TCRLA_Public/171004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 4, 2017, Vol. 18, No. 197


                            Headlines




B A H A M A S

BAHAMAS: Economic Activity Remained Weak in 2016, IMF Says


B R A Z I L

EDP ESPIRITO SANTO: S&P Affirms 'BB' Global Scale Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Gov't to Help Agro Recover With RD$500MM, Materials


M E X I C O

DOCUFORMAS SAPI: S&P Affirms 'B+' Notes Rating on $25MM Add-On
RASSINI SAB: S&P Affirms 'BB' CCR, Retains Stable Outlook


P U E R T O    R I C O

TOYS "R" US: Taps Lazard Freres as Investment Banker
TOYS "R" US: Taps Kirkland & Ellis as Legal Counsel
TOYS "R" US: Taps Alvarez & Marsal as Restructuring Advisor


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Fitch Affirms & Withdraws B+ Long-Term IDR
PETROTRIN: BOD Hires Kroll Consulting to Probe Audit Report


V E N E Z U E L A

VENEZUELA: OAS Chief Asks for Tougher Sanctions Against Regime


                            - - - - -


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B A H A M A S
=============


BAHAMAS: Economic Activity Remained Weak in 2016, IMF Says
----------------------------------------------------------
On September 8, 2017, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with The
Bahamas.

Economic activity remained weak in 2016.  Hurricane Matthew, which
hit The Bahamas in October last year, significantly impacted
tourism activity in 2016 and early 2017.  However, completion of
the mega resort Baha Mar and post-hurricane reconstruction
activity provided a boost to job creation with the unemployment
rate declining to 9.9 percent in May 2017 (down from 11.6 percent
in November 2016).  The opening of Baha Mar in April increased
employment further by creating 2,000 new jobs in the three months
to July. Inflation remains low and stable.

The central government fiscal deficit is estimated to have reached
5.7 percent of GDP for the fiscal year ending in June, 2017, up
from 3ยด percent of GDP in FY2016, due to sharp increases in the
wage bill, post-hurricane cleanup and reconstruction spending,
temporary tax reliefs, and disruptions in revenue collection. The
central government debt-to-GDP ratio is estimated to have
increased to 73 percent of GDP in FY2017.

Commercial banks remain liquid and well capitalized. As of March,
2017, the average capital adequacy ratio stood at 27.8 percent,
well above the regulatory requirement of 17 percent and liquid
assets represented 25.6 percent of total assets. Nonperforming
loans (NPLs) declined to 11.1 percent of total loans, down from
14.2 percent in 2015. However, banks have maintained a cautious
lending attitude in an environment of low growth. Consequently,
the total stock of credit to the private sector has remained flat.

Real GDP growth is projected to pick up to 1 3/4 percent in 2017
and to 21/2 in 2018, driven by a stronger U.S. economy, the phased
opening of Baha Mar, and related construction activity. Post-
hurricane reconstruction and a pickup in FDI-financed investment
should also support the recovery.  However, medium-term growth
would remain low, reflecting significant structural bottlenecks.

The current account deficit is estimated to have declined to 12.9
percent of GDP in 2016, down from 13.6 percent of GDP a year
earlier, reflecting lower oil prices and a temporary increase in
current transfers associated with payments of re-insurance claims
from Hurricane Matthew. However, the deficit is expected to widen
to 17 3/4 percent of GDP this year due to a surge in Baha Mar-
related imports of goods and services to complete the resort. Over
the medium term, the current account deficit is projected to
narrow to 7.1 percent of GDP but would still be weaker than the
level consistent with fundamentals and desirable policy settings.

                   Executive Board Assessment

Executive Directors welcomed the expected pick up in nearterm
growth, driven by a stronger U.S. economy and the phased opening
of the mega resort BahaMar. However, they noted that the economy
continues to face significant challenges, including from
structural bottlenecks and rising public debt. Directors welcomed
the authorities' strong commitment to fiscal discipline and agreed
that continued strong fiscal consolidation and monetary and
financial sector policies, as well as deeper structural reforms
are necessary to generate stronger growth, improve
competitiveness, tackle unemployment, and enhance resilience to
natural disasters. Directors expressed solidarity with countries,
including The Bahamas, that are bracing for or grappling with the
impacts of Hurricane Irma.

Directors emphasized that restoring fiscal sustainability is a top
priority. They encouraged the authorities to adhere to their
fiscal consolidation plan to reduce the public debt burden and
strengthen external buffers. Directors underscored that the
consolidation effort should focus on cutting current expenditures,
in particular, reducing the wage bill and making state-owned
enterprises self sufficient. They also underscored that reforming
the National Insurance Board and the civil servants' pension
system, should support fiscal adjustment and reduce long-term
fiscal risks.

Directors commended the authorities' efforts to strengthen fiscal
revenues. They highlighted that introducing a low-rate income tax
over the medium-term would help make the system more progressive
and protect the needed infrastructure and social spending.
Directors advised against introducing exemptions from VAT and
instead recommended taking advantage of the planned expenditure
review to create space for better-targeted tools to protect
vulnerable households.

Directors noted that adopting a fiscal rule, as part of a
medium-term fiscal framework, should enhance fiscal discipline. To
further strengthen fiscal and economic resilience, Directors also
recommended integrating into the fiscal framework a well-designed
savings arrangement as an additional buffer against recurring
natural disaster shocks. They also underscored that finding a
permanent solution for the Bank of Bahamas is necessary to reduce
fiscal contingencies.

Directors called for a faster resolution of nonperforming loans to
strengthen financial stability and support the economic recovery.
They also noted that strong compliance with AML/CFT and tax
transparency standards should help stem the withdrawal of
correspondent banking relationships. Directors recommended
reducing central bank holdings of government bonds to strengthen
the credibility of the peg and support financial stability.

Directors emphasized that stronger reforms are needed to improve
competitiveness and lift medium-term growth. They encouraged the
authorities to move forward with the introduction of a credit
bureau, step up efforts to reform the energy sector, streamline
administrative processes to improve the business environment, and
reduce labor market inefficiencies.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2017, Caribbean360.com reports that Bahamian Prime
Minister Dr. Hubert Minnis has disclosed harsh cuts in the Bahamas
Government spending as he embarks on a strategy to remedy the
country's fiscal deficit, which is projected to reach $500 million
this year.


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


EDP ESPIRITO SANTO: S&P Affirms 'BB' Global Scale Rating
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale and 'brAA-'
Brazil national scale ratings on EDP Espirito Santo Distribuicao
de Energia S.A. (EDP Espirito Santo). The outlook on both ratings
is negative. EDP Esirito Santo's 'bb+' stand-alone credit profile
(SACP) remains unchanged.

At the same, S&P also affirmed the 'brAA-' national scale rating
on its sister company, EDP Sao Paulo Distribuicao de Energia S.A.
(EDP Sao Paulo). That outlook is also negative.

EDP Energias do Brasil S.A. (EDP Brasil) has been performing in
line with our expectations, and we expect it to maintain debt to
EBITDA below 3.0x and FFO to debt above 20% over the next few
years, despite its sizable investment program, which is targeted
towardI its distributors and its entrance into the transmission
segment. S&P said, "We analyze EDP Espirito Santo and EDP Sao
Paulo based on EDP Brasil's consolidated figures, given our view
that the group has adopted an integrated financial strategy and
actively manages its subsidiaries' operations. Therefore, we take
into consideration the importance of the distribution companies'
operations to EDP Brasil and the importance of the Brazilian
operations to its controlling shareholder, EDP - Energias de
Portugal S.A. (EDP Portugal: BBB-/Stable/A-3)."

The rating affirmation also reflects that the ratings on the
Federative Republic of Brazil (Brazil: BB/Negative/B; brAA-
/Negative/--) cap on those of EDP Espirito Santo and EDP Sao
Paulo. The distributors have an appreciable likelihood of
following Brazil into a default scenario, as would other companies
that operate in a regulated environment. In this scenario, EDP
Espirito Santo and EDP Sao Paulo could be subject to tariff
controls, and we believe that revenue collection and credit
availability could be compromised.

The negative outlooks on EDP Espirito Santo and EDP Sao Paulo
reflect that on the sovereign, given that we cap the ratings at
the sovereign rating level.

S&P said, "Given that we cap the ratings on EDP Espirito Santo and
EDP Sao Paulo at the sovereign level, if we were to downgrade
Brazil in the following 12 months, we take a similar rating action
on both companies' ratings.

"Currently, we don't envision a scenario in the short-term that
could lead us to downgrade the companies based on their own
fundamentals; rather, we would downgrade them if we believe that
EDP Portugal has fewer incentives to provide support to Brazilian
operations and if EDP Brasil's credit metrics deteriorate
significantly, to, for example, FFO to debt below 12% and debt to
EBITDA above 5.0x, which could be a result of a large debt-
financed acquisition.

"On the other hand, we could revise the outlooks to stable in the
next 12 months if we took a positive rating action on the
sovereign rating, all else remaining equal.

"However, if we believe EDP Portugal demonstrates a higher
willingness to explicitly support its Brazilian operations, we
could upgrade both EDP Espirito Santo and EDP Sao Paulo."


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


DOMINICAN REP: Gov't to Help Agro Recover With RD$500MM, Materials
------------------------------------------------------------------
Dominican Today reports that hurricanes Irma and Maria damaged
only 616 hectares of farmlands, says an agro sector survey, whose
report was delivered to president Danilo Medina.

After a meeting with the president attended by the heads of agro
sector government agencies, Agriculture minister Angel Estevez
said that only around a third of the hectares sustained
significant damage, according to Dominican Today.

The report says that Mr. Estevez said the Government will support
the sector, for which the Agricultural bank already has around
RD$500.0 million, in addition to refinancing the debt to affected
producers and extend the grace period to pay.

Mr. Estevez said seeds, fertilizers and barbed wire will be
delivered to farmers, and will also receive support from the
official insurance agency, Agrodosa, the report notes.

Mr. Estevez added that the areas most affected were the central
Cibao valley, Duarte province (central), especially the Bajo Yuna
basin rice paddies, the banana, and plantain plantations in Mao
and Montecristi (northwest), 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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M E X I C O
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DOCUFORMAS SAPI: S&P Affirms 'B+' Notes Rating on $25MM Add-On
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issue-level rating on
Docuformas S.A.P.I. de C.V.'s (B+/Stable/--) senior unsecured
notes, following the $25 million add-on to the original $175
million issuance. S&P rated these notes on Sept. 21, 2017. The
tenure of the notes will be five years and will bear a fixed rate.

S&P said, "Our 'B+' rating on the proposed debt is at the same
level as the issuer credit rating. The debt rating reflects the
lender's secured debt that we expect to represent slightly less
than 15% of adjusted assets by the end of 2017 and around 11% by
the end of 2018, and its unencumbered assets will cover the
unsecured debt by 1x (at the end of 2017) and 1.4x (at the end of
2018). Furthermore, the rating indicates that the notes will rank
equally in right of payment with all of Docuforma's existing and
future senior unsecured debt. The issuance will have a full cross-
currency swap to hedge against currency exchange fluctuations. The
derivative will cover the notes' complete amount during the time
of the issuance. We expect the lender to use the proceeds to repay
a significant amount of outstanding market/banking debt--MXN1.66
billion that's mostly short-term debt--and shift to a more stable
funding structure by extending maturity profile. Such debt
repayment will release MXN1.3 billion of encumbered assets.
Docuformas will use the remainder of the proceeds (MXN1.75
billion) for organic growth for the next 12-24 months.

"As a result of the issuance, we're reassessing our funding
assessment on the company to moderate from adequate and liquidity
to adequate from moderate, which affected neither Docuformas'
stand-alone credit profile (SACP) nor the ratings. We expect
Docuformas' stable funding ratio to improve to an average of 75%
in 2017 and 2018 (from an average of 52% in 2014-2016) given that
the new issuance will increase the company's available stable
funding at a higher pace with respect to stable funding needs. In
this sense, given that we expect Docuformas' stable funding ratio
to remain below 90% and that the proposed notes would represent
around 80% of total debt in 2017 and 2018, we now expect
significant maturities or single-creditor concentrations that
could cause a substantial refinancing risk in the future. Despite
a potential release of up to MXN1.3 billion in encumbered assets
related to the debt prepayment, Docuformas' funding structure will
be concentrated in market debt--estimated at about 67% of total
liabilities for 2017 and 2018. The company's remaining funding
sources will be banking credit facilities (Credit Suisse; 17%) and
other liabilities (16%). Therefore, we believe Docuformas' funding
structure will be more concentrated with respect to other finance
companies we rate.

"The issuance will increase Docuformas' broad liquid assets
significantly in 2017 and will reduce sharply the portion of
short-term wholesale debt of total debt for the next few years.
However, under such a scenario, we expect the company's liquidity
coverage metric to pick up to 2.80x in 2017 and drop to 0.85x in
2018. Liquid assets are increasing in 2017, given that Docuformas
will mainly use the proceeds to repay a significant amount of
outstanding market/banking debt and the remainder for organic
growth.

"We base our assessment of Docuformas' capital and earnings
through our risk-adjusted capital (RAC) ratio, which is our
assessment of asset risk relative to capital. This is because we
believe it best represents our forward view of Docuformas' capital
sufficiency to protect obligors, given the company's projected
asset and operational risks. After incorporating the new issuance
in our capital and earnings assessment, the latter remains
unchanged. As of the end of 2016, Docuformas' RAC ratio was 8.0%,
and considering the proposed debt issuance, we expect the ratio be
7.4%-8.4% in 2017 and 2018. Such capitalization level will remain
consistent with the adequate assessment category, according to our
criteria."

S&P's base-case scenario, for 2017 and 2018, considers the
following assumptions:

-- Mexico's GDP growth of 2.2% in 2017 and 2.3% in 2018,
    according to our latest regional overview, "Political Risks
    Are Receding In Latin America, But Uncertainty Looms,"
    published Sept. 28, 2017.

-- Issuance of $200 million senior secured notes, with a five-
    year tenor at fixed rate, which will be hedged by a full
    cross-currency swap.

-- Proceeds for repaying MXN1.66 billion in outstanding
    market/banking debt and to use MXN1.75 billion for organic
    growth, the latter of which will appear as cash on the balance
    sheet in 2017, while Docuformas substitutes those resources by
    loans.

-- Docuformas' gross receivables to grow at 35% and 20%, in 2017
    and 2018, respectively.

-- Total debt to increase by more than 50% in 2017, with the
    proposed issuance representing around 80% of total debt.

-- Nonperforming assets of about 4.5% in 2017 and 2018, which S&P
    expects to be fully covered by reserves.

-- S&P estimates credit losses to represent about 1.5% of
    Docuformas' gross receivables.

-- Net income of MXN171.5 million and MXN325.8 million in 2017
    and 2018, respectively. Moreover, the company's net interest
    margin to drop to 12% in 2017 from 13% in 2016, and picking up
    to 14% in 2018. Therefore, return on assets would be at about
    2.75% and 4.50% for each year, respectively.

-- Goodwill of MXN116 million for the forecasting period.

-- No changes in Docuformas' dividend policy during this time
    frame.

-- Total adjusted capital of about MXN462 million in 2017 and
    MXN651 million in 2018.

The rating constraint is the company's weaker asset quality than
those of domestic peers, stemming from above-average delinquency
ratios and charge-offs that limit Docuformas' risk position. The
rating, on the other hand, is supported by the company's stable
and increasing operating revenue from its leasing business that
support Docuformas' business position. Despite the synergies from
past acquisitions, the company still has some sector and
geographic concentrations. The rating also incorporate an adequate
capital and earnings assessment, based on our forecasted RAC ratio
of 7.4%-8.4% in 2017 and 2018. Finally, the rating also reflects
our moderate funding and adequate liquidity assessment on the
company. Docuformas' SACP remains at 'b+'.

RATINGS LIST

  Docuformas S.A.P.I. de C.V.
   Counterparty Credit Rating       B+/Stable/--
   CaVal (Mexico) National Scale    mxBBB/Stable/mxA-3
  Rating Affirmed

  Docuformas S.A.P.I. de C.V.  Senior Unsecured            B+


RASSINI SAB: S&P Affirms 'BB' CCR, Retains Stable Outlook
---------------------------------------------------------
S&P Global ratings affirmed its long-term corporate credit rating
on Rassini S.A.B. de C.V. at 'BB'. The outlook remains stable.

S&P said, "In line with our expectations, Rassini's suspensions
and brakes segments continue to deliver solid performance thanks
to increased demand for its products and to market share gains,
particularly in the U.S. brakes market. As a result, the company's
credit metrics improved over the last year, with a debt to EBITDA
ratio of 1.0x and FOCF to debt of 44% for the 12 months ended June
30, 2017.

"We expect Rassini to continue posting solid revenue growth
stemming from renewed and recently awarded platforms. This will
enable the company to expand its market share in the brakes and
coil springs segments, while maintaining its position as the top
provider of leaf springs in North America. We expect the company
to maintain its EBITDA margin close to 19% for the next two years,
after a consistent increase in the past few years due to favorable
trends in the U.S. automotive market and to increasing value added
to its products. In addition, recently awarded contracts in its
brakes platform reflect the company's ability to adapt to higher
technological client demands.

"In our view, the ratings on Rassini capture potential changes to
the terms of trade under NAFTA, although we expect that current
renegotiations won't have a major effect on the company's
operations, in the short term. We consider that the level of
supply chain integration in the North American auto industry, as
well as Rassini's standing as a Tier 1 auto supplier protect the
company's competitive position to some extent.

"A source of risk to Rassini's business profile stems from some
signs that the U.S. auto industry's performance is leveling off.
In our previous forecast, we had estimated light-vehicle sales of
about 17.5 million for 2017. We're revising this forecast downward
by 5% due to a slowdown of passenger car sales. Mitigating this
risk are positive medium-term growth prospects of light-truck
sales, which is the segment that represents the largest share of
Rassini's EBITDA."

Ford Motor Co., General Motors Co., and Fiat Chrysler Automobiles
N.V. represent about 75% of Rassini's total sales, and the company
generates all of its EBITDA in North America. The lack of
geographic and customer diversification is a rating constraint for
Rassini.

S&P said, "Our assessment on Rassini's financial risk profile
incorporates our expectation that the company will remain
committed to low leverage and cash flow protection. Even if the
company pursues growth opportunities in the future, we don't
expect management to compromise Rassini's capital structure or
deviate from its recent track record to advance its credit
standing in the marketplace. Our analysis captures the cyclicality
inherent to the automotive industry and a potentially lower
demand's impact on supply chain that could moderate Rassini's
growth trends."


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P U E R T O    R I C O
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TOYS "R" US: Taps Lazard Freres as Investment Banker
----------------------------------------------------
Toys "R" Us, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Lazard Freres & Co.
LLC as its investment banker.

The firm will provide these investment banking services to the
company and its affiliates in connection with their Chapter 11
cases:

     (a) review and analyze the Debtors' business, operations,
         and financial projections;

     (b) assist to formulate strategic and structural
         alternatives in connection with a liability management
         transaction, restructuring, sale transaction or
         financing, as applicable;

     (c) evaluate the Debtors' potential debt capacity in light
         of their projected cash flows;

     (d) assist in determining a capital structure for the
         Debtors;

     (e) assist in determining a range of values for the Debtors
         on a going concern basis;

     (f) advise the Debtors on tactics and strategies for
         negotiating with the stakeholders and contract/lease
         counterparties;

     (g) render financial advice to the Debtors and participate
         in meetings and negotiations with the stakeholders,
         rating agencies or other appropriate parties in
         connection with any restructuring;

     (h) advise the Debtors on the timing, nature, and terms of
         new securities, other consideration or other inducements
         to be offered by the Debtors pursuant to any
         restructuring;

     (i) assist in evaluating any potential financing by the
         Debtors and contacting potential sources of capital as
         the Debtors may designate, and assist in implementing
         such financing;

     (j) assist the Debtors in preparing documentation within
         Lazard's area of expertise that is required in
         connection with any restructuring;

     (k) assist in identifying and evaluating candidates for any
         potential sale transaction, and advise the Debtors in
         connection with the negotiations and consummation of any
         sale transaction; and

     (l) attend meetings of the Board of Directors of Toys "R" Us
         and provide testimony, as necessary.

The firm will be compensated in accordance with this fee
arrangement:

     (a) Monthly Fee.  A monthly fee of $200,000, payable on the
         first day of each month starting August 1, 2017.  Fifty
         percent (50%) of the monthly fee payable on May 1, 2018,
         and 100% of all monthly fees payable with respect to
         each month thereafter, will be credited (without
         duplication) against any restructuring fee.

     (b) Restructuring Fee.  A fee equal to (i) $10.5 million or
         (ii) to the extent Toys "R" Us, Inc. is not party to a
         restructuring, 0.25% multiplied by the total amount of
         indebtedness of the parent's subsidiaries restructured
         (up to a maximum of $10.5 million), payable upon the
         consummation of a restructuring.

     (c) Sale Transaction Fee.  If, whether in connection with
         the consummation of a restructuring or otherwise, the
         Debtors consummate a sale transaction incorporating all
         or a majority of the assets or all or a majority or
         controlling interest in the equity securities of the
         Debtors, Lazard will be paid a fee equal to the fee
         calculated based on the "aggregate consideration."

         One half of any sale transaction fee will be credited
         against any restructuring fee payable up to a maximum
         credited amount of 75% of such restructuring fee.

         If, whether in connection with the consummation of a
         restructuring or otherwise, the Debtors consummate any
         "partial company sale transaction," Lazard will receive
         a fee based on the aggregate consideration.

         One half of any partial company sale transaction fee
         paid will be credited against any restructuring fee
         payable up to a maximum credited amount of 75% of the
         restructuring fee.

         Any sale transaction fee will be payable upon
         consummation of the transaction.

     (d) Financing Fee.  A fee, payable upon consummation of a
         financing.  For any proposed "debtor-in-possession"
         financing, the financing fee will be earned and will be
         payable upon the execution of a commitment letter with
         respect to the financing.

         To the extent that Lazard is paid a fee in connection
         with a proposed "debtor-in-possession" financing and the
         bankruptcy court does not provide any required approval
         with respect thereto, Lazard will return such fee to
         the Debtors (less any monthly fee that has accrued).

         One half of any financing fee paid (and not returned)
         will be credited against any restructuring fee payable
         up to a maximum credited amount of 75% of such
         restructuring fee.

         Any portion of a financing fee paid to Lazard in respect
         of any portion of "debtor-in-possession" financing that
         is converted into any "exit" financing where the firm
         did not assist the Debtors in raising such portion of
         exit financing will be credited against the financing
         fee.

Lazard is a "disinterested person" as defined in section 101(14)
of
the Bankruptcy Code, according to court filings.

The firm can be reached through:

     David S. Kurtz
     Lazard Freres & Co. LLC
     30 Rockefeller Plaza
     New York, NY 10112
     Phone: +1 212-632-6000

                        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.  Kirkland & Ellis LLP
and Kirkland & Ellis International LLP serves as the Debtors'
legal counsel.  Toys "R" Us employed Alvarez & Marsal North
America, LLC as its restructuring advisor; and Lazard Freres & Co.
LLC as its investment banker.  It hired Prime Clerk LLC as claims
and noticing agent.

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
ofJustice.

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.

Grant Thornton is the monitor appointed in the CCAA case.

On September 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.


TOYS "R" US: Taps Kirkland & Ellis as Legal Counsel
---------------------------------------------------
Toys "R" Us, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Kirkland & Ellis LLP
and Kirkland & Ellis International LLP as its legal counsel.

The firms will advise the company and its affiliates regarding
their duties under the Bankruptcy Code; negotiate with creditors;
give advice regarding any potential sale of their assets; and
assist in the preparation of a bankruptcy plan.

The firm's standard hourly rates are:

     Partners              $930 - $1,745
     Of Counsel            $555 - $1,745
     Associates            $555 - $1,015
     Paraprofessionals       $215 - $420

The Debtors paid $1 million to the firms as an advance payment
retainer on August 1.  The firms received additional advance
payment retainers in the total amount of $8,128,093.93.

Joshua Sussberg, Esq., a partner at Kirkland & Ellis, disclosed in
a court filing that the firms are "disinterested" as defined in
section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Sussberg disclosed that the firms have not agreed to any
variations from, or alternatives to, their standard billing
arrangements.

Mr. Sussberg also disclosed that the firms represented the Debtors
during the 12-month period before the petition date.  The hourly
rates charged by the firms range from $930 to $1,745 for partners,
$555 to $1,745 for of counsel, $555 to $1,015 for associates, and
$215 to $420 for paraprofessionals.

The Debtors approved the firms' budget and staffing plan for the
period September 18 to December 31, 2017, Mr. Sussberg further
disclosed.

Kirkland & Ellis can be reached through:

     Edward O. Sassower, Esq.
     Joshua A. Sussberg, Esq.
     Kirkland & Ellis LLP
     Kirkland & Ellis International LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4800
     Fax: (212) 446-4900

                    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.  Kirkland & Ellis LLP
and Kirkland & Ellis International LLP serves as the Debtors'
legal counsel.  Toys "R" Us employed Alvarez & Marsal North
America, LLC as its restructuring advisor; and Lazard Freres & Co.
LLC as its investment banker.  It hired Prime Clerk LLC as claims
and noticing agent.

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
ofJustice.

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.

Grant Thornton is the monitor appointed in the CCAA case.

On September 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.


TOYS "R" US: Taps Alvarez & Marsal as Restructuring Advisor
-----------------------------------------------------------
Toys "R" Us, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Alvarez & Marsal
North America, LLC as its restructuring advisor.

The firm will provide, among other things, assistance to the
company and its affiliates in the management of the overall
restructuring process; development of ongoing business and
financial plans; and analysis supporting negotiations with respect
to an overall exit strategy for the Debtors' Chapter 11 cases.

In addition, the firm will provide these restructuring support
services:

     (a) prepare information to assist the Debtors' management in
         evaluating restructuring options, including business
         plans, financial and liquidity forecasts;

     (b) assist in the implementation of the Debtors' business
         plans and forecasts, and in the identification of
         opportunities to reduce costs and improve operations;

     (c) assist in the development and management of a 13-week
         cash flow forecast and accompanying projections;

     (d) assist in dealing with vendor and lender discussions and
         negotiations;

     (e) assist in developing and implementing executive
         compensation programs;

     (f) assist in responding to information requests from
         stakeholders;

     (g) assist the Debtors with respect to debtor-in-possession
         financing and cash collateral issues; assist in the
         preparation of a creditor matrix, schedules and
         statement of financial affairs, monthly operating
         reports, other informational reporting, and employee
         compensation plans; support the formulation of a
         disclosure statement and a plan of reorganization;
         attend and participate in court hearings; and consult on
         business management issues; and

     (h) report to the Debtors' boards of directors as desired or
         directed by their officers.

The firm's customary hourly rates for restructuring advisory
services range from $800 to $975 for managing directors, $625 to
$775 for directors, and $375 to $600 for analysts and associates.

Meanwhile, the hourly rates for claims management services range
from $725 to $825 for managing directors, $550 to $650 for
directors, and $350 to $475 for analysts and associates.

Alvarez & Marsal received $1 million as a retainer for the
preparation filing of the Debtors' cases.  In the 90 days prior to
the petition date, the firm received retainers and payments
totaling $4,261,797 for services provided to the Debtors.

Jonathan Goulding, managing director of Alvarez & Marsal,
disclosed
in a court filing that his firm is a "disinterested person" as
defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jonathan Goulding
     Alvarez & Marsal North America, LLC
     600 Madison Avenue
     New York, NY 10022
     Phone: +1 212-759-4433
     Fax: +1 212-759-5532


                         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.  Kirkland & Ellis LLP
and Kirkland & Ellis International LLP serves as the Debtors'
legal counsel.  Toys "R" Us employed Alvarez & Marsal North
America, LLC as its restructuring advisor; and Lazard Freres & Co.
LLC as its investment banker.  It hired Prime Clerk LLC as claims
and noticing agent.

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.

Grant Thornton is the monitor appointed in the CCAA case.

On September 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.


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


TRINIDAD CEMENT: Fitch Affirms & Withdraws B+ Long-Term IDR
-----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Trinidad
Cement Limited's Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'B+'.

The withdrawal of the ratings is due to commercial reasons. Fitch
will no longer provide ratings or analytical coverage of the
company.

RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.

FULL LIST OF RATING ACTIONS

Fitch has affirmed and withdrawn the following ratings:

Trinidad Cement Limited

-- Long-Term Issuer Default Rating (IDR) at 'B+';
-- Long-Term Local Currency IDR at 'B+'.


PETROTRIN: BOD Hires Kroll Consulting to Probe Audit Report
-----------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Petroleum Co.
of Trinidad & Tobago (Petrotrin)'s Board of Directors has accepted
the recommendation of its Audit Committee to hire foreign
consultants Kroll Consulting Canada Co. to conduct a forensic
investigation into findings of an Internal Audit Report that found
inconsistencies in the volumes reported from the company's
Exploration and Production fields and that reported as received at
its Pointe-a-Pierre refinery.

In a statement, Petrotrin said that Kroll is expected to begin its
work program on October 2 and will report directly to the Board's
Audit Committee, according to Trinidad Express.

The Petrotrin Report, dated August 17, was first disclosed earlier
this month by Opposition Leader Kamla Persad-Bissessar during the
United National Congress' National Congress in Couva, the report
notes.

Persad-Bissessar read from a Petrotrin internal audit report,
saying that in July of this year Petrotrin discovered that there
was a significant difference between the quantity of oil it was
purchasing from one of its operators in the field and the amount
being received at its Pointe-a-Pierre refinery, the report relays.

She said the internal audit department at Petrotrin was asked to
investigate this shortfall as figures being recorded as received
at the refinery were not matching the figures that were being
recorded as received from the storage tanks where the oil was
being stored after being pumped from the fields by the operator -
A&V Oil and Gas Ltd, the report says.

She said it was discovered that this had been occurring since
around October 2016, the report notes.

She said the internal audit team found that Petrotrin was paying
the operator for oil it did not produce, the report discloses.

Persad-Bissessar said the field from which this was happening was
under the control of a person who is a close friend of the Prime
Minister and a People's National Movement (PNM), the report says.

Persad-Bissessar said it was estimated that for the period of
January to June 2017 that particular field overstated its
production and Petrotrin would have overpaid US$11.5 million,
which was in excess of TT$80 million, the report relays.

Persad-Bissessar has since been sued for defamation by the A&V Oil
and Gas Ltd, the report discloses.  The company has also taken
legal action against Petrotrin and has hosted two press
conferences in an effort to explain the issues in the Petrotrin
Internal Audit Report, the report relays.

Kroll was one of four companies invited to submit proposals to
conduct the forensic audit following the meeting of the Audit
Committee, the report notes.

Kroll will be required to conduct a forensic audit, find and
verify the facts in relation to the Report, and depending on its
findings, identify any relevant parties/entities from the
standpoints of accountability and culpability, the report says.

And depending on its findings, the company is expected to identify
any systemic inadequacies or shortcomings which may have
contributed to the findings, the report adds.

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: OAS Chief Asks for Tougher Sanctions Against Regime
--------------------------------------------------------------
Alianzanews.com reports that OAS Secretary General Luis Almagro
said that sanctions against Venezuela should be tougher and more
widespread to make sure the country gets back on the path of
democracy, but more internal pressure is also needed and that will
require a stronger Venezuelan opposition.

That was Almagro's response to a question asked him at the 2017
Latin American Summit organized by Florida Gov. Rick Scott and
attended by representatives of the US and Latin American public
and private sectors, according to Alianzanews.com.

In the opinion of the OAS chief, the sanctions must include the
totality of the Venezuelan regime, which "has completely abandoned
the rule of law," the report notes.

Almagro presented a detailed view of what he called the collapse
of Venezuela and of democracy in that country, and of the
desperate consequences it inflicts on the daily life of its
citizens, the report relays.

He noted that the process of Venezuela's departure from the OAS
"has not yet begun," because of the disagreement between the
permanent mission of the OAS and leaders of the Venezuelan
National Assembly about the application of the Inter-American
Charter, the report says.

As for former Attorney General Luisa Ortega, he said he has spoken
with her, but for now "no decision has been taken" about her
possible collaboration, though she could make a valuable
contribution to the cases under study of human rights violations
by the Nicolas Maduro regime, the report discloses.

Opposition leader Carlos Vecchio, also at the meeting, agreed with
Almagro that multilateral sanctions have been seen to work, as in
the case of the apartheid regime in South Africa, the report
notes.

In a statement to reporters after Almagro's speech, Vecchio said
that the US sanctions against officials in the Maduro government
are not enough by themselves, the report relays.

"We need multilateral sanctions, with the European Union joining
in," he said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2017, S&P Global Ratings suspended its 'CCC-' local
currency issue ratings on four of the Bolivarian Republic of
Venezuela's local currency-denominated debt issues. S&P said, "At
the same time, we affirmed our 'CCC-' long-term foreign and local
currency sovereign issuer credit ratings. The outlook on the long-
term ratings is negative. In addition, we affirmed our 'C' short-
term foreign and local currency sovereign issuer credit ratings.
The transfer and convertibility assessment remains 'CCC-'."


                            ***********


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 * * *