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        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

               Friday, January 4, 2019, Vol. 20, No. 3


                            Headlines



B R A Z I L

BRAZIL: Bolsonaro Increases Minimum Wage by 4.6%


C H I L E

SMU SA: S&P Withdraws 'B' Long-Term Issuer Credit Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dollar Remains Stable Against Peso
* DOMINICAN REPUBLIC: Medina Trusts 2019 Will be a Positive Year


J A M A I C A

DIGICEL GROUP: Denis O'Brien Takes Up Interim CEO Role
JAMAICA: Economy Grew 1.1% in Third Quarter, Statin Says


P U E R T O    R I C O

TOYS R US: Propco I Debtors Eye on Confirmation of Plan Structure
TOYS R US: Unsecureds to Recover 6.2% Under Latest Propco I Plan


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Per Capita GDP Fell in 2007-2018, IDB Says


V I R G I N   I S L A N D S

ROUMBA INTERNATIONAL: In Voluntary Liquidation


                            - - - - -


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


BRAZIL: Bolsonaro Increases Minimum Wage by 4.6%
-------------------------------------------------
EFE News reports that the new president of Brazil signed, hours
after his inauguration, a decree in which he set the minimum wage
at BRL998 (US$257.5) for 2019, an increase of 4.61 percent over
last year.

In absolute numbers, the value is BRL44 (US$11.3) higher than the
minimum wage of BRL954 (US$246.1 on Jan. 1) decreed for 2018 by
the former president Michel Temer, who handed the presidential
sash to the far-right Jair Bolsonaro, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2018, Egan-Jones Ratings Company, on October 8, 2018,
withdrew its 'B+' foreign currency and local currency senior
unsecured ratings on debt issued by the Federative Republic of
Brazil.



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C H I L E
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SMU SA: S&P Withdraws 'B' Long-Term Issuer Credit Rating
--------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Chile-based food retailer SMU S.A. at its request. The outlook
was stable at the time of the withdrawal.



===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Dollar Remains Stable Against Peso
------------------------------------------------------
Dominican Today reports that the Central Bank said that on
average, the dollar is sold on Dec. 31 at RD$50.25 and is paid to
the public at RD$50.18.

The dollar remained stable against the Dominican peso in prices of
the country's currency market, according to Dominican Today.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


* DOMINICAN REPUBLIC: Medina Trusts 2019 Will be a Positive Year
----------------------------------------------------------------
Dominican Today reports that President Danilo Medina sent a
message of congratulations to his compatriots on the occasion of
the New Year and trusted that 2019 will be positive both
economically and socially.

"Let's keep alive the faith that 2019 will be a positive year for
the country in economic and social terms; a year in which violence
disappears from our panorama, leading to greater respect, harmony,
and solidarity among all citizens," President Medina said in a
message released by the Presidency in a statement, according to
Dominican Today.

At the same time, he pointed out that "we need to set ourselves
objectives and affordable goals to which we give a strong dose of
hope, capable of supporting the efforts that will allow us to
achieve the goals we intend to attain for our loved ones and
ourselves," the report notes.

President Medina pleaded that this hope is accompanied by the
necessary confidence and optimism "to inspire our daily work, with
the firm intention of improving ourselves as individuals and as
citizens," the statement added, the report relays.

He also said that the government "will continue the struggle
undertaken six years ago, with the firm commitment to democratize
Dominican society, overcoming inequalities with the creation of
jobs that help fight poverty and raise the quality of life of the
least financially secure," the report says.

At the end of his message, the president urged the citizens to
enjoy this traditional celebration "with moderation and absolute
respect for the integrity of the life of the entire population,"
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



=============
J A M A I C A
=============


DIGICEL GROUP: Denis O'Brien Takes Up Interim CEO Role
------------------------------------------------------
RJR News reports that Digicel Group Founder and Chairman Denis
O'Brien assumed the role of interim chief executive officer at the
telecoms company.

The move comes following the sudden death of the company's group
chief executive Alex Matuschka von Greiffenclau in December,
according to RJR News.

The 47 year-old died suddenly while on holiday with his family in
his native Germany, the report notes.

Mr. von Greiffenclau was a key player in negotiating a debt
refinancing with bondholders, which concluded two weeks ago, the
report says.

Under the terms of the deal, the majority of holders of around $3
billion in bonds due in 2020 and 2022 agreed to swap them for
bonds with longer-dated maturities, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Moody's Investors Service changed to negative
from stable the outlook on the ratings of Digicel Group Limited
("Digicel", "DGL" or the "company") and Digicel Limited ("DL") and
assigned a negative outlook to Digicel International Finance
Limited ("DIFL"). At the same time, Moody's has affirmed DGL's B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR), as well as the B1 rating on the unsecured notes of
DL and the Ba2 rating on the secured bank credit facilities of
DIFL.


JAMAICA: Economy Grew 1.1% in Third Quarter, Statin Says
--------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(STATIN) is reporting that the economy grew by 1.1 per cent in the
third quarter of 2018 when compared to the previous quarter.

STATIN says this was due to a 1.3 per cent increase in the
services industry and a 0.7 per cent increase in the goods
producing industry, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2017, Moody's Investors Service has upgraded the
Government of Honduras' foreign currency and local currency issuer
and senior unsecured ratings to B1 from B2. The rating outlook was
moved to stable from positive.



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


TOYS R US: Propco I Debtors Eye on Confirmation of Plan Structure
-----------------------------------------------------------------
Toys "R" Us Property Company I, LLC ("Propco I"), Wayne Real
Estate Holding Company, LLC, MAP Real Estate, LLC, TRU 2005 RE I,
LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company, LLC
filed with the U.S. Bankruptcy Court for the Eastern District of
Virginia a disclosure statement explaining their first amended
joint chapter 11 plan of reorganization.

The Debtors noted that the Bankruptcy Court may convert the
Chapter 11 case to a case under Chapter 7 if the Bankruptcy Court
finds that it would be in the best interest of creditors and/or
the debtors. In such event, a chapter 7 trustee would be appointed
or elected to liquidate the Debtors' assets for distribution in
accordance with the priorities established by the Bankruptcy Code.

The Plan Debtors believe that liquidation under chapter 7 would
result in significantly smaller distributions being made to
creditors than those provided for in a chapter 11 plan because of
(a) the likelihood that the assets would have to be sold or
otherwise disposed of in a disorderly fashion over a short period
of time rather than selling in a controlled manner affecting the
business as a going concern, (b) additional administrative
expenses involved in the appointment of a chapter 7 trustee, and
(c) additional expenses and Claims, some of which would be
entitled to priority, that would be generated during the
liquidation, and including Claims resulting from the rejection of
Unexpired Leases and other Executory Contracts in connection with
cessation of operations.

Further, the Plan Debtors do not believe that there are any
alternative plans for the reorganization or liquidation of the
Plan Debtors' Estates. The Plan Debtors believe that the Plan
structure enables holders of Claims and Interests to realize the
greatest possible value under the circumstances and that, compared
to any alternative plan, for example, a fire sale liquidation, the
Plan has the greatest chance to be confirmed and consummated.

The Plan will be funded by Cash on hand, the New Debt Instruments,
and any other Cash received or generated by the Plan Debtors.

The Debtors are represented by:

     Edward O. Sassower, Esq.
     Joshua A. Sussberg, Esq.
     Emily E. Geier, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4800
     Fax: (212) 446-4900

        -- and --

     James H.M. Sprayregen, Esq.
     Anup Sathy, Esq.
     Chad J. Husnick, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     300 North LaSalle
     Chicago, IL 60654
     Tel: (312) 862-2000
     Fax: (312) 862-2200

        -- and --

     Michael A. Condyles, Esq.
     Peter J. Barrett, Esq.
     Jeremy S. Williams, Esq.
     KUTAK ROCK LLP
     901 East Byrd Street, Suite 1000
     Richmond, VA 23219-4071
     Tel: (804) 644-1700
     Fax: (804) 783-6192

A full-text copy of the First Amended Joint Plan is available at:

        http://bankrupt.com/misc/vaeb18-31429-893.pdf

                       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
Trust, and Wayne Real Estate Company LLC -- 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.


TOYS R US: Unsecureds to Recover 6.2% Under Latest Propco I Plan
----------------------------------------------------------------
Toys "R" Us Property Company I, LLC, ("Propco I"), Wayne Real
Estate Holding Company, LLC, MAP Real Estate, LLC, TRU 2005 RE I,
LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company, LLC
jointly filed with the U.S. Bankruptcy Court for the Eastern
District of Virginia a disclosure statement for their second joint
amended plan.

The second amended Plan provides for the reorganization of the
Plan Debtors as a real estate company, which will manage and/or
dispose of the Plan Debtors' property outside of chapter 11.  The
Plan is being proposed as a joint plan of reorganization of the
Plan Debtors for administrative purposes only and constitutes a
separate chapter 11 plan of reorganization for each Plan Debtor.
The Plan is not premised upon the substantive consolidation of the
Plan Debtors with respect to the Classes of Claims or Interests
set forth in the Plan.

The second amended plan provides that general unsecured creditors
of Propco I is projected to recover 6.2% under the plan.

The Plan Debtors Cash on hand, and any other Cash received or
generated by the Plan Debtors shall be used to fund the
distributions to holders of Allowed Claims.

Upon the Effective Date, all Interests in Propco I will be
canceled and the New Common Stock, New Warrants, and, as
applicable, New Contingent Equity Rights will be issued as set
forth under the Plan. The New Common Stock, New Warrants, and New
Contingent Equity Rights will be freely tradable and eligible for
the book-entry delivery, depository, and settlement services of
DTC. On the Effective Date, the Reorganized Plan Debtors will
issue all securities, notes, instruments, certificates, and other
documents required to be issued pursuant to the Plan, except as
provided above with respect to Disputed Claims.

A copy of the Latest Disclosure Statement is available at
https://is.gd/pSSmIm from Pacermonitor.com at no charge.

                        About Toys "R" Us

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

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

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

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

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

Grant Thornton is the monitor appointed in the CCAA case.

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

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

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

                       Toys "R" Us UK

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

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

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

                     Liquidation of U.S. Stores

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

                       Propco I Debtors

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

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

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE
II Trust, and Wayne Real Estate Company LLC -- 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
================================


TRINIDAD & TOBAGO: Per Capita GDP Fell in 2007-2018, IDB Says
-------------------------------------------------------------
Aleem Khan at Trinidad Express reports that economists at the
Inter-American Development Bank (IDB) noted that out of 27
countries in Latin America and the Caribbean, Trinidad & Tobago
placed third-to-last in an assessment of its per-capita gross
domestic product (GDP) performance in 2018, according to
economists from the Inter-American Development Bank (IDB), the
report notes.

In an index that measured the change in per capita GDP between
2007 and 2018 in 27 countries in the Americas, the IDB economists
found that the decline in the standard of living of the average
T&T resident was only exceeded by cellar-placed Venezuela and
runner-up The Bahamas, according to Trinidad Express.



===========================
V I R G I N   I S L A N D S
===========================


ROUMBA INTERNATIONAL: In Voluntary Liquidation
----------------------------------------------
Roumba International Limited incorporated on the territory of the
British Virgin Islands is undergoing the process of voluntary
liquidation, in accordance with Section 204 (1) (b) of the BVI
Business Companies Act 2004. The voluntary liquidation started on
December 20, 2018.

The liquidator can be reached at:

         Lam Wing Chuen
         1F 19 Wing Yiu St., Ma Tau Wai Rd
         Kowloon, Hong Kong


                            ***********


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 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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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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