TCRLA_Public/180625.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

               Monday, June 25, 2018, Vol. 19, No. 125



BRAZIL: Supreme Court Quashes Lula's Latest Appeal
MRS LOGISTICA: S&P Affirms BB- Corp. Credit Rating, Outlook Stable


GUATEMALA: OKs Monthly Payment for Those Affected by Volcano


CONSOLIDATED ENERGY: S&P Retains 'BB' Debt Ratings Amid Add-ons


NICARAGUA: Police Vow to End Violence by Government Supporters


PARAGUAY GOVERNMENT: Moody's Affirms Ba1 Issuer & Sr. Bond Ratings

P U E R T O    R I C O

ADLER GROUP: Disclosure Statement Hearing Moved to Aug. 29
BKH ACQUISITION: S&P Raises CCR to to 'CCC+', Outlook Stable
CHASE MONARCH: Ct. Won't Review Ruling on Medawar Lease Agreement
TOYS R US: Court OKs Assignment of Brea I Lease to BCFWC

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Reaffirms Trade Ties With Cuba
TRINIDAD & TOBAGO: Requests Audit Reports of Carnival


* BOND PRICING: For the Week From June 18 to June 22, 2018

                            - - - - -


BRAZIL: Supreme Court Quashes Lula's Latest Appeal
Business Standard reports that Brazil's Supreme Court has
dismissed a motion by former President Luiz Inacio Lula da Silva
to be freed on bail or granted house arrest while he pursues
further appeals of a corruption conviction.

The dismissal was announced by Justice Edson Fachin, Efe news
reported, according to Business Standard.

The report notes that Lula's Workers Party had hoped to see him
out of jail so he could formally launch his campaign for the
October presidential election.

The 72-year-old former head of state has been in custody since
April 7, serving a 12-year sentence, the report relays.

President Lula, who governed Brazil from 2003 to 2011 and left
office with sky-high approval ratings, would be the clear front-
runner if he were allowed to run. But election authorities are not
expected to allow his candidacy, the report notes.

A three-judge appellate panel ruled in January that there was
sufficient proof that Lula accepted a triplex in Guaruja, a resort
town near Sao Paulo, from construction company OAS in exchange for
helping that firm secure contracts with Brazilian state oil
company Petrobras, the report says.

The case against President Lula, who denies any wrongdoing, was
based largely on plea-bargained testimony from people already
convicted as part of the sprawling Petrobras investigation, the
report adds.

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

MRS LOGISTICA: S&P Affirms BB- Corp. Credit Rating, Outlook Stable
S&P Global Ratings affirmed its 'BB-' global scale and 'brAA-'
Brazilian national scale corporate credit ratings on MRS LogĀ°stica
S.A. (MRS). S&P also affirmed its 'brAA-' issue-level rating on
MRS's senior unsecured debentures. The outlook remains stable.

S&P said, "Our recovery rating on MRS's senior unsecured debt
remains unchanged at '3', reflecting a meaningful recovery of 50%-
70% (rounded estimate: 65%) following a restructuring post-default

"Despite MRS's status as the most efficient railroad operator in
the country, we currently cap the rating on the company at the
sovereign level. This is due to our view that under MRS's current
capital structure with some short-term debt concentration, sizable
capex, and all cash position invested in the country, MRS's
liquidity position could be impaired amid a sovereign default
scenario, hindering its ability to maintain debt payments."

Nevertheless, the company's 'bb+' SACP remains unchanged thanks to
MRS's resilient cash flow generation even amid volatile and weak
economic conditions in Brazil over the past years, sound operating
efficiency in the form of above-industry-average EBITDA margins
and strong free operating cash flow (FOCF). Also, the company's
cost-reduction actions and investments in safety standards allow
it to keep improving its operating metrics. However, the ratings
constraint stems from MRS's limited scale and railroad length
compared to those of its peers such as Rumo.

S&P said, "We expect the company to continue maintain its EBITDA
margin in the 50% area, credit metrics such as debt to EBITDA
below 3.0x and FFO to debt above than 20%, and generate FOCF. The
company's resilience to Brazil's economic downturn over the past
few years, in our view, is due to its strategic position in
Brazil's main iron export corridor in the southeastern region,
increasing volumes of general cargo mainly of agricultural

"Our base-case scenario assumes that MRS will post slight
increases in transported volumes over the next few quarters.
Growth would mainly stem from bulk cargo volumes, driven by steel
and agricultural products, while the share of iron ore should
remain fairly flat. We also don't expect recent truck drivers'
strike in Brazil to impact the company's metrics, because changes
in its fuel costs are mostly transferred to prices, and large
portion of its volume is protected by take-or-pay clauses. A
potential positive impact would be higher demand for railroad
transportation in the country, but for which volume increase would
require significant investments."


GUATEMALA: OKs Monthly Payment for Those Affected by Volcano
EFE News reports that the Guatemalan Congress approved a loan of
$250 million from the International Bank for Reconstruction and
Development, which will be distributed in part to those affected
by the eruption of the Fuego volcano.

With 84 votes in favor, Congress gave the green light to the
decree, which authorizes negotiation on the loan agreement,
according to EFE News.

The loan, which will be endorsed through the Ministry of Finance,
will be used in part to improve the governance of public resources
and nutrition and to attend the victims of the eruption, the
report notes.

According to what was discussed during the session, about 582.5
million quetzals (about $77.7 million) will be used for those
affected by the Jun. 3 eruption.

One of the points included is a monthly payment of about $470 for
a period of 10 months for families that have lost everything in
the tragedy, but there has been no explanation in terms of which
agency will be responsible, how the process will be verified or
the number of families identified.

The Jun. 3 eruption of the Fuego volcano has caused the deaths of
112 people with 55 injured, almost 200 missing and more than 1.7
million affected.


CONSOLIDATED ENERGY: S&P Retains 'BB' Debt Ratings Amid Add-ons
S&P Global Ratings said that its 'BB' issue-level ratings on
Consolidated Energy Finance S.A.'s (CEF) up to $550 million seven-
year secured B-term loan and its $300 million senior floating rate
unsecured notes due 2022 are unaffected following its $50 million
and $125 million add-ons.

At the same time, S&P assigned its 'BB' issue-level rating to
CEF's $400 million eight-year senior fixed rate unsecured notes.
CEF is a financing subsidiary of Consolidated Energy Limited (CEL)

CEF used the $600 million proceeds of B-term loan to refinance
existing debt, which consists Methanol Holding (Trinidad)
Limited's (MHTL) secured B-term loan due 2022 and its revolving
credit facilities due 2020 for $282 million and $260 million,
respectively. The new $400 million senior unsecured notes and $125
million senior unsecured note add-ons were used to refinance
existing notes due 2019 of about $500 million. S&P said, "Although
we consider this transaction to be neutral to its leverage, given
that CEF will mainly use the proceeds from the new term loan to
pay existing debt, we believe that the transactions improve CEL's
debt maturity profile by extending the average term of its debt to
approximately seven and a half years from four, as well as
reducing its average interest rate by more than 50 basis points.
This further supports our strong liquidity assessment of CEL."

The issue-level rating is at the same level as S&P's corporate
credit rating on CEL, reflecting its view that the priority debt
ratio is below the 50% threshold of CEL's consolidated debt. CEL's
ratio of priority debt is slightly above 30%, thus, there is no
potential material disadvantage to noteholders under a bankruptcy
or liquidation scenario.


  Consolidated Energy Limited
   Corporate Credit Rating                 BB/Negative/--

  Ratings Assigned
  Consolidated Energy Finance S.A.
   Senior Unsecured
    US$400mil 6.5% nts due 05/15/2026      BB


NICARAGUA: Police Vow to End Violence by Government Supporters
The Latin American Herald reports that Nicaragua's National Police
pledged to halt violence by supporters of President Daniel Ortega
against the opposition-led city of Masaya, Cardinal Leopoldo
Brenes said.

The police commander in Masaya, Ramon Avellan, "has committed
himself to stopping the attacks," the cardinal said after talks
with the chief, according to The Latin American Herald.

Cardinal Brenes, accompanied by papal nuncio Stanislaw Waldemar
Sommertag, met with Avellan after the second attack in Masaya in
less than 48 hours, the report notes.

The cardinal said that the commander also agreed to a request to
release a number of political detainees, the report relays.

Two Masaya priests and a human rights activist will monitor police
compliance with the accords reached, Cardinal Brenes said, the
report says.

The cardinal and other senior clerics rushed to Masaya after armed
Ortega supporters initiated an offensive in the city's mostly
indigenous Monimbo neighborhood, the report notes.

The report recounts that three days ago, leaders of Masaya
proclaimed the city "dictator-free territory," referring to
Ortega, who was re-elected in 2016 with more than 70 percent of
the vote.

At least 200 people have died in political unrest in Nicaragua
since April 18, when protests began against a controversial plan
to overhaul the pension system, the report says.

Though the government abandoned the plan, protests continued and
opponents began demanding the resignation of Ortega, now in the
11th year of his current tenure as president, the report notes.

He previously governed the Central American nation from 1979-1990
after leading the Sandinista revolution that overthrew US-backed
autocrat Anastasio Somoza, the report adds.

As reported Troubled Company Reporter-Latin America on June 15,
2018, Moody's Investors Service has changed Nicaragua's rating
outlook to stable from positive and affirmed its B2 long-term
issuer ratings.


PARAGUAY GOVERNMENT: Moody's Affirms Ba1 Issuer & Sr. Bond Ratings
Moody's Investors Service has affirmed the Ba1 issuer and the Ba1/
(P)Ba1 senior unsecured bond ratings of the Government of
Paraguay. The outlook remains stable.

The key drivers for the rating affirmation are:

1. Paraguay's credit metrics remain consistent with Ba1-rated
peers and the economy has proven resilient to the regional
slowdown with fiscal indicators outperforming peer group medians

2. Prudent fiscal policy has kept government debt burden low,
allowing for increased infrastructure investment

Moody's decision to affirm Paraguay's Ba1 ratings reflects
sustained growth rates, the sovereign's strong fiscal position,
and on-going economic diversification. Fiscal metrics remain
favorable compared to the medians for Ba-rated peers. Authorities'
efforts to improve the fiscal framework have been successful in
containing current spending creating financial space for increased
capital spending in infrastructure. These strengths are balanced
against relatively low level of wealth and weak governance
indicators relative to peers, despite sound macroeconomic

Paraguay's long-term foreign currency bond ceiling remains
unchanged at Baa3, while the short-term foreign currency bond
ceiling remains unchanged at P-3. The long-term foreign currency
deposit ceiling is unchanged at Ba2, and the short-term foreign
currency deposit ceiling at NP. Paraguay's long-term local-
currency bond and deposit ceilings remain at Baa3.



FIRST DRIVER - Paraguay's credit metrics remain consistent with
Ba1-rated peers, and outperform on economic growth and fiscal

Paraguay's economic growth was among the highest in Latin America
over the past five years proving resilient to the regional
slowdown, particularly the severe recession in Brazil. GDP growth
averaged 5.0% over the last five years compared with 3.7% for Ba-
rated peers despite recurrent agriculture-driven growth
volatility. High growth was driven by public investment in
infrastructure, strong agriculture sector performance, and rapid
growth in the maquila sector linked to Brazil's supply chain.
Inflation has been anchored around the central bank target of 4%,
supported by inflation targeting policy. The central bank recently
updated its national accounting framework using 2014 prices which
has resulted in a GDP series about 30% larger than previously

Moody's expects Paraguay's GDP growth rate to remain strong,
around 4.2% in 2018-19; still among the highest growth rates in
the region, driven by higher value-added in the agricultural
sector, and increased private consumption and public investment.

Paraguay's sovereign credit profile benefits from low external
vulnerability. Paraguay's current account posted a 0.9% of GDP
deficit in 2017 (using revised GDP) and Moody's expects a similar
result in 2018. Gross foreign direct investment remained strong
last year at around 7% of GDP. The stock of international reserves
continued to increase reaching $8.7 billion in May 2018, a level
equivalent to 24% of GDP.

SECOND DRIVER - Prudent fiscal policy has kept government debt
burden low, allowing for increased infrastructure investment

Paraguay's Ba1 rating is supported by the strength of the
government's balance sheet and a track-record of prudent fiscal
policies. The fiscal accounts posted a deficit of 1.1% of GDP in
2017 (using revised GDP), in compliance with the fiscal deficit
ceiling mandated by the fiscal responsibility law. The government
has consistently observed the fiscal deficit ceiling since 2015,
and Moody's expects it will continue to do so.

The government increased capital expenditures in 2017, reaching
2.4% of GDP; while current expenditures were contained. The rating
agency expects the authorities to maintain a similar spending
pattern in 2018, placing increased emphasis on infrastructure

In Moody's view, robust public investment spending, coupled with
low fiscal deficits and government debt ratios are important
support elements of Paraguay's Ba1 rating. The balance maintained
between growth-enhancing public investment while maintaining low
government debt burden is key to preserving high fiscal strength,
which anchors Paraguay's rating.

A peer comparison reveals that Paraguay's sovereign debt metrics
remain below its Ba1-rated peers. Government debt stood at 15.5%
of GDP at end 2017, below the Ba1 median of 46% and one of the
lowest in the region. The interest payments-to-government revenue
ratio of 4.1%, compares favorably to a Ba-median of 8.3%. Moody's
expects Paraguay's government debt to remain below 25% of GDP over
the next five years.


The stable outlook reflects Moody's expectations that the
authorities will maintain prudent macroeconomic and fiscal
policies. The stable outlook also reflects a balance between risks
resulting from tighter global liquidity conditions and the
relatively modest regional recovery, against prospects of
continued economic growth and increased diversification, stable
debt dynamics, and limited external vulnerability of Paraguay's
credit profile.


Upward rating pressure could result from (1) track-record of
continued compliance with the fiscal responsibility law; (2)
successful completion of growth-enhancing infrastructure
investments; and (3) steady improvement in institutional and
governance indicators.


Downward rating pressure could result from (1) marked
deterioration in fiscal indicators and significant rise in
government debt; and/or (2) significant and prolonged
deterioration in external accounts and increase in external

GDP per capita (PPP basis, US$): 9,826 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 4.3% (2017 Actual) (also known as GDP

Inflation Rate (CPI, % change Dec/Dec): 4.5% (2017 Actual)

Gen. Gov. Financial Balance/GDP: -1.1% (2017 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -0.9% (2017 Actual) (also known as
External Balance)

External debt/GDP: 40.2%

Level of economic development: Moderate level of economic

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On June 19, 2018, a rating committee was called to discuss the
rating of the Paraguay, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed.

P U E R T O    R I C O

ADLER GROUP: Disclosure Statement Hearing Moved to Aug. 29
The U.S. Bankruptcy Court for the District of Puerto Rico moved
the hearing on Adler Group Inc.'s disclosure statement to August
29 from August 8. The hearing will take place at 9:00 a.m., at
Courtroom 3.

                     About Adler Group Inc.

Adler Group Inc. owns the Caguas Military property located at Carr
189 km 3.1 (interior) Rincon Ward, Gurabo Puerto Rico, which is
valued at $3 million.  It holds inventory and equipment worth
$513,870.  For 2015, the Company posted gross revenue of $1.61
million 2015 and gross revenue of $1.91 million for 2014.

Adler Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-02727) on April 20, 2017.  In the
petition signed by Jose Torres Gonzalez, authorized
the Debtor disclosed $3.52 million in assets and $4.43 million in

The case is assigned to Judge Mildred Caban Flores.

The Debtor hired MRO Attorneys at Law, LLC, as bankruptcy counsel.

BKH ACQUISITION: S&P Raises CCR to to 'CCC+', Outlook Stable
S&P Global Ratings raised its corporate credit rating on Puerto
Rico-based BKH Acquisition Corp. (BKH) to 'CCC+' from 'CCC-'. The
outlook is stable.

S&P said, "Subsequently, we withdrew our corporate credit rating
on BKH Acquisition Corp. at the issuer's request because it has
refinanced its capital structure and no longer requires credit
ratings under its new credit agreements.

"At the same time, we withdrew our 'CCC-' issue-level rating on
the company's $10 million first-lien revolver due 2018 and $110.5
million first-lien term loan due 2019 and our 'C' issue-level
rating on its $64.3 million pay-in-kind (PIK) second-lien term
loan because they have been repaid.

The upgrade reflects the company's improved liquidity after
addressing the near-term maturities of its entire capital
structure. The refinancing transaction has altered our prior view
that the company would be unable to refinance its entire capital
structure ahead of its maturities because it continues to face
very challenging economic conditions in Puerto Rico, which were
worsened by the arrival of Hurricane Maria late in 2017.

The stable outlook on BKH at the time of the withdrawal reflected
our expectation that the company would maintain sufficient
liquidity to meet its obligations during the next 12 months under
its new capital structure. It also reflected our belief that it
would maintain an adequate and sufficient cushion under its
financial covenants over the next 12 months. We are no longer
maintaining surveillance on the company following the repayment of
its rated debt.

CHASE MONARCH: Ct. Won't Review Ruling on Medawar Lease Agreement
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico denied Debtor Chase Monarch International,
Inc.'s Motion for Reconsideration of the Opinion and Order entered
by the Court on Jan. 24, 2018.

This matter stems from the court's Opinion and Order which
determined that the lease agreement between the Debtor and
Creditor Cherif Medawar was legally binding under state law,
legally terminated on Oct. 31, 2017, and was therefore not
property of the Debtor's estate. Debtor requests a reconsideration
of the Opinion and Order and/or to alter and/or Amend Judgment
and/or for relief from a Judgment or order, pursuant to Federal
Rules of Civil Procedure 59(a)(2) and 60(b)(6). Debtor contends
that the court erred in its interpretation and/or determination
that the notice to cure and the termination notice were valid and
complied with the Lease Contract Agreement dated Sept. 5, 2017.

Upon review of the Debtor's arguments, the court determines that
the evaluation of the evidence demonstrates that no error was
committed. Moreover, Debtor has failed to bring new evidence
before the court. Debtor has rehashed the same arguments
previously brought before the court in its opposition and its sur-
reply to the request for order to surrender the premises. Debtor
fails to establish any of the required legal factors for
reconsideration under Rules 59 and 60. After considering the
factual and legal arguments brought forth, the court finds that
Debtor's motion neither provides the court with genuine reasons
why it should revisit the prior Opinion & Order, nor compelling
facts or law in support of reversing the prior decision. Granting
a motion for reconsideration under Rules 9023 and 9024 is
generally viewed with disfavor by the courts, and a regurgitation
of the previous arguments now being set forth by Debtor do not
provide any reason to justify relief from this court's Opinion &

The Court, thus, determines that Debtor is not entitled to

A full-text copy of the Court's Order and Opinion dated June 10,
2018 is available at:

          About Chase Monarch International, Inc.

Chase Monarch International, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06841) on November 14, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Hector Juan Figueroa Vincenty, Esq.

TOYS R US: Court OKs Assignment of Brea I Lease to BCFWC
Toys "R" Us -- Delaware, Inc., one of the Debtors in the jointly
administered chapter 11 cases captioned In re: Toys "R" Us, Inc.,
et al., Chapter 11, Debtors, Case No. 17-34665-KLP, (Jointly
Administered) (Bankr. E.D. Va.) currently rents space in a retail
shopping center from Brea Union Plaza I. TRU, in connection with a
court-approved auction of certain real property and unexpired
leases, is seeking final approval of the assumption and assignment
of its lease with Brea I to Burlington Coat Factory Warehouse
Corporation. Brea I objects to the proposed assignment, asserting
that TRU has not satisfied the adequate assurance of future
performance requirements of 11 U.S.C. section 365(b)(3) because
the assignment to Burlington would violate the exclusivity
provision of another lease in the shopping center and would
disrupt the shopping center's tenant mix and balance.

An evidentiary hearing was conducted on May 10, 2018. After
carefully considering the evidence and submissions of the parties,
Bankruptcy Judge Keith L. Phillips overruled Brea I's objections.

The parties agree that Brea Union Plaza constitutes a "shopping
center" as that term is used in 11 U.S.C. section 365(b)(3) and
that the Lease is "an unexpired lease of nonresidential real
property under which the debtor is the lessee" as that phrase is
used in 11 U.S.C.section 365(d)(4)(A). The Debtors' proposed
assignment of the Lease to Burlington must, therefore, satisfy the
"adequate assurance of future performance of a lease of real
property in a shopping center" requirement set forth in 11 U.S.C.
section 365(b)(3).

Section 365(b)(3) of the Bankruptcy Code has four subsections
applicable to shopping centers, including subsections (C) and (D),
which are at issue in this case. Subsection (C) requires adequate
assurance "that assumption or assignment of such lease is subject
to all the provisions thereof, including (but not limited to)
provisions such as a radius, location, use, or exclusivity
provision, and will not breach any such provision contained in any
other lease, financing agreement, or master agreement relating to
such shopping center." Subsection (D) requires adequate assurance
"that assumption or assignment of such lease will not disrupt any
tenant mix or balance in such shopping center."

The Court finds that assumption and assignment of the Lease to
Burlington will not breach the exclusivity provision contained in
the Ross Lease -- lease executed by Brea I with Ross Dress for
Less on Oct. 1, 2009. The provision prohibiting Brea I from
allowing a tenant to use the Premises to sell off-price apparel
applies only if Brea I "has the capacity to do so." As the court
observed in Martin Paint Stores, a court order approving the
assumption and assignment of a lease is a judicial action that may
render the landlord unable to comply with a restriction contained
in another lease. "The law excuses performance that has been
rendered legally impossible." Here, approval of the assumption and
assignment of the Lease to Burlington pursuant to section 365
renders Brea I without the capacity to prevent Burlington's
intended use, an occurrence that may have been contemplated when
the terms of the Ross Lease were negotiated. Accordingly, there
has been no showing that the adequate protection requirement of
section 365(b)(3)(C) is unmet.

Brea I's contention that the Debtors are unable to provide
adequate assurance under 11 U.S.C. section 365(b)(3)(D) fails in
light of the record and legal precedent. The court in In re Ames
Department Stores, Inc. stated that section 365(b)(3)(D) "must be
interpreted to refer to contractual protections and not undefined
notions of tenant mix." Finding no contractual provisions
requiring the assignee to comply with the requirements of any
master agreement or to preserve tenant mix and location, the court
found that the assignment sought in Ames did not violate section
365(b)(3)(D).5 Similarly, Brea I has pointed to no provisions in
the Lease or any applicable master agreement relating to tenant
mix and balance that would prohibit the assignment of the Lease to

Aside from the lack of adequate protection, there is insufficient
evidence to support a finding that assignment of the Lease to
Burlington will disrupt the existing tenant mix and balance in
Brea Union Plaza. The Stipulations include a brief description of
the nature of the other tenants' businesses, but these brief
descriptions fall short of establishing that there was an intended
tenant mix. In a shopping center with 43 tenants, only two
primarily sell "off-price" apparel. Brea I has not demonstrated
that a third "off-price" retailer will disrupt the tenant mix and

In light of Brea I's failure to show that its contractual rights
will be violated by the assignment of the Lease to Burlington, the
Court will not prohibit the proposed assumption and assignment.
The Debtors have met their burden under section 365(b)(1) and (3)
of providing adequate assurance of future performance. The Court
finds that the assumption and assignment of the Lease to
Burlington is in the best interests of the Debtors' Estates.

A full-text copy of the Court's Memorandum Opinion and Order dated
May 24, 2018 is available at from

Toys "R" Us, Inc., Debtor, represented by Peter J. Barrett -- -- Kutak Rock L.L.P., Michael A.
Condyles -- -- Kutak Rock LLP, Loc
Pfeiffer -- -- Kutak Rock LLP & Jeremy
S. Williams -- -- Kutak Rock LLP.

Judy A. Robbins & William K. Harrington, U.S. Trustees,
represented by Shannon Pecoraro, Office of the U.S. Trustee &
Robert B. Van Arsdale, Office of the U. S. Trustee.

Official Committee of Unsecured Creditors, Creditor Committee,
represented by Olga Antle --  -- Wolcott Rivers
Gates, Cullen Drescher Speckhart -- --
Wolcott Rivers Gates & Joshua David Stiff -- --
Wolcott Rivers Gates.

DLC Management Corp., Creditor Committee, represented by Joseph D.
Wilson, Kelley Drye & Warren LLP.

                    About Toys R Us, Inc.

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise was 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 was 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
U.S. 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, were 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.  Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
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.

                         Propco I Debtors

Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States.  The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for
all of TRU's North American businesses, which operates the
majority of the properties as Toys "R" Us stores, Babies "R" Us
stores or side-by-side stores, or subleases them to alternative

Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey.  Toys 'R' Us Property operates as a subsidiary
of Toys "R" Us Inc.

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE
II Trust, and Wayne Real Estate Company LLC (collectively, "Propco
I Debtors") sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Lead Case  No. 18-31429) on March 20, 2018.
The Propco I Debtors sought and obtained procedural consolidation
and joint administration of their Chapter 11 cases, separate from
the Toys "R" Us Debtors' Chapter 11 cases.

The Propco I Debtors estimated assets of $500 million to $1
billion and liabilities of $500 million to $1 billion.

Judge Keith L. Phillips presides over the Propco I Debtors' cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP.  They hired Goldin Associates,
LLC, as financial advisors.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Reaffirms Trade Ties With Cuba
Trinidad Express reports that Minister of Trade and Industry Paula
Gopee-Scoon recently met with Cuba's Vice Minister of Foreign
Affairs Rogelio Sierra Diaz to discuss, among other things,
opportunities for increased trade with Cuba.

Trinidad and Tobago is currently Cuba's largest Caricom trading
partner, recording 80 per cent of trade in the region, according
to Trinidad Express.

The report notes that Sierra Diaz said his visit was part of the
active re-engagement of partners under the leadership of Cuba's
new president, Miguel Diaz-Canel, who was elected earlier this

TRINIDAD & TOBAGO: Requests Audit Reports of Carnival
Ria Taitt at Trinidad Express reports that Cabinet has directed
that the audit reports of three special interest groups (SIGs)
associated with Carnival be sent to the Auditor General, for
specific recommendations to the Ministry of Community Development,
Culture and the Arts.

"Cabinet has requested an urgent response -- within one month,
from the Auditor General," Minister Nyan Gadsby-Dolly said in a
statement to Parliament, according to Trinidad Express.

This will facilitate the necessary adjustments in financial
arrangements for Carnival 2019 between the National Carnival
Commission (NCC) and the SIGs which sit on its board," she added,
the report notes.


* BOND PRICING: For the Week From June 18 to June 22, 2018

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD


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
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Information contained herein is obtained from sources believed to
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