/raid1/www/Hosts/bankrupt/TCRLA_Public/191220.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, December 20, 2019, Vol. 20, No. 254

                           Headlines



A R G E N T I N A

ARGENTINA: Sends Emergency Bill That Hikes Taxes to Congress
MSU ENERGY: Fitch Affirms CCC LT Issuer Default Ratings


B A H A M A S

BAHAMAS: CDB OKs US$50 Million Loan for Hurricane Relief


B R A Z I L

ODEBRECHT SA: To Change Command While Facing Troubles


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pact Will Up Hotel & Restaurant Salaries by 12%
DOMINICAN REPUBLIC: US Looks to Drum Up Business Along Haiti Border


J A M A I C A

JAMAICA: Consumer Prices Rose to 13% in November


P U E R T O   R I C O

PUERTO RICO: Governor Says She Will Seek Same Office in 2020


V E N E Z U E L A

CONSIS: Amends Plan to Resolve Bolivians, Asesuisa Claims

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Sends Emergency Bill That Hikes Taxes to Congress
------------------------------------------------------------
The Argentine government sent to Congress a public emergency bill
that would boost taxes on personal assets and the purchase of
dollars, while freezing the price of public services to provide a
little relief for the more vulnerable sectors of society.

This project is the first package of legislative measures to be
promoted by Argentina's new president, the Peronist Alberto
Fernandez, in order to deal with the crisis afflicting the country
with high inflation levels, currency depreciation and soaring
national debt, all part of the fallout from a recession that began
in April 2018 and has driven poverty and unemployment to emergency
levels.

                         About Argentina

Argentina is a country located mostly in the southern half of
South America.  It's capital is Buenos Aires. Alberto Angel
Fernandez is the President-elect of Argentina after winning the
October 2019 general election. He succeeded Mauricio Macri in the
position.

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.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.  On
March 30, 2016, Argentina's Congress passed a bill that will allow
the government to repay holders of debt that the South
American  country defaulted on in 2001, including a group of
litigating hedge  funds that won judgments in a New York court.
The bill passed by a vote of 54-16.

MSU ENERGY: Fitch Affirms CCC LT Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings of Rio Energy S.A., UGEN S.A. and UENSA S.A.
(collectively known as MSU Energy S.A.) at 'CCC' and the rating of
their co-issued USD600 million senior secured notes due 2025 at
'CCC'/'RR4'. Similar to its Argentine peers, the ratings reflect
the companies' exposure to the uncertain local operating and
regulatory environment for generation companies along with the
electricity system's high dependence on government subsidies.
Additionally, MSU Energy has a high amount of leverage and tight
near-term liquidity combined with the inherent execution risk
associated with completing its 300MW combined-cycle expansions by
mid-2020.

KEY RATING DRIVERS

Heightened Counterparty Exposure: MSU Energy depends on payments
from CAMMESA, which acts as an agent for electricity generation,
transmission and distribution companies and large consumers or the
wholesale market participants (Mercado Mayorista Electrico).
CAMMESA is currently paying 70% of invoices on time and the rest
within three weeks. Although major commitments such as the combined
cycle conversions are largely funded, MSU has recently relied upon
short-term liquidity loans. Fitch estimates that MSU Energy's
working capital requirements and funding needs for expansions
afford the company little flexibility in payment delays from
CAMMESA.

Uncertain Regulatory Environment: Argentina's current economic and
political environment remains highly uncertain and Fitch believes
that a material change in the company's power purchase agreements
(PPAs) would adversely affect its capital structure and
pesification would create a currency mismatch between cash flows
and debt service obligations. The sector is highly strategic where
the government has a role as the price/tariff regulator and also
controls subsidies for industry players. Fitch's base case assumes
that Resolution 21 and 287 PPAs remain in their current form
although a reduction in terms and pesification of contracts are
risks under the new Fernandez administration.

Cycle Conversions Expected in 2020: Fitch expects MSU Energy to
complete its combined cycle conversions at all three of its plants
in mid-2020. Once complete, the expansions are expected to nearly
double EBITDA on a pro forma basis from the current level of
approximately USD100 million. The conversions will add 300MW of
capacity at a total after-tax cost of USD490 million. Fitch has
incorporated a two-month delay into its base case at all three
plants following the company's request from CAMMESA for 60-day
deadline extensions in October 2019. Fitch does not anticipate any
further delays in completing the projects or any related fines from
CAMMESA as a result.

Stable Cash Flow: MSU Energy's cash flow generation is relatively
stable and predictable if CAMMESA continues to pay on time and PPA
terms are not significantly altered. As of 4Q19, 100% of the
company's EBITDA related to Res. 21/2016 CAMMESA is denominated in
U.S. dollars for a 10-year period ending in 2027. Following the
combined-cycle conversions in mid-2020, EBITDA will be split fairly
evenly between Res. 21/2016 and 15-year PPAs under Res. 287/2017.
Given that the company began operations in 2017, it is not expected
to have exposure to changes in Base Energy, the country's
regulatory framework for generators not under a PPA, until 2027.

Deleveraging Trajectory: Fitch estimates MSU Energy's 2019 total
debt/EBITDA will be 8.2x but fall to 3.8x in 2021 once the combined
cycles are fully operational and its USD250 million note begins to
amortize. The company's main financial obligations are a USD600
million bullet bond due 2025 and a USD250 private note that
amortizes between 2021 and 2023. With the USD250 million note
carrying an interest rate of three-month LIBOR plus 11.25%, Fitch
expects 2019 FFO interest coverage of 1.4x, indicating a majority
of cash flow will be dedicated to interest payments. FFO interest
coverage is expected to rise above 2.0x in 2020 and beyond
following the expansions.

Short Operating History: The issuers' ratings also reflect the
companies' short operating history, which remains a concern. The
companies have hired experienced personnel to manage its operations
and entered into an O&M agreement with General Electric Company
(BBB+/Negative) for the life of the PPAs to supervise operations
and train MSU staff, which mitigates the short operating track
record. This concern is also mitigated by the plants' proven
technology and access to fuel supply. The rating reflects the
assumption that the issuers will retain General Electric through
the life of the PPAs.

DERIVATION SUMMARY

MSU Energy's Foreign and Local Currency IDR of 'CCC' is in line
with those of local Argentine peers all of which are exposed to
Argentina's regulatory risk and operating environment as
electricity generation companies dependent upon the electricity
market coordinator, CAMMESA, as their counterparty. The rating also
reflects the Argentina electricity sector's increased reliance on
government subsidies primarily due to depreciation of the Argentine
peso, which increases counterparty risk for the country's
generation companies.

Fitch estimates MSU Energy's 2019 leverage measured as gross
debt/EBITDA will be 8.2x, which is weaker than peers such as Capex
(1.6x), AES Argentina (3.3x), Pampa Energia (1.5x), Genneia (4.8x)
and Albanesi (4.0x). Similar to MSU Energy, Albanesi and Genneia
are in the midst of expanding their installed capacity to meet PPAs
awarded since 2016. Albanesi currently has a weaker liquidity
structure and debt profile compared with MSU Energy, which has an
amortizing USD250 million due between 2021 and 2023 and its next
maturity due in 2025.

KEY ASSUMPTIONS

  -- Installed capacity of 600MW followed by an additional 150MW in
mid-2020 for a total of 750MW;

  -- Simple cycle PPAs granted under SEE 21/2016. Fixed payment
rate (USD/MW-month) of USD20,900 for General Rojo and USD19,900 for
Villa Maria and Barker;

  -- Variable payment rate (USD/MWh) of USD8.50 for natural gas and
USD12.50 for fuel oil;

  -- Through March 2020, natural gas will be the primary source of
fuel except for the winter months (May through October), after
which liquid fuel oil will only be used for the month of August;

  -- Combined cycle conversion expansion of 300MW to be completed
by mid-2020 at a cost of USD1.5 million per MW;

  -- Capacity payments will be received from CAMMESA within 51
days;

  -- Recovery Rating Assumptions: In the event of a default by the
issuer, Fitch assumes a -50% EBITDA change, a 6.0x going concern
enterprise value multiple and 10% administrative claims.

RATING SENSITIVITIES

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

  -- Given the issuer's high dependence on the subsidies by CAMMESA
from the Argentine Treasury, any further regulatory developments
leading to a more independent market less reliant on support from
the Argentine government could positively affect the company's
collections/cash flow;

  -- Positive sovereign rating action coupled with successful
completion of combined conversion, sustained gross leverage of 5.5x
or lower, and sustained FFO interest coverage of 2.0x or greater
upon completion of combined cycle conversion.

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

  -- Sustained leverage above 7.5x over the rated horizon after
expansion;

  -- A reversal of government policies that result in a significant
increase in subsidies and/or a delay in payments for electricity
sales;

  -- A significant deterioration of credit metrics and/or
significant payment delays from CAMMESA;

  -- A downgrade of Argentina's ratings would result in a downgrade
of the issuers' ratings, given that the company's ratings are
constrained by the sovereign's credit quality.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity in 2020: On a combined basis, MSU Energy reported
readily available cash of USD26 million at the end of 3Q19,
compared with USD119 million at the end of 2018 immediately
following its USD250 million private note issuance. The company is
in the midst of converting its three simple cycle power plants to
combined cycle and, hence, requires significant financing. Fitch
expects MSU Energy will require capital expenditures of USD150
million in 2020 to complete the expansions, which will pressure its
working capital and could necessitate additional funding in the
event of cost overruns or additional delays in receiving payments
from its off-taker, CAMMESA. The company has an available financing
basket of approximately USD60 million.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.



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B A H A M A S
=============

BAHAMAS: CDB OKs US$50 Million Loan for Hurricane Relief
--------------------------------------------------------
RJR News reports that the Caribbean Development Bank (CDB) has
approved an Exogenous Shock Response Policy-Based Loan of US$50
million to support The Bahamas following the damage caused by
Hurricane Dorian.

The Exogenous Shock Response Policy-Based Loan is an instrument to
provide resources for financing needs that arise from external and
natural hazard shocks that have a significant economic and social
impact, according to RJR News.

The CDB said in addition to providing finance for the ongoing
recovery, the loan will support the implementation of the
comprehensive reform program of The Bahamas, the report relays.

Economic growth in country has been revised downwards from 1.7 per
cent to one per cent in 2019 and from 1.8 per cent to 1.5 per cent
in 2020, the report adds.



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

ODEBRECHT SA: To Change Command While Facing Troubles
-----------------------------------------------------
Bnamericas reports that Odebrecht SA is changing its leadership
amid ongoing debt restructuring and difficulties to obtain new
contracts.

Chairman and ally of founder Emilio Odebrecht, Ruy Sampaio, will
replace current CEO Luciano Nitrini Guidolin as the expected
conclusion of the conglomerates' debt restructuring will also end a
cycle in the company, an Odebrecht spokesperson told BNamericas.

Guidolin's tenure is marked by his failure to advance debt talks
with banks and other creditors as expected, and his inability to
make the company competitive in contract bidding, according to
Bnamericas.

"The situation of Odebrecht is worrisome as the company is not
getting new contracts at a pace fast enough to meet its debt
obligations. At this moment, we can say that the conglomerate's
situation is highly complex and changes in the command reflect
that," the director of Brazilian infrastructure center CBIE,
Adriano Pires, told BNamericas.

According to Pires, the company should focus on its core business,
construction and engineering, the report relays.

                        Bankcruptcy Protection

In June, Odebrecht holding ODB and 21 of its subsidiaries requested
a record bankruptcy protection, having accumulated a 98.5bn-real
(US$24bn) debt, the report relays.

The conglomerate has been working on its debt restructuring plan
ever since and expects to present it to creditors in the coming
days, the report notes.

Odebrecht tried to avoid the bankruptcy protection by selling its
38.3% stake in petrochemical firm Braskem to Dutch firm
LyondellBasell, but the sale fell through, the report relays.

The stake is part of Odebrecht's guarantee to its banking
creditors, Itau Unibanco, Bradesco, Banco do Brasil and Santander.
And the conglomerate is negotiating with them to sell the stake not
immediately but in the next three years, the report ads.

                        About Odebrecht SA

Construtora Norberto Odebrecht SA is a Latin American engineering
and construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto is
the world's largest builder of hydroelectric plants, of sanitary
and storm sewers, water treatment and desalination plants,
transmission lines and aqueducts.  The Group's main businesses are
heavy engineering and construction based in Rio de Janeiro, Brazil,
and Braskem S.A., its chemicals/petrochemicals company, based in
Sao Paulo, Brazil.

As of May 5, 2009, the company continues to carry Standard and
Poor's BB Issuer Credit ratings, and Fitch Rating's BB+ Issuer
Default ratings and BB+ Senior Unsecured Debt ratings.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2016, The Wall Street Journal related that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person close
to the negotiations.  The move could roil the nation's political
class yet again.  The testimony of the former industrialist, which
is part of the deal, has the potential to implicate numerous
politicians who allegedly took kickbacks from contractors as part
of a years-long graft ring centered on Brazil's state-run oil
company, Petroleo Brasileiro SA, known as Petrobras, according to
The Wall Street Journal.



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

DOMINICAN REPUBLIC: Pact Will Up Hotel & Restaurant Salaries by 12%
-------------------------------------------------------------------
Dominican Today reports that the National Wages Committee (CNS)
unanimously accepted the agreement presented by workers and
employers that increases the salary of the hotel and restaurant
sector by 12%, which also includes casinos, bars, cafes, coffee
shops, nightclubs, pizzerias, fast food businesses, chimichurris,
ice cream parlors, and other unspecified establishments.

The agreement is retroactive nature, which is why it is recognized
as in effect as of August 1 of this year, according to Dominican
Today.

The preamble of the agreement highlights the excellent relations
between labor union representatives and employers, being the 10th
consecutive time in which the parties arrive with an agreement
prior to the CNS sessions, 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).

DOMINICAN REPUBLIC: US Looks to Drum Up Business Along Haiti Border
-------------------------------------------------------------------
Dominican Today reports that the United States Government seeks
solutions for business leaders in the Dominican Republic and Haiti
to create a favorable business environment on both sides of the
border.

The US Embassy tweeted that its ambassadors, Robin Bernstein in
Santo Domingo, and Michele Sison in Port-au-Prince held a meeting
with private sector representatives in the Dominican Republic and
Haiti to discuss how to produce a favorable business environment at
the border, according to Dominican Today.

"The conversation focused on specific steps that the private sector
can take to increase formal trade and decrease informal trade and
smuggling, and promote investment," the report notes.

                     About Dominican Republic

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

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

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

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



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

JAMAICA: Consumer Prices Rose to 13% in November
------------------------------------------------
RJR News reports that consumer prices in Jamaica rose 1.3 per cent
in November.  It was the highest monthly movement since September
2014, according to RJR News.

The Statistical Institute of Jamaica said the increase was a result
of higher prices for food and gas, the report notes.

The November rate moved inflation for the last 12 months to 4.6 per
cent, the report relays.

That was in line with the 4 to 6 per cent target set by the Bank of
Jamaica, the report adds.

                         About Jamaica

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.



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

PUERTO RICO: Governor Says She Will Seek Same Office in 2020
------------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that Puerto Rico Governor
Wanda Vazquez, who had said she was reluctant to take power after
her predecessor resigned in disgrace this past summer, declared her
candidacy for the same office in next year's elections.

Vazquez was sworn in as governor in August when widespread protests
led to the resignation of Gov. Ricardo Rossello, who was caught up
in a scandal over profane chat messages and federal corruption
charges against two officials of his administration, according to
Reuters.

The report notes that Vazquez, who served as justice secretary and
was in line to succeed Rossello, was also targeted by protesters
for alleged corruption and being too close to Rossello.

Vazquez said in a video aimed at voters and released on social
media that she would seek election because she had "decided to
continue working for you," the report relays.

Vazquez will run under the pro-statehood New Progressive Party. She
will face Pedro Pierluisi, a former representative of the
commonwealth in the U.S. Congress, the report notes.

Rossello tapped Pierluisi in late July to become his successor. But
Pierluisi was forced out of office a few days later by the
territory's Supreme Court, which ruled the selection was
unconstitutional, the report discloses.     

Puerto Rico is still trying to recover from devastating hurricanes
that hit the Caribbean island in 2017.  It is also working its way
through a bankruptcy process to restructure about $120 billion of
debt and pension obligations, the report notes.

Since taking office, Vazquez has had a cordial relationship with
the island's unpopular financial oversight board, which commenced a
form of bankruptcy for the government in federal court in 2017, the
report recalls.  The board was formed by the federal government,
the report notes.

In November, she backed legislation to reform Puerto Rico's debt
issuance policies and reached an agreement with the oversight board
to pay about $60 million in Christmas bonuses to public sector
workers, the report says.

Ahead of the announcement of her candidacy, Vazquez signed
legislation restoring vacation time and sick leave for government
workers that had been cut in 2017, the report notes.  

                        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.



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V E N E Z U E L A
=================

CONSIS: Amends Plan to Resolve Bolivians, Asesuisa Claims
---------------------------------------------------------
Debtor Consis International, LLC filed with the U.S. Bankruptcy
Court for the Southern District of Florida, Fort Lauderdale
Division, a second amended disclosure statement for second amended
chapter 11 plan of reorganization.

As of the Petition Date, unsecured claimants included numerous
insiders, employees and service providers: Oscar Carrera
$139,889.00; Consis International CA Venezuela $641,930.00; Consis
de Mexico CA de CV $90,000.00; Leonardo Lucena $22,500.00; German
Marcano, $161,402.00. Consis had an additional unsecured debt to
unrelated service providers and third parties. Accordingly,
Debtor's initial Plan and Disclosure Statement reflected
treatment accordingly. This second amended plan takes into
consideration amended proofs of claim and/or clarification by
general unsecured creditors the Bolivians as well as the Asesuisa
Group of El Salvador.

Class 3 consists of the allowed general unsecured claims including
Claims filed and numbered #1,# 3, #4; #9, #12 as well as #6, #7
[the Bolivians] (in amount to be determined by the Court or by
agreement of the parties, but estimated at $5M for Plan purposes)
and #10, #11 [Asesuisa] (in amount to be determined by the Court
or by agreement of the parties, but estimated at $2.8M for Plan
purposes). This class shall receive their pro-rata share of
amounts available for distribution as set forth in the budget
attached to the Amended Plan. Payments approximately totaling
$1,300,000 shall be made pro-rata, in installments, over a
period of time as set forth in the Amended Cash Flow, within
forty-eight months from the Effective Date of the Plan.

Class 4 consists of the allowed general unsecured claims of
insiders in Debtor's Schedule F (German Marcano, Oscar Carrera,
Leonardo Lucena, and Juan Medina). The cumulative amount of these
general, unsecured insiders is $387,542.00. This class shall
receive no distribution from the Plan.

Class 6 consists of the Members' equity interest in the Debtor.
In a limited liability company, the equity interest holders are the
members. Members of this class will not withdraw capital or receive
Accumulated Adjustment Account distributions. Members of this class
will provide new value to the reorganized Debtor as necessary to
fund the Plan. Specifically, the new value provided will be the sum
to fund the Convenience Class Claim: $28,052.00.

The Debtor will fund the Plan with funds collected from its
accounts receivables, cash in hand and funds received from its
continued operations. The Debtor's Insiders' new value will
fund the Convenience Class Claim and will address any shortfalls or
variations from the Cash Flow projections. The debtor will set
aside sufficient funds for amounts due pursuant to the plan as of
the Effective Date. The Administrative Claims not paid in full on
the Effective Date will be paid in installments after the Effective
Date.

A full-text copy of the amended plan is available at
https://tinyurl.com/uvt5lu4 from PacerMonitor.com at no charge.

The Debtor is represented by:

       Aleida Martinez Molina, Esq.
       Weiss Serota Helfman Cole Bierman, PL
       2525 Ponce de Leon Boulevard, Suite 700
       Coral Gables, Florida 33134
       Tel: 305-854-0800
       Fax: 305-854-2323
       E-mail: amartinez@wsh-law.com

                   About Consis International

Consis International LLC -- https://www.consisint.com/ -- provides
computer systems design and related services. It was founded in
August 1987 in Caracas, Venezuela.

Consis International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-22233) on Oct. 2,
2018.  In the petition signed by Oscar Carrera, manager, the
Debtor was estimated to have assets of less than $1 million and
liabilities of $1 million to $10 million.  Judge John K. Olson
oversees the case.  Weiss Serota Helfman Cole & Bierman, P.L., is
the Debtor's legal counsel.


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

Troubled Company Reporter-Latin America is a daily newsletter
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
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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