---

       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 15, 2019, Vol. 20, No. 34

                           Headlines



A R G E N T I N A

MERCADO A TERMINO: Moody's Affirms B1 Issuer Rating, Outlook Stable


B R A Z I L

BANCO BTG: Moody's Rates USD Tier 2 Subordinated Notes B1(hyb)
RUMO LUXEMBOURG: S&P Hikes Rating on 2025 Sr. Unsec. Notes to BB-


C O L O M B I A

COLOMBIA: Issues First Energy Savings Insurance Policies, IMF Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Families Get US$6.5BB in Remittances, 9.8% Jump
DOMINICAN REPUBLIC: January Prices Fall -0.17% Paced by Transport


J A M A I C A

JAMAICA: IMF Says Reduced Debt Leads to Increased Investor Trust


P U E R T O   R I C O

ARQUIDIOCESIS DE SAN JUAN: Seeks More Time to Exclusively File Plan
LUBY'S INC: Extends Rights Agreement Expiration to Feb. 2020
SEARS HOLDINGS: Committee Opposes 4-Month Exclusivity Extension
SEARS HOLDINGS: PBGC to Withdraw Objection to ESL Asset Sale


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Getting Conservation Ready

                           - - - - -


=================
A R G E N T I N A
=================

MERCADO A TERMINO: Moody's Affirms B1 Issuer Rating, Outlook Stable
-------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA)
affirmed the global local currency issuer rating of B1 and the
national scale local currency issuer rating of Aa2.ar assigned to
Mercado a Termino de Buenos Aires S.A. (MATba). Moody's said
MATba's ratings outlook remains stable.

Moody's has decided to withdraw MATba's instrument-level outlooks
for its own business reasons.

This rating action follows the December 28, 2018 announcement that
shareholders have agreed to the merger between MATba and ROFEX S.A.
(unrated). The merger is subject to regulatory authorities'
approvals, including from Argentina's securities and exchange
commission, the Comision Nacional de Valores (CNV).

The following ratings assigned to Mercado a Termino de Buenos Aires
were affirmed:

  -- Global scale, local currency issuer rating at B1

  -- Argentine national scale, local currency issuer rating at
Aa2.ar

Outlook, Stable

RATINGS RATIONALE

The affirmation of MATba's B1 ratings reflects the company's
leading agricultural futures exchange platform that will be
enhanced following the merger with ROFEX S.A., a trade registration
platform for financial futures and derivatives. Under the deal
terms, ROFEX will spin off its trading and clearing platforms,
which will be absorbed by MATba. The merger fits well into MATba's
long-term strategy of leveraging its expertise as a vertically
integrated trading exchange and central clearing for agricultural
commodities derivatives and options in Argentina. Additionally, it
will contribute to more efficient and low-cost operations for
investors, making it a more attractive platform for derivatives and
options trading in Argentina. The new company will have a more
diversified business profile, which will improve future earnings
generation and scale, a credit positive.

Moody's expects MATba's margins to improve over the coming years as
it realizes the potential revenue synergies and cost savings.
Despite the recessionary conditions in Argentina, characterized by
low growth and high inflation rates, MATba reported record high
performance in 2018, resulting from the increased business volumes
over the last 12 months. At the end of fiscal year June 2018, MATba
reported a 48% increase in traded volumes compared to the same
period in 2017, resulting in a strong 61.8% pre-tax margin and
nearly doubling its bottom-line results. However, given MATba's
strong cash generation, an important part of its earnings are made
of gains on investments primarily in government bonds and mutual
funds. In the past six years, the average inflation-adjusted pretax
margin ratio stood at around 20%, high for global standards.

One key driver of MATba's ratings is its strong financial
flexibility, and debt-free balance sheet, which Moody's expects
will be maintained following the merger. According to the deal
terms, ROFEX's shareholders will inject ARS 94.9 million ($3.5
million) of common equity to acquire new ordinary shares to be
issued by MATba. The deal will involve a corporate reorganization,
and ROFEX's shareholders will hold 77.221% of the new company and
MATba's shareholders will hold 22.779%. Based on July 2018
financials, the new company, to be named MATba-ROFEX S.A., will
have total equity of ARS937.6 million ($34.3 million), and assets
of ARS1,034.5 million ($37.8 million), an increase of about three
times MATba's shareholders' equity and roughly 175% of total
assets, compared to MATba's June 2018 fiscal year end numbers.

The B1 rating is one notch above Argentina's sovereign debt rating
of B2, and reflects the lower correlation of MATba's operations to
sovereign risk when compared to banks' highly correlated
creditworthiness to the sovereign. However, the rating also
acknowledges MATba's low scale and trading volumes relative to
global exchanges, the small depth of the Argentine derivatives
market, and the improved but still limited product diversification,
relative to global peers.

MATba's Aa2.ar national scale issuer rating (NSR) is positioned at
the high end of the two NSR categories in Argentina that correspond
to Moody's B1 global debt rating.

WHAT COULD CHANGE THE RATING -- DOWN/UP

Upward pressure on MATba's ratings is limited at this point because
they are currently positioned one notch above Argentina's sovereign
debt rating of B2. Conversely, the ratings would be under stress if
MATba suffers a substantial deterioration in its core earnings
profile or if they decide to raise substantial debt for any
acquisition or important investment, which could jeopardize its
financial conditions.

At the same time, MATba is exposed to the Argentina's government
risk in the form of collateral holdings of government securities.
In addition, the company's cash position, as well as a significant
portion of the settlement funds that safeguard MATba against
counterparty default is invested in Argentina's sovereign
government bonds. Therefore, MATba's B1 rating could be upgraded or
downgraded depending on the Argentina's government bond rating.

RATING METHODOLOGY

The principal methodology used in these ratings was Securities
Industry Service Providers published in June 2018.



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

BANCO BTG: Moody's Rates USD Tier 2 Subordinated Notes B1(hyb)
--------------------------------------------------------------
Moody's Investors Service has assigned a B1(hyb) rating to the
USD-denominated contractual non-viability 7.75% Tier 2 subordinated
notes issued by Banco BTG Pactual S.A. -- Grand Cayman Branch (BTG
Cayman). The notes amount to $600 million and will be due in 2029
with a call option in five years.

The capital securities are Basel III-compliant, and the terms and
conditions have been defined so as to qualify them for treatment as
Tier 2 capital pursuant to Brazilian regulation.

RATINGS RATIONALE

The B1(hyb) rating assigned to the new Tier 2 subordinated notes is
positioned two notches below the adjusted BCA of ba2 assigned to
BTG Cayman's home office, Banco BTG Pactual S.A. (BTG, Ba2 stable,
ba2). This reflects the risk of a full or partial write-down of
principal in the event that (i) BTG's common equity Tier 1 ratio
falls below 4.5%, (ii) the bank receives a public sector capital
injection, (iii) the Central Bank makes a discretionary
determination that a write-down is necessary, or (iv) the central
bank intervenes in the bank or establishes a special administrative
regime at BTG. As with BTG's other ratings, the instrument rating
does not incorporate any uplift from either affiliate or government
support.

The rating is one notch below the Ba3 rating assigned to BTG
Cayman's existing plain vanilla Tier 2 subordinated debt due in
2022. That debt was issued under Basel II rules, and unlike the new
notes, does not have a contractual provision for equity conversion
or principal write down.

BTG's ba2 baseline credit assessment (BCA) reflects the
simplification of the bank's business profile over the past three
years, which will improve earnings stability and help to reduce
balance sheet volatility. The bank has enhanced its funding and
liquidity profile, while increasing its focus on credit and
fee-income activities. In addition, earnings are supported by
continued growth of assets under management and the bank's large
share of capital market deals.

Despite a drop in earnings in the first nine months of 2018, net
income to tangible banking assets remained strong at 1.47%, roughly
in line with the system average. The decrease was mainly driven by
sales and trading, affected by the low interest rate environment
and reduced market risk appetite from BTG, which is part of its
current strategy. In addition, the third quarter was also impacted
by a slowdown in investment banking activity due to the
presidential election in October affecting business volumes in the
period. These decreases were partially offset by a 33% increase in
earnings from corporate lending in Q3, compared to the previous
quarter, helped by lower provisioning expenses. As a result,
corporate lending accounted for 19% of total earnings in the first
nine months of 2018, up from 14% for the entire year of 2017.
Income from asset and wealth management continued to growth as well
and accounted for 12% and 9% of total earnings, respectively, in
September 2018.

Despite a 21% increase in the loan book over the preceding 12
months, BTG's tangible common equity to adjusted risk weighted
assets stood flat at 14.41% as of September 2018, a strong buffer
to support the continued growth of its balance sheet in the next
quarters. At the same time, the expansion of the bank's digital
platform has driven strong growth of granular deposits from
individuals and helped to diversify the bank's funding mix.

WHAT COULD MOVE THE RATINGS -- UP/DOWN

The B1(hyb) rating assigned to the Tier 2 instruments is unlikely
to face upward pressure, as BTG's adjusted BCA, anchor credit risk
assessment for the instrument rating notching, is currently at the
same level of the Ba2 sovereign rating. Conversely, the rating
could be downgraded if Brazil's sovereign rating is downgraded, if
fast loan growth leads to a sharp increase in asset risk for BTG
Pactual or in case of a sharp drop in the bank's tangible common
equity (TCE)/risk-weighted assets (RWA). Downward rating pressure
liquidity weakens, increasing the bank's intrinsic vulnerability to
its institutional based funding structure.

LIST OF AFFECTED RATINGS

Issuer: Banco BTG Pactual S.A. -- Grand Cayman Branch

Assignment:

Foreign Currency Subordinate Bond Rating, assigned B1(hyb)

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in August 2018.

Banco BTG Pactual S.A. is headquartered in Sao Paulo, and had
consolidated assets in the amount of BRL163.9 billion and
shareholders' equity of BRL19.2 billion as of September 30, 2018.

RUMO LUXEMBOURG: S&P Hikes Rating on 2025 Sr. Unsec. Notes to BB-
-----------------------------------------------------------------
S&P Global Ratings assigned its national scale 'brAA+' rating to
Rumo S.A.'s (Rumo; global scale: BB-/Stable/B; national scale:
brAA+/Stable/brA-1+) R$500 million unsecured debentures due 2029.
S&P said, "At the same time, we raised our issue-level rating on
Rumo Luxembourg S.a.r.l.'s 2025 senior unsecured notes to 'BB-'
from 'B+' following the revision of the recovery rating on this
debt to '4' from '5'. We also affirmed our 'BB-' rating on Rumo
Luxembourg's 2024 senior unsecured notes. The recovery rating of
'3' on this debt remains unchanged."

S&P said, "We believe Rumo has been successfully implementing its
investment plan in recent years, which expanded the company's
transportation capacity through the acquisition of more than 130
new locomotives and 2,500 wagons, along with infrastructure
improvements. Rumo should continue adding capacity while improving
its operating efficiency, which will translate into continued
EBITDA growth in 2019, as we mentioned in our last research update
(see "Rumo S.A. 'BB-/B' Global And 'brAA+/brA-1+' National Scale
Issuer Credit Ratings Affirmed; Outlook Remains Stable," published
Aug. 30, 2018). As a result, the emergence EBITDA that we calculate
in a default scenario has increased, resulting in a higher
enterprise value available to creditors (net of administrative
costs) in case of a default. This translates into a higher residual
value for Rumo, after the payment of operating subsidiaries' debts.
As a result, we revised the recovery expectation for Rumo's debt,
which doesn't have guarantees from operating subsidiaries, to 35%
(rounded estimate) from our previous expectation of 15%.

"Therefore, we have revised our recovery rating on Rumo's unsecured
debt to '4' from '5'. This prompted us to assign the rating on the
proposed debentures--and to raise the 2025 notes--at the same level
as the long-term issuer credit ratings of 'brAA+'and 'BB-',
respectively. We also expect the recovery of unsecured debt at Rumo
Malha Norte, which includes Rumo Luxembourg's senior unsecured 2024
notes, to improve materially. This is because of our expectation of
an overall higher enterprise value available to creditors, which is
aligned with our view of the improvement in EBITDA, cash flows, and
a gradual deleveraging. Nevertheless, recovery expectations for the
2024 notes remain at 65% (rounded estimate), with no changes to the
'BB-' issue-level rating. This is given that the recovery rating is
capped at '3' due to Rumo's exposure to the Brazil's jurisdiction,
which we don't deem as having a very favorable insolvency regime
(see our criteria "Methodology: Jurisdiction Ranking Assessments,"
published Jan. 20, 2016).

"We don't expect any increase in Rumo's leverage stemming from the
issuance of the debentures, because we expect the company to use
proceeds to pay down debt at Rumo Malha Norte, as part of efforts
to strengthen Rumo's capital structure. Nevertheless, we expect its
operating subsidiaries to continue to carry the bulk of the group's
debt (around 70%, given that we are considering the 2024 and 2025
notes under Rumo Malha Norte and Rumo , respectively, given each of
the notes' guarantee), even after debt prepayments."

Issue Ratings - Recovery Analysis

Key analytical factors

Rumo's proposed debentures issuance due 2029 and Rumo Luxmebourg's
2025 senior unsecured notes have a recovery rating of '4' (rounded
estimate of 35%). S&P derives this expectation from the recovery of
senior unsecured debt at the holding company (Rumo solely
guarantees the senior unsecured notes due 2025), which it believes
are structurally subordinated to debts of the operating
subsidiaries.

Rumo Luxembourg's 2024 senior unsecured notes have a recovery
rating of '3' (rounded estimate of 65%) because both Rumo and Rumo
Malha Norte guarantee the notes. Rumo Malha Norte is Rumo's most
significant concession in terms of cargo transported and cash
generation. In a default scenario, S&P assumes it would receive
around 65% of the company's value (around R$6 billion). This value,
subtracted priority claims (R$645 million), is higher than the
total senior unsecured debt (including the 2024 notes) at Rumo
Malha Norte, which explains the notes' high recovery expectation.
The scenario is different for the 2025 senior unsecured notes and
the proposed debentures, recovery expectations for which we base on
Rumo's remaining residual value after debt at operating
subsidiaries (around R$1.1 billion).

S&P said, "In our recovery scenario, we assume the company would
restructure rather than be liquidated. We believe Rumo is
economically important to the region where it operates and that,
due to the size of its operations, it's unlikely that other players
in the railroad segment or competing transportation modes such as
trucking would immediately replace Rumo. The emergence EBITDA of
R$1.8 billion reflects the capital intensity of the industry and
the size of the company's operations. We apply a 5.5x multiple,
which we use as an average for the industry in a default scenario
and which is in line with that of peers, such as MRS Logistica S.A.
(BB-/Stable/-- ; brAAA/Stable/--)."

Simulated default assumptions

-- Year of default: 2023
-- EBITDA at emergence: R$1.8 billion
-- Implied enterprise value multiple: 5.5x

Simplified waterfall

-- Gross enterprise value at default: R$9.7 billion, of which 65%

    corresponds to Rumo Malha Norte

-- Administrative costs: 5%

-- Net value available to creditors: R$9.2 billion

-- Secured debt claims: R$1 billion (mainly consisting of BNDES
    debt)

-- Unsecured debt claims: R$9.9 billion, of which R$5 billion is
    at Rumo Malha Norte, including the notes due 2024; and R$3.2
    billion at Rumo S.A., including the 2025 bond and the proposed

    debentures issuance. The remaining debt is located through the

    other operating subsidiaries.

-- Recovery expectation for unsecured debt at guaranteed by Rumo
    Malha Norte: 50%-70%.

-- Recovery expectation for unsecured debt at Rumo with no
    guarantees from operating subs: 30%-50%.

  RATINGS LIST New Rating

  Rumo S.A.
   Senior Unsecured                       brAA+              

  Ratings Affirmed

  Rumo Luxembourg S.a.r.l.
   Senior Unsecured
    Local Currency                        BB-                    
    Recovery Rating                       3(65%)             

  Ratings Raised
                                          To           From
  Rumo Luxembourg S.a.r.l.
   Senior Unsecured
    Local Currency                        BB-          B+   
    Recovery Rating                       4(35%)       5(15%)



===============
C O L O M B I A
===============

COLOMBIA: Issues First Energy Savings Insurance Policies, IMF Says
------------------------------------------------------------------
With the support of the Inter-American Development Bank, and in
collaboration with BANCOLDEX, Colombia has become the first country
in Latin America and the Caribbean to issue energy saving policies
under the Energy Savings Insurance Program (ESI) in benefit of five
small and medium-sized enterprises that have invested in energy
efficiency and power generation projects.

One of these beneficiaries is the Neiva Plaza Hotel, in the
department of Huila, whose project for replacing obsolete boilers
with solar thermal heathers had an investment of 122 million
Colombian pesos (around US$40,000) and is ensured by Mas
Centigrados SAS supplier.

Another investor is the Villa Martha Hotel, insured by supplier
Energitel, which will install a photovoltaic project of 10kWp
capacity in Turbaco, department of Bolivar, with an investment of
94 million pesos (US$30,000).

Both projects are insured by SURA, one of the main insurers in
Latin America, and they're financed by Banco Davivienda of
Colombia, through the Energy Saving Bancoldex Line for Hotels,
Clinics and Hospitals, with resources from the IDB and the Climate
Investment Funds (CIF).

Three other projects -- financed with their own resources -- have
been insured by SURA with the energy efficiency and power
generation policy: Supertiendas Arrieras in Pereira, in the
Risaralda department (10kWp install capacity), a solar farm in
Pereira city (9,723 MWh of annual generation) and a photovoltaic
solar system in Bogota which is connected to the grid (11,292 kWh
of monthly generation).

The ESI Program is a regional initiative developed by the IDB in
cooperation with the Government of Denmark, through the Danish
Energy Agency to promote investments in energy efficiency. The
insurance covers the damages of not obtaining the estimated energy
savings and is one of the Program's tools to mitigate the
investments' risk, which boosts a greater number of companies to
invest in more efficient technologies and improve their performance
in terms of productivity and environmental care.

In the five mentioned cases, the ESI Program's tools have been
important to build confidence in the project's robustness and to
help the financial closure by guaranteeing energy savings.

The ESI Program is also being implemented with banks in Brazil
(Goias, Fomento, BRDE, BANDES), Chile (Banco Estado), El Salvador
(Bandesal), Nicaragua (BFP) and Peru (COFIDE).



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

DOMINICAN REPUBLIC: Families Get US$6.5BB in Remittances, 9.8% Jump
-------------------------------------------------------------------
Dominican Today reports that families in the Dominican Republic
received US$6.5 billion in remittances during 2018, according to
preliminary figures from the Central Bank.

The figures show that families received US$582.3 million more
compared with 2017, a 9.8% jump from US$5.9 billion, according to
Dominican Today.

The Central Bank adds that from 2010 to 2018, over US$43.0 billion
in remittances entered the country, a 76% growth above the same
period, climbing from US$3.7 billion in 2010 to 6.5 billion in
2018, the report relays.

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

DOMINICAN REPUBLIC: January Prices Fall -0.17% Paced by Transport
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank said
consumer prices fell -0.17 in January paced by declines in
Transportation (-1.54%) and Housing (-0.34%).

It said, however, that higher prices were verified in the groups
Food and Non-Alcoholic Beverages (0.13%), Education (0.47%),
Restaurants and Hotels (0.25%), Health (0.31%) and Recreation and
Culture (0.43%), according to Dominican Today.

"Year-on-year inflation, measured from January 2018 to January
2019, was 0.71%, while core interannual inflation stood at 2.38%,"
the Central Bank said on its website, the report notes.

"The analysis affirms that the negative variation in the price
index of the Transport group in the month of January is mainly
explained by the fall in the prices of airfares, at -37.78%," it
added, the report relates.

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



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

JAMAICA: IMF Says Reduced Debt Leads to Increased Investor Trust
----------------------------------------------------------------
RJR News reports that the International Monetary Fund's (IMF)
representative to Jamaica, Dr. Constant Lonkeng Ngouana, said as
Jamaica's debt is reduced, more money will become available to
invest for the development of  the country.

Dr. Ngouana pointed out that reduced debt will also lead to
increased investor trust. She also stressed that the wage bill has
to be reduced so that resources can flow to growth-inducing areas,
according to RJR News.

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
=====================

ARQUIDIOCESIS DE SAN JUAN: Seeks More Time to Exclusively File Plan
-------------------------------------------------------------------
Arquidiocesis de San Juan de Puerto Rico filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a motion to extend
the period during which it has the exclusive right to file a
Chapter 11 plan of reorganization and disclosure statement through
April 29.

The Debtor also asked for an extension of 60 days to solicit votes
for the plan after the court approves the disclosure statement.

The extension, if granted by the court, would give the Debtor more
time to negotiate with its main creditors that may have a
substantial impact on its reorganization plan, according to its
attorney, Carmen Conde Torres, Esq., at C. Conde & Assoc.  Ms.
Torres said the Debtor is also seeking potential buyers for its
properties and is contemplating of a possible post-petition
financing to fund the plan.

           About Arquidiocesis de San Juan de Puerto Rico

Arquidiocesis de San Juan de Puerto Rico --
http://www.arqsj.org/-- is an unincorporated religious association
in San Juan, Puerto Rico.

Arquidiocesis de San Juan de Puerto Rico, a/k/a Iglesia Catolica
Apostolica Y Romana, Arquidiocesis De San Juan De Puerto Rico,
filed a petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 18-04911) on Aug. 29, 2018.  In the
petition signed by Father Alberto Arturo Figueroa Morales, vicar
general, the Debtor estimated $10 million to $50 million in assets
and liabilities.  Carmen D. Conde Torres, Esq., at C. Conde &
Assoc., is the Debtor's counsel.

LUBY'S INC: Extends Rights Agreement Expiration to Feb. 2020
------------------------------------------------------------
Luby's, Inc., has entered into an amendment with American Stock
Transfer & Trust Company, LLC, to the Rights Agreement, dated as of
Feb. 15, 2018, between the Company and the Rights Agent to extend
the Final Expiration Time of the Rights Agreement to
Feb. 15, 2020.  

On Feb. 15, 2018, the Board declared a dividend distribution of one
purchase right for each outstanding share of the Company's common
stock, par value $0.32 per share, outstanding as of the close of
business on Feb. 28, 2018, and authorized the issuance of one Right
for each share of Common Stock that becomes outstanding between the
Record Date and the earliest of the Distribution Date and the
Expiration Date, and under certain other circumstances.

The Rights are set to expire at the close of business on Feb. 15,
2019.

A full-text copy of the First Amendment to Rights Agreement is
available for free at https://is.gd/HIowOI

                          About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 140 restaurants nationally as
of Dec. 19, 2018: 82 Luby's Cafeterias, 57 Fuddruckers, one
Cheeseburger in Paradise restaurants.  Luby's is the franchisor for
103 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama, and Colombia.  Luby's Culinary Contract Services provides
food service management to 30 sites consisting of healthcare,
corporate dining locations, and sports stadiums.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017. As of Dec. 19, 2018, Luby's had $208.89
million in total assets, $100.83 million in total liabilities, and
$108.05 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and net
cash used in operating activities of approximately $8.5 million.

The Company's term and revolving debt of approximately $39.5
million is due May 1, 2019.  The Company was in default of certain
debt covenants of its term and revolving credit agreements maturing
on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to waive the
existing events of default resulting from any breach of certain
financial covenants or the limitation on maintenance capital
expenditures, in each case that may have occurred during the period
from and including May 9, 2018 until Aug. 24, 2018, and any related
events of default. Additionally, the lenders agreed to waive the
requirements that the Company comply with certain financial
covenants until Dec. 31, 2018, at which time the Company will be in
default without an additional waiver or alternative financing.

These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.

SEARS HOLDINGS: Committee Opposes 4-Month Exclusivity Extension
---------------------------------------------------------------
BankruptcyData.com reported that the Official Committee of
Unsecured Creditors in the Sears Holdings Corp., et al., bankruptcy
case objected to the Debtors' motion to extend their Plan
exclusivity period by a period of four months.

The Committee suggested a maximum of 30 days instead,
BankruptcyData noted.

The objection states, "Given the expected imminent closing of the
sale of substantially all of the Debtors' assets to ESL (the 'ESL
Sale') and the estates' risk of administrative insolvency, these
cases must proceed promptly toward consummation of a consensual
liquidating chapter 11 plan. The Debtors' request for a four month
extension of the Exclusive Periods does not progress that
objective. The Debtors frame their request for an extension of the
Exclusive Periods as standard procedure in these 'large' and
'complex' cases'a necessary next step in light of their
accomplishments to date. Yet, upon the closing of the sale, (i) the
Debtors no longer will have any operating businesses for which the
Chapter 11 Cases are a disruption, (ii) the only assets of any
significance that will remain in the Debtors' estates will be
litigation claims and (iii) the estates will be at risk of being
administratively insolvent. In short, the Debtors are winding down
and will be liquidating their remaining assets, principally
litigation claims, through a trust to be established under a
chapter 11 plan. These changed circumstances are not cause for a
four month extension of the Exclusive Periods. As a result, the
Court should limit any extension of the Debtors' Exclusive Periods
to no more than 30 days in order for the Debtors and the Creditors'
Committee to work together to reach consensus on the terms of a
liquidating chapter 11 plan. Indeed, it is the Creditors'
Committee's constituency that will be the primary beneficiary of
the assets to be transferred to the liquidating trust under such a
plan, which assets will consist primarily of significant claims and
causes of action against ESL, ESL affiliates (including Lands' End
and Seritage) and avoidance actions. Working swiftly with the
Debtors to negotiate and document such a liquidating chapter 11
plan is of paramount importance to the Creditors' Committee's
constituency and is a necessity based on the Debtors' expected
financial position following the anticipated consummation of the
ESL Sale."

                       About Sears Holdings

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.

Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee.  Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.

SEARS HOLDINGS: PBGC to Withdraw Objection to ESL Asset Sale
------------------------------------------------------------
The Pension Benefit Guaranty Corporation has reached an agreement
with Sears Holdings Corporation under which the agency will
withdraw its objection to the proposed sale of Sears' assets to ESL
Investments.

This agreement also clears the way for PBGC to assume
responsibility for Sears' two pension plans, which are covered
under PBGC's Single-Employer Insurance Program.

The agreement is subject to approval by the Bankruptcy Court in
White Plains, New York.  Details of the agreement will be filed
with the court.

                           About PBGC

PBGC -- http://www.PBGC.gov-- protects the pension benefits of
nearly 37 million Americans in private-sector pension plans.  The
agency operates two separate insurance programs -- one covering
pension plans sponsored by a single-employer and another covering
multiemployer pension plans, which are sponsored by more than one
employer and maintained under collective bargaining agreements.
PBGC is currently responsible for the benefits of about 1.5 million
people in failed pension plans. PBGC receives no taxpayer dollars.

Its operations are financed by insurance premiums, investment
income, and, for the Single-Employer Program, assets and recoveries
from failed single-employer plans.

                     About Sears Holdings

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.

Weil, Gotshal & Manges LLP is serving as legal counsel and M-III
Partners is serving as restructuring advisor.  Aebersold, Managing
Director, and Levi Quaintance, Vice President of Lazard Freres &
Co. LLC serve as investment banker to Holdings.  DLA Piper LLP is
the real estate advisor.  Prime Clerk is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on an official committee of unsecured
creditors.  Akin Gump Strauss Hauer & Feld LLP is counsel to the
creditors' committee.  FTI Consulting is financial advisor to the
creditors' committee.  Houlihan Lokey Capital, Inc., is providing
investment banking services to the committee.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Getting Conservation Ready
---------------------------------------------
Leah Sorias at Trinidad Express reports that Trinidad and Tobago
enjoys among the lowest electricity rates in the Caribbean.

While rates in the region are between US$.30 to $.40 per kWh, in
Trinidad and Tobago citizens pay a subsidized rate of US$0.4 to
US$0.5 per kWh, according to Trinidad Express.

Because of their hefty energy bill, it's quite understandable why
the owners of commercial and domestic buildings in the region make
it a priority to conserve energy or invest in modern energy
efficiency and conservation technologies, the report notes.


                           *********


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.
.


                  * * * End of Transmission * * *