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

               Thursday, September 14, 2017, Vol. 18, No. 183


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: IMF Debt Relief Might Not Happen


C A Y M A N  I S L A N D S

YULONG ECO-MATERIALS: KSP Group Inc. Casts Going Concern Doubt


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Amendment of Law on Foreign Workers 'Unacceptable'
DOMINICAN REP: Prices Climb 0.57% in August, Paced by Housing


J A M A I C A

JAMAICA: Another Delay to Bill to Amend Banking Services Act
JAMAICA: JMA Backs Call for Banks to Lower Interest Rates for SMEs


P A N A M A

PANAMA CANAL RAILWAY: S&P Affirms 'BB-' CCR, Outlook Stable


P U E R T O    R I C O

DAVID'S BRIDAL: Moody's Lowers Corporate Family Rating to Caa2
DORADO COMMUNITY: Sept. 27 Plan Confirmation Hearing
LUVIS AMBULANCE: Court Okays Disclosures & Confirms Plan
ROCK STAR CHEF: Taps Orlando Hernandez as Accountant
TOYS "R" US: Debtwire Hears Tru Taj Holders May Advance $400 Mil.


V E N E Z U E L A

VENEZUELA: Accepts Invitation to Resume Dialogue W/ Opposition


X X X X X X X X X

LATAM: Irma Triggers Insurance Payouts for 3 Caribbean Countries
LATAM: CARICOM Heads of Government Meet on Hurricane Situation
LATAM: Hurricane Irma Could Trigger Insurance Rate Hikes
LATAM: Hotels Need Reinventing to Compete With New Lodging Offers



                            - - - - -


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A N T I G U A  &  B A R B U D A
===============================


ANTIGUA & BARBUDA: IMF Debt Relief Might Not Happen
---------------------------------------------------
Caribbean360.com reports that a senior official from the
International Monetary Fund (IMF) has all but poured cold water on
suggestions that Barbuda should be granted temporary relief from
paying its debt to the Washington-based financial body.

Barbuda, which was ravaged by Hurricane Irma, currently owes the
IMF an estimated $3 million debt, according to Caribbean360.com.
Jubilee USA, an interfaith group, has written to the Fund's
Managing Director Christine Lagarde requesting that payment be put
on hold until the island can recover, the report notes.

"On behalf of Jubilee USA's nearly 700 national and local faith
institutions, we invite the IMF to implemented an immediate
moratorium on debt repayments for countries severely impacted by
the Category 5 storm until they have rebuilt and recovered,"
President Eric LeCompte wrote, the report relays.

In a similar call, Vicar General of the Roman Catholic Church of
the Diocese of Georgetown, Guyana argued that Barbuda and other
Caribbean countries affected by Irma would not be able to meet
their commitments to the lending agency, and the IMF should
consider debt relief, the report notes.

Caribbean360.com discloses that Antigua and Barbuda's Prime
Minister Gaston Browne has declared Barbuda "uninhabitable" with
an estimated 95 per cent of its structures damaged in the system.
He estimated that the rebuilding process could cost as much as
$150 million, the report relays.

However, the IMF's special representative to the United Nations,
Christopher Lane, challenged the idea of a moratorium during a
briefing titled, 'Sovereign Debt Restructuring: Further
Improvements on Market Based approaches,' the report notes.

"Our general view is that we'd rather put new money in than to
have that moratoria," he said, adding that IMF "borrows money from
members who lend, so we'd have to get agreement from the lending
parties," the report relays.

"For example, we might borrow money from the United States and
loan that to Antigua. If we don't get paid back on time, we'd have
to make an arrangement with the source of the funds
themselves . . . We're like a bank. We borrow and lend," he added.


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


YULONG ECO-MATERIALS: KSP Group Inc. Casts Going Concern Doubt
--------------------------------------------------------------
Yulong Eco-Materials Ltd. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $53.19 million on $42.64 million of total revenues for
the fiscal year ended June 30, 2016, compared with a net income of
$8.68 million on $46.23 million of total revenues in 2015.

KSP Group, Inc., states that the Company has suffered significant
losses from operations, has a working capital deficiency, and
insufficient cash to meet its short-term obligations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.

The Company's balance sheet at June 30, 2016, showed $36.44
million in total assets, $25.18 million in total liabilities, and
a total equity of $11.26 million.

A copy of the Form 10-K is available at:

                       https://is.gd/BziX6b

                  About Yulong Eco-Materials Ltd.

Yulong Eco-Materials Ltd. is incorporated in Cayman Island and is
located in Pingdingshan City, Henan Province, China. Yulong is the
leading producer of eco-friendly fly-ash bricks and concrete in
Pingdingshan. The Company has a market share of 51% in the brick
market and 30% in the concrete market in Pingdingshan in both
fiscal year 2014 and 2013. The Company currently owns its assets
and conducts its operations through its subsidiary, Zhengzhou Xing
De Enterprise Management & Consulting Co., Ltd.


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


DOMINICAN REP: Amendment of Law on Foreign Workers 'Unacceptable'
-----------------------------------------------------------------
Dominican Today reports that minority party (FNP) President
Pelegrin Castillo called unacceptable and unjustified the business
sector's proposal to amend the 80/20 percentage law on workers'
nationality, and urged a change in the approach to avert
jeopardizing Dominican laborers.

Mr. Castillo warned that if approved, the amendment would
seriously harm Dominicans' right to work in their country, and
noted that the issue signal's the government's failure to create
active employment policies, according to Dominican Today.

"If the developers were more demanding with those with whom they
subcontract their labor; or if the authorities also fine those who
hire directly, surely they would not be facing such a deplorable
situation that affects the real wages and working conditions of
millions of Dominicans," he said, the report notes.

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 REP: Prices Climb 0.57% in August, Paced by Housing
-------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said August consumer prices climbed 0.57% compared with to the
month of July this year.

It said accumulated inflation for the first eight months was
1.77%, with annual inflation, from August 2016 to August 2017,
stood at 3.18%, "around lower limit within the target range
established in the Monetary Program for 2017 of 4.0% (1.0%),"
according to Dominican Today.

In an emailed statement, the Central Bank said that underlying
annual inflation stood at 2.27%, the report notes.  "This
indicator measures the inflationary pressures of monetary origin,
isolating the effects of exogenous factors, thus allowing for
clearer signals for the conduct of monetary policy."

It adds that higher costs of Housing (2.37%), Transport (0.77 %)
and Education (2.10%) most influenced the increase in prices, the
report says.

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: Another Delay to Bill to Amend Banking Services Act
-------------------------------------------------------------
RJR News reports that there has been another delay with the
redrafted Bill to amend the Banking Services Act.

According to Member of Parliament Fitz Jackson, he sent the draft
back to the Chief Parliamentary Counsel, according to RJR News.

"Regrettably the draft that I got back did not incorporate all the
adjustments that I wanted. It has been resubmitted and I'm hoping
that I'll get the redraft with the adjustments based on the
consultations that I had with the various stakeholder groups," Mr.
Jackson told RJR News.

In May, Jackson, who has been on an intense campaign to roll back
the fees, moved a motion that the Bill be withdrawn, to be
reintroduced at a later date, the report notes.

The Bill seeks to regulate how local commercial banks charge
certain fees, the report relays.

                           Legal Action

Meanwhile, the MP has declared that he will refocus attention on
taking legal action against the island's commercial banks, the
report discloses.

"The truth be told, in summer many professionals go on a break, so
not much was happening. Now that we are in the month of September
we expect things to get re-engaged in a more fulsome way," he
explained, the report says.

Despite most of Jamaica's commercial banks suspending fees on
dormant accounts, earlier this year, Jackson declared that he will
proceed with plans for a class action lawsuit, the report notes.

He said, while the banks have withdrawn the fees, they have not
addressed the call to refund customers whose accounts became
dormant, 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'.


JAMAICA: JMA Backs Call for Banks to Lower Interest Rates for SMEs
------------------------------------------------------------------
RJR News reports that The Jamaica Manufacturers' Association (JMA)
is backing the call of Finance Minister Audley Shaw, for
commercial banks to lower their interest rates on loans to small,
micro and medium-sized enterprises (SMEs).

The JMA said it has long been established that minimizing existing
impediments, such as high interest rates, is imperative to
increasing Jamaica's competitive advantage, according to RJR News.

The JMA said it joins the minister in appealing to the Development
Bank of Jamaica (DBJ) and financial institutions to play their
role in advancing the nation's objectives, by actively reducing
spreads to no more than one per cent and three per cent
respectively, the report notes.

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'.


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P A N A M A
===========


PANAMA CANAL RAILWAY: S&P Affirms 'BB-' CCR, Outlook Stable
-----------------------------------------------------------
Panama Canal Railway Co. (PCRC) has posted key credit metrics in
line with S&P's expectations amid challenging economic and freight
volume conditions.

S&P Global Ratings, therefore, affirmed its 'BB-' long-term
corporate credit and issue-level ratings on Panama Canal Railway
Co. (PCRC). The outlook remains stable.

The ratings affirmation reflects S&P's view that PCRC will
maintain good performance in the next two years, posting debt to
EBITDA in the 1.5x-2.0x range, FFO to debt in the 43%-50% range,
and EBITDA interest coverage in the 7.0x-8.0x range given S&P's
view of modestly improving economic conditions, particularly in
Latin America; normalization of its largest customer's container
volumes; maintenance of low debt levels; consistent cash flow
generation and margins; and continued operating efficiencies.


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


DAVID'S BRIDAL: Moody's Lowers Corporate Family Rating to Caa2
--------------------------------------------------------------
Moody's Investors Service downgraded David's Bridal, Inc.'s
Corporate Family Rating (CFR) to Caa2 from Caa1 and Probability of
Default Rating to Caa2-PD from Caa1-PD. Concurrently, Moody's
downgraded the company's senior secured term loan rating to Caa1
from B3, and affirmed the Caa3 rating on the senior unsecured
notes. The ratings outlook remains stable.

The downgrade reflects David's Bridal's heightened risk of a
balance sheet restructuring or other distressed exchange in light
of its high leverage and 2019 nearest maturities. Following
earnings declines in the first half of 2017, debt/EBITDA increased
to 9.25 times for LTM 2Q 2017 (as calculated by the company based
on management adjusted EBITDA). While Moody's expects earnings to
improve and projects adequate liquidity in the next several
quarters, any growth may not be sufficient to reduce leverage
towards a sustainable level of 6 times in the near term.

Moody's took the following rating actions for David's Bridal,
Inc.:

-- Corporate Family Rating, downgraded to Caa2 from Caa1

-- Probability of Default Rating, downgraded to Caa2-PD from
    Caa1-PD

-- $491 million ($520 million face value) senior secured term
    loan due 2019, downgraded to Caa1 (LGD3) from B3 (LGD3)

-- $270 million senior unsecured notes due 2020, affirmed Caa3
    (LGD5)

-- Stable outlook

RATINGS RATIONALE

The Caa2 CFR reflects David's Bridal's elevated risk of a
distressed exchange or other event of default given the company's
currently untenable capital structure and uncertainty regarding
its ability to turn around operating performance on a sustained
basis.  Execution issues, catch-up digital investment and growing
online competition have driven market share losses and a
cumulative over 30% decline in earnings since the peak in 2012.
Moody's expects earnings to recover in the second half of 2017
from the website challenges and clearance activity in 2H 2016. In
addition, near term results should benefit from an expanded low-
priced dress assortment and new marketing initiatives. However, a
high degree of execution risk remains and any EBITDA growth may
not be sufficient to position the company for refinancing its 2019
and 2020 maturities at par in a timely and economical manner. The
rating also reflects the company's modest scale and limited
product diversity as a specialty retailer in the niche bridal
category. The rating derives key support from David's Bridal's
adequate liquidity in the next 18 months, including the lack of
maturities until 2019, positive free cash flow generation, and
sufficient availability under the $125 million revolver. The
rating also incorporates the company's well-recognized banner,
national footprint, and meaningful share of the highly fragmented
bridal gown market.

The stable outlook reflects Moody's expectations for near-term
earnings improvement and adequate liquidity.

The ratings could be upgraded if the company addresses its 2019
maturities in a timely and economical manner and achieves
consistent solid growth in revenue and EBITDA, while maintaining
adequate overall liquidity.

The ratings could be downgraded if the risk of default increases
or Moody's recovery rate estimates deteriorate. The ratings could
also be downgraded if liquidity deteriorates for any reason.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

David's Bridal, Inc. ("David's Bridal"), headquartered in
Conshohocken, PA, is a bridal retailer with 306 stores throughout
the U.S., 11 in Canada, 1 in Puerto Rico and 4 in the UK. The
company sells both value-oriented wedding gowns at under $600 and
higher price point gowns up to $2,000, as well as other wedding-
and special-occasions apparel and accessories. Revenues for the
twelve months ended July 1, 2017 were approximately $738 million.
The company has been controlled by Clayton, Dubilier & Rice, LLC
(75%) and Leonard Green & Partners, L.P. (25%) since the October
2012 buyout from Leonard Green & Partners, L.P.


DORADO COMMUNITY: Sept. 27 Plan Confirmation Hearing
----------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Dorado
Community Health Inc.'s disclosure statement dated Aug. 26, 2017,
referring to the Debtor's plan of reorganization.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Sept. 27, 2017, at 9:00 a.m.

Acceptances or rejections of the Plan may be filed on or before 14
days prior to the date of the hearing on confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and the confirmation of the Plan must be filed on or before 14
days prior to the date of the hearing on confirmation of the Plan.
As reported by the Troubled Company Reporter on Sept. 4, 2017, the
Debtor filed with the Court a disclosure statement dated Aug. 26,
2017, referring to the Debtor's plan of reorganization dated
Aug. 20, 2017, which states that General unsecured Claims are
impaired by the Plan.  On the consummation date, the entire Class
3 claimants will receive from the Debtor a non-negotiable,
non-interest bearing promissory note, dated as of the Effective
Date, providing for a total amount of $10,000 which will be
payable in consecutive monthly installments of $166.67 during a
period of five years, starting on the Effective Date; with a
monthly pro-rata distribution among all members of this Class 3.

              About Dorado Community Health, Inc.

Dorado Community Health Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 17-01565) on March 7, 2017,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by Jaime Rodriguez Perez, Esq., at Hatillo
Law Office.

The Debtor hired Fuertes & Fuertes Law Office, as counsel; and
Julio Borges-Alvarado, as accountant.

Acting U.S. Trustee, Guy G. Gebhardt, filed a Notice of
Appointment before the U.S. Bankruptcy Court for the District of
Puerto Rico naming Edna Diaz De Jesus as the Patient Care
Ombudsman for Dorado Community Health, Inc.


LUVIS AMBULANCE: Court Okays Disclosures & Confirms Plan
--------------------------------------------------------
The Hon. Edward A Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico has entered a final order approving Luvis
Ambulance Services Inc.'s disclosure statement and confirming the
plan of reorganization dated July 20, 2017.

As reported by the Troubled Company Reporter on June 20, 2017, the
restructuring plan proposes to set aside $18,000 to pay general
unsecured creditors or 70% of their claims allowed by the court.

              About Luvis Ambulance Services Inc.

Luvis Ambulance Services Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06244) on Aug. 5, 2016.  Judge
Enrique S. Lamoutte Inclan presides over the case.

The Batista Law Group, P.S.C. represents the Debtor as bankruptcy
counsel.  The Debtor hired Manuel Feliciano Rios as its financial
consultant.

On Feb. 16, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


ROCK STAR CHEF: Taps Orlando Hernandez as Accountant
----------------------------------------------------
Rock Star Chef Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire an accountant.

The Debtor proposes to employ Orlando Ortega Hernandez to provide
general accounting and financial consulting services in connection
with the filing of its Chapter 11 case and plan of reorganization.

Mr. Hernandez will charge $400 per month for his services.

In a court filing, Mr. Hernandez disclosed in a court filing that
he is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.

Mr. Hernandez maintains an office at:

     Orlando Ortega Hernandez
     Urb. Mansiones del Lago
     La Mansion Box 102, Levittown
     Toa Baja, PR 00949-3260
     Phone: (787) 608-5738

                   About Rock Star Chef Corporation

Rock Star Chef Corporation, filed a Chapter 11 bankruptcy petition
Bankr. D.P.R. Case No. 17-03998) on June 2, 2017, disclosing less
than $1 million in both assets and liabilities.  The Debtor is
represented by Noemi Landrau Rivera, Esq., at Landrau Rivera &
Assoc.


TOYS "R" US: Debtwire Hears Tru Taj Holders May Advance $400 Mil.
-----------------------------------------------------------------
Reshmi Basu and Hema Oza at Debtwire report that bondholders at
Tru Taj LLC -- one of Toys "R" Us' international segments, along
with potential new investors -- have entered into restricted
discussions with the retail chain and its advisors about raising
around $400 million in new secured financing. The fresh capital
could be used as a short-term rescue to address the 2018 debt
maturities, or as a backup it could be structured as debtor-in-
possession (DIP) financing, sources familiar with the talks told
Debtwire.

Given the company's hefty consolidated leverage at around 7x its
debtload, Debtwire explains, new capital would have to be directly
secured by assets -- but Toys' existing debt agreements present a
maze of limitations on securing new debt.  The Taj entity
currently has modest leverage at 3.6x and offers the possibility
of liens on some of the international assets -- making Taj a focal
point for the liability management talks, sources said.

Holders of the $575 million 12% secured notes due 2021 at Taj have
been organizing with advisor GLC Advisors, sources said.  The
tranche was born last year out of negotiations former holders of a
2017 Delaware holdco bond who worked to swap into new debt at an
entity with a more direct claim to international assets, long
viewed as the company's growth spigot.

Toys R Us has been attempting to grow into its highly levered
balance sheet for arguably the last 12 years ever since its
$6.6 billion leveraged buyout by an investor group led by KKR,
Bain Capital and Vornado Realty Trust.

Since then, the company has weathered the consumer pullback
spawned by the financial crisis, as well as the dramatic change in
shopping habits wrought by online shopping and the Amazonbehemoth.
Through it all, the company managed to continue refinancing and
extending various tranches of the over $5 billion debtload that it
took on to back the 2005 LBO.

But Toys' earnings have continued a downward trend this year, and
it faces $440 million of debt maturities in 2018 followed by $2.6
billion in 2019 that it's so far been unable to address.  In
recent months, the company hired outside advisors from both Lazard
and Kirkland & Ellis that specialize in restructuring to help map
out a plan.  Increasingly, investors acknowledge that plan could
include a bankruptcy filing of one or more Toys entities, sources
told Debtwire.

Earnings-wise, Toys reported a consolidated same store sales
decline of 4.1% in fiscal 1Q17. Adjusted EBITDA in quarter was
nearly halved to $44 million, versus $79 million in the prior year
period.

At quarter-end, the consolidated borrower had $701 million of
liquidity, comprising $301 million in cash mostly held overseas
and $400 million of availability under committed lines.  At Toys
Delaware, the company had $35 million of cash and $176 million
available in credit lines.

The borrower's $209 million 7.375% senior bonds due 2018 changed
hands at 79 to yield 31.467%, compared to 95 days
earlier, according to MarketAxess.  The near-dated bonds plummeted
on Wednesday (September 6) after a CNBC.com report that Toys had
hired restructuring counsel at Kirkland.

Toys provided Debtwire with the following statement: As we
previously discussed on our first quarter earnings call, Toys"R"Us
is evaluating a range of alternatives to address our 2018 debt
maturities.  We expect to provide an update about these
activities, as well as the many initiatives underway to provide an
outstanding customer experience in our global retail locations and
webstore during the holiday season, during our second quarter
earnings call on September 26.

Reshmi Basu is Assistant Editor of restructuring and covers
retailers and technology companies.  She can be reached at
Reshmi.Basu@debtwire.com by e-mail.  Hema Oza is an associate
editor at Debtwire Americas and covers leveraged finance with a
focus on food, restaurant and leisure companies.  She can be
reached at hema.oza@debtwire.com by e-mail.

                       About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.

Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in
the United States, Puerto Rico and Guam, and in more than 780
international stores and more than 245 licensed stores in 37
countries and jurisdictions. Merchandise is also sold at e-
commerce sites including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.   Toys "R" Us is now a privately owned entity but still
files with the Securities and Exchange Commission as required by
its debt agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

The Company and its subsidiaries posted a net loss of $163 million
on $2.206 billion of net sales for the 13 weeks ended April 29,
2017, compared with a net loss of $125 million on $2.319 billion
of net sales for the 13 weeks ended April 30, 2016.


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V E N E Z U E L A
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VENEZUELA: Accepts Invitation to Resume Dialogue W/ Opposition
--------------------------------------------------------------
EFE News reports that the President of Venezuela said he had
accepted an invitation to resume talks with the country's
opposition from the Dominican Republic and a former Prime Minister
of Spain.

Nicolas Maduro said during a cabinet meeting broadcast on state
radio and television that he had accepted "this new day of
dialogue" proposed by former Spanish Prime Minister Jose Luis
Zapatero and Dominican President Danilo Medina, according to EFE
News.

The report notes that Venezuelan Foreign Minister Jorge Arreaza
told his French counterpart Jean-Yves Le Drian in Paris that
discussions with the opposition would begin in the Dominican
Republic.

The opposition coalition Democratic Unity Roundtable (MUD) denied
that a dialogue had been resumed, but confirmed that a delegation
would travel to Santo Domingo to meet with Medina, the report
relays.

Pres. Maduro thanked Rodriguez Zapatero and the Government of the
Dominican Republic for the initiative, the report says.

Mr. Zapatero met with the Dominican foreign minister, Miguel
Vargas, in Santo Domingo and issued a statement saying they were
convinced that there was "an opportunity for a process of meeting,
mutual recognition and reconciliation" in Venezuela, the report
relays.

Pres. Maduro has appointed mayor of the Libertador de Caracas
municipality Jorge Rodriguez to represent his government in the
talks to attempt to resolve the political stalemate and economic
crisis that have crippled Venezuela in recent years, the report
discloses.

In July, Pres. Maduro led the creation of a new National
Constituent Assembly (ANC) in order to rewrite the nation's
constitution and restore order in the oil-rich South American
nation, the report notes.

The opposition denounced the assembly and boycotted the election
of its members, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2017, Fitch Ratings has taken the following rating
actions on Venezuela's sovereign ratings:

-- Long-term foreign and local currency IDRs downgraded to 'CC'
    from 'CCC';
-- Senior unsecured debt downgraded to 'CC' from 'CCC';
-- Short-term foreign and local currency IDRs affirmed at 'C';
-- Country ceiling downgraded to 'CC' from 'CCC'.


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


LATAM: Irma Triggers Insurance Payouts for 3 Caribbean Countries
----------------------------------------------------------------
Caribbean360.com reports that at least three Caribbean countries
hard hit by Hurricane Irma are to receive a helping hand from the
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance
Facility).

CCRIF SPC has announced that it will be making payouts totaling
approximately US$15.6 million to the Governments of Antigua and
Barbuda, Anguilla and St. Kitts and Nevis as a result of the
passage of Hurricane Irma, which triggered payments on these
countries' Tropical Cyclone policies, according to Caribbean360.

The Gaston Browne administration in Antigua and Barbuda, which has
declared a state of emergency in Barbuda is set to receive
US$6,794,875, the report notes.

In Anguilla, where one person was killed and there was substantial
damage to homes, buildings and infrastructure, CCRIF SPC will hand
over US$6,529,100, the report relays.

St. Kitts and Nevis, which also suffered some damage, will receive
US$2,294,603, the report says.

CCRIF is verifying the payout calculations and is in discussion
with the three governments about making arrangements for transfer
of these payouts, which will be completed within 14 days after the
event, the report notes.

Anguilla and St. Kitts & Nevis could also receive a second payout
since both countries have Excess Rainfall (XSR) policies.  CCRIF
SPC is assessing if the rains from Hurricane Irma triggered these
policies, the report discloses.

The assessment under the XSR policies will be determined in the
next few days, the report relays.

The report discloses that hurricane Irma, now recognized as the
most powerful Atlantic Ocean hurricane in recorded history, passed
through the Leeward Islands as a Category 5 hurricane with maximum
sustained winds of 185 miles per hour and intense rainfall.

Irma remains a strong storm and CCRIF continues to monitor the
hurricane as it passes through the northern Caribbean and is also
following the path of Hurricane Jose, now a Category Four system,
the report adds.


LATAM: CARICOM Heads of Government Meet on Hurricane Situation
--------------------------------------------------------------
Caribbean360.com reports that heads of Government of the Caribbean
Community (CARICOM) met in special emergency session to receive an
update on the effects of the impact of Hurricanes Irma and Jose on
the region and progress on the coordinated response to provide
relief for those affected.

The meeting, presided over by CARICOM Chairman, Dr. Keith
Mitchell, Prime Minister of Grenada, received a full briefing on
the situation from representatives of the affected countries, the
Caribbean Disaster Management Agency (CDEMA), the Community's lead
agency for disaster response, CARICOM Secretary-General Ambassador
Irwin LaRocque and regional institutions, according to
Caribbean360.com.

The Executive Director of CDEMA Ronald Jackson addressed the
situation in Antigua and Barbuda and Anguilla as well as giving an
update on the Community's coordinated response to all the
countries affected, the report notes.

Immediate needs were identified for those worst affected,
particularly, Barbuda, the British Virgin Islands (BVI) and
Anguilla, the report relays.  These included water, food items,
materials to aid in providing temporary shelter such as plywood
and tarpaulins and especially cash to purchase items to help with
the cost of immediate recovery efforts in the affected countries,
the report discloses.

Premier of the BVI Dr. Orlando Smith; the Prime Minister of The
Bahamas, Dr. Hubert Minnis; Haiti's Foreign Minister Antonio
Rodrigues; and a representative of the Turks and Caicos Government
provided the latest information on their countries, the report
says.

Prime Minister of Dominica Roosevelt Skerritt provided information
on the situation on the island of St. Maarten where a significant
number of CARICOM nationals are currently located and Prime
Minister of St Lucia, Allen Chastenet alerted the meeting to the
situation in St. Kitts and Nevis, the report relays.

CDEMA activated the Regional Response Mechanism (RRM) which
coordinates relief action and includes regional institutions,
international agencies, and representatives from the United
Kingdom, the United States and Canada, Caribbean360.com notes.
CDEMA's advance team has been waiting in Antigua to go into the
affected countries and is set to leave for Anguilla, the report
relays.

Hurricane Irma caused massive damage to property and
infrastructure including sea and air ports which has hindered
access to the islands, affecting the arrival of assessment teams
and the relief efforts, the report notes.  Limited access has been
established to Anguilla and BVI with the aid of the United
Kingdom, the report discloses.  A team is also in Jamaica awaiting
to proceed to the Turks and Caicos Islands, The Bahamas and Haiti.

Heads of Government expressed concern about the long term
psychological effects of the situation given the serious
dislocation and sense of loss of the populations of the affected
countries, the report says.  They also stressed that these
disasters emphasized the economic vulnerability of the Region
given the cost of recovery and the impact on economic activity of
the affected countries, the report notes.

They mandated the CARICOM Secretariat and the Secretariat of the
Organization of Eastern Caribbean States (OECS) to continue
working with CDEMA to coordinate recovery efforts, the report
adds.


LATAM: Hurricane Irma Could Trigger Insurance Rate Hikes
--------------------------------------------------------
Caribbean360.com reports that having battered a number of
Caribbean countries and the US state of Florida, leaving behind in
the region nearly 30 deaths and hundreds of millions of dollars in
damage, Hurricane Irma is likely to inflict some more pain of a
different kind on the region.

A leading insurance official in Barbados is hinting at possible
increases in property insurance rates due to the carnage caused by
the killer storm, particularly in Anguilla, Barbuda, the British
Virgin Islands and the French-Dutch island of Saint Martin,
according to Caribbean360.com.

Speaking even before Irma dealt its final blow to the Caribbean as
a category five cyclone, before heading to Florida as a category
four storm, flooding streets, spawning tornadoes, and knocking out
power to millions of people, President of the General Insurance
Association of Barbados Michael Holder left no doubt what was
likely to happen should insurance companies have to dish out large
sums in compensation, the report notes.

"I know for a fact, for Bahamas they have already stated that if
they are impacted by Irma they estimate that their rates can
increase something like 20 to 25 per cent next year. So that is
the kind of eventuality you can have coming out of this type of
thing," the report quoted Mr. Holder as saying.

The Bahamas escaped major damage and the Lynden Pindling
International Airport reopened, while the Nassau Port reopened,
although cruise ships are not expected to begin docking soon, the
report notes.

Barbados escaped Irma's fury, with the storm causing no more than
high sea swells, and from 200 miles away, knocking off the roof of
one house, the report discloses.

This notwithstanding, Mr. Holder said Barbadians may have to pay
for the suffering of its neighbors, the report relays.

"Generally, you find that even though Barbados may not have been
impacted, the region was impacted, and the region may use the same
reinsurers.  So ultimately what can happen, not that necessarily
it will happen, but what can happen is that you can find that
depending on the amount of insured losses that has taken place --
because we need to be mindful of what transpired with Harvey and
Texas and we would obviously know what happen with Irma and
Barbuda, Tortola and whoever else in the path -- and a combined
result of that, depending on the number of insured losses, you can
see that reinsurers may say to us next year, 'well guys, your
property rates may have to be adjusted upwards somewhat,' the
report relays.

"It is not something that is definite but it is a possibility
depending on the net result of the total insured claims coming out
of the systems," the insurance official explained, the report
notes.

With several countries still assessing the damage caused by the
monstrous storm, Mr. Holder said it was difficult to estimate how
much insurance companies would be forced to pay out in
compensation, the report discloses.

Mr. Holder said the assessment could go on for some time and it
could be weeks, and possibly months, before a determination was
made as to the total payout, adding that losses could be greater
than the amount for which storm victims were insured, the report
notes.

In 2010, Barbados had a brush with Tropical Storm Tomas, which
resulted in just over 1,700 property claims and a payout of about
$28 million from the insurance industry, the report says.

Mr. Holder said while there were some "slight adjustments" then,
compensation payments were not significant enough to force the
industry to increase premiums, the report relays.  "So I think we
can appreciate that with a direct impact from a system the quantum
of claim payments that probably would have to be made," he added.

Antigua's sister island Barbuda was the first island to suffer a
direct hit from Irma, and Prime Minister Gaston Browne said 95 per
cent of homes were destroyed by the hurricane. The expense of
rebuilding houses alone is expected to top US$59 million, the
report notes.


LATAM: Hotels Need Reinventing to Compete With New Lodging Offers
-----------------------------------------------------------------
EFE News reports that the market of new platforms for renting out
private dwellings is in direct competition with traditional Latin
American hotels, which, if they don't start posting their benefits
on the Internet and offering social attractions, will end up as
the least likely lodgings that travelers will choose.

Such was the opinion that Spain's expert in tourism marketing and
the innovation director at Riviera Maya Sostenible, David Vicent,
expressed to EFE in an interview regarding Web sites like Airbnb,
which offer private dwellings for rent, now more than ever in
urban areas, according to EFE News.





                            ***********


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
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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.


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