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

               Thursday, April 26, 2018, Vol. 19, No. 81



PETROQUIMICA COMODORO: S&P Assigns 'B' CCR, Outlook Stable


BRAZIL: Meatpackers Protest New EU Restrictions

C A Y M A N   I S L A N D S


D O M I N I C A N  R E P U B L I C

DOMINICAN REPUBLIC: Industries' Competitiveness Stalled During 6Ys


UC RUSAL: Aluminum Prices Fall Following US Reprieve for Firm


PERU: President Says Rise in Poverty is Unacceptable

P U E R T O  R I C O

NOVA TERRA: Court Conditionally Approves Disclosure Statement
TOYS R US: Judge Okays Wind-Down Budget, Sale of Toys Canada
VAZQUEZ ROSARIO: Case Summary & 10 Unsecured Creditors
VENEZUELA: Maduro Blasts Rival's Dollarization Proposal

                            - - - - -


PETROQUIMICA COMODORO: S&P Assigns 'B' CCR, Outlook Stable
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Petroquimica Comodoro Rivadavia S.A. (PCR). The outlook
is stable. At the same time, S&P assigned its 'B' issue-level
rating on PCR's proposed $300 million senior unsecured notes.

The rating on PCR reflects its small, mature, and concentrated
reserve base; exposure to risky jurisdictions such as Ecuador
(B-/Stable/--); as well as its aggressive investment in windfarms,
a newly created business unit. In S&P's view, PCR faces a period
of intensive growth in the renewable energy sector, where it has
little previous experience and it depends on a relatively new
regulatory framework. These factors could introduce volatility to
PCR's cash flows and leverage in the near future.


BRAZIL: Meatpackers Protest New EU Restrictions
EFE News reports that dozens of workers protested in front of
Brazilian poultry giant BRF's headquarters to denounce the
European Union's decision to establish import restrictions on meat
from Brazil.

Some 50 people gathered in front of the BRF building, the world's
largest poultry meat exporter, to defend their jobs against
possible layoffs over the EU decision, according to EFE News.

Last month, BRF was implicated in a Brazilian federal police
investigation, which has attempted to demonstrate that the poultry
giant was involved in a network of companies falsifying the
results of food safety controls, the report notes.

As a result, the European Commission announced that it would
suspend imports from 20 Brazilian meat plants, including several
BRF plants, the report relays.

"The decision affects many BRF plants and we are concerned about
the loss of jobs. Workers are worried about the possibility of
dismissals," Antonio Vitor, head of the Federation of Food
Industry Workers of Sao Paulo State, said in a statement obtained
by the news agency.

Congressman Aldo Rebelo, who also participated in the
demonstration, said that the EU's decision was a "protectionist
measure" against Brazilian meat using "sanitary issues" as a
pretext, the report relays.

"This evidently affects jobs and workers. The unions organizing
the protest against this embargo and this protectionist measure
urge the Brazilian government to take action to counter the
decision, which affects the country's economy, exports and
workers," Mr. Rebelo told EFE News.

The report says that Mr. Rebelo, a member of former presidents
Luiz Inacio Lula da Silva and Dilma Rousseff's cabinets, urged
current President Michel Temer's administration to appeal the EU's
decision at "every international institution."

According to the Brazilian Association of Animal Protein (ABPA),
which represents dozens of meat companies, the decline in poultry
exports to the European Union could generate losses of around 30
percent in the affected plants in 2018, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.

C A Y M A N   I S L A N D S

Chapter 15 Debtors: Arabella Exploration, Inc.
                    a Cayman Island corporation
                    c/o RHSW (Cayman) Limited
                    2nd Fl., Winward 1, Regatta Office Park
                    897, KY1-1103
                    Grand Cayman, TX 76102

Chapter 15 Case No.: 17-40119

Type of Business: Oil and Natural Gas

Chapter 15 Petition Date: January 8, 2017

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Hon. Mark X. Mullin

Authorized Representatives: Matthew Wright and Christopher Kennedy

Debtors' Counsel:         Robert J. Forshey, Esq.
                          Jeff P. Prostok, Esq.
                          FORSHEY & PROSTOK, LLP
                          777 Main St., Suite 1290
                          Ft. Worth, TX 76102
                          Tel: 817-877-8855

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated

D O M I N I C A N  R E P U B L I C

DOMINICAN REPUBLIC: Industries' Competitiveness Stalled During 6Ys
Dominican Today reports that six years ago, the industrialists
agreed on a set of proposals to advance competitiveness and
develop the sector.

In a review prior to the III Congress on Industry, it's assumed
that not enough was achieved, said Dominican Republic Industries
Association (AIRD) president Campos de Moya, according to
Dominican Today.

He said a review of the issues agreed in 2012 revealed where the
failures were, the report notes.  "At a general level, we have
reached 51% progress.  It can be said that we have stalled
halfway," he added.

The report relays that Mr. De Moya said that in trade, export and
sustainable production policies -- with ideas such as an Export
Promotion Fund, development of export business plans, streamlining
the sanitary registry and involving the diplomatic corps in those
plans -- advanced only 48% during that time.

The action plan focused on the promotion of productive chains was
fulfilled in 69% of the proposed, among other causes, due to
administrative hurdles, the report says.  "In fact, in some cases
these obstacles have increased," he added.

Nonetheless de Moya said there's a positive attitude among free
zone companies and local industry to get involved and generate
chains among them, the report notes.

The business leader listed some of the key but incomplete tasks:
infrastructure, with an advance of 58%: conclude the Santo Domingo
Beltway, reduce the tolls and, "above all, conclude once and for
all the Electricity Pact to solve one of the biggest obstacles
dragged for years," the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.


UC RUSAL: Aluminum Prices Fall Following US Reprieve for Firm
RJR News reports that aluminium prices continued to fall after
Washington gave U.S. customers of Russian producer UC Rusal more
time to close out their business with the company and comply with

Rusal controls the Windalco alumina refinery.

The US sanctions on Rusal, announced on April 6, drove prices for
the metal to their highest since mid-2011 on fears that the global
market could face shortages, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings has revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's (Rusal)
Long-Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Simultaneously, Fitch has
withdrawn all the ratings.


PERU: President Says Rise in Poverty is Unacceptable
EFE News reports that Peruvian President Martin Vizcarra said that
it was "unacceptable" that poverty had risen 1 percent last year
while he was serving as vice president in the administration of
Pedro Pablo Kuczynski.

"This is unacceptable. We have to work very hard to change this
situation," Mr. Vizcarra told journalists, who had questioned him
about the results of a report published by the INEI statistics
agency, according to EFE News.

The report notes that Mr. Vizcarra, who became president in March
after Mr. Kuczynski resigned in the midst of a political crisis,
said that poverty in Peru had decreased since the start of the
century but denounced the fact that poverty had started to rise
again last year.

"We have to start to reduce poverty again and create a decreasing
trend. This is a wakeup call telling Peruvians and Peru's
authorities to come together to fight poverty," the president
said, the report relays.

The INEI released a report showing that, in 2017, poverty in Peru
affected 21.7 percent of the country's roughly 30 million
inhabitants and had increased for the first time since the
start of the century, with 373,000 more people added to the
ranks of the poor, EFE News discloses.

More than 41 percent of residents of interior rural areas live
below the poverty line, EFE News says.

According to the INEI, however, poverty decreased 20.7 percent
from 2007-2017, meaning that 5.18 million people were able to
escape poverty during this period, EFE News adds.

P U E R T O  R I C O

NOVA TERRA: Court Conditionally Approves Disclosure Statement
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved the disclosure
statement explaining Nova Terra, Inc.'s small business plan of

As previously reported by The Troubled Company Reporter, under the
Plan, class 6 general unsecured claims will receive a distribution
of 5% of its allowed claim(s) to be paid in 84 monthly payments.
Payments will commence on the effective date, which is 60 days
after the entry of order of confirmation of the plan.

Payments and distributions under the Plan will be funded by
Debtor's income from the business, and/or sale of assets and/or
from other funds to which Debtor may be entitled.

A copy of the Disclosure Statement is available for free at:

                    About Nova Terra Inc.

Based in Arecibo, Puerto Rico, Nova Terra, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
17-01968) on March 23, 2017.  Nova Terra operates an electronic
equipment recycling business.  The case is assigned to Judge
Edward A. Godoy.  Ruben Gonzalez Marrero, Esq., at Ruben Gonzalez
Marrero & Associates, serves as the Debtor's legal counsel.

TOYS R US: Judge Okays Wind-Down Budget, Sale of Toys Canada
Reuters reports that U.S. Bankruptcy Judge Keith Phillips has
approved the proposed wind-down budget for Toys 'R' US at a
hearing.  Judge Phillips also authorized the sale of Toys 'R'
Canada to Toronto-based Fairfax Financial Holdings Ltd for $237

Toys 'R' US has said it is in talks over the sale of its Asian and
Central European businesses.

At Tuesday's hearing, Toys 'R' Us lawyer Joshua Sussberg told the
U.S. Bankruptcy Court in Richmond, Virginia, the Company will set
aside about $156 million to pay vendors for toys and merchandise
shipped after the bankruptcy filing, Reuters reports.  The vendor
reserve fund will be carved out of a broader budget meant to cover
some expenses as the retailer winds down its business.

Lawyers who represent trade vendors, however, told the Court that
the amount fails to cover total trade claims worth roughly $760
million.  Many vendors believed that payment for shipments after
the Sept. 18 Chapter 11 filing would be covered by a $3.1 billion
bankruptcy loan, but that loan gives priority to lenders and other
expenses such as legal fees, lawyers said, according to Reuters.

"It's a really hard pill to swallow," said Erika Morabito, a
lawyer who represents a group of trade vendors, according to
Reuters.  At the hearing, she said vendors remain in a "dire"
situation even after laying off employees and closing stores.

The report notes that more than a dozen executives, specialists
and lawyers have told Reuters that many small vendors are at risk
of bankruptcy due to the disappearance of Toys 'R' Us and Babies
'R' Us in the United States.

In a court filing late Monday, Ms. Morabito said that absent a
more comprehensive settlement, the group's members and other
vendors will likely pursue litigation "against the persons or
entities responsible for the severe losses suffered," Reuters

Both Ms. Morabito's group and an official committee of unsecured
creditors are pushing for reserve funds to be paid on a pro rata
basis, Reuters says.

Ms. Morabito -- -- is a trial attorney at
Foley & Lardner LLP.

                        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.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
And 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

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

                    Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.

VAZQUEZ ROSARIO: Case Summary & 10 Unsecured Creditors
Debtor: Vazquez Rosario, Inc.
        257 Calle San Justo
        San Juan, PR 00901

Business Description: Vazquez Rosario, Inc. is a privately held
                      company in San Juan, Puerto Rico that owns a
                      jewelry store business.  Vazquez Rosario
                      previously sought bankruptcy protection
                      on May 5, 2010 (Bankr. D. P.R. Case No.

Chapter 11 Petition Date: April 23, 2018

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

Case No.: 18-02181

Judge: Hon. Brian K. Tester

Debtor's Counsel: Pedro E. Vazquez Melendez, Esq.
                  ARVELO & VAZQUEZ, P.S.C.
                  PO Box 9024025
                  San Juan, PR 00902
                  Tel: 787-721-7255
                  Fax: 787-723-3063

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Rosario Cristobal, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 largest unsecured creditors is available
for free at

VENEZUELA: Maduro Blasts Rival's Dollarization Proposal
EFE News reports that Venezuelan President Nicolas Maduro
criticized his main rival in next month's election, Henri Falcon,
for his plan to dollarize the nation's economy in an attempt to
stop hyperinflation.

"Candidate Henri Falcon does not know what he is saying," Maduro
said in response to a question about the dollarization proposal,
adding, "That program was written for him in New York by a
gentleman named Francisco Rodriguez, a puppet of international
banks. Unfortunately, (Falcon) has a person who gives him very bad
advice at his side," according to EFE News.

Authorship of Falcon's economic proposals -- including the
dollarization of the economy, which would end the more than 10
years of currency controls -- is attributed to Rodriguez, who
heads Falcon's team of advisers, the report notes.

"The proposal to dollarize and do away with the Venezuelan
currency is unconstitutional," Mr. Maduro said, the report relays.
"The Constitution very clearly states that Venezuela's currency is
the bolivar," he added.

The report discloses that Mr. Falcon's team of advisors confirmed
their resolve to dollarize the Venezuelan economy should he win
the May 20 presidential election, adding that the decision is part
of a "macroeconomic stabilization plan whose main anchor is

Mr. Rodriguez said that the measure is "guaranteed to stop
hyperinflation, . . . (given that) the government cannot print
dollars," 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.

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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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