TCRLA_Public/191021.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, October 21, 2019, Vol. 20, No. 210

                           Headlines



B R A Z I L

ODEBRECHT SA: To Propose Delay in Bankruptcy Plan Vote
RENOVA ENERGIA: Files for Bankruptcy to Restructure $742MM Debt


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Rising Cost of Staples Worry Vendors


E C U A D O R

ECUADOR: Getting Back to Normal After 11 Days of Protests


P A R A G U A Y

RUTAS 2 AND 7: Fitch Rates $457MM Series 2019-1 Secured Notes BB+


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Launching Flights From Jamaica to Cuba


X X X X X X X X

[*] BOND PRICING: For the Week October 14 to October 18, 2019

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B R A Z I L
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ODEBRECHT SA: To Propose Delay in Bankruptcy Plan Vote
------------------------------------------------------
Tatiana Bautzer and Carolina Mandl at Reuters report that Brazilian
conglomerate Odebrecht SA's advisors plan to propose a delay in the
bankruptcy plan vote by creditors, two people with knowledge of the
matter said.

Odebrecht is likely to schedule a creditors assembly on Nov. 18 to
comply with Brazilian bankruptcy protection rules, but so far there
is not a concrete proposal to vote on, the sources added, asking
for anonymity to disclose private discussions, according to
Reuters.

Creditors presented objections to Odebrecht's plan this month. Most
of the banks said the plan was too vague, with no explicit discount
or time frame for recovery of the amount owed by the conglomerate,
the report notes.  One creditor, state lender Caixa Economica
Federal, requested liquidation, the report relays.

Advisors plan to install the assembly next month and request
creditors to vote for its postponement. Odebrecht advisors expect
to let creditors know of the delay request in the coming days, the
report notes.

Odebrecht did not immediately reply to a request for comment.

The conglomerate's advisors plan to present a more detailed
restructuring proposal to be voted by creditors by December, one of
the sources said, the report adds.

                          About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals. Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies. Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has rippled across
Latin America, Reuters relayed, as reported by The Troubled Company
Reporter - Latin America.

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


RENOVA ENERGIA: Files for Bankruptcy to Restructure $742MM Debt
---------------------------------------------------------------
Gabriela Mello at Reuters reports that Brazilian renewable energy
firm Renova Energia SA has filed for bankruptcy protection, aiming
to restructure a total debt of around BRL3.1 billion ($741.70
million), it said in a securities filing.

The bankruptcy filing comes two days after key shareholder Light SA
sold its 17.17% stake in Renova to an investment fund for a
symbolic value of 1 real, in a decision that followed failed talks
to sell heavily indebted wind farm projects, according to Reuters.

Renova's Chief Financial Officer Claudio Ribeiro resigned in the
aftermath of Light's disclosure, leaving Chief Executive Cristiano
CorrĂȘa de Barros temporarily overseeing the area until a
replacement is found, the report relays.

The exits of Light and Ribeiro follow years of unsuccessful talks
to sell Renova's wind farm projects, which have racked up debt and
raised concerns about their timely completion, the report notes.

Negotiations to sell the projects to AES Tiete Energia SA, a
subsidiary of AES Corp, broke down after six months of talks, the
report adds.




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

DOMINICAN REPUBLIC: Rising Cost of Staples Worry Vendors
--------------------------------------------------------
Dominican Today reports that vendors and homemakers complain that
the cost of family staples have been increasing during several
months.

They say potatoes, bananas, cauliflower, carrots, onions, garlic,
peppers, cabbage, tomatoes and cucumber, among others have risen as
much as RD$2.50 per pound, according to Dominican Today.

Alexis Decena, a vendor in the sprawling Mercado Nuevo on Duarte
Av., said that among the products that have increased in price
figure tomatoes, which went from 15 to 20 pesos a pound; for salad
30 pesos and bugalu at 25 pesos the pound, the report notes.

"The chili pepper has increased a lot in price, because before it
was 20 and 25 and now is 50 pesos; the cubanela pepper has
remained, because it was 35 and now 40 pesos," Decena told El Dia,
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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E C U A D O R
=============

ECUADOR: Getting Back to Normal After 11 Days of Protests
---------------------------------------------------------
EFE News reports that Ecuador is getting back to normal after 11
days of sometimes violent protests that ended when the Lenin Moreno
government and indigenous leaders came to an agreement about the
presidential decree that had eliminated fuel subsidies, the move
that had originally sparked the demonstrations.

In the Ecuadorian capital, urban and metro transportation services
suffered operational problems and on the weekend there was
practically no way to get around the city by public transport,
according to EFE News.

Meanwhile, taxis plied the streets relatively normally and
shopkeepers were opening up their stores and people were moving
about and commuting to work virtually without hindrance, the report
notes.

As reported in the Troubled Company Reporter-Latin America on Sept.
26, 2019, Fitch Ratings assigned a 'B-' rating to Ecuador's USD600
million notes maturing March 2025 and its USD1.4 billion notes
maturing March 2030. The 2025 notes have a coupon of 7.875% and the
2030 notes have a coupon of 9.5%.




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P A R A G U A Y
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RUTAS 2 AND 7: Fitch Rates $457MM Series 2019-1 Secured Notes BB+
-----------------------------------------------------------------
Fitch Ratings assigns a 'BB+sf' rating to the USD457.615 million
series 2019-1 senior secured notes issued by Rutas 2 and 7 Finance
Limited, an SPV incorporated in the Cayman Islands. The notes will
be backed by PDI Trust Securities. The Rating Outlook is Stable.

TRANSACTION SUMMARY

PDIs are deferred investment recognition payment rights vested upon
completion of construction milestones (tramos) of Rutas 2 and 7
project from the Republic of Paraguay (RoP). PDIs are public debt
of the sovereign and their budgeting process follows the same
procedure as sovereign bond's debt service.

The proceeds of the series 2019-1 notes will be used by the Issuer
to pay transaction fees and expenses; make cash contributions to
the PDI purchaser to fund advances to the concessionaire and pay
the purchase prices of eligible PDI Trust Securities; and initially
fund the series 2019-1 Expense Account. Upon a commitment
termination event or works reduction, investors will receive the
initial issue price plus a protection return rate to compensate for
the amount of time the portion being prepaid has been outstanding.

KEY RATING DRIVERS

Rating Linked to Sovereign's LT FC IDR: Through its analysis, Fitch
has determined that the primary risk contributor for the
transaction is the RoP; therefore, the rating of the transaction is
linked to Paraguay's Long-Term (LT) Foreign Currency (FC) Issuer
Default Rating (IDR), 'BB+'/Outlook Stable. The rating reflects
Fitch's view of the credit quality of PDIs, permitted investments
during the availability period, and the IDB (AAA/Stable) and IDB
Invest (AAA/Stable) as letter of credit (LC) providers to cover
advances made to the concessionaire during the availability
period.

Reliance on the government payment obligation: After the
availability period, Fitch assumes that payment on the notes will
rely on the RoP's unconditional and irrevocable payment obligation
regarding vested PDIs. Under Paraguayan law 1535, PDIs are
considered external public debt of the RoP denominated in USD.
Additionally, pursuant to the PPP Trust Agreement, PDI payment
right holders will have direct recourse against Paraguay for
failure to make any payment as and when due.

Credit Quality of Permitted Investment: Note's proceeds will be
held by the Issuer in the Initial Notes General Account and will be
used over a period of approximately 30 months, the availability
period, to grant advances to the concessionaire and purchase PDI
trust securities. During the availability period, these funds may
be invested in securities denominated as permitted investments
which are linked to the RoP credit quality. Given the magnitude of
this exposure, the credit quality of the notes, during the
availability period, is capped at the lower of the rating of
Paraguay or the credit risk of these securities.

IDB and IDB Invest Backing Purchase Price Advances: The
concessionaire will be able to make PDI purchase price advances
from proceeds of the notes held in escrow under certain conditions.
The amount of the IDB LCs will always be equal to the total amount
of PDI purchase price advances made to the concessionaire during
the availability period, which will decrease as PDIs are generated
and PDI trust securities purchased. According with Fitch's
criteria, the IDB and IDB Invest do not pose additional risk to a
'BB+' risk presenting entity.

No Exposure to Construction / Performance Risk: PDIs are
Paraguayan-law governed, freely transferable payment rights. Once
issued, they are not related to the PPP Contract and therefore do
not depend on the status of the construction or operation of the
project, thus eliminating construction and operating risk. Vested
PDIs survive the termination or nullity of the PPP Contract for any
reason.

Minimized Negative Carry Exposure: Prior to the purchase of 100% of
the PDI trust securities, transaction expenses will be higher than
the income generated by the PDI payments. The negative carry will
be properly mitigated by the upfront funding of a trust account
that will be used to cover expenses.

Early Redemption Protections: Upon a CTE or works reduction, the
noteholders will be repaid at the purchase price of the notes plus
a redemption premium with the remaining amounts not invested to
purchase PDI trust securities, LCs provided by the IDB and the IDB
Invest, and a protection amount provided by the protection
provider. The size of the protection amount will be equal to the
maximum remaining negative carry net of the amounts anticipated to
be available to the issuer from the proceeds of investments and
available cash.

RATING SENSITIVITIES

The rating assigned to the notes will be sensitive to changes in
Paraguay's LT FC IDR. In addition, any change in Fitch's view
regarding the strength of the sovereign obligation regarding PDI
payments may affect the rating assigned to this transaction.




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

CARIBBEAN AIRLINES: Launching Flights From Jamaica to Cuba
----------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is to launch
service between Kingston, Jamaica and Havana, Cuba starting Dec.
13.

The flights will operate twice weekly on Wednesday and Friday,
according to RJR News.

This service will add 300 more seats into these markets and
increase opportunities for trade and tourism, the report notes.

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just 17
months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline made
a loss of US$60 million, inclusive of its Air Jamaica operations,
and the airline planned to break even by 2017. Mr. Howai told the
Parliament that a five-year strategic plan had been completed and
was in the process of being approved for implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.




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X X X X X X X X
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[*] BOND PRICING: For the Week October 14 to October 18, 2019
-------------------------------------------------------------
  Issuer Name              Cpn     Price   Maturity  Country  Curr
  -----------              ---     -----   --------  -------   ---
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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.


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