/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/180830.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 30, 2018, Vol. 19, No. 172 Headlines B R A Z I L ANDRADE GUTIERREZ: Fitch Hikes LT IDRS to 'CCC-', Outlook Stable BR PROPERTIES: S&P Alters Outlook to Negative & Affirms 'BB-' ICR TRANSMISSORA ALIANCA: Fitch Affirms 'BB' FC IDR, Outlook Stable C H I L E MASISA SA: Fitch Affirms 'B+' FC & LC IDRs, Outlook Negative J A M A I C A JAMAICA: BOJ Holding Policy Interest Rate at 2% P U E R T O R I C O HIGH TIMES: Hires Lugo Mender Group LLC as Attorney JDHG LLC: Monthly Payment to Unsecureds Increased to $2,370 PUERTO RICO: Probe Cites Multiple Causes for Fiscal Free Fall TOYS R US: Toys Delaware, Geoffrey Debtors File Wind-Down Plan T R I N I D A D & T O B A G O PETROLEUM CO: Will be Shutting Down in the Near Future TRINIDAD & TOBAGO: Sub-Standard Poultry Will Be Thing of The Past V E N E Z U E L A VENEZUELA: 2 Companies Owed US$.97MM for Goods Delivered - - - - - =========== B R A Z I L =========== ANDRADE GUTIERREZ: Fitch Hikes LT IDRS to 'CCC-', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has upgraded Andrade Gutierrez Engenharia S.A.'s (AGE) Long-Term (LT) Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC-' from 'RD' and its National Scale Rating to 'CCC(bra)' from 'RD(bra)'. The Rating Outlook for the corporate ratings is Stable. Fitch has also assigned a 'CCC-'/'RR4' rating to Andrade Gutierrez International S.A.'s (AGI) USD336 million senior secured PIK toggle notes, with 11% coupon, due 2021. The notes are fully and irrevocably guaranteed by AGE. Fitch has also withdrawn the ratings on AGI's existing senior notes following a debt exchange. The upgrade follows the Aug. 20, 2018 conclusion of AGI's debt exchange offer of its USD500 million senior unsecured bond by the USD336 million senior secured PIK toggle notes. The new notes also count toward a secondary lien guarantee of CCR shares owed by Andrade Gutierrez Participacoes S.A. (AGPar). Fitch sees the debt exchange offer as a temporary relief for AGE. However, AGE's ratings reflect the expectation that cash burn will continue and that liquidity is not compatible with future principal and coupon payments and high working capital needs. The 'CCC-' ratings also incorporate the high credit risk due to the several challenges AGE still faces in attempting to turnaround its operations, recover backlog and improve operational cash flow generation. KEY RATING DRIVERS Relevant Turnaround Challenges: AGE still faces relevant challenges to turnaround its operations and recover backlog in order to improve the overall credit quality, worsened by weak market environment. AGE also needs to stop cash-burn and collect past-due receivables to improve its credit profile. The company's backlog reduced to BRL11.3 billion at year end 2017, excluding about BRL7.5 billion of projects from Venezuela and Congo, and consists mostly of private clients. Fitch believes AGE should register positive operating cash flow in 2019 supported by adequate performance of new contracts. However, the gradual recovery also depends on the Brazilian macroeconomic scenario and growing investments in infrastructure. AGE still have to settle plea bargain agreements with Brazilian General Counsel's Office (AGU) and Controllers' General Office (CGU) and define the potential additional penalty. FCF to Remain Negative: Fitch projects negative FCF in 2018 and 2019, turning positive only in 2020. In the LTM ended March 2018, AGE reported a negative FFO of BRL707 million and negative CFFO of BRL260 million. Capex of BRL55 million and dividends of BRL215 million lead to a negative FCF of BRL530 million in the same period. Fitch projects negative CFFO of BRL200 million for 2018, with CFFO reaching a breakeven in 2019. However, this gradual improvement will depend on AGE's capacity to execute its backlog and start new projects. Aggressive Capital Structure: Fitch expects AGE to maintain an aggressive capital structure over the next three years, with net leverage of 7.1x in 2019 and 4.1x in 2020. Fitch's base case projects EBITDA of about BRL200 million in 2019 and BRL330 million in 2020, which should support leverage reduction. In the LTM ended March 2018, the company generated negative EBITDA of BRL1.4 billion, compared with positive BRL180 million of 2016. EBITDA was impaired by provisions of approximately BRL930 million during 2017 related to losses on accounts receivable, especially on some company's investees. Limited Financial Flexibility: Fitch understands the financial flexibility of the Andrade Gutierrez Group to support AGE has materially reduced after the debt exchange offer as it used the remaining unencumbered shares in CCR for the new notes guarantee. The group has historically supported the Engineering & Construction (E&C) operations through capital increases and more recently through the sale of its stakes in Cemig and Sanepar. Proceeds from assets sales will be used to amortize the hold outs of AGI's 2018 bond (approximately USD7 million). During 2018, AGE received about BRL290 million from asset sales. The group still have 2.1% stake at Santo Antonio Energia for sale, though the value and timetable remains uncertain. High FX Exposure: AGE is exposed to foreign exchange risk, as about 84% of total adjusted debt, including AGI's bonds, are denominated in foreign currency. The company's international sales fell to USD142 million in 2017 from USD704 million in 2015. On a relative basis, foreign currency revenues dropped to 31% of total from 40% in the same period. AGE's foreign currency debt is not hedged; only the coupons are. DERIVATION SUMMARY AGE's high credit risk profile reflects Fitch's opinion that a default still appears possible due to the uncertainties regarding its capacity to access new funding and add projects to its backlog. The 'CCC-' rating also reflects relevant challenges to improve EBITDA generation and the expectation that leverage will remain high and liquidity will remain weak to face future coupon payments, debt amortization and high working capital needs. AGE's credit profile is one notch higher than its local peer Odebrecht Engenharia e Construcao S.A. (OEC; CC). AGE has been more successful in adding a backlog of private clients, which is expected to turn into revenues in a shorter period compared to OEC. OEC received a BRL1.3 billion capital increase from its parent to amortize a BRL500 million bond and USD11 million coupon within the cure-period and also faces challenges to recover its operations and pay upcoming coupons. While OEC has to sign plea bargain agreements in seven countries and with Brazilian authorities, AGE is in the final steps to settle an agreement with AGU and CGU. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Backlog of BRL12.3 billion in 2018 and BRL12.7 billion in 2019, from BRL11.3 billion in 2017; -- Average conversion ratios of 5.1 years in 2018 and 3.6 years in 2019, leading to net revenues of BRL2.3 billion and BRL3.4 billion, respectively; -- EBITDA of BRL23 million in 2018 and BRL198 million in 2019, with margins of 1.0% and 5.9%, respectively; -- Capex of 1.5% of sales in 2018 and 1.5% in 2019; -- No dividend distribution in the foreseeable future; -- BRL355 million in asset sales in 2018. KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that AGE would be considered a going concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach -- AGE's going concern EBITDA of BRL198 million is based on Fitch's forecast for 2019; -- An EV multiple of 5x is used to calculate a post-reorganization valuation; -- Considered the group's ownership of about BRL2.7 billion of CCR shares in a stress case scenario -- value that would allow for acceleration of guaranteed senior debt in other group subsidiaries, of which BRL900 million would act as secondary lien guarantees to the senior secured PIK toggle notes. Currently, the total value of group's CCR shares is BRL3.2 billion; -- The Recovery Rating is capped at 'RR4' as Brazil is classified as a Group D country by Fitch and represents a recovery prospect between 31% and 50%. Liquidation Value Fitch excluded the liquidation value (LV) approach because Brazilian bankruptcy legislation tends to favor the maintenance of the business in order to preserve direct and indirect job positions. Moreover, in extreme cases where LV was necessary, the recovery of the assets has been proved very difficult for creditors. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action An upgrade is unlikely in the short term. Lower liquidity pressure with sustainable CFFO growth could result on positive rating action in the medium term. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Fail to monetize its backlog and generate positive operating cash flow; -- Beginning of a default or default-like process, such as entering in a cure-period or in standstill with banks; -- The announcement of debt restructuring. LIQUIDITY Weak Liquidity: AGE's liquidity will continue pressured in the medium-term despite the conclusion of the debt exchange offer. As of March 31, 2018, AGE had BRL193 million of total cash, excluding about BRL108 million of restricted cash as per Fitch's criteria, and total adjusted debt was BRL2.1 billion. AGE's readily available cash covered only 14% of the short term debt maturities of BRL1.4 billion. With the debt exchange offer this ratio should improve to about 44%. Following the debt exchange, AGE will have annual coupons of about BRL200 million, including the 11% coupon of the new notes, equivalent to USD37 million (BRL146 million). AGE also has BRL303 million debt amortization scheduled for 2018 and BRL110 million for 2019. The group faces limited financial flexibility to support its engineering operations after it used the remaining unencumbered CCR shares as guarantees for the new notes. FULL LIST OF RATING ACTIONS Fitch has taken the following rating actions: Andrade Gutierrez Engenharia S.A. -- Long-Term Foreign and Local Currency IDRs upgraded to 'CCC-' from 'RD'; -- National Scale Rating upgraded to 'CCC(bra)' from 'RD(bra)'. Andrade Gutierrez International S.A. -- USD336 million senior secured PIK toggle notes due 2021 assigned a 'CCC-'/'RR4' rating ; -- USD500 million senior unsecured notes due 2018 rating withdrawn as it was no longer considered to be relevant to the agency's coverage. The Rating Outlook for the corporate ratings is Stable. BR PROPERTIES: S&P Alters Outlook to Negative, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on BR Properties S.A. to negative from stable. At the same time, we affirmed our 'BB-' global scale and 'brAA+' national scale issuer credit ratings on the company. We also affirmed the 'brAAA' senior secured issue-level rating, with a '2' recovery rating, reflecting our expectation of a substantial recovery (between 70-90%). S&P said, "In addition, we assigned a 'brAA+' issue-level rating to company's future 10th senior unsecured debentures issuance, with a '3' recovery rating, indicating that lenders can expect meaningful (50%-70%) recovery. "The outlook revision reflects our expectation of continued challenges for BR Properties to increase occupancy rates and cash flow generation in the next few quarters. The company underperformed our expectations over the past few quarters given that the industry recovery is taking longer than expected, requiring BR Properties to provide higher discounts than previously expected in order to sign new rent contracts. If BR Properties is unable to speed up the signing of new contracts at favorable prices, we could see prolonged weaker credit metrics with EBITDA interest coverage below 1.2x and with no signs of considerable improvement as of 2019. "On the other hand, we believe the company's focus on AAA office assets will likely allow it to recover somewhat faster than the industry average, and to post stronger EBITDA margin above 85% starting in 2019, when we believe vacancy expenses would be much lower than those in recent years. We forecast average financial vacancy of around 20% in 2018, improving to below 10% in 2019. We believe the company could sell additional non-core assets and continue refinancing debt. Through these actions, BR Properties could maintain a comfortable cash position for acquisition opportunities." TRANSMISSORA ALIANCA: Fitch Affirms 'BB' FC IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Transmissora Alianca de Energia Eletrica S.A.'s (Taesa) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB' and 'BBB-', respectively. Fitch has also affirmed the Long-term National Scale Rating 'AAA(bra)' for Taesa and its senior unsecured debenture issuances. The Rating Outlook is Stable. Taesa's ratings reflect its low business risk relative to its strong and diversified portfolio of power transmission assets, with predictable and robust cash flow generation and high operating margins. In addition, none of the 35 concessions that it participates expire before 2030, which gives sustainability to its operations. The analysis also incorporates Fitch's expectation that the company will keep a solid financial profile in the medium term, with credit metrics strong for the existing IDRs when compared to its peers in Latin America. On a pro forma consolidated basis, Taesa presents low leverage for a company within the power transmission sector, as well as an adequate liquidity profile. Taesa's FC IDR is capped by the country ceiling, and Fitch considers a three-notch difference between the company's LC IDR and the sovereign IDR (BB-/Stable) as appropriate for a regulated sector. Taesa's ratings are not constrained by the credit quality of one of its shareholders, Companhia Energetica de Minas Gerais (Cemig) (LC and FC IDRs B/Stable), since Cemig shares the company's control with Interconexion Electrica S/A E.S.P. (ISA) (LC and FC IDRs BBB+/Stable), and its access to Taesa's cash is limited to dividends. The moderate regulatory risk of the Brazilian power sector was considered, and Fitch views the risks associated with the construction phase of eight projects under development as manageable. KEY RATING DRIVERS Low Business Risk: Taesa's ratings are based on the low business risk of its asset portfolio and no exposure to concession renewals over the short to medium term. Taesa is one of the largest power transmission companies in Brazil, with 9.3 thousand km of transmission lines across the country, with 1.5 thousand km under construction, considering proportional participation in the concessions. The company participates in 35 concessions, including 15 fully owned, which dilutes potential operational risks. Taesa benefits from a diversified client base and guaranteed payment structure. Leverage to Remain Low: Fitch expects Taesa to maintain its consolidated net financial leverage below 3.5x in the coming three years, which may temporarily go above this level in case of new relevant acquisitions or greenfield projects. The company was able to manage historically low consolidated leverage in the last five years despite substantial dividend payments and significant acquisitions. For the latest 12 months (LTM) ended June 30, 2018, Taesa reported total debt/EBITDA of 2.1x and net debt/EBITDA of 1.6x, based on regulatory accounting rules and proportional consolidation of all transmission assets Taesa participates in directly or indirectly. Considering IFRS accounting rules and Fitch's criteria, those ratios were 2.8x and 2.1x, respectively. Predictable Revenues and High Margins: Taesa's credit profile benefits from highly predictable power transmission revenues, which are based on lines availability, rather than volume transported. EBITDA margin should be at the range 80%-90% in the coming years despite of the gradual higher impact of around BRL200 million on revenues until 2023 from the 50% PAR reduction for some assets once the 15th year of operation is completed. Fitch's base case scenario considers an EBITDA of BRL1.3 billion in 2018, declining to BRL1.2 billion in 2021, compared to BRL1.5 billion in 2017, on a regulatory basis. The company should resume its consolidated EBITDA growth in 2022 due to additional contribution on revenues and dividends received coming from the conclusion of the projects under development. Taesa's proportional stake on these projects' PARs corresponds to BRL584 million. Negative FCF on Investment Cycle: Fitch believes Taesa will present a positive free cash flow (FCF) of around BRL160 million in 2018, reverting to a negative annual average of around BRL300 million from 2019 to 2021. The negative FCF in this period reflects the forecasted PAR reduction, higher investments related to the 8 new projects and a strong dividends pay-out ratio corresponding to 91% of net income. Fitch considers that on a consolidated basis Taesa will have a cash need of BRL1.5 billion for capex from 2018 to 2021, increasing to BRL2.3 billion when adding-up capital injections in non-consolidated companies. In accordance with IFRS accounting rules, CFFO and FCF were BRL1.1 billion and BRL443 million, respectively, for the LTM ended June 30, 2018, after BRL669 million in dividends paid. DERIVATION SUMMARY Taesa has a stronger financial profile compared to its peers in Latin America, such as Interconexion Electrica S.A. E.S.P. (ISA, LC and FC IDR BBB+/Stable); Transelec S.A. (Transelec, LC and FC IDR BBB/Stable) and Consorcio Transmantaro S.A. (CTM, LC and FC IDR BBB-/Stable). All of them have low business risk profiles and predictable cash flow generation, which is a characteristic of the power transmission companies operating in a regulated industry. The main differentiation in the IDRs of these companies is the country where their main revenues are generated and the location of their assets. While its peers are located in investment grade countries, Taesa's ratings are negatively impacted by the country ceiling of Brazil at 'BB'. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: - PARs adjusted considering inflation and, in some cases, 50% reduction when the 15th operational year is completed; - Operational expenses adjusted by inflation; - Minimum cash of BRL200 million; - Dividends corresponding to 91% of net income; - No new acquisition or greenfield projects. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - A positive rating action for the company's IDRs depends on an upgrade of Brazil's sovereign rating. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Deterioration in Taesa's consolidated financial profile, with net leverage going above 3.5x on a sustainable basis; - Negative rating actions on Brazil's sovereign rating will result on a downgrade of Taesa's IDRs. LIQUIDITY Liquidity Improved: Fitch expects Taesa to keep a robust liquidity profile, benefited from its robust CFFO and ample access to bank credit lines and capital market. By the end of June 2018, the cash and marketable securities, not considering the non-consolidated companies under IFRS, amounted to BRL805 million as per Fitch's calculations and short-term debt was BRL471 billion, representing a coverage of 1.7x against 0.7x at the end of June 2017. The seven-year debenture issuance of BRL526 million concluded in July 2018 and the cash position are important to fund the equity contribution in projects and the expected negative FCF from 2019 to 2021on. Taesa's consolidated debt is characterized by a manageable maturity profile and no foreign exchange risk. As of June 30, 2018, the company's pro forma debt was BRL3.6 billion, considering its proportional stake in all subsidiaries, or BRL3.2 billion by the IFRS consolidation rule and Fitch's adjustments. The BRL3.2 billion debt was mainly composed of debentures (BRL2.7 billion). According to Fitch's methodology the debt on the IFRS accounting rule also includes off-balance sheet debt of BRL5.7 million related to guarantees provided to non-consolidated companies. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Transmissora Alianca de Energia Eletrica S.A. -- Foreign Currency IDR at 'BB', Outlook Stable; -- Local Currency IDR at 'BBB-', Outlook Stable; -- Long-term National Scale Rating at 'AAA(bra)', Outlook Stable; -- BRL2,160 million third senior unsecured debenture issuance at 'AAA(bra)'; -- BRL543 million fourth senior unsecured debenture issuance at 'AAA(bra)'. ========= C H I L E ========= MASISA SA: Fitch Affirms 'B+' FC & LC IDRs, Outlook Negative ------------------------------------------------------------ Fitch Ratings has affirmed the Foreign and Local Currency Issuer Default Ratings of Masisa S.A. at 'B+' and its National long-term rating at 'BBB(cl)'. The Rating Outlook remains Negative. Masisa's ratings reflect the company's still weak cash flow generation and high leverage, pressured by declining demand for wood boards in Latin America, the weak currencies in several markets and the still struggling economic condition of Argentina. It also reflects concern about a decline in the company's size and presence in the global board market after the sale of operations in Argentina, Brazil and the expected sale of operations in Mexico. The Negative Outlook reflects the liquidity pressure the company is facing, which would be increased in the case the sale of the Mexican operations is delayed more than expected. A revision of the Outlook to Stable is possible if the liquidity concerns are addressed with the sale of the Mexican operations and if the leverage is reduced. KEY RATING DRIVERS Sale of Mexican Operations Key to Improve Capital Structure: Upon concluding the sale of Mexican assets, Masisa would reduce its net leverage to around 3.3x, according to Fitch's projections. This would represent a sharp improvement compared with the still high leverage presented as of March 2018 of 4.7x. Fitch believes it is unlikely that Masisa would be able to improve its capital structure and liquidity should the transaction fall through or is delayed more than expected, putting pressure to face short term commitments. The company has not been able to reduce its leverage by sheer improvement of its operations and has implemented asset sales to recover a more sustainable capital structure, after weak results from its former operation in Brazil and Argentina, and sluggish economic growth throughout the region, while the company's debt levels remain elevated. Masisa's net debt was USD497 million at the end of March 2018. This compares with USD557 million in December 2017 and USD667 million in December 2016. Less Diversified Business Profile: Masisa's strategy to sell its industrial units in Argentina, Mexico and Brazil weakened the company's geographic diversification and business scale, making it more susceptible to downturns in one market. The company plans to concentrate its business strategy on value-added board products in the Andean Region, Central America, the United States, Canada and other export markets, which show better margins; conversely, the company faces the challenges of significantly reducing its size and operational presence in key markets. Improved Free Cash Flow Expected: Fitch expects Masisa to generate about USD81 million of recurring EBITDA in 2018 and USD62 million in 2019 after the sale of the Mexican operations, which coupled with lower capex and and taxes should result in positive FCF, after several years in negative territory for this metric. Fitch's base case projections consider the sale of assets in Mexico by the end of 2018, and include Venezuela's minimal EBITDA. The company generated recurring EBITDA of USD119 million and cash flow from operations (CFO) of USD30 million in the LTM ended March 2018, compared with USD133 million and USD6 million, respectively, in 2017. Results remain pressured by declining demand for wood boards in Latin America and weak currencies in several markets. Significant Presence in Venezuela: Masisa is exposed to exchange controls in its Venezuelan operations, although operations are self-sufficient in the country. Restrictions imposed by the Venezuelan Central Bank have limited the U.S. dollar supply in that country, which constrains the repatriation of available cash. While Venezuela represented about 3% of total recurring EBITDA in the LTM ended March 2018, the company still has an important position of forestry assets in the country. DERIVATION SUMMARY Masisa has operations in Chile, Argentina and Venezuela, and commercial presence in all Latin America and the U.S. Masisa is an important producer of wood boards in Latin America, with 1.3 million cubic meters of installed capacity of particle boards, MDP and MDF, 180,000 cubic meter of moldings, pro forma after the sale of its Mexican operations, and 362,000 cubic meters of sawn wood. Masisa is exposed to exchange controls in its Venezuelan operations, although its operations are self-sufficient in the country, and to the volatilities of the Argentinian economy. In Latin America, Masisa is the third largest player in terms of production capacity of boards. The company's main competitors are the Brazilian Duratex (not rated), the leader in the segment in Latin America, and the Chilean Celulosa Arauco y Constitucion S.A. (Arauco, BBB/Negative). Arauco is the third-largest market pulp company in the world. Among the Latin America forestry products companies, like Arauco, Empresas CMPC, Fibria, Suzano, and Klabin, Masisa is more exposed to the economic weakness in Latin America as its activities are concentrated in boards, it has higher leverage and a more limited liquidity position. After the sales of its industrial facilities in Argentina and Brazil, and the expected sale of its Mexican operations, Masisa's EBITDA generation will be largely concentrated in its industrial production from Chile, which is mitigated by the exports that represents 57% of the revenues. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Mexican assets sale finished by the end of 2018 with no significant change from original announced terms, and proceeds used to reduce debt and strengthen liquidity. -- No other asset disposals included in the base case scenario -- No dividends paid in 2019, and 50% of net profit from 2020 onwards. -- Capex around USD30 million in 2018 and USD25 million going forward. -- Fitch does not consider cash flow form the operations in Venezuela. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action The favorable conclusion of the divestitures in Mexico, addressing liquidity issues and significantly improving the company's capital structure to reduce net debt/recurring EBITDA, excluding Venezuela, to below 4.0x, would likely result in a revision of the Outlook to Stable. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- A significant delay in the sale of the Mexican operations, adding pressure to the tight liquidity of Masisa, without the company finding alternative sources of liquidity could trigger a downgrade. -- An increase in leverage above 5.0x, excluding Venezuela, without measures to prevent an event of default, would trigger a downgrade. LIQUIDITY Tight Liquidity: The main maturities for the second half of 2018 add up to USD140 million and include a bridge loan used to prepay the international bond, pre export finances, a committed line, and the current portion of long-term debt. Fitch believes that Masisa's liquidity position is limited and reliant upon the sale of assets in order to pay its maturities and properly refinance its credits. The sale of the Mexican operation would give enough cash to the company to face imminent commitments, but a delay in the process could result in an unfavorable position. Masisa is in the process of selling non-core assets for around USD20 million in order to strengthen its cash position and pay its maturities in the case the sale of the Mexican operations is delayed. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Masisa S.A. -- Long-Term Foreign and Local Currency IDRs at 'B+'; -- National scale rating of Bond Lines at 'BBB(cl)'; -- Long-term National Scale rating at 'BBB(cl)'; -- National Short-term rating at 'N2(cl)'. -- National Equity rating at 'First Class Level 3(cl)'. The Rating Outlook remains Negative. ============= J A M A I C A ============= JAMAICA: BOJ Holding Policy Interest Rate at 2% ----------------------------------------------- RJR News reports that the Bank of Jamaica (BOJ), has decided to hold the policy interest rate at two per cent -- as a result, the Monetary Policy rate remains unchanged. This decision reflects the Bank's assessment that inflation, currently below target, will rise towards the lower end of the target of 4 to 6 per cent by the March 2019 quarter and approach the middle of the target range thereafter, according to RJR News. The Bank's outlook for inflation for the remainder of 2018 and the first part of 2019 is largely predicated on an expected increase in agricultural prices, oil prices remaining elevated and higher domestic GDP growth, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 5, 2018, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' and has revised the Rating Outlook to Positive from Stable. ====================== P U E R T O R I C O ====================== HIGH TIMES: Hires Lugo Mender Group LLC as Attorney --------------------------------------------------- High Times Corp seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico (Old San Juan) to hire Lugo Mender Group, LLC as debtor's attorney to provide general legal counseling services in connection with this bankruptcy petition. Lugo's hourly rates are: Wigberto Lugo Mender, Esq. $300 Associate Staff Attorney $200 Legal and Financial Assistants $125 Alexis Betancourt Vincenty, Esq., from Lugo Mender Group, LLC attests that his firm and its employees are disinterested persons within the meaning of 11 U.S.C. Sec. 101(14). The counsel can be reached through: Alexis Betancourt Vincenty, Esq. Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, P.R. 00968-8052 Tel.: (787) 707-0404 Fax: (787) 707-0412 About High Times Corp High Times Corp, dba High Times Sport Bar, Agencia Hipica 504, High Times Convenience Store, & High Times Liquor Store, is the definitive resource for all things cannabis. From cultivation and legalization, to entertainment and culture, to hard-hitting news exposing the War on Drugs, High Times has been the preeminent source for cannabis information since 1974. The Debtor filed their petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case no. 18-04770) on Aug. 21, 2018. Judge Enrique S. Lamoutte Inclan presided over the case. Alexis A Betancourt Vincenty at Lugo Mender Group, LLC, is the Debtor's counsel. JDHG LLC: Monthly Payment to Unsecureds Increased to $2,370 ----------------------------------------------------------- JDHG, LLC, Caribbean Winds, Inc., August Sage Holdings, LLC, and Green Horizon, Inc. filed an amended disclosure statement explaining their joint plan of reorganization. Under the latest plan, Holders of Allowed Priority Tax Claims, secured and unsecured, will be paid in full by Debtors either: (i) upon such terms as may be agreed to with such Holders,(ii) on the later of the Effective Date of the Plan or the date that such Allowed Priority Tax Claims would have been due if the Bankruptcy Cases had not been commenced, or (iii) through 50 consecutive monthly installments of $2,529.02, including the rate of interest prevailing during the month the Plan is confirmed, estimated at 5% per annum. The first installment to be due on the 30th day of the month following the Effective Date and the remaining 49 installments on the 30th day ol' each month thereafter, provided that the payment to the Holders of Allowed Priority Tax Claims is effected in a manner not less favorable than the most favored non-priority unsecured claims provided for in the Plan. The previous version of the plan provided that Holders of Allowed Priority Tax Claims, secured and unsecured, will be paid in full, in cash, on the Effective Date. Holders of Allowed General Unsecured Claims in Class 2 totaling $142,257 will be paid in full satisfaction of their claims 100% through 60 consecutive equal monthly installments of $2,370.95 instead of $2,338.93 previously proposed, commencing on the 30th day of the month following the Effective Date and continuing on the 30th day of the following 59 months. A copy of the Disclosure Statement dated Aug. 8 from PacerMonitor.com is available at https://tinyurl.com/yahxmz9v at no charge. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/prb18-02810-11-46.pdf A full-text copy of the Joint Plan is available at: http://bankrupt.com/misc/prb18-02810-11-45.pdf About JDHG LLC JDHG, LLC owns hotel furniture and fixtures at Wind Chimes Inn located in San Juan, Puerto Rico, and boat bar equipment valued at $65,255 in total. The company has accounts receivable of $4.6 million. JDHG sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 18-02810) on May 21, 2018. In the petition signed by John B. Dennis Brull, president, the Debtor disclosed $4.67 million in assets and $19.24 million in liabilities. Judge Mildred Caban Flores presides over the case. PUERTO RICO: Probe Cites Multiple Causes for Fiscal Free Fall ------------------------------------------------------------- Luis Valentin Ortiz at Reuters reports that short-term fixes, deficit financing and political pressures helped drive Puerto Rico into a fiscal catastrophe that landed the U.S. commonwealth in bankruptcy court, according to an investigative report released. The 600-page report commissioned by the island's federally appointed oversight board last September also addresses potential claims for investors and regulators and recommends ways for Puerto Rico to avoid future fiscal problems, the report notes. With roughly $120 billion in debt and pension liabilities, Puerto Rico commenced bankruptcy proceedings in federal court in May 2017, the report says. A fiscal oversight board created by the U.S. Congress in 2016 under the so-called PROMESA Act tapped law firm Kobre & Kim to produce the report, Reuters notes. "The 10-month investigation involved an extensive evaluation of evidence from many sources. We conducted over 100 witness interviews and reviewed voluminous productions of documents in both English and Spanish," John Couriel, a lawyer at Kobre & Kim, said in a statement obtained by the news agency. In conducting its probe, the law firm had access to documents that had been restricted from public view by U.S. Judge Laura Taylor Swain, who oversees the island's bankruptcy, the report relays. The report found that contrary to accusations by some bondholders, Puerto Rico's Sales Tax Financing Corporation, known as COFINA, was not created to evade the island's constitutional debt limit, Reuters says. "Over time, however, COFINA became a comparatively accessible source of liquidity that staved off the need for Puerto Rico to find a more permanent solution to its financial problems," the report said, Reuters discloses. It recommended amending the island's constitution so that debt issued by COFINA, which securitized sales tax revenue to achieve higher credit ratings, counts toward the debt limit, Reuters notes. Reuters says that political pressures impacted rates charged by the Puerto Rico Electric Power Authority (PREPA), which became dependent on short-term loans from the island's Government Development Bank that were paid off through bond issuances, according to the report. Meanwhile, investigators could not determine how the Puerto Rico Aqueduct and Sewer Authority (PRASA) spent some proceeds from bonds issued between 2010 and 2013, Reuters relays. The report recommended a mix of governor-appointed and independent members for utility boards and the establishment of audit committees and independent rate boards, Reuters notes. The probe found deficiencies with Puerto Rico's budgeting process and chronically late annual audits, as well as with credit rating agencies, Reuters says. While the report said it could not conclude the rating agencies significantly contributed to the island's fiscal crisis, it faulted them for undeserved high ratings that made bonds more attractive to certain investors, Reuters relays. "Indeed, certain of Puerto Rico-related bonds retained investment-grade ratings for a prolonged period despite mounting levels of debt service, declining issuer performance, and worsening macroeconomic indicators, with several issuers ultimately landing in a form of bankruptcy after (the rating agencies) reduced the ratings below investment grade," the report stated, Reuters notes. The report will be the subject of a public hearing the oversight board set for Sept. 18, Reuters adds. TOYS R US: Toys Delaware, Geoffrey Debtors File Wind-Down Plan -------------------------------------------------------------- Toys "R" Us-Delaware, Inc., and certain Toys Delaware affiliates (collectively, "Toys Delaware Debtors") and Geoffrey Holdings, LLC, and Geoffrey's subsidiaries (collectively, the "Geoffrey Debtors"), filed with the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, a disclosure statement dated August 6, 2018, explaining their Chapter 11 plans. The Plan constitutes a separate Chapter 11 plan for each Debtor and derives from a settlement agreement that was extensively negotiated in good faith and at arm's-length between the Debtors and certain stakeholders. If consummated, the Plan will distribute the proceeds derived from the wind-down, dissolution, and liquidation of the Debtors' Estates after the Effective Date. The Geoffrey Debtors and the Toys Delaware Debtors separately seek to confirm their respective Plans, and the confirmation of one Plan is not contingent on confirmation of the other. The proposed Plan provides the following classification and treatment of classified claims and interests against the Toys Delaware Debtors: * Class A1: Other Secured Claims against the Toys Delaware Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of each Allowed Other Secured Claim against the Toys Delaware Debtors, each Holder thereof shall receive, at the option of the applicable Toys Delaware Debtor: (i) payment in full in cash solely from the proceeds of collateral securing such Allowed Other Secured Claim; (ii) delivery of the collateral securing any such claim and payment of any interest required under Section 506(b) of the Bankruptcy Code; (iii) reinstatement of such Other Secured Claim; or (iv) such other treatment as shall render such claim unimpaired, provided, however, that holders of Allowed Other Secured Claims shall not receive any distribution from the Administrative Claims Distribution Pool. * Class A2: Other Priority Claims against the Toys Delaware Debtors. Except to the extent there is any excess value available for distribution from the applicable Toys Delaware Debtor following repayment of all Secured Claims and all Claims entitled to senior or administrative priority in accordance with the Bankruptcy Code, on the Effective Date, or as soon as reasonably practicable thereafter, each Allowed Other Priority Claim against the Toys Delaware Debtors shall receive no distribution. * Class A3: Delaware Secured ABL/FILO Facility Claims against the Toys Delaware Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of each allowed Delaware Secured ABL/FILO Facility Claim, each holder thereof shall receive payment in full and cash. * Class A4: Term B-2 Loan and Term B-3 Loan Claims against the Toys Delaware Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of each allowed Term B-2 Loan and Term B-3 Loan claim, each Holder thereof shall receive its Term Loan Pro Rata Share of the Term B-2/B-3 Delaware Portion of (i) the Delaware Term Loan Distributable Proceeds and (ii) the Delaware Residual Interest Pool. * Class A5: Term B-4 Loan Claims against the Toys Delaware Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of each allowed Term B-4 Loan Claim, each Holder thereof shall receive its Term Loan Pro Rata Share of (A) 50% of the Aggregate Canada Proceeds, and (B) the Term B-4 Delaware Portion of (i) the Delaware Term Loan Distributable Proceeds and (ii) the Delaware Residual Interest Pool. * Class A6: General Unsecured Claims against the Toys Delaware Debtors. Except to the extent there is any residual value available for distribution from the Toys Delaware Debtors after Classes A1 through A5, as well as Allowed Administrative Claims and Priority Tax Claims are paid in full, each General Unsecured Claim against the Toys Delaware Debtors shall receive no distribution on account of such General Unsecured Claim; however, Holders of General Unsecured Claims will receive their pro rata share of any such residual value. * Class A7: Toys Delaware Debtor Intercompany Claims against other Toys Delaware Debtors. On the Effective Date or as soon as reasonably practicable thereafter, each allowed Toys Delaware Debtor Intercompany Claim against another Toys Delaware Debtor shall be reinstated, canceled and released, or receive such other treatment, in each case as agreed to by the applicable Debtors and the Ad Hoc Group of Term B-4 Lenders. * Class A8: Toys Delaware Intercompany. Except as otherwise provided in the Toys Delaware Plan, Interests in the Toys Delaware Debtors other than Toys Delaware shall be reinstated, canceled and released, or receive such other treatment, in each case as agreed to by the applicable Debtors and the Ad Hoc Group of Term B-4 Lenders. * Class A9: Toys Inc. Interests. On the Effective Date, each interest in Toys Delaware shall be canceled and released, unless the Delaware Retention Structure is utilized. The proposed Plan also provides the following classification and treatment of classified claims and interests against the Geoffrey Debtors: * Class B1: Other Secured Claims against the Geoffrey Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of each Allowed Other Secured Claim, each Holder thereof shall receive, at the option of the Geoffrey Debtors: (i) payment in full in cash; (ii) delivery of the collateral securing any such claim and payment of any interest required under Section 506(b) of the Bankruptcy Code in compliance; (iii) reinstatement of such other secured claim; or (iv) such other treatment as shall render such claim unimpaired. * Class B2: Other Priority Claims against the Geoffrey Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, each allowed other priority claim against the Geoffrey Debtors shall be discharged and canceled in full and shall receive no distribution. * Class B3: Term B-2 Loan, Term B-3 Loan, and Term B-4 Loan Claims against the Geoffrey Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of each allowed Term B-2 Loan, Term B-3 Loan and Term B-4 Loan Claim, each holder thereof shall receive its Term Loan Pro Rata Share of: (i) the Geoffrey Proceeds, if any, and/or (ii) the Geoffrey Equity Pool. * Class B4: General Unsecured Claims against the Geoffrey Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, each Allowed General Unsecured Claim against the Geoffrey Debtors shall be discharged and canceled in full and shall receive no distribution. * Class B5: Geoffrey Debtor Intercompany Claims against other Geoffrey Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, each Geoffrey Debtor Intercompany Claim against the other Geoffrey Debtors shall be reinstated, canceled and released, or receive such other treatment, in each case as agreed to by the applicable Debtors and the Ad Hoc Group of Term B-4 Lenders. * Class B6: Geoffrey Debtor Intercompany Interests. On the Effective Date, or as soon as reasonably practicable thereafter, in full and final satisfaction and discharge of Geoffrey Debtor Intercompany Interest, each Allowed Geoffrey Debtor Intercompany Interest shall be reinstated, canceled and released, or receive such other treatment, in each case as agreed to by the applicable Debtors and the Ad Hoc Group of Term B-4 Lenders. * Class B7: Interests in Geoffrey. On the Effective Date, each Interest in Geoffrey shall be cancelled, and released, unless the Delaware Retention Structure is utilized. A full-text copy of the Toys Delaware and Geoffrey Debtors' Disclosure Statement is available at: http://bankrupt.com/misc/vaeb17-34665-4055.pdf 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 Toysrus.com and Babiesrus.com. 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 company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. 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 proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. 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 retailers. 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 ================================ PETROLEUM CO: Will be Shutting Down in the Near Future ------------------------------------------------------ Caribbean News Now reports that as Trinidad and Tobago is about to celebrate its 56th anniversary of political independence, its state owned oil refinery company Petroleum Co. of Trinidad & Tobago Ltd (Petrotrin), which has employed thousands of permanent and contract workers over the last decades will now be shutting down in the near future, according to Petrotrin officials and government ministers. Petrotrin is a state owned enterprise in the integrated oil and gas industry, engaged in the full range of petroleum operations including exploration for development of and production of hydrocarbons, and the manufacturing and marketing of a wide range of petroleum products, according to Caribbean News Now. The report notes that Petrotrin has played a pivotal role in the economy of Trinidad and Tobago and its closing may mean that the subsidies on petroleum and oil-based products enjoyed by residents will inevitably come to an end. All 1,700 jobs in refining will be terminated, the report relays. The Pointe-a-Pierre South Trinidad Refinery was built by Petrotrin's predecessor Trinidad Leaseholds Limited (TLL) in 1917. British Petroleum (BPTT), Shell, Texaco and others were also joint partners, the report says. The refinery, which later became the largest refinery in the country, went through a number of transformations over the years, while corruption at government levels increased, resulting in monumental debt, the report discloses. Petrotrin has lost a total of about TT$8 billion in the last five years; is TT$12 billion in debt; and owes the government of Trinidad and Tobago more than TT$3 billion in taxes and royalties, the report notes. According to the company, it currently requires a cash injection of TT$25 billion to stay alive -- to refresh its infrastructure, and to repay its debt -- and even with that, if left as is, it is projected to continue losing about TT$2 billion a year, the report says. In recent months the owner of A&V Oil and Gas Limited, Hanif Nizam Baksh, was accused by leader of the opposition, Kamla Persad Bissesser, of defrauding Petrotrin of just over TT$100 million (US$14.8 million), the report relays. Baksh is a financier of the ruling People's National Movement (PNM) and very close friend of Prime Minister Dr Keith Rowley, the report discloses. The Oilfield Workers Trade Union (OWTU) leader Ancel Roget, who recently called Rowley a "liar" and a "wajang" (local term for a low life, uncouth person), held meetings with workers, the report notes. According to former minister Vasanth Bharath, Petrotrin is the embodiment of poor corporate governance, expressed in bad policy decisions, wastage, corruption, nepotism -- and more, the report adds. As reported in the Troubled Company Reporter-Latin America on May 3, 2018, S&P Global Ratings revised its outlook on Petroleum Co. of Trinidad & Tobago Ltd (Petrotrin) to negative from stable. S&P said, "We also affirmed our 'BB' long-term corporate credit and senior unsecured debt ratings on the company. Additionally, we're keeping its SACP unchanged at 'b-'." TRINIDAD & TOBAGO: Sub-Standard Poultry Will Be Thing of Past ------------------------------------------------------------- Trinidad Express reports that sub-standard poultry, like chicken meat, will soon no longer be allowed to enter this country or to be produced here. Trade Minister Paula Gopee-Scoon disclosed that Cabinet had taken a decision to enforce the Caricom Regional Standard for Poultry and Poultry Products, according to Trinidad Express. ================= V E N E Z U E L A ================= VENEZUELA: 2 Companies Owed US$.97MM for Goods Delivered -------------------------------------------------------- Trinidad Express reports that two local manufacturers -- VEMCO Ltd and Langston Roach Industries -- are owed US$979,000 for goods delivered to Venezuela, Trade Minister Paula Gopee-Scoon has said. She said all other manufacturers have been paid, according to Trinidad Express. She said the Government has spoken to Venezuelan officials about the issue, the report notes. "I have written to my counterpart in Venezuela and also I had a meeting with a Venezuelan minister of government who was in Trinidad, the report adds. As reported in the Troubled Company Reporter-Latin America on June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its long- and short-term local currency sovereign credit ratings on Venezuela from CreditWatch with negative implications and affirmed them at 'CCC- /C'. The outlook on the long-term local currency rating is negative. At the same time, S&P affirmed its 'SD/D' long- and short-term foreign currency sovereign credit ratings on Venezuela. S&P's transfer and convertibility assessment remains at 'CC'. *********** 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 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, Psyche A. Castillon, 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 * * *