TCRLA_Public/180918.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

          Tuesday, September 18, 2018, Vol. 19, No. 185



CABLEVISION SA: Moody's Withdraws B1 CFR Over Merger Completion
PETROQUIMICA COMODORO: Fitch Withdraws B(EXP) Rating on USD Notes
TELECOM ARGENTINA: Strengthens LATAM Ties With Vodafone Deal


ELECTROPAULO METROPOLITANA: Moody's Ups Sr. Unsec. Ratings to Ba1

C A Y M A N  I S L A N D S

* ALVAREZ & MARSAL: Expands Its Footprint to the Cayman Islands

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Hoteliers Also Dip Into Workers' Pension Fund


MEXICO: Says Canada Will Save NAFTA Clause on Dispute Resolution

P U E R T O    R I C O

HIGH TIMES CORP: Taps Nolla de Garcia as Accountant
INSTITUCION AMOR: Unsecureds to Receive 10% of Allowed Claims
INSTITUCION AMOR: Taps Wilfredo Vega as Accountant
TOYS R US: Delaware Debtors Add More Info re Asia JV Dispute


TECHO S.A.: Fitch Withdraws B- LT Issuer Default Ratings

                            - - - - -


CABLEVISION SA: Moody's Withdraws B1 CFR Over Merger Completion
Moody's Investors Service has withdrawn CableVision S.A.'s B1
Corporate Family Rating. The rating action reflects the legal and
regulatory completion of the merger between Telecom Argentina S.A.
(Telecom, B1 stable) and Cablevision under the Argentina's
authorities. On January 1, 2018, Cablevision was merged into
Telecom, which is now the obligor of Cablevision's USD 500 million
2021 notes.


Moody's has withdrawn Cablevision's rating after all necessary
requirements have been obtained for its merger into Telecom to
become effective.

The following ratings were withdrawn:

Corporate Family Rating, B1

Prior to the withdrawal, the outlook on the rating was stable.

Based in Buenos Aires, Argentina, Cablevision S.A. was a leading
provider of Pay TV and Internet Services in Latin America based on
amount of subscriptions. Mainly focused on the City of Buenos
Aires, cities in Greater Buenos Aires, 12 provinces, and Uruguay,
Cablevision was dedicated to the installation, operation and
broadcasting of data transmission through cable and video. Showing
an ongoing expansion, the company reported total revenues of ARS
40,952 million or USD 2.5 billion for fiscal year 2017.

Telecom Argentina S.A., in turn, is one of three major telecom
providers in Argentina. The company offers mobile, broadband,
fixed and pay-TV services to the residential, corporate and
government sectors. In Paraguay, where Telecom derives around 3%
of consolidated revenue, the company is also a major mobile
services provider. For the first half of 2018 and including
Cablevision's numbers, Telecom revenues totaled ARS 64,179 million
or USD 3 billion.

PETROQUIMICA COMODORO: Fitch Withdraws B(EXP) Rating on USD Notes
Fitch Ratings has withdrawn its 'B(EXP)'/'RR4' expected rating on
Petroquimica Comodoro Rivadavia S.A.'s (PCR) proposed USD senior
unsecured notes.


The rating has been withdrawn as PCR did not proceed with the
senior unsecured notes issue within the previously envisaged
timeline. PCR's other ratings are unaffected by the withdrawal.



Rating Sensitivities are not applicable as the ratings have been

TELECOM ARGENTINA: Strengthens LATAM Ties With Vodafone Deal
Total Telecom reports that Vodafone and Telecom Argentina have
signed a new Partner Market agreement in Buenos Aires, according
to a company release. Under the terms of the non-equity agreement,
Vodafone will share its global best practice experience and
provide strategic advice to Telecom Argentina, as the company
tries to build its product offering.  The agreement will touch on
a wide range of areas, including customer service and retail,
technology, IT and procurement, according to Total Telecom.

"This partnership allows Telecom Argentina to benefit from
Vodafone's international experience and expertise and access our
company's global products and services.  I am delighted that
Telecom is joining us as one of our Partner Markets and I am
looking forward to our relationship growing in the coming years,"
said Vodafone Partner Markets chief executive, Diego Massidda, the
report notes.

Telecom Argentina is trying to transform itself into a more
customer centric organizations, something that the partnership
will help to facilitate, the report relays.

"At Telecom Argentina, the customer is the centre of all our
decisions.  That's why we have decided to work with Vodafone to
strengthen our business strategies, drawing on Vodafone's
experience to offer our customers a wide range of services to a
high international standard.  Vodafone's expertise also adds value
to the proposals we are planning to deploy in the future," said
Carlos Moltini, CEO of Telecom Argentina, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2018, Fitch Ratings has withdrawn the 'B+(EXP)'/'RR3'
expected rating assigned to Telecom Argentina S.A.'s proposed US
dollar senior unsecured notes. The company had intended to use the
proceeds for capital expenditures, refinancing of short-term
obligations, as well as for general corporate purposes.


ELECTROPAULO METROPOLITANA: Moody's Ups Sr. Unsec. Ratings to Ba1
Moody's America Latina Ltda. has upgraded the Corporate Family
Rating and long term senior unsecured ratings of Eletropaulo
Metropolitana de Eletricidade de Sao Paulo S.A. to Ba1 from Ba2 on
the global scale and to from on the Brazilian
national scale. The outlook for all ratings is stable.

This rating action was prompted by the company's successful
issuance of BRL3.0 billion Backed senior unsecured amortizing
debentures with final maturity date in 2025, which provides
additional credit linkages to the company's new direct and
indirect shareholders. The transaction is part of a liability
management strategy to refinance approximately two-thirds of
Eletropaulo's reported gross debt at lower costs.

The transaction is backed by indirect shareholder Enel Brasil S.A.
In turn, the debt raised by Enel Brasil and a sister company to
purchase Eletropaulo is backed by a guarantee from Enel Americas
S.A. (Baa3, negative). Enel Americas S.A. currently holds an
indirect stake of 93.3% in Eletropaulo's equity capital.


Eletropaulo Ba1/ ratings incorporate one notch uplift, on
the global scale from its assessment of the strong likelihood of
timely support from the controlling shareholders given its
strategic importance and financial linkages with Enel Americas.
The ratings also factor in that reputational considerations will
incentivize Enel Americas to financially support Eletropaulo,
should future free cash flow generation be insufficient for the
issuer to fully service its debt obligations.

The new debt issue guaranteed by the Enel Brasil follows a BRL1.5
billion capital increase in Eletropaulo concluded in July 2018.
The debt refinancing is credit positive for Eletropaulo because it
will lengthen its debt amortization schedule and reduce liquidity
risk for the next two-years, providing the company more
flexibility to focus on investments and operating improvements.
These actions reinforce its understanding of strong commitment
from the Enel group to support Eletropaulo's operating and
financial profile.

Following the acquisition of Eletropaulo in June 2018, the Enel
Group became the largest electricity distribution company in
Brazil, serving about 18 million customers in the country. Enel
Brasil currently has about BRL9.3 billion in short-term debt
backed by Enel Americas that was incurred, among other things, to
support the acquisition of Eletropaulo. By fiscal year end 2018,
Eletropaulo will be considered one of Enel Americas significant
subsidiaries, as per the definitions of Enel Americas 2026 bonds,
which will expose Enel Americas' debt to an event default, if
Eletropaulo fails to service debt. These structural incentives in
place supports its perception of parent's willingness to provide
continued support.

Eletropaulo's Ba1/ ratings are further supported by: (i) the
relatively stable and predictable nature of its cash flows derived
from a distribution concession in Brazil's wealthiest metropolitan
area that is valid through June 2028, (ii) historically solid
credit metrics, as measured by the three year average ratio of
Cash Flow from Operations before Working Capital changes (CFO pre-
W/C) to debt of 15.5% and Interest Coverage Ratio of 2.6x, from
mid-2015 through mid-2018, and (iii) an evolving regulatory
environment with recent evidence of support aimed to provide
timely relief to the financial risk of electricity distribution

Constraining Eletropaulo's ratings are the sizeable capital
investments expected to upgrade its network and prevent energy
losses before the next review cycle in July 2019, which Moody's
estimates in about BRL1.1 billion. The still large pension
liabilities of BRL3.7 billion and refinanced contingent
obligations with Eletrobras of BRL1.5 billion constrain a more
rapid improvement in the company's leverage metrics over the next
three to four years. Eletropaulo's credit quality is also
constrained by Brazil's credit fundamentals due to its regional
customer base.


The stable outlook reflects Moody's expectation of continued
improvement in Eletropaulo's operating performance over the next
twelve to eighteen months, with the recovery of regulatory assets
(R$626 million as of June, 30 2018), following the 15.84% tariff
increase allowed by the regulator ANEEL in July, 04, 2018, which
should lead the company's CFO pre WC to Debt and CFO pre WC
interest coverage ratios to remain consistently above 15% and
approaching 3.0x, respectively. Importantly, the stable outlook
assumes that the Enel group will remain highly involved in
Eletropaulo's operations and continue to consider the issuer an
essential and strategic asset.


Given the highly regulated nature of the energy sector and its
domestic operating profile, an upgrade of Brazil's sovereign bond
rating (Ba2, stable) could trigger upward pressure on
Eletropaulo's ratings. A rating upgrade would also take into
account the company's liquidity position and business profile, and
the regulatory environment in which the company operates.
Quantitatively, an upgrade would require sustainable improvement
in the company's credit metrics, such as CFO pre-WC to debt ratio
consistently above 25%, and the cash interest coverage ratio close
to 4.0x. In addition, its understanding of stronger support from
Enel Americas, as evidenced by a direct or explicit corporate
guarantee, could also cause upward pressure on Eletropaulo's
credit profile.

The ratings will face downward pressure if the stability and
transparency of the regulatory regime for the distribution sector
in Brazil is weakened, ultimately resulting in more volatility or
decreased visibility into Eletropaulo's cash flow base, causing
sustainable declines in the company's credit metrics.
Quantitatively, a downgrade would be considered if Eletropaulo's
credit metrics consistently deteriorate, as indicated by a CFO pre
WC to debt ratio lower than 10% or a cash interest coverage lower
than 2.0x on a sustainable basis. A downgrade on Enel Americas or
on Brazil's sovereign bond ratings could also exert downward
pressure on Eletropaulo's ratings. Moreover, a change in
Eletropaulo's ownership structure, particularly if Enel Americas
ceases to be a majority shareholder and/or ceases to consider
Eletropaulo an significant subsidiary is likely to also trigger a
rating downgrade.

Eletropaulo operates the concession of the regulated electricity
distribution in 24 municipalities in the Sao Paulo metropolitan
area, including the city of Sao Paulo, with an estimated 11%
market share in Brazil serving 7.2 million customer units in 2017.
The Company has a 30-year concession contract that was granted by
ANEEL, the Brazilian electricity sector regulator in 1998. Since
June 2018, Eletropaulo is controlled by the Enel Brasil, a
subsidiary of Enel Americas.

Headquartered in Santiago, Enel Americas holds interest stakes in
several regulated utilities and power generation companies
operating in Colombia, Peru, Brazil and Argentina. ENEL S.p.A
(Baa2 stable) holds a 51.8% interest stake in Enel Americas.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

C A Y M A N  I S L A N D S

* ALVAREZ & MARSAL: Expands Its Footprint to the Cayman Islands
Leading global professional services firm Alvarez & Marsal (A&M)
has expanded its global footprint with the opening of a new office
in the Cayman Islands and the appointment of three senior on-the-
ground professionals.  The joining of Alex Lawson, as Managing
Director and Head of A&M Cayman Islands, along with Chris Kennedy,
as Managing Director, and Barry Lynch, as Senior Director, will
provide a full service offering for alternative investments
restructuring for corporates, institutional investors, hedge funds
and private equity (PE) firms.

The A&M Cayman Islands office complements the firm's ability to
work on restructuring engagements in parallel tracks with the
U.S., U.K., Europe and Hong Kong.  This expansion will benefit
clients by strengthening the reach of A&M's U.K. based Insolvency
practice and bolstering the firm's soft wind-down and advisory
offering. As at June 2017, the Cayman Islands Monetary Authority
reported total international assets and liabilities of US$1.026
trillion and US$1.027 trillion, respectively.

Bryan Marsal, A&M's Co-Founder and Chief Executive Officer, said,
"Restructuring advisory is at the cornerstone of A&M's operational
heritage. The Cayman Islands is the fifth largest financial
jurisdiction in the world. Our expansion here, and plans for
growth, demonstrates our continuing commitment to meet our
clients' complex, international restructuring needs, related
global valuation demands, as well as disputes and investigations

Richard Fleming, an A&M Managing Director and leader of the firm's
Restructuring practice in Europe, added, "A&M's presence in the
Cayman Islands enhances our ability to maximize value for clients.
Alex's, Chris' and Barry's individual and combined expertise will
provide the seasoned restructuring counsel required to help our
clients address their turnaround challenges."

Mr. Lawson brings over 15 years restructuring experience, 10 of
which were exclusively in the Cayman Islands. He has served as an
appointment holder for Provisional, Official and Voluntary
liquidations, Controllerships and Inspectorships and has held key
leadership roles in numerous engagements. Mr. Lawson has worked
across all restructuring and insolvency procedures with a focus on
unlocking value for hedge funds, PE funds and global enterprises
in distress. Prior to joining A&M, Mr. Lawson served as a Partner
with KPMG in the Cayman Islands.

Mr. Kennedy is a qualified Insolvency Practitioner in the Cayman
Islands, a Chartered Accountant (Ireland) and a Cayman Islands
Monetary Authority (CIMA) registered Director who advises on
distressed solutions for financial services sector clients. He
specializes in corporate advisory, restructuring and insolvency
and has been appointed as an Official, Provisional and Voluntary
Liquidator to numerous Cayman registered entities. Mr. Kennedy has
worked in the Cayman Islands for over 9 years. He has extensive
experience advising on multi-jurisdictional matters across a wide
range of industries, with a focus on protecting and recovering
value for stakeholders. The U.S. Courts under Chapter 15 of the
U.S. Bankruptcy Code have recognized Mr. Kennedy on multiple

Mr. Lynch is a qualified Insolvency Practitioner in the Cayman
Islands specializing in providing distressed solutions to the
financial services sector with diverse experience across the hedge
fund, banking and capital markets, oil & gas and shipping
industries. Mr. Lynch has been appointed as an Official Liquidator
by the Grand Court of the Cayman Islands, and has led multiple
high profile multi-jurisdictional insolvency, restructuring and
advisory cases across the Cayman Islands, the U.S., U.K., the
British Virgin Islands, Portugal, Monaco and Switzerland. He has
also acted as a Board Director on behalf of numerous distressed
structured finance CDO deals. Prior to joining A&M, Mr. Lynch
served as a Senior Manager with RHSW Caribbean and as a Manager
with PwC in Dublin.

                        About Alvarez & Marsal

Companies, investors and government entities around the world turn
to Alvarez & Marsal (A&M) when conventional approaches are not
enough to make change and achieve results. Privately held since
its founding in 1983, A&M is a leading global professional
services firm that provides advisory, business performance
improvement and turnaround management services.

With over 3000 people across four continents, we deliver tangible
results for corporates, boards, private equity firms, law firms
and government agencies facing complex challenges. Our senior
leaders, and their teams, help organizations transform operations,
catapult growth and accelerate results through decisive action.
Comprised of experienced operators, world-class consultants,
former regulators and industry authorities, A&M leverages its
restructuring heritage to turn change into a strategic business
asset, manage risk and unlock value at every stage of growth.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Hoteliers Also Dip Into Workers' Pension Fund
Dominican Today reports that the Dominican Pension Fund
Administrators Association (ADAFP) and the Dominican Hotels and
Tourism  Association (ASONAHORES) agreed to identify secure and
profitable investment opportunities for funds managed by the AFPs,
"to boost the tourism sector's growth, so that they can be
enhanced for the country's economic development."

The announcement comes amid concerns by the labor sector of
efforts to extend the retirement age and raise the quotas paid by
workers and employers, according to Dominican Today.

ADAFP Executive President, Kirsis Jaquez and ASONAHORES president,
Joel Santos signed the agreement in the ADAFP offices, and
attended by Pensions Superintendent Ramon Contreras and Securities
Superintendent Gabriel Castro, the report relays.

Both entities stressed a commitment to strengthen both sectors and
the economic development of the country, the report notes.

ADAFP President Kirsis Jaquez and ASONAHORES president Joel Santos
stressed the impact that the use of the Pension Fund is having on
the Dominican economy to finance major infrastructure projects in
the areas of tourism, energy, housing among others, the report

"They coincided in emphasizing that the financial support of the
AFPs with the pension funds contributes to diversify the tourism
offer in the country, at the same time that it obtains good
returns to the pension funds that they administer," the entities
said, the report adds.


MEXICO: Says Canada Will Save NAFTA Clause on Dispute Resolution
EFE News reports that Mexico wants NAFTA to remain a trilateral
pact and is confident that Canada will prevail in its fight with
the United States over the treaty's dispute-resolution chapter,
Economy Secretary Ildefonso Guajardo said.

"Mexico achieved all of its objectives. Now all that is missing is
the dispute-resolution chapter, which is crucial for Canada," he
told reports, adding that, for Ottowa, "this battle is very
important," according to EFE News.

Presidents Donald Trump and Enrique Pena Nieto disclosed last
month that the US and Mexico had concluded a new trade deal and
they invited Canada to join the pact, the report relays.

But the Canadian government has indicated it will insist on
preserving Chapter 19 of the 1994 North American Free Trade
Agreement in any new accord, while Mexico did not make that an
issue in their talks with Washington, the report says.

"We have to optimize our objectives," Mr. Guajardo said,
explaining that Mexico was more concerned about turning back
proposed changes to NAFTA that he described as "very toxic," the
report discloses.

In his opening statement during the annual Concamin business
federation meeting, Mr. Guajardo said that Mexico's industrial
sector had gained "certainty" after the new trade deal with the US
was concluded, the report relays.

"But there is still a long way to go.  We still need to attempt to
maintain the trilateral nature (of NAFTA) and then the most
important process lies ahead, namely the legislative process," he
said, referring to ratification by lawmakers from the respective
nations, the report relays.

Trade under the aegis of NAFTA totals more than $1 trillion a
year, the report says.

P U E R T O    R I C O

HIGH TIMES CORP: Taps Nolla de Garcia as Accountant
High Times Corp. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire Nolla de Garcia CPA PSC as its

The firm will assist the Debtor in the preparation of its monthly
operating reports; assist in tax preparation; and provide business
consulting services in the development of reorganization

Nelson Garcia-Martinez and Karen Nolla, the firm's accountants who
will be providing the services, will each charge an hourly fee of
$90.  Staff accountants will charge $50 per hour.

Both accountants are "disinterested" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.

Nolla de Garcia can be reached through:

     Nelson Garcia-Martinez
     Karen Nolla
     Nolla de Garcia CPA PSC
     425 Carr. 693
     PMB 204
     Dorado, PR 00646
     Tel: (787) 795-1366
     Phone:  (787) 795-1362

                      About High Times Corp.

High Times Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-04770) on August 21,
2018.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000.  Judge
Enrique S. Lamoutte Inclan presides over the case.  Alexis A.
Betancourt Vincenty, Esq., at Lugo Mender Group LLC, is the
Debtor's bankruptcy counsel.

INSTITUCION AMOR: Unsecureds to Receive 10% of Allowed Claims
Institucion Amor Real Corporation submits a small business
disclosure statement describing its chapter 11 plan.

The Debtor operates in the town of Juana Diaz, Puerto Rico as an
assisted living facility and/or nursing home, and is regulated by
the Department of Family Services in Puerto Rico. The debtor
corporation offers a less-expensive, residential approach to
delivering the same services available in skilled nursing, either
by employing personal care staff or contracting with home health
agencies and other outside professionals. The home is licensed to
house 35 elderly persons and its current population is 33. It
provides care to bedridden and non-bed persons who need help with
daily living activities and personal care.

General unsecured creditors are classified in Class 2 under the
plan and will receive a distribution of 10% of their allowed

Payments and distributions under the Plan will be funded by the
income from the debtor's continuation and operation of the

The risk to creditors in this Chapter 11, is based on the
following: The debtor has successfully continued operations of the
assisted living facilities, keeping current payment of taxes,
insurance, payroll and not incurring in additional debts, except
the day to day business expenses of the operation.

A full-text copy of the Disclosure Statement is available for free

             About Institucion Amor Real Corp.

Institucion Amor Real Corporation filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 18-01737) on March 29, 2018.  In the
petition signed by Jose A. Santiago, its president, the Debtor
estimated at least $50,000 in assets and $100,000 to $500,000 in
liabilities.  Judge Edward A. Godoy is the case judge.  Nydia
Gonzalez Ortiz, Esq., at Santiago & Gonzalez, is the Debtor's

INSTITUCION AMOR: Taps Wilfredo Vega as Accountant
Institucion Amor Real Corp seeks authority from the Bankruptcy
Court to employ Wilfredo Gonzalez Vega, CPA, as accountants.

The Debtor proposes to pay Mr. Vega a fee of $100 per hour.

Mr. Vega does not represent an interest adverse to that of the
estate and is a disinterested person as defined in Sec. 101(14) of
the Bankruptcy Code, according to court filings.

              About Institucion Amor Real Corp.

Institucion Amor Real Corporation filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 18-01737) on March 29, 2018.  In the
petition signed by Jose A. Santiago, its president, the Debtor
estimated at least $50,000 in assets and $100,000 to $500,000 in
liabilities.  Judge Edward A. Godoy is the case judge.  Nydia
Gonzalez Ortiz, Esq., at Santiago & Gonzalez, is the Debtor's

TOYS R US: Delaware Debtors Add More Info re Asia JV Dispute
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 second amended
disclosure statement dated September 5, 2018, explaining their
Chapter 11 plans.

The Second Amended Disclosure Statement reflects that the Voting
Deadline for the Plan is October 5, 2018, at 5:00 p.m., prevailing
Eastern Time.

For Class A2: Other Priority Claims against the Toys Delaware
Debtors, the failure to object to Confirmation by a Holder of an
Allowed Other Priority Claim against the Toys Delaware Debtors
shall be deemed to be such Holder's consent to receive treatment
for such Claim that is different from that set forth in Section
1129(a)(9) of the Bankruptcy Code.

Class A9 is now referred to as "Interests in Toys Delaware."

For Class B2: Other Priority Claims against the Geoffrey Debtors,
the failure to object to Confirmation by a Holder of an Allowed
Other Priority Claim against the Geoffrey Debtors shall be deemed
to be such Holder's consent to receive treatment for such Claim
that is different from that set forth in Section 1129(a)(9) of the
Bankruptcy Code.

The Asia JV and the Taj Holders Steering Group dispute that there
are any valid causes of action against the Asia JV relating to the
Asia JV MLA, the Subsidy Agreement, or any other contract or
transaction and reserve any and all rights, claims, arguments, and
defenses with respect to the same.  The Toys Delaware and Geoffrey
Disinterested Directors dispute these assertions, and, as set
forth in this Disclosure Statement, the Geoffrey Disinterested
Director believes Geoffrey has valid and meritorious Causes of
Action against the Asia JV and/or its subsidiaries in respect of
the Asia JV MLA and/or the Subsidy Agreement, which were fully
preserved under the IP Assumption Order entered by the Bankruptcy
Court.  In addition, Toys Delaware and Geoffrey maintain that any
purported reservation of rights by the Asia JV and the Taj Holders
Steering Group (either in this Disclosure Statement or in the
Plan) is subject in all respects to the IP Assumption Orders and
any other final Court orders.

The Asia JV has filed Administrative Claims against Geoffrey
asserting that as of August 15, 2018, Geoffrey owes no less than
$21 million under the Subsidy Agreement.

Although the Geoffrey Disinterested Director and the Ad Hoc Group
of B-4 Lenders believe that the Subsidy Agreement and the Asia JV
MLA are separate agreements that could be disposed of separately,
no transaction has been proposed under which the Subsidy Agreement
and the Asia JV MLA will reside  at different entities.  To the
extent any such transaction is proposed, it will be presented to
the Bankruptcy Court for review and approval, as contemplated by
the Bankruptcy Court-approved bidding procedures for the sale of
the Debtors' intellectual property assets.  For the avoidance of
doubt, the Asia JV and the Taj Holders Steering Group believe the
Subsidy Agreement and the Asia JV MLA are integrated agreements
and cannot be separated.

A dispute has arisen between Toys Delaware and the Asia JV
regarding $10,054,921 invoiced by Toys Delaware to two
subsidiaries of the Asia JV for services rendered prior to 2018
under that certain Information Technology and Administrative
Support Services Agreement, dated as of February 1, 2009 (as
amended from time to time, the "ITASSA").  The Asia JV has not
paid any of the Invoiced Amounts.

The parties have engaged in extensive discussions regarding the
Invoiced Amounts.  However, as of the date hereof, the dispute
remains unresolved, as Toys Delaware believes that it is entitled
to payment in full of the Invoiced Amounts, and the Asia JV and
the Taj Holders Steering Group dispute that assertion, and the
Asia JV has not paid the Invoiced Amounts.  To date, Toys Delaware
has continued to provide services to the Asia JV even though the
Asia JV has not paid the Invoiced Amounts, and the dispute has not
been resolved.  Toys Delaware believes it is entitled to cease
providing such services in light of the non-payment by the Asia JV
and the expiration of the 60-day period in the TSA Order.

The Asia JV challenges the Invoiced Amounts and, consistent with
the ITASSA, including section five thereof, the parties have been
attempting to resolve the dispute.  The Asia JV notes that is has
remained current with respect to its monthly ITASSA payments and
has timely paid all invoices for services rendered since the
Chapter 11 cases began (except, for the avoidance of doubt, the
Invoiced Amounts).  The Asia JV also maintains that if Toys
Delaware stops providing ITASSA Services without an acceptable
transition services agreement in place, it may have an adverse
impact on the value of the Asia business as well as the value of
Toys Delaware's intellectual property.  The Asia JV reserves any
and all rights, claims, and defenses in the event Toys Delaware
stops providing services or causes an interruption in services.
Toys Delaware, in turn, reserves all rights, claims, and defenses
resulting from the Asia JV's failure to pay any of the Invoiced
Amounts and otherwise.

The Asia JV filed two objections to the Disclosure Statement
arguing, among other things, that any plan that does not provide
for the payment in full in cash of administrative expense claims
cannot satisfy Section 1129(a)(9) of the Bankruptcy Code and
cannot be confirmed.  It also argued that to the extent the Toys
Delaware Debtors' and Geoffrey Debtors' Disclosure Statements
related to plans that did not provide for the payment of Allowed
Administrative Expense Claims in full in cash, then they should
not be approved.  Toys Labuan similarly argued that the Geoffrey
Debtors' Plan capped the Asia JV Allowed Administrative Claims and
therefore could not satisfy Section 1129(a)(9). The Toys Delaware
Disinterested Directors, the Geoffrey Disinterested Directors, and
the Ad Hoc Group of B-4 Lenders dispute each of those arguments.

The Asia JV's objections to the Disclosure Statement were
resolved, however, when the Debtors advised the Asia JV that (a)
the Administrative Claim asserted by the Asia JV is the only
material Administrative Claim known to the Debtors to be asserted
against the Geoffrey Debtors that may be allowed; (b) in order for
the Plan to go Effective, the Asserted Asia JV Claim, will need to
be paid in full in cash to the extent, if any, of the Allowed
amount thereof and not subject to any cap; (c) the $22,000,000
relating to the condition precedent to effectiveness of the Plan
in section XI.B.5 is being increased to $26,000,000, which
currently is expected to be sufficient to cover the full asserted
amount of the Asia JV Allowed Administrative Claim; and (d) any
and all of the Asia JV's objections to confirmation of the Plan
are fully reserved, including, inter alia, the right to challenge
confirmation on grounds that the Geoffrey Debtors' Plan does not
comply with Section 1129(a)(9) of the Bankruptcy Code and that the
Debtors have not demonstrated that there is a valid basis to
condition effectiveness of the Plan on the Allowed Administrative
Claims against the Geoffrey Debtors not exceeding a dollar

A full-text copy of the Amended Disclosure Statement is available

                     About Toys R Us, Inc.

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise was sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise was also sold at e-commerce sites
including and

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the

Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, were not part of the Chapter 11 filing and CCAA

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.

A&G Realty Partners, LLC, serves as the Debtors' real estate

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                   Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.

                         Propco I Debtors

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

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

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

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

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

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


TECHO S.A.: Fitch Withdraws B- LT Issuer Default Ratings
Fitch Ratings has withdrawn the Long-Term, Local- and Foreign-
Currency Issuer Default Ratings (IDRs) of 'B-' of Techo S.A.,
Techo en el Urubo S.R.L. and El Pahuichi S.R.L.

Fitch is withdrawing the ratings as Techo S.A., Techo en el Urubo
S.R.L. and El Pahuichi S.R.L. have chosen to stop participating in
the rating process. Therefore, Fitch will no longer have
sufficient information to maintain the ratings. Accordingly, Fitch
will no longer provide ratings (or analytical coverage) for Techo
S.A., Techo en el Urubo S.R.L. and El Pahuichi S.R.L.


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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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.

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Information contained herein is obtained from sources believed to
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