TCRLA_Public/190201.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

          Friday, February 1, 2019, Vol. 20, No. 23



LATAM AIRLINES: Fitch Assigns B+ LT IDR, Outlook Positive


TERMOCANDELARIA POWER: Fitch Rates USD410MM Sr. Unsec. Notes BB+

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuel Dispatch Slows as Refinery Supplies Haiti


ECUADOR: Fitch Assigns 'B-' Rating to USD1BB Notes


JAMAICA: Belize Exports Crude Soybean Oil to Country

P U E R T O    R I C O

ACEMLA DE PUERTO RICO: Court Dismisses Chapter 11 Bankruptcy Case
INVERSIONES CARIBE: Case Summary & 7 Unsecured Creditors
PUERTO RICO: US Appeals Court Reverses Ruling on Pension Bonds
TOYS R US: Court Confirms Wayne's 2nd Amended Chapter 11 Plan


CORPORACION ELECTRICA: S&P Withdraws 'SD' ICR & 'D' Debt Rating
VENEZUELA: Foreign Minister Insists Dialogue is Way Out of Crisis
VENEZUELA: Poverty Continues to Bleed People Amid Turmoil

                            - - - - -


LATAM AIRLINES: Fitch Assigns B+ LT IDR, Outlook Positive
Fitch Ratings has assigned an expected rating of 'B+(EXP)'/'RR4'
to LATAM Airlines Group S.A.'s proposed unsecured notes to be
issued through its fully owned subsidiary LATAM Finance Limited.
The notes will be fully guaranteed by LATAM. The target amount for
the proposed transaction is in the USD500 million to USD700
million range. The total amount and tenor for the proposed
issuance will depend on market conditions. Proceeds from the
proposed issuance are expected to be used for general corporate
purposes. Fitch currently rates LATAM's Long-Term Issuer Default
Rating (IDR) 'B+' with a Positive Outlook.

LATAM's ratings are supported by its diversified business model,
important regional market position and adequate liquidity, which
are tempered by its still high gross adjusted leverage and
operational volatility related to some of its key markets. The
ratings also consider the vulnerability of the company's cash flow
generation to fuel price variations and the inherent risks of the
airline industry, as well as the carrier's capacity to maintain
operational margins based on its leadership position in the
markets where it operates. The Positive Outlook is supported by
Fitch's expectations that the improvement in the company's credit
metrics may occur during 2019, leading adjusted gross leverage to
move around 4.5x and liquidity, measured as cash and unused
committed credit lines/latest 12 months revenues ratio, remaining
around 20%.


Market Position and Diversification: Fitch views LATAM's strong
business position as sustainable in the medium term, based on its
diversification within Latin America and in the international
routes between Latin America and either North America, Europe,
Oceania or Africa. The ratings incorporate the company's No. 2
market share in Brazil's domestic market and its position as the
leader among Brazilian companies in international markets, as well
as the volatility in operating results associated with these
markets through the economic cycle. The company maintains a good
business diversification with international passengers, domestic
Brazil, domestic Spanish-speaking countries (SSC) and cargo
divisions representing 46%, 22%, 16% and 12%, respectively; of the
company's total revenue as of LTM Sept. 30, 2018.

Mid-Single-Digit Traffic Growth: Fitch expects the company's
consolidated boarded passengers to increase by 5% during 2019, an
improvement over the 2.5% during 2018. This incorporates the
expectation that traffic trends for the International segment will
continue performing well, a recovery for the traffic levels in the
SSC segment, and continued improvement in traffic levels for the
Brazilian segment. The company's consolidated passenger yields
remained stable during the nine months period ended in 2018, Fitch
does not expect a significant expansion on that for 2019 (0%-2%).
Changes in rational capacity management by the key players could
pressure passenger yields and, consequently, operating margins.
The successful implementation of the joint venture agreements with
American Airlines Group and IAG's British Airways and Iberia
(members of the Oneworld Alliance), should also benefit
profitability in the medium term.

Better Industry Scenario: The relatively improved fuel and FX
outlook are expected to drive some profit margin recovery since
third-quarter 2018. The expectation of Brazil's better
macroeconomic environment in 2019, notwithstanding any reverse due
to political turbulence, should benefit traffic levels resulting
in a stable cost structure for the company's Brazilian operations.
Fitch forecasts Brazil's GDP growth to be 2.2% in 2019, and this
represents an important expansion compared with the average of
1.2% during 2017-2018 and negative 0.3% during 2012-2016. This
expectation should lead an improvement over the company's
operational margins, moving around 7.5%, up from 6.6% in the LTM
period ended in Sept. 30 218 and from 6% during 2016 and 7% in
2017, respectively.

Challenge to Deleverage: LATAM still has the challenge to improve
its credit metrics and reduce gross leverage to around 4.5x. The
improvement trend observed during 2015-2017 period was impacted by
the high fuel and FX volatility during 2018. The company's gross
adjusted leverage, measured as total adjusted debt/EBITDAR, was
5.2x at LTM Sept. 30, 2018, stable from 2017 level, yet better
than the average of 6.3x in 2015-16. The company's total adjusted
debt was USD11.4 billion at LTM Sept. 30, 2018. This debt includes
USD7.6 billion of on-balance-sheet debt and USD3.8 billion of off-
balance-sheet obligations related to operating leases with
combined rental payments of approximately USD541 million in the
LTM Sept.. 30 2018.

Neutral to Positive FCF: Managing growth capex in the next two
years will be key to allow a more robust free cash flow generation
and deleveraging trends. Fitch expects LATAM's FCF margin to be
neutral to positive during 2018-2020, driven by revenue growth,
continued EBIT margin improvement and targeted capex levels. LATAM
reported FCF of USD126 million during the LTM period ended on
Sept. 30 2018, this considers USD968 million in cash flow from
operations (after net cash interest paid), USD760 million in total
capex, and paid dividends around USD82 million.

Strong Credit Linkage: LATAM maintains indirectly all of the
economic rights and 49% of the voting rights in TAM. The ratings
of LATAM and TAM also incorporate the strong credit linkage
between the entities, with significant legal, operational and
strategic ties. In addition, the financing of the combined fleet
plan capex is implemented through LATAM, with the new aircraft
being subleased to TAM. Furthermore, the view of strong legal ties
between LATAM and TAM is supported by cross-default clauses
incorporated in LATAM's USD500 million unsecured notes due in 2020
and LATAM Finance Limited's USD700 million unsecured notes due in


LATAM's 'B+' rating is one notch higher than the ratings of the
other two main regional players in Latin America Avianca Holdings
S.A.(B/Stable) and GOL Linhas Aereas Inteligentes S.A.(B/Stable).
LATAM is well positioned in the 'B' rating category relative to
its regional peers given its diversified business model,
significant regional market position and adequate liquidity. These
positive factors are tempered by the company's still-high gross
adjusted leverage and operational volatility related to some key
markets. LATAM is rated lower than global players Delta Air Lines
(BBB-/Stable), United Continental Holdings, Inc. (BB/Stable), and
American Airlines Group, Inc. (BB-/Stable), primarily due to the
company's higher financial leverage and weaker profitability.
Liquidity continues to be a credit positive, as LATAM has
consistently maintained a stronger liquidity position, measured as
cash plus committed credit lines over LTM revenues, compared with
regional peers.


Fitch's Key Assumptions within Its Rating Case for the Issuer:

  -- Consolidated RPK of 5%;

  -- Low single-digit yield growth and load factor in the 81%-83%

  -- EBIT margin of 7%-8% in 2019;

  -- 2018-2019 neutral to positive FCF generation;

  -- Liquidity, measured as readily available cash plus unused
committed credit facilities over LTM net revenue, of 20% in 2018-


The recovery analysis assumes that LATAM would be considered a
going concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

Going-Concern Approach: Fitch assumes a going concern enterprise
value of USD7.6 billion based on post-default EBITDA of
approximately USD1.37 billion (a 20% discount from the company's
2017 EBITDA level of USD1.7 billion) and a multiple of 5.5x. After
deducting 10% for administrative claims, the remaining $6.8
billion of enterprise value leads to full recovery for LATAM's
secured debt and approximately 40% to 45% recovery for the
unsecured debt, which reflects average recovery prospects
consistent with the 'RR4' level.


Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  -- Liquidity, measured as cash/LTM revenue, consistently above

  -- Gross adjusted leverage approximately 4.5xon a consistent

  -- Neutral to positive FCF generation;

  -- Coverage ratio, measured as total EBITDAR/(net interest
expense plus rents),consistently above 2.5x;
EBIT margin moving to 8%.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  -- Sustained negative FCF;

  -- Liquidity, measured as cash/LTM revenue, consistently below

  -- Gross adjusted leverage consistently above 5.5x;

  -- EBIT margin consistently below 6.5%;
Coverage ratio, measured as total EBITDAR/(interest expense plus
rents), consistently below 2.3x.


Adequate Liquidity: Fitch views the company's liquidity position
as adequate for the rating category. LATAM held cash of USD1.2
billion as of Sept. 30, 2018, compared with short-term debt of
USD1.5 billion. LATAM has in place a senior secured revolving
credit facility (RCF) of USD600 million. The RCF is collateralized
by a combination of aircraft, spare engines and spare parts.
Including the RCF, the company's level of liquidity, measured as
total cash and marketable securities plus unused committed credit
lines over LTM revenue, was 17.4% as of Sept. 30, 2018. The
company's upcoming debt maturities are viewed as high relative to
its expected FCF generation, but mitigated by solid cash balance
and revolving credit facility. LATAM faces debt amortizations of
USD0.9 billion and USD1.5 billion during 2019 and 2020,
respectively, which will be primarily addressed through a
combination of FCF generation and refinancing.


Fitch has assigned the following ratings:

LATAM Finance Limited

  -- Proposed senior unsecured notes up to USD700 million,

Fitch currently rates LATAM as follows:

LATAM Airlines Group S.A

  -- Long-Term Foreign Currency IDR 'B+';

  -- National Equity Rating 'Primera Clase Nivel 3 (cl)';

  -- USD500 million senior unsecured note due 2020 'B+'/'RR4'.

LATAM Finance Limited Limited

  -- USD700 million senior unsecured note due 2024 'B+'/'RR4'.


  -- Long-Term Foreign Currency IDR 'B+';

  -- Long-Term Local currency IDR 'B+';

TAM Linhas Aereas S.A.:

  -- Long-Term Foreign Currency IDR 'B+';

  -- Long-Term Local currency IDR 'B+';

The Rating Outlook is Positive.


TERMOCANDELARIA POWER: Fitch Rates USD410MM Sr. Unsec. Notes BB+
Fitch Ratings has assigned a 'BB+' rating to TermoCandelaria Power
Ltd.'s (TPL) 7.875% USD410 million senior unsecured bond issuance
due 2029. Fitch previously published an expected rating of
'BB+(EXP)' to the USD 410 million issuance on Jan. 10, 2019. The
company expects to use the proceeds to refinance existing debt at
its operating companies Termobarranquilla S.A. E.S.P. (TEBSA) and
Termocandelaria S.C.A. E.S.P. (TECAN) and for distributions to

TPL's ratings reflect the combined operations of TEBSA and TECAN,
its current relative competitive position in the electricity
generation market in Colombia, as well as its limited geographical
diversification and asset mix. Also factored into the ratings are
Fitch's expectations for increasingly consolidated EBITDA
performance in the short to medium term, driven by the strong load
factor in TEBSA, as well as the collection of reliability charge
and regulated revenues not exposed to market dynamics. The ratings
also consider TPL's USD 410 million international bond issuance,
which will remove the structural subordination of TPL's debt to
that of its subsidiaries. The ratings also incorporate long-term
threats to TPL's consolidated competitive position that could
limit EBITDA generation capacity.


Credit Profile Linked to Subsidiaries: TPL is a holding company
that combines operations of two electricity generation companies
(Gencos), TEBSA and TECAN, located in Colombia's Caribbean coast.
TPL fully owns and controls TECAN and has a 57.38% stake in TEBSA.
TPL's ratings are mostly related to TEBSA's credit profile since
TEBSA has concentrated around 80% of TPL's consolidated EBITDA,
and Fitch expects this situation to continue over the rating

Limited Operational Diversification: TPL's credit profile is
constrained by the limited diversification of its operations. The
company is exposed to a higher degree of event risk resulting from
unexpected outages or disaster disruptions compared to local and
regional peers. Although out-of-contract sales eliminate exposure
to spot market volatility as a buyer, TPL's take-or-pay
regasification contracts would put additional pressure on its
subsidiaries' cost structure in the event of an interruption in
generation. TPL combines the operations of 1,283 MW of thermal
electric assets, which represent around 8% of the Colombian
electricity generation matrix and around 27% of the thermal
electric installed capacity in Colombia.

Positive Near-Term Supply/Demand Dynamics: TPL benefits from the
country's transmission bottleneck in the northern coast, which
results in persistent dispatch by TEBSA in order to meet demand in
spite of the company's comparative higher costs relative to non-
coastal generation assets. TPL's ratings incorporate Fitch's
expectation that TEBSA will maintain a load factor around 50% in
the medium term, which would be in line with its historical
levels. Demand characteristics of the Caribbean coast also suggest
relatively high growth through the medium term, supporting TEBSA's
continued dispatch as long as present transmission and capacity
dynamics continue.

Structure Mitigates Exogenous Market Risks: In the long term, new
investments in the transmission network or the development of non-
conventional renewable energy projects in Colombia's coastal
region could displace TEBSA within the dispatch curve, resulting
in lower EBITDA. The government planning unit is coordinating
auction processes to encourage the incorporation of newly
installed electric capacity in 2022-2023. In addition, a new
transmission line that will permit up to 1,000MW of new projects
to be installed in the Guajira region will be available in 2022.
These risks are partially mitigated by TPL's amortizing structure
and by the cash preservation mechanisms established under the

Medium-Term EBITDA Upside: TPL is expected to maintain stable
consolidated EBITDA generation over the rating horizon given the
stability of electricity generation, coupled with a regulatory
cost pass-through mechanism that applies in the market for out-of-
merit generation. When a high hydrology condition prevails in the
market, TEBSA has been maintaining its operations through out-of-
merit electricity generation. In this situation, the company is
remunerated based on its bid price, in which all of its variable
costs are passed through the market, capped by its reported
referential variable costs.

Inverted Hydrology Risk: TPL's EBITDA generation benefits from low
hydrology conditions that cyclically occur in Colombia. TEBSA and
TECAN could maintain their operations through in-merit generation
since variable costs could be below spot prices, which would
translate into more profitable operations. Fitch's base case
contemplates a three-year delay in EPM's 2,400MW Hidroituango
hydroelectric project, which could result in higher spot prices
through the medium term. The supply dynamic could cause TEBSA to
be dispatched as a baseload generator in addition to its current
role as an out-of-merit generator.

Stabilizing Cost Structure: TPL's consolidated CFO is relatively
predictable due to recent changes to capacity remuneration in
Colombia. Both TEBSA and TECAN will receive reliability payments
until 2025 amounting to annual revenues of around USD 160 million
in order to be able to dispatch its firm energy obligations when
spot prices surpass the scarcity price as defined by the
regulator. Both companies chose to elect the new scarcity price
defined under CREG Resolution 140 2017 as the reported variable
costs of the thermal electric matrix. This limits the possibility
of being required to dispatch with a negative gross margin, a
situation experienced by TECAN during the last Nino Phenomenon in

Secure Fuel Supply: TPL has reduced its exposure to liquid fuel
price volatility by entering into long-term gas supply contracts
that extend to 2026. TEBSA and TECAN will receive around USD30
million in annual dollar denominated regulated revenues for
securing this LNG access, which represents 50% of the of the fixed
payments TPL has to make to the LNG operator for granting access
to this natural gas source. Fitch expects that TPL's regulated
revenues along with reliability charges payments will continue to
be enough to cover the company's fixed costs, absent any
interruption in the company's generation capacity.

Transaction Limits Structural Subordination: TPL's current debt is
structurally subordinated to debt at the operating companies'
level. TPL is restricted from accessing TEBSA's and TECAN's cash
other than through dividends and current intercompany loans.
TEBSA's bank loan subordinates the shareholder loan and lease
payments to debt service. In addition, a shareholder agreement
between TPL and Gecelca S.A., the other TEBSA shareholder,
requires four out of five votes from the Board of Directors to
pursue intercompany transactions. In the case of TECAN, a creditor
agreement imposed annual payments of around COP 30 billion until
2021 that are guaranteed by TPL, and it does not allow upstreaming
of cash to TPL beyond the scheduled lease payments.

TPL's ratings factor in the company's transaction of issuing USD
410 million in international bonds at the holding level, with
gradual amortization from 2021 to 2029. Proceeds from the issuance
will refinance all current TPL debt at the holding and
subsidiaries level. The balance will be distributed in dividends
to TPL's shareholders. Fitch's base case projections do not
include additional debt from TPL's subsidiaries over the rating
horizon, EBITDA generation is expected to cover their capex
requirements as well as dividend and other distributions to
shareholders, so new bonds at TPL would no longer be structurally
subordinated. New TPL debt would be served through current and new
intercompany loans contracted with TEBSA and TECAN, as well as
dividends that these companies are expected to start paying from
2019 onward.

Moderate Leverage Ahead: TPL's transaction is expected to increase
its current consolidated leverage metrics but to a level Fitch
considers conservative for its rating category. On a pro forma
basis, once the transaction is completed, TPL's leverage will
reach 2.5x, up from 1.7x in December 2017. Future leverage
performance will depend on the EBITDA generated by its
subsidiaries, as additional debt on a consolidated basis over the
rating horizon is not expected..


TPL's ratings are one notch above Nautilus Inkia Holding LLC's
(Inkia; BB/Stable), its closest peer. Although lacking Inkia's
geographical diversification and asset base mix provided by its
key subsidiary Kallpa Generacion S.A. (BBB-/Stable), TPL's capital
structure is more conservative, with leverage levels reaching 2.5x
at its peak, while Fitch expects Inkia's leverage to decrease to
around 5x in 2019 and around 4.5x in the medium term. Also,
Inkia's debt is structurally subordinated to debt at the operating
companies, while TPL's transaction aims to fully replace debt at
the subsidiaries' level. TPL's capital structure also compares
positively with Orazul Energy Egenor S. en C. por A (BB/Stable).
Orazul's high medium-term leverage of above 5.0x under Fitch's
forecast places it at the high end of its rating level.

Fitch considers TPL's business risk higher than multi-asset energy
regional investment grade peers such as AES Panama S.R.L. (BBB-
/Positive), Kallpa and AES Gener (BBB-/Stable). All of these
companies benefit from a strong contractual position in their
respective markets. These companies' PPAs support their cash flow
stability through USD-linked payments and, in Kallpa's case, pass-
through clauses related to potential increases in fuel costs. This
contributes to a higher EBITDA visibility in the long term,
compared to TPL, which remains exposed and exogenous supply/demand
dynamics. Although TPL's key subsidiary TEBSA maintains relative
cost efficiency that currently places it within the coastal base
load, future additions to the local renewable energy matrix or
expansion of the national transmission network could potentially
displace the company from its strong competitive position in the
coastal region in the long term.

TPL ratings are one notch below those of Fenix Power Peru S.A.
(BBB-/Stable). As a single-asset generator with a high proportion
of take-or-pay costs and a deleverage trajectory that will reach
5x by 2021, Fitch views Fenix's standalone credit quality as
consistent with a 'BB' rating. However, Fenix's ratings are buoyed
by strong support from its parent Colbun S.A. (BBB/Stable)..


Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- TPL places USD 410 million in an international issuance that
fully replace current TPL's combined financial debt.

  -- No additional debt is contemplated at the TPL's holding level
or subsidiaries over the rating horizon.

  -- TPL's combined annual generation reaches at least 3,800 Gwh
per year, similar to the level reported in 2017.

  -- TEBSA's and TECAN's strong availability factors at above 90%.


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

A positive rating action is unlikely in the medium term, given
TPL's limited asset diversification and long-term threats to its
competitive position.

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

  -- Additional material debt at TEBSA's or TECAN's level that
structurally subordinates debt repayments at TPL's holding level.
  -- A material deterioration of TEBSA's or TECAN's EBITDA's
generation capacity, declining to below USD 150 million on a
sustained basis.

  -- Consolidated leverage levels above 3.5x on a sustained basis.


Liquidity Improves with Transaction: TPL's liquidity levels are
explained by stable cash inflows from its subsidiaries and
moderate financial debt at the holding level. As a holding company
without operations, TPL does not maintain material cash balance on
a non-consolidated basis. In the absence of execution of sizable
projects (as is currently the case) any excess funds are paid in
dividends. TPL's pro forma capital structure includes USD 410
million in an international bond issuance that replace current
debt at TPL, TEBSA and TECAN. The new bond will include gradual
amortization from 2021 that will ease leverage pressure in 2023
when it is likely that TPL's EBITDA capacity will be pressured
because of the expected increased installed capacity. Although the
transaction implies a leverage increase, the debt maturity profile
is more manageable, and it also removes structural subordination
and liquidity constraints from the current capital structure


Fitch has assigned the following final rating to TPL:

  -- USD410 million senior unsecured debt issuance due 2029 'BB+'.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuel Dispatch Slows as Refinery Supplies Haiti
Dominican Today reports that the time it takes the tankers to fill
up with fuel has been delayed amid controls from the Dominican
Petroleum Refinery PDV (Refidomsa) in response to the demand by
the distribution companies which supply Haiti.

Although Refidomsa denied the delays, outlet Listin Diario reports
that several distributors near the refinery confirmed that it is
taking longer than normal, according to Dominican Today.

Dominican Today, citing reports, says that one of the truckers
said that he came to fill up at the refinery at 5:30 a.m. but had
to wait until 11:40 a.m. to be able to leave the complex.

No reasons were provided regarding the higher fuel demand in
Haiti, the report notes.

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.


ECUADOR: Fitch Assigns 'B-' Rating to USD1BB Notes
Fitch Ratings has assigned a 'B-' rating to Ecuador's USD1 billion
notes maturing January 2029. The notes have a coupon of 10.75%.

Proceeds from the issuance will be used in accordance with local
laws for government programs, infrastructure projects or to
refinance existing debt obligations on more favourable terms.


The bond rating is aligned with Ecuador's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'B-'.


The bond rating would be sensitive to any changes in Ecuador's
Long-Term Foreign Currency IDR. Fitch affirmed the rating at 'B-'
on Jan. 10, 2019, while revising the Outlook to Negative from


JAMAICA: Belize Exports Crude Soybean Oil to Country
RJR News reports that Belize had exported five containers of
crude soybean oil to Jamaica, making this the first shipment of
soybean oil to the region, however the country gave no indication
as to the revenue expected.

The government said the shipment was made and the Directorate
General for Foreign Trade has been monitoring requests from
CARICOM countries for the suspension of the Common External Tariff
(CET) to identify regional demand and potential export
opportunities, according to RJR News.

Belize said two locally based companies had responded with
significant quantities to supply the Jamaican market, and after
successfully meeting their import requirements were able to export
crude soybean oil, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2018, S&P Global Ratings revised its outlook on
Jamaica to positive from stable. At the same time, S&P Global
Ratings affirmed its 'B' long- and short-term foreign and local
currency sovereign credit ratings, and its 'B+' transfer and
convertibility assessment on the country.

P U E R T O    R I C O

ACEMLA DE PUERTO RICO: Court Dismisses Chapter 11 Bankruptcy Case
Bankruptcy Judge Enrique S. Lamoutte entered an order rejecting
ACEMLA de Puerto Rico Inc.'s disclosure statement as it failed to
comply with the "adequate information" requirement. The chapter 11
plan, therefore, cannot be confirmed. The Court also finds that
dismissal with a bar to refile for a period of two years is in the
best interest of creditors as unsecured creditors are not likely
to receive a dividend upon liquidation.

This case came before the court on March 20, 2018, and continued
to March 22, 2018, to consider the Final Approval of the
Disclosure Statement filed by ACEMLA and the confirmation of the
chapter 11 plan. The court also heard the parties' arguments on
the following matters: (a) Motions for Allowance of Administrative
Expenses filed by Spanish Broadcasting System, Inc. and Broadcast
Music Inc. and Debtor's Opposition to the same; (b) Motions for
Conversion to Chapter 7 filed by Peer International Corporation of
Puerto Rico and SBS, and Motion to Dismiss with prejudice filed by
the Sucn. Catalino Curet Alonso.

At the hearing, the first witness presented by the Debtor was Mr.
Jorge Aquino Barreto, CPA. Mr. Aquino declared that he worked on
the projections for the disclosure statement and, to that purpose,
became familiar with the operations' patterns of the Debtor.
Furthermore, he participated in the preparation process of the
Chapter 11 Plan, reviewed the Monthly Operation Reports, and
developed the basis for the projections, evaluating the cash flow
of the Debtors and the entity's ability to pay. Mr. Aquino
asserts that the company can meet the commitment of the plan and
that creditors are better protected if the corporation continues
to operate.

Based on the witness' testimony, the court finds that the
foundation of the projections is not sustained by sufficient and
reliable data. The court further finds that the witness was unable
to support his testimony and the projections with clear underlying
information and that the testimony, rather than providing clarity,
raised questions as to the analysis made by the Debtor in support
to its Proposed Disclosure Statement. The court finds that there
are substantial contradictions between the documents reviewed by
Mr. Aquino, such as the Monthly Operating Report and the Debtor's
schedules, with the projections included in the Proposed
Disclosure Statement. The court further finds that the 98%
receivables' recoup included in the projections seems unrealistic
and, therefore, the Proposed Disclosure Statement fails the
"adequate information" requirement.

The testimony of Mr. Alan McAbee, the General Manager of the
Debtor, also made no substantial contribution to support the
projections presented by ACEMLA, as part of the Proposed
Disclosure Statement.

The objecting creditors allege that the chapter 11 plan in the
present case is not "fair and equitable" pursuant to
1129(b)(2)(B)(ii), as the Proposed Disclosure Statement asserts
that the Fideisomiso will retain its equity interest, and,
therefore, failing to comply with the absolute priority rule.

Although acknowledging that the unsecured creditors will receive a
75% reduction on their claims, the Debtor asserts it complies with
the absolute priority rule, which requires "that no interest be
retained over the reorganized business, unless senior class
accepts the plan or is paid in full satisfaction of its debt."

The court agrees with the objecting creditors that the Proposed
Disclosure Statement and chapter 11 plan fails to comply with the
absolute priority rule, and, therefore, the Proposed Disclosure
Statement cannot be finally approved, and the chapter 11 plan
cannot be confirmed.

Considering that a plan cannot be confirmed within the timeframe
required by sections 1121(e) and 1129(e), and that the Debtor
failed to comply with the requirements of section 1121(e) for an
extension of time, cause exists pursuant to section 1112(b)(1) and
1112(b)(4)(J) to convert or dismiss the case.

Based on the record, the court finds that the creditors are not
likely to receive a dividend upon liquidation and that, therefore,
dismissal is in the best interest of the creditors. The music
Portfolio is not owned by ACEMLA or LAMCO since 2003 and the
Debtor's capacity to generate any income is based, exclusively,
in the contractual relationship with the Owner of the Portfolio.
Furthermore, the only real estate owned by ACEMLA is totally
encumbered. However, considering that the Debtor is a repeat filer
and that the record shows that it has been trying to avoid or
delay payment to judgment creditors through the bankruptcy
proceedings, the court grants the Tite Curet Estate's requests,
and bars the Debtor to refile for a period of two years in order
to prevent an abuse of the bankruptcy process.

A copy of the Court's Opinion and Order dated January 22, 2019 is
available at:

              About ACEMLA de Puerto Rico Inc.

ACEMLA de Puerto Rico Inc. is one of the four "Performance Rights
Organization" (PRO), in the United States and No. 76 in the CISAC
world roster.  It controls and licenses LAMCO's non-exclusive
performance rights and those of its affiliate music publisher's
editors and composers.  This institution was created to defend the
Latin composer's rights in the United States and the world, and it
is as such that in 1985, by an appeal presented before the highest
federal court in this country, against a decision of the Copyright
Royalty Tribunal against ASCAP, BMI and SESAC, is successful, and
since then ACEMLA operates as the fourth society, or a performance
Rights Society (PRO), in the United States.

ACEMLA de Puerto Rico Inc. and Latin American Music Co Inc. filed
Chapter 11 petitions (Bankr. D.P.R. Case Nos. 17-02021 and
17-02023) on March 24, 2017.  In its petition, ACEMLA estimated
assets of less than $500,000 and liabilities of $1 million to $10
million.  LAMCO estimated assets and liabilities of less than $1

The Hon. Enrique S. Lamoutte Inclan presides over the cases.

Gratacos Law Firm, PSC, serves as bankruptcy counsel.

INVERSIONES CARIBE: Case Summary & 7 Unsecured Creditors
Debtor: Inversiones Caribe Delta, Inc.
        406 Dorado Beach East
        Dorado, PR 00646

Business Description: Inversiones Caribe owns a parcel of land
                      located in Barrio Higuillar Dorado, Puerto
                      Rico having an appraised value of $6 million
                      and a commercial property in Ponce Puerto
                      Rico value at $1.40 million.

Chapter 11 Petition Date: January 29, 2019

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Case No.: 19-00388

Judge: Hon. Brian K. Tester

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203

Total Assets: $7,415,061

Total Liabilities: $3,619,549

The petition was signed by Carlos F. Muratti, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at:


PRESERBA-COMPANIA: Case Summary & 6 Unsecured Creditors

Debtor: Preserba-Compania De Desarrollos, Inc.
        406 Dorado Beach East
        Dorado, PR 00646

Business Description: Preserba-Compania De Desarrollos, Inc. is a
                      Single Asset Real Estate Debtor (as defined
                      in 11 U.S.C. Section 101(51B)).  It owns in
                      fee simple a lot located at State Road #156,

                      Georgetti Street Puebnlo Ward Comerio, PR
                      00782 having an appraised value of
                      $3 million.

Chapter 11 Petition Date: January 29, 2019

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Case No.: 19-00387

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203

Total Assets: $3,022,253

Total Liabilities: $2,888,061

The petition was signed by Carlos F. Muratti, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free


PUERTO RICO: US Appeals Court Reverses Ruling on Pension Bonds
Karen Pierog at Reuters reports that bondholders that own nearly
$3 billion of debt issued by a Puerto Rico retirement system have
a claim on the pension fund's assets, a U.S. appellate court said.

The reversal of a district court ruling could complicate efforts
by Puerto Rico's federally created oversight board to restructure
about $120 billion of the U.S. commonwealth's debt and pension
liabilities through a form of municipal bankruptcy, according to

The board in July 2017 challenged bondholders' security interest
in debt sold by Puerto Rico's largest pension fund, the Employees
Retirement System, the report notes.

In August, U.S. District Judge Laura Taylor Swain, who is hearing
the bankruptcy case filed in May 2017, ruled that the bondholders
"do not possess a perfected security interest" over property
pledged by the bankrupt public entity to pay its debt, the report

Her opinion also said that their claim over the pension system's
revenue was "invalidated and unenforceable," notes the report.

The 1st U.S. Circuit Court of Appeals determined, however, that
"the bondholders met the requirements for perfection beginning on
December 17, 2015, and so reverse the district court," the report

Reuters recalls that Puerto Rico's pension system liquidated all
of its cash assets, facing a nearly 100 percent funding shortfall
that is thought to be the largest ever for comparably-sized U.S.
public pensions.  The government moved to a pay-as-you-go basis, a
system in which pension benefits are paid out of the island's
general fund.  The oversight board is turning its attention to
Puerto Rico's roughly $13 billion of general obligation bonds and
almost $50 billion of unfunded pension liabilities after
completing a restructuring of the island's Government Development
Bank debt.  It is currently awaiting court approval of a deal over
debt from the Sales Tax Financing Corporation, known as COFINA.

A restructuring of Puerto Rico Electric Power Authority debt is
also in the works, the report adds.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch
Alternative Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).


The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.
The Retiree Committee tapped Jenner & Block LLP and Bennazar,
Garcia & Milian, C.S.P., as its attorneys.  The Creditors
Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as

TOYS R US: Court Confirms Wayne's 2nd Amended Chapter 11 Plan
-------------------------------------------------------------- reported that the bankruptcy court hearing the
Toys "R" Us case issued an order confirming the Second Amended
Chapter 11 Plan of Wayne Real Estate Parent LLC (the "Wayne

This is the third Toys "R" Us Plan to be confirmed and/or declared
effective in recent weeks with (i) the Plans of the Toys Delaware
Debtors and the Geoffrey Debtors declared effective on January 20,
2019 and (ii) the Plans of the Taj Debtors and the TRU Inc.
Debtors declared effective on January 23, 2019. Previously, the
Plan of Toys "R" Us Property Company II, LLC and Giraffe Junior
Holdings, LLC  (the "Propco II Plan Debtors") was declared
effective on September 7, 2018.

The Wayne Debtors' Disclosure Statement provides the following
Plan overview, "The Debtor, in consultation with its stakeholders,
determined that the best path forward would be a separate plan for
the Debtor. The result of that determination and subsequent
negotiations is the Chapter 11 Plan of Wayne Real Estate Parent
Company, LLC. The Plan contemplates a reorganization of the
Debtor, allowing it to emerge from chapter 11 as a holding company
for the Propco I Debtors, allowing the General Unsecured Creditors
of the Debtor to receive the Debtor's recovery under the Propco I

The following is a summary of classes, claims, and voting rights
(defined terms are as defined in the Plan):

Class 1 ('Other Secured Claims') is unimpaired, deemed to accept
and not entitled to vote on the Plan. Each Holder shall receive,
either: (a) payment in full in cash; or (b) delivery of the
collateral securing their claim and payment of any related

Class 2 ('Other Priority Claims') is unimpaired, deemed to accept
and not entitled to vote the Plan.

Class 3 ('General Unsecured Claims') is impaired and entitled to
vote on the Plan. Holders of will receive their pro rata share of
the consideration to be specified in the Restructuring
Transactions Memorandum, which in any case will consist of either
direct or indirect ownership of the New Contingent Equity Rights,
which direct or indirect ownership may be accomplished through the
receipt of New Common Stock, the direct receipt of the New
Contingent Equity Rights, or another mechanism to be determined.

Class 4 ('Intercompany Claims') is unimpaired/impaired, deemed to
accept/reject and not entitled to vote the Plan. Each claim will
be reinstated or cancelled without any distribution on account of
such claim as determined by the Wayne Debtor in its sole

Class 5 ('Interests in the Debtor') is impaired, deemed to reject
and not entitled to vote on the Plan. Claims will be cancelled
without any distribution in respect of the claim.

                        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 and

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

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

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

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
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

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 oversees 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.


CORPORACION ELECTRICA: S&P Withdraws 'SD' ICR & 'D' Debt Rating
S&P Global Ratings withdrew its 'SD' issuer credit rating on
Venezuela's national electric utility, Corporacion Electrica
Nacional S.A. (Corpoelec). S&P said, "At the same time, we
withdrew our 'D' issue-level rating on the company's unsecured
debt.  The withdrawal of our ratings on Corpoelec follows our
repeated attempts to obtain timely information of satisfactory
quality from the company (e.g., fiscal 2017 audited financial
statements) in order to maintain our ratings in accordance with
our criteria and policies." Likewise, Corpoelec has still not made
its interest payment and its $650 million coupon payment that were
due on April 10, 2018, constituting a default event under our

VENEZUELA: Foreign Minister Insists Dialogue is Way Out of Crisis
EFE News reports that Vnezuelan Foreign Minister Jorge Arreaza
insisted that dialogue between the elected government and the
opposition is the way out of the country's political crisis,
including talks with the United States, with which President
Nicolas Maduro broke relations.

At a Caracas press conference, Minister Arreaza hailed the fact
that the governments of Mexico and Uruguay -- he said -- are
working at the United Nations to open up mechanisms to foster
understanding given the removal of recognition of the President
Maduro regime by numerous regional and other governments around
the world, according to EFE News.

He said that this is the road to follow amid the political tension
in Venezuela, above all after the head of the National Assembly,
or Parliament, Juan Guaido, proclaimed himself interim president
and received the recognition of a number of countries, including
the US, the report notes.

Minister Arreaza said that despite the fact that Washington no
longer recognizes President Maduro as president, the embassies of
both countries in each other's capitals have maintained
communications after the Venezuelan president ordered all US
diplomats to leave the country and all Venezuelan officials living
in the US to return home, the report relays.

"There are no longer any Venezuelan diplomatic personnel in the
US.  They've all returned," said the foreign minister, in contrast
to the versions being reported on local media, which say that at
least three Venezuelan officials decided to remain in the US and
recognize Guaido as president, the report discloses.

The report says that he said that this year 42 diplomatic notes
have been received from the US, meaning that "the most basic
communication between the two governments is mutually recognized,"
going on to criticize the "erratic" acts of Washington by
declaring that it will not recognize President Maduro's

The two nations, Minister Arreaza said, will maintain an
"interests office" for at least a month to attend to "minimal
immigration duties" as well as economic affairs, the report

US Secretary of State Mike Pompeo announced that he had accepted
Carlos Vecchio as Venezuela's new charge d'affaires in Washington
after Guaido appointed him, the report notes.

Earlier this month, President Maduro was sworn for his second six-
year term after winning reelection in a vote declared to be
fraudulent by numerous countries and in which his main opponents
were not allowed to participate after their candidacies were
invalidated, recalls the report.

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'.

VENEZUELA: Poverty Continues to Bleed People Amid Turmoil
EFE News reports that the words most repeated these days in the
poor neighborhoods of Caracas are neither "President Maduro" nor
"Mr. Guaido", but rather "hunger" and "poverty," two conditions
that are increasingly a part of everyday life for thousands of
Venezuelans who have no part in the political turmoil.

They are families like those living in a parking lot at the foot
of the poor hillside neighborhood of Petare in Caracas, according
to EFE News.  They moved there when they couldn't afford to pay
rent, they say, and since then have lived in structures put
together out of plastics, wooden planks and cardboard, "surviving"
and a little more, the report says.

"During these years, the situation has got worse . . . it has all
been very physical . . . like they say, we're barely surviving,"
Ronald Vasquez, one among the hundreds of locals crowded together
in the former parking lot, told EFE.

In the shadow of the tall buildings that recall better times in a
different Caracas, Ronald and another 43 families scrape by the
best they can in that space, though he insisted that the group is
made up no less than 90 families, the report relays.

For everyone here, Mr. Ronald said, a home "is very hard to get"
and they depend entirely on government aid, the report notes.

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'.


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

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

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


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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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