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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, September 19, 2024, Vol. 25, No. 189

                           Headlines



A R G E N T I N A

AEROLINEAS ARGENTINAS: Worker Strike Affects 30,000++ Passengers
YPF SOCIEDAD: New Add-On Notes No Impact on Moody's 'Caa3' Ratings


B R A Z I L

BRAZIL: Severe Weather Risks Fan Inflation, Finance Chief Says


H A I T I

HAITI: Authorities Await Dominican Republic OK to Open Gateway


J A M A I C A

JAMAICA: Working to Revise Privatization Policy
JMMB GROUP: Proven Group Incurs US$1.8MM Loss After Impact


P U E R T O   R I C O

BOWLING CENTER: Seeks to Extend Plan Filing Deadline to Oct. 31

                           - - - - -


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A R G E N T I N A
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AEROLINEAS ARGENTINAS: Worker Strike Affects 30,000++ Passengers
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Buenos Aires Times reports that another 24-hour strike by pilots,
aviation crew and support staff in Argentina prompted the
cancellation of 319 flights and affected more than 30,000
passengers.

State airline Aerolineas Argentinas, the flagship carrier that
employs the unionised workers, said that the strike called by the
Asociacion de Pilotos de Lineas Aereas (APLA) pilots' union would
cost the company around US$2.5 million in statement, according to
Buenos Aires Times.

Workers walked off the job for the second time this month demanding
salary increases to cushion the blow of runaway inflation, the
report notes.

President Javier Milei has vowed to sign a decree declaring the
aviation sector an "essential service" to guarantee a minimum level
of service during such strikes, the report relays.

The 24-hour strike led to the cancellation of hundreds of flights,
mainly impacting domestic and regional travellers, but also
hundreds of passengers heading to the United States and Europe, the
report discloses.

APLA said in a statement posted on the X social network that the
staff face "a 70 percent wage backlog in the face of 236.7 per cent
year-on-year inflation in August," the report relays.

It criticized "the lack of proposals from the company," the report
says.

The La Nacion daily reported that the unions are demanding an
adjustment of at least 25 percent, the report notes.

All Aerolineas Argentinas flights running from Aeroparque Jorge
Newbery in Buenos Aires City and the Ezeiza international airport
on the outskirts of the capital have been affected, the report
relays.

The report discloses that the strike also affects Flybondi and
Jetsmart airlines, due to the disruption of ramp service at
Aeroparque.

The low-cost carriers switched their services to Ezeiza for the day
to avoid problems, the report relays.

The secretary general of the Aeronautical Staff Association (APA),
Juan Pablo Brey, told Urbana Play radio station that since Milei
took office in December, the purchasing power of aeronautical staff
has fallen by 40 per cent, the report notes.

"We have cabin crew members who are earning 729,000 pesos (US$730
at the official exchange rate) and colleagues on the ground who
earn 500,000 pesos (US$500), when at low-cost companies they earn
twice as much," he said, the report relates.

Aerolineas Argentinas said it considered the strike to be
"untimely, abusive and out of context, promoted by union leaders in
an irresponsible manner," the report says.

"Of the total number of people affected, some 28,000 had planned
trips within the country, another 5,500 to regional destinations
and the remaining 3,500 flights to the Caribbean, the United States
and Europe," the flagship carrier said, the report notes.

Presidential Spokesman Manuel Adorni told a press conference that
Milei would sign a decree later in the day "establishing the
guidelines for declaring civil and commercial aeronautics an
essential service," which would guarantee at least a percentage of
the service even during a strike, the report discloses.

"Those who strike today will be fined and sanctioned accordingly"
by employers, he added.

Milei had tried to privatise Aerolineas Argentinas as part of his
sweeping economic reforms, but was forced to remove the company
from the list of those to be privatised to get his measures through
Congress earlier this year, the report adds.


YPF SOCIEDAD: New Add-On Notes No Impact on Moody's 'Caa3' Ratings
------------------------------------------------------------------
Moody's Ratings commented that YPF Sociedad Anonima's (YPF)
proposed senior unsecured notes offering due 2031 (add-on notes)
does not affect its Caa3 ratings and stable outlook. YPF is
offering $500 million in 8.750% senior amortizing notes due 2031 in
exchange for up to $500 million in aggregate principal amount of
its outstanding 8.500% senior notes due July 2025. The purpose of
the exchange offer is to acquire a portion of the around $1.13
billion outstanding notes due July 2025 as part of a plan to extend
the maturity profile of its existing debt, improving its debt
maturity profile while not affecting leverage.

Before starting this exchange offer, YPF launched a cash tender
offer for up to $500 million of its 8.500% senior notes due July
2025 and 6.950% senior notes due 2027. Neither the exchange offer's
success depends on the cash tender offer, nor does the cash tender
offer's success depend on the exchange offer.

RATINGS RATIONALE

YPF's Caa3 ratings mainly reflect the  company's large oil and gas
production and reserve size; solid cash generation and credit
metrics for its rating category; status as the largest industrial
corporate and energy company in the domestic market; and links with
the Government of Argentina (Argentina, Ca stable), its controlling
shareholder, which combine YPF's underlying caa3 Baseline Credit
Assessment (BCA) that expresses a company's intrinsic credit risk,
and Moody's view of moderate support from and high dependence on
the Argentine government. The rating reflects Moody's view that the
company's creditworthiness cannot be completely de-linked from the
credit quality of the Argentine government and, thus, the ratings
need to closely reflect the risk that the company shares with the
sovereign. Also incorporated in the rating, are YPF's adequate
liquidity.

Key rating challenges for YPF's ratings are its concentration of
operations in Argentina, a moderate-to-high foreign-currency risk
given that most of the company's debt is denominated in foreign
currency, coupled with refinancing risk; and its portfolio of
majority mature producing fields and rigid labor cost structure.

YPF is the largest integrated oil and gas company in Argentina,
with an extensive portfolio of assets in the country including,
among others, a large portfolio of oil and gas concessions and
reserves; refining assets that account for over half of Argentina's
refining nameplate capacity; a broad network of service stations
and logistics assets; a petrochemical business integrated with its
downstream business; a separation and fractioning of natural gas
liquids (NGL) business; and a power generation business through YPF
Energia Electrica S.A. (YPF Luz, Caa3 stable), a company jointly
controlled with GE EFS Power Investments B.V.

The liquidity position of YPF is adequate, with liquidity
indicators demonstrating strong cash and securities holdings to
service debt, but with certain dependance on external sources to be
able to comply with its budgeted capital expenditures. In 2023, YPF
allocated $5.3 billion to capital expenditure, an increase from
$3.9 billion the previous year. In 2024, Moody's expect capital
expenditures will remain around $5.0 billion. YPF intends to
maintain a net debt/EBITDA ratio target of 1.5x-1.7x even if that
requires reducing its capital investment; it had a 1.7x net
leverage ratio as of December 2023 and June 2024, and will likely
be able to remain in that neighborhood through the remainder of
2024.

The stable outlook reflects Moody's view that YPF's main
shareholder, the Argentine State, i) will exert no influence over
the company to spend in capital expenditures or dividends beyond
its operating cash flow generation capacity and ii) has incentives
to maintain prices of crude and oil products at a level that makes
it economically attractive for oil companies to invest to increase
production and reduce the country's dependence on imports of fuel
products and natural gas. In this regard, the RIGI incentives
regime aids YPF's efforts to boost production and lessen the
nation's reliance on imported fuel and natural gas over the medium
term. YPF´s creditworthiness cannot be completely de-linked from
the credit quality of the Argentine government, and thus its
ratings also incorporate the risks that it shares with the
sovereign. Also, the stable outlook reflects Moody's view that
possible losses for senior unsecured creditors will not be greater
than those associated with a Caa3 rating.

YPF's ratings could be upgraded if there is an upgrade of the
Government of Argentina's Ca rating and YPF maintains good credit
metrics for its rating category. Upgrade pressure could also be
triggered if the company further expands and diversifies its
operations outside Argentina while maintaining an adequate
liquidity profile.

YPF's ratings could be downgraded  if the company registers a
significant deterioration in liquidity or if it loses access to
debt markets or foreign currency, significantly restricting the
company's ability to meet debt obligations. The ratings could also
be downgraded if Moody's believe possible losses for senior
unsecured creditors would be greater than those associated with a
Caa3 rating or if the Government of Argentina's rating is
downgraded.




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B R A Z I L
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BRAZIL: Severe Weather Risks Fan Inflation, Finance Chief Says
--------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil
Finance Minister Fernando Haddad said the government is worried a
resurgence in extreme weather will spur inflation as central
bankers are expected to lift the interest rate.

The nation's persistent dry spell can stoke food and energy price
increases, Haddad told reporters in Brasilia, according to
globalinsolvency.com.

At the same time, such cost rises are not easily controlled with
borrowing cost hikes, he said, the report notes.  "The central bank
has the technical framework to make the best decision," Haddad
said, the report relays.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

Moody's credit rating for Brazil was last set at Ba2 with positive
outlook as of May 2024.  S&P Global Ratings raised on Dec. 19,
2023, its long-term global scale ratings on Brazil to 'BB' from
'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB'
with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.  




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H A I T I
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HAITI: Authorities Await Dominican Republic OK to Open Gateway
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Minister of
Industry, Commerce and Mipymes (MICM), Victor Ito-Bisono, toured
the Dajabon municipality's binational market to supervise and
follow up on trade at the Dajabon border.

During the tour, Bisono said that the market is functioning
normally and that there is harmony while noting that the most
important thing is that it is exporting, according to Dominican
Today.

"President of the Republic Luis Abinader has instructed us,
together with the director of the Specialized Border Security Corps
(CESFRONT) Brigadier General Jose Hedilberto Rodriguez, to monitor
security in the binational market of Dajabon," said Bisono, the
report notes.

He said that the footbridge located between the markets of Dajabon
and Juana Mendez could be opened to speed up and decongest the
border market for the commercial exchange, which was temporarily
open during the COVID-19 pandemic, the report relays.

The official said that during the visit, he confirmed that trade
dynamics between the two countries continue to flow and that
products continue to be sold, the report discloses.

Likewise, the head of the MICM spoke with part of the board of the
Merchants Association of this vital province, headed by Abigail
Suero and Noe Fernández, to promote the fluidity of trade while
ensuring that Haitian neighbors cross to their country after buying
their products, the report relays.

He said that this flow is about 20,000 inhabitants who will have
access on Thursdays, Fridays, Sundays, and Mondays, the days of
greater flow, the report notes.

Along the same lines, the director of the Juana Mendez market, Jose
Laguerre, and Joaunes Dufene, director of the Juana Mendez city
council, said that they are in agreement with the opening of both
markets and that they are waiting for the approval of the Dominican
authorities, the report discloses.

Minister Bisono was accompanied by the authorities of the border
province of Dajabon, including the governor, Severina Gil, Santiago
Riveron, mayor, Ney Rodriguez, senator, Father Jose Rafael Nuñez
(Chepe) and Ángel Encarnacion, deputy director of the General
Directorate of Customs. On behalf of the MICM, the vice-minister of
Internal Commerce, Ramon Perez Fermin, the provincial director,
Daniel de Jesus Tapia Bello, Edwan Vicente Velez, administrative
director of the MICM in Dajabon, the report adds.




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J A M A I C A
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JAMAICA: Working to Revise Privatization Policy
-----------------------------------------------
RJR News reports that the Jamaican Ministry of Economic Growth and
Job Creation says it is working to revise the Policy Framework and
Procedures Manual for the Privatisation of Government Assets during
this financial year, which will be brought to the Cabinet.

The Privatization Policy, as it is commonly called, addresses the
transfer of government assets, shares, or operational
responsibilities to the private sector, according to RJR News.  It
establishes a four-stage process that must be observed and the
institutional framework for privatisation transactions, the report
notes.

The Privatization Policy is being implemented by the Development
Bank of Jamaica, the report relays.

                         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.  In September 2023, S&P
Global Ratings raised 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', with a stable outlook.  In March 2022, Fitch
Ratings affirmed Jamaica's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'B+'. The Rating Outlook is Stable.


JMMB GROUP: Proven Group Incurs US$1.8MM Loss After Impact
----------------------------------------------------------
RJR News reports that Proven Group Limited posted a loss after
being pulled down by its associate company JMMB Group, which in
turn was affected by its associate Sagicor Financial Company.

Proven said the board has decided not to declare a dividend for the
first quarter, focussing instead on improving operational
performance and cash flow to enhance shareholder returns, according
to RJR News.

Proven Group Limited reported a net loss of US$1.8 million for the
first quarter ending June 2024, a significant downturn from the
US$3.9 million profit it achieved during the corresponding period
in 2023, the report notes.

In December 2018, Proven acquired a 20 per cent stake in JMMB for
$9.2 billion, the report relays.

In a separate transaction, JMMB announced plans to buy into Sagicor
Financial in May 2019 for just above US$2 million, the report
says.

Proven holds 20 per cent of JMMB and is its largest shareholder,
the report adds.

As reported in the Troubled Company Reporter-Latin America, RJR
News relayed in August 2024 that financial conglomerate JMMB Group
Limited reported a net loss of $1.5 billion for the June quarter,
primarily due to a one-off share of losses from its associate.  In
its first-quarter financial report, the company said the positive
core operations was achieved from the net loss that its associated
company, Sagicor Financial Company Limited suffered, according to
RJR News.   The group owns 23.6 percent of Sagicor Financial, an
insurance conglomerate with reach across the Caribbean, the United
States, and Canada.




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

BOWLING CENTER: Seeks to Extend Plan Filing Deadline to Oct. 31
---------------------------------------------------------------
Bowling Center, Inc., asked the U.S. Bankruptcy Court for the
District of Puerto Rico to extend its period to file a chapter 11
plan of reorganization to October 31, 2024.

During the status conference held on March 20, 2024, Debtor
informed the Court that its plan of reorganization would be filed
by April 24, 2024. After said hearing, Debtor retained Luis R.
Carrasquillo, CPA as its financial consultant to assist Debtor in
its financial reorganization and in the drafting, completion and
discussion of the Plan.

Carrasquillo, Debtor's management and Debtor's counsel have been
evaluating Debtor's financial performance and have concluded that
in order to file a confirmable Plan, Debtor needs to install 10
additional bowling lanes to increase Debtor's revenues.

Based on Debtor's management and the internal accountant's
experience, they estimate that the 10 additional lanes will result
in additional revenues of not less than 30% of current revenues.
Such additional revenues will support the payments under the Plan
and provide feasibility to Debtor's operations under any plan
scenario.

The Debtor has engaged in conversations with Signus Group's
(formerly Acrecent Financial Corporation) representatives to
explore DIP financing alternatives for a payment to creditors on
the Effective Date of a plan.

If interested, Signus' underwriting process, which requires
appraisals, financial projections evaluation, among others, takes
not less than sixty days.

Therefore, Debtor needs an additional 60 days to be able to file a
confirmable plan.

Bowling Center, Inc. is represented by:

     Charles A. Cuprill, Esq.
     CHARLES A. CUPRILL, P.S.C., LAW OFFICES
     356 Fortaleza Street 2nd Floor
     San Juan, PR 00901
     Tel: (787) 977-0515
     Email: ccuprill@cuprill.com

                     About Bowling Center

Bowling Center, Inc. in Carolina, PR, filed its voluntary petition
for Chapter 11 protection (Bankr. D.P.R. Case No. 24-00215) on
January 25, 2024, listing $3,592,343 in assets and $2,581,376 in
liabilities. Roger Acosta Hernandez, president, signed the
petition.

The Debtor tapped Charles A. Cuprill, PSC Law Offices as legal
counsel and CPA Luis R. Carrasquillo & Co., PSC as financial
consultant.



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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
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