/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/180919.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 Wednesday, September 19, 2018, Vol. 19, No. 186 Headlines B E R M U D A GCX LIMITED: Moody's Reviews B3 CFR for Downgrade B R A Z I L BANCO INDUSTRIAL: Fitch Affirms Then Withdraws 'BB-' LT IDR PETROLEO BRASILEIRO: To Boost Oil Output in 2019, Cut Debt by $10B D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: CDEEE Admits Electrical System is Weak DOMINICAN REPUBLIC: Agro Ready for Russia Market DOMINICAN REPUBLIC: Gets Most of the US$888.9MM Trade With Haiti P U E R T O R I C O NATIONAL STORES: Committee Taps Fox Rothschild as Legal Counsel TOYS R US: TRU Inc. Files 2nd Amended Disclosure Statement T R I N I D A D & T O B A G O PETROLEUM CO: Energy Experts Give Advice on How to Save Millions V E N E Z U E L A VENEZUELA: Maduro Says Oil Finance Commitments Won From China V I R G I N I S L A N D S * Receivers Seek Buyers for Majority Stake in Luxury Travel Co. - - - - - ============= B E R M U D A ============= GCX LIMITED: Moody's Reviews B3 CFR for Downgrade ------------------------------------------------- Moody's Investors Service has placed GCX Limited's B3 corporate family rating and senior secured ratings on review for downgrade. GCX is a wholly owned subsidiary of Reliance Communications Limited through an intermediary holding company, Global Cloud Xchange Limited. GCXL is 100% owned by RCOM which is under the strategic debt restructuring process agreed with the Joint Lenders' Forum since June 2017. RCOM has been pursuing the completion of an asset monetization program since December 2017 to exit the SDR process. RATINGS RATIONALE "Although management announced it is evaluating several refinancing options on its recent earnings call, a binding and definitive agreement has yet to appear, which increasingly weighs on the ratings," says Annalisa DiChiara, a Moody's Vice President and Senior Credit Officer. "Moreover, some of the options require RCOM's exit from the SDR process, a situation which lends to ongoing uncertainty around the completion of any agreement and GCX's ability to access the market under current circumstances," adds DiChiara. The company's $350 million senior secured bonds mature August 1, 2019. However, GCX's access to the public markets has been shut since RCOM entered the SDR process in June 2017. RCOM expects to exit the SDR following the completion of its spectrum assets sales to Reliance Jio Infocomm Ltd by 30 September. However, RCOM is still awaiting a Supreme Court ruling related to the matter, and as such Moody's cannot rule out further delays. GCX communicated in its Q1 earnings call on 6 September that it is working on multiple refinancing options for the 2019 notes, including: (1) the sale of GCX to a new partner; (2) a privately negotiated loan facility; and (3) a tender and new issue offer. "We anticipate management will execute a definitive refinancing plan over the next 60 days without loss to bondholders, failing which the ratings will be downgraded," says DiChiara. As of the end of June 2018, GCX had a cash balance of $38 million. The company remains current on its interest payments and Moody's expects the company will have more than sufficient cash to satisfy its next interest payment of $12.25 million in February 2019 assuming that the 2019 notes have not been refinanced by then. To that end, GCX had guided towards cash EBITDA of around $70-80 million by year-end March 2019 -- with cash levels trending towards $70 million over the same period -- on its Q1 earnings call on 6 September. The B3 ratings consider the company's relatively stable operating performance. However, intensifying refinancing risk and limited access to capital -- in view of the negative overhang from its parent's restructuring process -- continue to weigh on its ratings. The review will focus on the company's ability to complete the refinancing of its $350 million notes within the next two months. The ratings could be downgraded if GCX is unable to demonstrate access to the capital markets to fund the $350 million notes refinancing without loss to bondholders. On the other hand, a successful refinancing within the next two months will stem downgrade ratings pressure. The ratings are unlikely to be upgraded or their outlook return to stable prior to the completion of the refinancing of the 2019 notes. The successful completion of a refinancing could trigger an upgrade of a notch or more as it would materially improve the company's liquidity profile and capital structure without loss to bondholders. A definitive sale-and-purchase agreement, inclusive of a definitive refinancing plan for the outstanding bonds within the next two months, will also be positive for the ratings. The principal methodology used in these ratings was Communications Infrastructure Industry published in September 2017. GCX Limited, incorporated in Bermuda in 2014, wholly owns five subsea cable systems on major data traffic routes. As of 30 September, these cable systems had a total length of 68,698 kilometers with 46 landing stations in 27 countries. GCX provides data connectivity solutions to major telecommunications carriers and large multinational enterprises in the US, Europe, Middle East and Asia Pacific with a need for multi-national IP-based solutions and connectivity. =========== B R A Z I L =========== BANCO INDUSTRIAL: Fitch Affirms Then Withdraws 'BB-' LT IDR ----------------------------------------------------------- Fitch Ratings has affirmed and withdrawn the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Banco Industrial do Brasil S.A. (BIB) at 'BB-'. Fitch withdrew the ratings for commercial reasons. Fitch will no longer provide ratings or analytical coverage for BIB. KEY RATING DRIVERS The affirmation of BIB's rating reflects limited change in its credit profile since its last review on May 15, 2018. RATING SENSITIVITIES Rating Sensitivities do not apply as the ratings have been withdrawn. Fitch has affirmed and withdrawn the following ratings: -- Long-term Foreign and Local Currency IDRs at 'BB-'; Outlook Stable; -- Short-term Foreign and Local Currency IDR at 'B'; -- Viability Rating at 'bb-'; -- Support Rating at '5'; -- Support Rating Floor at 'NF'; -- National Long-Term Rating at 'AA-(bra)'; Outlook Stable; -- National Short-Term Rating at 'F1+ (bra)'. PETROLEO BRASILEIRO: To Boost Oil Output in 2019, Cut Debt by $10B ------------------------------------------------------------------ Devika Krishna Kumar and Simon Webb at Reuters report that Petroleo Brasileiro SA aims to raise output as much as 10 percent to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by $10 billion (7.62 billion pounds), Chief Financial Officer Rafael Grisolia said. The world's most indebted oil company is on course to reduce debt to $69 billion by the end of this year despite falling short of its $21 billion asset sales target, Mr. Grisolia told Reuters in an interview in New York. The firm has significantly reduced its net debt from the $106 billion it had accumulated in 2014 to finance development of massive deepwater Atlantic oil fields, according to Reuters. Then, Petrobras lost investor confidence as oil prices fell, a corruption scandal engulfed the company and losses from government fuel subsidies mounted, the report relays. Petrobras aims to cut net debt by a further $10 billion in 2019 to reach a ratio of 2 times net debt-to-EBITDA, he said, the report notes. The firm will continue cutting debt until the ratio hits 1-1.5 times, he said, which would put it in line with global oil majors, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 14, 2017, S&P Global Ratings raised its global scale ratings on Petroleo Brasileiro S.A. (Petrobras) to 'BB-' from 'B+', including its corporate credit rating and the ratings on the senior unsecured notes issued through the company's financing vehicles (Petrobras International Finance Co. and Petrobras Global Finance B.V.). =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: CDEEE Admits Electrical System is Weak ---------------------------------------------------------- Dominican Today reports that the Chief Executive Officer of the State Electric Utility (CDEEE), Ruben Jimenez Bichara himself admits it: Dominica Republic's electrical system is weak. "In any system that is moderately well attended, the shutdown of a plant should not generate all this situation," said Antonio Almonte, of the opposition party (PRM), who added that the possibility of a strong social and even business reaction could be behind the government's effort to solve the problem, even at such a high economic cost, according to Dominican Today. The report notes that Mr. Almonte compares the looming electricity crisis with some moments of serious deficits in the 1990s, when the laws were amended to allow the private sector to generate energy and barges were brought in. The difference, he says, is that now there are possibilities to produce energy, but the cost is too high, the report relays. "The situation of the electricity sector at the moment is critical," he added. For the damages that he understands that have occurred at the AES Andres plant, Mr. Almonte explains that the coal generation could resume soon -- the generator has said it will be later this month -- but that the repair of a steam turbine usually takes as long as 18 months, the report notes. AES Andres' 315 megawatts are the cheapest produced energy in the entire system, the report adds. Dark December For his part, Enrique de Leon, spokesman for the Committee to fight Climate Change, said that the crisis takes the country "towards a general blackout in December" and fears that the electricity situation could lead to a social turmoil and affect governance, the report relays. Sustained power cuts have usually sparked protests across the country and have already occurred already in San Cristobal and Sanchez Ramirez, the report relays. Plants to Compensate To avert it, the electricity authorities began to inject energy from plants that, being so expensive, normally enter the system only when there are very specific situations, the report discloses. Such is the case of the 180-megawatt San Felipe in Puerto Plata that came online, and expected to partially compensate for the shutdown of AES Andres and of the Barahona Coal plant, which began scheduled maintenance on Sept. 10, the report notes. Also, the 90-megawatt, Haina Turbo Gas started operating partially, the report relays. The additional output compensated the generation deficit on Sept. 15, the report adds. 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. DOMINICAN REPUBLIC: Agro Ready for Russia Market ------------------------------------------------ Dominican Today reports that Russia's and Dominican Republic's Agriculture ministries will sign an agreement to approve sanitary practices that will make it easier for agro and livestock products of the Caribbean country to enter the Russian market. Agriculture minister Osmar Benitez, who heads the delegation together with a group of Dominican exporters, provided the information upon concluding his participation in the opening of the 27th annual "World Food Moscow 2018," which is Russia's most important food fair, with over 65 countries participating this year, according to Dominican Today. "Russia is one of the world's economic powers with a population of 146 million people with high purchasing power. Last year Russia imported more than 5 billion dollars of fresh agricultural products, mainly tropical fruits," the report quoted Mr. Benitez as saying. "The Dominican Republic in the export promotion year, as part of an aggressive policy of conquering new markets, has set its sights on the Russian market, given the logistical conditions enjoyed by our country as a result of the growing tourist exchange between both nations," he added. 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. DOMINICAN REPUBLIC: Gets Most of the US$888.9MM Trade With Haiti ---------------------------------------------------------------- Dominican Today reports that Hispaniola trade was US$888.8 million in 2017, of which US$816.22 corresponded to Dominican Republic and US$52.35 million to Haiti. National Statistics Office (ONE) director, Alexandra Izquierdo revealed the figures, according to Dominican Today. She said, during that period, $852.53 million were exports and US$36.31 million were imports, the report notes. "It is worth noting that during 2017, Dominican exports to Haiti increased by 6.5% (US$52.35) and, 82.50% of the goods were hauled by road, with 17.44% by sea and 0.06% by air," the official said, the report relays. The report says that Mr. Izquierdo said, as with exports, most imports from Haiti during that year was transport by road, or 98.04%, followed by sea, 1.69% and by air 0.28%. Exports By road: -- Cotton US$100.54 million (14.29% of the total exported through that route); -- plastics and merchandise: US$92.40 million (13.14%), and -- wrought iron and steel: US$54.96 million (7.8 1%). By sea: -- garments and accessories: US$83.68 million (56.29% of the total transported by sea); -- salt, sulfur; soils and stones; plasters, limes and cement, with US$27.07 million (18.21%), and -- processed foods: US$12.66 million (8.52%). By air: -- Pharmaceuticals US$0.41 million (79.79% of the total exported by air); -- paper and cardboard: US$0.05 million (10.40%); and -- radioactive substances, boilers and machinery: US $ 0.02 million (3.66%). 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. ====================== P U E R T O R I C O ====================== NATIONAL STORES: Committee Taps Fox Rothschild as Legal Counsel --------------------------------------------------------------- The official committee of unsecured creditors of National Stores, Inc., and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Fox Rothschild LLP as its legal counsel. The firm will advise the committee regarding its duties under the Bankruptcy Code; investigate the Debtors' financial condition, the operation of their businesses and other matters relevant to their Chapter 11 cases or to the formulation of a bankruptcy plan; and provide other legal services related to their bankruptcy cases. Fox Rothschild's hourly rates range from $280 to $900 for partners, $205 to $595 for associates and $120 to $410 for paraprofessionals. The attorneys and paralegals who are likely to represent the committee are: Paul Labov Partner $690 Thomas Horan Partner $510 Courtney Emerson Associate $350 Ian Densmore Paralegal $295 Marcia Steen Paralegal $335 Thomas Horan, Esq., a partner at Fox Rothschild, disclosed in a court filing that he and other attorneys of the firm do not have interest adverse to the committee and the Debtors' estates or their creditors. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Horan disclosed that his firm has not agreed to a variation of its standard or customary billing arrangements; and that no Fox Rothschild professional has varied his rate based on the geographic location of the Debtors' bankruptcy cases. Mr. Horan also disclosed that his firm has not represented the committee in the 12 months prior to the petition date. The committee and Fox Rothschild expect to develop a prospective budget and staffing plan to comply with the U.S. trustee's requests for information and additional disclosures, according to Mr. Horan. Fox Rothschild can be reached through: Thomas M. Horan, Esq. Fox Rothschild LLP 919 North Market Street, Suite 300 Wilmington, DE 19801 Tel: 302.480.9412 Fax: 302.656.8920 Email: thoran@foxrothschild.com About National Stores National Stores is a 344-store chain in 22 U.S. states and Puerto Rico. National Stores currently does business as Fallas, Fallas Paredes, Fallas Discount Stores, Factory 2-U, Anna's Linen's by Fallas, and Falas (spelled with single "l" in Puerto Rico). Fallas, which emplolys 9,800 people, is a discount retailer offering value-priced merchandise, including apparel, bedding and household supplies. The brands of National Stores are located in retail plazas, specialty centers, and downtown areas to serve the communities its customers and staff members call home. National Stores, Inc., and its affiliates sought Chapter 11 protection and Aug. 6, 2018, and announced that Hilco Merchant Resources, LLC, is conducting going-out-of-business sales for 74 stores. The lead case is In re J & M Sales Inc. (Bankr. D. Del. Lead Case No. 18-11801). J & M Sales estimated assets and debt of $100 million to $500 million as of the bankruptcy filing. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP as bankruptcy co-counsel; Retail Consulting Services, Inc. as real estate advisor; Imperial Capital, LLC as investment banker; and Prime Clerk LLC as the claims and noticing agent. SierraConstellation Partners, LLC is providing personnel to serve as chief restructuring officer and support staff. On Aug. 16, 2018, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. The committee tapped Fox Rothschild LLP and Cooley LLP as its legal counsel; and Province as its financial advisor. TOYS R US: TRU Inc. Files 2nd Amended Disclosure Statement ---------------------------------------------------------- TRU Inc. and 11 other affiliates of Toys "R" Us, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Virginia their second amended disclosure statement, which explains their proposed Chapter 11 plan. According to the latest disclosure statement, creditors holding Class A8 general unsecured claims against TRU Inc., MAP 2005 Real Estate LLC, Toys "R" Us - Value Inc., and TRU Mobility LLC will receive their pro rata share of the so-called "TRU Inc. Silo Recovery," if any, after paying in cash all senior claims and on a pari passu basis with other allowed Class A3 to A8 claims to the extent set forth in the priority waterfall. The projected amount of Class A8 claims is $80 million to 312 billion $1.312 billion. Meanwhile, creditors holding Class B4 general unsecured claims against TRU Europe, Tru Taj LLC, Tru Taj Finance Inc., TRU Taj Holdings 1 LLC, TRU Taj Holdings 2 Ltd., TRU Taj Holdings 3 LLC, TRU Asia LLC, and TRU Taj (Europe) Holdings LLC will receive their pro rata share of (i) the liquidation proceeds, if any, after paying in full all senior claims, and (ii) the sale proceeds, if any, after paying in full all senior claims. The projected amount of Class B4 claims is $14.5 million to $15.5 million, according to the latest disclosure statement. A copy of the second amended disclosure statement dated Sept. 6, is available for free at: http://bankrupt.com/misc/vaeb17-34665-4552.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 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. ================================ T R I N I D A D & T O B A G O ================================ PETROLEUM CO: Energy Experts Give Advice on How to Save Millions ---------------------------------------------------------------- Mark Bassant at Trinidad Express reports that energy company efficiency experts, HSB Solomon Associates made 13 recommendations on how State-owned Petroleum Co. of Trinidad & Tobago Ltd (Petrotrin) could save millions of US dollars at its Pointe-a- Pierre refinery, which would make the crude oil processing facility a reliable, efficient and effective entity. Mr. Solomon was commissioned by Petrotrin to conduct a Workforce Optimisation report that cost taxpayers just over US$1 million ($7 million), according to Trinidad Express. The report from the consultants was one of several used by the Petrotrin board in making a recommendation to Cabinet to close the refinery, focus on exporting domestic crude oil, while importing at least 25,000 barrels of refined oil products a day for the domestic market, Trinidad Express relays. 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-'." ================= V E N E Z U E L A ================= VENEZUELA: Maduro Says Oil Finance Commitments Won From China ------------------------------------------------------------- Japan Times reports that Venezuelan President Nicolas Maduro said he had new commitments from Beijing on funding for the oil industry on which crisis-hit Caracas relies. Oil output is the main generator of Venezuela's income but has fallen to its lowest level in three decades, with the South American country's state-led economy in free-fall, according to Japan Times. Analysts blame years of neglect during which state oil firm PDVSA's infrastructure became rundown and exploration was curbed, while oil revenues were used to plug the fiscal deficit, the report notes. Now, however, "there are financing commitments to increase oil production, gold production as well as investment in more than 500 development projects within Venezuela," Mr. Maduro told Venezuelan state television VTV from China, his country's main creditor, the report relays. Mr. Maduro began a visit seeking Beijing's help for the collapsed economy, the report notes. Mr. Maduro was received by Chinese President Xi Jinping and attended meetings at the China Development Bank and the China National Petroleum Corporation, the report says. Venezuela -- which has received more than $50 billion in credit from Beijing -- still owes about $20 billion and has been repaying the debt with oil shipments. Conditions on that credit were made more flexible in 2016, the report relays. Mr. Maduro did not say if the debt was discussed, or whether China has offered a new loan of $5 billion, the report notes. Venezuelan consultancy Ecoanalitica had said Mr. Maduro may return home with a fresh $5 billion loan and a six-month extension to the grace period to service its debt, the report discloses. Venezuela and its state oil company PDVSA were declared in partial default in 2017 for the nonpayment of bond debts, the report relays. The president signed memorandums of understanding on energy and mining deals, which he said were worth several billion dollars, the report says. Venezuela's crude oil production -- which accounts for 96 percent of income -- fell in August to 1.4 million barrels per day, the lowest level in three decades except for a period between 2002 and 2003, according to the Organization of the Petroleum Exporting Countries (OPEC), the report relays. Mr. Maduro's government has massively devalued the national currency as part of a raft of measures intended to halt the economy's collapse and hyperinflation, which the International Monetary Fund projects will reach 1,000,000 percent by the end of the year, the report notes. More than 1.6 million Venezuelans -- facing shortages of food and medicine at home -- have left their country since 2015, mostly for neighboring Latin American countries, the report relays. In Caracas, Vice President Delcy Rodriguez said her government planned to "denounce before the United Nations" remarks made by Organization of American States chief Luis Almagro, the report says. Mr. Almagro cited the "suffering" of Venezuelans and said "a military intervention" to overthrow the Mr. Maduro regime should not be ruled out, the report notes. The report discloses that Mr. Maduro has angrily blamed the U.S. for many of his problems. 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'. =========================== V I R G I N I S L A N D S =========================== * Receivers Seek Buyers for Majority Stake in Luxury Travel Co. --------------------------------------------------------------- John Howard Batchelor and Chow Wai Shing Daniel, both of FTI Consulting (Hong Kong) Limited, were appointed Joint and Several Receivers of the entire issued shares in an investment holding entity incorporated in the British Virgin Islands ("the Company"). The Company is the major shareholder, with a majority control shareholding interest ("the Majority Shareholding"), in an award-winning asset-light business engaged in the provision of luxury travel services ("the Business") operated under a well- established brand name in the market from over 55 offices and in more than 30 countries. The remaining minority shareholding ("the Minority Shareholding") in the Business is controlled by the Business' founder. The Business is expected to achieve an EBITDA of approximately US$45 million for the financial year of 2018. The Receivers are now seeking expressions of interest for the acquisition of the Majority Shareholding with the Company being the intended seller. The Receivers and the Company will not provide any representations and warranties in relation to the Business and interested parties are expected to conduct and rely on their own due diligence. The deadline for submission of an expression of interest will be on Sept. 21, 2018, at 5:00 p.m. The Receivers may be reached at: FTI Consulting Level 35, Oxford House Taikoo Place 979 King's Road, Quarry Bay Hong Kong Mr. Edmund Lo Email: Edmund.lo@fticonsulting.com Mr. Stanley Law Email: Stanley.law@fticonsulting.com *********** 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, 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 * * *