TCRLA_Public/180116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Tuesday, January 16, 2018, Vol. 19, No. 11


                            Headlines



B R A Z I L

AES TIETE: Moody's Rates BRL1.1BB Sr. Unsecured Debentures Ba2
MARFRIG GLOBAL: Fitch Rates Proposed US$750MM Notes BB-(EXP)
BRAZIL: OI SA Saga Prompts Country to Rethink Bankruptcy Law
BRAZIL: Finishes 2017 With Lowest Inflation Rate in 19 Years


C O L O M B I A

COLOMBIA: IDB Invest in S1BB Largest Renewable Energy Project


M E X I C O

HIDALGO: Moody's Affirms Ba2 Issuer Rating; Outlook Remains Neg.
NEMAK SAB: Fitch Rates New US$500MM Unsecured Notes BB+(EXP)
NEMAK SAB: Moody's Rates New 7-Yr. $500MM Sr. Unsec. Notes Ba1


P E R U

PERU: Magnitude-7.1 Earthquake Strikes Off Coast, Killing One


P U E R T O    R I C O

BORINQUEN ANESTHESIA: Case Summary & 5 Unsecured Creditors
CATHOLIC SCHOOL: Case Summary & 20 Top Unsecured Creditors
MINI MASTER: Court Sets Plan Confirmation Hearing on March 28
NEGRIL VILLAGE: Unsecureds to Recover 25% on Claims in 5 Years
TOYS R US: Taps Malfitano as Asset Disposition Advisor

TOYS R US: Committee Taps Berwin Leighton as U.K. Counsel
TOYS R US: Taps Keen-Summit as Real Estate Advisor
TOYS R US: Taps Ducera Partners as Financial Advisor
TOYS R US: Affiliates Tap Centerview as Financial Advisor


V E N E Z U E L A

VENEZUELA: Complaints Grow About Subsidized Food System


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B R A Z I L
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AES TIETE: Moody's Rates BRL1.1BB Sr. Unsecured Debentures Ba2
--------------------------------------------------------------
Moody's America Latina Ltda. assigned ratings of Ba2/Aa1.br
(respectively, in global scale and Brazil's national scale) to AES
Tiete Energia S.A.'s planned issuance of BRL 1.1 billion senior
unsecured debentures with final maturity in 2023 (7th issuance),
in line with its other senior unsecured debt rated by Moody's. The
outlook remained negative.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that
the debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and
reviewed by the rating agency, Moody's will assess the impact that
these differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The proposed debentures have two tranches with two and five-year
maturities and total issuance amount could reach BRL 1.5 billion
considering the overallotment. The first tranche interest payment
is accrued until final maturity while the second tranche has
biannual interest payments starting after issuance, both with
variable interest rates that will be defined in book building. The
first tranche has a bullet principal payment while the second has
two principal payments, 50% in the penultimate year of the tenor
(2022) and the remaining at maturity (2023). Proceeds from the
transaction will be mostly used to refinance existing debt
obligations as well as to finance new investments. The debentures
will have cross-default clauses with the issuer's other debt as
well as with relevant subsidiaries and will include acceleration
clauses such as: (i) the non-payment of any financial obligation
above USD25 million, (ii) change of control and termination of the
concession contract (iii) granting intercompany loans for up to
180 days if not previously approved by creditors, (iv) dividend
payments above the minimum required by Brazilian Corporate Law if
the company is not in compliance with its obligations including
the financial covenants (v) covenant breach in two consecutive
quarters on the following: Net Debt/EBITDA will be maintained at
levels equal or below 4.0x and if AES Tiete performs any
acquisition the ratio can go up to 4.5x for 12 months and 4.25x
for another 12 months, returning to 4.0x after 24 months; interest
coverage ratio measured by EBITDA/ Net Interest expense equal to
or above 1.25x.

The Ba2/Aa1.br ratings reflect AES Tiete's overall predictable and
strong cash generation that leads to adequate credit metrics for
the rating category as well as its resilient access to the local
banking and capital markets together with management's prudent
administration of the generation business. The rating also
incorporates AES Tiete's historical high dividend payout and the
potential cash outflow of the judicial dispute over the spot
market exposure during the hydrological crisis (BRL 446 million,
provisioned as of September, 2017). AES Tiete's ratings are
further constrained by its expansion strategy in renewable energy
coupled with the Capex pressures from the contractual obligation
to expand generation capacity by 15% in the State of Sao Paulo
(Ba2 negative). Brazil's sovereign rating (Ba2, negative) also
weighs on the company's rating as well as the overall more
challenging hydrological conditions.

RATING OUTLOOK

The negative outlook largely reflects Brazil's sovereign rating
outlook given the company's local-content profile. Moody's could
consider stabilizing it if Brazil's sovereign rating is stabilized
provided that AES Tiete's dividend outflows and any acquisitions
or M&A activity will be prudently managed to maintain adequate
leverage and credit metrics for the rating category.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could upgrade the ratings if AES Tiete's operational
performance surpasses Moody's expectations or if liquidity
improves. If the credit metrics stay above Moody's projections
such that cash interest coverage (CFO Pre WC + Interest/ Interest)
stays above 4.5x and the CFO Pre WC/Debt above 35% for a
sustainable period, Moody's could also consider an upgrade.
Nevertheless, AES Tiete's ratings are constrained by Brazil's
sovereign rating.

A rapid or significant downturn in AES Tiete's credit metrics such
as cash interest coverage (CFO Pre WC + Interest/ Interest) stays
below 2.5x and the CFO Pre WC/Debt below 10% on a sustainable
basis could prompt a rating downgrade as well as the degradation
of the liquidity and overall credit quality. The company's
operating margin potentially coming under pressure from a
significant mismatch on spot market exposure or on contracted
levels could also weigh on the ratings. In addition, Moody's could
also review AES Tiete's rating downwards if the company's
expansion plan continues to lead to higher leverage thresholds.

AES Tiete is mainly a hydropower generation company with a 30-year
concession, granted in December 1999 to operate an installed
capacity of 2,658 MW, equivalent to around 2% of Brazil's
electricity capacity, and 1,278 MW of assured average energy. The
company has 9 hydro-power plants (HPPs) and 3 small hydro-power
plants (SHPPs) located in the State of Sao Paulo. As reported in
September 2017, AES Tiete has 78% of its energy contracted for
2018 and did not adhere to the law 13,203 that hedges the
hydrological risk for a premium as negotiated with the regulator,
Aneel, although Moody's expect the company to maintain an
uncontract cushion of up to 20% through its portfolio management.

In 2017, the company started investing in renewable sources
generation with four new projects until date: (i) Alto Sertao II
wind power plant with 386.1 MW of installed capacity located in
the State of Bahia, (ii) Boa Hora and GuaimbĂ  solar complexes with
91 MWp and 180 MWp of installed capacity respectively and (iii)
the AGV solar project acquired in Aneel's auction held in December
2017 with 94 MWp installed capacity and total investments of BRL
280 million. These renewable contracts are supported by long-term
PPA agreements maturing around 2033-37 with fixed prices yearly
adjusted by inflation. AES Tiete's expansion strategy is to
continue investing in wind/power projects that should represent
50% of EBITDA in the medium-term, partially mitigating the
company's exposure to local hydrological conditions.

According to Moody's standard adjustments, AES Tiete reported net
operating revenues of BRL 1.6 billion and EBITDA of BRL 896
million in the LTM ended September 2017 while total debt amounted
BRL 3.6 billion in the period.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.


MARFRIG GLOBAL: Fitch Rates Proposed US$750MM Notes BB-(EXP)
------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' rating to Marfrig Global
Foods S.A.'s proposed US$750 million issuance of global notes. The
proposed senior unsecured global notes will mature in 2025. The
notes will be issued through its wholly owned subsidiary, MARB
BondCo PLC, and will be unconditionally and irrevocably guaranteed
by Marfrig, Marfrig Holdings (Europe) BV and Marfrig Overseas.
Proceeds will be used to refinance the notes due in 2018 and 2019
and for general corporate purposes.

KEY RATING DRIVERS

Robust Business Position: Marfrig's ratings incorporate the
company's broad product and geographic diversification in the
volatile protein commodity industry. The geographic and product
diversification help to reduce risks related to disease, trade
restrictions and currency fluctuation. The company is structured
in two business units: (i) Marfrig Beef (45% of EBITDA in 2016),
one of the world's largest beef producers, and (ii) Keystone Foods
(55% of EBITDA in 2016), a global supplier to foodservice
restaurant chains (McDonald's represented about 56% of Keystone's
sales in 2016). Marfrig's competitive advantages stem from a
favorable environment in which to raise cattle in Brazil, large
scale of operations in the beef and poultry industries, and long-
term relationship with farmers, customers, and distributors.
Marfrig's rating is tempered by the volatility of cash flow
generation in the beef commodity business.

Delayed Deleveraging Trajectory: Fitch expects Marfrig's net
leverage to remain high at about 4.3x by the end of 2017, which
negatively compares to 3.9x at end-2016. The delay in its
deleveraging trajectory is a result of the additional working
capital investments related to the reopening of its five plants in
Brazil. Should Keystone's IPO take place in 2018, Fitch estimates
that the company's net debt/ EBITDA could improve by 1.0x-1.5x if
proceeds are used to repay debt. Marfrig's near-term net leverage
target is 2.5x, but Fitch believes that the company could
aggressively pursue Keystone's growth, or adopt a higher level of
shareholder distributions if its credit metrics materially improve
following the IPO.

Gradual FCF Recovery: Fitch forecasts Marfrig's FCF to improve
from 2018 supported by the increased slaughtering capacity in the
Marfrig Beef division, sustained organic growth and profitability
improvement of the Keystone division, and lower interest expenses
following the company's liability management and the conversion of
the convertible bond by BNDES into equity in 2017. Marfrig's FCF
is forecast to remain negative at around BRL830 million in 2017
due to an increase in working capital outflow due to the reopening
of the slaughtering facilities in Brazil, high interest expense,
and slow domestic market recovery in Brazil.

Favorable Beef Outlook: Global beef fundamentals are expected to
remain positive in the next few years for Brazilian producers due
to an expected improvement in the consumer environment in Brazil,
steady global demand, limited global beef supply and ample
livestock supply in Brazil that should reduce raw material costs.
The domestic market is expected to slowly rebound as the
purchasing power of Brazilian consumers mildly improves, and the
uncertainty as to political risk resolves. As of the LTM ended
June 30, 2017, Marfrig beef exports represented 43% of beef
revenues at BRL3.7 billion. Among the significant industry risks
are a downturn in the economy of a given export market, the
imposition of increased tariffs or sanitary barriers, and strikes
or other events that may affect the availability of ports and
transportation.

DERIVATION SUMMARY

Marfrig is well positioned to compete in the global protein
industry. The ratings reflect the company's product and geographic
diversification, with its beef business in the South America
(notably Brazil) and Keystone's processed-poultry business in the
U.S. and Asia. This compares well to its regional peer Minerva
S.A. (BB-/Stable), which is mainly a beef processor in South
America. This strength is offset by Minerva's higher EBITDA
margin, as a result of its export-driven model. JBS S.A. (BB-
/Rating Watch Negative) boasts a higher level of scale of
operations and diversification than Marfrig that mitigates its
weaker liquidity compared to Marfrig's. In terms of leverage, the
three companies operate with similar capital structures. There is
no parent-subsidiary linkage, and no Country Ceiling or operating
environment constraints were in effect for the ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

Marfrig Beef:

-- Double-digit volume growth for beef in 2018 as a result of
    increased capacity in Brazil;

-- EBITDA margin stabilizes below 9%.

Keystone:

-- Volume sales increasing by mid-single digits over the medium
    term;

-- EBITDA margin stabilizes at around 9.6% starting in 2017.

Consolidated:

-- Annual capex/revenues of 3.1% in the next four years;

-- Lower interest paid after 2017 reflecting the conversion of
    the convertible bond in January 2017;

-- No dividend payments.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Sustainable and positive FCF;
-- Improved and resilient operating margins at Marfrig Beef;
-- Substantial decrease in gross and net leverage to below
    4.5x and 3.0x, respectively, on a sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Negative FCF on a sustained basis;
-- Net leverage above 4.5x on a sustainable basis.

LIQUIDITY

Strong Liquidity: Marfrig enjoys a strong liquidity position;
liquidity was reinforced by the divestment of Moy Park, and its
liability management. The company's liquidity benefits from its
comfortable cash on hand and debt amortization profile. As of the
LTM ended June 30, 2017, the group held BRL5.4 billion of cash and
marketable securities against its short-term debt of BRL1.5
billion. The company continues to be actively engaged in liability
management to reduce debt and interest expense. As of June 30,
2017, around 97% of the company's debt is in U.S. dollars and
foreign currencies (excluding the real) while around 75%-80% of
its LTM EBITDA (57% Keystone) is pegged to currencies other than
the Brazilian Real.

FULL LIST OF RATING ACTIONS

Fitch currently rates Marfrig as follows:

Marfrig Global Foods S.A.:

-- Long-Term Foreign and Local Currency Issuer Default Ratings
    'BB-'; Outlook Stable;

-- National Scale Long-Term rating 'A(bra)'; Outlook Stable.

MARB BondCo PLC:

-- Notes due 2024 'BB- ';

-- Notes due 2025 'BB-(EXP) '.

Marfrig Holdings (Europe) B.V.:

-- Notes due 2018, 2019, 2021, 2023 'BB-'.

Date of Relevant Rating Committee: Oct. 11, 2017.


BRAZIL: OI SA Saga Prompts Country to Rethink Bankruptcy Law
------------------------------------------------------------
Joe Leahy and Andres Schipani at The Financial Times report that
when Brazilian telecom operator Oi and its creditors reached an
agreement to resolve Latin America's largest corporate debt
default just before Christmas, it took many of those involved by
surprise.

After 18 months of boardroom intrigue -- including death threats
against Oi's former chief executive -- Brazil's largest fixed-line
telecoms operator suddenly presented a viable plan to creditors to
reschedule its estimated R$65bn (US$17.5bn) in debt, according to
The Financial Times.

So painful has been the Oi saga and other Brazilian debt
restructurings -- the final creditor meeting to vote on Oi's debt
deal took nearly 14 hours and filled a former Olympic Games venue
in Rio de Janeiro -- that the finance ministry is working on
changes to streamline the country's debt restructuring law, the
report notes.  Oi's restructuring plan was approved by a court.

"What we want to do, is move our system closer to the North
American one because that would reduce the cost of entry for
global funds wishing to invest in Brazilian companies," says
Cassio Cavalli, a bankruptcy specialist at law school FGV Direito
Rio, the report relays.

The Financial Times notes that even before Oi filed for protection
from its creditors in June 2016, Brazil had a reputation for
difficult debt restructurings.  The average debt recovery process
in Brazil yielded just 12.7 cents in the dollar and took four
years, according to a World Bank report, The Financial Times says.
This compared with 21.5 cents and 2.4 years for Argentina, and
82.1 cents and one year for the US, the report relays.

While studies show Brazil's existing bankruptcy law, introduced in
2005, is an improvement on earlier legislation, it contains
problematic requirements, particularly one that only equity
holders can present a debt recuperation plan, not creditors, the
report discloses.

Aside from a reform to give creditors the right to present their
own plan to the bankruptcy court, other proposed changes might
include allowing creditor meetings to be conducted electronically
rather than in person and better enforcement of the rights of
secured creditors, the report relays.

Oi's recovery process is crucial for the government. Not only does
Oi owe the industry regulator, Anatel, R$20 billion in fines and
charges, it is also a major employer and service provider, with 63
million subscribers as of September 2017, the report notes.  In
the third quarter ending in September, the company generated
nearly R$5.9 billion of revenue, the report says.

"There were times when we believed there was only a 10 per cent
chance of ever getting this resolved," says one creditor
representative involved in the Oi talks.

Oi has proved complicated to resolve not only because of its size
but also because of the presence of veteran Brazilian distressed
market investor, Nelson Tanure, people involved in the talks said,
the report relays.  Through his Societe Mondiale fund, Mr. Tanure
holds a 5.28 per cent stake in Oi and is the second-biggest
shareholder after Pharol SGPS, formerly Portugal Telecom, which
has 22.24 per cent, the report notes.

Lined up against Mr. Tanure and Pharol, holding about R$21 billion
in debt are bondholder groups advised by Moelis & Company and G5
Evercore including Aurelius Capital Management and GoldenTree
Asset Management, as well as export credit agencies represented by
FTI Consulting, the report says.  The rest is owed to local banks,
government agencies such as Anatel and others, the report relays.

Mr. Tanure and Pharol backed restructuring plans that would have
preserved their equity while handing large losses to creditors,
the report notes.  They have been accused of playing dirty to get
their way, including trying to appoint their own people to
management to steer the debt negotiations, the report discloses.
They have angrily denied such charges, the report says.

The temperature rose abruptly in November last year, when chief
executive Marco Schroeder, who analysts believed had fallen out of
favour with Mr. Tanure and Pharol, suddenly resigned, citing death
threats from unidentified third parties, the report notes.

The breakthrough came when the judge in the case, Fernando Viana,
surprised markets by unexpectedly awarding exclusive rights to the
new chief executive, Eurico de Jesus Teles Neto, to conduct the
debt talks without consulting the board, the report relays.  Judge
Viana justified his decision to approve the debt plan by
emphasising Oi's importance to the economy, the report discloses.

Under the deal, creditors will receive up to 75 per cent of Oi's
equity in exchange for injecting R$4 billion in new capital and
will receive up to 38 cents in the dollar on their debt, according
to investment bank Exotix Capital, the report notes.

Societe Mondiale has criticised the plan, saying Oi "has been
handed to a group of speculators," the report relays.  Pharol,
meanwhile, has challenged parts of it in court, the report says.

Oi seems set to attract new investors, possibly including China
Telecom, the report notes.  But for bankruptcy specialists, the
case only underlines the need for urgent reform, which was
promised by finance minister Henrique Meirelles in November, the
report relays.

Yet credit specialists caution that any effort to bring Brazil's
tortuous debt restructuring procedures into line with
international practice will be arduous, the report notes.

"It's going to take a number of years," says Sam Aguirre, senior
managing director at FTI Consulting, the report relays.  "Brazil's
bankruptcy law is still young and incipient and very inefficient,"
he added.

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2018, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on the Federative
Republic of Brazil to 'BB-' from 'BB'. The outlook on the ratings
is stable. At the same time, S&P affirmed its 'B' short-term
foreign and local currency ratings on Brazil. S&P also lowered the
transfer and convertibility assessment to 'BB+' from 'BBB-'. In
addition, S&P affirmed the 'brAA-' national scale rating and
revised the outlook to stable.


BRAZIL: Finishes 2017 With Lowest Inflation Rate in 19 Years
------------------------------------------------------------
EFE News reports that Brazil, South America's largest economy,
finished 2017 with an inflation rate of 2.95 percent, the lowest
level in 19 years, the Brazilian Institute of Geography and
Statistics (IBGE) said.

The moderate inflation rate was due mainly to a sharp drop in food
prices during the year, the IBGE said, according to EFE News.

Brazil, whose economy is starting to emerge from a deep recession,
had an inflation rate of 6.29 percent in 2016, the report notes.

The inflation rate last year was the lowest since 1998, when the
consumer price index (CPI) rose 1.65 percent, the IBGE said, the
report relays.

The report relays that the government's inflation target for 2017
had been 4.5 percent, a number that turned out to be much higher
than the actual year-end figure, marking the first time since 1999
that the final CPI number came in below the official goal.

Economists estimate that the gross domestic product (GDP) grew 1
percent last year, ending the recession, and they are projecting 3
percent economic growth in 2018, the report says.

Brazil's economy is slowly recovering after contracting 3.8
percent in 2015, the worst performance in 25 years, and 3.6
percent in 2016, marking the first time since 1931 that GDP fell
for two consecutive years, the report notes.

Analysts expect the inflation rate to come in at 3.95 percent in
2018, well below the government's 4.5 percent target, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2018, S&P Global Ratings lowered its long-term foreign
and local currency sovereign credit ratings on the Federative
Republic of Brazil to 'BB-' from 'BB'. The outlook on the ratings
is stable. At the same time, S&P affirmed its 'B' short-term
foreign and local currency ratings on Brazil. S&P also lowered the
transfer and convertibility assessment to 'BB+' from 'BBB-'. In
addition, S&P affirmed the 'brAA-' national scale rating and
revised the outlook to stable.



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COLOMBIA: IDB Invest in S1BB Largest Renewable Energy Project
-------------------------------------------------------------
IDB Invest signed a $1 billion senior, unsecured A/B loan package
to Empresas Publicas de Medell°n (EPM) to build a 2,400 MW
hydropower facility in the northern region of Antioquia, Colombia.
Ituango will be the largest hydropower project in the country.

The Ituango hydropower plant will represent approximately 18
percent of the country's total installed power capacity, and will
generate approximately 13,900 GWh of renewable electricity per
year.

The financing package comprises a $300 million A loan from the IDB
Group, as well a $50 million co-loan from the IDB Invest-
administered China Co-Financing Fund for Latin America and the
Caribbean, and a $650 million B loan from international commercial
banks and institutional investors (CDPQ, KFW IPEX, BNP Paribas,
ICBC, Sumitomo Mitsui Banking Corporation, BBVA and Banco
Santander). The financing offers a tenor of 12 years for the A
loan, and a 12-year and an 8-year tranche for the B loan.

The transaction highlights the expansion of renewable energy in
emerging markets and underscores IDB Invest's commitment to
mitigating climate change.



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M E X I C O
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HIDALGO: Moody's Affirms Ba2 Issuer Rating; Outlook Remains Neg.
----------------------------------------------------------------
Moody's de Mexico affirmed the issuer ratings of the State of
Hidalgo at Ba2 (Global Scale, local currency) and A2.mx (Mexico
National Scale). The outlook remains negative.

RATINGS RATIONALE

RATIONALE FOR THE AFFIRMATION OF THE Ba2 RATING

The affirmation of Hidalgo's Ba2/A2.mx ratings reflects low debt
levels, combined with a steady improvement in its cash financing
balances over the past three years and the expectation that a rise
in private investment will provide a boost to the local economy.
These strengths are balanced by Hidalgo's low own-source revenues
and modest liquidity levels, which represent the state's main
credit challenge.

Hidalgo's net direct and indirect debt stood at a low 14.2% of
total revenues in 2016, below the 19.9% median for Ba-rated peers.
While the state acquired a short term loan for MXN 400 million
(0.8% of total revenues) in November 2017, the current
administration has no plans to contract new debt, and Moody's
therefore projects that the state's debt ratios will remain
relatively stable over the next two years, and that debt service
will only rise slightly to 1.5% of total revenues.

Hidalgo's steady revenue growth and its efforts to contain
increases in current spending, especially personnel costs, helped
push its cash financing surplus to 7.4% of total revenues in 2016
compared with 4.6% in 2014. Moody's expects the state will
continue to post surpluses, in part thanks to a fiscal reform that
will lead to a gradual increase in the payroll tax rate to 3% from
1% between 2016-2021, depending on the salary range. Nonetheless,
given that spending increases will accelerate somewhat, especially
capital expenditures, Moody's expects surpluses will be slightly
smaller during the 2017-2018 period, averaging 4%.

Hidalgo will also benefit from an expected MXN14 billion
investment from Grupo Modelo to build a new beer plant in the
state, which will stimulate economic activity and create 6,200
jobs. The investment is also expected to spur the development of
glass and aluminum supplier businesses. These new projects will
support growth in Hidalgo's payroll tax collections over the long
term.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook does not reflect the state's standalone
credit profile but the negative outlook of Mexico's sovereign bond
rating (A3 negative).

WHAT COULD CHANGE THE RATING UP OR DOWN

An increase in liquidity, as a result of cash financing surpluses
and low debt levels could result in upward pressure on its
ratings. Conversely, a deterioration in its liquidity position or
a significant weakening of its cash financing balances could exert
downward pressure on ratings. A downgrade of Mexico's sovereign
rating would exert downward pressure on the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in June 2017.

The period of time covered in the financial information used to
determine State of Hidalgo's rating is between Jan. 1, 2012 and
Dec. 31, 2016. (source: financial statements of State of Hidalgo)


NEMAK SAB: Fitch Rates New US$500MM Unsecured Notes BB+(EXP)
------------------------------------------------------------
Fitch Ratings expects to assign a 'BB+(EXP)' rating to Nemak,
S.A.B. de C.V.'s proposed US$500 million senior unsecured notes
issuance. The notes are guaranteed by Nemak's subsidiaries, which
represented 67% of consolidated total assets and around 84% of
consolidated EBITDA during 2016. Net proceeds will be used to
repay existing debt.

The ratings reflect Nemak's business position as a large Tier-1
supplier of aluminum components, strong financial structure,
increasing product and geographic diversification and implicit
parent support from Alfa, S.A.B. de C.V. (BBB-/ Stable). These
factors increasingly lead to investment grade characteristics and
support a Positive Outlook on Nemak's Issuer Default Ratings. The
ratings are constrained by ongoing NAFTA negotiations.

KEY RATING DRIVERS

Adverse U.S. Trade Policy: Nemak's 'BB+' credit profile should
endure the near-term threats that protectionist policies in the
U.S. could bring to the North American automotive industry. The
company is the sole global supplier in about 90% of the products
they sell. It is also the main supplier of aluminum cylinder heads
and engine blocks in both the U.S. and Mexico. Competitive threats
that could substitute Nemak's products are not likely to arise in
the near term due to the company's strong competitive position and
expertise in producing cylinder heads and engine blocks using
aluminum castings.

Strong Global Business Position: Nemak's presence in high-growth
regions, such as Asia and its high percentage of installed
capacity in low-cost countries, complements its strong business
position in Europe and the Americas. The company's long-term
customer relationships, its use of aluminum price pass through
contracts that reduce raw material volatility, its position as an
essential supplier for Detroit's OEMs and its participation in
several of the largest global engine platforms are also reflected
in the ratings.

North America Slowing Down: The company derives about two thirds
of its EBITDA from North America, primarily through the sale of
components used in the assembly of vehicles sold in the U.S. where
total light vehicle sales grew strongly during 2009 - 2015. Fitch
believes U.S. vehicle sales should remain at mid-16 million to
low-17 million over the intermediate term. Nemak has continued to
gain incremental business, primarily in engine blocks, structural
components and electric vehicle components, which should position
the company well to continue to grow volumes despite slower
industry tailwinds in the U.S.

New Contracts Boost Growth: Nemak has been awarded new contracts
for about US$300 million in annual revenues for its structural and
electric vehicle aluminum components. The bulk of these contracts
are expected to come online in 2018 - 2019. As a result, compound
annual consolidated equivalent volume growth is expected to be
around 3%. This compares positively to relatively flat vehicle
production growth expected in North America, Nemak's main market,
and is a positive factor supporting the Positive Outlook.

Operating Performance Should Recover: Nemak's financial
performance suffered in 2017 primarily due to weaker volumes from
one of its customers and sharply higher aluminum prices. Nemak's
near-term operating performance suffers when there are sharp
increases in the price of aluminum as there is a time lag until
price fluctuations are passed through to its customers as per
established contracts. Nemak's EBITDA is expected to be around
US$750 million in 2017 compared to US$796 million in 2016. Fitch
is projecting that Nemak's EBITDA will approach US$800 million in
2018 boosted by increased vehicle production and new product
launches in Europe and Asia.

Leverage Expected to Trend Down: Nemak's credit metrics should
strengthen over the next two years, as demand for the company's
high value-added aluminum engine blocks and structural products
grow. Fitch expects Nemak to generate neutral to positive FCF in
2017 and 2018 as the company continues to invest in expanding its
casting and machining capabilities to serve new programs awarded
and pay dividends. Nemak's FCF was US$60 million during 2016 and
US$39 million during 2015. Fitch expects Nemak's net leverage to
be close to 1.5x in 2018. Nemak's gross leverage is expected to
strengthen below 2x over the intermediate term.

DERIVATION SUMMARY

Nemak's business profile is one of the strongest among Latin
America auto suppliers. The high complexity and technological
innovation of the company's aluminum castings, has given it a very
strong competitive position, which has allowed Nemak to become a
sole supplier to OEMs in 90% of the products it sells. Nemak's
business profile compares well against Metalsa's (BBB-) as Metalsa
has a less dominant position in its core businesses and against
Tupy (BB), which has much smaller scale as it is a niche producer
of iron engine blocks and heads predominantly used in commercial
off-road vehicles and less geographic diversification.

Nemak's business profile is similar to that of European peer GKN
Holding's (BBB-) in terms of completive position, albeit GKN
enjoys a larger scale and a more diversified profile in terms of
product segments, customers and geography of cash flow. Nemak's
financial profile is strong for its 'BB+' rating, but relatively
weak at this point in the cycle when compared to higher rated GKN
Holdings and Metalsa. Nemak's adjusted FFO net leverage is
projected by Fitch at around 1.8x in 2018, which compares with
expectations of about 1.5x for GKN and about 1x for Metalsa, which
has very conservative financial policies. Tupy's adjusted FFO net
leverage has typically been around 2x although this metric is not
directly comparable as Nemak's business profile is stronger.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- North America auto production flattens-out over the
    intermediate term;
-- Equivalent unit volume grows low to mid-single digits over the
    intermediate term;
-- Capex of around 9% of sales over the intermediate term;
-- Dividends of about US$170 million per year;
-- The U.S. dollar exchange rate against the Mexican peso does
    not weaken significantly below MXN18:US$1.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- A favorable outcome from NAFTA negotiations that does not
    undermine North America auto supply chains;
-- Continued expectations of gross leverage strengthening below
    2x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- A severe decline in North American vehicle production that
    leads to reduced demand for Nemak's products;
-- A reduction in EBITDA generation resulting in total
    debt/EBITDA above 3x for a sustained period of time;
-- Sustained negative FCF;
-- Sustained weak liquidity relative to upcoming debt
    obligations;
-- Large acquisitions or investments financed mostly with debt
    resulting in an expectation of higher leverage levels in the
    mid- to long term.

LIQUIDITY

Sound Liquidity: Nemak's liquidity position is sound. As of third
quarter 2017, the company's short-term debt was US$156 million.
This debt is mostly composed of working capital financing and bank
debt amortizations, which favorably compares to US$130 million of
non-restricted cash and US$359 million in undrawn committed credit
lines maturing predominantly in 2019 - 2020. Fitch projects
Nemak's cash flow from operations (CFFO) should remain strong at
around US$600 million, supporting Nemak's intrinsic liquidity.

FULL LIST OF RATINGS

Fitch rates Nemak as follows:

-- Long-term Foreign Currency Issuer Default Rating (IDR) 'BB+';
-- Long-term Local currency IDR 'BB+';
-- Long-term national scale rating 'AA-(mex)';
-- US$500 million senior unsecured notes due 2023 'BB+';
-- EUR500 million senior unsecured notes due 2024 'BB+';
-- US$500 million senior unsecured due 2025 'BB+ (EXP)'.

The Rating Outlook is Positive.


NEMAK SAB: Moody's Rates New 7-Yr. $500MM Sr. Unsec. Notes Ba1
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Nemak, S.A.B.
de C.V.'s (Nemak) proposed 7-year $500 million senior unsecured
notes. Proceeds from the notes will be used to refinance existing
debt. The outlook on the rating is positive.

RATINGS RATIONALE

Nemak's ratings incorporate its strong credit metrics for the
rating category; its high profitability as compared to other
industry peers; its leading position in the aluminum engine blocks
and cylinder head market; and its key supplier relationships with
many of the major automakers. Additional rating considerations are
the inherent cyclicality of the auto manufacturing industry; the
company's sales concentration with the top three US automakers,
which account for 61% of its volumes; its smaller scale when
compared to global peers; and its product focus into three main
segments with the same demand drivers.

The proposed transaction will improve Nemak's debt maturity
profile by extending its average life from 5.2 years to 5.8 years.
With the proceeds of the proposed issuance, Nemak plans to
refinance its existing $500 million 5.5% notes due 2023. Pro-forma
for the issuance of the notes, Nemak's debt maturity profile as of
September 30, 2017 will be: $6 million due 2018, $49 million due
2019, $45 million due 2020, $19 million due 2021, $22 million due
2022, $30 million due 2023, $665 million due 2024, $565 million
due 2025, and $1 million in 2026. Pro-forma for the issuance of
the notes and debt refinancing, Nemak's leverage should remain
unchanged with Moody's adj. debt/EBITDA of 2.1 times as of
September 30, 2017.

Nemak's operations are closely linked to the performance of the
automotive industry in North America. Nemak's exposure to cyclical
industry trends is high, nevertheless, its proven resilience in
terms of profitability and ability to quickly adjust its costs
under shifting industry conditions is credit positive.
Furthermore, the different market dynamics of Nemak's
geographically diversified revenue base should help offset some
regional trends within the automotive industry and its high
exposure to the OEMs in the NAFTA region.

The renegotiation of NAFTA could reduce Nemak's top line growth
and profitability. Moody's view remains that the NAFTA
renegotiation will conclude successfully leading to moderate
changes in the existing trade framework. Nevertheless, the
probability associated to less favorable outcomes has increased,
including the possibility of US withdrawal from the agreement and
increased investors' risk perception, which could adversely affect
financial conditions and - directly or indirectly - reduce GDP
growth. Somewhat mitigating the potential changes in trade
conditions with the US are high switching costs and high costs of
entry that make it difficult for US carmakers to replace Mexican
auto-parts suppliers-an expensive process that can take several
years. Tooling costs require significant investments, and once a
program has a supplier and development begins, a switch to a
competing supplier would entail significant costs from supply
interruptions, forcing the automaker to adopt customized program
tooling for the new supplier's equipment. Moreover, production
launches usually require long lead times and result in significant
incremental costs.

Nemak enjoys certain advantages that reduce the risk from tighter
US-Mexico trade conditions: 1) the company is the sole supplier of
around 90% of the highly complex, long-lasting products that it
sells to its US automaker customers; 2) even though 52% of Nemak's
volumes go to the big three US car manufacturers Ford Motor
Company (Baa2 stable), General Motors Company (GM, Baa3 stable)
and Fiat Chrysler Automobiles N.V. (Ba3 positive), parts produced
in Mexico and exported to the US only account for 20%; 3) Nemak's
existing facilities in the US allow it to add new capacity and
shift production into the US if required; 4) currently all
existing independent capacity for heads and blocks in the US is
supplied by Nemak's six plants.

Nemak's liquidity is adequate. The company's cash on hand of $130
million as of September 30, 2017, covering 62% of its short-term
debt. As alternate sources of liquidity, Nemak has committed
credit facilities of over $350 million that are fully available
and advised lines of credit for over $800 million that it uses to
cover seasonal working capital requirements.

The positive outlook on Nemak's ratings reflects Moody's
expectation that Nemak will continue strengthening its credit
metrics while improving profitability despite softer demand in the
global manufacturing industry.

Nemak's ratings could be upgraded if the company maintains its
profitability and capital expenditures level such that it
generates positive free cash flow over the next 18 months. To be
considered for an upgrade, the company should continue its prudent
financial policies, maintain strong liquidity and credit metrics
with adj. debt/EBITDA around 1.5 times and adj. EBITA/Interest
expense over 5 times.

The ratings could be downgraded if the company's margins are
affected by unfavorable dynamics or adverse changes in the
company's market position. Also, a deterioration of credit metrics
with debt/EBITDA increasing over 3.0 times and EBITA/Interest
expense declining below 3.5 times or negative free cash flow
generation could lead to a downgrade.

The principal methodology used in these ratings was the Global
Automotive Supplier Industry published in June 2016.

Nemak, S.A.B. de C.V. is a subsidiary of Alfa, S.A.B. de C.V.
(Baa3, stable), a publicly traded Mexican business group. Nemak is
a leading provider of innovative lightweighting solutions for the
global automotive industry, specializing in the development and
manufacturing of aluminum components for powertrain and body
structure applications. With a customer base of more than 60
customers worldwide with 60% of volumes coming from the "Big-3"
OEMs (Ford, GM, and Fiat Chrysler) Nemak products are sold mainly
in North America, Europe, South America, and China. The company is
75.24% owned by Alfa, and 5.45% owned by Ford Motor Co. with the
remaining 19.31% in public float. During the twelve months ended
September 30, 2017, Nemak reported revenues of $4.4 billion.



=======
P E R U
=======


PERU: Magnitude-7.1 Earthquake Strikes Off Coast, Killing One
-------------------------------------------------------------
ABC News reports that a strong earthquake has struck the coast of
southern Peru, causing damage to homes, collapsing roads and
killing one person.

The magnitude-7.1 quake hit at 4:18 a.m. (local time) on Jan. 14
at a depth of around 10 km, the US Geological Survey said,
according to ABC News.

Peru's government Geophysical Institute said the earthquake was of
magnitude-6.7 with its epicentre in the coastal town of Lomas, in
the southern region of Arequipa, the report notes.

Several dozen people were injured in the quaked, but authorities
back-tracked on statements that two had died and 17 were missing
after an informal mine east of the coastal city of Chala
collapsed, authorities said, the report relays.

The report discloses that Arequipa Governor Yamila Osorio said on
Twitter that one 55-year-old man died in the town of Yauca after
being crushed by a rock.

Jorge Chavez, chief of Peru's Civil Defence Institute, told local
radio station RPP that a second death was reported in the town of
Bella Union, the report says.

The report relays Ms. Osorio said on Twitter the quake caused
minor material damage, including some collapsed roads.

Several municipalities were without electricity, and many adobe
houses -- houses built with earth -- had collapsed, she said, the
report notes.

Many residents of Lomas were evacuated after feeling an
aftershock, the report relays.

Peruvian maritime authorities said the quake did not produce a
tsunami, despite a warning initially being issued for Peru and
Chile by the Pacific Tsunami Warning Centre (PTWC), the report
says.

The warning was cancelled, but the PTWC advised minor sea level
fluctuations could continue for hours after the earthquake, the
report discloses.

Earthquakes are common in Peru, but many homes are built with
precarious materials that cannot withstand them, the report
relays.

In 2007, an earthquake killed hundreds in the region of Ica in the
country's south, the report adds.



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


BORINQUEN ANESTHESIA: Case Summary & 5 Unsecured Creditors
----------------------------------------------------------
Debtor: Borinquen Anesthesia Services PSC
        PO Box 1604
        Aibonito, PR 00705

Type of Business: Borinquen Anesthesia Services PSC is a
                  privately held company based in Aibonito,
                  Puerto Rico that operates in health care
                  industry.  Its principal assets are located
                  at Calle Jose C Vazquez Hospital General
                  ME Aibonito, PR 00705.  Borinquen Anesthesia
                  is a small business debtor as defined in 11
                  U.S.C. Section 101(51D).

Chapter 11 Petition Date: January 12, 2018

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

Case No.: 18-00130

Debtor's Counsel: Juan Carlos Bigas Valedon, Esq.
                  JUAN C BIGAS LAW OFFICE
                  PO Box 7011
                  Ponce, PR 00732-7011
                  Tel: 787-259-1000/787-633-1253
                  Fax: 787-842-4090
                  E-mail: cortequiebra@yahoo.com
                         jcbigas@gmail.com

Total Assets: $89,700

Total Liabilities: $1.20 million

The petition was signed by Jorge A Acevedo Orengo, president.

A copy of the Debtor's petition that contains, among other items,
a list of its five unsecured creditors is available for free at:

        http://bankrupt.com/misc/prb18-00130.pdf


CATHOLIC SCHOOL: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------
Debtor: Catholic School Employees Pension Trust
        Calle Jaime Drew
        789 URB Los Maestros
        San Juan, PR 00923

Type of Business: Catholic School Employees Pension Trust
                  is a business trust duly constituted under
                  the laws of the Commonwealth of Puerto
                  Rico.

Chapter 11 Petition Date: January 11, 2018

Case No.: 18-00108

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

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Javier Vilarino, Esq.
                  VILARINO & ASSOCIATES, LLC
                  PO Box 9022515
                  San Juan, PR 00902
                  Tel: 787-565-9894
                  E-mail: jvilarino@vilarinolaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ramon Guzman, president of Board of
Trustees.

A full-text copy of the petition is available for free at:

          http://bankrupt.com/misc/prb18-00108.pdf

A copy of the Debtor's list of 20 unsecured creditors is available
for free at http://bankrupt.com/misc/prb18-00108_creditors.pdf


MINI MASTER: Court Sets Plan Confirmation Hearing on March 28
-------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico approved the disclosure statement
referring to a Chapter 11 Plan filed by Mini Master Concrete
Services, Inc. on September 1, 2017.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan
will be held on March 28, 2018 at 9:00 a.m.

The acceptances or rejections of the Plan may be filed in writing
by the holders of all claims on or before 14 days prior to the
date of the hearing on confirmation of the Plan. Any objection to
confirmation of the plan will be filed on or before 14 days prior
to the date of the hearing on confirmation of the Plan.

The Debtor is required to file with the Court a statement setting
forth compliance with each requirement in 11 U.S.C. Section 1129,
the list of acceptances and rejections and the computation of the
same, within 7 working days before the hearing on confirmation.

             About Mini Master Concrete Services

Mini Master Concrete Services, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on December 22, 2016.
The Hon. Mildred Caban Flores over the case. Charles A. Cuprill,
PCS Law Offices represents the Debtor as counsel.

The Debtor disclosed total assets of $15.78 million and total
liabilities of $5.46 million. The petition was signed by Carmen M.
Betancourt, president.


NEGRIL VILLAGE: Unsecureds to Recover 25% on Claims in 5 Years
--------------------------------------------------------------
Unsecured creditors of Negril Village, Inc., will be paid 25% of
their claims under a Chapter 11 plan of liquidation proposed by
Imagek LLC for the company, a copy of which is available at:

                     https://is.gd/bhxKJk

Imagek, which asserts an unsecured claim of $590,000, proposes to
establish a fund of up to $50,000 to pay Class 2 general unsecured
claims.

In the event that the total allowed Class 2 claims exceed
$200,000, excluding Imagek's claim, unsecured creditors will
receive their pro rata share from the fund to be established upon
confirmation of the plan.  Unsecured creditors will be paid in
cash on the effective date of the plan.

Imagek will be deemed to have waived its rights to a distribution
but not its right to vote on account of its claim after the order
confirming the plan becomes final.  Imagek will also not be deemed
to have waived any claims against guarantors and third parties.

Negril Village, Inc., and Imagek, LLC, have subsequently submitted
a First Amended Joint Disclosure Statement dated December 11,
2017, a copy of which is available at:

       http://bankrupt.com/misc/nysb17-10319-shl-52.pdf

Under the Amended Plan, holders of general unsecured claims,
amounting to approximately $200,000, will receive up to 25% of
their allowed claim payable in yearly installments of 5% per year
with the first installment being made six months after the
effective date and continuing on the yearly anniversary of such
payment date for four years thereafter.

Marva Layne, the sole shareholder of Negril Village, shall receive
no distribution under the plan.

There are no priority non-tax claims in this case. Nor has any
party filed a priority claim prior to the expiration of the bar
date.

The plan will be funded by all of the debtor's cash on hand on the
effective date and cash generated from post-effective date
operations.

Imagek LLC is represented by:

     Jonathan S. Pasternak, Esq.
     Erica Feynman Aisner, Esq.
     Delbello Donnellan Weingarten
     Wise & Wiederkehr, LLP
     One North Lexington Avenue
     White Plains, NY 10601
     Phone: (914) 681-0200

Negril Village is represented by:

     James E. Hurley, Jr., Esq.
     Law Offices of James E. Hurley, Jr.
     14 Wall Street, 20th Floor
     New York, NY 100
     Phone: 917-684-7539
     Email: Jim@JEHurleylaw.com

                    About Negril Village Inc.

Negril Village, Inc. operates a restaurant at 70 W. 3rd Street,
New York, New York, under the name Negril Village.  The restaurant
serves Caribbean cuisine including traditional dishes from locales
such as Trinidad, Puerto Rico and Jamaica.  The Debtor's sole
shareholder and principal officer is Marva Lane.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 17-10319) on February 13, 2017.
Marva Lane, shareholder and principal officer, signed the
petition.

At the time of the filing, the Debtor estimated less than $100,000
in assets and less than $1 million in liabilities.

The Law Offices of James E. Hurley, Jr. represents the Debtor as
bankruptcy counsel.


TOYS R US: Taps Malfitano as Asset Disposition Advisor
------------------------------------------------------
Toys "R" Us, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Malfitano Advisors,
LLC as its asset disposition advisor.

The firm will advise the company and its affiliates regarding the
disposition of their business assets; give advice regarding issues
associated with any planned closures; identify and contact
proposed purchasers; and inspect the Debtors' assets.

The firm's hourly rates are:

     Joseph Malfitano              $725
     Senior Consultants     $475 - $550
     Junior Consultants     $225 - $450
     Support Staff          $100 - $200

Malfitano does not hold or represent any interest adverse to the
Debtors' estates, according to court filings.

The firm can be reached through:

     Joseph A. Malfitano
     Malfitano Advisors, LLC
     747 Third Avenue, 2nd Floor
     New York, NY 10017
     Phone: +1 (646) 776-0155
     Email: info@malfitanopartners.com

                   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.  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.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-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.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


TOYS R US: Committee Taps Berwin Leighton as U.K. Counsel
---------------------------------------------------------
The official committee of unsecured creditors of Toys "R" Us, Inc.
seeks approval from the U.S. Bankruptcy Court for the Eastern
District of Virginia to hire Berwin Leighton Paisner LLP as its
special counsel.

The firm will advise the committee regarding the proposal issued
by Toys "R" Us Limited, a non-debtor subsidiary that is
incorporated in England, for a company voluntary arrangement in
order to impair certain unsecured claims filed by its creditors.

The firm's hourly rates are:

     Partners                GBP605 - GBP875
     Associate Directors     GBP500 - GBP550
     Senior Associates       GBP350 - GBP540
     Junior Associates       GBP265 - GBP340
     Trainees                GBP210 - GBP230

Ian Benjamin, Esq., a partner at Berwin Leighton, disclosed in a
court filing that his firm is a "disinterested person" 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.
Benjamin disclosed that his firm has not agreed to any variations
from, or alternatives to, its standard or customary billing
arrangements; and that no Berwin Leighton professional has varied
his rate based on the geographic location of the Debtors'
bankruptcy cases.

Mr. Benjamin also disclosed that Berwin Leighton has not
represented the committee before its formation and that its rates
have not changed since the petition date.

Berwin Leighton is developing a budget and staffing plan that will
be presented for approval by the committee, according to Mr.
Benjamin.

The firm can be reached through:

     Ian Benjamin, Esq.
     Berwin Leighton Paisner LLP
     Adelaide House, London Bridge,
     London, United Kingdom
     EC4R 9HA
     Tel: +44 (0)20 3400-1000 / +44 (0)20 3400-4131
     Email: ian.benjamin@blplaw.com

                     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.  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.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-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.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


TOYS R US: Taps Keen-Summit as Real Estate Advisor
--------------------------------------------------
Toys "R" Us, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Keen-Summit Capital
Partners LLC as real estate advisor.

The services to be provided by the firm include organizing the
information for the Debtor's leased property; establishing
negotiating goals and parameters such as rent reductions, lease
term modifications and other leasehold concessions; contacting the
landlord for each property; negotiating with the landlord for
modifications; and working with the landlord, the Debtor and its
counsel to document all lease modification proposals.

Upon full execution of a lease modification agreement, Keen-Summit
will be paid on a per-property basis the greater of 5% of
"savings" or $5,000.  Moreover, the firm will receive a non-
refundable advisory and consulting fee of $25,000, subject to
setoff against transactional fees.

Harold Bordwin, principal and managing director of Keen Summit,
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:

     Harold J. Bordwin
     Keen Summit Capital Partners LLC
     1460 Broadway
     New York, NY 10036
     Phone: (646) 381-9201
     Email: hbordwin@Keen-Summit.com

                      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.  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.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-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.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


TOYS R US: Taps Ducera Partners as Financial Advisor
----------------------------------------------------
Toys "R" Us, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire Ducera Partners LLC
as financial advisor.

The firm will provide services to Alan Miller and Mohsin Meghji,
directors of Toys "R" Us, on matters in which a conflict exists
between the company and its shareholders, affiliates, directors
and officers.

Ducera will be paid a non-refundable cash fee of $125,000 per
month, and an additional fee of $2.25 million, payable upon the
consummation of a restructuring.  Fifty percent of any monthly
fees paid after the seventh monthly fee will be credited against
the restructuring fee.

Bradley Robins, a partner at Ducera, 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:

     Bradley A. Robins
     Ducera Partners LLC
     499 Park Avenue, 16th Floor
     New York, NY 10022
     Tel: (212) 671-9700 / (212) 671-9709
     Email: brobins@ducerapartners.com
     Email: info@ducerapartners.com

                       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.  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.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-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.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.


TOYS R US: Affiliates Tap Centerview as Financial Advisor
---------------------------------------------------------
TRU Taj LLC and TRU Taj Finance, Inc. seek approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to hire
Centerview Partners LLC as their financial advisor.

The firm will provide services, at the direction of the Debtors'
directors Jeffrey Stein and David Weinstein, in connection with
any matter pertaining to the Debtors' Chapter 11 cases in which a
conflict exists between them and their equity holders, affiliates
and the directors or officers of their affiliates.

Centerview will be paid a financial advisory fee of $125,000 per
month.

If at any time during the term of Centerview's employment or
within the six full months following the termination of its
employment the Debtors consummate any transaction, the firm will
be entitled to receive a transaction fee of $2.25 million.  Fifty
percent of any monthly fee paid after the seventh monthly fee will
be credited against the transaction fee.

Samuel Greene, a partner at Centerview, 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:

     Samuel M. Greene
     Centerview Partners LLC
     31 West 52nd Street, 22nd Floor
     New York, NY 10019
     Phone: (212) 380-2650
     Fax: (212) 380-2651

                     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.  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.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-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.  A&G Realty Partners, LLC, serves as
its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.



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


VENEZUELA: Complaints Grow About Subsidized Food System
-------------------------------------------------------
EFE News reports that the leftist administration of Venezuelan
President Nicolas Maduro in March 2016 created a system of
subsidized food boxes aimed at mitigating shortages at grocery
stores and supermarkets, but those establishments' shelves are
practically empty a year and nine months later and complaints and
denunciations of fraud are growing.

Protests that have culminated in looting and accusations of
corruption in the management of this food-subsidy program by
CLAPs, or Local Committees for Supply and Production, have sprung
up in recent days because the boxes either do not arrive at all or
only reach beneficiaries after months-long delays, according to
EFE News.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2018, S&P Global Ratings lowered its issue rating on the
Bolivarian Republic of Venezuela's global bond due 2020 to 'D'
from 'CC'. At the same time, S&P affirmed its long- and short-term
foreign currency sovereign issuer credit ratings at 'SD/D'. The
long- and short-term local currency sovereign credit ratings
remain at 'CCC-/C' and are still on CreditWatch with negative
implications, where S&P placed them on Nov. 3, 2017. Other foreign
currency senior unsecured debt issues not currently rated 'D' are
rated 'CC'.


                            ***********


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 2018.  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.
.


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