TCRLA_Public/180809.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

            Thursday, August 9, 2018, Vol. 19, No. 157


                            Headlines



A R G E N T I N A

ALBANESI SA: Becomes First Casualty of Graft Probe
ALBANESI SA: Fitch Cuts LT IDR to B-; Places Ratings on Watch Neg.
ARGENTINA: Issuers to Sell $5 Billion of Debt by March, Itau Says
ARGENTINA: Ex VP Boudou Sentenced to Prison for Corruption


B R A Z I L

BRAZIL: Reopens Border With Venezuela After Court Ruling
TECHO SA: S&P Withdraws 'B-' Long-Term Issuer Credit Ratings
PETROBRAS: Bishop Appeals Settlement Approval in Securities Suit


M E X I C O

CHIAPAS STATE: Moody's Affirms Ba2 Issuer Ratings, Outlook Neg.


N I C A R A G U A

NICARAGUA: 197 Dead in Crisis, Less Than NGOs' Inflated Toll


P U E R T O    R I C O

NATIONAL STORES: Files Chapter 11 to Facilitate Restructuring
NATIONAL STORES: Case Summary & 30 Largest Unsecured Creditors
RISE ENTERPRISES: Pending Talks With Creditors Delay Plan Filing
RISE ENTERPRISES: Unsecured Claimants to Receive 5% Over 72 Months


                            - - - - -


=================
A R G E N T I N A
=================


ALBANESI SA: Becomes First Casualty of Graft Probe
--------------------------------------------------
Pablo Rosendo Gonzalez and Carolina Millan at Bloomberg News
report that Argentine power generator Albanesi SA has become the
first corporate casualty of a federal corruption investigation
after its chairman was arrested, forcing the company to cancel a
planned bond sale.

The debt deal was scrapped after Armando Loson, Albanesi's
chairman and head of the family that is the controlling
shareholder, was detained together with 10 business executives and
former public employees as part of an alleged graft case that is
still under seal, according to Bloomberg News.  The company's $336
million of bonds due in 2023 tumbled to trade as low as 87.88
cents on the dollar, down from par earlier last month, according
to Trace data compiled across several smaller trades on Aug. 1.

Albanesi officials declined to comment by phone, notes the report.

The detentions followed a report in local papers which revealed
that a driver of a former official at the Planning Ministry led by
Julio de Vido, who is already under arrest, kept detailed notes on
funds given to public and private officials, Bloomberg News
relays.  In June 2016, Argentina was rocked when former Public
Works Secretary Jose Lopez was caught hurling bags of money over
the walls of a monastery in a sleepy town outside Buenos Aires,
Bloomberg News recalls. Federal Judge Claudio Bonadio is leading
the new investigation, Bloomberg News says.

Albanesi canceled the sale of as much as $70 million of dollar-
denominated local bonds with an 18-month maturity that was planned
to happen Aug. 2, according to a filing to the local exchange,
Bloomberg News says.  The bond deal is now uncertain, according to
people with knowledge of the situation, who asked not to be named
as the matter is private, adds the report.

Proceeds from the bond sale were going to be used to repay an $80
million maturity the company faces on Oct. 25, Bloomberg News
relays.  Albanesi had $25 million in cash as of the end of the
first quarter, says Bloomberg.


ALBANESI SA: Fitch Cuts LT IDR to B-; Places Ratings on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded Albanesi S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings to 'B-' from 'B' and 'BB-',
respectively and placed both ratings on Rating Watch Negative.
Fitch has also downgraded Central Termica Roca, Generacion
Mediterranea SA co-issued senior unsecured notes to 'B-'/ 'RR4'
from 'B+'/ 'RR3', guaranteed by Albanesi S.A. These notes remain
on Negative Watch. Each of the issuers and Albanesi S.A. are
jointly and severally liable for any payment obligations under the
notes.

Albanesi's ratings reflect its weakened liquidity profile due to
the recent news that the company's Chairman and principal
shareholder, Armando Roberto Loson, was arrested as part of a
federal graft investigation. As a result, Albanesi's access to
funding could be compromised and liquidity pressured as the
company decided to suspend its planned local currency issuance for
2018. Albanesi expected to use the proceeds from this issuance to
refinance debt and general corporate purposes. Albanesi's
liquidity profile is more challenged given the current federal
investigation and the heightened reputational and refinancing risk
due to this event as it pursues its expansion plan to add 275MW by
1H2020 while meeting its existing debt obligations or refinance
its short-term debt.

The Negative Rating Watch reflects the increased uncertainty of
Albanesi ability to refinance or push out short-term maturities
coupled with unknown direct or indirect implications the federal
investigation could have, if any, on the company.

KEY RATING DRIVERS

Legal Uncertainty Surrounding Principal Shareholder: Albanesi's
former Chairman and principal shareholder, Armando Roberto Loson
arrest as part of a federal graft investigation creates legal
uncertainties for the company and its ability to access financing
to fund contracted expansionary capex and to roll-over debt
maturities. Mr. Loson, Albanesi's chairman prior to the arrest,
and head of the family that is the controlling shareholder, was
detained along with 10 business executives and former public
employees as part of an alleged graft case that is still
confidential. Fitch believes there is material uncertainty of how
this arrest could impact the company. As of the publication of
this RAC, Albanesi and its subsidiaries are not under
investigation, and Mr. Loson has taken six months leave of
absence.

Challenged Liquidity Profile: Fitch believes the cancellation of
the company's planned local currency issuance schedule for 2018,
weakens the company's ability to raise financing to refinance debt
and finance its capex plans to add an additional 275MW of
installed capacity by 1H2020. As of 1Q2018, Albanesi has ARS828.0
million or USD41.2 million of debt due to mature in 2018, with a
reported cash balance of ARS360.7 million or USD17.9 million. In
the same period, Albanesi has ARS 1,195 million or USD59.5 million
of debt coming due in 2019, with USD 43.1 million in USD
denominated bank loans with a weighted average coupon of 5.32% due
between January and July 2019, and USD16.4 million ARS note with a
rate of BALDAR plus 4%.

Heightened Counterparty Exposure: Albanesi, just as all generation
companies in Argentina, depends on payments from CAMMESA, which
acts as an agent on behalf of an association representing agents
of electricity generators, transmission, distribution and large
consumers or the wholesale market participants (Mercado Mayorista
Electrico or MEM). Although over the past 18 months CAMMESA's
payment track record has been consistent and on time,
historically, payments have been volatile given that the agency
depends partially on the Argentine government for funds to make
payments.

Albanesi is exposed to potential delays in payment from CAMMESA
and also to risks in fuel supply, as the government's agency
centralizes the country's fuel imports. Furthermore, the recent
sharp Argentine peso depreciation highlights the system's FX
exposure and increases the probability the government will not
subsidize the market in a timely fashion. As of June 2018, CAMMESA
has been able to comply with its commercial agreements of
providing payments within 42 s, even after the recent peso
depreciation. Fitch estimates that Albanesi's working capital
requirements and funding needs for expansions afford the company
little flexibility in payment delays from CAMMESA.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the
uncertainty that the Macri administration will be able to
effectively implement the required electricity regulatory tariffs
adjustments in order for the system to be self-sustainable. The
companies' operate in a highly strategic sector where the
government both has a role as the price/tariff regulator and also
controls subsidies for industry players. Electricity prices
continue to remain sub-optimal compared with other countries in
the region and, given the current macroeconomic challenges
Argentina is facing, there is further uncertainty. Fitch assumes
the Macri administration continues to be committed to and
prioritizes developing a long-term sustainable regulatory
environment, moving toward a more unregulated market and reducing
the deficit.

Credit Metrics and Financing Needs: Albanesi's cash flow
generation is relatively stable and predictable, if CAMMESA
continues to pay on time. As of 1Q18, 84% of the company's EBITDA
related to long-term take or pay contracts with CAMMESA
denominated in U.S. dollars, with Resolution 220/07 comprising of
64% and Res 21/2016 being 20%. Additionally, under the New Energia
Base Resolution 19/2017, 100% of the company's revenues were
denominated in U.S. dollars. As of LTM 1Q18, Albanesi's total
debt/EBITDA ratio dropped to 4.7x from 6.2x in year-end 2017,
Fitch estimates Albanesi's will need to raise additional funds to
finance its 275MW expansion projects due 1H2020.

DERIVATION SUMMARY

Albanesi's Foreign and Local currency Rating of 'B-' is due to its
weakened liquidity, higher leverage when compared to Local
Argentine peers coupled with its need for additional financing to
complete its expansion plans by 1H2020. Albanesi's rated Argentine
utility peers are: Capex (B/Stable), Pampa Energia (B/Stable),
Genneia (B/Stable), AES Argentina (B/Stable) and Rio
Energy/UGEN/UENSA (MSU Energy, B/Stable). Albanesi's peers each
have a Local Currency Rating on Negative Watch. The Negative watch
reflects the Argentina's electricity sector's increased reliance
on government subsidies primarily due to the Argentine peso
depreciation, which increases counterparty risk for the country's
generation companies.

Albanesi's gross leverage measured as total debt to EBITDA as of
LTM 1Q18 of 4.7x is weaker when compared to Capex's (2.8x), AES
Argentina (2.3x), Pampa Energia (3.6x), but lower than Genneia's
(5.1x) and MSU Energy (5.8x). Similar to Albanesi, MSU Energy and
Genneia are in the midst of expanding their installed capacity to
meet PPA's awarded since 2016. MSU Energy's expansion project is
more comparable to Albanesi's as both are adding combined-cycle
capacity due 1H2020 under the same resolutions; while Genneia's
expansion is concentrated on renewable projects, under the RenovAR
program where select projects ultimately have a guarantee from the
World Bank. MSU Energy and Albanesi are expected to increase
leverage to finance debt. Both companies working capital are
vulnerable to delays in payments from CAMMESA. Albanesi currently
has a weaker liquidity structure and debt profile with USD59.5
million of debt coming due in 2019 followed by USD87.5 million in
2020 compared to MSU's first material maturity in 2025.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - The Argentine government will continue to subsidize the
Electricity sector to assure CAMMESA payments are made within 42
s;

  - Further regulatory adjustments to tariffs that promote a more
independent market less reliant on support from the Argentine
government.

  - Installed capacity for Albanesi S.A and guarantors of 1,350MW
in operation increasing to 1,625MW in 2020. Main increased in
installed capacity due in 2020 PP M. Maranzana (125MW), PP Ezeiza
(150MW);

  - All additional installed capacity is contracted under Res-220
and 21/2016;

  - Approximately 60% of the installed capacity contracted under
Res-220/21, Res. 21/2016 and Res. 287/2017 increasing to 70% by
2020;

  - Res 220 prices and Energia plus prices remaining flat;

  - Base energy prices will increase to USD9.6/MWh by 2019;

  - Average FX rate of $26.10, $33.40 and $38.70 for 2018 to 2020.

RATING SENSITIVITIES

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

  - Given the issuer's high dependence on the subsidies by CAMMESA
from the Treasury, any further regulatory developments leading to
a more independent market less reliant on support from the
Argentine government could positively affect the company's
collections/cash flow;

   - Ability to refinance short-term debt coming due by 2019
and/or raising financing for expansion capex;

  - Cleared or exempt from any legal proceedings and/or
liabilities pertaining to its shareholder, Mr. Loson's, corruption
charges and federal investigation.

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

  - Inability to refinance short-term debt coming due by 2019 or
raise funds for capex expansion;

  - A change in the company's contractual mix and / or
deterioration on the regulatory framework that could affect the
company's ability to generate revenues under the Energia plus and
Res 220/07 frameworks.

  - A reversal of government policies that result in a significant
increase in subsidies and/or a delay in payments for electricity
sales.

  - A significant deterioration of credit metrics and/or
significant payment delays from CAMMESA

LIQUIDITY

Stressed Liquidity: On a combined basis, Albanesi S.A. and Central
Termica Roca S.A. readily available cash of USD17.9 million at the
end of 1Q18 compared to USD12 million in the end of 2018. The
company has announced it has suspended its local bond issuance
scheduled before October 2018, due to the recent announcement that
it's Chairman's arrest. Fitch estimates Albanesi has USD59.5
million debt due to mature in 2019 followed by USD87.5 million in
2020.

FULL LIST OF RATING ACTIONS

Albanesi S.A.:

  -- Long-Term Foreign Currency Issuer Default Rating (IDR)
downgraded to 'B-' from 'B' placed on Rating Watch Negative;

  -- Long-Term Local Currency IDR downgraded to 'B-' from 'BB-'
maintain Rating Watch Negative.

Central Termica Roca S.A.:

  -- International senior unsecured bond rating downgraded to 'B-
/RR4' from 'B+/RR3' maintained on Rating Watch Negative.

Generacion Mediterranea S.A.:

  -- International senior unsecured bond rating downgraded to 'B-
/RR4' from 'B+/RR3' maintained on Rating Watch Negative.


ARGENTINA: Issuers to Sell $5 Billion of Debt by March, Itau Says
-----------------------------------------------------------------
Pablo Rosendo Gonzalez at Bloomberg News reports that Argentine
companies will sell at least $5 billion of overseas bonds by
March, reopening a window that has been closed for the past three
months amid economic volatility, according to the head of Itau
Unibanco Holding SA's international fixed-income unit.

Between $3 billion and $4 billion will be sold by a group of firms
recently awarded public-private contracts to build roads, while
the remainder will come from blue-chip companies, according to
Baruc Saez, Bloomberg News notes.  He doesn't expect the federal
government or provinces to issue debt before the end of the first
quarter, helping boost demand for the corporate notes, according
to Bloomberg News.

"Argentine issuers will start selling international debt in
September," Mr. Saez, who is based in New York, said in an
interview during a visit to Buenos Aires, Bloomberg News relays.
"The market will be able to easily digest $5 billion of bonds."

Bloomberg News relays that a return to capital markets will test
appetite for debt from the country following a currency wipeout
earlier this year that compelled the government to seek a bailout
from the International Monetary Fund.  The bonds from the public-
private projects will be treated as quasi-sovereigns and gauge
investors' tolerance for taking on government debt in particular,
Bloomberg News relays. The cost to insure the country's
international debt with credit-default swaps is now almost twice
as high as it was in January, Bloomberg News discloses.

Argentine governments and companies issued $26 billion of overseas
debt last year, Bloomberg News says.  So far this year, the
Argentine government has sold $9 billion, while corporate and sub-
sovereigns have sold $2 billion, Bloomberg News relays.  Telecom
Argentina SA had to pull a $1 billion bond sale in April amid
market turmoil, and no company has issued since then, Bloomberg
News adds.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

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

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


ARGENTINA: Ex VP Boudou Sentenced to Prison for Corruption
----------------------------------------------------------
Luis Andres Henao at Associated Press reports that a court in
Argentina sentenced former Vice President Amado Boudou to five
years and 10 months in prison for bribery and conducting business
incompatible with public office.

The decision is a hard fall from grace for Mr. Boudou, 55, who
also served as economy minister during the 2007-2015
administration of President Cristina Fernandez, and who was the
first sitting Argentine vice president to face such charges,
according to Associated Press.

The report notes that the court also banned Mr. Bodou for life
from elective office, fined him about $3,200 and ordered him to be
immediately sent to a local jail.  He denied any wrongdoing in
court and dismissed the accusations as politically motivated.

Five other people were sentenced and the sentences can be
appealed, the report relays.

The investigation was launched in 2012 following reports in the
local press, the report notes.  Mr. Boudou was accused of using
shell companies and secret middlemen to gain control of a company
that was given contracts to print Argentine currency as well as
material for Fernandez's election campaign, the report discloses.

In a separate case, Mr. Boudou was arrested in early November 2017
on charges of money laundering and illicit association, the report
relays.  He was released from jail in January after a court ruled
that he was unlikely to interfere in the case against him, which
was the original reason he was jailed pending trial, the report
notes.

Authorities carried out raids and arrested at least a dozen
business leaders and former government officials, while a local
judge called on Fernandez to testify Aug. 13, the report relays.

Some have compared it to "Operation Car Wash," the widespread
corruption probe that has shaken Brazil's elite by uncovering
billions of dollars in bribes and kickbacks and that has resulted
in the jailing of many of its most powerful business leaders and
former President Luiz Inacio Lula da Silva, the report notes.

Mr. Fernandez is currently a senator, a post that grants her
immunity from prosecution, the report discloses.  She has not
spoken publicly since the scandal that was originally reported in
the local press broke out, the report says.

The former leader was indicted in 2016 and faces accusations in
other cases involving alleged money laundering, possible illegal
enrichment and fraud. She has denied wrongdoing, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

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

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


===========
B R A Z I L
===========


BRAZIL: Reopens Border With Venezuela After Court Ruling
--------------------------------------------------------
EFE News reports that Brazil has reopened its northern border with
Venezuela after a federal judge annulled a ruling that barred
immigrants from entering the country.

Border entry points were opened again following a ruling by an
appellate court revoking the measure adopted Sun by federal judge
Helder Girao Barreto, EFE News reported.

According to the media, at least 100 Venezuelans were held up at
the border following the ruling, EFE News says.

Judge Kassio Marques, as per a request by Brazil's attorney
general -- stated that "closing the border means not regarding
immigrants and Brazilians as equals," EFE News relays.

The entry point was closed at as per Mr. Barreto's orders, who
said the measure would remain in place until a "balance" is
reached between the number of incoming Venezuelans and migrants
leaving to other cities, EFE News relays.

Mr. Barreto conditioned the influx of Venezuelans to the process
implemented by the federal government that relocates immigrants
entering Roraima to other cities, in an effort to ease the
pressure inflicted on Brazil's poorest state, EFE News relays.

The state -- which has received some 50,000 Venezuelans in the
past 7 months -- requested the federal government to temporarily
close the border due to the "federal government's inability to
live up to its constitutional role of controlling the border," EFE
News adds.


TECHO SA: S&P Withdraws 'B-' Long-Term Issuer Credit Ratings
------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit
ratings on Bolivian real estate developers Techo S.A., El Pahuichi
S.R.L, and Techo en el Urubo S.R.L. at the companies' request. The
outlook on the three entities was stable at the time of the
withdrawal.


PETROBRAS: Bishop Appeals Settlement Approval in Securities Suit
----------------------------------------------------------------
Objectors Catherine O. Bishop and Mathis B. Bishop filed an appeal
from a judgment that approved the settlement agreement and awarded
attorney's fees in the consolidated litigation titled In re:
Petrobras Securities Litigation, Case No. 1:14-cv-09662-JSR, in
the U.S. District Court for the Southern District of New York (New
York City).

As reported in the Class Action Reporter on July 18, 2018, Jeremy
Lieberman, Esq., and his partners at the securities class action
firm Pomerantz are about $171 million richer, after U.S. District
Judge Jed Rakoff of Manhattan issued a decision on June 25
granting final approval of a $3 billion securities class action
settlement against the Brazilian energy company Petrobras and one
of its auditors.

Pomerantz, one of three lead firms in the case, did the bulk of
the work, so it's receiving the lion's share of the total $186.5
million Judge Rakoff awarded class counsel for obtaining an
"exceptional" result in a risky case without a foreordained
outcome.

The appellate case is captioned as In re: Petrobras Securities
Litigation, Case No. 18-2120, in the United States Court of
Appeals for the Second Circuit.

The Bishops, of San Antonio, Texas, appears pro se.[BN]

Lead Plaintiff Universities Superannuation Scheme Limited is
represented by:

          Emma Gilmore, Esq.
          Jeremy Alan Lieberman, Esq.
          Marc Ian Gross, Esq.
          Adam G. Kurtz, Esq.
          Brenda F. Szydlo, Esq.
          Jennifer Banner Sobers, Esq.
          John Anthony Kehoe, Esq.
          Justin Solomon Nematzadeh, Esq.
          Marc Christian Gorrie, Esq.
          Susan Jessica Weiswasser, Esq.
          POMERANTZ LLP
          600 Third Ave, 20th Floor
          New York, NY 10016
          Telephone: (212) 661-1100
          Facsimile: (212) 661-8665
          E-mail: egilmore@pomlaw.com
                  jalieberman@pomlaw.com
                  migross@pomlaw.com
                  agkurtz@pomlaw.com
                  bszydlo@pomlaw.com
                  jbsobers@pomlaw.com
                  jkehoe@pomlaw.com
                  jnematzadeh@pomlaw.com
                  mgorrie@pomlaw.com
                  sjweiswasser@pomlaw.com

               - and -

          Jennifer Pafiti, Esq.
          POMERANTZ LLP
          468 North Camden Drive
          Beverly Hills, CA 90210
          Telephone: (310) 285-5330
          E-mail: jpafiti@rgrdlaw.com

               - and -

          Patrick Vincent Dahlstrom, Esq.
          POMERANTZ LLP
          10 South LaSalle Street, Suite 3505
          Chicago, IL 60603
          Telephone: (212) 661-1100
          Facsimile: (212) 661-8665
          E-mail: pdahlstrom@pomlaw.com

Consolidated Plaintiff Louis Kennedy, Individually and on behalf
of all others similarly situated, is represented by:

          Brian Philip Murray, Esq.
          GLANCY PRONGAY & MURRAY LLP
          230 Park Avenue, Suite 530
          New York, NY 10169
          Telephone: (212) 682-5340
          Facsimile: (212) 884-0988
          E-mail: bmurray@glancylaw.com

               - and -

          Gregory Bradley Linkh, Esq.
          GLANCY BINKOW & GOLDBERG LLP (NYC2)
          77 Water Street, 7th Floor
          New York, NY 10005
          Telephone: (646) 722-4180
          E-mail: glinkh@glancylaw.com

               - and -

          Casey Edwards Sadler, Esq.
          Lionel Z. Glancy, Esq.
          Michael Goldberg, Esq.
          Robert Vincent Prongay, Esq.
          GLANCY BINKOW & GOLDBERG LLP
          1925 Century Park East, Suite 2100
          Los Angeles, CA 90067
          Telephone: (310) 201-9150
          Facsimile: (310) 201-9160
          E-mail: csadler@glancylaw.com
                  lglancy@glancylaw.com
                  mgoldberg@glancylaw.com
                  rprongay@glancylaw.com

Consolidated Plaintiff Ken Ngo, Individually and On Behalf of all
others Similarly Situated, is represented by:

          Erica Lauren Stone, Esq.
          Laurence Matthew Rosen, Esq.
          THE ROSEN LAW FIRM, P.A.
          275 Madison Avenue, 34th Floor
          New York, NY 10016
          Telephone: (212) 686-1060
          Facsimile: (212) 202-3827
          E-mail: estone@rosenlegal.com
                  lrosen@rosenlegal.com

Consolidated Plaintiff Jonathan Messing, Individually and on
behalf of all others similarly situated, is represented by:

          Francis Paul McConville, Esq.
          POMERANTZ LLP (NYC)
          600 Third Avenue, 20th Floor
          New York, NY 10016
          Telephone: (212) 661-1100
          Facsimile: (212) 661-8665
          E-mail: fmcconville@labaton.com

               - and -

          Jeremy Alan Lieberman, Esq.
          POMERANTZ LLP
          600 Third Ave, 20th Floor
          New York, NY 10016
          Telephone: (212) 661-1100
          Facsimile: (212) 661-8665
          E-mail: jalieberman@pomlaw.com

Movant Petrobras Plaintiff Group is represented by:

          Alexis L. Collins, Esq.
          Anna Karass, Esq.
          William Thomas, Esq.
          CLEARY GOTTLIEB STEEN & HAMILTON LLP
          2000 Pennsylvania Avenue, NW
          Washington, DC 20006
          Telephone: (202) 974-1519
          Facsimile: (202) 974-1999
          E-mail: alcollins@cgsh.com
                  akarass@cgsh.com
                  wthomas@cgsh.com

               - and -

          Jason Robert D'Agnenica, Esq.
          STULL STULL & BRODY
          6 East 45th Street, 5th Floor
          New York, NY 10017
          Telephone: (212) 687-7230
          Facsimile: (212) 490-2022
          E-mail: jasondag@ssbny.com

Defendant Petroleo Brasileiro S.A.- Petrobras is represented by:

          Mitchell A. Lowenthal, Esq.
          Roger Allen Cooper, Esq.
          Lewis J. Liman, Esq.
          CLEARY GOTTLIEB
          One Liberty Plaza
          New York, NY 10006
          Telephone: (212) 225-2000
          Facsimile: (212) 225-3499
          E-mail: mlowenthal@cgsh.com
                  racooper@cgsh.com
                  lliman@cgsh.com

               - and -

          David L. Schwarz, Esq.
          Joshua D. Branson, Esq.
          KELLOGG, HANSEN, TODD, FIGEL & FREDERICK PLLC
          1615 M Street, N.W., Suite 400
          Washington, DC 20036
          Telephone: (202) 326-7900
          Facsimile: (202) 326-7999
          E-mail: dschwarz@kellogghansen.com
                  jbranson@kellogghansen.com

Defendant Jose Sergio Gabrielli is represented by:

          Roger Allen Cooper, Esq.
          Elizabeth Vicens, Esq.
          CLEARY GOTTLIEB
          One Liberty Plaza
          New York, NY 10006
          Telephone: (212) 225-2000
          Facsimile: (212) 225-3499
          E-mail: racooper@cgsh.com
                  evicens@cgsh.com

               - and -

          Edward M. Spiro, Esq.
          Elkan Abramowitz, Esq.
          Howard Adam Locker, Esq.
          Jasmine Marie Juteau, Esq.
          MORVILLO, ABRAMOWITZ, GRAND, IASON, & ANELLO P.C.
          565 5th Avenue
          New York, NY 10017
          Telephone: (212) 880-9460
          Facsimile: (212) 856-9494
          E-mail: espiro@magislaw.com
                  eabramowitz@maglaw.com
                  hlocker@maglaw.com
                  jjuteau@maglaw.com

Defendant PrivewaterhouseCoopers Auditores Independentes is
represented by:

          Israel Dahan, Esq.
          James J. Capra, Jr., Esq.
          Lauren Webb Mitchell, Esq.
          KING & SPALDING LLP
          1185 Avenue of the Americas
          New York, NY 10036
          Telephone: (212) 556-2100
          Facsimile: (212) 556-2222
          E-mail: idahan@kslaw.com
                  jcapra@kslaw.com
                  lmitchell@kslaw.com

               - and -

          Kenneth Yeatts Turnbull, Esq.
          Michael Pauze, Esq.
          KING & SPALDING LLP
          1700 Pennsylvania Avenue, N.W.
          Washington, DC 20006-4706
          Telephone: (202) 626-2644
          Facsimile: (202) 626-2644
          E-mail: kturnbull@kslaw.com
                  mpauze@kslaw.com

Defendant BB Securities Ltd. is represented by:

          Albert L. Hogan, III, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM, LLP
          155 North Wacker Drive, Suite 2700
          Chicago, IL 60606-1720
          Telephone: (312) 407-0700
          Facsimile: (312) 407-0411
          E-mail: al.hogan@skadden.com

               - and -

          Jeremy A. Berman, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          Four Times Square
          New York, NY 10036
          Telephone: (212) 735-2032
          Facsimile: (917) 777-2032
          E-mail: jberman@skadden.com

               - and -

          Michael Scott Bailey, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          1440 New York Ave., NW
          Washington, DC 20005
          Telephone: (202) 371-7000
          Facsimile: (202) 661-2391
          E-mail: michael.bailey@skadden.com

Defendants BB Securities Ltd., Theodore Marshall Helms, Petrobras
Global Finance, B.V., Petroleo Brasileiro S.A.-Petrobras and
Petrobras America Inc. are represented by:

          Mitchell A. Lowenthal, Esq.
          CLEARY GOTTLIEB
          One Liberty Plaza
          New York, NY 10006
          Telephone: (212) 225-2000
          Facsimile: (212) 225-3499
          E-mail: mlowenthal@cgsh.com

Defendant Theodore Marshall Helms is represented by:

          Andrew Edward Goldsmith, Esq.
          KELLOGG, HANSEN, TODD, FIGEL & FREDERICK PLLC
          1615 M Street, N.W., Suite 400
          Washington, DC 20036
          Telephone: (202) 326-7945
          Facsimile: (202) 326-7999
          E-mail: agoldsmith@kellogghansen.com

               - and -

          Erica Klipper, Esq.
          Jared Mitchell Gerber, Esq.
          Luke Ashe Barefoot, Esq.
          CLEARY GOTTLIEB STEEN & HAMILTON LLP
          One Liberty Plaza
          New York, NY 10006
          Telephone: (212) 225-2766
          Facsimile: (212) 225-3999
          E-mail: eklipper@cgsh.com
                  jgerber@cgsh.com
                  lbarefoot@cgsh.com

Defendants Petrobras Global Finance, B.V., Petroleo Brasileiro
S.A.-Petrobras and Petrobras America Inc. are represented by:

          Andrew Chun-Yang Shen, Esq.
          Joseph Solomon Hall, Esq.
          Kevin J. Miller, Esq.
          Rebecca A. Beynon, Esq.
          Reid Mason Figel, Esq.
          KELLOGG, HANSEN, TODD, FIGEL & FREDERICK PLLC
          1615 M Street, N.W., Suite 400
          Washington, DC 20036
          Telephone: (202) 326-7900
          Facsimile: (202) 326-7999
          E-mail: ashen@kellogghansen.com
                  jhall@kellogghansen.com
                  kmiller@kellogghansen.com
                  rbeynon@kellogghansen.com
                  rfigel@kellogghansen.com

               - and -

          William Evans, Esq.
          CLEARY GOTTLIEB STEEN & HAMILTON LLP
          2000 Pennsylvania Avenue Nw
          Washington, DC 20006
          Telephone: (202) 974-1567
          Facsimile: (202) 974-1999
          E-mail: wevans@cgsh.com

Consolidated Defendant Maria Das Gracas Silva Foster is
represented by:

          Richard Mark Strassberg, Esq.
          Daniel Prugh Roeser, Esq.
          GOODWIN PROCTER, LLP
          The New York Times Building
          620 Eighth Avenue
          New York, NY 10018-1405
          Telephone: (212) 813-8859
          Facsimile: (212) 355-3333
          E-mail: rstrassberg@goodwinprocter.com
                  droeser@goodwinlaw.com

               - and -

          John Owen Farley, Esq.
          William Breslin Brady, Esq.
          GOODWIN PROCTER, LLP
          53 State Street, Exchange Place
          Boston, MA 02109
          Telephone: (617) 570-1983
          Facsimile: (617) 523-1231
          E-mail: jfarley@goodwinprocter.com
                  wbrady@goodwinprocter.com

Consolidated Defendant Josue Christiano Gomes Da Silva is
represented by:

          Howard L. Vickery, II, Esq.
          BOIES, SCHILLER & FLEXNER LLP
          575 Lexington Avenue
          New York, NY 10022
          Telephone: (212) 446-2300
          Facsimile: (212) 446-2350
          E-mail: hvickery@bsfllp.com

Consolidated Defendants BB Securities Ltd., Citigroup Global
Markets Inc., ITAU BBA USA Securities, Inc., Mitsubishi UFJ
Securities (USA), Inc., Merril Lynch, Pierce, Fenner & Smith
Incorporated, Standard Chartered Bank, Bank of China (Hong Kong)
Limited, Banco Bradesco BBI S.A., Banca IMI S.P.A. and Scotia
Capital (USA) Inc. are represented by:

          Jay B. Kasner, Esq.
          Scott D. Musoff, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          Four Times Square
          New York, NY 10036
          Telephone: (212) 735-3000
          Facsimile: (212) 735-2000
          E-mail: jkasner@skadden.com
                  smusoff@skadden.com

               - and -

          Amy L. Van Gelder, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          155 North Wacker Drive, Suite 2700
          Chicago, IL 60606
          Telephone: (312) 407-0700
          Facsimile: (312) 407-0411
          E-mail: amy.vangelder@skadden.com

               - and -

          David Emmett Carney, Esq.
          Jennifer Lynn Spaziano, Esq.
          William John O'Brien, III, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          1440 New York Avenue N.W.
          Washington, DC 20005
          Telephone: (202) 371-7000
          Facsimile: (202) 661-8327
          E-mail: david.carney@skadden.com
                  jen.spaziano@skadden.com
                  wobrien@skadden.com

               - and -

          Peter Simshauser, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          500 Boylston Street
          Boston, MA 02116
          Telephone: (617) 573-4880
          E-mail: peter.simshauser@skadden.com



===========
M E X I C O
===========


CHIAPAS STATE: Moody's Affirms Ba2 Issuer Ratings, Outlook Neg.
---------------------------------------------------------------
Moody's de Mexico changed to ratings outlook for the State of
Chiapas to negative from stable and affirmed its issuer ratings at
Ba2/A2.mx (Global Scale, local currency/Mexico National Scale).
At the same time, Moody's affirmed the Baa2/Aa2.mx (Global Scale,
local currency/Mexico National Scale) debt ratings of the
following four enhanced loans:

  - MXN 1,000 million (original face value) enhanced loan from
Bancomer

  - MXN 2,181 million (original face value) enhanced loan from
Banorte

  - MXN 1,250 million (original face value) enhanced loan from
Santander

  - MXN 7,244 million (original face value) enhanced loan from
Banobras

RATINGS RATIONALES

RATIONALE FOR THE NEGATIVE OUTLOOK

The change in outlook to negative from stable reflects Moody's
expectation that Chiapas will continue to report cash financing
deficits that will keep its liquidity under pressure. Thanks in
part to a contracting local economy in recent years, that state's
tax collections have fallen and its distributions of federal
transfers have grown at a slow pace even as it continued to face
significant infrastructure spending needs, leading to recurring
deficits. Spending pressures remain significant and will likely
cause the deficit to widen again in 2019, leading to a rise in
indebtedness and a further deterioration in liquidity. Moody's
expects Chiapas's cash and equivalents will fall to 0.3x its
current liabilities by the end of 2019 from 0.5x in 2017, reducing
its capacity to confront unexpected shocks.

RATINGS RATIONALE FOR THE ISSUER RATINGS

Chiapas's issuer ratings capture the state's weak liquidity,
persistent cash financing needs, a limited economic base and high
unfunded pension liabilities, as well as its manageable level of
net direct and indirect debt (NDID). Though infrastructure
spending has been cut in 2018, which will help contain the deficit
at somewhat smaller levels this year, Moody's expects Chiapas's
cash financing deficit will rise again to -5.1% of total revenue
in 2019. The state has already secured new long-term financing
that would allow it to lift spending on public works again, and it
continues to rely on short-term loans to cover temporary liquidity
needs. Nonetheless, Chiapas's overall NDID, at 24% of total
revenue in 2017, remains manageable. While it's indebtedness is
higher than its peers, debt service payments on the state's long-
term debt are relatively low.

RATINGS RATIONALE FOR THE ENHANCED LOANS RATINGS

The affirmation of the debt ratings of the 4 enhanced loans
reflects the affirmation of the state's issuer ratings. The
enhanced loan ratings are directly linked to the credit quality of
the issuer, which ensures that underlying contract enforcement
risks, as well as economic and governance risks (for which the
issuer rating serves as a proxy) are embedded in the enhanced loan
ratings.

WHAT COULD CHANGE THE RATING UP OR DOWN

Given the negative outlook, it is unlikely that the issuer rating
will rise in the medium term. However, if the state is able to
reduce its cash financing needs and rebuild its liquidity
position, the outlook could be stabilized. Conversely, if Chiapas
continues to report large deficits that put further negative
pressure on its liquidity and debt levels, the issuer ratings
could be downgraded.
Given the link between the loans and the credit quality of the
obligor, an upgrade/downgrade of the State of Chiapas could exert
upward/downward pressure on the loan's ratings. The ratings could
also face upward/downward pressure if debt service coverage levels
rise/fall materially above/below its expectations.

The methodologies used in these ratings were Rating Methodology
for Enhanced Municipal and State Loans in Mexico published in July
2017, and Regional and Local Governments published in January
2018.

The period of time covered in the financial information used to
determine the State of Chiapas's rating is between January 1, 2013
and December 31, 2017.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.


=================
N I C A R A G U A
=================


NICARAGUA: 197 Dead in Crisis, Less Than NGOs' Inflated Toll
-------------------------------------------------------------
EFE News reports that the government of Nicaragua said that 197
people died during the anti-government protests that have gripped
the country since Apr. 18, and accused humanitarian agencies of
political purposes to manipulate the death toll, which according
to them was between 265-488 people.

"Human rights organizations -- national and international ones ---
continue to manipulate for political purposes the data of people
who died due to various causes, making them appear as if they were
all caused in the context of the attempted coup d'etat," said
Nicaraguan Foreign Minister Denis Moncada, according to EFE News.

In an appearance before media, the foreign minister said that
these organizations have allegedly increased the death toll to
promote "a perception of greater instability and insecurity to the
detriment of the government and the Nicaraguan people," the report
notes.

According to an official report prepared by the National Police,
which called the fatalities "victims of coup-plotting terrorism,"
a total of 450 people passed away in Nicaragua between April 19
and July 25, 197 of which died "in the context of the attempted
coup d'Çtat" while the other 253 deaths were caused by a common
criminal activity, the report relays.

The Inter-American Commission on Human Rights (IACHR) said that
the estimated number of deaths in the protests between April 18
and July 30 stood at 317, including 21 police officers and 23
children and teenagers, the report discloses.

Meanwhile, the Truth, Justice and Peace Commission of Nicaragua,
which has been criticized by various sectors for its work and
independence, maintained the figure, as of Jul. 31, at a total of
265, including 13 minors.

The Nicaraguan Center for Human Rights (Cenidh) reported 305
deaths, while the Nicaraguan Association for Human Rights (ANPDH)
reported 448 --- both figures were not recognized by the
government.

"Of all the 197 victims there are only five university students,
four secondary school students, and one elementary school
student," said the inspector general of the National Police, Jaime
Vanegas, who added that the death toll also included 22 other
police officers, the report relays.

The report says that the police chief said that the humanitarian
agencies have included in their reports the 253 people who died
while engaging in a common criminal activity "to discredit, defame
and damage the image of the Government."

"These statistical data point to those who encouraged, directed
and executed these bloody terrorist actions, with the objective of
unconstitutionally changing the democratically elected Government
of Reconciliation and National Unity," said Mr. Moncada, who
further stressed that the leaders of the protest "must appear
before the courts," the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2018, Fitch Ratings has downgraded Nicaragua's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B' from 'B+'. The
Outlook is Negative.


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


NATIONAL STORES: Files Chapter 11 to Facilitate Restructuring
-------------------------------------------------------------
National Stores, Inc., on Aug. 6, 2018, disclosed that it has
initiated a court-supervised restructuring with the support of its
lenders and suppliers integral to the business.  The Company filed
voluntary petitions for Chapter 11 relief in the United States
Bankruptcy Court for the District of Delaware to facilitate its
reorganization.  As part of the restructuring, the Company will be
closing 74 of its 344 stores.  National Stores is working with its
vendors, lenders and other creditors on a consensual plan of
reorganization.

"National Stores, historically a profitable company, is committed
to improving its financial health and returning to profitability.
Our goal is to emerge a reorganized Company poised to compete in
an evolving industry so that we can continue to serve the
communities where we are rooted," said Michael Fallas, National
Stores Chief Executive Officer.

Like many retail concerns, National Stores has suffered financial
setbacks from certain underperforming stores.  This has been
exacerbated by severe weather in various regions, such as
Hurricane Maria, resulting in the prolonged, temporary closure of
damaged stores and loss of revenue.  The Company suffered further
financial losses resulting from the acquisition of Conway Stores.
The strain on liquidity was worsened by the aftermath of the
Company's data breach as access to operating funds diminished.

"National Stores has been a fixture of the retail community for
over 56 years and through this process we intend to secure our
future for our valued employees, customers and suppliers," added
Mr. Fallas.  "Our employees can be assured that they will continue
to receive their salaries and benefits, customers can continue to
purchase the items they want at the exceptional prices they rely
on, all of our stores will continue to honor gift cards, and we
will maintain gift card sales at our remaining stores."

The Company has ample liquidity to fund operations and has
received a commitment for up to approximately $108 million in
debtor-in-possession financing from its existing lenders.

"The support of our lenders and suppliers underscore their
confidence in the future of the Company," said Mr. Fallas.

Store closing sales will begin on August 9, 2018.

Court filings as well as other information related to the
restructuring are available at
https://cases.primeclerk.com/nationalstores or by calling (844)
384-4470 (toll free from the US or Canada) or +1 (347) 859-8088
(international).

Pachulski, Stang, Ziehl & Jones, LLP and Katten Muchin Rosenman
LLP are serving as legal counsel, SierraConstellation Partners,
LLC is serving as the Chief Restructuring Officer and support
staff, and Imperial Capital is serving as investment banker to the
Company.

                         About National Stores

National Stores is a 344 store chain in twenty-two states and
Puerto Rico.  National Stores currently does business as Fallas,
Fallas Paredes, Fallas Discount Stores, Factory 2-U, Anna's
Linen's by Fallas, and Falas (spelled with single "l" in Puerto
Rico).  The brands of National Stores are located in retail
plazas, specialty centers, and downtown areas to serve the
communities its customers and staff members call home.


NATIONAL STORES: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Affiliated companies that have filed voluntary petitions seeking
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                 Case No.
     ------                                 --------
     J & M Sales Inc. (Lead Debtor)         18-11801
        dba Fallas Discount Stores
        dba Fallas Paredes
        dba Fallas
     15001 South Figueroa Street
     Gardena, CA 90248

     National Stores, Inc.                  18-11802
     J&M Sales of Texas, LLC                18-11803
     FP Stores, Inc.                        18-11804
     Southern Island Stores, LLC            18-11805
     Southern Island Retail Stores LLC      18-11806
     Caribbean Island Stores, LLC           18-11807
     Pazzo FNB Corp.                        18-11808
     Fallas Stores Holdings, Inc.           18-11809
     Pazzo Management LLC                   18-11810

Business Description: Established in 1962, J & M Sales Inc. and
                      its subsidiaries are discount retailers
                      offering brand name clothing for men,
                      ladies, boys, girls, juniors, infants and
                      toddlers.  The Debtors operate 344 stores in
                      22 states and Puerto Rico and employ over
                      9,800 people.  The Debtors offer a broad
                      selection of merchandise, including apparel,
                      bedding, household supplies, decor items and
                      other general merchandise.

Chapter 11 Petition Date: August 6, 2018

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Laurie Selber Silverstein

Debtors'
General
Bankruptcy
Counsel:            William Freeman, Esq.
                    Karen Dine, Esq.
                    Jerry Hall, Esq.
                    KATTEN MUCHIN ROSENMAN LLP
                    575 Madison Avenue
                    New York, NY 10022
                    Tel: (202) 940-8800
                    Fax: (202) 940-8776
                    Email: bill.freeman@kattenlaw.corn
                           karen.dine@kattenlaw.com
                           jerry.hall@kattenlaw. com

Debtors'
Bankruptcy
Co-Counsel:         Richard M. Pachulski, Esq.
                    Peter J. Keane, Esq.
                    PACHULSKI STANG ZIEL & JONES LLP
                    919 North Market Street, 17th Floor
                    P.O. Box 8705
                    Wilmington, DE 19899 (Courier 19801)
                    Tel: (302) 652-4100
                    Fax: (302) 652-4400
                    Email: rpachulski@pszj law.com
                           pkeane@pszj law.com

Debtors'
Real Estate
Advisors:           RETAIL CONSULTING SERVICES, INC.
                    DBA RCS REAL ESTATE ADVISORS

Debtors'
Investment
Banker:             IMPERIAL CAPITAL, LLC

Debtors'
Notice &
Claims
Agent and
Administrative
Advisor:            PRIME CLERK LLC
                    Website:
       https://cases.primeclerk.com/nationalstores/Home-DocketInfo

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by Curt Kroll, chief restructuring
officer.

A full-text copy of J & M Sales' petition is available for free
at:
http://bankrupt.com/misc/deb18-11801.pdf

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Armouth International Inc.              Trade         $15,639,826
18 W 33rd Street 5th Floor
New York, NY 10001
Attn: Charles Armouth Levy
Tel: (212) 695-7700
Email: charlie@armouth.com

One Step Up Ltd.                        Trade         $10,328,228
1412 Broadway 3rd Floor
New York, NY 10018
Attn: Harry Adjmi
Tel: (212) 398-1110
Email: hadjmi@onestepup.com

Louise Paris Ltd.                        Trade         $3,979,895
1350 Broadway
New York, NY 10018
Attn: Abert Barnathan and
Solomon Barnathan
Tel: (212) 354-5411
Email: abarnathan@aol.com;
       solomon@louiseparis.com

Seven Apparel                            Trade         $3,905,520
347 5th Avenue #201
New York, NY 10016
Attn: Issac Kassin
Tel: (212) 481-4844 ext. 211
Email: isaacm@nptrd.com

Multitex Limited                         Trade         $3,836,825
918 Cheung Sha Wan Rd.
9/F Angel Tower
Kowloon, Hong Kong
Attn: Vijay Mohinani
Email: vijay@masonglobal.com

China Fortune LLC                        Trade         $3,462,719
401 C Old Mill Road
Cartersville, GA 30120
Attn: Christina Yang
Email: Christina.yang@chinafortunellc.com

J.B. Hunt Transport Inc.                 Trade         $3,441,717
Los Angeles, CA 90074-8545
Attn: Mena Botros
Tel: (973) 325-6045
Email: mena.botros@jbhunt.com

Children's Apparel                       Trade          $3,371,271
Network (Trend)
77 South First Street
Elizabeth, NJ 07206-1501
Attn: Nathan Shalom
Tel: (212) 244-6023
Email: nathan@childapp.com

Trendset Originals LLC                    Trade         $3,036,247
1407 Broadway, 5th Floor
New York, NY 10018
Attn: Albert Chehebar and JJ Gabay
Tel: (212) 736-9520
Email: Albert@skiva.com;
       jj@skiva.com

Ascendance Apparels LLC                   Trade         $2,754,802
2600 W Olive Ave
Burbank, CA 91505
Attn: Mahesh Harwani and
      Lokesh Harwani
Email: maheshh@ascendanceapparels.com;
       lokeshh@asianmarl.tw

Oceanic Trading Company                   Trade         $2,748,006
1006 Eleventh Avenue
Neptune, NJ 07753-5174
Attn: Neil Saada
Tel: (800) 942-2139
Email: neil@oceanictradingco.com

Lorency & Co.                             Trade         $2,586,249
1384 Broadway, Suite 801
New York, NY 10018
Attn: Sonny Kafif
Tel: (212) 868-1380
Email: sonny@lorency.com

Basicline Inter Ltd.                      Trade         $2,486,082
Rama Impex, Inc.
7664 San Fernando Road, Unit 11
Sun Valley, CA 91352
Attn: Rajesh Mirpuri
Tel: +011 (852) 3552-5500
Email: rashesh@basicline.com.hk

S & L Home Fashions                       Trade         $2,442,896
5601 Downey Rd.
Vernon, CA 90058
Attn: Bhart Manwani
Tel: (323) 587-0800
Email: bmanwani@slhomefashions.com

Fishman & Tobin Inc.                      Trade         $2,430,085
4000 Chemical Road, Suite 500
Plymouth Meeting, PA
19462-1708
Attn: Steven Pinkow
Tel: (646) 745-3559
Email: stevenpinkow@globalgrandgroup.com

Metro Exports                             Trade         $2,313,864
206-208 New East Ocean Centre
9 Science Museum Road
T.S.T. Kowloon
Attn: Pishu Mirani
Email: pishu@metroexp.com

Bhama International Inc.                  Trade         $2,265,797
7764 San Fernando Road, Unit 11
Sun Valley, CA 91352
Attn: Rajesh Mirpuri
Tel: +011 (852) 3552-5500
Email: rajesh@basicline.com.hk

Julius Young Hosiery Inc.                 Trade         $2,226,809
38-60 Blanchard Street
Newark, NJ 07105-4702
Attn: Joseph Hirsch
Tel: (212) 594-1683
Email: Joseph@juliusyoung.com

Kidz Concepts                             Trade         $2,218,451
1412 Broadway, 3rd Floor
New York, NY 10018
Attn: Harry Adjmi
Tel: (212) 398-1110
Email: hajmi@onestepup.com

Tuff Cookies                              Trade         $2,202,067
112 West 34th Street
New York, NY 10001
Attn: Saul Kredi
Tel: (212) 967-4430
Email: Saul@tuffcookies.com

3 WEIII Trading                           Trade         $1,980,542
Company Limited
Flat A2, 10/F, Block A
Profisient Industrial
Centre 6 Wang Kwun Road
Kowloon Bay
Attn: Lester Jang
Tel: +011 (852) 6028-3711
Email: lesterjang@yahoo.com

PEM-American (H.K.)                       Trade         $1,862,850
Company Limited
FLAT 1907, 19th Floor
Great Eagle
Centre 23 Harbour Road
Wanchai
Attn: Wang Ji
Tel: (516) 713-7925
Email: kpemam314@outlook.com

Four Seasons Apparel Inc.                 Trade         $1,802,885
16180 Ornelas St
Irwindale, CA 91706
Attn: Ali Safawi and Lydia Coronado
Tel: (626) 334-4446 ext. 204
Email: asafawi@fourseasonsapparel.net
       lcoronado@fourseasonsapparel.net

North Point Trading Inc.                  Trade         $1,310,505
347 5th Avenue, 2nd Floor
New York, NY 10016
Attn: Daniel Srour
Tel: (212) 481-4844 ext. 211
Email: daneilj@nptrd.com

Global Accessories                        Trade         $1,268,417
Manufacturing Co.
Flat A1 10/F Block A
Proficient No. 6
Kowloon Bay
Attn: Lester Jang
Tel: +011 (852) 6028-3711
Email: lesterjang@yahoo.com

Ridhi Sidhi Enterprises LLC               Trade         $1,256,009
262 W 38th Street
Suite #506
New York, NY 10018
Attn: Rajesh
Tel: (571) 277-3231
Email: ridhisidhi402@gmail.com

American Retro                            Trade         $1,218,518
2601 Sequoia Dr.
South Gate, CA 90280
Attn: Tony Paz
Tel: (213)591-0855
Email: tony@caoffprice.com

Hot Chocolate, Inc.                       Trade         $1,161,940
1100 West Walnut St.
Compton, CA 90220
Attn: John Dovoudzadeh
Tel: (323) 233-6500
Email: hotchocolateinc@yahoo.com

Estex Home                                Trade         $1,103,274
Fashions/Dynamite Dec
1019 East 46th Street
Brooklyn, NY 11203-6515
Attn: Jack Imir
Tel: (212) 532-5005
Email: jack@estexhome.com

Idea Nuova Inc.                           Trade         $1,093,836
302 5th Avenue, 5th Floor
New York, NY 10001
Attn: Isaac Ades
Tel: (212) 643-0680
Email: isaac@ideanuova.com


RISE ENTERPRISES: Pending Talks With Creditors Delay Plan Filing
----------------------------------------------------------------
Rise Enterprises, S.E., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend by 60 s the exclusivity period
during which only the Debtor can file a plan of reorganization.

In addition, the Debtor requests that the deadline to obtain the
votes for the Plan of Reorganization be extended for a term of 60
s after the order approving the Disclosure Statement is
entered.

As reported by the Troubled Company Reporter on May 4, 2018, the
Debtor previously asked the Court for a 60- extension of the
exclusivity period and the period for filing Disclosure Statement
and Plan, and to allow a term of 60 s after the order approving
the Disclosure Statement is entered to procure the votes for the
Plan.

There are pending negotiations with the creditors that need to be
resolved prior to the filing of the Disclosure Statement and Plan.

The Debtor assures the Court that it is meeting its obligations as
Debtor in possession.  Monthly Operating Reports have been filed
and quarterly fees have been paid.

Any extension of time will not harm the creditors but will
increase
the possibilities of a successful reorganization.

A copy of the Debtor's request is available at:

          http://bankrupt.com/misc/prb17-04678-116.pdf

                     About Rise Enterprises

Rise Enterprises, S.E., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04678) on June 30,
2017.  In the petition signed by Ismael Falcon Ortega, partner,
the Debtor estimated assets of less than $1 million and
liabilities of $1 million to $10 million.  Judge Mildred Caban
Flores presides over the case.  Mary Ann Gandia, Esq., at Gandia-
Fabian Law Office, serves as the Debtor's bankruptcy counsel.


RISE ENTERPRISES: Unsecured Claimants to Receive 5% Over 72 Months
------------------------------------------------------------------
Rise Enterprises, S.E., filed a disclosure statement dated
July 30, 2018, explaining its Chapter 11 plan of reorganization.

The Disclosure Statement filed with the U.S. Bankruptcy Court for
the District of Puerto Rico proposes the following classification
and treatment of claims:

     * Class 1: Allowed Administrative Expenses.  This Class
consist of the actual necessary costs and expenses of preserving
the estate, including post-petition expenses, allowed under
Section 503 of the Bankruptcy Code, and any fees and charges
assessed against the estate under Chapter 123 of Title 28 of the
U.S. Code.  These expenses are estimated at $50,650.

     The allowed claims under this class will be paid in cash, in
full on the Effective Date of the Plan, unless an agreement is
reached with each individual holder of claim or as otherwise
becomes due within the ordinary course of business or as soon as
the same are allowed, approved and ordered paid by the Court.
Administrative expenses which arise after the confirmation of the
Plan, including notarial fees, shall be paid in cash, in full, as
they become due or as agreed between the parties.  Class 1 is
unimpaired.

     * Class 2: Secured Claim of Banco Popular of Puerto Rico
(BPPR).  Claim held by BPPR is related to a commercial mortgage
loan, guaranteed with the following properties: Commercial
property, Office located at Triple S Plaza, Suite 6A, 1510
Roosevelt Avenue, Guaynabo, Puerto Rico 00968, with 18 parking
lots.  The amount of this claim is $1,160,000.

     The allowed claims under this class will be paid as follows:
to the extent allowed as a secured claim under Section 506 of the
Bankruptcy Code, in cash, up to the value of the collaterals (the
properties were appraised at $1,120,000).  This creditor will
receive payments in monthly installment of principal and interest
in the amount of $7,217, during 24 months, determined on a 25
years loan basis, at an annual rate of 6%.  At the end of the 24
months,  The Debtor will make a balloon payment for the secured
balance owed or as agreed between the parties.  Any other balance
owed will be paid as an unsecured claim.  Class 2 is impaired.

     * Class 3: Secured Claim of BPPR.  Claim held by BPPR is
related to a mortgage loan, guaranteed with the following
properties: Real properties located at Barrio Ortiz, Toa Alta,
Puerto Rico 00953, composed of two lots and a house.  The amount
of claim is $150,000.

     The allowed claims under this class will be paid as follows:
The Debtor accepts the lift or stay of the property, which was
appraised at $145,000.  Any balance owed will be paid as an
unsecured claim or as agreed between the parties.  Class 3 is
impaired.

     * Class 4: Secured Claim of Consejo de Titulares Triple S
Plaza.  This claim is secured by a commercial property located at
Triple S Plaza, Suite 6A, 1510 Roosevelt Avenue, Guaynabo, Puerto
Rico 00968.  The amount of this claim is $35,170.

     The allowed claim under this class will be paid in cash, in
full, in 72 monthly installments, with annual interest of 3.25% or
as agreed between the parties.  Class 4 is impaired.

     * Class 5: Secured Claim of Centro de Recaudacion de Ingresos
Municipales (CRIM).  Claim held by CRIM  is secured by a lien
against the following commercial properties: Commercial property,
Office located at Triple S Plaza, Suite 6A, 1510 Roosevelt Avenue,
Guaynabo, Puerto Rico 00968, with 18 parking lots.  The amount of
this claim is $24,279.43.

     The allowed claims under this class will be paid as provided
in Section 129 (a)(9)(D), that is, in regular installment payments
in cash, in full, with interests at 3.25% per year, in a term of 5
years after the order for relief.  Class 5 is impaired.

     * Class 6: Secured Claim of CRIM.  Claim held by CRIM is
secured by a lien against the following properties: Real
properties located at Barrio Ortiz, Toa Alta, Puerto Rico 00953,
composed of two lots and a house.  The amount of this claim is
$20,741.65.

     The allowed claims under this class will be paid as follows:
the Debtor accepts the lift of stay of the properties.  Class 6 is
impaired.

     * Class 7: Unsecured Claims of $35,001 or more.  This class
includes allowed unsecured claims, the unsecured portion of any
claim, and any amount due from the rejection of an executory
contract that falls under this class.  The Debtor estimates claims
under this class for an amount of $1,888,360.78.

     The allowed claims under this class will receive a dividend
of 5%, in equal monthly installments during the term of 72 months,
in full payment of their claims.  Class 7 is impaired.

     * Class 8: Unsecured Claims of $35,000 or less.  This class
includes allowed unsecured claims, the unsecured portion of any
claim, and any amount due from the rejection of an executory
contract that falls under this class.  The Debtor estimates claims
under this class for an amount of $49,003.81.

     The allowed claims under this class will receive a dividend
of 5% on the Effective Date of the Plan in full payment of their
claims.  Class 8 is impaired.

     * Class 9: Equity Security and/or Interest Holders.  This
class is composed of the allowed equity security and/or interest
holders of the Debtor, Mr. Ismael Falcon and Mrs. Elba Sanchez.

     There are no claims under this class.

According to the terms of the Plan proposed to the creditors and
parties-in-interests, the Debtor shall have sufficient funds to
make all payments.  The Plan will be implemented under the
Debtor's own execution.  The funds will be obtained from the
Debtor's rent, sale of assets, collection of accounts receivable,
contributions, or any other funds that the Debtor may be entitled
to receive.  If funds are received from actions to be litigated,
they will be used to fund the Plan.

A copy of the Disclosure Statement from PacerMonitor.com is
available at https://tinyurl.com/y9rhj52s at no charge.

                     About Rise Enterprises

Rise Enterprises, S.E., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-04678) on June 30,
2017.  In the petition signed by Ismael Falcon Ortega, partner,
the Debtor estimated assets of less than $1 million and
liabilities of $1 million to $10 million.  Judge Mildred Caban
Flores presides over the case.  Mary Ann Gandia, Esq., at Gandia-
Fabian Law Office, serves as the Debtor's bankruptcy counsel.


                            ***********


Mon'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 Mon
Bond Pricing table is compiled on the Fri 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.

Tues'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  prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                   * * * End of Transmission * * *