TCRLA_Public/180427.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

               Friday, April 27, 2018, Vol. 19, No. 82



ROMBO COMPANIA: Moody's Assigns 'Ba3/' LC Debt Ratings


BANCO REGIONAL: S&P Affirms BB ICR & Rates New Unsec. Notes 'BB'
RUTAS DE LIMA: S&P Alters Outlook to Stable, Affirms B Debt Rating
TELEFONICA BRAZIL: Regulator Rejects Fine-For-Investment Swap

C O S T A   R I C A

COSTA RICA: Public Employees Strike Over Tax Plan

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Strike Tax Breaks for Renewables


AVIANCA HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
CORPORACION ELECTRICA: S&P Lowers CCR to 'SD' on Missed Payment

P U E R T O    R I C O

BED BATH: Egan-Jones Lowers Senior Unsecured Ratings to BB+
HUB INT'L: Moody's Assigns 'B3' CFR Upon Refinancing
TOYS R US: Agrees to $156M Carve-Out, Fee Examiner Appointment

T R I N I D A D  &  T O B A G O

PETROLEUM CO: NCB Offering USD Note Linked to Firm's Bond

                            - - - - -


ROMBO COMPANIA: Moody's Assigns 'Ba3/' LC Debt Ratings
Moody's Latin America Agente de Calificacion de Riesgo S.A.(MLA)
assigned a Ba3 global local currency senior debt rating and
national scale local currency debt rating to Rombo Compania
Financiera S.A.'s Class 43 and 44 bond issuances, due in 36 and 48
months respectively, for up to ARS 500 million each. Both
issuances together cannot exceed a combined amount of ARS 500

The debt ratings have a stable outlook.

The following ratings were assigned to Rombo Compa§°a Financiera
S.A.'s expected issuances:

Class 43 up to ARS 500 million:

Ba3 Global Local Currency Debt Rating Argentina National Scale Local Currency Debt Rating

Class 44 up to ARS 500 million:

Ba3 Global Local Currency Debt Rating Argentina National Scale Local Currency Debt Rating


Rombo's ratings consider the high probability that it will receive
financial support from its main parent, RCI Banque (RCI) (Baa1,
positive) in an event of stress which reflects the entity's key
role as the financial agent for Renault. The ratings also consider
Argentina's operating environment, which while improving has
historically been very volatile, as well as the company's solid
risk management policies, good asset quality, and adequate
capitalization metrics. Key risks include the tight competition
within the car-financing industry, the entity's monoline business
orientation dedicated to the financing of Renault vehicles, its
modest profitability profile and its largely wholesale funding

Rombo, which is 60% owned by RCI Banque and 40% by BBVA Banco
Frances (unrated) and together with RCI Banque forms the principal
financial arm of its ultimate owner, Renault S.A. (Baa3, positive)
in Argentina, is responsible for nearly 50% of Renault's financed
sales in the country. RCI's high willingness to provide financial
support to its subsidiary in Argentina generates two notches of
uplift from Rombo's b2 standalone credit profile. Thanks to
parental support, the company is one of the stronger credits in
Argentina, as reflected by its national scale rating.

Non-performing loans remain low at just 1.02% of gross loans
thanks to the company's focus on middle and high-income
individuals and solid risk management policies that are aligned to
those of its parent and loan loss reserves coverage is sound at
122.5% of NPLs in December 2017. However, delinquency levels are
likely to rise as the company's risk appetite increases in line
with improving economic conditions. In addition, Rombo's
capitalization is adequate, with tangible common equity equal to
8.9% of tangible managed assets as of 2017, but capitalization
levels are likely to decline due to rapid loan growth coupled with
the company's relatively narrow profitability.

With ROAA of just 0.7% and a ROE of 6.9% in 2017, earnings are
modest by Argentine standards, which are distorted by the high
rate of inflation, and Moody's expects they will narrow as
inflation and lending rates decline, even if business
opportunities increase.

Consistent with other automobile captive finance companies in
Argentina, Rombo's ratings also reflect risks associated with its
weak liquidity position and liability structure mainly reliant on
market funds. Rombo's funding depends largely on interbank loans,
which account for nearly half its liabilities, and senior bond
issuances that represents 30.5% of total liabilities.

The stable outlook on Rombo's ratings is aligned with the stable
outlook on Argentina's government bond rating.


The Ba3 global scale rating would face upward pressure if the
company's capital, profitability, and/or liquidity improve in
conjunction with an upgrade of Argentina's sovereign rating and a
further improvement in the operating environment. A significant
improvement in the company's financial fundamentals could also put
upward pressure on the national scale rating, even in the absence
of a sovereign upgrade. Conversely, the global scale ratings would
face downward pressure if the government of Argentina were to be


BANCO REGIONAL: S&P Affirms BB ICR & Rates New Unsec. Notes 'BB'
S&P Global Ratings affirmed its 'BB' long-term global scale issuer
credit rating on Banco Regional S.A.E.C.A. and assigned a 'BB'
rating to the upcoming medium-term senior unsecured notes for up
to $300 million. The outlook on the issuer credit rating remains

The rating affirmation follows Banco Regional's announcement of a
cash tender offer for its outstanding $300 million senior
unsecured notes due January 2019, which it will finance with the
new issuance. The tender offer is conditional upon the
finalization of the new debt.

RUTAS DE LIMA: S&P Alters Outlook to Stable, Affirms B Debt Rating
S&P Global Ratings revised its outlook on its 'BB' debt rating on
Rutas de Lima S.A.C (RdL or the project) to stable from
developing. In addition, S&P affirmed the rating.

S&P said, "The rating affirmation and outlook change follows our
revision of the base case that now excludes the construction of
Ramiro Priale, since we don't expect work to start on the road in
the next year and consequently don't project additional senior
debt. The municipality of Lima is behind schedule on the
expropriation process, which has made no progress since February
2017, according to information provided by the project management.
According to the concession contract, RdL is not obliged to
proceed with the road until the expropriation process is complete
by the municipality of Lima.

"In our new base-case scenario, we exclude Ramiro Priale's
associated cash flows (revenues and costs), but also the
incremental debt of around PEN500 million that we previously
expected. Therefore, we believe from now on, Rutas de Lima's
repayment capacity will depend only on Panamericana Sur and
Panamericana Norte's operating and financial performance.
Because of the situation noted above, we're also removing the
project's construction phase stand-alone credit profile (SACP),
which will be reinstated only if Rutas de Lima is able to secure
the funding for the construction of Ramiro Priale.  We expect this
to occur once the municipality of Lima releases 100% of the land
where the road will be, but the timing is still uncertain."

TELEFONICA BRAZIL: Regulator Rejects Fine-For-Investment Swap
Reuters reports that the board of Brazilian telecoms regulator
Anatel voted against a proposal by Telefonica Brasil SA to swap
BRL3 billion (US$861.08 million) in regulatory fines for new

The Anatel board rejected the fine-for-investment swap by a 3-2
vote, said Juarez Quadros, the head of the regulator. The company
has been hit with various fines stretching back several years,
according to Reuters.

Telefonica's press office declined to comment on the decision, the
report notes.

Telefonica, Brazil's largest telecommunications company, can make
a final appeal back to the board to reconsider its decision. If
Anatel's board again rejects it, the firm can appeal to a federal
court, the report adds.

C O S T A   R I C A

COSTA RICA: Public Employees Strike Over Tax Plan
EFE News reports that thousands of Costa Rican public employees
took to the streets of this capital on Wednesday to protest a
proposed tax overhaul that they say will increase the burden on
workers and the middle class.

Slogans such as "Down with the tax plan that impoverishes the
people" and "The tax plan takes from the people what the rich
steal" appeared on placards carried by demonstrators as they made
their way through the city to the Legislative Assembly, according
to EFE News.

The strike caused schools to be closed, as well as delays in
several municipal services, including the commuter rail, while
health institutions were restricted to dealing with emergencies,
the report notes.

Union leaders said that they are demanding a discussion involving
all economic sectors, insisting that while workers are prepared to
do their part, they should bear the entire burden of the fiscal
adjustment, the report relays.

"If the country's needs truly call for a raise in taxes, we can
meet it," the president of the ANDE teachers union, Gilberto
Cascante, told EFE.  "But those who evade and elude taxes also
(have to pay)," he added.

The centerpiece of the bill now being considered by lawmakers is
replacement of the current national sales tax of 13 percent with a
value-added tax at the same percentage, but applicable to a
broader range of products and services, the report says.

"We want this to be more fair," Mr. Cascante said.  "That is what
we are asking the president. The poorest people are taxed on their
savings, but not the rich, whose savings are abroad," he added.

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Strike Tax Breaks for Renewables
Dominican Today reports that Atrato Energy executive director,
Federico Valera, called on the Dominican Republic government to
eliminate the incentives for renewable energies, to compete
equally with other technologies.

During a forum on sustainable energy, the executive said the
Dominican Republic needs to develop an adequate mix of energy
technologies, according to Dominican Today.  "All countries need
energy to develop and with a single type of energy there's no way
to develop," the report quoted Mr. Valera as saying.

The report relays that Mr. Valera said the incentives for
renewables should be lowered because technologies have already
become cheaper.

"We have renewables that are installed at a good pace, we have the
coal that we needed, we have gas, even so we can have a little
more gas because we have many plants that are still fuel (oil), we
could convert them and lower pollution and then there we mitigate
the investment cost because those plants are already there, so
that would be a good route to follow," Mr. Valera said, quoted by
Diario Libre, the report notes.

He added that renewable energies can be profitable even without
incentives, the report says.  "What happens is that who has the
capacity, if we speak in the residential sector, to invest in
renewable energy, is who is more affluent, then where are we going
to get the subsidy? We take it out of taxes, then that doesn't
suit the country. That is, we are taking money out of one pocket
to put it in another," he added.

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+'.


AVIANCA HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
S&P Global Ratings affirmed its 'B' corporate credit rating on
Avianca Holdings S.A. At the same time, S&P affirmed its 'B-'
issue-level rating on the company's $550 million senior unsecured
notes due 2020. The outlook on the corporate credit rating is

The affirmation reflects S&P's view that Avianca's credit metrics
have remained commensurate with its rating category. This is in
spite of the challenging operational conditions that the company
faced in the second half of 2017, as a result of a 51-day illegal
strike by about third of its pilots, which mainly affected its
deployable capacity in its domestic market. However, the company
was able to partially mitigate the negative effects through the
deployment of a larger capacity fleet, a change in its mix of
operating carriers, and an optimization of its routes
(particularly in Colombia) and use of staff. It also deployed more
wet leases (includes aircraft, complete with crew, maintenance,
and insurance). Overall, the airline's performance in 2017 was
commensurate with S&P's expectations.

CORPORACION ELECTRICA: S&P Lowers CCR to 'SD' on Missed Payment
S&P Global Ratings lowered its senior unsecured debt rating for
Corporacion Electrica Nacional S.A. (Corpoelec) to 'D' from 'CC'
and our long-term corporate credit rating on the company to 'SD'
from 'CC'. Additionally, S&P is taking the ratings off CreditWatch
with negative implications.

The rating action reflects Corpoelec's failure to make its
interest payment and its $650 million coupon payment, which were
due on April 10, 2018, constituting a default event under our

P U E R T O    R I C O

BED BATH: Egan-Jones Lowers Senior Unsecured Ratings to BB+
Egan-Jones Ratings Company, on April 18, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Inc. to BB+ from BBB-.

Headquartered in Union, New Jersey, Bed Bath & Beyond Inc. is an
American chain of domestic merchandise retail stores in the United
States, Puerto Rico, Canada and Mexico.

HUB INT'L: Moody's Assigns 'B3' CFR Upon Refinancing
Moody's Investors Service has assigned a B3 corporate family
rating and B3-PD probability of default rating to Hub
International Limited (together with its subsidiaries, Hub), which
is refinancing its debt to enhance liquidity, extend maturities
and reduce its cost of capital. Moody's also assigned ratings to
Hub's proposed new borrowings, including B2 ratings on its senior
secured credit facilities and a Caa2 rating on its senior
unsecured notes.

Proceeds from these borrowings plus a small amount of cash on hand
will be used to repay all rated debt of Hub and of its indirect
parent, Hub Holdings, LLC (Hub Holdings), and to pay related fees
and expenses. When the refinancing closes, Moody's will withdraw
all existing ratings from Hub and Hub Holdings. The rating outlook
for Hub is stable.


According to Moody's, Hub's ratings reflect its solid market
position in North American insurance brokerage, good
diversification across products and geographic areas, and
consistently strong EBITDA margins. Hub has generated good organic
growth averaging in the low-single digits, and has achieved strong
EBITDA margins in the low 30s over the past few years. These
strengths are tempered by the company's high financial leverage
and limited fixed charge coverage. The rating agency expects that
Hub will continue to pursue a combination of organic growth and
acquisitions, the latter giving rise to integration and contingent
risks (e.g., exposure to errors and omissions). Hub has been
actively acquiring brokers in the US and in Canada, and has a
favorable track record in absorbing small and mid-sized brokers.

Giving effect to the proposed refinancing, Moody's estimates that
Hub's pro forma debt-to-EBITDA ratio will be around 7x, with
(EBITDA - capex) interest coverage above 2x, and a
free-cash-flow-to-debt ratio in the mid-single digits. These
metrics incorporate Moody's accounting adjustments for operating
leases, deferred earnout obligations and run-rate earnings from
completed acquisitions.

Factors that could lead to an upgrade of Hub's ratings include:
(i) debt-to-EBITDA ratio below 6.5x, (ii) (EBITDA - capex)
coverage of interest consistently exceeding 2x, and (iii)
free-cash-flow-to-debt ratio exceeding 5%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 8x, (ii) (EBITDA - capex) coverage of
interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below

Moody's has assigned the following ratings (and loss given default
(LGD) assessments):

Hub International Limited:

Corporate family rating at B3;

Probability of default at B3-PD;

$400 million five-year senior secured revolving credit facility at
B2 (LGD3);

$3,050 million seven-year senior secured term loan at B2 (LGD3);

CAD 200 million seven-year senior secured term loan at B2 (LGD3);

$1,320 million eight-year senior unsecured notes at Caa2 (LGD5).

Hub International Canada West ULC:

CAD 130 million five-year senior secured revolving credit facility
at B2 (LGD3).

The rating outlook for these issuers is stable.

When the refinancing closes, Moody's will withdraw all existing
ratings from Hub Holdings (corporate family rating B3, probability
of default B3-PD, senior unsecured notes Caa2), Hub International
Limited (senior secured revolving credit and term loan facilities
B1, senior unsecured notes Caa2) and Hub International Canada West
ULC (senior secured revolving credit facility B1), as these
notes/facilities will be repaid/terminated.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in September 2017.

Based in Chicago, Illinois, Hub is a major North American
insurance brokerage firm providing property and casualty, life and
health, employee benefits, investment and risk management products
and services through offices located in the US, Canada and Puerto
Rico.  In 2017, the company generated total revenue of $1.9

TOYS R US: Agrees to $156M Carve-Out, Fee Examiner Appointment
Following a hearing on April 24, 2018, U.S. Bankruptcy Judge Keith
Phillips ruled from the bench approving the company's wind-down
budget, according to a Reuters report.  Toys R Us lawyer Joshua
Sussberg told the Bankruptcy Court at the hearing the company will
carve out roughly $156 million to pay vendors for toys and
merchandise shipped after the bankruptcy filing.

On Monday, Toys R Us, a so-called postpetition trade vendors group
and the official committee of unsecured creditors made a flurry of
filings ahead of Tuesday's hearing.

First, Toys R Us filed a statement in support of a proposed final
DIP financing order that reflects a number of changes from the
interim DIP financing order.  The changes include, but are not
limited to:

     * the reservation of all parties' rights and claims regarding
the allocation of the "Merchandise Reserve," which is equal to the
unpaid costs of merchandise received by the DIP Loan Parties
(other than the Canadian ABL/FILO Borrower) for the period on and
after March 5, 2018, currently estimated at approximately $156

     * the removal of caps on the carve outs for goods (other than
merchandise) and services under the Wind-Down Budget.  Vendor
obligations incurred by the Company between March 5 and March 15,
2018 will be paid from the collateral securing the DIP Term Loan
Lenders only, while vendor obligations incurred after March 15,
2018 shall be reserved for from the collateral of both the
ABL/FILO DIP Lenders and DIP Term Loan Lenders.

     * the addition of a five-business day notice period for
termination of payment for goods and services received by the
Company after March 15, 2018 to ensure that vendors have
sufficient notice and are able to stop providing goods or

     * the removal of releases for the Debtors' secured lenders
from the original proposed final order;

     * appointment of FTI Consulting, Inc., financial advisor to
the Committee, as Claims Oversight Representative to assist the
Debtors in overseeing the reconciliation of unpaid administrative
expense claims and interfacing with creditors and vendors on the
status of such reconciliation; and

     * the appointment of a fee examiner.

The postpetition vendor group filed their own statement in court,
lamenting that their situation remains dire.  "By the Debtors'
recent admission, there exist approximately $800 million in
unfunded chapter 11 administrative expenses in these cases, the
vast majority of which are on account of goods and services that
trade vendors have provided to the Debtors on a post-petition
basis at the Debtors' request. The Post-Petition Trade Vendors
were generally designated critical trade vendors by the Debtor,
and the Debtors considered them as 'irreplaceable,'" the group

The vendor group warned that if circumstances warrant and a more
comprehensive settlement of issues of importance to the members of
each of the post-petition trade vendor group and the Creditors'
Committee cannot be reached in the near future, litigation against
the persons or entities responsible for the severe losses suffered
by the group's members and other vendors will likely follow.

Both the post-petition vendor group and the Creditors' Committee
informed the Court indicated they have determined that the holders
of unfunded chapter 11 administrative expense claims should share
ratably in the merchandise reserve.   "While the Committee
understands that the Debtors will likely continue to take the
position that such funds should be allocated solely to pay
merchandise vendors whose goods were received on or after March
5th, the Committee and its members believe that a pro rata
allocation of the funds available in the Reserve is more
appropriate," it said.  "Such a distribution is not only
consistent with the statements made by the Court on the record at
the March 20th hearing, but adheres to the principles articulated
by the Supreme Court in Czyzewski v. Jevic Holding Corp., 137 S.
Ct. 973 (2017). The Committee understands that the Vendor Group
likewise believes a pro rata allocation of the Reserve funds is
appropriate, and the rights of the Committee and the Vendor Group
to advocate for such an allocation are expressly preserved by the
revised proposed order."

The vendor group also wanted a fee examiner be appointed, and the
Committee supported this request.

According to a docket entry, certain objections to the Debtors'
Motion for Entry of an Order (A) Authorizing the North American
Debtors' Entry Into Waivers With Respect to ABL/FILO DIP Documents
and the Term DIP Documents and (B) Amending Final Order (I)
Authorizing the North American Debtors to Obtain Postpetition
Financing, (II) Authorizing the North American Debtors to Use Cash
Collateral, (III) Granting Liens and Providing Superpriority
Administrative Expense Status, (IV) Granting Adequate Protection
to the Prepetition Lenders, (V) Modifying the Automatic Stay, and
(VI) Granting Related Relief, have been resolved.  The Court said
the remaining objections are overruled, and the Court will enter a
revised proposed Final Order.

The Bankruptcy Court set another hearing in the case for May 10,
2018, at 2:00 p.m. on the Debtors' Emergency Motion for Entry of
an Order Deeming Information Shared with Vendor Objectors as
Governed by the Protective Order.

Counsel for Kids II Far East Limited, Kids II, Inc., The Step2
Holding Company, LLC, The Step2 Company, LLC, Step2 Direct, Step2
Discovery and Backyard Discovery:

     Erika L. Morabito, Esq.
     Brittany J. Nelson, Esq.
     3000 K Street, N.W., Suite 600
     Washington, DC 20007-5109
     Telephone: (202) 672-5300
     Facsimile: (202) 672-5399

Counsel for Dorel Industries Inc. (d/b/a Dorel Home Products),
Dorel Juvenile Group, Inc., Dorel Asia, Inc., Pacific Cycle Inc.
(f/k/a/ Pacific Cycle C), and Dorel Home Furnishings Inc. (f/k/a
Ameriwood Industries, Inc.):

     Louis T. DeLucia, Esq.
     666 Fifth Avenue, Suite 1700
     New York, New York 10103
     Telephone: (212) 745-0853
     Facsimile: (212) 753-5044

Counsel for Just Play, LLC and Certain of its Subsidiaries:

     Paul J. Labov, Esq.
     101 Park Avenue, 17th Floor
     New York, NY 10178
     Telephone: (212) 878-7980
     Facsimile: (212) 692-0940

Counsel for Kent International, Inc., USA Helmet Sub Kent Int'l.,
Inc. and Kazam, LLC:

     Donald W. Clarke, Esq.
     110 Allen Road, Suite 304
     Basking Ridge, NJ 07920
     Telephone: (973) 467-2700
     Facsimile: (973) 467-8126

Counsel for Crayola LLC:

     Gregory W. Werkheiser, Esq.
     1201 N. Market St., 16th Floor
     Wilmington, DE 19801
     Telephone: (302) 351-9229
     Facsimile: (302) 425-4663

Counsel to Artsana (USA) Inc., The Boppy Company LLC, and Caben
Asia Pacific Ltd.:

     John D. Demmy, Esq.
     1201 North Market Street, Suite 2300
     Wilmington, DE 19801
     Telephone: (302) 421-6848
     Facsimile: (302) 421-5881

Counsel for Just Play and Certain Subsidiaries, Placo Corporation
Limited, and Etna Products Co., Inc.:

     Jeffrey T. Martin, Jr., Esq.
     300 N. Washington Street, Suite 204
     Alexandria, VA 22314
     Telephone: 703-548-2100
     Facsimile: 703-548-2105

Counsel to the DIP ABL Agent:

     Marshall Huebner, Esq.
     Kenneth Steinberg, Esq.
     450 Lexington Avenue
     New York, New York 11017

Counsel to the DIP Delaware Term Loan Agent:

     Joshua A. Feltman, Esq.
     51 West 52nd Street
     New York, New York 10019

Counsel to the group of DIP FILO Lenders:

     Kristopher Hansen, Esq.
     Jonathan Canfield, Esq.
     180 Maiden Lane
     New York, New York 10038

                        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

Merchandise is also sold at e-commerce sites including

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
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 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.

T R I N I D A D  &  T O B A G O

PETROLEUM CO: NCB Offering USD Note Linked to Firm's Bond
Trinidad Express reports that a Barbados-based subsidiary of
Jamaica's NCB Financial Group is offering high net worth
individuals and institutions a 12-month, fixed-rate US-dollar
note, paying an interest rate of 4.25 per cent that is linked to,
but not backed by, Petroleum Co. of Trinidad & Tobago's US$750
million, 6 per cent bond that is due to mature in May 2022.

NCB Capital Markets Barbados Ltd (NCBCM) is seeking to raise
US$8.5 million from the credit-linked promissory notes that have a
subscription period that opened on April 13 and is due to close on
Friday, April 27, which is the issue date, the report notes.  The
note matures on April 30, 2019 are being issued in minimum
denominations of US$50,000, the report adds.

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


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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