TCRLA_Public/191108.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, November 8, 2019, Vol. 20, No. 224

                           Headlines



B R A Z I L

GLOBO COMUNICACAO: Fitch Lowers IDR to BB, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Loses US$37.7M+ in Trade on Haiti Turmoil
DOMINICAN REPUBLIC: Major Port to Link With Dutch Possessions
DOMINICAN REPUBLIC: Trader Issues US$19M, 4Yr Bond at 9.25%


J A M A I C A

JAMAICA: Tobacco Industry Regulations Act to be Repealed
SCOTIABANK JAMAICA: Unionized Employees are Reportedly Restive


P U E R T O   R I C O

BOBALU INC: Seeks to Hire Tamarez CPA as Accountant
DESTINATION MATERNITY: U.S. Trustee Forms 5-Member Committee
PUERTO RICO: Eyes New Debt Policy, Will Pay Holiday Bonus

                           - - - - -


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

GLOBO COMUNICACAO: Fitch Lowers IDR to BB, Outlook Stable
---------------------------------------------------------
Fitch Ratings downgraded Globo Comunicacao e Participacoes S.A.'s
Long-Term Foreign Currency Issuer Default Rating and its USD
unsecured notes to 'BB' from 'BB+'. The Rating Outlook on the FC
IDR is Stable. Fitch has affirmed the LT Local Currency IDR at
'BBB', and has revised the Outlook to Negative from Stable. Fitch
has affirmed the National Scale ratings at 'AAA(bra)'/Stable.

The downgrade of the FC IDR and USD notes reflects the reduced
commitment to maintain cash abroad. Additionally, the hard-currency
balances held abroad are insufficient to warrant notching above
Brazils Country Ceiling of 'BB'. The Stable Outlook on the FC IDR
reflects the Stable Outlook on the Brazilian sovereign. The
Negative Outlook on the LC IDR reflects the continued deterioration
in Globo's operating performance, amid a challenging broadcast
environment in Brazil, as well as the migration of advertising
revenues to other platforms. Globo's financial structure continues
to be very strong, owing to the company's negative net debt
position, which offsets concerns about operating performance to a
degree, and supports the company's investment grade LC IDR.

KEY RATING DRIVERS

Country Ceiling Constrains FC Rating: The company's FC IDR and the
USD notes' ratings are constrained by Brazil's Country Ceiling of
'BB', as the company no longer holds sufficient dollar-denominated
balances abroad to warrant an uplift. Fitch estimates that the vast
majority the company's revenue are BRL-denominated, with
insufficient dollar-denominated revenue to pierce Brazil's Country
Ceiling, absent consistently holding larger cash balances abroad.

Net Cash Position Supports LC Rating: Globo boasts one of the
strongest financial structures in the region, backed by its net
cash position. Globo's cash and equivalents balance of BRL10.2
billion is substantially higher than its total debt of BRL3.4
billion. Despite the fall in operating income, Fitch expects Globo
to generate positive pre-dividend FCF, as the company's capex and
payments for exhibition rights should be covered by cash flow
generation. The company has flexibility to delay or reduce its
dividend payments.

Dependent on Advertising Revenues: Compared to 'BBB' category media
peers, Globo has a heavier reliance (60%) on advertising revenues,
which exposes it to seasonality in the short term, as well as
events such as the World Cup. Longer term, corporate spending on
advertising is correlated to the economic growth, and Globo's
advertising revenues have failed to keep pace with inflation. While
Fitch expects performance in the second half of 2019 to pick up
from the first, the cyclicality of Globo's revenues is a
constraining factor.

Declining Operating Performance: Globo's operating performance
continues to fall from pre-recession highs. As of June 30, 2019,
LTM revenues have fallen by 7.7%, led by the company's advertising
segment, which accounts for over 60% of consolidated revenues. The
company's gross margin has simultaneously declined from 29.9% of
revenues to 23.4%, as rising prices for exhibition rights and labor
costs increased operating expenses. The decline in gross margin has
translated into declining operating income and EBITDA, as SG&A
costs have been more stable.

Weak Advertising Outlook: The deep recession and subsequent
stagnation have depressed advertising spending in Brazil. While
Fitch expects the Brazilian economy to grow by around 2% in the
medium term, competitive challenges create uncertainty whether
Globo can leverage its position in Brazilian mass media to benefit
from the gradual recovery. Globo is the largest broadcaster and
pay-TV provider in Brazil, with 40% of the national audience share;
Globo's viewership share has been declining. Declining viewership
and the shift of advertising to digital and social media platforms
act as long-term headwinds to Globo's prospects.

Mixed Prospects for Content: Fitch expects Globo to invest heavily
in its own content production; in August 2019, Globo opened a new
BRL209 million production facility. Fitch expects the company to
invest increasing amounts on programming & content, excluding
sports, as well as on technology to improve its streaming platform,
Globoplay. Fitch expects that the programming & content segment
will grow faster than advertising, reaching 40% of revenues by
2022, up from 36%. While growing exposure to content provides
positive diversification and could help offset the trend in
advertising somewhat, falling pay-TV penetration rates is an
obstacle to Globo's pivot.

DERIVATION SUMMARY

Globo is well-positioned relative to Latin American peers, such as
TV Azteca (B+/Stable) in terms of market position, content
production, and financial profile. Globo's profitability and lack
of operational diversification compare unfavorably with Grupo
Televisa S.A.B. (BBB+/Stable), which has a large telecommunications
presence and less reliance on advertising. Similarly, compared with
U.S.-based investment-grade media companies, such as Viacom Inc.
(BBB/Stable) and CBS Corporation (BBB/Stable), Globo's higher
reliance on cyclical advertising revenue generation is a weakness,
as is the declining money spent on Brazilian television broadcast
advertising space and pay-TV penetration. This lack of cash flow
diversification is offset by its materially stronger capital
structure that supports Globo's Local Currency (LC) IDR of
'BBB'/Outlook Negative. The FC rating of Globo is constrained by
the country ceiling of Brazil, which reflects the the lower
sovereign rating on Brazil relative to Mexico and the U.S., as well
as Fitch's assessment of higher transfer & convertibility risk.

KEY ASSUMPTIONS

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

  - Revenue to decline by around 1% in 2019, as advertising
    rebounds seasonally in 2H2019;

  - Longer term, advertising revenues to grow at around below
    1% as GDP grows by approximately 2%, falling to 60% of
    revenues by 2022;

  - Longer term, content & programming to grow at approx. 3%;

  - Cost of Sales, Advertising, and Services to account for
    approximately 70%-75% of revenues;

  - SG&A costs approximately 20% of revenues in the long term;

  - Capex of approximately 3.0%-3.5% of revenues, up from
    recent history as the company invests in technology;

  - Net cash position of approximately BRL6.0 billion over
    the medium term.

RATING SENSITIVITIES

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

  - An upgrade of the LC IDRs is unlikely, given the
    deterioration of the company's operating performance,
    and the Brazilian operating environment;

  - An upgrade of the LT FC IDR and the USD notes is unlikely,
    absent a commitment from the company and demonstrated track
    record of maintaining sufficient cash abroad to service
    hard-currency obligation;

  - An upgrade to Brazil's LT FC IDR and/or Country Ceiling
    would likely result in a positive rating action for Globo's
    LT FC IDR and USD notes.

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

  - The LC IDR will be downgraded if the deterioration in
    advertising revenues and rising costs further contribute
    to margin compression and a decline in operating performance;

  - A downgrade to Brazil's LT FC IDR (BB-) and Country Ceiling
    (BB) would likely result in a negative rating action for
    Globo's LT FC IDR and USD notes.

LIQUIDITY

Globo has a net cash position, with total debt of BRL3.4 billion,
and Fitch-adjusted cash and cash equivalents of BRL10.2 billion, as
of June 30, 2019.

The vast majority (i.e. 94.3%) of Globo's debt comprises three
USD-denominated senior unsecured notes due in 2022, 2025, and 2027,
with interest rates ranging from 4.8% to 5.1%. The remaining debt
liabilities comprise BRL-denominated bank notes and CP, with
maturities from 2019 - 2024.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating action:

Globo Comunicacao e Participacoes S.A

  - Long-Term FC IDR downgraded to 'BB' from 'BB+'; Outlook
Stable;

  - USD senior unsecured notes downgraded to 'BB' from 'BB+';

  - Long-Term LC IDR affirmed at 'BBB'; Outlook revised to Negative
from Stable;

  - National LT Rating affirmed at 'AAA(bra)'; Outlook Stable.



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

DOMINICAN REPUBLIC: Loses US$37.7M+ in Trade on Haiti Turmoil
-------------------------------------------------------------
Dominican Today reports that the country has lost out on over
RD$2.0 billion (US$37.7 million) trade with Haiti after the several
weeks of protests that have stunned that nation.

According to the Comendador (west) Merchants and Exporters
Association, trade in that area has been practically nil, hurting
productive sectors of the country, the report notes.

"We have stopped selling around two billion pesos, not counting the
income generated by trade," the union told El Dia, the report
relays.

Trade with Haiti has slumped from 2017 to August this year,
according to Customs figures. In that period, domestic exports to
Haiti slid from US$591.12 million to US$568.3 million, according to
Dominican Today.

                    Haiti, Business Partner

Local exports to Haiti are 9% of the total, surpassed only by the
United States, which is the country's main trade partner, the
report notes.

Last February, after several demonstrations, the Dominican Republic
Export and Investment Center (CEI- RD) said that trade fell by 45.2
million dollars after lower exports of rebar, T-shirts and shirts,
adding the declines in portland cement, among others, and with this
281 companies dedicated to export of those products, 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: Major Port to Link With Dutch Possessions
-------------------------------------------------------------
Dominican Today reports that that Foreign Minister, Miguel Vargas,
said that the new maritime trade route, which begins this month,
will help consolidate Dominican Republic's economy.

Vargas made the announcement after concluding the eighth session of
the National Competitiveness Council (CNC), headed by President
Danilo Medina, according to Dominican Today.

The foreign minister said the new route will link the port of Haina
(south) with Curacao, and from there transported directly to Aruba
and Bonaire, 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: Trader Issues US$19M, 4Yr Bond at 9.25%
-----------------------------------------------------------
Dominican Today reports that the United Capital trader at the
Dominican Republic Securities Exchange (BVRD) disclosed a bond
issue of RD$1.0 billion (US$19 million), with a term of 4 years, at
a fixed interest rate of 9.25%.

It said that "once again as in the placement of 2017, the demand
from the clients was higher than the offer, resulting in a pro rata
of the issuance in its placement," according to Dominican Today.

United Capital stands out as a securities market trader, occupying
first place for the sixth consecutive year in the Dominican
Republic Securities Exchange in the section with the highest trade
volume, as well as the sixth consecutive year in the Finance
Ministry's market creators program, 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).




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

JAMAICA: Tobacco Industry Regulations Act to be Repealed
--------------------------------------------------------
RJR News reports that cabinet has given approval for the Tobacco
Industry Regulations Act to be repealed.

Information Minister Karl Samuda, said the decision follows the
closure of  the Tobacco Industry Control Authority, which was
established by the Act, according to RJR News.

This is in keeping with the recommendations of the Public Sector
Transformation Unit, the report notes.

Samuda, who was speaking at post-Cabinet media briefing, noted that
Jamaica, which ratified the World Health Organization Framework of
Cooperation on Tobacco Control in 1983, has been party to the WHO's
Framework Convention on Tobacco since July 2005, the report
relays.

With the repeal of  the Act, Jamaica will be one step closer to
full compliance with the obligations under the Convention, 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+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned 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.


SCOTIABANK JAMAICA: Unionized Employees are Reportedly Restive
--------------------------------------------------------------
RJR News reports that unionized employees of Scotiabank Jamaica are
reportedly restive.

The Bustamante Industrial Trade Union (BITU), which represents the
bank's employees, told RJR News that it had rejected a wage offer
presented by the management.

According to the union, Scotiabank is offering a 4.5 per cent
increase in year one of the new contract period, and four per cent
in the second year, the report notes.

BITU President General Kavan Gayle said the union has informed the
bank that the workers will take industrial action if the salary
offer is not improved, the report says.

The union represents one thousand workers at Scotiabank, the report
adds.




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

BOBALU INC: Seeks to Hire Tamarez CPA as Accountant
---------------------------------------------------
Bobalu, Inc., seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire an accountant.
   
In an application filed in court, the Debtor proposes to employ
Tamarez CPA, LLC to provide these services:

     (a) reconciliation of financial information to assist Debtor
         in the preparation of monthly operating reports;

     (b) assist in the reconciliation and clarification of proof
         of claims filed and amount due to creditors, including
         tax investigation initiated by the PR Department of
         Treasury;
  
     (c) provide general accounting and tax services to prepare
         quarterly tax returns, withholding statements,
         year-end reports and income tax preparation; and

     (d) assist the Debtor in the preparation of supporting
         documents for its Chapter 11 reorganization plan.

Tamarez will be paid a fixed monthly fee of $700.

Albert Tamarez-Vasquez, the firm's accountant who will be
providing
the services, disclosed in court filings that he is
"disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Albert Tamarez-Vasquez
     Tamarez CPA, LLC
     P.O. Box 194136
     San Juan, PR 00919-4136
     Phone: (787) 795-2855
     Fax: (787) 200-7912
     Email: atamarez@tamarezcpa.com

                         About Bobalu Inc.

Bobalu Inc., a privately held company headquartered in Carolina,
P.R., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 19-05691) on Oct. 1, 2019.  At the time of
the filing, the Debtor had estimated assets of less than $50,000
and liabilities of between $1 million and $10 million.  The case is
assigned to Judge Mildred Caban Flores.  The Debtor is represented
by Enrique M. Almeida Bernal, Esq., and Zelma Davila, Esq., at
Almeida & Davila, PSC.


DESTINATION MATERNITY: U.S. Trustee Forms 5-Member Committee
------------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Nov. 1, 2019,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Destination
Maternity Corporation and its affiliates.
  
The committee members are:

     (1) Pan Pacific, Ltd.
         Attn: Suk Won Lim,  
         12, Digital-ro 31-gil
         Seoul, Korea
         Phone: 82 2 3494 9322
         Fax: 82 2 830 1011   

     (2) United Parcel Service, Inc.
         Attn: Jill Termini
         55 Glenlake Parkway, NE
         Atlanta, GA 30328
         Phone: 404-828-6455
         Fax: 404-828-6912    

     (3) Doolim Corporation
         Attn: Demian Jeon
         5F, Sungjin-bldg  
         47, Seongnae-ro 6-gil
         Gangdong-gu
         Seoul, Korea
         Phone: 82 2 2224 2028
         Fax: 82 2 478 8635

     (4) Brookfield Property REIT, Inc.
         Attn: Julie Minnick Bowden
         350 N. Orleans Street, Suite 300
         Chicago, IL 60654
         Phone: 312-960-2707
         Fax: 312-442-6374

     (5) Furi Design Inc.
         Attn: Steven Lee
         4225 St. Dominique, Suite 310
         Montreal, Quebec, H2W2T5
         Phone: 514-908-7224
         Fax: 514-908-7224
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                    About Destination Maternity

Destination Maternity is a designer and omni-channel retailer of
maternity apparel in the United States, with the only nationwide
chain of maternity apparel specialty stores, as well as a deep and
expansive assortment available through multiple online distribution
points, including our three brand-specific websites.

As of August 3, 2019, Destination Maternity operated 937 retail
locations, including 446 stores in the United States, Canada and
Puerto Rico, and 491 leased departments located within department
stores and baby specialty stores throughout the United States and
Canada.  It also sells merchandise on the Internet, primarily
through Motherhood.com, APeaInThePod.com and
DestinationMaternity.com websites.  Destination Maternity sells
merchandise through its Canadian website, MotherhoodCanada.ca,
through Amazon.com in the United States, and through websites of
certain of our retail partners, including Macys.com.

Destination Maternity's 446 stores operate under three retail
nameplates: Motherhood Maternity(R), A Pea in the Pod(R) and
Destination Maternity(R). It also operates 491 leased departments
within leading retailers such as Macy's(R), buybuy BABY(R) and
Boscov's(R).  Generally, the company is the exclusive maternity
apparel provider in its leased department locations.

Destination Maternity and its two subsidiaries sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-12256) on Oct. 21,
2019.  As of Oct. 5, 2019, Destination Maternity disclosed assets
of $260,198,448 and liabilities of $244,035,457.

The Hon. Brendan Linehan Shannon is the case judge.

The Debtors tapped Kirkland & Ellis LLP as legal counsel; Greenhill
& Co., LLC as investment banker; Landis Rath & Cobb LLP as local
bankruptcy counsel; Hilco Streambank LLC as intellectual property
advisor; Prime Clerk LLC as claims agent; and Berkeley Research
Group, LLC as restructuring advisor.  BRG's Robert J. Duffy has
been appointed as chief restructuring officer.


PUERTO RICO: Eyes New Debt Policy, Will Pay Holiday Bonus
---------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that Puerto Rico would place
restrictions on its future debt sales under proposed legislation
that won praise from the bankrupt U.S. commonwealth's federally
created financial oversight board.

Puerto Rico's bankruptcy takes up the bulk of the island's $120
billion of debt and pension obligations and analysts have raised
questions about the island's future market access due to the
board's attempt to void some outstanding bonds, according to
Reuters.

Under legislation backed by Governor Wanda Vazquez Garced, the
Puerto Rico Fiscal Agency and Financial Advisory Authority would be
charged with developing a policy for the government and its public
corporations that sets a limit on tax-backed debt, the report
relays.

The agency would also have to approve any debt issuance, which
would be limited to maturities of no more than 30 years with
proceeds allocated for only capital improvements, the report
discloses.  Principal payments would be required to begin within
two years of issuance, the report relays.

Debt refinancings would have to produce debt service savings
without extending maturity dates beyond those on existing bonds,
the report says.  Exceptions would be made for bond refundings to
address natural disasters or emergencies, the report notes.

"Upon the possibility and need that the government returns to
capital markets and in accordance with our public policy, this law
establishes uniform and responsible processes for any future debt
issuance," the governor said in a statement obtained by the news
agency.

The board said it welcomed a policy to prevent a repetition of
"irresponsible fiscal management and debt issuances" that led to
the island's financial crisis and subsequent 2017 bankruptcy
filing, the report relays.

The bill now heads to the legislature, where support for the
measure was unclear, the report notes.

Concerns have been raised about Puerto Rico's future ability to
access the U.S. municipal market without paying a bruising penalty
given the board's contention that more than $6 billion of general
obligation bonds sold in 2012 and 2014 should be invalidated
because they breached a debt limit in the island's constitution,
the report says.

Meanwhile, the governor and the board announced on Tuesday that
public sector workers will receive about $60 million in Christmas
bonuses this year, the report notes.

In July, the board said its $20.2 billion, fiscal 2020 budget for
Puerto Rico's central government would prohibit officials from
moving money around to pay for things not in the board's fiscal
plan like the bonus, which has been the subject of past spending
disputes, the report says.

The board said that the bonus is "part of the routine compensation
package provided to public employees," and that it worked with the
governor to identify funding to pay for it, the report adds.

                         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).



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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
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of the same firm for the term of the initial subscription or
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contact Peter A. Chapman at 215-945-7000.
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