TCRLA_Public/170829.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

               Tuesday, August 29, 2017, Vol. 18, No. 171


                            Headlines



A R G E N T I N A

BANCO PATAGONIA: Moody's Cont. Review for Downgrade of B1 CFR
ENJOY SA: S&P Places B- CCR on CreditWatch Positive on Advent Deal
NEUQUEN: S&P Affirms B Currency Issuer Credit Ratings
YPF SA: Chief Executive Officer Resigns


B R A Z I L

BR PROPERTIES: S&P Alters Outlook to Stable & Affirms 'BB-' CCR
TK HOLDINGS: Creditors' Panel Taps Moelis as Investment Banker
TK HOLDINGS: Creditors' Panel Hires Epiq as Information Agent
TK HOLDINGS: Creditors' Panel Hires Zolfo as Financial Advisor
TK HOLDINGS: Creditors' Panel Hires Whiteford as Delaware Counsel

TK HOLDINGS: Creditors' Panel Hires Milbank Tweed as Counsel


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Figures Reveal a Lopsided Free Trade Pact w/ Haiti
DOMINICAN REPUBLIC: Easier for S-M Level Taxpayer to Pay Taxes


J A M A I C A

JAMAICA: Growth Rebounds in July to Sept. Quarter


M E X I C O

MEXICO: Registers $1.52 Billion Trade Deficit in July


P U E R T O    R I C O

BAILEY'S EXPRESS: May Use Bankwell's Cash Collateral Until Sept. 2
GIRARD MANUFACTURING: Case Summary & 20 Top Unsecured Creditors
SHORT BARK: Wants to Secure $17.7M DIP Financing From LSQ Funding


X X X X X X X X

* LATAM: Visa Works With Start-Ups to Build Financial Ecosystem


                            - - - - -


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A R G E N T I N A
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BANCO PATAGONIA: Moody's Cont. Review for Downgrade of B1 CFR
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA)
continues its review for downgrade of the Ba3 supported local
currency long-term deposit and senior unsecured debt ratings of
Banco Patagonia S.A. (Patagonia), and the B1 corporate
family(CFR), local currency issuer and senior unsecured debt
ratings, as well as the Aa3.ar local currency national scale
issuer and senior debt rating in Argentina assigned to its
subsidiary GPAT Compania Financiera. The review was initiated on
August 23, 2016, following the announcement by Patagonia's
controlling shareholder Banco do Brasil S.A. (BB, LC deposit Ba2
negative, ba2) that BB together with the other minority
shareholders were considering a public offer of their equity
participation.

The Caa1 foreign currency deposit rating is not affected by this
review, as it is constrained by Argentina's country ceiling for
foreign currency deposit.

RATING RATIONALE

Moody's expects to conclude the review on Patagonia's ratings once
there is greater certainty about the potential for changes to the
bank's ownership structure and the extent of any new shareholders'
willingness and ability to provide support to the bank, if
necessary. Currently, Patagonia's Ba3 rating incorporates three
notches of uplift from the bank's standalone baseline credit
assessment of b3, reflecting the very high likelihood of affiliate
support from BB, which holds a 58.97% stake in its subsidiary, in
an event of financial stress.

The ratings assigned to Banco Patagonia's subsidiary GPAT Compa§ia
Financiera remain on review as well, in line with the review of
its parent's ratings.

Patagonia's b3 BCA is constrained by Argentina's operating
environment, which remains challenging despite various market-
friendly policy reforms implemented by the new administration that
are expected to result in a return to economic growth and a
continued decline in inflation this year. These challenges are
reflected in a decline in the bank's net income to tangible
banking assets to 3.6% annualized in the first half of 2017, from
4.3% in calendar year 2016, as a result of lower interest rate
environment that reduced gains on government securities portfolio
and higher provisioning expenses. While profits remain very high
despite the decline, they are distorted by the still high rate of
inflation. Furthermore, Moody's expects earnings pressures to
increase over the next quarters as lending rates and investment
returns continue to decline in line with inflation and competition
intensifies. The bank's adjusted capital ratio (tangible common
equity to adjusted risk weighted assets) also declined sharply, to
8.7% in June from 11.7% in December 2016, as a result of an
increase in adjusted risk weighted assets by 10% and a dividend
payment that significantly exceeded net income and reduced TCE by
24%.

However, Patagonia's retail lending platform remains sound, with a
strong market share in auto finance through its affiliate GPAT and
an important presence in the credit card segment, a strategy that
enhances the bank's recurring earnings generation and should help
it to weather the transition as Argentina's economy normalizes.
The loan portfolio increased by a relatively robust 25.6% in 12
months to June 2017,slightly above the inflation rate of 21.7% in
the period but below the system average. Moreover, the bank has a
track record of superior asset quality indicators and ample loan
loss reserves. Problem loans have been stable at just 1.3% of
gross loans over the 12 months ending in June, below the
industry's already low 2% average, while loan loss reserves
provide almost three times coverage of problem loans.

Notwithstanding the important challenges facing Patagonia
indicated by its speculative grade global scale rating, which are
largely related to Argentina's operating environment, it currently
remains of the strongest credits in Argentina thanks to the very
high probability of support from its parent, as reflected in its
Aaa.ar Argentinean national scale local-currency deposit and debt
ratings. The bank's national scale ratings are positioned at the
top of the range of alternatives corresponding to its Ba3 global
scale ratings, and consider that the global scale ratings are
constrained by Argentina's local currency deposit country ceiling.
However, the national scale ratings are also on review for
downgrade in line with the review of the corresponding global
scale ratings.

WHAT COULD MAKE THE RATING GO DOWN

A reduction of Moody's assessment of the likelihood that Patagonia
would receive affiliate support from BB would put downward
pressure on Patagonia's local currency rating. If BB sells a
portion of its stake in Patagonia such that there is no new
controlling shareholder, or the new controlling shareholder is
either unrated or is not rated as highly as BB, Patagonia's
ratings could be downgraded by as many as three notches. In the
case of change in control. Patagonia's national scale ratings
could fall by up to 9 notches to as low as Baa3.ar, which is the
lower end of the scale for a global rating of B3. A review in
Moody's assessment of BB's willingness to provide support prior to
an official announcement of the sale of its stake, or the
identification of a buyer would also put downward pressure on
Patagonia's local currency ratings, as would a downgrade of Banco
do Brasil's BCA. However, Patagonia's ratings could be confirmed
at their current levels if BB announces the sale of its stake to
another entity rated at least as highly as BB that exhibits a very
high willingness to support Patagonia, or if the sale is called
off and BB reasserts its commitment to the bank.

A downgrade of Patagonia's ratings would in turn trigger a
downgrade of ratings assigned to GPAT.

METHODOLOGIES USED

The methodology used in rating Banco Patagonia S.A. was Banks
published in January 2016. The methodology used in rating GPAT
Compania Financiera was Finance Companies published in
December 2016.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


ENJOY SA: S&P Places B- CCR on CreditWatch Positive on Advent Deal
------------------------------------------------------------------
S&P Global Ratings Services placed its 'B-' corporate credit and
issue-level ratings on Enjoy S.A. on CreditWatch with positive
implications.

The CreditWatch placement reflects the likelihood for an upgrade
following the completion of the $170 million capitalization and
our expectations that Enjoy will use the proceeds to reduce
leverage.

On Aug. 21, Enjoy announced that private equity investor Advent
International was partnering with its controlling shareholder (the
Martinez family, which currently holds a 57.11% stake) to acquire
a significant equity stake in the company. The fund will acquire
2.337 million shares of Enjoy not subscribed by current
shareholders, resulting in a capital increase of up to $170
million; the transaction is pending on the subscription of the new
shares in Santiago's stock exchange and on formal regulatory
approval. Following the capital increase, Advent will launch a
public tender offer for 100% of Enjoy's shares. As a result of the
transaction, Enjoy's controlling family will dilute its stake to
around 25% and lose control of the company. However, at this point
it's not clear what Advent's final stake will be and if it will
end up controlling Enjoy.

S&P said, "We expect Enjoy to use the proceeds of the capital
increase mainly to repay debt and reduce leverage to around 3.5x-
4.0x debt to EBITDA. Enjoy has not yet decided which financial
obligations it will repay, but we believe it will most likely use
the optional redemption clause of up to 35% of the international
notes issued back in May 2017, because of higher interest costs,
and will likely repay part of the local bonds."


NEUQUEN: S&P Affirms B Currency Issuer Credit Ratings
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' foreign and local currency
issuer credit ratings on the province of Neuquen. S&P also
affirmed the 'B' issue-level ratings on the province's rated
secured and unsecured notes.

OUTLOOK

S&P said, "The stable outlook reflects our view of a more
consistent and institutionalized dialogue between the LRGs and the
federal government to address various fiscal and economic
challenges that are expected to remain in the short to medium
term. Our stable outlook also assumes that Neuquen will continue
to post deficits in 2017 and 2018, and an operating surplus close
to 3% and the deficit after capital expenditures (capex) narrowing
to 3% of total revenue in 2019. The latter assumptions stem from
our expectations of an economic recovery amid a decelerating
inflation in Argentina, which will impact revenue growth over the
period. Nevertheless, we expect Neuquen's narrow economic base,
limited leeway to raise revenue and cut expenditure amid low
levels of capex, and low free cash levels to cover the projected
debt service in the next 12 months to weigh on the province's
creditworthiness."

Downside scenario

S&P said, "We could lower the ratings on Neuquen if Argentina's
economic performance deteriorates consistently over the next
couple of years, eroding the province's revenue base beyond our
current expectations and/or if Neuquen's finances weaken as a
result of weaker financial management. Also, failure to refinance
existing debt in foreign and local currency as well as
unwillingness to service debt obligations could prompt us to
downgrade Neuquen in the next 12-18 months. At the same time, we
could lower our ratings on Neuquen if we were to lower the
sovereign local or foreign currency ratings."

Upside scenario

S&P said, "Given that we don't believe Neuquen meets the
conditions to have higher ratings than those on the sovereign, we
could only raise our ratings on the province if we were to raise
the local and foreign currency ratings on Argentina. Such an
upgrade would have to be accompanied by continued strengthening in
Argentina's institutional framework for LRGs, the province's
average operating surpluses, fairly low deficits after capex, and
free cash available for debt service payments covering 120% or
more of the province's obligations for the next 12 months.
However, our base-case scenario doesn't assume such an improvement
in the next 12 months."

RATIONALE

S&P said, "Our 'B' ratings on the province reflect its individual
credit profile and the institutional framework in which it
operates. Neuquen, like all LRGs in Argentina, operates under a
very volatile and underfunded institutional framework, in our
view. At the same time, Neuquen's budgetary constraints and low
investment levels, volatility in fiscal performance due to double-
digit inflation in Argentina and exposure to cyclical revenues,
economy concentrated in the hydrocarbon industry, weak financial
management, as well as low free cash levels to cover the projected
debt service in the next 12 months are rating constraints. On the
other hand, the province's moderate contingent liabilities and
debt burden support its creditworthiness.

"Despite high GDP per capita, economy remains undiversified, while
a volatile institutional framework further impairs an already weak
financial management Despite a very volatile and underfunded
institutional framework, we believe that there's a positive trend
in the predictability of the outcome of potential reforms and pace
of implementation. We expect moderate reforms of the distribution
of federal tax revenue among the LRGs. Also, in our view, a more
consistent support from the federal government has allowed LRGs to
measure its short- and longer-term impact on their finances. We
view positively the constructive dialogue between the federal and
subnational governments to solve the current institutional,
administrative, and budgetary challenges. As a result, a stronger
institutional framework could improve LRGs' credit quality in the
next few years.

"We estimate that the province's GDP per capita in 2016 reached
$16,665 and that in the past three years it averaged $18,003,
which was higher than the national average over the same period of
$13,504. Argentina's economy contracted 2.3% in 2016, and we
estimate Neuquen's economy to have posted a similar contraction.
We forecast the Argentine economy to post moderate growth over the
next several years, which is also our base case for the provincial
one. Neuquen's economy heavily depends on the hydrocarbon sector,
though its size has shrunk in the past 10 years due to lack of
investment, capped domestic energy prices, and a generally
overvalued domestic currency."

Neuquen's financial management has showed continuity and stability
throughout changes in administration. The Movimiento Popular
Neuquino (MPN) party has governed the province since 1962. Omar
Gutierrez, who was previously the Economy and Public Works
Minister, was elected as governor in 2015. Neuquen's
administration introduced further modifications in its tax
structure in 2016, which it has been doing since 2010 to increase
its revenue amid volatile economic performance, reflecting a
generally strong consensus to implement reforms.

Similar to other provinces in Argentina, Neuquen is largely unable
to conduct medium- to long-term financial planning due to the
considerable economic uncertainties in the country. The quality of
its budgetary targets is limited by macroeconomic volatility,
which often results in the province having to significantly revise
its budget in the middle of the fiscal year. Also, budget approval
has been delayed in some years, and in 2015 the budget wasn't
approved, prompting the province to work under the extended 2014
budget.

Fiscal performance to gradually improve, making it possible for
capex to increase amid moderate debt Neuquen's own-source revenue
accounts for slightly more than 70% of operating revenue, though
it has fluctuated given that about 20% come from oil royalties. We
don't expect this ratio to change given Neuquen's limited ability
to raise its revenue. The province has taken measures to increase
revenue, although they didn't have a significant impact on overall
collection. Additionally, the federal government determines the
royalties' rates, which we believe further limits Neuquen's
ability to raise its own-source revenue. Capex averaged 9% of
total expenditure in 2016, reflecting delays in capital transfers
from the central government after the change in the
administration, leading to the postponement in investments. Our
scenario for 2017-2019 expects capex to reach 11% of total
spending, and Neuquen is likely to invest in roadways, housing,
and sanitation projects.

In 2016, Neuquen had an operating deficit of 3% of operating
revenue while the deficit after capital accounts reached 9% of
total revenue. S&P said, "We believe that inflation's deceleration
in Argentina will put some pressure on Neuquen's fiscal
performance in 2017. We expect revenue to rise below our expected
base case for nominal GDP growth, while expenses to grow above
inflation, which will continue weighing on the province's
operating expenses, mainly in the form of requests for higher
public-servant salaries. In addition, Neuquen created a new
ministry focused on citizenship and basic rights, which we expect
to squeeze the province's finances further. We expect Neuquen to
post an average operating deficit of 1.5% of total revenue in 2017
and 2018 but a surplus of 3% in 2019. Likewise, we expect Neuquen
to increase its capex in 2017-2019 and the deficit after capex to
drop to around 7% of total revenue, on average. Budgetary
performance will still be subject to volatility stemming from high
inflation, which we believe will continue to pressure Neuquen's
fiscal balance in 2017-2019.

"As of March 2017, Neuquen's debt stock reached approximately
ARP19.81 billion, or 38% of the province's projected operating
revenue for this year. In 2017, we expect debt to reach 45% of
operating revenue, given that the province's financing needs and
the impact of the depreciation of the Argentine peso, mitigated by
the impact of lower inflation on the province's nominal operating
revenue. We estimate approximately 68% of the province's debt is
denominated in foreign currency or is foreign-currency linked;
therefore, any depreciation of the peso beyond our expectation
would further stress the province's debt service payments. This is
partly mitigated by revenue the province collects from royalties,
which are directly linked to foreign currency.

"On April 26, 2011, Neuquen issued $260 million in the capital
markets through the issuance of structured notes (TICAP). The
province used the funds to cancel existing provincial debt and to
finance several infrastructure projects. We rate these notes as
any other direct, general, unconditional, and unsubordinated
obligations of the province, given that we believe their
creditworthiness is directly linked to that of the province. The
notes are secured by oil royalties the province receives from oil
producers (the dedicated concessionaires) from predetermined
areas. In May 2016, Neuquen announced the exchange of $110.4
million of TICAP notes for TICADE notes due 2028, benefiting from
better market conditions to refinance its debt and extending the
maturity of 69.62% of TICAP notes.

"Neuquen owns a range of GREs including a bank (Banco de la
Provincia de Neuquen; BPN) and a gas and oil company (Gas y
Petr¢leo de Neuquen; GPN). We estimate that the potential losses
among GREs under a stress scenario would total slightly below 15%
of Neuquen's operating revenue. The province doesn't guarantee the
liabilities of its bank, which we consider as self-supporting. The
last time Neuquen provided financial support to BPN was in 2001.
We believe that given GPN's strategic role for the province,
Neuquen would likely provide support to it if needed.

"Neuquen's liquidity is weak, in our opinion. The province's debt
issuance and refinancing in 2016 improved its cash position in the
short term. However, we believe that Neuquen's free cash and its
ability to generate internal cash flow are limited because a
projected deficit after capital accounts of 9% of total revenue in
2017. We expect the province's debt service cost to be ARP7.6
billion in 2017. According to our estimates, Neuquen's debt
service coverage ratio for the next 12 months was 9%.

"At the same time, we believe that Neuquen's access to external
liquidity is uncertain. Despite its obtainment of significant
financing in 2016, this assessment draws on our evaluation of the
ongoing development of domestic capital markets as well as our
assessment of the domestic banking system. For the latter, our
Banking Industry Country Risk Assessment (BICRA) is at group '9'
in Argentina. Our BICRAs, which evaluate and compare global
banking systems, are grouped on a scale from '1' to '10', ranging
from what we view as the lowest-risk banking systems (group '1')
to the highest-risk (group '10').

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And Research')." At
the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action
(see 'Related Criteria And Research').


RATINGS LIST
  Ratings Affirmed

  Neuquen (Province of)
   Issuer Credit Rating                   B/Stable/--
   Senior Secured                         B
   Senior Unsecured                       B


YPF SA: Chief Executive Officer Resigns
---------------------------------------
Taos Turner at The Wall Street Journal reports that Ricardo Darre
has resigned as chief executive of Argentina's state-run oil and
gas producer, YPF, the company said.

Mr. Darre, who had been in the job for just over a year, stepped
down for personal reasons, the company said in a statement
obtained by The Wall Street Journal.  YPF's president, Miguel
Gutierrez, will remain in his job, as will the company's other top
executives, according to The Wall Street Journal.

The report notes that YPF said it has created a six-member
executive committee aimed at making key strategic decisions and
keeping the company's focus on operations management and future
business opportunities.

"With this reorganization, the management team's mission will be
to transform YPF into an integrated energy company that offers
innovative and sustainable solutions for the country's energy
development," YPF said, the report relays.

Members of the new committee include Daniel Gonzalez, who has been
in charge of YPF's finances, and Pablo Bizzotto, who has been
lauded for his work building YPF's giant shale oil and gas field
in Vaca Muerta, located in the Patagonian province of Neuquen, the
report notes.

Local media have been reporting for months that government
officials haven't been impressed with YPF's performance since
President Mauricio Macri took office in late 2015, the report
relays.

Since early 2016, YPF has taken on a much lower profile than it
had under its previous president, Miguel Galuccio.  A well-
connected international oilman, Mr. Galuccio aggressively courted
top global investors and lined up multibillion-dollar joint
ventures with companies like Chevron Corp, the report notes.

Industry experts say Vaca Muerta is the crown jewel of
unconventional oil-and-gas fields outside North America,
containing 27 billion barrels of technically recoverable oil and
802 trillion cubic feet of gas, according to the U.S. Energy
Information Administration, the report says.

In an interview in May, Argentina's energy minister, Juan Jose
Aranguren, said that by 2020 oil and gas companies will be
investing $15 billion a year in unconventional energy in
Argentina, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2017, Fitch Ratings expects to assign a rating of
'B(EXP)/RR4' to YPF S.A.'s (YPF) proposed senior unsecured bond
issuance of up to USD750 million notes due 2027. The company
expects to use the proceeds to fund capital investments in
Argentina and working capital requirements. The notes will rank
pari passu in priority of payment with all other YPF senior
unsecured debt. The notes would be rated the same as all of YPF's
senior unsecured obligations.


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


BR PROPERTIES: S&P Alters Outlook to Stable & Affirms 'BB-' CCR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on BR Properties S.A. to
stable from negative. S&P said, "In addition, we affirmed our
'BB-' global scale and 'brA+' national scale corporate credit
ratings on the company. We also affirmed the 'brAA-' senior
secured issue-level rating. The recovery rating on this debt
remains at '2'."

The outlook revision reflects S&P's view of BR Properties'
stronger financial flexibility, following the July capital
increase consisting of R$953 million in a public equity offering.
The company will use proceeds to retire R$350 million of its
short-term debt and to finance new real estate acquisitions with
the remainder.


TK HOLDINGS: Creditors' Panel Taps Moelis as Investment Banker
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
District of Delaware to retain Moelis & Company, LLC, as
investment banker to the Committee.

The Committee requires Moelis & Company to:

   (a) assist the Committee in reviewing and analyzing the
       Debtors' results of operations, financial condition and
       business plan;

   (b) assist the Committee in reviewing and analyzing a
       potential Restructuring, and assist the Committee in
       negotiating a Restructuring;

   (c) assist the Committee in analyzing the capital structure of
       the Debtors;

   (d) advise and assist the Committee in analyzing the terms of
       any securities the Debtors might offer in connection with
       a Restructuring;

   (e) assist the Committee in reviewing any alternatives to a
       Restructuring proposed by the Debtors, its creditors, or
       any other parties in interest;

   (f) participate in meetings with the Committee and meet with
       the Debtors' management, the Debtors' board and other
       creditor groups, equity holders or other parties in
       interest, in each case who are institutional parties or
       represented by an advisor, as the Committee's investment
       banker, to discuss any Restructuring;

   (g) participate in hearings before the Bankruptcy Court and
       provide testimony on matters mutually agreed upon in good
       faith; and

   (h) provide such other investment banking services in
       connection with the Chapter 11 Cases as Moelis & Company
       and the Committee may mutually agree upon.

Moelis & Company will be paid as follows:

   i.   Monthly Fee. During the term of the Engagement Letter, a
        fee of $175,000 per month (the "Monthly Fee"), payable in
        advance of each month. The Debtors will pay the first
        Monthly Fee immediately upon execution of the
        Engagement Letter, and all subsequent Monthly Fees before
        each monthly anniversary of the date of the Engagement
        Letter. Whether or not a Restructuring occurs, Moelis &
        Company shall earn and be paid the Monthly Fee every
        month during the term of the Engagement Letter.

   ii.  Restructuring Fee. At the closing of a Restructuring, a
        fee (the "Restructuring Fee") of $3,500,000.

Moelis & Company will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Adam Keil, partner of Moelis & Company LLC, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) is not creditors,
equity security holders or insiders of the Debtors; (b) has not
been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Moelis & Company can be reached at:

     Adam Keil
     MOELIS & COMPANY LLC
     399 Park Avenue
     New York, NY 10022
     Tel: (212) 883-3800
     Fax: (212) 880-4260

                   About TK Holdings Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to Key
Safety Systems (KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor; Gilbert
LLP as insurance counsel; and Sakura Kyodo Law Offices as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as
his counsel.

                       Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Creditors' Panel Hires Epiq as Information Agent
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
District of Delaware to retain Epiq Bankruptcy Solutions, LLC, as
information agent to the Committee.

The Committee requires Epiq to:

   -- prepare and serve the required notices;

   -- after service of a particular notice, whether by regular
      mail, overnight or hand delivery, email or facsimile
      service, filing with the Clerk's office an affidavit
      of service that includes a copy of the notice involved,
      a list of persons to whom the notice was mailed and the
      date and manner of mailing;

   -- update a noticing database to reflect undeliverable or
      changed addresses;

   -- coordinate publication of notices in periodicals and
      other media;

   -- provide other noticing and related administrative
      services as may be requested from time to time;

   -- promptly comply with further conditions and
      requirements as the Court may at any time prescribe;
      and

   -- ensure compliance with applicable federal, state,
      municipal, and local statutes, ordinances, rules,
      regulations, orders and other requirements.

Epiq will be paid at these hourly rates:

     Consultants/Directors/Vice Presidents        $160-$190
     Case Managers                                $70-$165
     IT/Programming                               $65-$85
     Clerical/Administrative Support              $25-$45

Epiq will also be reimbursed for reasonable out-of-pocket expenses
incurred.

Kate Mailloux, a senior director of consulting at Epiq Bankruptcy
Solutions, LLC, assured the Court the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

Epiq can be reached at:

     Kate Mailloux
     Epiq Bankruptcy Solutions, LLC
     777 Third Avenue, 12th Floor
     New York, New York 10017
     Tel: (646) 282-2493

                   About TK Holdings Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to Key
Safety Systems (KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor; Gilbert
LLP as insurance counsel; and Sakura Kyodo Law Offices as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as
his counsel.

                       Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Creditors' Panel Hires Zolfo as Financial Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
District of Delaware to retain Zolfo Cooper, LLC, as financial
advisor to the Committee.

The Committee requires Zolfo Cooper to:

   (a) monitor the Debtors' cash flows and operating performance.
       Specifically, the Committee needs the firm to:

         (i)   compare actual financial and operating results to
               certain filings;

         (ii)  evaluate the adequacy of financial and operating
               controls;

         (iii) track the status of the Debtors' progress relative
               to developing and implementing programs such as
               preparation of restructuring and winddown plans,
               identifying and disposing of non-productive
               assets, and other such activities; and

         (iv)  prepare periodic presentations to the Committee,
               and summarize findings and observations resulting
               from the foregoing monitoring activities;

   (b) advise the Committee regarding any sale of the Debtors'
       businesses or assets, including analysis of value
       allocation and intercompany claims among Debtor and
       non-Debtor entities;

   (c) analyze and comment on operating and cash flow
       projections, restructuring and winddown plans, the global
       accommodation agreement, operating results, financial
       statements, other documents and information provided by
       the Debtors or the Debtors' professionals, and other
       information and data pursuant to the Committee's requests;

   (d) advise the Committee concerning interfacing with the
       Debtors, other constituencies and their respective
       professionals;

   (e) prepare for and attend meetings of the Committee and
       other parties in interest;

   (f) analyze claims and perform investigations of potential
       preferential transfers, fraudulent conveyances,
       related-party transactions and such other transactions,
       each as may be requested by the Committee;

   (g) analyze and advise the Committee regarding any proposed
       plan of reorganization or liquidation, disclosure
       statement, and business plan, including the related
       assumptions and rationale;

   (h) prepare an expert report and provide testimony at Court
       hearings, as requested by the Committee; and

   (i) provide such other services as may be requested by the
       Committee.

Zolfo Cooper will be paid at these hourly rates:

     Managing Directors             $850-$1,035
     Professional Staff             $305-$850
     Support Personnel              $60-$290

Zolfo Cooper will also be reimbursed for reasonable out-of-pocket
expenses incurred.

David MacGreevey, managing director of Zolfo Cooper, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of
the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Zolfo Cooper can be reached at:

     David MacGreevey
     Zolfo Cooper, LLC
     5 Becker Farm Road, 4th Floor
     Roseland, NJ 07068
     Tel: (973) 618-5000
     Fax: (973) 618-5000

                   About TK Holdings Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to Key
Safety Systems (KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor; Gilbert
LLP as insurance counsel; and Sakura Kyodo Law Offices as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as
his counsel.

                       Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Creditors' Panel Hires Whiteford as Delaware Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
District of Delaware to retain Whiteford Taylor & Preston LLC, as
Delaware counsel to the Committee.

The Committee requires Whiteford Taylor to:

   a. provide legal advice regarding local rules, practices, and
      procedures and provide substantive and strategic advice on
      how to accomplish Committee goals, bearing in mind that
      the Delaware Bankruptcy Court relies on Delaware counsel
      such as Whiteford Taylor to be involved in all aspects of
      each bankruptcy proceeding;

   b. draft, review and comment on drafts of documents to ensure
      compliance with local rules, practices, and procedures;

   c. draft, file and service of documents as requested by
      Milbank;

   d. prepare certificates of no objection, certifications of
      counsel, and notices of fee applications;

   e. print of documents and pleadings for hearings, prepare
      binders of documents and pleadings for hearings;

   f. appear in Court and at any meetings of creditors on behalf
      of the Committee in its capacity as Delaware counsel with
      Milbank;

   g. monitor the docket for filings and coordinating with
      Milbank on pending matters that may need responses;

   h. participate in calls with the Committee; and

   i. provide additional administrative support to Milbank, as
      requested.

Whiteford Taylor will be paid at these hourly rates:

     Christopher M. Samis, Partner              $550
     L. Katherine Good, Partner                 $525
     Aaron H. Stulman, Associate                $375
     Christopher L. Lano, Paralegal             $255

Whiteford Taylor will also be reimbursed for reasonable
out-of-pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Whiteford Taylor did not represent the Committee or
              any Committee member in the 12 months prepetition.
              Whiteford Taylor may represent in the future
              certain Committee members and their affiliates in
              their capacities as members of official committees
              in other chapter 11 cases or individually in
              matters wholly unrelated to the chapter 11 cases.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  No. At the time of the filing of the Application,
              Whiteford Taylor has not yet submitted a
              prospective budget and staffing plan to the
              Committee, but it intends to do so and obtain
              approval of same in the near term.

Christopher M. Samis, a partner of Whiteford Taylor & Preston LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and (a)
is not creditors, equity security holders or insiders of the
Debtors; (b) has not been, within two years before the date of the
filing of the Debtors' chapter 11 petition, directors, officers or
employees of the Debtors; and (c) does not have an interest
materially adverse to the interest of the estate or of any class
of
creditors or equity security holders, by reason of any direct or
indirect relationship to, connection with, or interest in, the
Debtors, or for any other reason.

Whiteford Taylor can be reached at:

     Christopher M. Samis, Esq.
     WHITEFORD TAYLOR & PRESTON LLC
     405 North King Street, Suite 500
     Wilmington, DE 19801-3700
     Tel: (302) 353-4144
     Fax: (302) 661-7950
     E-mail: csamis@wtplaw.com

                   About TK Holdings Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to Key
Safety Systems (KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor; Gilbert
LLP as insurance counsel; and Sakura Kyodo Law Offices as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as
his counsel.

                       Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Creditors' Panel Hires Milbank Tweed as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
District of Delaware to retain Milbank Tweed Hadley & McCloy LLP,
as counsel to the Committee.

The Committee requires Milbank Tweed to:

   (a) participate in in-person and telephonic meetings of the
       Committee and any subcommittees formed thereby, and
       otherwise advise the Committee with respect to its
       rights, powers and duties in the Chapter 11 Cases;

   (b) assist and advise the Committee in its consultations,
       meetings and negotiations with the Debtors and all
       other parties in interest regarding the administration
       of the Chapter 11 Cases;

   (c) assist the Committee in analyzing the claims asserted
       against and interests asserted in the Debtors, and in
       negotiating with the holders of such claims and
       interests and bringing, or participating in, objections
       or estimation proceedings with respect to such claims
       or interests;

   (d) assist with the Committee's review of the Debtors'
       Schedules of Assets and Liabilities, Statement of
       Financial Affairs and other financial reports prepared
       by the Debtors, and the Committee's investigation of
       the acts, conduct, assets, liabilities and financial
       condition of the Debtors and of the historic and
       ongoing operation of their businesses;

   (e) assist the Committee in its analysis of, and
       negotiations with, the Debtors or any third party
       related to, among other things, financings, asset
       disposition transactions, compromises of
       controversies, assumption or rejection of executory
       contracts and unexpired leases;

   (f) assist the Committee in its analysis of, and
       negotiations with, the Debtors or any third party
       related to the negotiation, formulation, confirmation
       and implementation of a chapter 11 plan or plans for
       the Debtors, and all documentation related thereto;

   (g) assist and advise the Committee with respect to its
       communications with the general creditor body
       regarding significant matters in the Chapter 11
       Cases;

   (h) respond to inquiries from individual creditors as to
       the status of, and developments in, the Chapter 11
       Cases;

   (i) represent the Committee at all hearings and other
       proceedings before the Court and such other courts
       or tribunals, as appropriate;

   (j) review and analyze all complaints, motions,
       applications, orders and other pleadings filed with
       the Court, and advise the Committee with respect to
       its position thereon and the filing of any response
       thereto;

   (k) assist the Committee in preparing pleadings and
       applications, and pursuing or participating in
       adversary proceedings, contested matters and
       administrative proceedings as may be necessary or
       appropriate in furtherance of the Committee's interests
       and objectives; and

   (l) perform such other legal services as may be necessary
       or as may be requested by the Committee in accordance
       with the Committee's powers and duties as set forth
       in the Bankruptcy Code.

Milbank Tweed will be paid at these hourly rates:

     Partners                 $1,015-$1,395
     Of Counsel               $1,015-$1,225
     Associates               $390-$950
     Legal Assistants         $200-$345

Milbank Tweed will be paid a retainer in the amount of $350,000.

Milbank Tweed will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases,
the following is provided in response to the request for
additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary
              billing arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the
              geographic location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the
              12 months prepetition. If your billing rates and
              material financial terms have changed
              postpetition, explain the difference and the
              reasons for the difference.

   Response:  Milbank Tweed did not represent the Committee
              prior to the commencement of the Chapter 11 case.
              Milbank Tweed has in the past represented,
              currently represents, and may represent in the
              future certain Committee members and their
              affiliates in their capacities as members of
              official committees in other chapter 11 cases
              or individually in matters wholly unrelated
              to the Chapter 11 case.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Milbank Tweed is in the process of developing a
              prospective budget and staffing plan for the
              Committee's review and approval. Furthermore,
              Milbank Tweed understands that the Committee,
              along with the Debtors and the U.S. Trustee,
              will maintain active oversight of Milbank
              Tweed's billing practice.

Abhilash M. Raval, a partner of Milbank Tweed Hadley & McCloy LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and (a)
is not creditors, equity security holders or insiders of the
Debtors; (b) has not been, within two years before the date of the
filing of the Debtors' chapter 11 petition, directors, officers or
employees of the Debtors; and (c) does not have an interest
materially adverse to the interest of the estate or of any class
of creditors or equity security holders, by reason of any direct
or indirect relationship to, connection with, or interest in, the
Debtors, or for any other reason.

Milbank Tweed can be reached at:

     Abhilash M. Raval, Esq.
     MILBANK TWEED HADLEY & MCCLOY LLP
     28 Liberty St.
     New York, NY 10005
     Tel: (212) 530-5000
     Fax: (212) 530-5219
     E-mail: araval@milbank.com

                   About TK Holdings Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to Key
Safety Systems (KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor; Gilbert
LLP as insurance counsel; and Sakura Kyodo Law Offices as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as
his counsel.

                       Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



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


DOMINICAN REP: Figures Reveal a Lopsided Free Trade Pact w/ Haiti
-----------------------------------------------------------------
Dominican Today reports that opinion makers have for years agreed
that Dominican Republic and Haiti should forge a Free Trade
Agreement (FTA), also welcomed by business leaders, government
officials, economists and local poultry producers, who say it will
contribute to formalize cross-island trade.

On the Dominican side, the numbers seem to justify that step,
according to Dominican Today.

Nonetheless, given the sharp trade imbalance and Haiti's
dependence Customs revenue, it seems unlikely that that country
would embark on such an agreement, the report notes.

From 2010 to 2017, Dominican Republic-Haiti trade topped US$7.7
billion, according to the Dominican Republic Export and Investment
Center (CEI-RD), the report relays.  Of that figure, Dominican
exports took the lion's share of US$7.6 billion, compared with
Haiti's US$158.4 million, or just 2%, the report notes.

Several years ago, the National Business Council, the Young
Entrepreneurs Association, the Industry and Commerce Ministry and
the Northern Poultry Producers Association, among others, agreed
that bilateral negotiations would yield positive results, but made
it clear that a thorough study was required, the report discloses.

The report relays that some experts suggest that given Haiti's
importance for trade with Dominican Republic, it's vital to secure
and formalize it, especially since the geography allows a land-
served market, but warned: "It's unlikely that Haiti will fall on
that to sign an FTA.

Moreover, any DR-Haiti agreement must take into account the
positions set out in the pact with the European Economic Community
and CARICOM with respect to Haiti, as aspects that go beyond trade
have to be considered, the report notes.

European Union countries have always associated Haiti's economic
destiny with Dominican Republic's, and sometimes demand that the
later do more for the former, the report adds.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1)  The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2)  The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


DOMINICAN REPUBLIC: Easier for S-M Level Taxpayer to Pay Taxes
--------------------------------------------------------------
Dominican Today reports that starting January Internal Taxes
(DGII) will re-launch the Simplified Taxation Procedure so that
small and medium-level taxpayers can pay their taxes easier.

DGII Director Magin Diaz disclosed the regime and said it
undergoes a reform to make it more attractive, notes the report.

"It's a procedure that has existed for several years, but it has
not been very successful.  In that scheme the small taxpayer, for
example, does not have to pay advance, nor the Itebis (VAT) every
month, but two or three times a year depending on the
classification of their company," the report quoted Mr. Diaz as
saying.

Another of the benefits he attributes to the system is that the
retailer isn't required to have organized accounting nor pay taxes
on the assets, the report notes.

The official stressed that despite the benefits provided, fewer
than 10,000 companies or businesses have made use of it.
"Thousands of companies however are classified to receive it," the
report relays.

One of the main reasons behind the project's relaunch is that
small and medium-level taxpayers don't shirk their
responsibilities due to the red tape which the taxpayer faces, the
report notes.  "We are going to launch it together with an
advertising and tax education program and we will possibly give
some incentive on social security to the small businesses," he
added.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1)  The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2)  The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


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


JAMAICA: Growth Rebounds in July to Sept. Quarter
-------------------------------------------------
RJR News reports that Jamaica Finance Minister Audley Shaw said
economic growth during the current July to September quarter is
likely to be at its fastest pace since the third quarter of last
year.

Mr. Shaw made the disclosure as he addressed a media briefing,
according to RJR News.

"In this second quarter that we are now in, we are already seeing
where the growth is rebounding in the second quarter and already
the PIOJ is predicting growth in the region of two percent for the
July to September quarter . . .," the report quoted Mr. Shaw as
saying.

Mr. Shaw said tourism which was projected to grow at 4 percent,
actually recorded an estimated 10 percent expansion, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.


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


MEXICO: Registers $1.52 Billion Trade Deficit in July
-----------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexico ran
up a $1.52 billion trade deficit in July, a shift from the surplus
seen in June but smaller than the $1.83 billion deficit in the
year-ago period as growth in exports outpaced the increase in
imports, the National Statistics Institute said.

Exports rose 8% from July 2016 to $32.16 billion on increased
shipments of crude oil and gains in exports of manufactured
products, agricultural goods and minerals, according to The Wall
Street Journal.  Imports rose 6.6% to $33.69 billion, the report
notes.

Vehicles and auto parts led the increase in manufacturing exports,
rising 13.2% to $9.51 billion, while exports of other factory-made
goods were 4.5% higher at $19.3 billion, the report relays.

Petroleum exports were up 19.3% to $1.93 billion, the report
discloses.  State oil company Petroleos Mexicanos exported 1.26
million barrels a day of crude oil compared with 1.15 million
barrels a day a year ago, with average prices up $5.06 to $43.81 a
barrel, the report says.

Petroleum imports rose 4.6% to $3.13 billion. Mexico exports crude
oil but imports more than half of its gasoline and natural gas,
the report relays.

The July results brought the accumulated trade deficit for the
first seven months of the year to $4.43 billion, as a $9.4 billion
deficit in petroleum trade was partially offset by a $4.97 billion
surplus in nonpetroleum goods, the report adds.


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


BAILEY'S EXPRESS: May Use Bankwell's Cash Collateral Until Sept. 2
------------------------------------------------------------------
The Hon. Ann M. Nevins of the U.S. Bankruptcy Court for the
District of Connecticut has entered a second interim order
authorizing Bailey's Express, Inc., to use up to $159,885 in funds
that constitute cash collateral of Bankwell Bank.

A further hearing on the cash collateral use will be held on Aug.
29, 2017, at 10:00 a.m.

The Debtor's authority to spend cash collateral without further
order of the Court issued after notice and hearing or the written
consent of Bankwell will automatically expire upon the soonest to
occur of (i) Sept. 2, 2017, at 5:00 p.m., or (ii) regardless of
whether the Debtor has expended the entire amount, the failure by
the Debtor to materially comply with any provision of the court
order, which failure is not remedied within three business days
after receiving written notice from Bankwell or SAIA, Inc. --
which asserts that Debtor is holding certain cash in trust on
behalf of SAIA pursuant to the Interline Trust Doctrine -- of the
failure.  Upon the Termination Date, the Debtor's authority to use
or spend any further cash collateral will automatically terminate
unless and until the Debtor obtains the written consent of
Bankwell and SAIA or a further court order of the Court issued
after notice and an opportunity for a hearing.

As adequate protection for any cash collateral expended by the
Debtor, Bankwell is granted a first lien to secure an amount of
Bankwell's prepetition claims equal to (i) the amount of cash
collateral actually expended by the Debtor and (ii) an amount
equaling the aggregate decline in the value of the Bankwell
prepetition collateral (whether as a result of physical
deterioration, consumption, use, shrinkage, decline in market
value or otherwise).

In addition to the Replacement Lien, Bankwell will have a priority
claim in an amount equal to the amount of cash collateral actually
expended by Debtor, which claim will have the highest
administrative priority under Sections 503(b), 507(a)(1) and
507(b) of the U.S. Bankruptcy Code, and the claim will have
priority over, and be senior to, all other administrative claims.

As adequate protection for any cash collateral expended by the
Debtor, SAIA is granted a lien, subordinate to the security
interests held by Bankwell, on the DIP collateral, but only to the
extent that SAIA successfully establishes that SAIA is entitled to
impose an interline trust on cash collected by the Debtor.

If Debtor at any time seeks any third-party financing, and in
connection with the financing requests that the Court grant or
impose liens with a priority equal to or superior to the Bankwell
prepetition liens or the Replacement Liens, the Debtor will be
required to use the first available proceeds of any financing to
repay Bankwell the full amount of any cash collateral expended
pursuant to this Order.

A copy of the Order is available at:

          http://bankrupt.com/misc/ctb17-31042-59.pdf

                     About Bailey's Express

Headquartered in Middletown, Connecticut, Bailey's Express --
http://www.baileysxpress.com/-- is a Connecticut-based less than
truckload carrier.  It provides service across the nation and is
dedicated in helping Connecticut, Massachusetts and Rhode Island
companies market their products throughout the U.S. including
Hawaii and Alaska.  It has distribution points in Charlotte,
Dallas, Denver, Easton, Fontana, Indianapolis, Jacksonville,
Memphis, Neenah, Phoenix, Salt Lake City and Toledo.  It also
provides service to Mexico, Puerto Rico & Canada.

Bailey's Express filed for Chapter 11 bankruptcy protection
(Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating
its assets and liabilities at between $1 million and $10 million.
The petition was signed by David Allen, chief financial officer.

Judge Ann M. Nevins presides over the case.

Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at
Pullman & Comley, LLC, serves as the Debtor's bankruptcy counsel.

No creditors' committee has yet been appointed in the case
pursuant to Section 1102 of the Bankruptcy Code.


GIRARD MANUFACTURING: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Girard Manufacturing, Inc.
        P.O. BOX 10378
        San Juan, PR 00922-0378

Type of Business: Girard Manufacturing Inc. provides office
                  furniture in San Juan, Puerto Rico.  The Company
                  offers desks chairs, modular systems,
                  bookshelves, filing systems, and accessories, as
                  well as online service and support.

Chapter 11 Petition Date: August 24, 2017

Case No.: 17-05975

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  PO Box 9022726
                  San Juan, PR 00902
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

Total Assets: $2.36 million

Total Liabilities: $3.83 million

The petition was signed by Jose A. Casal Seibezzi, president.

The Debtor's list of 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb17-05975.pdf


SHORT BARK: Wants to Secure $17.7M DIP Financing From LSQ Funding
-----------------------------------------------------------------
Short Bark Industries, Inc., et al., and the Official Committee of
Unsecured Creditors ask the U.S. Bankruptcy Court for the District
of Delaware to authorize the Debtors to obtain up to $17.7 million
in postpetition factoring and other financial accommodations, and
to use cash collateral.

A hearing on the motion will be held on Sept. 11, 2017, at 11:00
a.m. (ET).  Objections to the motion must be filed by Sept. 5,
2017, at 4:00 p.m. (ET).

The Debtors need additional liquidity to fund their postpetition
operations and their ongoing sale marketing efforts.  In an effort
to reach a consensual agreement regarding post-petition financing
and the sale process and avoid further cost and expense that the
Debtors and their estates cannot afford, the Debtors and the
Committee have agreed to a form of a final DIP court order with
LSQ Funding Group, L.C., that resolves the majority of the
Committee's concerns, enables LSQ to continue funding the Debtors'
business operations and these Chapter 11 cases, and optimizes the
likelihood of a value maximizing sale process.  The proposed Final
DIP Order enables the Debtors to avoid an immediate shut-down and
the resulting termination of over 500 of their employees.

The proposed Final DIP Order resolves the Committee's (and other
parties') material concerns over the financing terms and sale
process.  Under the proposed Final DIP Order, the Debtors'
previously unencumbered assets, like Chapter 5 causes of action
and proceeds, as well as D&O actions and proceeds, will not be
subject to LSQ's liens, claims or other interests.  These assets
will remain in the Debtors' estates for the benefit of unsecured
creditors.

The Committee has raised various objections to the initial terms
of the post-petition financing obtained by the Debtors from LSQ.
The Committee raised its concerns with respect to, among other
things:

(i) the Roll-Up, (ii) the amount of LSQ's prepetition claim, (iii)
the releases provided to LSQ and its affiliates, (iv) the
likelihood that the estates are administratively insolvent, (v)
the short length of time of the Challenge Period, (vi) the fact
that the Committee was not granted standing to pursue a Challenge
(if any), (vii) the granting of liens on and security interests in
previously unencumbered assets such as avoidance actions and D&O
claims and proceeds thereof, (viii) waivers of the estates' rights
under Sections 552(b) and 506(c) of the U.S. Bankruptcy Code, (ix)
LSQ's ability to credit bid the full amount of its alleged debt,
(x) LSQ's charging of default interest on outstanding prepetition
obligations, and (xi) LSQ's entitlement to the payment of fees and
expenses in connection with its defense of any challenge
proceeding.

The proposed Final DIP Order represents the resolution reached by
the Debtors, the Committee and LSQ with respect to the Committee's
objections to the DIP Motion and the pending sale process of
substantially all of the Debtors' assets.  The salient relevant
terms of the proposed Final DIP Order are:

     -- granting of DIP-financing, including a Roll-Up, not to
        exceed $17.7 million;

     -- extension of the Committee's challenge period to the
        earlier to occur the closing of an asset sale or Oct. 23,
        2017, and the tolling of said challenge period upon the
        filing of a motion seeking standing;

     -- preservation of previously unencumbered assets, including
        Avoidance Actions and claims against certain Reserved
        Parties, for the benefit of the Debtors' estates and
        stakeholders.

     -- establishment of a mechanism determining the amount of
        LSQ's prepetition claim;

     -- modifications to the carve-out allocated to Committee
        professionals;

     -- reservation of the Committee's rights with respect to
        sale-related matters; and

     -- distribution of sale proceeds to LSQ on account if its
        senior secured claim and to general unsecured creditors,
        which unsecured creditor distributions being contingent
        upon the occurrence of a Section 363 sale and subject to
        increases based on competitive bidding at the auction.

By LSQ's agreement to waive any unsecured deficiency claim and
share a portion of any upside above any stalking horse bid, the
proposed Final DIP Order ensures that unsecured creditors realize
a distribution from any sale proceeds and that the distributions
(if any) are made promptly following a closing of any sale.  The
agreements are not a result of the Debtors and the Committee's
settlement of estate causes of action.  They are a result of the
Debtors and the Committee's desire to limit administrative cost
that would continue to be incurred in the furtherance of pending
disputes, as they relate to post-petition financing and the sale
process.  Further, the terms of the proposed Final DIP Order are
meant to send a strong message to the market place that the
Debtors are not liquidating, but continuing their daily business
activities and focusing on maximizing value for the benefit of all
stakeholders.

A copy of the request is available at:

         http://bankrupt.com/misc/deb17-11502-162.pdf

                  About Short Bark Industries

Short Bark Industries, Inc. -- http://www.shortbark.com/--
provides military apparels for the Department of Defense, law
enforcement industry.  The company's manufactured items in the
military category include military MOLLE, medium and large
rucksacks, assault packs, IWCS, ACU, ABU, BDU, helmet covers,
FROG, A2CU and more.  It offers men and boys suits, over garments,
bag, and coats.  The company holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and
Tennessee.

Short Bark and EXO SBI, LLC, sought bankruptcy protection (Bankr.
D. Del., Lead Case No. 17-11502) on July 10, 2017.  The petitions
were signed by Phil Williams, CEO and chairman.

The Debtors disclosed total assets of $10 million to $50 million
and total  liabilities of $10 million to $50 million.

Bielli & Klauder, LLC, serves as lead bankruptcy counsel to the
Debtors.  The Debtors hired SSG Advisors, LLC, and Young America
Capital, LLC, as investment banker.

On July 18, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee retained
Lowenstein Sandler LLP, as counsel, Gellert Scali Busenkell &
Brown, LLC, as Delaware counsel, and Teneo Restructuring and Teneo
Capital LLC, as investment banker.


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


* LATAM: Visa Works With Start-Ups to Build Financial Ecosystem
----------------------------------------------------------------
EFE News reports that Visa Inc. is offering Latin American tech
start-ups the opportunity to expand and improve their own products
in partnership with the global payments technology giant.

"We seek to create an open collaboration ecosystem where we work
with third parties, fintechs (financial technology firms) and
start-ups with capabilities that complement ours and those of our
clients," Allen Cueli, senior director of Product Solutions and
New Payment Enablers for Visa Latin America and the Caribbean,
told EFE News.

That is the idea behind Visa's Everywhere Initiative, which has
already been introduced in the United States, Europe and Asia and
is now being launched in Latin America, according to EFE News.

Mr. Cueli traveled to Mexico City for one of the five events to
select 10 finalists who will submit proposals for the reinvention
of electronic payment systems in pursuit of a $50,000 prize from
Visa, the report notes.

Some 250 Latin America fintechs took up the challenge posed by
Visa in collaboration with the Finnovista organization, the report
relays.

The finalists emerging from the rounds in Mexico City, Buenos
Aires, Santiago, Bogota and Sao Paulo will face other Nov. 9 in
Miami at the Finnosummit, the report notes.

Besides the $50,000 in prize money, the winner will receive advice
from industry experts and get the opportunity for an exclusive
collaboration with Visa, the report discloses.

Investment in fintechs in Latin America currently stands at around
$600 million, as "opposed to some $36 billion at the global
level," Cueli pointed out, adding that while the spirit of
innovation is abundant in the region, there remains a disconnect
among ideas, capital and clients, the report relays.

Even so, the past year has seen "a great deal of movement," Visa
Mexico Vice President Juan Carlos Guillermety said, especially in
the Aztec nation, where a favorable regulatory environment for
fintechs has attracted roughly $140 million in investment, the
report says.

Mexico, according to Guillermety, is "a big enough market (for
companies) to test and clarify their business models," the report
discloses

For financial companies the biggest challenge - and the biggest
potential -- presented by Latin America is the substantial
proportion of the population who don't have bank accounts or use
debit or credit cards, the report relays.

In Mexico, for example, electronic payments are involved in just
14.5 percent of individual consumer transactions, the report
notes.

"We believe that a fintech space can play a very important role in
accelerating that growth," the report quoted Mr. Guillermety as
saying.



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
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 or Joseph Cardillo at
856-381-8268.


                   * * * End of Transmission * * *