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

               Thursday, September 21, 2017, Vol. 18, No. 188


                            Headlines



B R A Z I L

PETROLEO BRASILEIRO: Fitch Rates Proposed Debt Issue BB(EXP)
PETROBRAS GLOBAL: Moody's Rates Proposed $2BB New Global Notes B1

* BRAZIL: President's Approval Rating Falls to 3.4%


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: New Bankruptcy Law Fills Institutional Void
DOMINICAN REPUBLIC: Raises Alert Level as Maria Approaches
DOMINICAN REP: Storm Cancels Nearly 20 Santo Domingo-Based Flights


P E R U

INTERCORP PERU: Moody's Affirms Ba2 Sr. Debt Rating; Outlook Pos.


P U E R T O    R I C O

PUERTO RICO: Journalists Group Can Pursue Docs From FOMB
PUERTO RICO: Retirees Panel Seeks Info Access Procedures
PUERTO RICO: Judge Rejects Receivership Bid by PREPA Creditors
TOYS "R" US: Case Summary & 50 Largest Unsecured Creditors
TOYS "R" US: Has $1 Billion Financing to Boost In-Store Sales

TOYS "R" US: S&P Lowers CCC to 'D' on Ch. 11 Filing
TOYS "R" US: Moody's Lowers PDR to D-PD Following Bankr. Filing
TOYS "R" US: Fitch Lowers IDRs to 'D' Over Bankruptcy Filing
TOYS "R" US: Says Business as Usual for 1,600 Stores Worldwide
TOYS "R" US: Vendors Pulled Shipments After Bankruptcy Reports


T R I N I D A D  &  T O B A G O

PETROTRIN: Must Address Costs to Survive


V E N E Z U E L A

VENEZUELA: Maduro Interprets Trump's UN Comments as Death Threat


X X X X X X X X X

* LATAM: Maria's Deluge Starts Pouring on PR and Virgin Islands


                            - - - - -


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B R A Z I L
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PETROLEO BRASILEIRO: Fitch Rates Proposed Debt Issue BB(EXP)
------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB(EXP)' to
Petroleo Brasileiro S.A.'s (Petrobras) proposed debt issuance due
2025 and 2028. The notes will be issued by Petrobras Global
Finance B.V. (PGF) and will be unconditionally and irrevocably
guaranteed by Petrobras. The company expects to use the proceeds
to refinance existing debt and for general corporate purposes.
Petrobras is issuing the notes in conjunction with exchange offers
for either new notes or cash for six separate notes with an
aggregate outstanding principal amount of approximately USD15.1
billion.

Linkage to the Sovereign
Petrobras' ratings continue to reflect its close linkage with the
sovereign rating of Brazil due to the government's control of the
company and its strategic importance to Brazil as its near-
monopoly supplier of liquid fuels. By law, the federal government
must hold at least a majority of Petrobras' voting stock. The
government currently owns 60.4% of Petrobras' voting rights,
directly and indirectly, and has an overall economic stake in the
company of 45.3%.

Supportive Government
Petrobras' credit quality has been indirectly supported by the
Brazilian government during times of distress by implementing
beneficial pricing policies, providing liquidity through
government-controlled financial institutions and changing
regulations that negatively affected Petrobras' cash flow.
Petrobras' stand-alone credit profile would be consistent with a
'BB-' rating without government support. In Fitch's view, the
recent move to a market-based pricing policy bodes well for the
company, as it adds transparency.

Divestiture Program Key to Deleveraging
Asset divestitures are a key component of the company's
deleveraging plan. The company has targeted USD34.6 billion of
asset sales consisting of USD13.6 billion announced and/or
approved between 2015 and 2016 and another USD21 billion in
divestitures slated for 2017-2018. Fitch views this year's
regional court injunctions suspending Petrobras' asset sales as a
concerted effort by opposing forces to derail the company's
divestiture program, which adds to the uncertainty of the plan's
timing and completion.

Difficult Deleveraging Targets
We believe it is unlikely Petrobras will achieve its net leverage
target of 2.5x by 2018. The plan implies a reduction in debt of
approximately USD35 billion over the next two years, assuming 2016
EBITDA and cash levels. Fitch's rating case for Petrobras assumes
its leverage, as measured by net debt/EBITDA, will be around 4.0x
over the medium term and will decline to approximately 3.0x,
provided the company's total divestiture program of USD34.6
billion is completed. As of June 30, 2017, the company's Fitch-
calculated gross leverage was 4.1x and its net leverage declined
to 3.2x from 4.0x as of year-end 2016 as a result of increased
EBITDA and a marginal decrease in debt.

Marginal Production Growth
Fitch's rating case assumes Petrobras' gross production will
increase to approximately 3.3 million barrels of oil equivalent a
day (boed) by 2019. Production growth is expected to remain driven
by the company's development of its pre-salt assets and average
annual capex of USD14.9 billion. Approximately one third of
Petrobras' crude production in Brazil of 2.14 million barrels a
day (bbl/d) came from pre-salt formation during 2016. Petrobras
reported total average oil and gas production of 2.79 million boed
during 2016.

RATING SENSITIVITIES

A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower
linkage between Petrobras and the government.

Although not expected in the short- to medium-term, a positive
rating action on Brazil could lead to a positive rating action on
Petrobras.

LIQUIDITY
Petrobras' liquidity is adequate and provides some comfort in a
temporary scenario of deteriorating credit metrics, supported by
approximately USD24.6 billion of cash and marketable securities as
of June 30, 2017, compared with current debt maturities of USD7.8
billion. A significant portion of Petrobras' available liquidity
is composed of readily available liquidity held abroad, and
approximately USD634 million in domestic financial investments.

Petrobras demonstrates a solid ability to access the debt capital
markets to refinance debt. During 2016, long-term debt proceeds
amounted to USD18.9 billion including USD9.75 billion of notes
issued in international capital markets, with maturities of 5 and
10 years. The proceeds were partially used to amortize USD9.3
billion of existing global notes early. Petrobras also entered
into a financing agreement with China Development Bank in the
total amount of USD5 billion. As of Dec. 31, 2016, the average
maturity of the outstanding debt was approximately 7.5 years and
20% of the company's debt was in Brazilian Reais.

FULL LIST OF RATING ACTIONS

Fitch currently rates Petrobras as follows:

Petroleo Brasileiro S.A. (Petrobras)
-- Long-Term Foreign-Currency IDR 'BB'; Outlook Negative;
-- Long-Term Local-Currency IDR 'BB'; Outlook Negative;
-- National Scale rating 'AA+(bra)'; Outlook Negative;
-- National Scale Sr. Unsecured obligations 'AA+(bra)'.

Petrobras Global Finance B.V. (PGF)
-- International Sr. Unsecured debt issuances 'BB'.


PETROBRAS GLOBAL: Moody's Rates Proposed $2BB New Global Notes B1
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Petrobras Global
Finance B.V.'s proposed up to $2 billion in new global notes,
which will be unconditionally guaranteed by Petroleo Brasileiro
S.A. (Petrobras, B1 positive). The B1 rating on the proposed notes
is based on the rating of Petrobras. The proposed notes are senior
unsecured and pari passu with Petrobras Global Finance B.V. and
Petrobras' other senior foreign currency debt. Proceeds from the
proposed notes issuance will be used for debt refinancing and
other general corporate purposes. The outlook on the ratings is
positive.

RATINGS RATIONALE

Petrobras' b2 Baseline Credit Assessment (BCA), which indicates
the company's standalone credit strength, and B1 global scale
rating reflect high debt levels and weak interest coverage and are
supported by the company's solid reserve base and dominance in the
Brazilian oil industry, as well as its importance to the Brazilian
economy. Furthermore, the BCA and the rating reflect the company's
sizeable reserves at 9,592 Mboe as of December 31, 2016, its
renown technological offshore expertise and potential for
continued growth in production over the long-term. Petrobras' B1
ratings also consider Moody's joint-default analysis for the
company as a government-related issuer. Petrobras' ratings reflect
the assumption for moderate support and dependence from the
Government of Brazil (Ba2 negative) based on Petrobras'
demonstrated ability to lower its liquidity risk, and thus reduce
the potential need of support, as well as the government's
resilient tight fiscal position.

Petrobras' liquidity remains tight. As of June 30, 2017, the
company's maturing debt in the remaining of 2017 and 2018 was $2.8
billion and $9.3 billion, respectively, for a total of over $12
billion in the next 18 months. However, liquidity risk has
declined recently: the company managed to settle with 21 out of 27
individual investors on legal disputes related to corruption and
bribery investigations, which somewhat reduced uncertainty about
the amounts of additional settlements and fines, including the
ones related to the US Securities Exchange Commission (SEC)'s
civil investigation and the US Department of Justice (DoJ)'s
criminal investigation. Other threats to Petrobras' liquidity, as
well as to its operating and financial performance, include tax
contingent liabilities, execution risk related to the 2017-21
business plan and potential delays in fully executing its asset
sales plan.

Petrobras' positive outlook reflects Moody's expectations that, in
the next 12 to 18 months, if the company's liquidity and overall
credit risk continue to improve, further positive rating actions
could occur.

Positive rating actions could be considered if the company raises
sufficient sums through asset sales to reduce debt and enters into
new debt arrangements to refinance upcoming maturities, therefore
significantly strengthening its liquidity profile while also
improving operating and financial performance. In addition, for a
rating upgrade to occur, Petrobras' leverage as adjusted by
Moody's should move sustainably closer to 4 times.

Negative actions on Petrobras' ratings could result from
deterioration in operating performance or external factors that
increase liquidity risk or debt leverage from current levels.
Downgrades could also be prompted if negative developments from
the corruption investigations or litigation against the company
appear to have the potential to significantly worsen the company's
liquidity or financial profile.

The methodologies used in these ratings were Global Integrated Oil
& Gas Industry published in October 2016, and Government-Related
Issuers published in August 2017. Please see the Rating
Methodologies page on www.moodys.com for a copy of these
methodologies.

Petrobras is an integrated energy company, with total assets of
$244 billion as of June 30, 2017. Petrobras dominates Brazil's oil
and natural gas production, as well as downstream refining and
marketing. The company also holds a significant stake in
petrochemicals and a position in sugar-based ethanol production
and distribution. The Brazilian government directly and indirectly
owns about 46% of Petrobras' outstanding capital stock and 60.5%
of its voting shares.


* BRAZIL: President's Approval Rating Falls to 3.4%
---------------------------------------------------
poandpo.com reports that a new poll found that just 3.4 percent of
Brazilians approve of the job that President Michel Temer is
doing, while 84.5 percent disapprove of his performance.

The poll, conducted by MDA for the National Transportation
Association (CNT), found that 76.5% of respondents had a
"negative" view of President Temer's administration, 18 percent
considered it "average" and 3 percent had no opinion, according to
poandpo.com.

An MDA poll in February put President Temer's approval rating at
10.3%, the report notes.

The latest poll asked people specifically about their opinion of
President Temer, finding that 84.5 percent had a negative
perception of the president, compared to 62.4 percent who
disapproved of him in February, the report relays.

Just 10.1 percent of respondents, according to the latest poll,
had a "positive" view of President Temer and his job performance,
says.

MDA conducted the poll of 2,002 voters in 137 cities nationwide
Sept. 13-16, the report notes.

The poll was conducted mostly after federal prosecutors filed new
charges against President Temer on Sept. 14, accusing him of
obstruction of justice and conspiracy, the report relays.

The Supreme Court will decide whether to send the case to
Congress's lower house, which has the constitutional authority to
start impeachment proceedings against the president, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2017, S&P Global Ratings removed its 'BB' long-term
foreign and local currency sovereign credit ratings on the
Federative Republic of Brazil from CreditWatch, where it had
placed them with negative implications on May 22, 2017. S&P said,
"At the same time, we affirmed the 'BB' long-term ratings, and the
outlook is negative. We also affirmed our 'B' short-term foreign
and local currency ratings on Brazil. The transfer and
convertibility assessment is unchanged at 'BBB-'. In addition, we
removed the 'brAA-' national scale rating from CreditWatch with
negative implications and affirmed the rating with a negative
outlook. This incorporates the revision of the mapping table for
Brazil national scale ratings, published Aug. 14, 2017."


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: New Bankruptcy Law Fills Institutional Void
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Economy Minister
Isidoro Santana and World Bank local representative Alessandro
Legrottaglie said the new bankruptcy law will fill the
institutional void and improve the country's business climate.

Minister Santana said Dominican Republic's economic and political
growth uncovered an absence of a bankruptcy law, which he affirms
negatively affected businesses and competitiveness, according to
Dominican Today.

Legrottaglie called "colossal" the government's effort to promote
reforms to let companies compete in good faith, comply with
severance payments and other labor benefits, the report notes.

Bankruptcy Law 141-15 is the topic of analysis in a workshop at
Crowne Plaza Hotel, by government, World Bank and private sector
experts, the report relays.

The experts consider such legislation an opportunity for training
in tools that will improve the quality of business restructuring
for the benefit of owners and workers, the report notes.

Meanwhile, on behalf of the private sector, businessman Juan Reyes
noted that the new law "is consistent with the vision of the
country contained in the Organic Law of National Development
Strategy, which requires competitiveness and overcome inertia and
productive comfort," the report discloses.

Minister Santana stressed that the workshop will train the actors
on the bankruptcy law, whose absence had been the cause of the
loss of many investments that will now be ensured by this new
legal framework that will give greater confidence to national and
foreign business leaders, 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: Raises Alert Level as Maria Approaches
----------------------------------------------------------
EFE News reports that the Dominican Republic government declared a
nationwide alert and ordered people to evacuate from vulnerable
parts of the country as "potentially catastrophic" Hurricane Maria
-- a Category 5 story -- approached with its arrival expected
later in the week.

The Emergency Operations Center (COE) declared a "red alert" for
eight provinces, a "yellow alert" for five and a "green alert" for
the remaining 19 Dominican provinces, according to EFE News.

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: Storm Cancels Nearly 20 Santo Domingo-Based Flights
---------------------------------------------------------------
Dominican Today reports that some 19 international flights on the
Santo Domingo-Miami, San Juan, and Bogota, routes by three
airlines were canceled for three days, as the country faces
serious consequences from Hurricane Maria.

Meanwhile, airports contractor Aerodom said that all flights have
been canceled between the Dominican Republic and Saint Martin,
which is also on Hurricane Maria's path, according to Dominican
Today.

Saint Martin was one of the Caribbean islands hardest hit by
Hurricane Irma and, Pawa Dominicana was carrying out a
humanitarian airlift of dozens of families to Santo Domingo, who
were stranded by the storm, the report notes.

In a statement, Aerodom said Jet Blue suspended its Tuesday flight
2138, from Las Americas airport to San Juan, whereas Pawa
Dominicana also canceled its 755 flight in the same route, 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.


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INTERCORP PERU: Moody's Affirms Ba2 Sr. Debt Rating; Outlook Pos.
-----------------------------------------------------------------
Moody's Investors Service revised the outlook of Intercorp Peru
Ltd.'s (Intercorp) to positive from stable and affirmed the Ba2
senior unsecured debt rating.

The following rating of Intercorp was affirmed:

-- Senior Unsecured Foreign Currency Regular Bond/Debenture,
    Affirmed Ba2, Positive

-- Outlook, Changed to Positive From Stable

RATINGS RATIONALE

The affirmation of Intercorp's rating incorporates the relatively
sound credit profile of its primary operating subsidiary, Banco
Internacional del Peru-Interbank (Baa2/Baa2 positive, baa3), as
well as the holding company' still limited dividend
diversification despite plans to grow the insurance and retail
businesses, the structural subordination, and its moderate double
leverage.

The Ba2 rating is based on the relatively robust dividend
contributions reflecting the strong franchise value and income
generation of the holding group's main operating subsidiaries,
particularly Interbank, the group's largest earnings and dividend
generator, and, to a lesser extent, Intelligo (unrated),
Interseguro (unrated) and Intercorp Retail (unrated). Interbank,
which contributes with 60% of Intercorp's total dividend receipts,
is Peru's fourth largest bank, with a strong focus on retail
lending. Inteligo, a private banking and wealth management
operation, accounts for almost 23% of Intercorp's dividends, while
Interseguro, an important player in life insurance and annuities,
contributes with just 6% of the holding company's dividends.
Intercorp Retail, a holding group with businesses that include
supermarkets, pharmacies, shopping centers, and department stores,
has just started paying dividends this year, contributing with 11%
of total.

Moody's Ba2 rating is two-notches below the baa3 baseline credit
assessment of Interbank, reflecting the structural subordination
of Intercorp to the bank and its other operating subsidiaries, and
its moderate double leverage (a measure of the degree to which the
holding company's equity stakes are financed with debt). As a
holding company, Intercorp' rating does not incorporate any
government support, unlike Interbank's deposit rating, which
benefits from one notch of ratings uplift to reflect the moderate
likelihood that the government will provide financial support to
the bank in an event of stress. Moody's does not believe that any
support provided to the bank will extend to the holding company.

Intercorp's rating also takes into account the interest coverage
above 3.2 times over the last 2 years - measured by net dividends
received relative to financial expenses, and also the fact that
the holding group have a cash and liquid investments position that
well exceed its annual debt service requirements, with a ratio
above 1.5.

Intercorp has assets of $19.5 billion, net income of $145.7
million, and equity of $2.9 billion as of June 2017 on a
consolidated basis. The recently announced acquisition of Peru-
based Seguros Sura S.A. and Hipotecaria Sura Empresa
Administradora Hipotecaria S.A. (unrated) by Interseguros will
consolidate its leading position in the annuities and individual
life insurance market, and will likely increase the dividend
contribution from the insurance business, helping to improve
Intercorp's revenue and dividend diversification.

The positive outlook is in line with the positive outlook assigned
to Interbank, and considers Moody's view that Intercorp's
financial performance is likely to remain strong despite
indications of rising asset risks at Interbank that may pressure
profitability, and therefore dividend payments, going forward.

WHAT COULD CHANGE THE RATING UP/DOWN

As indicated by the positive outlook, Intercorp's ratings could be
upgraded if and when Interbank's rating is upgraded. The rating
could also face upward pressure if its dividend streams become
substantially more diversified such that the company is no longer
so dependent on dividend payments from the bank, depending on the
stability and quality of any new or larger sources of dividends.
However, if Interbank is not upgraded and its outlook returns to
stable, the same is likely to happen to Intercorp's rating in the
absence of greater dividend diversification, or if metrics were to
weaken materially, either because of interest costs or weak
performance at the subsidiaries level and thus lower upstream
dividends.



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P U E R T O    R I C O
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PUERTO RICO: Journalists Group Can Pursue Docs From FOMB
--------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that U.S.
District Judge Laura Taylor Swain has allowed Centro de Periodismo
Investigativo (the Center of Investigative Journalism), a non-
profit group of investigative journalists, to continue to pursue
its civil case against Financial Oversight and Management Board
for Puerto Rico.

Law360 relates that Centro is seeking documents from the FOMB that
would shed light on the revenues flowing into each of Puerto
Rico's government agencies, as well as expense and debt payments.

The civil case is Centro de Periodismo Investigativo v. Financial
Oversight and Management Board for Puerto Rico, case number 3:17-
cv-01743, in the same venue.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


PUERTO RICO: Retirees Panel Seeks Info Access Procedures
--------------------------------------------------------
BankruptcyData.com reported that the Commonwealth of Puerto Rico's
official committee of retired employees filed with the U.S.
Bankruptcy Court a motion for an order (i) establishing procedures
for retiree access to information and (ii) employing Marchand ICS
Group in connection therewith. The motion explains, "The Retiree
Committee represents the interests of approximately 160,000
retirees. Many of these retirees have very limited access to
information regarding the Title III Cases, and many do not speak
English. Accordingly, to meet the needs of its constituents and
the requirements of section 1102(b)(3) of the Bankruptcy Code, the
Retiree Committee seeks this Court's approval of its employment of
a local Puerto Rico firm, Marchand, as Information Agent pursuant
to section 1103(a) of the Bankruptcy Code, both to satisfy the
Retiree Committee's obligations to provide information to retirees
under section 1102(b)(3) and to perform such additional
communications services as may be necessary and directed by the
Retiree Committee. In addition, by this Motion, the Retiree
Committee seeks entry of an order establishing procedures to guide
the Retiree Committee and Marchand in connection with retiree
access to information. Specifically, the Retiree Committee seeks
entry of an order indicating that it shall not be required to
provide retirees with access to certain Confidential Information
and/or Privileged Information."

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.  On July 2, 2017, a Title III case was commenced for the
Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico
general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.   The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


PUERTO RICO: Judge Rejects Receivership Bid by PREPA Creditors
--------------------------------------------------------------
Andrew Scurria, writing for The Wall Street Journal Pro
Bankruptcy, reported that U.S. District Judge Laura Taylor Swain
rejected a group of creditors' request to appoint a receiver to
stop what they say is mismanagement in Puerto Rico's public power
company, known as Prepa.

According to the report, Judge Swain said that appointing a
receiver to manage Prepa was "facially inconsistent" with the
terms of Puerto Rico's federal rescue package.

Hedge funds, mutual funds and bond insurers had applied for
permission from Judge Swain to seek the installation of a receiver
in a local Puerto Rico court, as provided under the utility's debt
agreements, but the judge invoked a legal stay that kicked in when
federal oversight officials placed Prepa under bankruptcy
protection in July, the report related.

Judge Swain said she wouldn't transfer control of Prepa without
consent from the federal oversight board charged with reviving
Puerto Rico's economy, the report further related.  Creditors have
grown increasingly mistrustful of the oversight board, which
vetoed a proposed settlement of Prepa's $9 billion in debt
obligations that was designed to avoid bankruptcy, the report
said.

Meanwhile, Puerto Rico Gov. Ricardo RossellĀ¢, who publicly
supported the restructuring agreement, has moved to consolidate
control over Prepa by replacing independent board members with
appointees, the report added.  Creditors complained that he was
"re-politicizing" the utility's board to avoid the rate increases
necessary to cover the company's debts, the report said.

                        About Puerto Rico
                        and Title III Cases

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings  LLP and
O'Neill & Gilmore LLC as counsel.


TOYS "R" US: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Toys "R" Us, Inc.
             One Geoffrey Way
             Wayne, NJ 07470

Type of Business: Toys "R" Us, Inc. is a toy and baby products
                  retailer, offering a differentiated shopping
                  experience through its family of brands.
                  Merchandise is sold in 885 Toys"R"Us and
                  Babies"R"Us stores in the United States, Puerto
                  Rico and Guam, and in more than 810
                  international stores and over 255 licensed
                  stores in 38 countries and jurisdictions.  With
                  its strong portfolio of e-commerce sites
                  including Toysrus.com and Babiesrus.com, the
                  company provides shoppers with a broad online
                  selection of distinctive toy and baby products.
                  Toys"R"Us, Inc. is headquartered in Wayne, NJ,
                  and has nearly 65,000 employees worldwide.

NAICS (North American
Industry Classification
System) 4-Digit Code that
Best Describes Debtor: 4521

Chapter 11 Petition Date: September 18, 2017

Debtor affiliates that simultaneously filed Chapter 11 petitions:

   Debtor                                           Case No.
   ------                                           --------
   Toys R Us, Inc.                                  17-34665
   TRU - SVC, Inc.                                  17-34659
   Geoffrey Holdings, LLC                           17-34660
   Giraffe Holdings, LLC                            17-34661
   Giraffe Junior Holdings, LLC                     17-34662
   MAP 2005 Real Estate, LLC                        17-34663
   Toys "R" Us Value, Inc.                          17-34664
   Geoffrey International, LLC                      17-34666
   Geoffrey, LLC                                    17-34667
   Toys R Us (Canada) Ltd./Toys R Us (Canada) Ltee  17-34668
   Toys R Us Delaware Inc.                          17-34669
   Toys R Us Europe, LLC                            17-34670
   Toys R Us Property Company II, LLC               17-34671
   Toys Acquisition, LLC                            17-34672
   TRU Asia, LLC                                    17-34673
   TRU Guam, LLC                                    17-34674
   TRU Mobility, LLC                                17-34675
   TRU of Puerto Rico, Inc.                         17-34676
   TRU Taj (Europe) Holdings, LLC                   17-34677
   TRU Taj Finance, Inc.                            17-34678
   TRU Taj Holdings 1, LLC                          17-34679
   TRU Taj Holdings 2 Limited                       17-34680
   TRU Taj Holdings 3, LLC                          17-34681
   TRU Taj LLC                                      17-34682
   Wayne Real Estate Parent Company, LLC            17-34683

Court: United States Bankruptcy Court
       Eastern District of Virginia (Richmond)

Judge: Hon. Keith L. Phillips

Debtors' Counsel: Edward O. Sassower, P.C.
                  Joshua A. Sussberg, P.C.
                  KIRKLAND & ELLIS LLP
                  KIRKLAND & ELLIS INTERNATIONAL LLP
                  601 Lexington Avenue
                  New York, New York 10022
                  Tel: (212) 446-4800
                  Fax: (212) 446-4900
                  E-mail: edward.sassower@kirkland.com
                         joshua.sussberg@kirkland.com

                    - and -

                  James H.M. Sprayregen, P.C.
                  Anup Sathy, P.C.
                  Chad J. Husnick, P.C.
                  Robert A. Britton, Esq.
                  Emily E. Geier, Esq.
                  KIRKLAND & ELLIS LLP
                  KIRKLAND & ELLIS INTERNATIONAL LLP
                  300 North LaSalle
                  Chicago, Illinois 60654
                  Tel: (312) 862-2000
                  Fax: (312) 862-2200
                  Email: james.sprayregen@kirkland.com
                         anup.sathy@kirkland.com
                         robert.britton@kirkland.com
                         emily.geier@kirkland.com

                    - and -

                  Michael A. Condyles, Esq.
                  Peter J. Barrett, Esq.
                  Jeremy S. Williams, Esq.
                  KUTAK ROCK LLP
                  901 East Byrd Street, Suite 1000
                  Richmond, Virginia 23219-4071
                  Tel: (804) 644-1700
                  Fax: (804) 783-6192
                  E-mail: Michael.Condyles@KutakRock.com
                          Peter.Barrett@KutakRock.com
                          Jeremy.Williams@KutakRock.com

General
Counsel
for Possible
Canadian
Insolvency:       GOODMANS LLC

Debtors'
Investment
Banker &
Financial
Advisor:          LAZARD FRERES & CO., LLC

Debtors'
Restructuring
Advisor:          ALVAREZ & MARSAL NORTH AMERICA, LLC

Debtors'
Communications
Consultant:       JOELE FRANK, WILKINSON BRIMMER KATCHER

Debtors'
Notice &
Claims
Agent and
Administrative
Advisor:          PRIME CLERK LLC
                  https://cases.primeclerk.com/toysrus

Estimated Assets: $1 billion to $10 billion

Estimated Debt: $1 billion to $10 billion

The petitions were signed by Cornell N. Boggs, III, authorized
signatory.  A full-text copy of Toys "R" Us, Inc.'s petition is
available for free at http://bankrupt.com/misc/vaeb17-34665.pdf

Debtors' List of 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
Bank of New York                    7.375% Senior     $208,340,000
225 Liberty Street                Notes Due Fiscal
New York, NY 10286                       2018
Kevin McCarthy
General Counsel
Tel: 212-495-1784
Fax: 212-635-1799

Mattel                              Trade Payable     $135,639,021
333 Continental Boulevard
El Segundo, CA 90245
Margareth H. Georgiadis
CEO
Tel: 310-252-4455
Fax: 310-252-2567
Email: margo@mattel.com

Hasbro Inc.                         Trade Payable      $59,092,155
One Hasbro Place
Providence, RI 02903
Brian D. Goldner, CEO
Tel: 401-727-5202
Fax: 401-431-8535
Email: brian.goldner@hasbro.com

Graco Children's Products Inc.       Trade Payable     $59,081,865
221 River Street
Hoboken, NJ 07030
Canada
Mark Tarchetti, President
Tel: 201-610-6600
Email: mark.tarchetti@newellco.com

Spin Master                           Trade Payable    $32,768,564
121 Bloor Street East
Toronto, ON M4W 3M5
Canada
Anton Rabie, CEO
Tel: 416-364-6002
Fax: 416-364-5097
Email: antonr@spinmaster.com

Lego                                  Trade Payable    $31,593,125
555 Taylor Road
PO Box 1600
Enfield, CT 06083
Niels Christiansen, CEO
Tel: 860-749-2291
Fax: 860-763-0522
Email: niels.christiansen@lego.com

Just Play (HK) Limited                Trade Payable    $28,966,333
1900 NW Corporate Blvd.
Suite 100W
Boca Raton, FL 33431
Charlie Emby
Geoffrey Greenberg
Co-owner & President
Tel: 561-988-2323
Fax: 561-988-2324
Email: cemby@justplayproducts.com

Bank of New York                    8.750% Debentures  $21,673,000
225 Liberty Street                   Due Fiscal 2021
New York, NY 10286
Kevin McCarthy
General Counsel
Tel: 212-495-1784
Fax: 212-635-1799

MGA Entertainment Inc.               Trade Payable     $21,369,955
16300 Roscoe Blvd.
Suite 150
Van Nuys, CA 91406
Isaac Larian, CEO
Tel: 818-894-3150
Fax: 818-895-0771
Email: isaac.larian@mgae.com

VTech Electronics Limited           Trade Payable      $17,707,740
1156 W Shure
Drivesuite 200 Arlington
Heights, IL 60004
William To
President
Tel: 847-400-3600
Fax: 847-400-3601
Email: william_to@vtechkids.com

Jakks Pacific Inc.                  Trade Payable      $14,058,896
2951 28th Street
Santa Monica, CA 90405
Stephen G. Berman, CEO
Tel: 310-455-6218
Fax: 310-317-8527
Emai: stephenb@jassks.net

Radio Flyer Inc.                    Trade Payable      $12,204,464
6515 West Grand Avenue
Chicago, IL 60707
Robert Pasin, CEO
Tel: 800-621-7613
Fax: 773-637-8874
Email: rfpasin@radioflyer.com

Skyrocket Toys LLC                  Trade Payable      $11,004,986
12910 Culver Blvd.
Los Angeles, CA 90066
Nelo Lucich, CEO
Tel: 310-822-0515
Fax: 310-736-6176
Email: nelol@skyrockettoys.com

Kids II Far East Limited            Trade Payable      $10,070,510
333 Piedmont Road
Suite 1800
Atlanta, GA 30305
Ryan Gunnigle, CEO
Tel: 800-230-8190
Fax: 770-751-0543
Email: rgunnigle@kidsii.com

Pacific Cycle LLC                   Trade Payable       $9,969,131
4902 Hammersley Road
Madison, WI 53711
Jeff Fehner, CEO
Tel: 608-268-2468
Fax: 608-268-8352
Email: jfehner@pacific-cycle.com

Moose Toys PTY Ltd.                 Trade Payable       $9,538,166
29 Grange Rd Cheltenham
Melbourne, VIC 3192
Australia
Manny Stul
Chairman and Co-CEO
Tel: 03 9579 7377
Fax: (+61) 03 9579 7355
Email: manny@moosetoys.com

Dorel Juvenile Group Inc.           Trade Payable      $9,197,609
2525 State Street
Columbus, IN 47201
Paul Powers
President & CEO
Tel: 800-295-1980
Fax: 812-372-0977
Email: ppowers@djgusa.com

Jazwares, Inc.                      Trade Payable      $9,065,743
963 Shotgun Road
Sunrise, FL 33326
Judd Zebersky, CEO
Tel: 800-845-0800
Fax: 954-368-8740
Email: judd@jazwares.com

C & T International, Inc.           Trade Payable      $8,683,876
46 Whelan Rd
East Rutherford, NJ 07073
George Ivaldi, President
Tel: 201-531-1919
Fax: 201-531-1920
Email: georgeicnt@aol.com

Delta Enterprise Corp.              Trade Payable      $8,001,386
114 West 26th Street
8th Floor
New York, NY 10001
Joseph Shamie, President
Tel: 212-736-7000
Fax: 212-645-9032
Email: jshamie@deltaenterprise.com

Zuru Inc. Energy Plaza92           Trade Payable       $7,855,722
Granville Roadsim Sha Tsui,
Hong Kong
Nick Mowbray, CEO
Tel: 86-20-6661-6100 x8088
Fax: 86-55-8221-4077
Email: nick@zuru.com

Bandai America Inc.                Trade Payable       $7,798,951
2120 Park Place, Suite #120
El Segundo, CA 90245
Asher Takeuchi, CEO
Tel: 714-816-8560
Fax: 714-816-6710
Email: takeuchia@bandai.com

Cepai LLC                          Trade Payable       $6,737,106
121 Hunter Ave
Suite 103
St. Louis, MO 63124
Russell Hornsby
President & CEO
Tel: 314-725-4900 x3712
Fax: 314-725-4919
Email: rhonsby@cepiallc.com

International Playthings             Litigation        $6,473,425
75D Lackawanna Avenue
Parsippany, NJ 07054
Mike Varda, President
Tel: 973-316-2500
Fax: 973-316-5883
Email: michael.varda@intplay.com

Caben Asia Pacific Ltd.             Trade Payable      $6,449,641
12/F, Tal Building
Jordan
Kowloon,
Hong Kong
Mona Lam
Executive Director
Tel: 0852-27369880
Fax: 852-23754411
Email: sandy@caben.com.hk

Huffy Corporation                   Trade Payable      $6,262,973
6551 Centerville
Business Parkway
Centerville, OH 45459
William A. Smith
CEO
Tel: 937-865-2800
Fax: 937-865-5470
Email: bill.smith@huffybikes.com

William Carter Co.                  Trade Payable      $5,221,247
3438 Peachtree Road NE
Suite 1800
Atltanta, GA 30326
Michael Casey, CEO
Tel: 678-791-1000
Fax: 404-892-0968
Email: michael.cassey@carters.com

Kent International                   Trade Payable      $5,166,133
60 East Halsey Road
Parsippany, NJ 07054-3705
Arnold Kamler, CEO
Tel: 973-434-8224
Fax: 973-434-8189
Email: arnold@kent.bike.com

Evenflo Company, Inc.               Trade Payable       $4,967,763
225 Byers Road
Miamisburg, OH 45342
Jon Chamberlain, CEO
Tel: 937-773-3971
Fax: 937-778-5429

Baby Trend, Inc.                    Trade Payable      $4,923,181
1607 S. Campus Avenue
Ontario, CA 91761
Denny Tsai, President
Tel: 800-328-7363
Fax: 909-773-0108
Email: dennyt@babytrend.com

Playmates Toys Inc.                 Trade Payable      $4,537,883
909 N. Sepulveda Blvd, Ste 800
El Segundo, CA 90245
Thomas Chan, CEO
Tel: 855-807-9515
Fax: 310-252-8084
Email: Thomas.chan@playmates.net

Best Chairs Incone Best             Trade Payable      $4,268,065
Driveferdinand, IN 47532
Glenn Lange, CEO
Tel: 314-894-9922
Fax: 812-367-0370
Email: glange@besthf.com

Wowwee Group Limited                Trade Payable      $4,112,245
Energy Plaza, 3F
92 Granville Road
T.S.T. East
Richard Yanofsky, CEO
Tel: 842-216-6298
Fax: 852-2724 6931
Email: richard@wowwee.com

Razor USA Inc.                      Trade Payable      $4,072,270
12723 East 166th Street
Cerritos, CA 90703
Carlton Calvin, CEO
Tel: 562-345-6000
Fax: 562-345-6084
Email: ccalvin@razorusa.com

American Greetings Corp.            Trade Payable      $3,868,077
One American Boulevard
Cleveland, OH 44145
Zev Weiss
Co-CEO
Tel: 216-252-7300 x1440
Fax: 216-252-6778
Email: jeff.weiss@amgreetings.com

Ontel Products Corp.                Trade Payable      $3,796,943
21 Law Drive
Fairfield, NJ 7004
Amar Khubani, CEO
Tel: 973-439-9000
Fax: 973-439-9024
Email: Amar@ontel.com

Chap Mei Plastic Toys Mfy. Ltd      Trade Payable      $3,779,529
Unit 541, 5/F, Sino Industrial
Plaza
9 Kai Cheung Road
Kowloon Bay, Kowloon
Hong Kong
Simon Lam
Director
Tel: 852-2756 0185
Fax: 852-2796 5840
Email: cmsimon@chapmei.com

Funko LLC                          Trade Payable       $3,690,587
2802 Wetmore Avenue
Everett, WA 98201
Brian Mariotti, CEO
Tel: 425-783-3616
Fax: 425-252-2454
Email: contact@funko.com

Goodbaby (Hong Kong)               Trade Payable       $3,688,467
Limited
No. 20 Luxi Rd
Lujia Town, Kunshan City
Jiangsu Provice, 215331
China
Greg Mansker, CEO
Tel: +86 21 3376 3266
Fax: 86-512-5767-1515
Email: Gmansker@gbgdesign.com

Skip Hop Inc.                      Trade Payable       $3,474,778
146 W 29th St 8th Flr
New York, NY 10001
Michael Diamant, CEO
Tel: 212-868-9850
Fax: 647-607-1989
Email: michael@skiphop.com

Munchkin Inc.                      Trade Payable       $3,185,049
7835 Gloria Avenue
Van Nuys, CA 91406
Andy Kiemach, President
Tel: 800-344-2229
Fax: 818-893-6243
Email: andy.keimach@munchkin.com

Singing Machine Co.                 Trade Payable      $2,987,798
6301 NW 5th Way, Suite 2900
Fort Lauderdale, FL 33309
Gary Atkinson, CEO
Tel: 954-596-1000
Fax: 954-586-2000
Email: garyatkinson@singingmachine.com

Exel INC570 Polaris Pkwy            Trade Payable       $2,890,043
Westerville, OH 43082
John Gilbert, CEO
Tel: 614-865-8500
Fax: 614-865-8503

Ingram Entertainment Inc.           Trade Payable       $2,881,708
Two Ingram Blvd
La Vergne, TN 37089
Bob Webb
CEO & President
Tel: 615-287-4000
Fax: 615-287-4982
Email: bob.webb@ingramentertainment.com

Super Technology Limited           Trade Payable        $2,765,075
77 Mody Road
RM 1203-04, 12/F, ChinaChem
Golden Plaza
Tsim Sha Tsu
East Kowloon
Hong Kong
Albert Chan
Tel: 852-27239111
Fax: 852-27235886

The Step2 Company LLC              Trade Payable        $2,757,456
10010 Aurora-Hudson Road
Streetsboro, OH 44241
Lawton Bloom
Interim CEO
Tel: 646-321-2008
Fax: 330-528-0954
Email: Lbloom@step2.net

Warner Brothers                    Trade Payable        $2,618,732
4001 W Olive Ave
Burbank, CA 91505
Pam Lifford, President
Tel: 818-954-6111
Fax: 212-954-7667
Email: Pam.Lifford@warnerbros.com

Crayola LLC                        Trade Payable        $2,586,743
1100 Church Lane
Easton, PA 18044-0431
Smith Holland, CEO
Tel: 610-253-6271
Fax: 610-250-5768
Email: sholland@crayola.com

Playmobil USA, Inc.                 Trade Payable       $2,541,308
26 Commerce Drive
Cranbury, NJ 85212
Silke Heinrich, CEO
Tel: 609-395-5566
Fax: 609-395-3015
Email: silke_heinrich@playmobil.de

Kolcraft Prod                       Trade Payable       $2,455,330
1100 W. Monroe
Chicago, IL 60607
Sanfred Koltun, CEO
Tel: 312-361-6490
Fax: 910-944-3536
Email: anfred.kolton@kolcraft.com


TOYS "R" US: Has $1 Billion Financing to Boost In-Store Sales
-------------------------------------------------------------
Toys "R" Us, Inc., said the $3 billion in DIP financing it has
negotiated includes approximately $1.0 billion of new money
commitments that will allow the Debtors to make significant
operational investments and drive in-store sales.

Operating under the Toys "R" Us, Babies "R" Us, Toys "R" Us
Outlet, and Toys "R" Us Express brand names as well as at
Toysrus.com, Babiesrus.com, and other websites in international
markets, Toys "R" US is the leading chain of toy stores in the
world.  The Company at present has 1,697 stores and 257 licensed
stores in 38 countries, plus additional e-commerce sites in
various countries.   Toys also runs seasonal "pop-up shops" and
express stores during the holiday season.  These global operations
are supported by approximately 60,000 full-time and part-time
employees worldwide, growing to more than 100,000 during peak
holiday season.

David A. Brandon, chairman of the board and chief executive
officer of Toys "R" Us, Inc., said in a court filing that the
Company's overleveraged capital structure has constrained it from
making necessary operational and capital expenditures, including
investing in the revitalization of stores.

The Debtors cannot wait until they emerge from the chapter 11
proceedings to make these crucial investments.  Accordingly, the
DIP Financing negotiated by the Company includes approximately
$1.0 billion of new money commitments that will allow the Debtors
to make significant operational investments and drive in-store
sales.

According to Mr. Brandon, this is not merely strategic speak from
the company, the various proposals for DIP financing that the
Debtors received over the last several weeks all indicate that the
investment community is supportive of the Company and its future
business plan.  Investors are providing money to support immediate
investment in the business.

The Company also anticipates that by reconnecting customers with
the Toys "R" Us brand and enlivening their customers' shopping
experience, they will slowly begin to increase their market share
and become the clear market leader.  To this end, the Company has
developed a four-pillared business plan designed to improve the
customer experience, operations and drive sales:

    * Serve customers with What They Want - When and
      How They Want It.

    * Provide a World-Class Digital Experience.

    * Bring Toy Stores to Life.

    * Transform the Babies "R" Us Brand.

To further develop their strategy and execute on all four of the
strategic pillars, the Debtors have identified a comprehensive set
of key initiatives, including store-level wage rate increases,
U.S. store service improvements, U.S. supply chain efficiency
enhancements, U.S. baby business transformations, technological
investments, capital investments in U.S. real estate,
re-prioritizing brand management, and international expansion.

These initiatives are:

   1. U.S. Store Service Enhancement.  Happier customers spend
more money. To improve customers' in-store shopping experience,
the Debtors plan to invest $64.8 million from 2018 through 2021.
This investment will allow the Debtors to position more highly-
skilled and trained employees in higher value areas in the store
to conduct product demonstrations, host in-store events, and
improve the in-store customer experience.

   2. U.S. Real Estate Capital Investment.  The nicer the store,
the more customers want to shop there.  To revitalize their
portfolio of stores, the Debtors plan to invest $276.6 million
from 2018 to 2021.  This investment will enable the Debtors to (i)
convert existing stores into a "side-by-side" format to combine
toy and baby offerings, (ii) relocate, remodel and/or close
targeted stores, (iii) create event and activity spaces within
existing stores to facilitate the enhancement discussed above, and
(iv) develop plans for small format stores in urban areas.

   3. Technology Investment.  Today's retail customer expects a
seamless, easy-to-use, online shopping experience. To enhance the
Debtors' online presence and e-commerce capacity, they plan to
invest $90.4 million from 2018 through 2021. The Debtors will use
this investment to continue developing their new, upgraded
webstore, integrate digital customer loyalty programs that reward
customers for repeat business, and further bring the stores to
life with "gamification," including augmented reality tools and
increased in-store digital content.

   4. U.S. Supply Chain Efficiency Enhancement.  Customers want
their purchases delivered as quickly as possible.  To increase
delivery speed and streamline their packing-and-shipping
operations, the Debtors plan to invest $117.8 million in capital
expenditures, $37.6 million in SG&A, and $104.8 million in margin
investment from 2018 through 2021.  This substantial investment
will remodel the Debtors' supply chain infrastructure, increase
the Debtors' ship-from-store capacity and decrease delivery time
to customers.

   5. Transform U.S. Baby Business.  Despite increasing
competition, Babies "R" Us remains the industry leader in baby
registry requests. To enhance the Babies "R" Us brand, the Debtors
plan to invest $54 million from 2018 through 2021 to upgrade
in-store product offerings and employee service levels, launch a
new Babies "R" Us registry app, remodel the brand's website,
implement a customer loyalty program, and create a digital
concierge service that helps new and expecting and often
overwhelmed"parents find the items they need.

   6. Wage Rate Increase.  Better employees make for happier
customers. To recruit and retain the highest quality workers, the
Debtors plan to invest $72.4 million from 2018 to 2021 to (i)
raise starting wages to market-competitive levels for store
employees and (ii) ensure that employees who take on greater
levels of responsibility will be compensated appropriately.

   7. Re-Prioritizing Brand Management.  Customers are loyal to
the brands that meaningfully engage them.  The Debtors plan to
invest $175.2 million from 2018 to 2021 to reconnect customers
with the Toys and Babies brands.  Specifically, the Debtors plan
to launch a Babies "R" Us brand campaign to reposition Babies "R"
us as a lifestyle brand and introduce the newly-created Toys "R"
Us "PLAY" branding strategy, relaunch an updated loyalty program
integrated with customer relationship management tools, and roll-
out marketing and media plans that showcase the Debtors' unique,
exclusive product offerings.

    8. International Expansion.  The Debtors' brands are well
positioned in their various international markets.  To further
penetrate the Canadian, European, and Asian markets, where they
already have a substantial foothold, the Debtors plan to invest
$82 million from 2018 to 2021. This investment will allow the
Debtors to remodel their international portfolio of physical
stores, transition to a new internationally focused webstore,
invest further in growing their Asian joint venture, and build out
their number of stores in certain European markets.

These initiatives are expected to streamline the Company's
operations, revitalize the customer shopping experience, and
improve financial performance.  The Company's ongoing liquidity
constraints have made it difficult to implement these initiatives.
But the Company anticipates that a simplified capital structure
and reduced debt load post-emergence, will provide ample liquidity
to focus on these initiatives and use them to transform the
Company's financial performance.

                       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.

Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  Judge Keith L. Phillips is the case
judge.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada, including
its 255 licensed stores and joint venture partnership in Asia,
which are separate entities, are not part of the Chapter 11 filing
and CCAA proceedings.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys
"R" Us, Alvarez & Marsal is serving as restructuring advisor and
Lazard is serving as financial advisor.  Prime Clerk LLC is the
claims and noticing agent, and maintains the case Web site
https://cases.primeclerk.com/toysrus

Grant Thornton is the monitor appointed in the CCAA case.


TOYS "R" US: S&P Lowers CCC to 'D' on Ch. 11 Filing
---------------------------------------------------
Toys "R" Us Inc. (Toys) and many of its U.S. and Canadian
subsidiaries (Toys R US Property Co. I LLC is a key exception)
filed for Chapter 11 on Sept. 18 in the U.S. Bankruptcy Court for
the eastern district of Virginia, Richmond division. A contraction
in trade credit terms following the recent report of a possible
broad restructuring was cited as a major catalyst for the timing
of the filing.

S&P Global Ratings thus lowered, on Sept. 19, 2017, its ratings on
Toys "R" Us Inc., including the corporate credit rating, to 'D'
from 'CCC-'. S&P removed the ratings from CreditWatch with
negative implications where S&P placed them on Sept. 7, 2017.

S&P said, "We affirmed the 'CCC-' corporate credit rating on Toys
R Us Property Co. I LLC and removed it from CreditWatch negative
and the outlook is developing. We also affirmed the issue-level
ratings on Toys R Us Property Co. I LLC's debt and removed them
from CreditWatch.

The downgrade reflects Toys' and its subsidiaries' filing of
bankruptcy. "We believe operating performance during the holiday
season could be choppy as a result of the timing, but we think
Toys will eventually reorganize and emerge from bankruptcy. The
company has commitments for a $3.1 billion DIP facility, which
will provide liquidity for continuing the buildup of holiday
inventory," said S&P.

The developing outlook on Toys R US Property Co. I LLC reflects
the potential, in S&P's view, for the rating to be lowered if the
company does not meet its financial obligations as the bankruptcy
progresses. S&P anticipates any upgrade of the entity would be in
conjunction with a reassessment of the entire group.

Previously, on Sept. 18, 2017, S&P lowered its ratings on Toys "R"
Us Inc., including the corporate credit rating to 'CCC-' from
'CCC+'. The ratings remain on CreditWatch with negative
implications where S&P placed them on Sept. 7, 2017.  S&P also
assigned its 'CCC-' corporate credit rating to Toys R Us Property
Co. I LLC and also placed that rating on CreditWatch with negative
implications.

In its Sept. 18 ratings release, S&P said, "The further downgrade
from our action on Sept. 7, 2017, reflects our view that various
reports (although not confirmed by the company) and market
indicators reflect increased operating risks and a greater
likelihood of a near-term default, perhaps in the form of a
broader restructuring. Recent reports that some vendors may have
pulled back on terms follow previous reports that the company has
hired legal counsel to assist in addressing 2018 maturities even
as its previous hiring of a financial advisor was well known. We
believe holiday operating performance could suffer if vendors pull
back meaningfully which could, conceivably, affect inventory
access and the company's overall working capital position. The
company has roughly $400 million of secured and unsecured debt
maturing in May and October 2018, with significantly more in 2019,
across its complex capital structure.

"The CreditWatch placement reflects the increased potential, in
our view, that the company could repay some debt below par or
choose to pursue a larger restructuring in the near term. The
company stated it plans to provide an update on its second quarter
earnings call on Sept. 26.

"We expect to resolve the CreditWatch placement shortly after the
earnings call if sufficient details on any proposed financing
actions are made public. We would lower ratings if plans emerge to
refinance any of the 2018 or 2019 debt below par or pursue a
larger plan to address the debt structure are announced.

"We could reassess the ratings if we expect the company to
refinance the 2018 maturities successfully and performance seems
to support its ability to also address 2019 maturities at par in
the next 12 months, which we view as increasingly unlikely."


TOYS "R" US: Moody's Lowers PDR to D-PD Following Bankr. Filing
---------------------------------------------------------------
Moody's Investors Service, on Sept. 19, 2017, downgraded Toys "R"
Us, Inc.'s ("Toys") Probability of Default Rating (PDR) to D-PD
from B3-PD. The downgrade was prompted by Toys' September 18, 2017
announcement that it had initiated Chapter 11 bankruptcy
proceedings. The outlook is stable.

RATINGS RATIONALE

"Moody's views this as a case of reasonable business/bad balance
sheet, with the untenable capital strucuture ultimately too much
to
bear," stated Moody's Vice President Charlie O'Shea. "The overall
business is fundamentally sound, and it is our expectation that
overall recovery will be well-above the norm."

Subsequent to the actions, Moody's will withdraw the ratings due
to
Toys' bankruptcy filing.

Downgrades:

Issuer: Toys ''R'' Us, Inc.

Probability of Default Rating, Downgraded to D-PD from B3-PD


TOYS "R" US: Fitch Lowers IDRs to 'D' Over Bankruptcy Filing
------------------------------------------------------------
Fitch Ratings, on Sept. 19, 2017, downgraded the Long-Term Issuer
Default Ratings (IDRs) for Toys 'R' Us, Inc. (Toys, or the Holdco)
to 'D' from 'CC' following the announcement that the company and
certain of its U.S. subsidiaries and its Canadian subsidiary have
filed for Chapter 11. Fitch has downgraded Toys 'R' Us - Delaware,
Inc., and TRU Taj LLC, to 'D' and affirmed the 'CC' rating on Toys
'R' Us Property Co. I, LLC (which was not part of the bankruptcy
filing). Of the $5.27 billion in total debt that was outstanding
on the petition date (including $1.025 billion borrowings on its
$1.85 billion domestic ABL) for the consolidated company, Fitch
expects that $2.85 billion of debt will be impacted by the
bankruptcy.

KEY RATING DRIVERS

DIP Facilities: The company has received a commitment of $3,125
million in debtor-in-possession financing from various lenders,
including a J.P. Morgan led bank syndicate and certain of the
company's existing lenders, subject to court approval. Proceeds
will be used to support ongoing operations during the bankruptcy
process. The $3,125 million (with a 16-month maturity) in
financing includes the following tranches:

(1) a $2.3 billion ABL/FILO DIP Facility at Toys 'R' Us -
Delaware, Inc., consisting of a senior secured revolving credit
facility and letters of credit in the aggregate amount of $1,850
million and a secured "first in last out" term loan in the
aggregate amount of $450 million, funded by a syndicate of various
lenders, including certain of the Prepetition ABL Lenders, with
JPMorgan acting as ABL/FILO DIP Agent. This will be used to repay
the Prepetition ABL/FILO Facility borrowings in full and provide
an incremental $170 million of liquidity.

(2) $450 million Term DIP Facility at Toys 'R' Us - Delaware, Inc.
funded by an ad hoc group of Prepetition Term Loan B-4 Lenders
holding over 50 percent of the outstanding principal amount of
Delaware Loans who were willing to consensually prime their
pre-petition liens. This will be used for general corporate
purposes, including the administration of these Chapter 11 cases.

(3) $375 million Taj DIP Incremental Notes to be provided by an ad
hoc group of Taj Noteholders who were willing to consensually
prime their own liens. The incremental notes will be used to pay
interest on the Prepetition Taj Notes, and DIP fees, as well as to
provide liquidity to support the Debtors' international
operations. The group of Taj Noteholders also agreed to waive
certain defaults under the Prepetition Taj Notes and to forbear
from exercising rights and remedies pursuant to a default against
the Debtors (the Taj Waiver).

DERIVATION SUMMARY

The bankruptcy comes on the heels of Toys facing a multi-decade
onslaught of competition from discounters such as Wal-Mart Stores,
Inc. and Target Corporation, and more recently, online-only
players such as Amazon.com, Inc., leading to market share losses.
Fundamental characteristics of the toy industry, including its
seasonality, hit-driven nature, and low importance of sales
assistance and inviting in-store experience, continue to make it
attractive for the discount and online channels to take share. The
competitive and secular headwinds faced by the company have led to
meaningful top-line and EBITDA declines, and this combined with a
highly leveraged balance sheet as a result of its 2005 LBO
rendered the current capital structure unsustainable.

Other single category retailers such as Best Buy (BBB-/Stable
Outlook), The Gap (BB+/Stable Outlook) and Kroger (BBB/Stable
Outlook) have also faced secular pressures but have been able to
largely stem declines as a result of their ability to invest in
their businesses due to lower leverage profiles and strong cash
flow generation. Difference in category fundamentals has also
prevented these retailers from experiencing the level of market
share erosion to discount/online channels as seen with the toy
category. Both Toys and Sears Holding Corporation (CC) have been
facing significant market share erosion, although Sears' has been
funding its ongoing liquidity needs over the last few years with
asset sales and additional secured debt given negative EBITDA
(since 2012) and material fixed obligations.

KEY ASSUMPTIONS

Recovery Analysis and Considerations

For issuers with IDRs at 'B+' and below, Fitch performs a recovery
analysis for each class of obligations. Issue ratings are derived
from the IDR and the relevant Recovery Rating (RR) and notching
based on expected recoveries in a going concern and liquidation
reorganization scenario for each of the company's note and loan
issues. Toys' debt is at three types of entities: operating
companies (OpCo); property companies (PropCos); and HoldCos, with
a structure summary as follows:

Toys 'R' Us, Inc. (HoldCo)
(I) Toys 'R' Us-Delaware, Inc. (Toys-Delaware) is a subsidiary of
HoldCo.
(a) Toys 'R' Us Canada (Toys-Canada) is a subsidiary of
Toys-Delaware.
(II) TRU Taj LLC, an indirectly owned subsidiary of Holdco.
(a) Toys 'R' Us Property Co. I, LLC (PropCo I) is a subsidiary of
TRU Taj.

OpCo Debt

Fitch takes the higher of liquidation value or enterprise value
(EV, based on 5.0x-6.0x range of multiple applied to going concern
EBITDA) at the OpCo levels: Toys-Delaware and Toys-Canada and the
international entities that provide a stock pledge to the debt at
TRU Taj. The 5.0x-6.0x range is consistent with the 5.4x median
multiple for retail going concern reorganizations but at the low
end of the 12-year retail market multiples of 5x to 11x, and below
7x to 12x for retail transaction multiples. The stressed EV is
reduced by 10% for assumed administrative claims.

Toys-Delaware

At the Toys-Delaware level, recovery on the various debt tranches
is based on liquidation value of domestic assets rather than a
going concern enterprise value. To derive a going concern
enterprise value of $1.5 billion, Fitch assumes a going concern
EBITDA of $310 million valued at a 5x multiple. This assumes (i)
ongoing domestic EBITDA of $230 million based on revenue of $5
billion (an approximately 35% discount to current Toys-Delaware
revenues (ex. Canada) of $7.1 billion) operating at a 5% EBITDA
margin and (ii) $80 million of IP royalty fees that Toys charges
its international businesses and third parties.

In deriving a liquidation value of domestic assets of $1.9 billion
at Toys Delaware, Fitch considered the liquidation value of
domestic inventory and receivables assumed at seasonal peak, at
the end of the third quarter, and applied typical advance rates of
75% and 80%, respectively, and estimated value for Toys' IP
assets, which are held at Geoffrey, LLC as a wholly owned
subsidiary of Toys-Delaware.

The debtors have proposed a $2.3 billion ABL/FILO DIP Facility at
Toys 'R' Us - Delaware, Inc., consisting of a senior secured
revolving credit facility and letters of credit in the aggregate
amount of $1,850 million (which contains a $300 million Canadian
sub-facility) and a secured "first in last out" term loan in the
aggregate amount of $450 million, which will be used to replace
the Prepetition ABL/FILO Facility in full and provide an
incremental $170 million of liquidity.

The $1.85 billion revolver (DIP and pre-petition) is secured by a
first lien on inventory and receivables of Toys-Delaware. Fitch
assumes $1.3 billion, or approximately 70%, of the facility
commitment is drawn under the revolver. The $300 million
sub-facility is more than adequately covered by the EV of $550
million calculated by applying a 5x multiple based on 2016 EBITDA
at the Canadian subsidiary and the $1.55 billion U.S facility is
more than adequately covered by domestic inventory. The residual
value of approximately $285 million from Canada is applied toward
the FILO term loan and B-4 term loan.

The New DIP FILO term loan ($450 million which is expected to
replace the existing $280 million) is secured by the same
collateral as the $1.85 billion ABL facility and ranks second in
repayment priority relative to the ABL. The FILO tranche is
governed by the residual borrowing base within the ABL facility
and benefits from a lien against 15% of the estimated value of
real estate at Toys-Canada. This is also fully recovered.

The ratings on the existing ABL and FILO facility is rated
'CCC/RR1' based on outstanding recovery prospects (91% to 100%).
Fitch will withdraw the ratings once the DIP financing is ordered
by the judge and the proceeds are used to repay the pre-petition
ABL and FILO borrowings in full.

The $1 billion B-4 term loan and the $186 million of B-2 and B-3
term loans have a first lien on all present and future IP,
trademarks, copyrights, patents, websites and other intangible
assets, and a second lien on the ABL collateral. The B-4 term loan
also benefits from an unsecured guaranty by the indirect parent of
PropCo I and is secured by a first-priority pledge on two-thirds
of the Canadian subsidiary stock. In addition, these term loans
will also benefit from the liquidation value for plant, property
and equipment. At the end of 2016, Toys operated 879 domestic
stores of which 318 units are held at Propco I and 123 units are
held at Propco II leaving 438 units at Toys Delaware. The mix of
leased versus owned (included ground leases) is unclear, although
on Oct. 24, 2016, Toys filed an 8K disclosing that 103 Toys-
Delaware properties (88 ground leased locations where Toys owns
the building and 15 owned locations) were appraised by Cushman and
Wakefield at $568 million. Fitch has applied a dark store
valuation of $370 million or 65% of the appraised value. This is
consistent with the market and dark store valuations provided for
assets under PropCo I and PropCo II over the past few years.

Fitch has assumed that the new $450 million Term DIP Facility at
Toys 'R' Us - Delaware, Inc..will have super priority claims over
the current B-4 and B-2/B-3 term loan lenders. Applying the
waterfall of the applicable assets to the new and existing term
loans results in outstanding recovery for the new Term DIP
facility, superior recovery prospects (71% to 90%) for the B-4
term loans which are rated 'CCC-/RR2' and average recovery
prospects (31% to 50%) for the B-2/B-3 term loans which are rated
'C/RR4'.  The $22 million 8.75% debentures due Sept. 1, 2021 have
poor recovery prospects (0% to 10%) and are therefore rated
'C/RR6'.

Valuation of IP

Toys' IP assets held at Geoffrey, LLC are the first lien
collateral backing the senior secured term loans issued at Toys-
Delaware. The annual license fees paid by HoldCo's international
subsidiaries were $64 million as of Jan. 28, 2017, a decline from
$102 million in 2012. In addition, Toys generated $16 million in
license fees from third parties for a total of $80 million in
licensing fees in 2016.

In terms of valuing the IP, Fitch applied a 4.0x to 5.0x multiple
to these royalty streams from Toys' international subsidiaries
(excluding Canada) and third parties to arrive at a value of $350
million. While the multiple paid could potentially be better,
resulting in a higher IP valuation, there could also be further
downward pressure on the royalty stream itself given weakness in
its international businesses.

PropCo Debt

At the PropCo levels (PropCo I and other international PropCos)
LTM net operating income (NOI) is stressed at 20%.

PropCo I is set up as bankruptcy-remote entity with a 20-year
master lease through 2029 covering all the properties within the
entities, which requires Toys-Delaware to pay all costs and
expenses related to leasing these properties from these two
entities. The ratings on the PropCo debt reflect a distressed
capitalization rate of 12% applied to the stressed NOI of the
properties to determine a going-concern valuation. The stressed
rates reflect downtime and capital costs that would need to be
incurred to re-tenant the space. The 12% capitalization rate
reflects the exposure to a single tenant versus a more diversified
portfolio. As a reference the Fitch CMBS Large Loan Rating
Criteria typically uses default cap rates of 8.5% to 11.25%.

Applying these assumptions to the $866 million senior unsecured
term loan facility at PropCo I results in outstanding recovery
prospects (91% to 100%) and the facility is therefore rated
'CCC+/RR1'. The PropCo I unsecured term loan facility benefits
from a negative pledge on all PropCo I real estate assets, which
includes around 320 properties (318 stores, three distribution
centers and headquarters).

As described above, the residual value of approximately $334
million after fully recovering the $866 million term loan at
PropCo I is applied toward the Toys-Delaware B-4 term loan via an
unsecured guaranty by the indirect parent of PropCo I.

TRU Taj LLC Debt

The $583 million notes due 2021 are secured by a stock pledge in
certain international subsidiaries, including guarantors of the
European ABL. $375 million in Taj DIP Incremental Notes will be
provided by an ad hoc group of Taj Noteholders who consented to
prime the pre-petition liens of the Taj Notes.

The EBITDA attributed to TRU Taj was $173 million in 2016,
calculated on a covenant basis. Fitch applied a 5.0x multiple to
each entity's EBITDA, subtracted out entity-level debt, which
resulted in a remaining value of approximately $600 million. Fitch
first applied this towards the $375 million Taj DIP Incremental
Notes and the remaining value against the $583 million notes. This
resulted in average recovery (31% to 50%) for the existing notes
and the notes are therefore rated 'C/RR4'.

Toys 'R' Us, Inc. - HoldCo Debt

The $208.3 million 7.375% unsecured notes due Oct. 15, 2018 (and
the $741 million senior notes due to Toys-Delaware that are
considered pari passu with the publicly traded HoldCo notes) have
poor recovery prospects (0% to 10%) because there is no residual
value flowing in from the wholly owned subsidiaries. Therefore,
they are rated 'C/RR6'

LIQUIDITY

Toys held $301 million of cash ($35 million at Toys 'R' Us -
Delaware, Inc.) and $252 million of availability under its various
revolvers as of April 29, 2017, including $176 million available
under its domestic $1.85 billion facility.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Toys 'R' Us, Inc.
-- Long -Term IDR downgraded to 'D' from 'CC';
-- Senior unsecured notes affirmed at 'C/RR6'.

Toys 'R' Us - Delaware, Inc.

-- Long-Term IDR downgraded to 'D' from 'CC';
-- Secured revolver downgraded to 'CCC/RR1' from 'CCC+/RR1';
-- Secured FILO term loan downgraded to 'CCC/RR1' from
'CCC+/RR1';
-- Secured B-4 term loan downgraded to 'CCC-/RR2' from 'CCC/RR2';
-- Secured B-2 and B-3 term loans downgraded to 'C/RR4' from
'CC/RR4';
-- Senior unsecured notes affirmed at 'C/RR6'.

TRU Taj LLC
-- Long-Term IDR downgraded to 'D' from 'CC';
-- Senior secured notes downgraded to 'C/RR4' from 'CC/RR4'.

Toys 'R' Us Property Co. I, LLC

-- Long-Term IDR affirmed at 'CC';
-- Senior unsecured term Loan facility affirmed at 'CCC+/RR1'.

               Sept. 18 ratings release

Earlier, on Sept. 18, 2017, Fitch Ratings downgraded the Long-Term
Issuer Default Ratings (IDRs) for Toys 'R' Us, Inc. (Toys, or the
Holdco), and all its entities including Toys 'R' Us - Delaware,
Inc., Toys 'R' Us Property Co. I, LLC and TRU Taj LLC, to 'CC'
from 'CCC'. The downgrade reflects the material market information
regarding the hiring of various financial advisors and law firms,
a claims agent and supplier issues that suggest a restructuring
could be imminent.

Fitch noted that over the last two weeks, news sources have
reported that Toys has hired restructuring lawyers at Kirkland &
Ellis to help address upcoming debt maturities, and various
lenders have hired financial advisors as representatives (Houlihan
Lokey for the B4 Term loan lenders that hold $1 billion of loans
due April 2020 and GLC Advisors for the TRU Taj lenders that hold
$583 million senior secured notes due August 2021). News sources
also reported that Toys' financial advisor, Lazard, is marketing a
debtor-in-possession (DIP) loan facility to help fund seasonal
working capital needs as the company enters the holiday season.
Some suppliers are reported to have scaled back shipments to the
retailer on bankruptcy fears and the costs of insuring against
default have surged significantly since September 6th.

Fitch added that the ratings on all of Toys entities are being
downgraded to 'CC' to reflect the heightened risk of a
comprehensive restructuring. Toys has approximately $3.5 billion
of debt due through 2020: $450 million of debt due in 2018; $1.7
billion in 2019 (excluding the $1.85 billion revolver at
Toys-Delaware); and $1.3 billion due in 2020 at various entities.
Given the long-term competitive and secular headwinds faced by the
company that have led to meaningful top-line and EBITDA declines,
Fitch's ratings have reflected concerns regarding Toys' long-term
competitive viability and Fitch's view that its capital structure
is unsustainable in the long term.


TOYS "R" US: Says Business as Usual for 1,600 Stores Worldwide
--------------------------------------------------------------
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code in the U.S. Bankruptcy Court for the
Eastern District of Virginia in Richmond on Sept. 19, 2017.

In addition, the Company's Canadian subsidiary intends to seek
protection in parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in the Ontario Superior Court of Justice.

The Company intends to use these court-supervised proceedings to
restructure its outstanding debt and establish a sustainable
capital structure that will enable it to invest in long-term
growth and fuel its aspirations to bring play to kids everywhere
and be a best friend to parents.

The Company's operations outside of the U.S. and Canada, including
its approximately 255 licensed stores and joint venture
partnership in Asia, which are separate entities, are not part of
the Chapter 11 filing and CCAA proceedings.

The Company's approximately 1,600 Toys "R" Us and Babies "R" Us
stores around the world -- the vast majority of which are
profitable -- are continuing to operate as usual, providing
customers with great service and a curated assortment of
merchandise in the toy and baby categories.  Customers can also
continue to shop for the toy and baby products they are looking
for online on the Company's newly launched http://www.toysrus.com/
and http://www.babiesrus.com/web stores.  Customers should expect
the Company's loyalty programs, including its Rewards "R" Us,
Geoffrey's Birthday List and Babies "R" Us Registry, to continue
as normal.

"Today marks the dawn of a new era at Toys "R" Us where we expect
that the financial constraints that have held us back will be
addressed in a lasting and effective way," said Dave Brandon,
Chairman and Chief Executive Officer, on Sept. 19.  "Together with
our investors, our objective is to work with our debtholders and
other creditors to restructure the $5 billion of long-term debt on
our balance sheet, which will provide us with greater financial
flexibility to invest in our business, continue to improve the
customer experience in our physical stores and online, and
strengthen our competitive position in an increasingly challenging
and rapidly changing retail marketplace worldwide.  We are
confident that these are the right steps to ensure that the iconic
Toys "R" Us and Babies "R" Us brands live on for many
generations."

Mr. Brandon continued, "As the holiday season ramps up, our
physical and web stores are open for business, and our team
members around the world look forward to continuing to put huge
smiles on children's faces. We thank our vendors for their ongoing
support through this important season and beyond. We also
appreciate the strong support our investors have provided over
time and the constructive role they are playing in this process
that will allow us to create a brighter future for our company.
And as importantly, we thank our team members in advance for their
hard work and dedication to serving the millions of customers who
will shop with us this holiday."

The Company has received a commitment for over $3.0 billion in
debtor-in-possession ("DIP") financing from various lenders,
including a JPMorgan-led bank syndicate and certain of the
Company's existing lenders, which, subject to Court approval, is
expected to immediately improve the Company's financial health and
support its ongoing operations during the court-supervised
process. Toys "R" Us is committed to working with its vendors to
help ensure that inventory levels are maintained and products
continue to be delivered in a timely fashion.

In conjunction with the Chapter 11 process in the U.S., the
Company has filed a number of customary motions with the
bankruptcy court seeking authorization to support its operations
during the restructuring process and ensure a smooth transition
into Chapter 11 without disruption, including authority to
continue payment of employee wages and benefits, honor customer
programs, and pay vendors and suppliers in the ordinary course for
all goods provided on or after the filing date.

                        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.

Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  Judge Keith L. Phillips is the case
judge.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada, including
its 255 licensed stores and joint venture partnership in Asia,
which are separate entities, are not part of the Chapter 11 filing
and CCAA proceedings.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys
"R" Us, Alvarez & Marsal is serving as restructuring advisor and
Lazard is serving as financial advisor.  Prime Clerk LLC is the
claims and noticing agent, and maintains the case Web site
https://cases.primeclerk.com/toysrus

Grant Thornton is the monitor appointed in the CCAA case.


TOYS "R" US: Vendors Pulled Shipments After Bankruptcy Reports
--------------------------------------------------------------
Toys "R" Us, Inc., in a narration of its events leading to its
Chapter 11 filing, said that following reports early this month
that it was considering bankruptcy, vendors have refused to ship
their products unless they were paid on a cash on delivery basis.

The timing of all of this could not have been worse, the Company
said, as the Debtors are in the process of building substantial
inventory for the holiday shopping season, their busiest selling
season of the year, where the Debtors' historically have earned
approximately 40% of their annual net retail sales.  To prepare
for the holiday season, Toys "R" Us significantly increases
inventory in September to fill store shelves with the selection
and variety of products its customers expect.

The Debtors have extended trade terms with many of their vendors.
This allows the Debtors to pay for goods, on average, 60 days
after the goods are received.  If the Debtors' trade terms
contracted from 60 days to cash-on-delivery, the Debtors estimate
that they would require over $1.0 billion in additional liquidity
as of the Petition Date.

                        Bankruptcy Reports

David A. Brandon, Chairman of the Board and Chief Executive
Officer of Toys "R" Us, recounts that in anticipation of a
potential going-concern notation in their second quarter 2017 10-
Q, the Debtors began to prepare for these chapter 11 cases and
negotiate debtor-in-possession financing to ensure that the
Debtors would be able to obtain the liquidity necessary to build
their seasonal inventory if trade vendors began to pull terms.
Kirkland & Ellis, Alvarez & Marsal, and Lazard worked with the
Debtors and various stakeholders to prepare for this scenario.

On Sept. 6, 2017, a news article stating that the Company was
considering all strategic options, including a potential
restructuring, was published.  This news story was picked up by
media outlets around the world and appeared on national television
shows within hours.  Within 72 hours, a significant percentage of
the Debtors' vendors called the Company to inform the Debtors that
they would not ship product without cash on delivery.  In
addition, the Company's international credit insurers withdrew
their coverage.

The impact on the Company's supply chain was fast and furious.
Within a week, 40% of the Debtors' supply chain refused to ship
product and 10 days later, practically all of the Debtors' vendors
had refused to ship without cash on delivery.  The Company lost
its access to product during the critical shipping period to build
inventory for the holiday season.

                     $3 Billion in Financing

The Company sought bankruptcy protection on Sept. 19, 2017,
announcing that it has received commitments for more than $3.0
billion in new financing that will help enable it to meet its
business obligations during the financial restructuring process.

The Debtors and their advisors worked feverishly to finalize the
terms of a debtor-in-possession financing facility to ensure that
the Debtors would have sufficient liquidity to reactivate their
supply chain, build inventory, and fund these chapter 11 cases.
In a relatively tight time-frame, the Debtors and their advisor
conducted a robust marketing process, receiving 11 proposals from
existing lenders and third-parties. Negotiations over the terms of
these proposals provided the Debtors with clear insight into the
available market terms and allowed the Debtors to procure the best
available terms under these circumstances.  The Debtors believe
that DIP Facilities, will provide them with sufficient liquidity
to stabilize operations, implement their holiday business plan,
and negotiate a consensual plan of reorganization with their
lenders.  Before the proverbial ink was dry on the DIP Documents,
the Debtors initiated the chapter 11 proceedings, seeking to
stabilize operations and approval of their first day relief.
Failure to do get such relief now will jeopardize the entire
holiday season, Mr. Brandon said.

             Payment to Vendors Under Normal Terms

The Company said it intends to pay vendors in full under normal
terms for goods and services delivered on or after the filing
date.  It added that as the international subsidiaries are not
part of the Chapter 11 filings and CCAA proceedings, Toys "R" Us'
international subsidiaries will pay vendors for all goods and
services in the normal course.

The Company also has filed with the Bankruptcy Court a motion
seeking authority to pay up to $115 million on an interim basis
and a total of $325 million on a final basis, the prepetition
claims of
certain vendors that are critical to the Debtors' business
enterprise.  In return for paying the prepetition claims of
critical vendors, the Debtors will require the applicable critical
vendor to continue supplying goods and services for the duration
of the Chapter 11 cases in accordance with trade terms at least as
favorable to the Debtors as those practices and programs in place
180 days prior to the Petition Date.

                          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.

Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  Judge Keith L. Phillips is the case
judge.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada, including
its 255 licensed stores and joint venture partnership in Asia,
which are separate entities, are not part of the Chapter 11 filing
and CCAA proceedings.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys
"R" Us, Alvarez & Marsal is serving as restructuring advisor and
Lazard is serving as financial advisor.  Prime Clerk LLC is the
claims and noticing agent, and maintains the case Web site
https://cases.primeclerk.com/toysrus

Grant Thornton is the monitor appointed in the CCAA case.



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


PETROTRIN: Must Address Costs to Survive
----------------------------------------
Trinidad Express reports that new Petroleum Co. of Trinidad &
Tobago (Petrotrin) Chairman Wilfred Espinet said the company needs
to be reinvented and its cost structure needs to be addressed.

But in an exclusive interview with Express Business at his courier
company in East Port of Spain, the business owner stopped short of
advocating the privatization of the company, arguing what is
needed is the appropriate governance structure, greater
accountability and no meddling by governments in its operations,
according to Trinidad Express.

"My real concern is that Petrotrin does not end up to be a Caroni
Ltd," said Chairman Espinet, referring to the now operationally
defunct state-owned sugar producer and refiner that was closed
down in 2003 after losing billions of dollars, the report notes.

"If the intention is for Petrotrin to survive-as distinct from
leaving it as is and letting it collapse-then it must do so in the
context of how enterprises survive: they must have an income that
is greater than its expenses and the surplus must be invested to
maintain the business," said Chairman Espinet, adding "The cost
structure of Petrotrin has to be dealt with in the short term.
And each line item has to be dealt with."  But he would not be
drawn on if addressing Petrotrin's cost structure meant reducing
compensation or downsizing the company's staff complement, the
report relays.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2017, Moody's Investors Service downgraded Petroleum Co.
of Trinidad & Tobago corporate family rating and senior unsecured
debt ratings to B1 from Ba3. Simultaneously, Moody's lowered
Petrotrin's Baseline Credit Assessment ("BCA") to caa1 from b3.
The outlook on the ratings is stable. The rating actions are
linked to Moody's April 25, 2017 downgrade of the government of
Trinidad & Tobago bond ratings to Ba1 from Baa3, with a stable
outlook.


=================
V E N E Z U E L A
=================


VENEZUELA: Maduro Interprets Trump's UN Comments as Death Threat
----------------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro said
that he considered US President Donald Trump's remarks in his
United Nations General Assembly speech to be a death threat.

"I know that I'm interpreting the threat that Donald Trump made
correctly and exactly and I want to tell the public: Donald Trump
threatened the president of Bolivarian Republic of Venezuela with
death," President Maduro said from the presidential palace in
Caracas in radio and television broadcast, according to EFE News.

In his speech to the United Nations last Sept. 19, President
Donald Trump urged world leaders to help restore "democracy and
political freedoms" in Venezuela, singling out the South American
country for some of his most blistering criticism, according to
the Associated Press.

Trump threatened to build upon sweeping economic sanctions that
the U.S. slapped on Venezuela last month if Maduro "persists on a
path to impose authoritarian rule," says AP.

But he did not repeat an earlier threat to consider military
options to pressure Venezuela, a day after dining with the leaders
of four Latin American countries who made clear they would not
support such action, notes the report.

"The Venezuelan people are starving and their country is
collapsing. Their democratic institutions are being destroyed.
This situation is completely unacceptable and we cannot stand by
and watch," the report quoted Trump as saying.  "I ask every
country represented here today to be prepared to do more to
address this very real crisis."

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: Maria's Deluge Starts Pouring on PR and Virgin Islands
---------------------------------------------------------------
EFE News reports that heavy rains caused by the potentially
catastrophic category 5 Hurricane Maria have begun to affect the
Virgin Islands and Puerto Rico, the National Hurricane Center
(NHC) reported.

Hurricane Maria, which intensified again packing maximum sustained
winds hitting 280 km/h, is located 100 km southeast of Saint Croix
(US Virgin Islands) and 255 km southeast of San Juan (Puerto
Rico), the NHC said, 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
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 * * *