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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, March 6, 2023, Vol. 24, No. 47

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Grosses $5 Million From Sale of Convertible Notes


B E R M U D A

BERMUDA: Economy Contracts by 5% in 2022 Third Quarter


B R A Z I L

OI SA: Files for Second Bankruptcy Protection Process


C A Y M A N   I S L A N D S

NAGACORP LTD: Moody's Puts 'B2' CFR on Review for Downgrade


J A M A I C A

JAMAICA: Debt to Drop in 2023 to 2024


M E X I C O

GRUPO IDESA: S&P Lowers ICR to 'CCC-', Outlook Negative
UNIFIN: Will Not Post Quarterly Results to 'Protect' Investors


T R I N I D A D   A N D   T O B A G O

MANTA LODGE: Stays Shut For Next Six Months


V I R G I N   I S L A N D S

LIMETREE BAY: $465M Bank Debt Trades at 23% Discount


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 27 to March 3, 2023

                           - - - - -


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

GAUCHO GROUP: Grosses $5 Million From Sale of Convertible Notes
---------------------------------------------------------------
Gaucho Group Holdings, Inc. announced that on Feb. 21, 2023, the
Company entered into a Securities Purchase Agreement with an
institutional investor, pursuant to which the Company will sell to
the investor a series of senior secured convertible notes of the
Company in the aggregate original principal amount of $5,617,978,
and a series of common stock purchase warrants of the Company,
which warrants shall be exercisable into an aggregate of 3,377,099
shares of common stock of the Company for a term of three years.
The Company received $5,000,000 in proceeds after the original
issue discount of 11% on the principal.

As set forth in its Current Report on Form 8-K as filed with the
SEC, the Company used approximately $905,000 to pay off previous
notes.  The Company also has an option to enter into an additional
note for up to another $5 million in the future, subject to certain
conditions being met.

With the new funds, the Company states it has a mechanism to begin
its growth plans in 2023 and beyond.  This includes infrastructure
and amenity expansion for its luxury vineyard estate development,
Algodon Wine Estates, with the goal of increasing land value and
revenues of its residential villas and commercial elements.  The
funds are also intended for the Company's high end wine products,
Algodon Fine Wines, which includes marketing efforts to further
increase revenues via distribution channels, e-commerce sales and
international markets, such as Argentina's neighbor Brazil, the
world's 3rd largest market for online wine sales.  The Company
intends to continue efforts to scale the growth of its leather
goods and accessories brand, Gaucho â€" Buenos Aires, which
celebrated its flagship opening last year at the Miami Design
District, located among the likes of widely recognized luxury
retail brands such as Off White, Bottega Veneta, Gucci, and Chanel,
and many others. The Company intends to target e-commerce revenue
growth with an aggressive marketing campaign, as well the
anticipated forthcoming launch of its Resort Collection and a
luggage + travel accessories collection, later this year.
Furthermore, the funds may also be used for strategic investment
under the Company's Gaucho Development Group to increase
stockholder equity.

Mathis previously stated, "In the next 24 to 36 months our
extraordinary real estate project is expected to have a new
destination spa, world class gym facilities, an 18-hole golf course
expansion, and more vineyard casitas as well.  Anticipated for Q4
2023, the restaurant renovation and final touches on the upgrade to
the winery will allow them to now accommodate weddings and
corporate events, and other large gatherings.  In addition, the San
Rafael airport is being expanded and the runway improved for larger
aircraft and more traffic.  These can positively impact our ADRs
and occupancy rates, as well as the value of our residential lots.

"Of our two hospitality properties, one of them currently
generates
positive cash flow through lease revenues and will be accretive to
the company, and we expect the other to have substantial
development opportunities.  We believe both are in prime areas ripe
for development, and we believe the valuation of the real estate is
positioned to allow for substantial appreciation in the years
ahead. Across all of our companies, we now have the means to up our
game and get our story out to the world as we continue to grow."

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $25.39
million in total assets, $6.86 million in total liabilities, and
$18.53 million in total stockholders' equity.




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B E R M U D A
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BERMUDA: Economy Contracts by 5% in 2022 Third Quarter
------------------------------------------------------
Bill Zuill at Royal Gazette reports that the Bermuda economy
contracted by 5 per cent in real terms in the third quarter of 2022
in a surprise setback after strong growth in the first half of the
year.

Jason Hayward, the economy and labor minister, said he was still
confident that the economy would grow between 3.4 per cent and 3.9
per cent as projected in last month's Budget, according to Royal
Gazette.

Mr Hayward said that the contraction in the third quarter was "a
direct result" of lower government consumption, a decrease in
investment, strong imports of goods and inflationary pressure, the
report notes.

Mr Hayward had previously predicted that the third quarter would
see strong growth, saying then that higher imports in the second
quarter showed economic confidence, the report relays.

The announcement also saw significant revisions to the estimates
for the first and second quarters of 2022 as first-quarter growth
was revised up from 3.9 per cent to 5.2 per cent while the second
quarter was revised from a contraction of 1.7 per cent to growth of
3.9 per cent, the report discloses.

Mr Hayward said the changes consisted of standard revisions and
more significant changes because of "computational errors" for
travel services and investments, which affected the calculation for
exports of services, the report says.

He said of the third-quarter figures: "While the Government
continues to facilitate the expansion and sustainability of
Bermuda's economy, we also recognise the critical role of
employers, business owners and consumers alike, the report notes.

"High levels of inflation continue to place pressure on the
economy's growth. Despite this, the Government will continue to
create an environment that encourages economic growth while
providing opportunities for Bermudians," the report discloses.

The third-quarter contraction means that the economy has still not
recovered the pre-pandemic level of the third quarter of 2019, when
GDP was $1.527 billion in real terms. In 2022, it was $1.44
billion, the report says.

A major driver of the decline was "gross capital formation", which
saw machinery imports slump by 25 per cent and construction fall
off by 8 per cent, the report relays.

"I believe that if we look at the current indicators regarding
government revenue, job growth, payroll tax receipts, the tourism
sector and the number of tourists who actually arrived and their
expenditures all being up, I think the fourth quarter will trend in
a positive direction," the report notes

Mr Hayward said growth in the first half of the year was "extremely
robust". He also noted that the economy shrank by just 0.7 per
cent. and this was compounded by the inflation rate reaching its
peak in that period, the report relays.

The report notes that Mr. Hayward maintained that the economy was
expanding but conceded that residents would not necessarily feel
that because of the way inflation had eroded their purchasing
power.

He said the efforts of the Government over the past four years had
helped to improve the purchasing power of lower-paid families, the
report relays.

Asked about rising interest rates and high bank profits, Mr Hayward
said the mortgage increases were "of concern" and were eroding
purchasing power, but he said overall consumption and remuneration
were "relatively strong" although he added that it was notable that
retail sales were seeing a decline in the amount of goods being
sold, the report discloses.

Asked about windfall taxes on banks if high interest rates
persisted, he said the Government had the whole tax system under
review and wanted to move the burden of taxation from individuals
to corporations, the report says.

Mr Hayward appeared unfazed by the dramatic upsurge in overseas
purchases by Bermuda residents over the past year, the report
notes.

He said online purchasing had steadily increased and "I don't think
you are going to see a reverse in that particular trend," the
report relays.

Although local retailers had a greater economic impact than
offshore retailers, this had been true in other areas of Bermuda
for many years, he said, citing Bermudians vacationing overseas as
an example, the report adds.




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

OI SA: Files for Second Bankruptcy Protection Process
-----------------------------------------------------
Gabriel Araujo at Reuters reports that Brazilian telecoms company
Oi SA has filed for a second bankruptcy protection process, it
said, only months after emerging from a similar restructuring
process that lasted more than six years.

The move had been expected after Oi asked last month for an
injunction to prepare while also seeking protection from its
creditors under Chapter 15 of the U.S. bankruptcy code, according
to Reuters.

Oi had exited its first bankruptcy protection in December, more
than six years after filing for what was then Brazil's biggest ever
judicial recovery process. However, analysts cautioned that the
company's debt burden remained a threat, the report notes.

In an affidavit filed with a Rio de Janeiro court last month, Oi
said it would need protection from creditors holding about 29
billion reais ($5.60 billion) of loans and bonds, the report
relays.

"Filing for bankruptcy protection is a critical step towards the
financial restructuring and the search for long-term
sustainability," Oi said as it confirmed the move in a securities
filing, the report discloses.

Oi said it would maintain its regular activities, adding that talks
with creditors were ongoing, the report adds.

                              About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
'Brazilian Bankruptcy Law'), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization)
in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A.
and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in
New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and
Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the Chapter
15 Debtors, and granted certain additional related relief.

The company exited bankruptcy protection in December 2022.




===========================
C A Y M A N   I S L A N D S
===========================

NAGACORP LTD: Moody's Puts 'B2' CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed NagaCorp Ltd.'s B2 corporate
family rating and the B2 senior unsecured rating on the company's
US dollar bond on review for downgrade. The bond is unconditionally
and irrevocably guaranteed by the major operating subsidiaries of
NagaCorp.

At the same time, Moody's has changed the outlook to ratings under
review from negative.        

"The ratings review reflects the likelihood of a downgrade if
NagaCorp fails to make substantial progress over the next three
months to refinance its outstanding $472 million bond coming due in
July 2024," says Yu Sheng Tay, a Moody's Analyst.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

NagaCorp is exposed to heightened refinancing risks given its $472
million bond maturing in July 2024 and tight funding conditions.
The bond is the company's only debt in its capital structure,
excluding lease liabilities. NagaCorp also has limited sources of
liquidity given its lack of bank facilities and divestible non-core
assets.

Moody's expects NagaCorp's earnings to improve over the next two
years as Cambodia's tourism sector continues to recover and benefit
from the return of tourists from China. Consequently, the rating
agency estimates NagaCorp will generate EBITDA of around $370
million in 2023 and $485 million in 2024, compared with $245
million last year. Such levels remain below its earnings in 2019.

Despite the earnings improvement, Moody's believes NagaCorp will
likely rely on external financing to repay its bond. As of December
31, 2022, the company had cash and deposits of $175 million.
Together with expected operating cash flows of around $535 million
through to June 2024, this is inadequate to cover the company's
cash uses, which include the bond maturity and discretionary
spending such as dividends and development capital expenditure.

NagaCorp has the flexibility to significantly reduce or defer its
discretionary spending to shore up liquidity and repay the bond
through internal cash flows. Nonetheless, Moody's expects the
company to continue incurring capital expenditure for its Naga 3
development project at this juncture, having outlined its
construction targets for the year.

NagaCorp declared scrip dividends in lieu of cash in 2022, which
Moody's views as credit positive, but the company has not made any
public commitments on whether it would maintain scrip dividends or
revert to cash in 2023.

Moody's review will focus on NagaCorp's ability to address its bond
maturity over the next three months.

An upgrade of NagaCorp's ratings is unlikely, given the review for
downgrade. However, Moody's could confirm the ratings if the
company addresses its refinancing risk.

Moody's could downgrade NagaCorp's ratings if the company (1) is
unable to address its refinancing risk; or (2) undertakes a
liability management exercise that Moody's views to be an avoidance
of default that results in economic loss for its bondholders.

The principal methodology used in these ratings was Gaming
published in June 2021.

NagaCorp Ltd. was incorporated in the Cayman Islands in 2003 and
listed on the Hong Kong Stock Exchange in 2006. It owns and manages
NagaWorld, the largest integrated casino and hotel complex in Phnom
Penh, Cambodia. NagaCorp was founded by Tan Sri Dr. Chen Lip Keong,
its chief executive officer and largest shareholder with a 69%
stake in the company as of December 31, 2022.



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

JAMAICA: Debt to Drop in 2023 to 2024
-------------------------------------
RJR News reports that Finance Minister Dr. Nigel Clarke says
Jamaica's nominal debt is set to drop in the new fiscal year.

Dr. Clarke shared the data while answering questions at the meeting
of the Standing Finance Committee, according to RJR News.

He said the total public debt as of February 2023 was $2.161
trillion, the report notes.

This is down from $2.187 trillion, which was the total public debt
as at March 2022, the report adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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

GRUPO IDESA: S&P Lowers ICR to 'CCC-', Outlook Negative
-------------------------------------------------------
S&P Global Ratings, on March 1, 2023, lowered its long-term issuer
credit rating on Mexico-based petrochemicals producer Grupo Idesa
S.A. de C.V. (IDESA) to 'CCC-' from 'CCC+'. The outlook is
negative.

S&P said, "We also lowered our issue-level rating on the company's
senior secured notes due 2026 to 'CCC-' from 'CCC+', in line with
the issuer credit rating, and kept the '4' recovery rating on the
notes unchanged. The '4' recovery rating indicates our expectation
of average (30%-50%; rounded estimate 40%) recovery prospects in
the event of a payment default.

"The negative outlook reflects our view that IDESA could face
increasing default risk in May 2023 or November 2023, if it doesn't
boost its cash flows and its liquidity position to address the
interest and/or coupon payments."

The company hasn't put into place any action plan to significantly
slash its debt to comply with the financial burden inherent to its
interest and coupon payments on its main debt instruments (MXN5.0
billion Banco Inbursa loan due 2025 and MXN6.2 billion senior
secured notes due 2026). As a result, IDESA's debt still remains
significant for its financial capacity and liquidity, at about
MXN12.6 billion. This translates into debt to EBITDA of 12.6x and a
tight interest coverage ratio of 0.8x as of Sept. 30, 2022. The
highly leveraged balance sheet has significantly tightened the
company's liquidity, which weighs on the ratings.

S&P said, "In our view, IDESA is unlikely to generate sufficient
EBITDA from its operations to service its debt obligations.
Although the company generated about MXN1.0 billion in EBITDA for
the last 12 months ended September 2022, its interest expense
burden of about MXN1.3 billion remains high due to its oversized
debt levels. Moreover, IDESA has a limited cash position and hasn't
received higher dividend inflows from its stake in Braskem Idesa's
joint venture (JV). Braskem Idesa has paid about $10 million in
dividends to IDESA in recent years, and in our view, this inflow is
insufficient to provide greater financial strength and enhanced
liquidity to the company. Therefore, we think IDESA may struggle to
service its financial obligations due in May and November 2023
related to the interest on its bank loans and/or the coupon
payments for its senior secured notes." The company will face a $14
million coupon payment on its senior secured notes in May 2023,
which is more than its cash position of about $12 million as of
Sept. 30, 2022. As a result, if IDESA doesn't put a specific action
plan into place--such as the one announced last year related to a
potential debt capitalization in the upcoming months to enhance its
debt structure and liquidity position to complete the coupon
payment--the company could face a near-term liquidity crunch.

IDESA's default risk has increased, related to its short-term
financial commitments. S&P's negative outlook reflects the growing
risk related to the company's limited liquidity position. Although
IDESA announced at the end of last year that it intends to
capitalize up to $300 million of its outstanding debt with its main
financial lender, Banco Inbursa S.A., to improve its financial
viability, the capitalization is still subject to certain
conditions, such as the local regulator's (COFECE -Comision Federal
de Competencia Economica-) approval and other government approvals
that may be required. Additionally, IDESA must reach satisfactory
negotiations, necessary consents, and/or waivers from certain
stakeholders to materialize this action plan. If IDESA fails to do
this or put into place another action plan to improve its liquidity
position, it could continue pressuring credit quality.

ESG credit indicators: E-3, S-2, G-3


UNIFIN: Will Not Post Quarterly Results to 'Protect' Investors
--------------------------------------------------------------
Valentine Hilaire at Reuters reports that Mexico's troubled leasing
firm Unifin will not publish its fourth quarter results in order to
"protect investor interests," according to a company statement
released, marking the second straight quarter it has opted to
withhold the data.

The unusual decision was taken to protect its various shareholders,
including creditors, as well as to preserve the value of the
company and "avoid disclosing financial and accounting information
as of a certain date that could mislead or confuse the investing
public," the statement said, according to Reuters.

The statement added that such disclosure could cause problems
related to ongoing bankruptcy proceedings.

A Mexican court approved last November Unifin's voluntary
application for its declaration of bankruptcy, the report relays.

Unifin's business model focuses on offering specialized financing
to companies, including automotive credit, the report notes.

According to Unifin's 2022 second-quarter results, it then
shouldered nearly $4 billion in financial liabilities, the report
says.

Last November, Mexico's main stock exchange suspended trading of
Class "A" Unifin shares after the firm announced it would not
publish a third-quarter earnings report, the report discloses.

The exchange said at the time that the suspension may last until
Unifin publishes quarterly results, the report adds.




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T R I N I D A D   A N D   T O B A G O
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MANTA LODGE: Stays Shut For Next Six Months
-------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that after having
spent $27 million of taxpayers' dollars on the newly refurbished
24-room Manta Lodge Hotel comes word it will remain shut for
another six months, while the Tobago House of Assembly (THA) looks
for an operator to run the place.

The 2-star hotel located in Speyside, Tobago was handed over to the
THA by the Urban Development Corporation of Trinidad and Tobago
(UDeCOTT) but after years and a lot of controversy over the
decision to purchase and refurbish the hotel the Chief Secretary
told Express Business a Request for Proposals (RFP) was expected to
go out, according to Trinidad Express.

Augustine explained that the RFP wasn't sent out during
construction because it was difficult to predict a completion date
for the project, the report notes.

"Since coming into office, this is probably the third completion
date the THA got from UDeCOTT. The space also had to be ready for a
walk-through by potential operators.  The hotel is basically turn-
key as every room is already furnished and just awaiting the
operator's specific touch/decorating, the report relays.

"Everything down to security cameras/system, full commercial
kitchen, dining room furnishings, and outdoor/patio furniture among
others are already in place. It is a turn-key project and so the
successful operator won't have much to do," he remarked, the report
discloses.

Asked how long he believed it would take between RFP and the award
to a private entity, Augustine said a maximum of one month, the
report says.  He denied having conversations with a private entity
about taking over the hotel. Augustine said he held no
conversations as that would be improper, the report notes.

"It is an open tender process, which means that everyone and anyone
from anywhere in the country or around the globe will have a fair
chance to make their pitch and to be considered," he concluded.

He noted that the hotel is being pitched to open in time for August
(summer tourist season) and well before Tobago's peak season, which
usually starts in October (winter), the report relays.

In the interim, Augustine said the THA expects the hotel to be
abuzz with tours from potential operators and also during that
period, checks for faulty construction work will happen, the report
discloses.

Asked whether he was concerned with the physical integrity as the
hotel has been closed since 2015, the Chief Secretary indicated
that the period of closure is well within the defects liability
period, the report says.

"Further, the THA went abroad to World Travel Markets and
advertised that Manta Lodge will be available to guests from the
first quarter of 2016. We are now in the first quarter of 2023. So
as far as the integrity of the brand goes, we will have to do some
work to re-sell it," he acknowledged, the report notes.

Speaking on the issue, former chief secretary Ancil Dennis said the
plan by his administration the People's National Movement (PNM)
when the party was in power, was to hire a professional hotel
management company to run the hotel, the report relays.

"We were looking at a model similar to the HYATT in Trinidad, where
the hotel is owned by the Government through UDeCOTT, but it is
managed by the HYATT brand, so that was the then-THA's intention,"
Dennis said.

He is hopeful that the Manta Lodge Hotel can be opened this year
and be managed outside of the public service sector, the report
discloses.

Dennis expects that the hotel will attract both local and
international interest, as it is a small niche hotel and he
believes there are operators, that would be interested, the report
says.

"The tourism sector suffered some stagnation during the pandemic,
but I think there is an uptick now in Tobago on the whole," he
outlined, the report notes.

Dennis highlighted that when the then-THA purchased the hotel in
2015, it was looking for investors to foot the entire bill,
including the cost of renovation and the operating cost, the report
notes.

"We had some interest in the early stages, but that interest went
soft and then the pandemic came into play, and we realised at that
time, it was going to be extremely difficult to get any investor to
come on board in the hotel business.  Then in 2020, we decided to
refurbish Manta Lodge as it was going to be a cheaper and shorter
project and not the Sanctuary Villas, as that property was
requiring more funds," he explained.

Dennis added, that all these setbacks are why the hotel is now
being delivered, the report relays.

                      The Process Took Too Long

Weighing in on the matter, Tobago Chamber of Industry and Commerce
president Diane Hadad told the Express Business that a month before
completion the THA should have invited interested operators to view
the property, as it would have been in some state of readiness, at
that time and not allow it to be empty for this length of time, the
report notes.

"The bigger question is, why are we waiting to be so reactive,
rather than proactive, in terms of getting things done? While I am
happy that the project has finally been completed, I would have
liked to see the same for Sanctuary Villas," Hadad detailed, the
report relays.

Further, Hadad said it was a lack of foresight of this current
administration to not send out the RFP earlier, the report
discloses.

"A lack of vision, a lack of entrepreneurial skills, a lack of
professionalism and planning. This is being reflected in how the
THA is running a business on the island," she lamented.

Hadad also questioned if the size of the Manta Lodge will attract
an international investor, however, Magdalena Grand Beach and Golf
Resort is also on the market for an operator, the report relays.

"Is it then that someone was looking to see if the Magdalena and
Manta Lodge can be thrown in as a combo deal? Is that a
possibility? Because for you to be profitable in the hotel
business, you need to have a particular amount of rooms, for one's
buying power to make sense. With the Manta Lodge, you can offer the
countryside and the diving experience, so it can be a package. It
would make business sense," she observed, the report says.

Asked why Magdalena was taking this long to find an operator, Hadad
chuckled and said "tricks and games," the report adds.




===========================
V I R G I N   I S L A N D S
===========================

LIMETREE BAY: $465M Bank Debt Trades at 23% Discount
----------------------------------------------------
Participations in a syndicated loan under which Limetree Bay
Terminals LLC is a borrower were trading in the secondary market
around 76.7 cents-on-the-dollar during the week ended Friday, March
3, 2023, according to Bloomberg's Evaluated Pricing service data.

The $465 million facility is a Term loan that is scheduled to
mature on February 15, 2024.  About $439.4 million of the loan is
withdrawn and outstanding.

Limetree Bay Terminals operates oil terminals. The Company's
country of domicile is Virgin Islands.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Feb. 27 to March 3, 2023
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD



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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 2023.  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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