TCRLA_Public/191029.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

          Tuesday, October 29, 2019, Vol. 20, No. 216

                           Headlines



A R G E N T I N A

ARGENTINA: To Decide Whether to Put Peronism Back in Power
COMPANIA LATINOAMERICANA: Fitch Affirms CCC LongTerm IDRs


B R A Z I L

BRAZIL: China Makes Trade Concessions to the Country


C H I L E

UBIOME INC: Committee Hires Province Inc. as Financial Advisor


P E R U

PERU: Big Changes & Domestic Aviation Market Reshuffles
PERUVIAN AIRLINES: Claims to Have Found Investor to Refloat


P U E R T O   R I C O

EL CANO DEVELOPMENT: Plan Outline Hearing Continued to Dec. 18
FIRSTBANK PUERTO RICO: S&P Affirms 'BB-' LT ICR, Outlook Positive
SEARS HOLDINGS: Court Confirms Second Amended Chapter 11 Plan


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Budget Passed in House


U R U G U A Y

URUGUAY: Poised For Tightest Election in Years

                           - - - - -


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A R G E N T I N A
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ARGENTINA: To Decide Whether to Put Peronism Back in Power
----------------------------------------------------------
The Latin American Herald reports that Argentines will decide in
this weekend's elections between returning Peronism to power under
Alberto Fernandez or reelecting President Mauricio Macri, amid one
of the worst economic crises the country has ever seen.

All surveys predict a victory for the Peronist and his vice
presidential running mate, former President Cristina Fernandez (no
relation), as indicated by the primary election results last August
in which he topped Macri by 16 percent, according to The Latin
American Herald.

If the primary results are repeated, Fernandez will take power on
Dec. 10 with no need for the runoff provisionally scheduled for
Nov. 24, the report notes.

But Macri, 60, is not about to concede defeat despite the punishing
vote he suffered in the primaries due to his management of an
economy in recession for the past 18 months, with inflation of more
than 50 percent, and soaring indexes of poverty (35 percent) and
unemployment (10.6 percent), the report relays.

Nor does Macri benefit from the austerity imposed because of the
accord reached with the International Monetary Fund (IMF) for
financial aid to the tune of $56.3 billion, the report discloses.

Encouraged by the massive marches accompanying him in his "Yes, we
can" campaign, Macri believes he will win enough votes to force a
second round, the report notes.

But the Peronists have no doubt that Macri is going to pay for the
economic crisis, the report says.

The master stroke by Cristina Fernandez, who faces several cases of
alleged corruption during her 2007-2015 presidential tenure, was to
concede the presidential candidacy to Alberto Fernandez, who was
Cabinet chief during the 2003-2007 administration of her husband,
Nestor Kirchner, the report relays.

Alberto Fernandez, who was often critical of Cristina's conduct as
president, has managed to attract more moderate voters than the
former head of state did, the report notes.

In the opinion of analyst Jorge Giacobbe, the campaign of Alberto
Fernandez, 50, "projects a very hybrid identity and that will help
him win elections," the report says.

The uncertainty about which way the economy will go after the
elections also affected the Argentine market and citizens are again
lining up at banks in order to protect their savings by buying
dollars, the report discloses.

The peso fell to a record low of 65 against the dollar, and the
rate at which monetary reserves are dwindling has increased because
of investors opting for the US currency against possible financial
shocks and out of fear that the exchange controls decreed in
September by Macri will only get stricter after the elections, the
report relays.

Whoever is elected will have to take charge of a complex economic
situation, in which the most urgent challenge will be to
renegotiate the debt that is suffocating Argentina, the report
relates.

The electoral outcome will be known following the preliminary vote
count that the Argentine government has promised will be "quick and
transparent," the report notes.

Announcements of the preliminary count will begin at 9:00 p.m.,
with a view to having the vote count from 90 percent of the polling
places wrapped up before midnight, 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.

The next general elections in Argentina will be held on October 27,
2019, to elect the president of Argentina, members of the national
congress and governors of most provinces.  Incumbent President
Mauricio Macri is running for re-election and his top opponent is
Alberto Fernandez.  If no candidate reaches certain thresholds, a
runoff vote between the top two candidates will be held on Nov.
24.


COMPANIA LATINOAMERICANA: Fitch Affirms CCC LongTerm IDRs
---------------------------------------------------------
Fitch Ratings affirmed CLISA - Compania Latinoamericana de
Infraestructura y Servicios' Long-Term Foreign and Local-Currency
Issuer Default Ratings at 'CCC'. Fitch has also affirmed CLISA's
unsecured notes at 'CCC'/'RR4'.

CLISA's ratings reflects its tight liquidity position and business
vulnerability operating in Argentina's struggling economic
environment, which has gone through a period of economic
deterioration highlighted by high inflation, sharp local currency
depreciation and restricted access to credit markets. CLISA's
ratings are constrained by counterparty exposure to the public
sector and are closely tied to Argentina's country ceiling of
'CCC'. The rating affirmation of CLISA's notes at 'CCC'/'RR4'
reflects average recovery expectations for these obligations in the
event of default.

KEY RATING DRIVERS

Pressured Liquidity Position: The company's senior secured private
placement of USD27 million in October is expected to provide
short-term liquidity relief and will be used to repay financial
obligations as well as for capex in the waste management business.
As of June 30, 2019, the company had readily available cash on hand
of ARS2.4 billion and short term debt of ARS5.4 billion. The 'CCC'
rating reflects Fitch's concern that reduced access to credit with
local banks and continued economic instability in Argentina could
result in deterioration of CLISA's liquidity position and capital
structure.

Counterparty Risk: CLISA's ratings incorporate the company's
exposure to counterparty risk, which is closely linked to the
Argentine public sector, as approximately 80% of the company's
revenues come from various municipalities and provinces; the more
stable waste management business accounts for the majority of this
figure. Fitch expects the cyclical construction business to
continue to experience a slowdown over the rating horizon, driven
by economic uncertainty in Argentina. Changes in the political
scenario could lead to lower budgets for public works and new
construction projects.

High Regulatory, Political Risk: Approximately 49% of CLISA's
EBITDA is generated in its waste management business, which
includes the urban waste management (UWM) and landfill segments.
The company's UWM serves important cities such as Buenos Aires,
Santa Fe, Neuquen as well as the county of San Isidro. CLISA's main
landfill operations are Norte III and Mar del Plata in Buenos Aires
and the Neuquen landfill. Contract Renewal risk stems from regular
negotiations of public service contracts. The company is vulnerable
to possible delays in collection with the public sector as a major
client. CLISA is also highly exposed to the government through its
construction activities; this segment accounts for approximately
42% of CLISA's consolidated annual EBITDA. Its main activities
relate to projects being developed by the federal, provincial and
municipal governments.

Moderate Leverage, High FX Risk: CLISA's leverage is moderate
relative to its rating category. Fitch expects net leverage to
increase to around 3.4x during 2019, from 2.7x in 2018, due to
continued local currency devaluation. As of June 30, 2019, CLISA
had total debt of ARS18.7 billion (USD441 million), which consists
primarily of U.S. dollar-denominated unsecured debt. CLISA is
exposed to foreign currency risk as approximately 80% of its debt
is denominated in foreign currency, while its cash generation is
concentrated in Argentine pesos. Most of the company's contracts
contain price adjustment clauses that are triggered upon an
increase in costs, primarily driven by inflation, which mitigates
some of the FX risk.

Market Position and Diversification: CLISA has a strong market
position and is one of Argentina's largest privately owned
conglomerates, with businesses in various public infrastructure
sectors. The company originates substantially all of its
consolidated sales from its waste management, construction,
transportation and water supply segments, which represented
approximately 49%, 42%, 5% and 4%, respectively, of the company's
LTM EBITDA, as of June 30, 2019. The company's EBITDA margin is
expected to be around 14%-15% during 2019-2020. The ratings would
be negatively impacted if the company is unable to win a bid to
continue operating the subway network in the city of Buenos Aires;
the current contract is set to expire in December 2019.

Recovery Analysis Assumptions: CLISA's 'RR4' Recovery Rating
reflects average recovery prospects in the event of default. Using
a going-concern scenario in its recovery analysis, Fitch uses an
enterprise value of ARS17.6 billion based on post-default EBITDA of
approximately ARS3 billion (a 40% discount from the company's last
fiscal year EBITDA level of ARS4.9 billion) and a 6x multiple.
After deducting 10% for administrative claims, the remaining
ARS15.9 billion of enterprise value leads to recovery for CLISA's
unsecured debt of 100%. CLISA's recovery prospects are capped at
'RR4' as Fitch applies a recovery cap of 'RR4' to instrument
ratings in certain higher risk jurisdictions. This reflects the
agency's view that average recoveries are likely to be lower in
regimes that are debtor friendly and have weak creditor rights.
Argentine issuers are generally subject to Recovery Ratings of up
to 'RR4'.

DERIVATION SUMMARY

CLISA's operations are primarily focused in Argentina and the
company is experienced and a well-positioned operator in the
construction sector. The company also maintains an important
business position in Argentina's waste management industry serving
the city of Buenos Aires and other important cities and counties
such as, Santa Fe, Neuquen and San Isidro.

CLISA's credit metrics appear slightly weaker when compared with
its regional peers. CLISA's expected EBITDA margins of around 14.8%
are somewhat lower than Elementia, S.A.B. de C.V. (BB+/Stable),
Cementos Argos S.A. (BB+/Stable) and Tecnoglass Inc. (BB-/Stable)
with EBITDA margins of 15.1%, 18.7% and 19.3%, respectively, during
the same period. CLISA (annual revenues of around USD700 million)
is larger than Tecnoglass (USD 371 millions) but much smaller than
Elementia (USD1.4 billion) and Cementos Argos (USD2.8 billion).
Fitch views CLISA's leverage as moderate for the rating level.
Fitch expects the company's net leverage, measured as net
debt/EBITDA, to increase to 3.4x in 2019. This is weaker than
Tecnoglass' expected net leverage of 2.9x during the same period.

Cost of funding remains a credit negative for CLISA when comparing
it with peers due to Argentina's macroeconomic environment. In
terms of interest coverage, CLISA's EBITDA/interest ratio is
anticipated to be around 2.4x during 2019-2020, which is weaker
than expected levels for Elementia (3.2x), Tecnoglass (3.9x) and
Cementos Argos (3.9x) during the same period. Fitch views CLISA's
credit profile as weaker than U.S. peers in the waste management
industry such as Waste Management Inc. (BBB+/Stable) and Waste
Connection Inc. (BBB+/Stable). These companies are stronger in
terms of scale, margins, FCF generation, leverage and operating
environment.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

  -- 2019 annual revenue growth in line with inflation;

  -- 2019-2020 EBITDA margin around 14.8% due to cost increases in
2019;

  -- EBITDA interest coverage ratio consistently below 3.0x over
the rating horizon;

  -- Slowdowns/delays expected in construction segment for
remainder in 2019 and 2020.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - An upgrade of the Argentine sovereign rating could trigger a
positive rating action.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - A downgrade could be triggered by an Argentine sovereign rating
downgrade;

  - Deterioration in the company's liquidity position resulting in
readily available cash consistently below ARS 1 billion;

  - A significant deterioration of the company's credit metrics
leading to an interest coverage ratio below 1.5x or sustained net
debt/EBITDA above 4.0x.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: CLISA had ARS 2.4 billion of cash and cash
equivalents and ARS 5.4 billion of short-term debt as of June 30,
2019. In addition the company's account receivables portfolio
totaled ARS 11.5 billion, which could provide additional source of
financial flexibility if required. The 'CCC' ratings reflect
Fitch's concern is that reduced access to credit with local banks
and continued economic uncertainty could result in deterioration of
CLISA's liquidity position.

Fitch expects net leverage to increase to around 3.4x during 2019,
from 2.7x in 2018, due to continued local currency devaluation. As
of June 30, 2019, CLISA had total debt of ARS18.7 billion (USD441
million), which consists primarily of U.S. dollar-denominated
unsecured debt. CLISA is exposed to foreign currency risk, as
approximately 80% of its debt is denominated in foreign currency,
while cash generation is concentrated in Argentine pesos. Most of
the company's contracts contain price adjustment clauses, which
mitigates some FX risk.




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B R A Z I L
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BRAZIL: China Makes Trade Concessions to the Country
----------------------------------------------------
Rio Times Online reports that China is willing to increase its
imports of agricultural and industrial goods from Brazil in order
to enhance bilateral trade, Chinese Vice Premier Hu Chunhua said on
Friday, October 25.

Hu, at a seminar in Beijing, also said the two countries can deepen
cooperation in areas such as infrastructure, according to a pool
reporter, the report notes.

China is Brazil's biggest trading partner and largest source of
foreign investment, according to Rio Times Online.  Last year,
bilateral trade rose to a record US$100 (R$400) billion, the report
recalls.

Brazilian President Jair Bolsonaro, who was also at the seminar,
the report notes.




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C H I L E
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UBIOME INC: Committee Hires Province Inc. as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of uBiome, Inc. seeks
authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Province, Inc. as its financial advisor
effective as of Sept. 16, 2019.

The firm will provide these services to the committee in connection
with the Debtor's Chapter 11 case:
  
     a. analyze the debtor-in-possession budget, assets and
        liabilities, and overall financial condition;

     b. review financial and operational information furnished by
        the Debtor to the committee;

     c. monitor the sale process, review bidding procedures,
        stalking horse bids and asset purchase agreements,
interface
        with the Debtor's professionals, and advise the committee
        regarding the process;

     d. scrutinize the economic terms of various agreements;

     e. analyze the Debtor's proposed business plans and
developing
        alternative scenarios, if necessary;

     f. assess the Debtor's various pleadings and proposed
        treatment of unsecured creditor claims;

     g. prepare or review avoidance actions and claim analyses;

     h. assist the committee in reviewing the Debtor's financial
        reports;

     i. advise the committee on the current state of the Debtor's
        bankruptcy case;

     j. advise the committee in negotiations with the Debtor and
        third parties; and

     k. if necessary, participate as a witness in hearings before
        the bankruptcy court.

Province's standard hourly rates are:

     Principal           $800 - $935
     Managing Director   $660 - $720
     Senior Director     $580 - $640
     Director            $500 - $570
     Senior Associate    $400 - $490
     Associate           $350 - $400
     Analyst             $230 - $350
     Paraprofessional    $175

Edward Kim, managing director of Province, attests that the firm
and its employees do not represent any interest adverse to that of
the committee.

The firm can be reached through:

     Edward Kim
     Province, Inc.
     2360 Corporate Circle, Suite 330
     Henderson, NV 89074
     Tel: (702) 685-5555  
     Fax: (702) 685-5556
     Email: ekim@provincefirm.com

                       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.

Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Sept. 16, 2019.




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P E R U
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PERU: Big Changes & Domestic Aviation Market Reshuffles
-------------------------------------------------------
centreforaviation.com reports that Peru's domestic aviation
landscape has undergone significant changes in the last year and
these culminated in the recent suspension of service by Peruvian
Airlines, which had risen to become the country's second largest
airline.

But the fate of Peruvian and other airlines has increasingly been
called into question as low cost operators Viva Air Peru and Sky
continue to grow in the market, according to centreforaviation.com.


LC Peru, which had nearly an 8% share of Peru's domestic in 2018,
has now ceased operations, and the question will be whether
Peruvian can revive itself, the report notes.  Avianca Peru has
turned its attention to international destinations, which are also
creating some opportunities in the country's domestic market, the
report relays.

Even with all the jockeying occurring in Peru's domestic market,
the long-standing market leader LATAM Airlines Peru is maintaining
its dominance and is also looking at ways it can take advantage of
shifts in the domestic landscape, the report discloses.

        Challenges By LC Peru & Peruvian Create Shifts In
                       Peru's Domestic Share

Domestic passenger growth in Peru has been among the fastest in
Latin America during the past few years, jumping from 5.5 million
annual passengers in 2010 to 12.7 million in 2018, the report
relays.

Despite the more than doubling of passenger levels in the Peruvian
domestic market over the past eight years, there is still plenty of
room for passenger stimulation. Peru's trips per capita in 2017
were just 0.5, which nevertheless was a jump of 102% since 2010,
the report notes.

Aside from LATAM Airlines Brazil retaining its leading position in
the market, significant changes have occurred in Peru's domestic
market during the past few years, the report notes.

Avianca Peru, which was the country's second largest airline for a
number of years, has been steadily reducing its presence in the
domestic market; most recently the airline pulled out of Trujillo,
Juliana and Puerto Maldonado, the report relays.

Avianca executives recently explained that the company would
maintain its presence in the Lima-Cuzco market, but is planning to
focus largely on international routes from Peru's capital to Latin
America and the US, the report discloses.

As Avianca relinquished it domestic share, Peruvian Airlines became
the second largest airline in the country's domestic market,
holding a 13.8% passenger share in 2018, the report relays.

But there have been shifts in the country's domestic market during
the past year: Chile's Sky Airline has launched a new domestic
subsidiary in Peru and Viva Air Peru, which launched domestic
operations in 2017, has continued to grow, the report notes.

For the 7M ending Jul-2019, Peruvian's share had fallen to 11.5%
and Viva Air Peru overtook the airline, with a 12.4% share, the
report says.

The report discloses that Peruvian's strategy has been somewhat
questionable during the past year.

In 2018, it pledged to order 10 Sukhoi SSJ-100s and 10 Irkut MC-21
jets, for operation by a new subsidiary, but nothing ever
materialized, the report relays.

Peruvian also operates with a much older and less fuel efficient
fleet than its start-up LCC rivals, with an average fleet age of
29.7 years, the report notes.

In early October 2019, Peruvian reportedly had to cancel its
operations due to a freeze on its bank accounts, and the airline
subsequently suspended operations until further notice, the report
recalls.

The suspension follows the market exit of LC Peru in late 2018
after it temporarily halted service due to a suspension of its
insurance policy, the reprot notes.  LC Peru has never resumed
operations, the report says.

  Peru's Remaining Airlines Continue to Grow Their Ambitions
                    For The Domestic Market

Sky, which has long been Chile's second largest airline,
successfully transitioned to the low cost model a couple of years
ago, the report relays.

Sky Peru launched service in Apr-2019, and recently its Chief
Executive Officer Jose Raul Feldmuth stated via his LinkedIn
account that the airline had transported 500,000 passengers during
its first six months of operations and noted that it is likely the
airline will exceed its passenger targets for 2019, the report
notes.

Before launching its new subsidiary, Sky executives concluded that
the Peruvian market was expecting a real "LCC to enter with new
aircraft, and that's what we're going to offer," the report
relays.

Viva Air Peru's parent company is owned by Irelandia Aviation and
Grupo IAMSA. Previously, Viva Air Peru has stated that it would
achieve an 11% domestic market share in 2019 and, given its 12.4%
share for the 7M ending Jul-2019 and the low likelihood of Peruvian
returning to service, the prospects for Viva exceeding that goal by
a solid margin look bright, the report says.

LC Peru's exit and Peruvian being unlikely return to service
obviously creates opportunities for both Viva Air Peru and Sky to
continue growing their shares and for there to be overall continued
growth in Peru's market, the report notes.

However, LATAM Airlines Peru will continue to be a fierce
competitor, previously having determined that interesting
opportunities were arising in the country, given the changes that
are occurring within Peru's domestic market, the report discloses.


As a result of the shuffling in position among some of Peru's
domestic airlines, LATAM achieved a 61.8% market share for the 7M
ending Jul-2019, compared with a share of 58% in 2018, the report
says.

              The Evolution Of Peru's Domestic Market
                    Three Major Players Emerge

After a good deal of start-up activity there seems to be a
shake-out occurring in Peru's domestic market, with LC Peru and now
potentially Peruvian exiting the market. Viva Air Peru and Sky have
the key competitive advantages of strong parent companies and much
younger, fuel efficient fleets critical for the execution of the
low cost model, the report says.

Increasingly, it looks as if Peru's domestic market will settle at
three large domestic players, each with growing ambitions to take
full advantage of the country's steady passenger growth, the report
adds.


PERUVIAN AIRLINES: Claims to Have Found Investor to Refloat
-----------------------------------------------------------
Jose Antonio Payet at Airline Geeks reports that domestic carrier
Peruvian Airlines presumedly suspended operations following
turbulent months of financial difficulties and discrepancies over
tax values paid for two aircraft, which led to Peruvian authorities
temporarily freezing the airline's bank accounts.

However, the airline disclosed it was able to secure funding after
a group of investors bought the airline, intending to take it back
to the skies and position it as a leading carrier in the region,
according to Airline Geeks.

The report notes that the carrier was purchased by Global
Investment Platform (GIP) a consortium that identifies itself as a
platform that enables international investors to acquire stakes in
international projects through  "smart contracts."  According to a
press release published in the Peruvian press, the group purchasing
Peruvian Airlines is made up of international capital including
South American and Southeast Asian funds as its main investors, the
report relays.

Roberto Sone, managing partner for GIP, said the decision to
acquire Peruvian Airlines responded to a need to diversify the
group's investment portfolio, the report discloses.  Sone didn't
give any further specifications other than generic industries the
group claim's to have stakes in, which include retail and real
estate, the report says.

The value of the transaction has not been communicated either, the
report notes.  According to the Peruvian business newspaper
Gestion, GIP executives met with representatives of Peru's Ministry
of Transport and Communications, who manifested support for the
relaunch of the airline, the report says.

The carrier was forced to temporarily suspend operations after a
resolution dictated by Peru's Ministry of Economics and Finance
froze its bank accounts after issues with taxes, the report relays.
Peruvian Airlines claims this move prevented it from paying for
fuel suppliers amid having to ground flights for half a day on Oct.
1, the report notes.  Then on Oct. 4, the airline claimed the
temporary suspension generated fear amongst consumers and travel
agencies that translated into fewer reservations, hurting its
balance sheets as a result, the report discloses.

After citing an almost hard to believe attribution or excuse to
suspend operations, Peruvian Airlines communicated that it was
looking for investors to refloat the airline, the report relays.
The airline seems to have a deal on the table, raising questions on
whether negotiations could have started before the events, the
report notes.

So far, the buyer has expressed its interest in making Peruvian
Airlines a feasible alternative to the big South American carriers,
differentiating through customer service, the report relays.
However, that seems doubtful, the report says.  On one hand, in a
changing and increasingly concentrated market, cost reductions
through efficiency optimization across all processes and volume
generation through network expansion and cooperation becomes
pivotal for success, the report discloses.  Without the know-how
and financial backing of a large group, what GIP would be trying to
do with Peruvian Airlines seems extremely complicated, the report
notes.

On the other hand, Peruvian Airlines has not been known for being
particularly transparent when it comes to sharing information,
which places doubts on whether this sale actually signals a
strategic redirection for the airline or if it is a move just to
stay afloat and keep flying its 14-second hand Boeing 737s across
the country, the report says.




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

EL CANO DEVELOPMENT: Plan Outline Hearing Continued to Dec. 18
--------------------------------------------------------------
At the best of the parties, Judge Edward A. Godoy ordered that the
hearing on the disclosure statement explaining debtor El Cano
Development Inc.'s Chapter 11 plan is continued to Dec. 18, 2019,
at 9:30 a.m. at US Bankruptcy Court, SWD-MCS Building, Second
Floor, 880 Tito Castro Ave., Ponce, Puerto Rico.

The Debtor is the owner of several real properties located in
Penuelas, Puerto Rico. The Debtor markets these properties for sale
of undeveloped lots, and segregates them as needed.
  
As reported in the TCR, El Cano Development Inc. filed a small
business disclosure statement describing its proposed chapter 11
plan dated May 9, 2019.  General unsecured creditors will receive a
distribution of 100% of its allowed claims to
be paid in a single payment of $413.87.

A copy of the Disclosure Statement dated May 9, 2019 is available
at https://tinyurl.com/y4ejhgle from Pacermonitor.com at no
charge.

                     About El Cano Development

El Cano Development Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-08122) on October 11,
2016. The petition was signed by Adrian J. Hilera Vidal,
president.

At the time of the filing, the Debtor was estimated to have assets
of less than $1 million and liabilities of less than $500,000.
Modesto Bigas Law Office is the Debtor's bankruptcy counsel.


FIRSTBANK PUERTO RICO: S&P Affirms 'BB-' LT ICR, Outlook Positive
-----------------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB-' long-term issuer
credit rating on FirstBank Puerto Rico (FBP) and maintained a
positive outlook on the rating.

S&P said, "Our affirmation mainly reflects our view that the
benefits of scale from the acquisition will provide FBP with some
long-term competitive advantages within the consolidating Puerto
Rico banking sector, and will be a net positive to FBP's financial
profile with somewhat better funding and credit quality metrics,
despite the large immediate reduction in capital ratios. We also
believe future credit losses will likely be manageable given FBP's
improved reserve coverage of nonperforming loans (NPLs), and credit
metrics will incrementally benefit since FBP is not acquiring any
NPLs from BSPR. We also base the positive outlook on improvements
in the bank's funding profile resulting from a lower reliance on
wholesale funding and brokered deposits, which have benefited from
the inflow of government aid and insurance proceeds on the island.
We believe the combined entity, which is expected to have a lower
pro forma loan-to-deposit ratio and stronger on-balance-sheet
liquidity should be better able to absorb potential deposit
outflows from government-related accounts.

"With the acquisition of BSPR (ranked no. 4 in Puerto Rico in terms
of assets and deposits), we believe FBP will see a notable
improvement in its banking franchise with market share growth in
every product segment in which it currently participates,
particularly middle-market commercial and small business banking.
FBP's pro forma loan market share on the island will improve
meaningfully to about 27% (up from 19% at present), and deposit
share will increase to approximately 20% (up from 11% currently).
We believe the addition of BSPR's corporate client base (over half
of its loans) could also benefit FBP's ancillary fee-based
revenues. More importantly, we believe that the acquisition does
not substantively alter the company's existing loan mix.

"Our positive outlook on FBP balances the immediate substantial
reduction in the company's capital ratios following the BSPR
acquisition, with our expectation for meaningful longer-term
earnings accretion that would support continued strong
capitalization, better competitive position in the local market,
and a likely improved deposit funding profile.

"We could raise the rating in the next 12-24 months, if capital
levels post-acquisition improve to and are sustained at over 15%,
or if we believe that FBP's competitive position and franchise has
improved considerably because of better revenue diversification and
further growth in market share. Conversely, we could revise the
outlook to stable if capital ratios decline more than we expect, if
there are outsized deposit outflows that hurt FBP's funding
profile, if loan performance weakens materially, or if the company
is unable to successfully integrate and realize expected synergies
from the announced acquisition."


SEARS HOLDINGS: Court Confirms Second Amended Chapter 11 Plan
-------------------------------------------------------------
Sears Holdings Corporation and its affiliated debtors won approval
of their Modified Second Amended Joint Chapter 11 Plan.

The hearing on confirmation of the Plan commenced on Oct. 3, 2019,
and concluded on Oct. 7, 2019, and after due deliberation, the
U.S. Bankruptcy Court for the Southern District of New York
ordered
that:

   * The Plan and each of its provisions is approved and the Plan
     is confirmed pursuant to section 1129 of the Bankruptcy
     Code.

   * Any and all objections to and reservations of rights in
     respect of the Plan that have not been withdrawn, waived
     or resolved prior to the Confirmation Hearing are hereby
     denied and overruled on the merits with prejudice.

   * The compromises and settlements set forth in the Plan are
     approved, including, but not limited to, the PBGC Settlement,
     the Plan Settlement, and the Creditors Committee Settlement,
     and, on the Effective Date, will be effective and binding
     on all parties in interest, except that the Administrative
     Expense Claims Consent Program shall be effective and
     binding on all parties in interest on the Confirmation Date.

    * On the Effective Date, all Liquidating Trust Assets of the
      Debtors shall be transferred to the Liquidating Trust in
      accordance with Article X of the Plan, and all Debtors shall
      be dissolved without the necessity for any other or further
      actions to be taken by or on behalf of such dissolving
Debtor
      or its shareholder(s) or any payments to be made in
      connection therewith, other than the filing of a certificate
      of dissolution with the appropriate governmental
authorities.

A copy of the Plan Confirmation Order dated Oct. 15, 2019, is
available at https://tinyurl.com/y3468jzb from PacerMonitor.com at
no charge.

A full-text copy of the Modified Second Amended Plan dated Sept.
13, 2019, is available at https://tinyurl.com/y55oqwer from
PacerMonitor.com at no charge.

                       About Sears Holdings

Sears Holdings Corporation (OTCMKTS: SHLDQ) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.




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

TRINIDAD & TOBAGO: Budget Passed in House
-----------------------------------------
Ria Taitt at Trinidad Express reports that the 2020 budget for
Trinidad and Tobago was passed in the House of Representatives.  No
division was taken, according to Trinidad Express. The debate on
the budget moves to the Senate starting at 10 a.m. Oct. 22.

During the Standing Finance Committee, it was revealed that the
country has not honored its commitments to a number of
international bodies, including a number of UN commitments, the
report relays.

Foreign Affairs Minister Dennis Moses said two payments were made
-- $1.3 million was paid to the UN Economic Mission for Latin
America and the Caribbean and just under $5 million was paid for
the UN Peacekeeping Operations, the report relays.  He said most of
the other obligations had not yet been paid, the report notes.




=============
U R U G U A Y
=============

URUGUAY: Poised For Tightest Election in Years
----------------------------------------------
EFE News reports that Uruguayans were preparing for what was
expected to be the country's most competitive election in years.

Polls show that the top two presidential candidates, Daniel
Martinez and Luis Lacalle Pou, will almost certainly be forced into
a runoff, while no party is expected to win a majority in Congress,
according to EFE News.



                           *********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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.


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