported a net income of MXN261 million, and shareholders'
equity of MXN2,010 million. Seguros Azteca Danos reported a net
income of MXN41.5 million as of June 2019, and shareholders' equity
of MXN408 million.

The principal methodology used in rating Seguros Azteca, S.A de
C.V. was Life Insurers published in May 2018. The principal
methodology used in rating Seguros Azteca Danos, S.A. de C.V. was
Property and Casualty Insurers published in May 2018.

The period of time covered in the financial information used to
determine Seguros Azteca, S.A. de C.V. and Seguros Azteca Danos,
S.A. de C.V. ratings is between January 01, 2014 and December 31,
2018 (source: companies' audited financial statements).


SERVICIOS CORPORATIVOS JAVER: S&P Affirms 'B+' Global Scale ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its global scale issuer credit rating
at 'B+' on Mexican homebuilder Servicios Corporativos Javer, S.A.B.
de C.V. (Javer) and revised its outlook to stable from negative. At
the same time, S&P affirmed its 'B+' issue-level rating on the
company's outstanding $159 million senior unsecured notes due April
2021. The recovery rating on the notes remains at '3'.

S&P said, "The stable outlook reflects our view that Javer will
continue rebalancing its portfolio mix towards housing units that
don't rely on federal subsidies. Over the next 12 months, we expect
Javer's EBITDA to moderately improve while it posts solid free
operating cash flow (FOCF), with limited financing needs, reducing
debt to EBITDA below 4.0x and raising EBITDA interest coverage
above 2.0x."

Javer's recently announced refinancing plan of its senior unsecured
notes due April 2021 relieves the company's debt maturity risk in
the medium term. The company will complete the notes prepayment on
Nov. 14, 2019, by using proceeds from a new five-year tenor
syndicated bank loan. The latter will have a new currency mix of
Mexican pesos (87%) and dollars (13%). The refinancing will also
strengthen Javer's capital structure, given that the company will
sharply reduce its dollar exposure, lower its interest rate, and
gradually reduce its debt position, because the new loan will
amortize after an 18-month grace period.

Despite a difficult first half of 2019, S&P expects Javer's
operating performance to recover gradually in the next 12 months
through a portfolio rebalancing to segments that don't rely on
housing subsidies.




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

ASCENA RETAIL: Not Considering Chapter 11, Says Interim Chair
-------------------------------------------------------------
MarketWatch reports that Ascena Retail Group Inc. has told
investors it's not considering a Chapter 11 bankruptcy filing.

"The company continues to consider options to optimize its balance
sheet and liquidity from a position of strength," Ascena Interim
Executive Chair Carrie Teffner said in the Company's fiscal
fourth-quarter earnings call, according to a FactSet transcript.

"[T]o be clear and for the avoidance of doubt, bankruptcy of Ascena
is not one of the options being evaluated."

Ascena is in the process of winding down its Dressbarn business,
which should see all of its stores closed in December.  And Ascena
has divested the Maurices business, a $300 million deal with
OpCapita LLP announced in March. Remaining Ascena brands include
Ann Taylor and Lane Bryant.

"We have a portfolio of strong brands, three of which individually
generate revenue of approximately $1 billion or more," Ms. Teffner
said.

Ascena Retail reported a net loss of $661.4 million on $5.493
billion of net sales in the 12 months ended Aug. 3, 2019, compared
with a net loss of $39.7 million on $5.664 billion in the 12 months
ended Aug. 4, 2018.

                      Wind Down of Dressbarn

Ascena in May 2019 announced that its Dressbarn unit, which employs
6,400 people, will wind down its retail operations and close all
650 stores.  In July, Dressbarn commenced store closing or
inventory clearance event sales at 53 stores that are slated for
closure by the end of August.  All stores of the 57-year-old
fashion chain are expected to close by the end of 2019.

Dressbarn in July said it has engaged Gordon Brothers Retail
Partners to assist with the eventual closure of all stores.  It
also has retained Hilco Streambank to solicit interest in the
intellectual property assets of Dressbarn, which include U.S. and
international trademarks, domain names, and other assets.

Dressbarn is negotiating with landlords on a termination of
unexpired leases by August or December.  If landlords balk, the
retailer will owe over $302 million in rent to landlords. Dressbarn
reportedly warned of a bankruptcy filing if less than 90% of the
landlords agree to relieve the retailer of its lease obligations.

                      About Ascena Retail

Ascena Retail Group, Inc. (NASDAQ:ASNA), a Delaware corporation, is
a national specialty retailer of apparel for women and tween girls,
with annual revenue of $5.6 billion for fiscal 2018.  Ascena Retail
through its retail brands operates ecommerce websites and 3,500
stores throughout the United States, Canada and Puerto Rico.  Its
store chains cover premium fashion (Ann Taylor, LOFT, and Lou &
Grey), plus fashion (Lane Bryant, Catherines and Cacique), and
value fashion (Dressbarn) segments, and for tween girls under the
kids fashion segment (Justice).

Dressbarn offers an assortment of women's clothing for every day
and occasion.  Dressbarn was founded by Elliot S. Jaffe and Roslyn
S. Jaffe in 1962.  The single store in Stamford, Connecticut, grew
to a nationwide chain of 650 stores.  In May 2019, Dressbarn said
it will shutter all brick-and-mortar locations by the end of 2019.

Ascena reported a net loss of $303.5 million on $4.039 billion of
net sales for the nine months ended May 4, 2019, compared with a
net loss of $72.9 million on $4.047 billion of net sales during the
same period in 2018.

Ascena's balance sheet at May 4, 2019, showed $3.239 billion in
total assets against $2.729 billion in liabilities.


PUERTO RICO: U.S. Supreme Court Turns Away Pension Fund Dispute
---------------------------------------------------------------
Karen Pierog at Reuters reports that the U.S. Supreme Court
declined to take up a dispute over the assets of Puerto Rico's
largest public sector pension fund even as the U.S. Caribbean
island territory's bankruptcy enters a major new phase.

The justices left in place a January 2019 lower court ruling that
found that bondholders who own nearly $3 billion of debt issued by
Puerto Rico's Employees Retirement System have a legitimate claim
on the pension fund's assets. The justices refused to hear an
appeal by Puerto Rico's federally created financial oversight board
of that ruling.

                      About Puerto Rico

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

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

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

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

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

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

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

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

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

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

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

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

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

                    Bondholders' Attorneys

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

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

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

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

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

                          Committees

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

                         Puerto Rico PBA

The Puerto Rico Public Buildings Authority --
http://www.aep.gobierno.pr/-- is a public corporation created by
Act No. 56 of June 19, 1958, as amended.  The Authority is charged
with satisfying the needs of design, construction, remodeling,
improvements, operation and maintenance of the structures that the
agencies, corporations and instrumentalities of the Commonwealth of
Puerto Rico need to offer their services.  Among the facilities
that the Authority designs, builds and preserves are: schools,
hospitals, police facilities, prisons, fire stations and government
centers, among others.  In addition, the Authority provides
property leasing services and new spaces for server storage (Data
Center).

The Puerto Rico Public Buildings Authority, a/k/a Autoridad de
Edificios Publicos de Puerto Rico (AEP), commenced a Title III case
under PROMESA on Sept. 27, 2019 (Bankr. D.P.R Case No. 19-05523).


TECNICENTROS MUNDIAL: Creditors to Get Payment From Pep Boys Sale
-----------------------------------------------------------------
Tecnicentros Mundial Inc., as per its First Amended Disclosure
Statement, is proposing a plan of reorganization that provides that
holders of allowed general unsecured claims owed $1.627 million
will be paid in full satisfaction of their claim, on the effective
date, approximately 6% thereof, from a $100,000 carve out from the
proceeds of the sale of Debtor's assets.

Holders of the equity interest in Debtor will not receive any
distribution under the Plan. The Debtor's common shares will be
canceled within 120 days from the Final Decree, as Debtor's
operations will cease after the sale of its assets.

The Plan contemplates the sale of substantially all of the assets
of the Debtor to The Pep Boys Manny, Moe & Jack, including Debtor's
inventories, equipment, trade names, furniture, fixtures,
improvements, trademarks, trade names, supplies, and others as well
as the assignment of various executory contracts for $1,300,000.

The Plan also contemplates that Debtor's affiliate, ETP, Inc.,
which is the owner of the realties where Debtor conducts its
operations and which is a Co-Debtor in the amounts due to Oriental
Bank, will obtain secured financing from Acrecent Financial
Corporation, with net funding of $2,300,000.

A full-text copy of the Disclosure Statement dated October 2, 2019,
is available at https://tinyurl.com/y464dwmk from PacerMonitor.com
at no charge.

                  About Tecnicentros Mundial

Based in San Juan, Puerto Rico, Tecnicentros Mundial, Inc., a
distributor of tires and tubes for passenger and commercial
vehicles, filed a voluntary Chapter 11 petition (Bankr. D.P.R. Case
No. 19-04471) on Aug. 6, 2019. In the petition signed by Jacklin
Tirado Rivera, vice-president, the Debtor had total assets of
$3,459,283 and total liabilities of $8,891,276. The case is
assigned to Hon. Enrique S. Lamoutte Inclan. William Vidal
Carvajal, Esq., in San Juan, Puerto Rico, is the Debtor's counsel.
Luis Carrasquillo, CPA, is the financial advisor.




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T R I N I D A D   A N D   T O B A G O
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CL FINANCIAL: Government Says Conclusion is Near on CLICO's Debt
----------------------------------------------------------------
Nation News reports that the Trinidad and Tobago government said it
is "finally reaching a conclusion" a decade after the collapse of
the Port of Spain-based regional insurance giant, Colonial Life
Insurance Company (CLICO) and its parent company, CL Financial.

Finance Minister Colm Imbert, delivering the TT$53.03 billion
budget to Parliament, said that the government had pumped an
estimated TT$23 billion in a bailout plan for the company,
according to Nation News.

He told legislators that when it came to office in 2015, the Keith
Rowley government found the CL Financial/CLICO arrangement "in
disarray with the shareholders and government in conflict and
without any clear sight of a resolution," the report relays.

"Further, in 2011, an arbitration caused by the then government's
arbitrary transfer of shares in Methanol Holdings Trinidad Limited
to CLICO without first offering the shares to the minority
shareholder, concluded with the sale of the asset at a price
significantly lower than market, losing three billion dollars in
value in the process," he added.

The report notes that Imbert said that in addition, following 17
extensions of the original 2009 Shareholder's Agreement, without
any clear repayment plan, the present administration had to act
quickly when the former shareholders made a grab for CL Financial.

"In the interest of taxpayers, who had pumped billions of dollars
into the CLICO bailout, we had no alternative but to apply to the
High Court to liquidate the company and on September 15, 2017, the
High Court ruled that the operations of CL Financial would be fully
placed in the hands of liquidators appointed in July 2017," he
added.

Imbert said that this liquidation process is now ongoing in the
context of an orderly settlement of the debt owed by CL Financial
to Trinidad and Tobago and he expects that the exercise to be
completed in 2020, the report relays.

The Finance Minister said that in parallel, the Deposit Insurance
Corporation, the liquidator of CLICO Investment Bank (CIB), "after
many false starts in the pre-2015 period," has almost completed its
assignment, with a substantial proportion of the debt being
settled, allowing substantial shareholdings in blue chip companies,
such as Republic Bank, to be transferred to the State, the report
notes.

"Further, the Central Bank of Trinidad and Tobago recently
announced the commencement of the final stages of the CLICO
resolution with the sale of CLICO's traditional insurance portfolio
to a well-capitalized local insurance company," the report
discloses.

The Barbados-based Sagicor Life Inc said it had acquired the assets
of CLICO and British American Insurance Company (Trinidad) Limited
(BAT), the report relays.

"We are pleased to welcome the policyholders to the Sagicor family
and assure them of the same level of protection and service that
our existing policyholders enjoy upon the completion," said Sagicor
group president and chief executive officer, Dodridge Miller in a
statement obtained by the news agency.

The company did not disclose the amount paid to acquire the
traditional insurance portfolios of both companies but CLICO's
executive chairman and BAT chairman Claire Gomez-Miller said,
"Sagicor emerged as the preferred buyer in an open and very
competitive tender process with guidance from independent global
industry experts," he report relays.

A statement issued by the Central Bank of Trinidad and Tobago
(CBTT) said since 2009, both CLICO and BAT have been its under
control and a resolution strategy with several phases was developed
to stabilise the activities of the institutions, the report notes.

"A key component of the resolution strategy included the sale of
the traditional portfolios of BAT and CLICCO to a suitable
purchaser at prices consistent with independent valuation, the
report discloses.

"Following a transparent, competitive and rigorous bidding process
conducted by CLICO/BAT with Central Bank oversight, Sagicor was
selected as the preferred purchaser.  Agreements for the transfer
of their respective traditional insurance portfolios to Sagicor
were executed .  .  . by CLICO and BAT," the CBTT said in the
statement, the report relays.

It said that in accordance with the Insurance Act, Schemes of
Transfer are required before the sale can be completed, the report
notes.

Imbert told Parliament that as a result of decisive intervention by
the government, CLICO has now settled approximately TT$15 billion
of its debt to taxpayers, the report discloses.

"This excludes the funds which will be received from the sale of
the traditional portfolio. We are now in the process of analysing
the remaining debt to be repaid by CLICO and CL Financial," Imbert
said, noting that "a full decade after the collapse of CL Financial
and the Colonial Life Insurance Company (Trinidad and Tobago)
Limited and approximately TT$23 billion later, we are finally
reaching a conclusion," the report adds.

                     About CL Financial

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.



                           *********


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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