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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

          Thursday, July 4, 2024, Vol. 25, No. 134

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Extended Downturn in April Amid Milei's Cuts
ARGENTINA: Milei Shifts Policy in Second Phase of Plan
GAUCHO GROUP: Hires Gerhard Heusch to Lead Mansion Makeover


B R A Z I L

SABESP: Share Sale Lure Only One Bidder


J A M A I C A

JAMAICA: Removal From FATF Grey List Will Greatly Benefit Country


P U E R T O   R I C O

DESARROLLOS GJOM: Case Summary & One Unsecured Creditor
SABESP: Launches Major $3 Billion Share Sale
SALO ENTERPRISE: Unsecureds Owed $5K+ to Get 3.85% in 60 Months

                           - - - - -


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

ARGENTINA: Economy Extended Downturn in April Amid Milei's Cuts
---------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that Argentina's economy
slumped slightly in April, marking four of the last five months in
decline since President Javier Milei took office as he marches on
with his shock therapy austerity campaign.

Economic activity fell 1.7 percent in April from a year ago, less
than expectations for a 3.5 percent drop, according to analysts
surveyed by Bloomberg.  On a monthly basis, activity declined 0.1
percent, according to government data published, according to
Bloomberg News.

Construction, manufacturing and retail sectors led the declines,
Bloomberg News relays. Argentina entered a recession in the first
quarter of the year as consumer spending plunged, unemployment rose
and public works were effectively frozen, Bloomberg News notes.

Congress approved Milei's sweeping hallmark legislation, sending a
positive signal to markets amid slumping activity, Bloomberg News
notes.  The bill is expected to resuscitate Argentina by
deregulating vast swathes of the economy and making the labour
market more flexible, as well as boosting tax revenues, Bloomberg
News says.

Economists surveyed by the Central Bank estimate GDP will fall 3.8
percent this year, followed by 3.4 percent growth in 2025,
Bloomberg News adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.


ARGENTINA: Milei Shifts Policy in Second Phase of Plan
------------------------------------------------------
Kevin Simauchi & Manuela Tobias at Bloomberg News report that
President Javier Milei's administration embarked on what it called
the second phase of its economic plan by announcing that it will
swap out notes held at the Central Bank for new Treasury debt, for
which it's still negotiating the terms with private banks.

Monetary authorities will phase out one-day repo notes that
currently pay an interest rate of 40 percent and served as the
institution's policy instrument, according to Bloomberg News.  Now,
new Treasury notes will serve as the country's primary instrument
for administering monetary policy, Economy Minister Luis Caputo and
Central Bank Governor Santiago Bausili said during a press
conference, Bloomberg News relays.  

The moves aim to close what the two officials called one of the
"faucets" of monetary emission that risked further fuelling annual
inflation already above 276 percent. Caputo and Bausili will meet
with banks to discuss technical details, they added.

"In the first phase, we closed the faucet of monetary issuance for
the fiscal deficit," Caputo said.  "In this second stage we are
closing the second source of monetary issuance, which is the
interest paid by the Central Bank on interest-bearing liabilities,"
he added.

Bloomberg News discloses that the shift will allow the Argentine
central bank to move comfortably toward interest rates that exceed
inflation — or real positive rates — without ballooning its own
debt, Bausili added.  The stock of one-day repo notes stood at some
17.5 trillion pesos ($19.2 billion) through June 27, according to
Central Bank data, Bloomberg News says.

"This restores very important autonomy to the central bank, because
it can set the rate without worrying about the damage it may cause
to its own balance sheet," he added.

Positive real rates have long been a demand set by the
International Monetary Fund, which Argentina owes US$44 billion. An
IMF official said it gave its stamp of approval to the measures
Argentina announced, Bloomberg News notes.

Bloomberg News relays that Caputo and Bausili emphasised that they
won't abruptly devalue the peso, nor will they accelerate the
two-percent-per-month pace at which they depreciate the currency,
in a policy known as the "crawling peg."  For weeks, investors have
expressed concerns that the government's currency policy has become
unsustainable as the monetary authority struggles to accumulate
reserves, Bloomberg News discloses.

"What's not up for discussion is that getting out of currency
controls today presents a risk to people. We're not going to run
risks we don't need to," Caputo told reporters, Bloomberg News
notes.

Caputo said the third phase of Milei's economic plan would include
the end of currency controls but didn't provide any specifics on
timing or concrete targets that need to be reached for that to
happen, Bloomberg News says.

The announcement comes after Milei secured congressional approval
for his ambitious reforms that aim to reintroduce income taxes and
encourage foreign investment, among other items, Bloomberg News
relays.  Passing the bill after six months of horse-trading and
tough negotiations with lawmakers demonstrated to investors that
Milei has the wherewithal to get things done with only a
legislative minority, Bloomberg News adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.


GAUCHO GROUP: Hires Gerhard Heusch to Lead Mansion Makeover
-----------------------------------------------------------
Gaucho Group Holdings, Inc. announced July 1, 2024, it has engaged
architect Gerhard Heusch to lead new renovation projects at Algodon
Mansion, which include strategic value enhancements such as a
showroom and sales office for the Company's luxury vineyard real
estate project, Algodon Wine Estates.

These renovations also include the addition of a new 1,300 sqft
Royal Suite, and a lobby upgrade with a new piano bar to enhance
the guest experience.  These improvements aim to capitalize on the
increased business and tourism traffic coming into the country
under President Javier Milei's business-friendly administration.
Moreover, they position Algodon Mansion as a premier luxury
hospitality destination as well as an ambassador and sales tool for
Gaucho Holdings' $100 million luxury vineyard real estate project
in San Rafael, Mendoza.

Algodon Mansion in Buenos Aires is an all-suite luxury boutique
hotel fashioned in Belle Epoque architecture.  Exuding old-world
Argentinean charm while providing state-of-the-art luxuries,
Algodon Mansion includes 24-hour concierge service, a wine cellar,
lobby bar, a covered outside patio and fireplace, and on the
rooftop a luxurious pool and lounge bar.  It is part of the real
estate and hospitality portfolio of Gaucho Holdings
(gauchoholdings.com), which includes luxury experiences,
properties, and products that celebrate the vibrant and distinctive
Argentinian lifestyle.  To learn more about Algodon Mansion, visit
www.algodonhotels.com.

Heusch Architects, with offices in Los Angeles, Paris, and Buenos
Aires, led the initial renovation on Algodon Mansion, prior to its
grand opening in 2009.  Gerhard Heusch, Principal of Heusch's
Architects, commented, "I got involved in 2005 when Scott Mathis
asked me to take a look at this crumbling beauty in Recoleta.  The
building was almost destroyed inside, but the harmonious and
elegant proportions of the spaces and the Belle Epoque details were
still there, as well as the beautiful facade, although they needed
a lot of care and reconstruction.  It was a labor of love to
restore it and transform this stunning building, first built in
1912, into a luxurious mansion functioning as a hotel.  Scott
Mathis's vision was to convey to our guests a stay in an
Argentinian Belle Epoque mansion -- prestigious and elegant but not
pretentious."

Scott Mathis, CEO and Founder of Gaucho Group Holdings, Inc.,
stated, "We are doubling down on our real estate assets and
opportunities in Argentina with significant investments in Algodon
Mansion and beyond.  These key upgrades are expected to
significantly enhance the real estate value of Algodon Mansion
within Gaucho Holdings' portfolio.  The planned renovations are in
line with our strategy to invest in high-potential real estate
assets, especially considering Argentina's current
business-friendly policies under the Milei administration.  We
believe the time is ideal to buy Argentina real estate assets, and
these renovations reflect our commitment to enhancing the value and
appeal of our properties in this promising market."

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. was
incorporated on April 5, 1999.  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, Gaucho Group, Inc. and in 2018, established an
e-commerce platform for the manufacture and sale of high-end
fashion and accessories.  In February 2022, the Company acquired
100% of Hollywood Burger Argentina, S.R.L., now Gaucho Development
S.R.L., through InvestProperty Group, LLC and Algodon Wine Estates
S.R.L., which is an Argentine real estate holding company.  In
addition to GD, 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 under the name Algodon Wines (Europe).  On June 14,
2021, the Company formed a wholly-owned Delaware limited liability
company subsidiary, Gaucho Ventures I - Las Vegas, LLC, for
purposes of holding the Company's interest in LVH Holdings LLC.

New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
29, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.




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

SABESP: Share Sale Lure Only One Bidder
---------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazilian
power company Equatorial Energia SA emerged as the sole bidder to
buy a key stake in Sabesp, the water utility that's being
privatized by Sao Paulo state in a multibillion-dollar share
offering.

Equatorial submitted a proposal by the deadline to buy a 15% stake
in Cia. de Saneamento Basico do Estado de Sao Paulo, as the Brazil
company is formally known, according to people with knowledge of
the matter, according to globalinsolvency.com.

A rival bid from a private utility backed by Singapore sovereign
wealth fund GIC and Itausa SA, failed to materialize, the report
notes.  Shares of Equatorial jumped as much as 6.2% in Sao Paulo
— their biggest intraday gain in a year, the report relays.
Sabesp's stock, on the other hand, dipped 4.1%.The lack of
competition for an anchor stake in the water utility is a setback
for right-wing Sao Paulo Governor Tarcisio de Freitas, who has
vowed to privatize companies to reduce public debt, the report
discloses.

The deal can go forward even with one bidder, but only if
Equatorial's offer reaches the minimum price desired by Sao Paulo's
government, the report discloses.  Under the privatization plan,
general investors are expected to be able to snap up an additional
17% interest in Sabesp through a share sale that's expected to
price on July 18, the report relays.  The price proposed by
Equatorial is expected to be released by the government, the report
adds.

As reported in the Troubled Company Reporter-Latin America on April
17, 2024, Fitch Ratings has affirmed Companhia de Saneamento Basico
do Estado de Sao Paulo's (Sabesp) Foreign Currency (FC) and Local
Currency (LC) Issuer Default Ratings (IDRs) at 'BB+'. Fitch has
also affirmed Sabesp's National Scale Rating and its unsecured
debenture issuances at 'AAA(bra)'. The Rating Outlook is Stable.




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

JAMAICA: Removal From FATF Grey List Will Greatly Benefit Country
-----------------------------------------------------------------
RJR News reports that "Jamaica stands to benefit greatly", says
Economist Keenan Falconer following news that the country has been
removed from the Financial Action Task Force (FATF) grey list.

This list comprises countries that are assessed as having
deficiencies in their Anti-Money Laundering/Countering the
Financing of Terrorism regimes, according to RJR News.

In an interview with Radio Jamaica News, Mr. Falconer said this
could help to boost international investment in the local economy.


"Our international reputation also gets quite a boon. We have
easier access to the global banking system and the financial system
because our participation and functioning in that system would have
been threatened. At the micro level, I know many persons will be
very happy because it means, for example, your favorite online
retailers are now less hesitant to do business with Jamaica," the
report relays.

"Even at the wider level, many of the resources that have been
committed and devoted to fighting this as a financial crime,
because it is essentially a financial crime, can now be diverted to
other more economically and socially productive uses," he noted,
the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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

DESARROLLOS GJOM: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: Desarrollos Gjom, Inc.
        Carr. #2, KM 149.8, Mani Ward
        Mayaguez, PR 00680

Business Description: The Debtor is a merchant wholesaler of motor
                      vehicle and motor vehicle parts and
                      supplies.

Chapter 11 Petition Date: June 27, 2024

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 24-02687

Debtor's Counsel: Charles A. Cuprill Hernandez, Esq.              

                  Charles A Cuprill Law Offices PSC
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: 787-977-0515
                  Email: ccuprill@cuprill.com

Debtor's
Financial
Consultant:       CPA LUIS R. CARRASQUILLO & CO., P.S.C.

Total Assets: $1,680,587

Total Liabilities: $708,897

The petition was signed by Gustavo E. Guilbe Ortiz, president.

The Debtor listed 1951 Group, LLC, P.O. Box 3266, Mayaguez, PR
00681 as its sole unsecured creditor holding a claim of $42,000
for
roof repairs.

A full-text copy of the petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/67TSBLA/DESARROLLOS_GJOM_INC__prbke-24-02687__0001.0.pdf?mcid=tGE4TAMA


SABESP: Launches Major $3 Billion Share Sale
--------------------------------------------
Rio Times Online reports that in a significant economic move, Sao
Paulo state has initiated the sale of 191,713,044 Companhia de
Saneamento Basico do Estado de Sao Paulo's (Sabesp)shares.

An additional 28,756,956 shares may boost the offering, should
demand surge. This sale could usher in nearly 16.5 billion reais
($3B), a substantial influx for local coffers, according to Rio
Times Online.

Sabesp, known fully as Cia de Saneamento Basico do Estado de Sao
Paulo, stands as Latin America's premier water utility by market
value.

This transaction, poised to close on July 18, could diminish Sao
Paulo's share from 50.3% to a mere 18%, the report notes.
Essentially, this marks a pivot towards privatization for Sabesp,
the report relays.

A cohort of financial titans, including Banco BTG Pactual and
Citigroup, are steering this financial venture, the report relays.

Entities like Equatorial Energia and investor Nelson Tanure are
also weaving their narratives into this financial tapestry,
expressing keen interest, the report says.

The sale emerges at a time when Brazil witnesses a notable decline
in public offerings and stock sales, pointing to a broader market
reticence, the report discloses.

Yet, this does not deter local ambitions, the report says.  Sao
Paulo's governor, a privatization proponent, sees this as a
crucial
step to improve public services, similar to Eletrobras's
privatization success, the report notes.

This share sale marks a major shift in governance and tests the
waters for future privatizations, the report relays.

It's part of a broader initiative to improve Brazil's public asset
management by infusing private sector efficiency into utilities,
the report notes.

Thus, this sale is not just a financial deal; it's key to Brazil's
economic reform and improving public services, the report relays.

Background Sabesp Launches Major $3 Billion Share Sale
Following privatization, the Sao Paulo government announced
extensive investment and operational plans, the report discloses.

These include a R$64 billion ($12.55 billion) investment over the
next five years. The goal to universalize water and sewage services
will be advanced from 2029 to 2033, the report relays.

They plan a total investment of R$260 billion ($50.98 billion) by
2060, the report notes.

Furthermore, the state proposes a 10% tariff reduction for
low-income consumers, the report relays.

They also propose a 1% reduction for general consumers and a 0.5%
reduction for commercial and industrial users, the report adds.
              
As reported in the Troubled Company Reporter-Latin America on April
17, 2024, Fitch Ratings has affirmed Companhia de Saneamento Basico
do Estado de Sao Paulo's (Sabesp) Foreign Currency (FC) and Local
Currency (LC) Issuer Default Ratings (IDRs) at 'BB+'. Fitch has
also affirmed Sabesp's National Scale Rating and its unsecured
debenture issuances at 'AAA(bra)'. The Rating Outlook is Stable.


SALO ENTERPRISE: Unsecureds Owed $5K+ to Get 3.85% in 60 Months
---------------------------------------------------------------
Salo Enterprise Corp. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a First Amended Plan of Reorganization for
Small Business under Subchapter V dated June 11, 2024.

The Debtor is a corporation engaged in the sale of frozen yogurt,
frozen drinks, and coffee; and operates a locality akin to a coffee
shop.

The Debtor had to seek relief from the Bankruptcy Court to protect
its business and the assets of the corporation, in an emergency
fashion, due to a summary proceeding filed by Mapfre Praico
Insurance Company, for collection of monies and eviction.

The Plan provides for the payment of creditors with income
generated from Debtor's business operations and/or through the
injection of capital contributions. The Plan provides treatment to
Classes 1, 2, 3 and Class 4 for Insiders and Equity Security
Holders who will not receive payments.

The Plan also provides for payments to administrative claimants
that will be paid on the Effective Date or as agreed upon by the
parties. Priority Tax Claims will be paid, in cash and in full on
the effective date of the Plan.

Class 2 consists of the allowed unsecured claims under or equal to
$5,000. Each claim holder under this class will receive pro rata
distributions, as per the allowed amounts. The debtor's plan
proposes a lump sum payment of $169.48 on the Effective Date. Based
on the current allowed amounts, each claimholder in this class will
receive approximately 2.00% of the allowed amount of their claim.

Class 3 consists of the allowed unsecured claims over $5,000.00.
Each claim holder under this class will receive pro-rata
distributions, as per the allowed amounts. Debtor's plan proposes a
monthly cash dividend of $300.00 for 60 months beginning on the
effective date. Based on the current allowed amounts, each
claimholder in this class will receive approximately 3.85% of the
allowed amount of their claim.

Class 4 consists of Debtor's insiders and equity security holders,
Debtor's shareholders, Mr. Jorge Montes will not receive any
distribution under the Plan of Reorganization but will retain their
ownership interest over the corporation.

The Debtor has implemented measures to streamline his financial
operations. The Debtor will use the income generated from the
Zombie Frozen Yogurt business to fund the Plan and implement the
provisions included herein.

A full-text copy of the First Amended Plan dated June 11, 2024 is
available at https://urlcurt.com/u?l=FhEKtq from PacerMonitor.com
at no charge.

Counsel to the Debtor:

      Javier Vilarino, Esq.
      Vilarino & Associates, LLC
      P.O. Box 9022515
      San Juan, PR 00902-2515
      Telephone: (787) 565-9894
      Email: jvilarino@vilarinolaw.com

                   About Salo Enterprise Corp.

Salo Enterprise Corp., is a corporation engaged in the sale of
frozen yogurt, frozen drinks, and coffee; and operates a locality
akin to a coffee shop.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R.
Case No. 23-03865) on November 27, 2023. The Debtor hires Vilarino
& Associates, LLC as counsel.



                           *********


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 2024.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *