TCRLA_Public/190124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Thursday, January 24, 2019, Vol. 20, No. 17


                            Headlines



B R A Z I L

AVIANCA BRASIL: Looks for Capital, Hires Galeazzi Firm
BANCO BRADESCO: Set to Shine as Local Banks Post Latest Earnings


C O S T A   R I C A

AUTOPISTAS DEL SOL: Fitch Lowers Int'l Notes Rating to B+
REVENTAZON FINANCE: Fitch Cuts USD135MM Notes to BB-, Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Boosts Border Security With New Installation


M E X I C O

MEXICO: Aims to Address Causes of Fuel Theft
OFFSHORE DRILLING: S&P Alters Outlook to Neg. & Affirms 'CCC-' ICR


P U E R T O    R I C O

QUE GOLAZO: Feb. 6 Plan Confirmation Hearing
SEARS HOLDINGS: Seeks to Hire Deloitte as Tax Services Provider
SEARS HOLDINGS: Hires Deloitte Transactions as Bankruptcy Advisor


V E N E Z U E L A

VENEZUELA: Maduro Orders Revision of Diplomatic Relations With US


                            - - - - -


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B R A Z I L
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AVIANCA BRASIL: Looks for Capital, Hires Galeazzi Firm
------------------------------------------------------
Tatiana Bautzer and Marcelo Rochabrun at Reuters report that
Avianca Brasil, which filed for bankruptcy protection in December,
is looking for a cash injection and has hired Brazilian consulting
firm Galeazzi & Associados to help in talks with investors and
creditors, the airline said.

Galeazzi's executives are already visiting the carrier's creditors
to discuss options, a source said, asking for anonymity to
disclose private talks, according to Reuters. Reuters first
reported the news of the Galeazzi hire, citing sources.

Avianca shareholders are discussing a potential cash injection
with different investors, including hedge fund Elliott Management
Corp, two sources said, the report relays.  Any investment now
would need to happen within the bankruptcy protection process,
likely in the form of debtor-in-possession financing, the report
relates.

Any capital injection or loan would need authorization from the
bankruptcy judge, the report says.

Avianca is battling two of its main aircraft lessors, Aircastle
Ltd and General Electric Co's unit GE Capital Aviation Services,
who have tried so far unsuccessfully to ground or repossess 40
percent of its fleet, the report relays.

Avianca also said in the statement it continues to operate
normally, the report notes.

The escalating legal battle has added to the uncertainty
surrounding Avianca Brasil's ability to maintain its current
flight schedule, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2018, Ana Mano and Marcelo Rochabrun at Reuters said that
Brazil's fourth-largest airline, Avianca Brasil, filed for
bankruptcy protection, saying its operations had been threatened
by potential repossession of aircraft, which could prevent the
carrier from continuing to operate.  The unlisted airline said in
its bankruptcy filing that leasing companies seeking to take back
some 30 percent of its all-Airbus fleet threatened its ability to
fly some 77,000 passengers in December, according to Reuters.

Avianca said in a statement that the bankruptcy filing resulted
from a failure to reach a "friendly agreement." It also said its
flights would not be affected, the report relayed.  The aircraft
are still under Avianca Brasil's control for now and it remains
unclear what their fate will be as the carrier is asking a
Brazilian court to allow it to keep the planes for now, the report
noted.  The report disclosed that the airline said in the filing
it largely blamed high fuel prices and a strong dollar for its
troubles.


BANCO BRADESCO: Set to Shine as Local Banks Post Latest Earnings
----------------------------------------------------------------
Vinicius Andrade and Felipe Marques at Bloomberg News report that
Banco Bradesco SA is expected to benefit from a pick-up in lending
in Brazil, standing out from Itau and other rivals such Banco do
Brasil SA, analysts said.

"Bradesco will likely lead the class, with a solid 4Q18 and upbeat
2019 guidance," Itau BBA analysts led by Thiago Bovolenta Batista
wrote in a Jan. 20 report, according to Bloomberg News.  Itau BBA
sees Bradesco's recurring net income expanding by 15.8 percent on
an annual basis, and recurring return on average equity reaching
19.2 percent, due to stronger loan revenues and stable credit
risk, Bloomberg News relays.  Bradesco's earnings are scheduled
for release on January 31, one day after Banco Santander SA's
Brazilian unit kicks off earnings season for the nation's lenders,
Bloomberg News says.

Brazilian banks are benefiting from borrowers' increased demand
while loan losses decline, Bloomberg News notes.  In November,
Brazil's bank lending rose to BRL3.2 trillion while the business
loan default rate fell to 3 percent, according to a lending report
released by the central bank, Bloomberg News says.

A sharp fall in provision charges will also help earnings,
Santander Brasil's analysts said, Bloomberg News relays.
"Bradesco could be the main highlight for the quarter, given
positive expectations of asset-quality improvement," Henrique
Navarro, Olavo Arthuzo and Isabella Nasuno wrote in report from
Jan. 11, the analysts added.

While Brazilian banks should post double-digit bottom-line growth
in 2019, Safra analysts Luis Azevedo and Silvio Doria see the
sector's multiples already reflecting this brighter outlook,
Bloomberg News says.  Citigroup also believes that valuations
aren't cheap, but says Brazil's economic reforms could provide
additional upside, Bloomberg News discloses.

"Positive news on Congress leadership and on essential reforms
could provide upside risks for 2020 onwards and also lower
discount rates," Citigroup analysts Jorg Friedemann and Gabriel
Nobrega wrote in a report from Jan. 9, Bloomberg News adds.

The Numbers

   -- 4Q adjusted net income est. BRL5.53 billion (average of 5
      estimates)
   -- 4Q return on equity est. 19.4% (average of 3 estimates)

More Data

   -- BBDC4 has 15 buys, 3 holds and 1 sell; avg PT BRL41.28
   -- Net income beat estimates in 5 of past 8 quarters

As reported in the Troubled Company Reporter-Latin America on
April 4, 2018, S&P Global Ratings affirmed its 'BB-/B' global
scale and 'brAA- /brA-1+' national scale ratings on Banco Bradesco
S.A. (Bradesco).  S&P said, "We also affirmed our 'BB-' issue-
level rating on the bank's senior unsecured notes. At the same
time, we affirmed our 'brAA-' national scale ratings on its core
subsidiary, Bradesco Capitalizacao S.A. The outlook remains
stable."


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C O S T A   R I C A
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AUTOPISTAS DEL SOL: Fitch Lowers Int'l Notes Rating to B+
---------------------------------------------------------
Fitch Ratings has downgraded its rating on Autopistas del Sol's
international notes to 'B+' from 'BB' and removed it from Rating
Watch Negative. The Rating Outlook is Negative.

The downgrade and Negative Outlook follows Fitch's recent action
on Costa Rica's sovereign ratings, and reflect the toll road's
exposure to Costa Rica's economic conditions and links to the
sovereign credit quality through the minimum revenue guarantee
(MRG) mechanism.

On Jan. 15, 2019, Fitch downgraded Costa Rica's Long-Term Foreign
and Local Currency Issuer Default Ratings to 'B+' from 'BB' and
removed the Rating Watch Negative. The Rating Outlook was revised
to Negative.

The downgrade on Costa Rica's IDRs reflects persistently wide
fiscal deficits, higher near-term financing needs due to a steep
amortization schedule, and budget-financing constraints. The
Negative Outlook reflects risks tilted to the downside - given
ongoing uncertainty surrounding government financing amidst high
interest rates and shorter debt maturities, notwithstanding the
implementation of the fiscal reform legislation and repayment of a
short-term liquidity facility from the central bank.

AdS's rating continues to reflect the asset's stable traffic and
revenue profile, supported by an adequate toll adjustment
mechanism. The toll road project, used mostly by commuters, could
face significant competition in the short to medium term if the
main competing road is substantially improved and its tariff is
significantly lower than that of the current project.

Toll rates are adjusted to the exchange rate quarterly and
annually to reflect changes in the U.S. CPI. The rating also
reflects fully amortizing senior debt with a fixed interest rate
and a net present value (NPV) cash trap mechanism that protects
noteholders in the event of early NPV-related termination of the
concession before debt is fully repaid. Fitch's Rating Case
average debt service coverage ratio of 1.2x is in line with
Fitch's criteria guidance for the rating category, although
somewhat weak. The presence of a MRG mechanism provides an
additional layer of comfort to the rating.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action:

  -- Positive rating action on Costa Rica's sovereign ratings
could trigger a corresponding positive rating action on the rated
notes;

Developments That May, Individually or Collectively, Lead to
Negative Rating Action:

  -- Negative rating action on Costa Rica's sovereign ratings
could trigger a corresponding negative action on the rated notes;

  -- Traffic volumes below Fitch's base case over a prolonged
period;

  -- Projected ADSCR profile below 1.2x under Fitch's rating case.


REVENTAZON FINANCE: Fitch Cuts USD135MM Notes to BB-, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded Reventazon Finance Trust's USD135
million fixed-rate notes to 'BB-' and removed it from Rating Watch
Negative. The Rating Outlook is Negative.

The rating action follows Fitch's downgrade of Instituto
Costarricense de Electricidad's ratings to 'B+' from 'BB', which
in turn followed the downgrade of Costa Rica's sovereign ratings
to 'B+' from 'BB'.

KEY RATING DRIVERS

Reliance on ICE Lease Payments: The notes are backed by 100%
participation interest on the Inter-American Development Bank's
(IDB) B-loan acquired through a participation agreement, which
gives the right to receive payments under IDB's B-loan. ICE lease
payments from a non-cancellable financial lease agreement for the
operation and maintenance of the hydropower plant will cover all
payments on the loan.

Credit Quality of ICE: Given the unconditional and irrevocable
nature of the lease payments, Fitch views the credit risk of these
payments as linked to ICE's credit quality. On Jan. 15, 2019,
Fitch downgraded ICE's Long-Term Foreign Issuer Default Rating
(IDR) to 'B+' with a Negative Outlook. Grupo ICE's ratings are
supported by its linkage to the sovereign rating of Costa Rica,
which stems from the company's government ownership and the
implicit and explicit expectation of government support.

Strength of the Lease Payments: To determine the strength of the
lease payment obligation, Fitch considered the role of IDB as
lender of record of the obligation being covered by ICE's payments
tied to ICE's ownership structure. As the IDB will continue to be
the lender of record and administer IDB's B-loan, Fitch believes
the holders of the rated notes will benefit from the B-loan
preferential, de facto, status provided by IDB. Because of this
benefit, the credit quality of the payment obligation is
considered to be in line with other obligations of Costa Rica with
the IDB and therefore was notched upward from ICE's IDR.

Preferred Creditor Status of IDB to Costa Rica: Historically,
sovereigns have prioritized certain obligations, such as
obligations from multilateral development banks (MDBs), when the
government cannot service all of the country's external debt.
While the B-loan is not a direct obligation of the sovereign,
Fitch believes treatment of the IDB as a preferred creditor
extends to ICE as the debtor, since ICE is a strategic government-
owned entity that receives underlying sovereign support.

Although Costa Rica has defaulted in the past (1981), neither the
sovereign nor ICE have ever defaulted on debt issued by a
preferred creditor. Currently, IDB's share of Costa Rica's
external debt is 16.4% and historically has been within 12% to
13%, which makes it an essential preferred creditor for the
country.

Adequate Liquidity: The rated fixed-rate notes benefit from a debt
service reserve account equivalent to the next principal and
interest payment due amount. This liquidity provides certainty in
case the transaction is exposed to temporary liquidity shock. As
of December 2018, the external account had sufficient liquidity to
cover debt service on the May 19 issued notes payment.

Criteria Variation: Fitch's "Single- and Multi-Name Credit Linked
Notes Rating Criteria," dated July 19, 2018, establishes that the
credit quality of the primary risk contributors in a credit linked
notes (CLNs) transaction is typically determined by an IDR
assigned by Fitch. However, in some situations, a committee would
consider using the actual bond rating (e.g. senior unsecured
rating, subordinate rating) of an asset in place of the IDR.

For this transaction, it has been determined that the credit
quality of the primary risk contributor is not commensurate with
the IDR or any particular bond rating of the obligor, as sovereign
ratings do not directly address all forms of obligations. To
determine the credit quality of the sovereign obligation and its
notching from the sovereign IDR, Fitch incorporated perspectives
from its sovereign group. During the analysis, it was determined
that the appropriate notching uplift from the primary risk
contributor would be one notch.

RATING SENSITIVITIES

A downgrade of ICE, tied to a rating of the sovereign, may trigger
a downgrade of the transaction's rating. However, a rating action
of ICE not tied to a rating downgrade of the sovereign may not
trigger a rating action on the notes if Fitch's view on the
strength of the payment obligation is not affected by such rating
action. Additionally, changes in Fitch's view of the treatment of
the IDB as a preferred creditor may trigger a rating action on the
notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

No third-party due diligence was provided to or reviewed by Fitch
in relation to this rating action.

Fitch has removed from Rating Watch Negative and downgraded the
following rating:

  -- $135,000,000 fixed-rate notes to 'BB-sf' from 'BB+sf';
Outlook Negative.


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


DOMINICAN REPUBLIC: Boosts Border Security With New Installation
----------------------------------------------------------------
EFE News reports that starting Jan. 22, 2019, the Dominican
Republic will have a new control and security center on the north
stretch of its border with Haiti aimed at combating illegal
migration, smuggling and drug trafficking.

President Danilo Medina inaugurated the new installation in Monte
Cristi province where the Joint Inter-agency Task Force will
operate, staffed by members of more than 10 government departments
and the armed forces, according to EFE News.

The report relays that personnel based at the new post will combat
possible illicit activities originating in the border
municipalities of Dajabon, Manzanillo, Pepillo Salcedo and Las
Matas de Santa Cruz, the military said in a news release.

The Monte Cristi installation is the third of its kind to begin
operations in this country, the report notes.

The personnel have a variety of vehicles for their work, including
all-terrain vehicles (ATVs) for patrolling mountainous areas, the
report relays.

They are also equipped with satellite communications systems plus
drones and non-lethal weapons, the note said, 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.


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M E X I C O
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MEXICO: Aims to Address Causes of Fuel Theft
--------------------------------------------
Continental News reports that President Andres Manuel Lopez
Obrador presented a plan to provide economic aid to communities
along the routes of Mexico's fuel pipelines to discourage
residents from illegally tapping into the conduits.

"We are going to confront the unfortunate practice of . . .
collecting gasoline from ditches, from leaks and from clandestine
outlets," the president said at his morning press conference,
according to Continental News.

As a result of these measures, Lopez Obrador said he hopes that
"there will be no (more) misfortunes," as occurred in the central
state of Hidalgo where a punctured gasoline pipeline exploded
while hundreds of residents were illegally collecting gasoline,
killing 93, as of the count on Jan. 22, the report notes.

The president will travel this week to several towns where the
practice of stealing and selling state-owned gasoline -- known as
"huachicoleo" -- is very common, as part of his plan to provide
aid and halt the practice that creates huge losses for state-run
oil company Petroleos Mexicanos (Pemex) and has resulted in the
closure of pipelines by of the new administration, the report
relays.

The aid plan for the communities through which the pipelines run
includes 91 municipalities, the report discloses.

The report relays that the aid will be given with the aim of
alleviating poverty and ending the need for people to tap the
pipelines to get fuel, said the president.

These actions will benefit 1.68 million people and require an
investment of MXN3.86 billion ($187 million), the report relays.

Theft of fuel from pipelines cost Mexico some MXN$3.4 billion last
year, the government said, the report relays.

Since his Dec. 1 inauguration, Lopez Obrador has launched an all-
out fight against this crime, the report relays.

The president has deployed thousands of police and troops to
bolster security at pipelines, the report notes.

The administration also adopted a change in Pemex's method for
shipping gasoline and diesel from refineries to urban distribution
centers, opting to transport more fuel via tanker trucks instead
of pipelines, the report says.

The change has caused severe supply problems in at least 10 states
and Mexico City, and led to the closing of service stations, panic
purchases and attempts to sabotage pipelines, the report relays.

Lopez Obrador said that security forces will continue to battle
fuel theft as the gangs persist in sabotaging pipelines, the
report adds.


OFFSHORE DRILLING: S&P Alters Outlook to Neg. & Affirms 'CCC-' ICR
------------------------------------------------------------------
S&P expects Mexico-based oilfield services company Offshore
Drilling Holding S.A.'s (ODH) liquidity will continue to
deteriorate meaningfully absent a recontracting of the company's
vessels, which it does not envision in the very short term
considering industry conditions.

S&P Global Ratings revised its outlook on ODH to negative from
developing and affirmed its 'CCC-' issuer credit rating on the
company.

S&P said, "The negative outlook reflects the possibility that we
could lower the ratings in the next few months if the company
doesn't replenish its debt reserve account. A downgrade could also
occur if negotiations with bondholders lead us to believe the
company is unlikely to be able to refinance, or if a distressed
restructuring transaction is inevitable.

"The rating action reflects our view of the increased risk of an
event of default in the next month, absent an unanticipated
significantly favorable change in the issuer's circumstances." On
Sept. 20, 2018, the company used a part of its $80 million debt
service reserve account (DSRA) to cover its $39.7 million semi-
annual interest payment on its $950 million 2020 bullet bond. The
terms and conditions of the notes specify that if the company is
unable to replenish its DSRA after 179 consecutive days after its
use, this would trigger an event of default. In such a case, the
bondholders of at least 25% in aggregate principal amount of the
then outstanding notes may declare all the notes to be due and
payable immediately. In case of an acceleration, the company would
not have enough liquidity to pay down its obligations.

S&P said, "Likewise, the rating action also reflects an increased
possibility of some form of debt restructuring in the next months
because we expect ODH's operating performance will remain very
weak, which would further constrain its liquidity. After ODH
reached a settlement with PEMEX to terminate the charter
agreements related to the Bicentenario and Centenario GR rigs,
PEMEX agreed to pay a termination fee of $230 million, consisting
of two installments; the first was paid on Sept. 13, 2018, and the
following will be paid according to the schedule presented at the
end of January of this year. Even considering these sources in our
analysis, we believe that ODH will struggle to continue paying its
debt service."



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P U E R T O    R I C O
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QUE GOLAZO: Feb. 6 Plan Confirmation Hearing
--------------------------------------------
The Disclosure Statement explaining Que Golazo Inc.'s Chapter 11
Plan is conditionally approved.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on February 6,
2019 at 2:00 PM at the U.S. Bankruptcy Court, U.S. Post Office and
Courthouse Building, 300 Recinto Sur, Courtroom No. 1, Second
Floor, San Juan, Puerto Rico.

Acceptances or rejections of the Plan may be filed on/or before
ten (10) days prior to the date of the hearing on confirmation of
the Plan.  Any objection to the final approval of the Disclosure
Statement and/or the confirmation of the Plan shall be filed on/or
before ten (10) days prior to the date of the hearing on
confirmation of the Plan.

Que Golazo is a for-profit corporation organized under the laws of
the Commonwealth of Puerto Rico, since Jan. 26, 2010. Its primary
business is the retail sale of sporting effects of soccer like
specialized footwear, apparel, equipment, accessories, etc., from
the main brands on the market like Adidas, Nike, Joma, Reusch,
Select, and others.

General unsecured creditors under the plan are classified in
Classes 3 and 4 and will receive a distribution of 5% of their
allowed claims over a period of five years.

Payments and distributions under the plan will be funded by
business income or any other income to which the Debtor may be
eligible.

A copy of the Disclosure Statement is available at
https://tinyurl.com/ycy5dgvj from PacerMonitor.com at no charge.

                      About Que Golazo

Based in San Juan Puerto Rico, Que Golazo, Inc., filed a Chapter
11 petition (Bankr D.P.R. Case No. 18-01468) on March 19, 2018. In
the petition signed by its president, Horacio Tierno Copioli, the
Debtor estimated assets of less than $50,000 and debt under
$500,000.  Mary Ann Gandia-Fabian, Esq., at Gandia-Fabian Law
Office, is the Debtor's counsel, and Jimenez Vazquez & Associates,
PSC, is the accountant.


SEARS HOLDINGS: Seeks to Hire Deloitte as Tax Services Provider
---------------------------------------------------------------
Sears Holdings Corporation and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ Deloitte Tax LLP to provide tax services.

The firm will provide tax advisory services related to the
Debtors' debt exchange transaction in accordance with the terms
and conditions set forth in the work order dated February 1, 2018.
These services include:

     a. advising the Debtors on the tax effects of their debt
exchange transaction;

     b. advising the Debtors on the preparation of original issue
discount calculations;

     c. advising the Debtors with respect to the review of the
offering memorandum related to the exchange of certain notes held
by certain creditors to determine tax reporting requirements from
a
tax perspective; and

     d. advising the Debtors with respect to the determination of
the federal income tax filing requirements.

Deloitte Tax will charge these hourly fees for the tax advisory
services:

     National Tax Specialist Partner/
     Principal/Managing Director             $625
     Partner/Principal/Managing Director     $525
     Senior Manager                          $400
     Manager                                 $320
     Senior Associate                        $210
     Staff                                   $185

The firm will also provide tax advisory services related to the
Debtors' restructuring, which include:

     a. advising the Debtors on the cash tax effects of
restructuring and bankruptcy transactions and the post-
restructuring tax profile tax costs;

     b. advising the Debtors on the restructuring and bankruptcy
emergence process from a tax perspective, including the tax work
plan;

     c. advising the Debtors with respect to any cancellation of
debt income for tax purposes under IRC section 108;

     d. advising the Debtors on post-restructuring or
post-bankruptcy tax attributes (tax basis in assets, tax basis in
subsidiary stock, and net operating loss carryovers) available
under the applicable tax regulations and the reduction of such
attributes based on the Debtors' operating projections;

     e. advising the Debtors on the effects of tax rules under IRC
sections 382(l)(5) and (l)(6) pertaining to the post-bankruptcy
net operating loss carryovers and limitations on their
utilization, and the Debtors' ability to qualify for IRC section
382(l)(5);

     f. advising the Debtors on net built-in gain or net built-in
loss position at the time of "ownership change" (as defined under
IRC section 382), including limitations on use of tax losses
generated from post-restructuring or post-bankruptcy asset or
stock sales;

     g. advising the Debtors as to the treatment of post-petition
interest for state and federal income tax purposes;

     h. advising the Debtors on the state and federal income tax
treatment of pre-bankruptcy and post-petition reorganization
costs;

     i. assisting the Debtors in their evaluation and modeling of
the tax effects of liquidating, disposing of assets, merging or
converting entities as part of the restructuring;

     j. advising the Debtors on state income tax treatment and
planning for restructuring or bankruptcy provisions in various
jurisdictions;

     k. advising the Debtors on responding to tax notices and
audits from various taxing authorities;

     l. assisting the Debtors in identifying potential tax refunds
and advising them on procedures for tax refunds;

     m. advising the Debtors on income tax return reporting of
bankruptcy issues and related matters;

     n. assisting the Debtors in their review and analysis of the
tax treatment of items adjusted for financial reporting purposes
as a result of "fresh start" accounting as required for the
emergence date of the U.S. financial statements in an effort to
identify the appropriate tax treatment of adjustments to equity
(including issuance of new equity, options or warrants), and other
tax basis adjustments to assets and liabilities recorded;

     o. assisting the Debtors in documenting the tax analysis,
development of their opinions, recommendations, observations, and
correspondence for any proposed restructuring alternative tax
issue or other tax matters;

     q. assisting the Debtors in their efforts to calculate tax
basis of their assets and liabilities in each of their
subsidiaries or other entity interests; and

     p. advising the Debtors on other state and federal income tax
issues.

Deloitte Tax will charge these hourly fees for tax advisory
services related to restructuring:

     National Tax Specialist Partner/
       Principal/Managing Director           $975
     Partner/Principal/Managing Director     $850
     Senior Manager                          $725
     Manager                                 $595
     Senior Associate                        $450
     Staff                                   $325

Thomas Hermanson, managing director of Deloitte Tax, attests that
his firm is "disinterested" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Thomas C. Hermanson
     Deloitte Tax LLP
     111 S. Wacker Drive
     Chicago, IL 60606
     Phone: +1 312 486 1000

                 About Sears Holdings Corporation

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
McAndrews Held & Malloy, Ltd., as IP counsel; M-III Partners as
restructuring advisor; Lazard Freres & Co. LLC as investment
banker; DLA Piper as real estate advisor; and Prime Clerk as
claims and noticing agent.


SEARS HOLDINGS: Hires Deloitte Transactions as Bankruptcy Advisor
-----------------------------------------------------------------
Sears Holdings Corporation, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ Deloitte Transactions and Business Analytics
LLP to provide bankruptcy advisory services, nunc pro tunc to
October 29, 2018.

The firm will provide advice and recommendations to the Debtors
with respect to their current ledger and accounts payable system
for the necessary bankruptcy reporting, and the development of
creditor matrix, schedules of assets and liabilities, monthly
operating reports, statements of financial affairs, and claims
listing and reconciliation process.  DTBA will also provide advice
and recommendations with respect to general corporate
restructuring matters as requested by the Debtors.

DTBA will charge these hourly fees:

     Partner/Principal                     $775 - $925
     Managing Director                     $700 - $925
     Senior Manager/Senior Vice President  $600 - $650
     Manager/Vice President                $500 - $600
     Associate/Senior Associate            $395 - $475

John Little, principal of DTBA, attests that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     John W. Little
     Deloitte Transactions and Business Analytics LLP
     2200 Ross Ave., Suite 1600
     Dallas, TX 75201
     Phone: +1 214 864 4210
     Email: jolittle@deloitte.com

                 About Sears Holdings Corporation

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
McAndrews Held & Malloy, Ltd., as IP counsel; M-III Partners as
restructuring advisor; Lazard Freres & Co. LLC as investment
banker; DLA Piper as real estate advisor; and Prime Clerk as
claims and noticing agent.


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V E N E Z U E L A
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VENEZUELA: Maduro Orders Revision of Diplomatic Relations With US
-----------------------------------------------------------------
Corina Pons at Channel News Asia reports that Venezuelan President
Nicolas Maduro said he had ordered a "revision" of diplomatic
relations with the United States and would announce new measures.

President Maduro was responding to comments made earlier by U.S.
Vice President Mike Pence, who gave his support to Venezuela's
opposition and called Maduro a "dictator with no legitimate claim
to power."

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 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'


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

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

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


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