TCRLA_Public/180912.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

         Wednesday, September 12, 2018, Vol. 19, No. 181


                            Headlines



A R G E N T I N A

ARGENTINA: Seek Soup Kitchens, Barter Markets Amid Crisis
SAN JUAN: Fitch Affirms Then Withdraws 'B' LT IDRs


B R A Z I L

INVEPAR: Should Restructure, Avoid Quick Sale, Says Previ


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 26 Agencies Scatter Govt.'s Housing Policy


J A M A I C A

JAMAICA: Mixed Results for Stock Market Activity for April-June
JAMAICA: Shaw to Partner Small Ganja Farmers With Large Processors


M E X I C O

DOCUFORMAS: S&P Places 'B+' Global Scale ICR on Watch Positive
METEPEC: Moody's Withdraws Ba1 Issuer Rating and Stable Outlook


N I C A R A G U A

NICARAGUA: New Day of Crisis Unfolds in Country


P U E R T O    R I C O

TOYS R US: Taps A&G Realty Partners as Real Estate Advisor


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Seek Soup Kitchens, Barter Markets Amid Crisis
---------------------------------------------------------
Almudena Calatrava at Associated Press reports that Argentines are
struggling in crisis in what was once one of the world's most
prosperous nations.  Consumer prices are soaring, unemployment is
high and the Argentine peso has plunged, bringing back haunting
memories of the country's economic meltdown in 2001 that pushed
millions into poverty, according to Associated Press.

"The city government gives us money for 440 rations a day, but
we're being forced to prepare smaller portions so that we can
cover 600 rations," said Cintia Garcia, who runs "Happy Kids" soup
kitchen.

The report notes that a series of events battered the economy.

First, a severe drought damaged crop yields in the world's third-
largest exporter of soybean and corn, the report says.  The
situation worsened beginning in the first quarter of 2018 as world
oil prices increased and then interest rate rises in the United
States led investors to pull dollars out of Argentina, the report
relates.

That caused jitters among Argentines, who have stashed away
dollars as a cushion since the 2001 economic implosion, and a rush
to buy scarcer dollars pushed the peso's value down, AP relays.
Despite several interest rate hikes by the Argentine Central Bank,
the peso has lost more than half its value in less than a year,
the report says.

AP recounts that President Mauricio Macri had to seek a $50
billion loan from the International Monetary Fund. President Macri
disclosed a series of austerity measures, including new taxes on
exports and the elimination of several government ministries.  He
said he would allocate more economic aid and strengthen food plans
for poor Argentines.

With unemployment around 9 percent and consumer prices surging,
some Argentines are again turning to barter clubs, which first
emerged during the collapse nearly two decades ago, the report
discloses.

The tumbling peso has pushed up prices for fuel and, in turn,
transportation costs, the report says.  That has affected food
prices in a country where most grains and other goods are
transported in trucks. Inflation is expected to reach an annual
rate of more than 40 percent this year, the Central Bank said, the
report relays.

The price of beef has also increased in one of the world's top
meat-consuming countries, the report says.

The rapid fall in the peso brings frequent boosts in the prices
charged by vendors, leading to anger, the report relays.  Some
slum dwellers recalled that when the peso recently fell to 40 to
the dollar, they lined up at small local stores but the owners
refused to sell to them, the report notes.

The crisis 17 years ago was so bad that one of every five
Argentines was out of work and more than half of the population
fell into poverty, the report discloses.  The peso, which had been
tied to the dollar, lost about 75 percent of its value, AP relays.

Banks froze deposits and barricaded behind sheet metal as
thousands of protesters unsuccessfully tried to withdraw savings,
AP recounts.  More than 20 people died in protests and looting
that swept Argentina in December 2001 as Latin America's third-
largest economy unraveled and eventually defaulted on a debt of
more than $100 billion, the report notes.

The current economic woes are far from that collapse, notes AP.
But analysts say that poverty, which affects about a third of the
population, will rise this year, and the economy will take a dive,
the report relates.

Those forecasts are far from the promises of Macri, the
conservative president took office in 2015 vowing that he would
revive Argentina's weak economy and end poverty, the report notes.

Although his market-friendly reforms were initially praised by
international investors, who said they laid the groundwork for
growth, they also brought pain to the country's poor and stoked
labor unrest, the report says.

Since taking office, he has laid off thousands of state workers
and cut energy subsidies, sending utility bills and bus fares
soaring, the report relays.  Macri also dropped the previous
government's foreign exchange controls, ushering in the sharp
devaluation of the peso, AP says.

Many of Argentina's poor live in slums known as "misery villages,"
where they often lack access to transportation, running water or
sewage, the report discloses.  Argentina's northern regions have
chronically high rates of child malnutrition, even though the
country remains a top global grain supplier, the report says.

On a recent day, dozens of women gathered at a barter market in
the outskirts of Buenos Aires to trade everything from pants and
cosmetics to toys, bags of rice and cooking oil, notes the report.

"We've gone back to the same as before.  We've gone back to
bartering," said Lucia de Leon, who had a table where she offered
to trade canned food and used shoes, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2018, S&P Global Ratings placed on Aug. 31, 2018, its
'B+' long-term and 'B' short-term sovereign credit ratings on
Argentina on CreditWatch with negative implications. At the same
time, S&P placed its 'raAA' national scale rating on CreditWatch
negative and affirmed its 'BB-' transfer and convertibility
assessment.  The CreditWatch negative reflects the risk of
worsening creditworthiness due to potentially weakened
implementation of the government's strategy to stabilize the
economy. Exchange rate volatility, as shown by recent pressure on
the Argentine currency, could jeopardize the effective
implementation of economic adjustment measures, absent further
steps to boost investor confidence.  Consequently, S&P Global
Ratings corrected its short-term ratings on Argentina
by removing them from CreditWatch with negative implications.

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.


SAN JUAN: Fitch Affirms Then Withdraws 'B' LT IDRs
--------------------------------------------------
Fitch Ratings has affirmed the Province of San Juan, Argentina's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'B'. The Outlook is Stable. The ratings are capped by
Argentina's sovereign rating. At the same time, the agency has
withdrawn the Province's ratings for commercial reasons.
Therefore, Fitch will no longer provide ratings or analytical
coverage for the Province of San Juan (PSJ).

KEY RATING DRIVERS

Budgetary Performance: Strong, Stable

PSJ's fiscal performance is considered strong because
administrative policies have been focused on fiscal solvency and
budgetary surplus. During the period of analysis (2013-2017), the
province's operating margins averaged 21% in a macroeconomic
context of high inflation and currency depreciation. Also
financial margins averaged a surplus of 11.7% of total revenues
and have been destined for capex and capitalization of the
province's anticyclical fund and cash deposits. During 2017, San
Juan's operating margin totalled 15.2% due to a higher level of
capex (peaking at ARS10.6 billion in 2017, equivalent to a high
26.8% of total expenditure). PSJ maintains a solid fiscal position
with a high financial flexibility.

Debt and Other Long-Term Liabilities: Strong, Stable

San Juan's yearly financial surpluses translate into a strong
liquidity position. In 2017, the province had cash deposits of
ARS5.3 billion, including its anticyclical fund of ARS2.4 billion
that has to be kept by law at an equivalent of two monthly salary
grids. The fund has never been used and is above the required
level.

Public debt totalled ARS8.0 billion in 2017, or 21.3% of current
revenues. Debt level is low with a low-moderate currency exposure,
as 36.6% of debt is denominated in foreign currency, unhedged.
Debt in foreign currency is mainly composed of debt with
multilaterals denominated in U.S. dollars (31% of total debt) and
a zero coupon bond with the sovereign's explicit guarantee.
Although during 2018 the Argentine peso exchange rate has
depreciated more than 100% versus the U.S. dollar, if the ratio
remains around 40 pesos per dollar, annual debt service will
increase but will have a low impact on the entity's debt service
and leverage ratios given the entity's current debt profile and
low level of debt.

PSJ does not have short-term debt and therefore does not present
refinancing risk, as other argentine peers amidst current market
volatility in Argentina. Also, to date San Juan does not present
any possible contingencies. It is worth noting that San Juan is
among the provinces that transferred its pension funding to the
national government, thus eliminating operative risks regarding
pension deficit funding.

Management and Administration: Neutral, Stable

This attribute is evaluated as neutral as administrative policies
have been focused on fiscal solvency and budgetary surplus. The
province is bound to the Federal Fiscal Responsibility Law and the
2017 Fiscal Consensus; which further underpin the entity's fiscal
balance and trajectory.

Economy: Weak, Stable

The economy is evaluated as weak for all argentine subnationals,
relative to international peers, because they operate in a
macroeconomic context of high inflation and currency depreciation.
Economic volatility is a structural characteristic of Argentina's
weak economy. San Juan is located in the northwest region of
Argentina (Cuyo Region). Similar to other Argentine peers, San
Juan has a small and undiversified local economy.

Institutional Framework: Weak, Stable

Fitch considers Argentina's institutional framework to be weak,
given the country's structural weaknesses, including its complex
and imbalanced fiscal regime with no equalization funding. With
recent reforms and agreements between the nation and provinces,
several important tax and federal revenue distribution changes are
underway. Although major reforms are still pending, the
implementation of some measures tracked fiscal improvements during
the first semester of 2018 for most argentine subnational
entities. The sustainability of fiscal improvements will depend on
economic growth accompanying the process of fiscal convergence.
Fitch will monitor this topic.

RATING SENSITIVITIES

Not applicable.


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B R A Z I L
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INVEPAR: Should Restructure, Avoid Quick Sale, Says Previ
---------------------------------------------------------
Carolina Mandl at Reuters reports that Brazilian infrastructure
operator Invepar - Investimentos e Participacoes em Infraestrutura
S.A. should focus on refinancing its substantial debt load instead
of pursuing an immediate sale, the chief executive of pension fund
Previ, one of Invepar's key investors, said.

Speaking on the sidelines of a pension fund event in
Florianopolis, Previ's Jose Mauricio Coelho said Invepar may issue
new debt or extend maturities on its current debt, instead of
looking for an investor to take control of the company and inject
cash, according to Reuters.  Invepar has lost BRL1.2 billion ($291
million) over the last two years.

In August, Previ, which holds 26 percent of Invepar, rejected a
binding offer from sovereign wealth fund Mubadala Development Co
PJSC to acquire Invepar, which owns the concession for Sao Paulo's
Guarulhos international airport among other assets, the report
relays.

The report notes that Mr. Coelho said Previ considered the bid too
low, so a better alternative now would be a debt refinancing.
Invepar's debt includes 650 million reais in debentures that
Mubadala acquired late last year.

Mr. Previ is Brazil's largest pension fund, managing retirement
funds for employees of state-controlled lender Banco do Brasil SA,
the report says.  Unlike several of its peer pension funds, Previ,
which owns stakes in hundreds of large Brazilian companies, has
managed to stay profitable in recent years, the report notes.

Mr. Coelho also said the fund is postponing to 2019 from this year
the listing of utility Neoenergia SA, in which it holds a 38
percent stake, the report discloses.  Neoenergia made a previous
failed attempt at an initial public offering in 2017, the report
relays.

Neoenergia, controlled by Spain's Iberdrola SA, should focus on
capturing synergies from a merger in June last year with Elektro,
a separate company controlled by Iberdrola, Mr. Coelho said, the
report notes.

Previ may sell a small portion of the stake it holds in iron ore
miner Vale SA, as part of its efforts to raise cash to pay for
benefits, the report says.  Still, he said Previ is not in a rush
and that it still sees some upside potential for Vale's shares,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2016, Moody's America Latina downgraded the corporate
family ratings of Invepar - Investimentos e Participacoes em
Infraestrutura S.A. to B2 from B1 on the global scale, and to
Ba2.br from Baa2.br on the national scale.  The outlook remains
negative.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: 26 Agencies Scatter Govt.'s Housing Policy
--------------------------------------------------------------
Dominican Today reports that the Dominican Home Builders and
Developers Association (Acoprovi) said Danilo Medina's government
policy on housing is scattered, because it involves the vision of
different agencies, each one separately.

Organization president Maria Susy-Gaton stressed the need to
create the Housing (and Human Settlements) Ministry that would
bring together the work of 26 institutions linked to the sector,
according to Dominican Today.

"We understand that one thing is the vision of Urbe (barrios
dept., another thing is the vision of Invi (lower-middle housing),
and another thing is the vision of Ciudad Juan Bosch (gated
community), when it is right that all resources go to a single
fund and that from the Ministry of Housing is about everything
that has to do with politics and planning," she said, the report
notes.

Mr. Gaton, interviewed by El Caribe, along with, vice presidents
Jorge Montalvo and Erick Bueno, and executive director Carolina
Steffani, added that along with Cuba, the Dominican Republic is
the only country that lacks a Ministry for Housing, the report
relays.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


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J A M A I C A
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JAMAICA: Mixed Results for Stock Market Activity for April-June
---------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) is reporting that
stock market activity for the April to June quarter had mixed
results.

The volume of stocks traded increased by 32.8 per cent relative to
a decrease of 41.3 per cent in the previous quarter.  The BOJ says
the increase principally reflected market activity during May,
according RJR News.

Meanwhile, the value of stocks traded and the number of
transactions decreased by 3.5 per cent and 19 per cent
respectively, the report notes.

The Central Bank notes that stock market price appreciation was
broad-based and reflected the performance of stocks within five of
the seven sectors, the report says.

The report notes that four of the five sectors also contributed to
the top ten performing stocks for the three months.

The Manufacturing and Other categories accounted for seven of the
top ten advancing stocks, the report discloses.

The conglomerate category reflected the highest average price
appreciation of 13.8 per cent for the June quarter relative to the
previous three months, RJR News 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.


JAMAICA: Shaw to Partner Small Ganja Farmers With Large Processors
------------------------------------------------------------------
RJR News reports that Audley Shaw, Minister of Industry, Commerce,
Agriculture and Fisheries, said he is looking to link small ganja
farmers with large processors who have the ability to convert the
plant into a range of medicinal products.

Mr. Shaw pointed out that the business of ganja is not just for
the wealthy, who have the capital to do it, according to RJR News.

He further stated that the administration is looking to younger
farmers, especially those who have received formal training, to
lead the way in finding solutions to challenges facing the sector,
the report notes.

He was speaking at a Youth in Agriculture public forum at Knox
Community College in Manchester on the weekend, 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.


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M E X I C O
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DOCUFORMAS: S&P Places 'B+' Global Scale ICR on Watch Positive
--------------------------------------------------------------
S&P Global Ratings placed its long-term 'B+' global and 'mxBBB'
Mexican national scale issuer credit ratings on Docuformas on
CreditWatch with positive implications. S&P also placed its 'B+'
issue-level rating on Docuformas' $150 million senior unsecured
notes on CreditWatch positive.

The CreditWatch placement follows Docuformas' recent announcement
of its new stockholders' structure, which already reflects a $15
million capital injection into the lender. As of September 7,
2018, Docuformas' stockholders' structure consists of: Alta Growth
Capital (ALTA; 39.6% of the equity), followed by the founder Adam
Peter Jan Wiaktor Rynkiewicz (AW; 32.8%), and CKD Abraaj (27.6%).

Moreover, Docuformas announced that an additional $12 million
injection could occur in the coming weeks. Under such a scenario,
the new stockholders' structure would be: ALTA (35.6%), followed
by CKD Abraaj (24.9%), Abraaj ND (24.9%), and AW (14.6%).

S&P said, "As a result, our RAC ratio, which is currently
projected (prior to these capital injections) at 7.5%-8.5% for the
end of 2018, could rise beyond 10%. Such an increase could trigger
a positive rating action on Docuformas. We'll incorporate in our
projections the abovementioned capital injections and the business
growth strategy under the new stockholders' structure. Given that
Docuformas' main stockholders are currently managed funds, it will
be crucial to understand the lender's business growth strategy in
the short and medium term. This is because based on historical
record, these types of stockholders focus on increasing the value
of their investment, resulting in aggressive growth."


METEPEC: Moody's Withdraws Ba1 Issuer Rating and Stable Outlook
---------------------------------------------------------------
Moody's de Mexico S.A. de C.V. withdrew the Ba1/A1.mx (Global
Scale, local currency/Mexico National Scale) issuer ratings of the
Municipality of Metepec and also withdrew the stable outlook.
At the same time, Moody's withdrew the A3/Aaa.mx (Global Scale,
local currency/Mexico National Scale) debt ratings of the MXN 173
million (original face value) enhanced loan with Santander.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

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


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


NICARAGUA: New Day of Crisis Unfolds in Country
-----------------------------------------------
EFE News reports that a verbal standoff between Sandinistas and
their opponents during a march in Managua marked a new day of the
crisis which has gripped the Central American country since April
and caused hundreds of deaths.

A group of Sandinistas showed up at the beginning of a
demonstration summoned by their opponents to demand the release of
Nicaraguan political prisoners, leading to moments of tension amid
insults and threats, EFE News notes.

"Let there be no more dead, please, we want peace, you are our
brothers," one of the demonstrators said to the Sandinista group,
which was escorted by dozens of National Police agents, according
to EFE.

For their part, the Sandinistas refused to explain to the
attending media why they were present at the protest, and refused
to offer their views on the current situation in Nicaragua, the
report relays.

According to state media, a group of Sandinistas organized a
motorcade in Managua and other cities in the interior part of the
country to demand justice for the 198 victims of "coup terrorism,"
a term used by the government when referring to its dissidents,
the report says.

In the so-called "Great March of Balloons", the anti-Sandinista
demonstrators called for the immediate release of "political
prisoners" who were arrested for opposing the government, 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.



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P U E R T O    R I C O
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TOYS R US: Taps A&G Realty Partners as Real Estate Advisor
----------------------------------------------------------
Toys R Us Property Company I, LLC, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to hire A&G
Realty Partners, LLC, as real estate advisor.

The firm will assist Toys R Us and its affiliates (the Propco I
Debtors) in selling some of their leased properties and mitigating
their bankruptcy claims under the leases pursuant to an auction
process.

A&G will be paid a fee of 2% of the gross proceeds from a sale of
any of its leased properties.  For any bankruptcy claim mitigated
by A&G, the firm will be paid a fee of 2% of the amount.

A&G will be paid a non-refundable retainer fee of $50,000, to be
credited against all other fees earned by the firm.

Emilio Amendola, co-president of A&G, disclosed in a court filing
that his firm is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Emilio Amendola
     A&G Realty Partners, LLC
     445 Broadhollow Road, Suite 410
     Melville, NY 11747
     Direct Dial: 631-465-9507
     Mobile: 917-860-2192
     Fax: 631-420-4499
     Email: emilio@agrealtypartners.com

                       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 the Debtors' 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.


                            ***********


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


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

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

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

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

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

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


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