TCRLA_Public/180306.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, March 6, 2018, Vol. 19, No. 46



ARGENTINA: Ex-Pres to Stand Trial on Illicit Association Charges
PROVINCE OF NEUQUEN: S&P Assigns 'B' ICR, Outlook Stable


FLOATEL INTERNATIONAL: S&P Affirms 'CCC+' Issuer Credit Rating


TAKATA CORP: Files Sale Plan With Tokyo Court


COLOMBIA: Coffee Region Invests $6.9MM to Boost Tourism

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tolls Rise on Samana-Santo Domingo Highway


PARAGUAY: S&P Rates New Sr. Unsec. Notes for up to US$500MM 'BB'

P U E R T O    R I C O

BENITEZ GONZALEZ: June 5 Plan Confirmation Hearing Set
COMERCIAL CELTA: May 1 Disclosure Statement Hearing Set
TOYS R US: UK Unit Goes Into Administration


VENEZUELA: Maduro Demotes, Expels 13 Military Officers
VENEZUELA: Presidential Elections Pushed Back to May


* CARIBBEAN: Failure to Make CCJ Final Appeal Court, a Disgrace

                            - - - - -


ARGENTINA: Ex-Pres to Stand Trial on Illicit Association Charges
EFE News reports that a federal judge ruled that former Argentine
President Cristina Fernandez should stand trial on illicit
association charges related to the awarding of public-works
contracts during her 2007-2015 administration, judicial officials

The ruling was issued by Judge Julian Ercolini, who is heading up
the investigation, according to EFE News.

The case involves alleged "multiple irregularities" in the
awarding of public-works projects to Grupo Austral -- owned by
businessman Lazaro Baez -- in the southern province of Santa Cruz,
the report notes.

President Fernandez's late husband and predecessor as head of
state, Nestor Kirchner, was governor of that province from 1991 to
2003, the report says.

Thirteen people will stand trial in the case, including Fernandez,
who is currently a senator; Baez; former Planning Minister Julio
De Vido; and Carlos Santiago Kirchner, a cousin of Nestor
Kirchner's, the report notes.

The ruling states that Fernandez, while president, "is suspected
of harming the public interest by breaching her duty to faithfully
administer and protect the national government's assets," the
report relays.

Mr. De Vido, who was planning minister during Fernandez's two
terms, is accused of "harming the public interest by making
economic and administrative decisions" related to the public-works
projects under scrutiny, the report discloses.

According to the ruling, officials acted to "provide Lazaro
Antonio Baez with illicit gains" to the detriment of the nation's
coffers, the report says.

The alleged scheme involved the "formal conversion" of Baez, a
former treasurer at Banco Santa Cruz who was a friend of both
Nestor Kirchner's and his wife and a partner of theirs in
"numerous commercial transactions," into a "construction
entrepreneur," the report notes.

The ruling states that Baez founded the company Austral
Construcciones "a few days before" Nestor Kirchner became
Argentina's president in May 2003, the report relays.

Ms. Fernandez's legal woes extend beyond the illicit association
case, the report says.

She also has been ordered to stand trial over alleged
irregularities in the sale of dollar futures contracts by the
Central Bank at below-market rates during her tenure as president,
the report relays.

The ex-president also has been indicted for allegedly seeking to
cover up Iran's purported role in a deadly 1994 terrorist attack
on a Jewish community center in Buenos Aires that left 85 dead,
the report notes.

Ms. Fernandez has maintained her innocence and says all the
charges against her are politically motivated, the report relays.

She has immunity from arrest, though not from trial, as a sitting
senator, the report adds.

                          *     *    *

As reported in the Troubled Company Reporter-Latin America on
December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time Argentina's short-term rating
was affirmed at Not Prime (NP). The senior unsecured ratings for
unrestructured debt were affirmed at Ca and the unrestructured
senior unsecured shelf affirmed at (P)Ca.

Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.

The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.

On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.

On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable.  S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.

PROVINCE OF NEUQUEN: S&P Assigns 'B' ICR, Outlook Stable
S&P Global Ratings affirmed its 'B' global scale foreign and local
currency issuer credit ratings on the province of Neuquen. S&P
also affirmed the 'B' issue-level ratings on the province's rated
secured and unsecured notes.


S&P said, "The stable outlook reflects our view of a more
consistent and institutionalized dialogue between the LRGs and the
federal government to address various fiscal and economic
challenges that we expect to remain in the short to medium term.
Our stable outlook also assumes that Neuquen will continue to post
deficits in 2018 and 2019, but then will be able to reach a slight
operating surplus by 2020 with the deficit after capital
expenditures (capex) narrowing to around 6% of total revenue. The
latter assumptions stem from our expectations of an economic
recovery in Argentina amid decelerating inflation and dynamism,
particularly in the province. This recovery would partly
counterbalance the lowering of some tax rates as the province
adjusts to comply with the Fiscal Consensus signed with the
national government, which aims to lower tax pressure in the
provincial gross receipt tax through lower rates, particularly in
sectors at the beginning of the economic activity chain.
Nevertheless, we expect Neuquen's limited ability to raise revenue
and cut expenditures, as well as its low free cash levels to cover
the projected debt service in the next 12 months, to weigh on the
province's creditworthiness."

Downside scenario

S&P said, "We could lower the ratings on Neuquen if economic
performance consistently declines over the next couple of years,
eroding the province's revenue base beyond our current
expectations, or if Neuquen's finances worsen because of weaker
financial management. We could also downgrade Neuquen in the next
12-18 months if it fails to refinance existing debt in foreign and
local currency or demonstrates unwillingness to service debt

Upside scenario

S&P said, "We could raise our ratings on the province if it posts
average operating surpluses, fairly low deficits after capex, and
free cash available for debt service payments covering 120% or
more of the province's obligations for the next 12 months. The
continued strengthening of Argentina's institutional framework for
LRGs would also favor Neuquen's creditworthiness, although it
would have to be accompanied by the mentioned improvements in
Neuquen's individual credit profile. However, our base-case
scenario doesn't assume such a credit improvement in the next 12


S&P said, "Our 'B' ratings on the province reflect its individual
credit profile and the institutional framework in which it
operates. Neuquen, like all LRGs in Argentina, operates under what
we view as a very volatile and underfunded institutional
framework. At the same time, Neuquen's budgetary constraints and
exposure to cyclical revenues, its weak financial management, and
its low free cash levels to cover the projected debt service in
the next 12 months constrain the ratings. Its debt burden has
increased recently, and we expect it to remain above 60% of
operating revenue, with foreign exchange risk mitigated by
hydrocarbon royalties, which are linked to currency movements. The
province's low contingent liabilities and dynamic, though
concentrated, economy support its creditworthiness. We have
extended our forecast horizon through 2020."

Neuquen's financial management has showed continuity and stability
throughout changes in administration, specifically in governors
and management teams. The Movimiento Popular Neuquino (MPN) party
has governed the province since 1962. Omar GutiÇrrez, who was
previously the Economy and Public Works Minister, was elected
governor in 2015. Neuquen's administration has shown a generally
strong consensus to implement reforms.

Nevertheless, Neuquen is largely unable to conduct medium- to
long-term financial planning, partly due to economic uncertainties
in Argentina. The quality of its budgetary targets is limited and
has often resulted in the province significantly revising its
budget in the middle of the fiscal year. Also, the province's
budget approval has been delayed in some recent years. In 2015 the
budget wasn't approved by the local legislature, prompting the
province to work under the extended 2014 budget.

S&P said, "Despite Argentina's very volatile and underfunded
institutional framework for local governments, we believe that
there's a positive trend in the predictability of the outcome of
reforms and pace of implementation. We also think that more
consistent support from the federal government has allowed LRGs to
measure its short- and longer-term impact on their finances. We
believe the constructive dialogue between the federal and
subnational governments will help solve the current institutional,
administrative, and budgetary challenges. As a result, a stronger
institutional framework could improve LRGs' credit quality in the
next few years.

"We estimate that the province's GDP per capita in 2017 was
$16,611 and that in the past three years it averaged $17,639,
which was higher than the national average of $13,752 over the
same period. Argentina's economy grew 2.8% in 2017, and we
estimate that Neuquen's economy posted similar growth. We believe
that Neuquen's hydrocarbon sector will continue to attract
investors, particularly in the non-conventional field Vaca Muerta,
which will trickle down to other activities and foster above-
average economic growth in the province compared to its peers.
However, because Neuquen's economy heavily depends on the sector,
it's subject to potential risks with variables such as prices,
exchange rate movements, and investment decisions.

"Neuquen's fiscal results deteriorated in 2017. We estimate that
the province posted an operating deficit of 9.4% of operating
revenue during that year, with the deficit after capital accounts
reaching close to 14.0%. The province will need to adjust tax
rates and rein in spending in order to comply with the Fiscal
Consensus and Fiscal Responsibility Law it signed with the
national government. We believe this will be a major challenge for
the administration, and its fiscal stance will only improve
gradually. The strengthening economy, especially in the
hydrocarbon sector, should contribute to improving revenues.
Meanwhile, we expect expenses to grow somewhat above inflation,
which will continue weighing on the province's operating expenses,
mainly in the form of requests for higher public-servant salaries
and new operating spending stemming from capital investments. We
expect Neuquen to post an average operating deficit of 6.8% of
total revenue in 2018 and 3.9% in 2019, only reaching a balanced
result in 2020. Likewise, we expect Neuquen to increase its capex
in 2018-2020, and for the deficit after capex to drop to around 9%
of total revenue. Budgetary performance may still be volatile
because of the province's economic concentration in the oil and
gas sector.

"Neuquen's own-source revenue accounts for around 73% of operating
revenue, though that has fluctuated because about 20% comes from
oil royalties. We expect this ratio to moderately increase in
upcoming years as royalty collection increases due to growth in
the hydrocarbon sector stemming from investments in non-
conventional production. However, we believe Neuquen's ability to
raise its own-source revenue is limited. The province has taken
measures to increase revenue, although they didn't significantly
increase overall collection. Additionally, the federal government
determines the royalty rates, which are also affected by external
factors such as prices and exchange-rate fluctuations. According
to our estimates, capex averaged 8.6% of Neuquen's total
expenditures in 2017. In 2018-2020, we expect capex to reach 10%
of total spending, and believe that Neuquen is likely to invest in
roadways, housing, and sanitation projects.

"As of the end of 2017, we estimate Neuquen's debt stock reached
approximately ARP30.59 billion, or 56% of the province's projected
operating revenue. In 2018, we expect the debt burden to increase
to 62% of operating revenue, given the province's financing needs
and the depreciation of the Argentine peso. We estimate that
approximately 65% of the province's debt is denominated in foreign
currency or is foreign-currency linked; therefore, any
depreciation of the peso beyond our expectation would further
stress the province's debt service payments. However, revenue the
province collects from royalties, which are directly linked to
foreign currency, mitigates this issue."

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

In May 2017, Neuquen issued unsecured notes in the international
capital market for $366 million due 2025 (TIDENEU). Medium-term
notes in the local market (letras) are also a key source of
funding for Neuquen.

S&P said, "In our opinion, Neuquen's liquidity is weak. We believe
a projected deficit after capital accounts of 11% of total revenue
in 2018 limits Neuquen's free cash and its ability to generate
internal cash flow. We expect the province's debt service cost to
be ARP9.8 billion in 2018. Therefore, Neuquen lacks free cash to
cover its debt service payments for the next 12 months, according
to our estimates. The province's debt issuance in 2017 and
refinancing in 2016 improved its short-term cash position, and we
expect Neuquen to aim future issuances at covering debt

"At the same time, we believe that Neuquen's access to external
liquidity is uncertain. Although the province obtained significant
financing in 2017, this assessment draws on our evaluation of the
ongoing development of domestic capital markets as well as our
assessment of the domestic banking system. For the latter, our
Banking Industry Country Risk Assessment (BICRA) is at group '9'
in Argentina. We group our BICRAs, which evaluate and compare
global banking systems, on a scale from '1' to '10', ranging from
what we view as the lowest-risk banking systems (group '1') to the
highest-risk (group '10').

"We believe Neuquen has low contingent liabilities. The province
owns a range of government-related entities (GREs) including a
bank (Banco de la Provincia de Neuquen; BPN) and a gas and oil
company (Gas y Petr¢leo de Neuquen; GPN). We estimate that the
potential losses among GREs under a stress scenario would total
around 3.5% of Neuquen's operating revenue. The province doesn't
guarantee the liabilities of its bank, which we consider self-
supporting. The last time Neuquen provided financial support to
BPN was in 2001. We believe that given GPN's strategic role for
the province, Neuquen would likely provide support to it if
needed, although it would be limited by fiscal constraints."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

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

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

  Ratings Affirmed

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


FLOATEL INTERNATIONAL: S&P Affirms 'CCC+' Issuer Credit Rating
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
Bermuda-based accommodation rig owner Floatel International Ltd.
The outlook remains negative.

S&P said, "At the same time, we affirmed our 'CCC+' issue rating
on Floatel's $650 million term loan. The recovery rating is
unchanged at '3', indicating our expectation of meaningful (50%-
70%; rounded estimate 50%) recovery for debtholders in the event
of a payment default.

"The affirmation signifies that market conditions remain difficult
and we continue to view Floatel's capital structure as
unsustainable. There is an oversupply of semisubmersible
accommodation units and the magnitude and timing of any pickup in
demand remains uncertain. Although there has been a relatively
strong increase in oil prices over the last few quarters, this has
no significant short-term effect on the accommodation rig segment.
Long lead times for new work and investment decisions at oil
companies push the timeframe for any sizable new contracts to
2019-2020. In addition, there are a number of inactive rigs, which
will intensify the competitive landscape.

"As such, we are keeping our outlook negative, because unless
Floatel picks up new contracts in 2018 for work in subsequent
years, we could see an increased risk of liquidity/refinancing
issues in 2019. That said, liquidity is not a particular cause of
concern under our base case for 2018; capital expenditure (capex)
and debt maturities are limited and we anticipate positive free
operating cash flow (FOCF). Our estimate of FOCF is based on the
current contract structure, in which four of Floatel's five units
will operate during the year and overall utilization of the fleet
is estimated to be above 50%."

S&P's base case assumes:

-- With gradually increasing oil prices (assumed at $60/bbl for
    Brent oil in 2018 and $55/bbl in 2019 and thereafter), the
    potential for higher activity has improved as capex and
    maintenance spending should increase over the next two years.

-- However, tender activity will not immediately see a material
    increase, in S&P's view, because new offshore projects remain
    limited in this environment.

-- No increase in day rates, given the global fleet count and
    that newly built units (newbuilds) could come into the market.

-- Scrapping of older units will be important to balance the
    markets, which could allow for a hike in dayrates.

-- Currently, S&P assumes the company will be able to generate
    positive free operating cash flows in 2018 and about neutral
    in 2019, on the back of current firm backlog of $269 million.
    However, S&P has limited visibility on potential upside to
    2019 activity and even less so for 2020 and beyond.

-- S&P assumes an EBITDA of about $105 million-$120 million in
    2018 and much lower in 2019, absent significant new contracts
    in 2018.

-- Continued low capex, notably as the company has no newbuilds
    on order.

Based on these assumptions, S&P arrives at the following credit

-- Adjusted debt to EBITDA to reach close to 10x in 2018 and
    funds from operations (FFO) to debt about 5%;

-- EBITDA interest coverage of about 2x; and

-- 2019 figures in our base case are weaker and our forecasts
    less certain; they will be highly dependent on potential new

S&P said, "The negative outlook reflects our view that elevated
debt levels, given the current weak operating environment and
limited opportunities for short-term improvements, make Floatel's
capital structure unsustainable. Although we don't expect Floatel
to face a near-term payment crisis, without marked positive
developments in the industry to usher in new contracts and support
revenues, we anticipate that the company will face increasing
refinancing risk alongside debt maturities in 2019-2020.

"We could lower the rating if Floatel is unable to secure new
contracts in 2018, which could lead to a maintenance covenant
breach in 2018 under its bank documentation and increasing risk of
a capital restructuring. Such an absence of new or prolonged
contracts could lead us to revise our timeframe for a possible
default to under 12 months. We could also lower the rating if the
company pursues debt-restructuring strategies.

"We could revise the outlook to stable if the company manages to
secure material new backlog that eases the pressure from
approaching debt maturities. This could result from an increase in
spending on offshore projects by oil companies as a result of
higher oil prices. A continuing solid improvement in backlog could
brighten future refinancing prospects and address our concerns
about the sustainability of the capital structure. This could
support an upgrade, in time."


TAKATA CORP: Files Sale Plan With Tokyo Court
Takata Corporation, Takata Kyushu Corporation and Takata Service
Corporation on Feb. 28, 2018, each filed a proposed rehabilitation
plan with the Tokyo District Court.

According to Takata's Feb. 28 statement, going forward, on the
Tokyo District Court issuing orders to refer the proposed
rehabilitation plans to resolutions of creditors' meetings, the
proposed rehabilitation plans and voting rights forms, along with
other relevant documents, will be sent to civil rehabilitation
creditors who have voting rights.  Matters such as the method of
exercise of voting rights by civil rehabilitation creditors will
be determined by the orders issued by the Tokyo District Court.

As advised in the Company's Nov. 21, 2017, press release, "TAKATA
have formulated the proposed rehabilitation plans in order to
maximize repayments to civil rehabilitation creditors on the
premise of transferring substantially all of Takata Group's assets
and businesses to Key Safety Systems (the "Transactions").

Takata said the Transactions are expected to be consummated by
mid-April this year.

                      About Takata Corp

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

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

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.

PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

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

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

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

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

                        *     *     *

In February 2018, the U.S. Bankruptcy Court for the District of
Delaware has confirmed the Fifth Amended Chapter 11 Plan of
Reorganization filed by TK Holdings, Inc. ("TKH"), Takata's main
U.S. subsidiary, and certain of TKH's subsidiaries and affiliates.


COLOMBIA: Coffee Region Invests $6.9MM to Boost Tourism
Colombia's main coffee-growing region, the central province of
Risaralda, has invested close to COP20 billion ($6.9 million) to
boost tourism, Gov. Sigifredo Salazar Osorio told EFE.

The funds will be used to promote several programs, some of which
involve industry partnerships with the public sector, the governor
said at the Colombian Association of Travel Agencies and Tourism
fair in Bogota, according to EFE News.

Among the programs is the "Pueblo de encanto" (Alluring Town)
project, which aims to improve the facades of 4,523 houses in
cities across Risaralda, as well as provide ornaments for parks
and squares, the report relays.

As a result of a partnership between the Colombian Trade, Industry
and Tourism Ministry and the city of Dosquebradas, four 360-degree
bird watching lookouts were erected in Alto del Nudo township, one
of the area's main attractions, the report says.

"Tourists visit the province because our nature tourism is strong,
especially bird watching," Mr. Salazar said, the report notes.
"Tourists come from all over the world to places like the Otun
Quimbaya (sanctuary) and Tatama natural park, which are, like, the
crown jewels of bird watching," he added.

Risaralda's hospitality industry and the Colombian Hospitality and
Tourism Association provide training for employees to "provide
better service" and develop an eco-friendly infrastructure, Mr.
Salazar said, the report relays.

As an example, the governor cited the fact that Santa Rosa de
Cabal has been certified as a sustainable tourist destination,
making a list that also includes the cities of Santa Cruz de
Mompox, Cienaga, Cartagena, Puerto Narino and Playa Palmera, the
report notes.

In addition, the province of Risaralda, along with the Colombian
Coffee Growers Federation, is opening shops specializing in coffee
-- the country's flagship drink -- in every municipality in the
region, the report adds.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tolls Rise on Samana-Santo Domingo Highway
EFE News reports that as of Thursday, March 1, the tolls at
Marbella, Naranjal, Guaraguao and the Atlantic Tourist Boulevard
(BTA) will increase, the road group Dominico-Colombiano Autopistas
del Nordeste announced.

Citing the Concession Contract, the contract said the increases
were duly verified by the Public Works Ministry, according to EFE

Cars, SUVs and vans on the Santo Domingo-Samana Highway must pay
RD$59 at the tolls in Marbella, RD$183; Naranjal, RD$215,
Guaraguao and RD$533 at the Atlantic Tourist Boulevard or Carey,
(BTA), the report notes.

Minibuses and macrobuses: RD$115 (Marbella), RD$374 (Naranjal),
RD$459 (Guaraguao) and RD$1,123 (Atlantic Tourist Boulevard or
Carey), the report says.

Twin-axle trucks will pay RD$145 (Marbella), RD$498 (Naranjal),
RD$598 (Guaraguao) and RD$1,463 (BTA), while for trucks with three
axles or more: RD$217 (Marbella), RD$690 (Naranjal), RD$848
(Guaraguao) and RD$2,068 (Atlantic Tourist Boulevard or Carey
(BTA), the report notes.

The Marbella tollbooth is 500 meters from Las Americas highway; El
Naranjal, at 14.50 km. from Las Americas; and the Guaraguao toll,
at 221 km. from Rincon de Molinillo, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


PARAGUAY: S&P Rates New Sr. Unsec. Notes for up to US$500MM 'BB'
S&P Global Ratings assigned its 'BB' issue rating on Paraguay's
expected senior unsecured notes for up to US$500 million due 2048.
Paraguay will use the proceeds of the issuance to finance mainly
capital expenditures on transportation and urban infrastructure
and to refinance a portion of its outstanding debt. The rating on
the notes is the same as the long-term foreign currency sovereign
credit rating on Paraguay.

P U E R T O    R I C O

BENITEZ GONZALEZ: June 5 Plan Confirmation Hearing Set
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico has approved the disclosure statement
explaining Benitez Gonzalez & Asociados SE's plan of liquidation
after determining that the Disclosure Statement contains "adequate
information" as that term is defined in 11 U.S.C. Section 1125.

A hearing for the consideration of confirmation of the Plan and
objections as may be made to the confirmation of the Plan will be
held on June 5, 2018 at 10:00 a.m.

As previously reported by The Troubled Company Reporter, the
liquidation plan proposed by Wigberto Lugo-Mender, the Chapter 11
Trustee of the Debtor, will pay class 3 general unsecured
creditors a lump sum payment corresponding to the allowed amount
of their claims from the carve-out proceeds deposited in the
Chapter 11 Trustee estate account.  Each member of Class 3 holding
an allowed claim will receive a lump sum distribution within 30
days from the effective date, as per the Schedule Payments under
the Plan of Reorganization

The aggregate dividend under this class is limited to $20,000, as
this will be the maximum carve-out amount approved by BSLP Funding
LLC in the Plan of Liquidation for unsecured creditors. This class
is not impaired.

A full-text copy of the Disclosure Statement is available at:

                     About Benitez Gonzalez

Benitez Gonzalez & Asociados, SE, a special partnership, owns a
multi-residential project consisting of 122 residential dwellings
located at Arroyo, Puerto RIco.  The residential units are leased
through a federal reimbursement program to the Municipality of

Benitez Gonzalez & Asociados, SE filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-05940) on Aug. 4, 2015.  In
its petition signed by Manuel E. Benitez Gonzalez, managing
partner, the Debtor indicated $5.5 million in total liabilities.

Charles Alfred Cuprill, Esq., served as bankruptcy counsel to the

On Oct. 28, 2015, a motion was filed by the U.S. Trustee seeking
the appointment of Wigberto Lugo-Mender as Chapter 11 Trustee.
After certain procedural matters raised by the principal secured
creditor of this estate, on Dec. 3, 2015, the Court entered order
granting the appointment of the Chapter 11 Trustee.

The Chapter 11 Trustee:

         Wigberto Lugo-Mender, Esq.
         Chapter 11 Trustee/ Attorney for the Estate
         100 Carr. 165 Suite 501
         Guaynabo, P.R. 00968-8052
         Tel: (787) 707-0404
         Fax: (787) 707-0412

COMERCIAL CELTA: May 1 Disclosure Statement Hearing Set
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico will convene a hearing on approval of
the disclosure statement explaining Comercial Celta Inc.'s plan
for May 1, 2018, at 10:00 a.m. to consider and rule upon the
adequacy of the disclosure statement and to consider objections to
the disclosure statement.

The Debtor's principal asset is a commercial building located at
Cupey Alto, Puerto Rico, which for the past several years has been
leased to unrelated tenants.  The only reason that triggered the
filing of the Chapter 11 petition was a State Court proceeding
being litigated at State Court with a former tenant named Russian
Roulette Inc. under civil case No.KAC2013-0919.  The case ended up
with a Judgment in favor of the tenant, now creditor, awarding
damages on a breach of contract.

Class 2 - General Unsecured Creditors consist of all general
unsecured creditors for which the debtor is the main obligor and
will include all claims included by the debtor on the schedules
and all those who filed a timely proof of claim.  The estimated
maximum liability on amounts under this class is in the amount of

   Russian Roulette      Claim #3        $485,000
   Quinoy Realty Corp.   Scheduled Amt.   $67,612

For the reason that Debtor contests any amounts due to claimant
Russian Roulette, Inc., and the amounts and nature of the claim is
still pending before the Puerto Rico Court of Appeals docketed as
KLCE 2016-02343, this class will not receive any payments or
dividends until final adjudication by the State Court of this
pending appeal.

In the event of a final ruling adverse to Debtor's contention
regarding the non-allowance of this claim, an amended Plan
providing alternative means for payments will be filed in order to
conform with the final disposition of the contested amounts now
being claimed.

A full-text copy of the Disclosure Statement is available at:


                      About Comercial Celta

Comercial Celta Inc.'s principal asset is a commercial building
located at Cupey Alto, Puerto Rico, which for the past several
years has been leased to unrelated tenants.

Comercial Celta filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 17-00080) on Jan. 10, 2017, disclosing under $1
million in both assets and liabilities.  The Debtor is represented
by Wigberto Lugo Mender, Esq.

Prompting the Chapter 11 filing was a state court proceeding being
litigated at State Court with a former tenant named Russian
Roulette Inc. under Civil Case No.KAC2013-0919).  The state court
case ended up with a judgment in favor of the tenant, now
creditor, awarding damages on a breach of contract.
Notwithstanding an appeal process, a foreclosure sale of this real
property was scheduled for January 2017.  The Debtor sought
bankruptcy protection to stop the foreclosure.

TOYS R US: UK Unit Goes Into Administration
Toys "R" Us, Inc.'s UK arm, Toys "R" Us Limited, has gone into
administration in the United Kingdom.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Company has 105 stores with about 3,000 employees.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

The Administrators said all stores in the UK will remain open
until further notice.

According to BBC, Mr. Thomas said, "Whilst this process is likely
to affect many Toys R Us staff, whether some or all of the stores
will close remains to be decided."

"No stores have been closed by the Administrators and all sites
currently open for trading.  The Administrators will manage the
store trading strategy whilst also evaluating the options
regarding the company's future and determining how to obtain the
best possible outcome for all creditors.  It remains to be decided
if some or all the stores will be closed, however, while the
Administrators evaluate their options, they will begin to
implement an orderly wind-down of the company's store portfolio,"
the Company said in its Web site.

Toys "R" Us said that its continues to accept and redeem Gift
Cards for purchases made.

Toys "R" Us has been facing a GBP15 million tax bill and the
Company has been hit by poor sales.  The Company also has a
funding shortfall of at least GBP25 million in its pension scheme.

                        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 and

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

Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt

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

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.


VENEZUELA: Maduro Demotes, Expels 13 Military Officers
Carlos Camacho at The Latin American Herald reports that embattled
Venezuelan head of state Nicolas Maduro demoted, expelled or
separated from the Armed Forces 13 current and/or former military
officers, including men currently in jail and retired personnel,
according to a decree published in the "Gaceta Oficial", the
government's official "Federal Register" publication of records.

Raul Isaias Baduel, the Army General in Chief who rescued Maduro's
mentor and predecessor, Hugo Chavez, after a failed coup d'etat in
2001 and who is already in jail (for asking that Maduro leave
office last year) and who retired when Chavez was still alive and
in power (both men had a falling out after Baduel came out against
eternal re-election) was the first officer mentioned in the
decree, according to The Latin American Herald.

The report notes that President Maduro is accusing Baduel and the
other 13 officers of crimes against the integrity, independence
and freedom of the nation, including treason to the fatherland.

Local military and security affairs NGO "Control Ciudadano" said
the total number of military officers demoted recently, including
the recent batch of 13 expurgated personnel, is now 24, the report

The list of 13 also includes Captain Juan Carlos Caguaripano
Scott, from the National Guard. Already in jail, and undergoing
torture and seclusion according to media reports, Caguaripano led
an attack against an Army barracks last year where two of the
attackers died and armaments were stolen, the report notes.  He
was captured weeks later and most of the materiel recovered, the
report says.

Navy Captain Leamsy Salazar, a Venezuelan Military Academy
graduate and security head for Chavez, Maduro and Diosdado
Cabello, was also in the published list of the 13 officers
demoted, notes the report. However, Salazar left Venezuela several
years ago and is now living in the US, reportedly working with
authorities there, informing about alleged criminal activities by
his former bosses in government.

The highest ranking officer in the list after Baduel, Major
General Hebert Garcia, is not in Venezuela either. He quit the
country last year and has spoken before the Organization of
American States (OAS) about corruption in the regime, particularly
in the purchase and distribution of subsidized foodstuffs under
the CLAP scheme, the report discloses.

Another ex-communicated Navy man, Mario Ivan Carratu, has been
retired for several years now, the report says.  Also living in
the U.S. and vocally critical of the Maduro administration,
Carratu helped evacuate President Carlos Andres Perez from the
Miraflores Presidential Palace, under tank and machine gun fire,
during the failed 1992 coup led by Maduro's predecessor, Hugo
Chavez, the report notes.

Per Venezuelan military regulations, their pay and retirement
package will be severely impacted, the report relays.  Also, they
will have to return all medals received, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018 S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility

VENEZUELA: Presidential Elections Pushed Back to May
---------------------------------------------------- reports that the presidential vote in Venezuela
will now be held a month later than planned.

The National Electoral Council disclosed that the election that
was scheduled for April 22 will now be held on May 20, after an
agreement was reached between the government and some of the
country's small opposition parties, according to

Venezuelan officials say the agreement is intended to give
candidates more time to campaign and to allow millions of
Venezuelan exiles to register to vote abroad, the report notes.
They say it should also pave the way for a jointly proposed team
of electoral observers from the United Nations, the report relays.

The leading opposition coalition is boycotting the poll describing
it as a farce to legitimize a dictatorship, the report relays.
However, one presidential hopeful, Henri Falcon of the Progressive
Advance party, has launched his candidacy, the report says.

However, Reuters is reporting that opposition supporters in the
camps of Nicolas Maduro's two strongest opposition rivals,
Leopoldo Lopez and Henrique Capriles -- who are both barred from
contesting the election -- have called Falcon a "sellout" and are
urging voters to stay away from the polls to isolate Maduro and
delegitimize what they say will be a rigged win, the report notes.

Luis Romero, who leads Falcon's party, said the only way to bring
about change is via the polls, and not through protests similar to
those that caused nearly 130 deaths last year, the report

"Venezuelans want to get rid of Maduro, but not by killing each
other in the streets," he told the news agency, the report says.

President Maduro is hoping to secure a second six-year term in
office in the snap poll, the report notes.

Presidential elections are usually held in Venezuela in December,
but the April election date was announced last month, the report

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2018 S&P Global Ratings affirmed its long- and short-
term foreign currency sovereign issuer credit ratings on Venezuela
at 'SD/D'. S&P said, "At the same time, we lowered seven issue
ratings on Venezuela's global bonds to 'D' from 'CC'. Our long-
and short-term local currency sovereign credit ratings remain at
'CCC-/C' and are still on CreditWatch with negative implications.
In addition, we affirmed our 'CC' transfer and convertibility


* CARIBBEAN: Failure to Make CCJ Final Appeal Court, a Disgrace
--------------------------------------------------------------- reports that Barbados' Prime Minister Freundel
Stuart has described as unacceptable and "a disgrace" that only
four Caribbean Community (CARICOM) countries have so far made the
Caribbean Court of Justice (CCJ) their final appeal court.

While most CARICOM countries have signed on to the court's
original jurisdiction, only Barbados, Belize, Dominica and Guyana
have replaced the London-based Privy Council with the Trinidad-
based court that was established in February 2001 and began
operations in April 2005, according to

"We contend that it is a disgrace that after the Caribbean Court
of Justice has been in existence for so long, that only four
countries have signed on to that court in its appellate
jurisdiction," Mr. Stuart said at the end of the 29th Inter-
Sessional Summit of CARICOM heads in Haiti, the report notes.

"I do not buy the argument that there is a division of opinion in
the countries that have not signed on to the court in its
appellate jurisdiction, because the biggest decision that CARICOM
countries have had to make has been on Independence.

"If we've all decided that we want to be independent and we were
able to unite the population on those issues, I cannot see why on
matters relating to how our disputes are handled and how our
grievances are addressed that we still believe that the former
colonial master is better than people here in the Caribbean," Mr.
Stuart contended, the report notes.

He insisted that countries could not "have one foot in and one
foot out" in terms of the jurisdiction of the CCJ, the report

However, the Barbadian leader expressed optimism that the matter
would be addressed at the next CARICOM summit in July, and more
definitive answers would be taken on what steps members states
proposed to take to correct the situation, the report relays.

That 39th Regular Meeting of the Conference of Heads of Government
of CARICOM will be held July 4 to 6, in Montego Bay, Jamaica, the
report adds.


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


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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