/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190221.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, February 21, 2019, Vol. 20, No. 38 Headlines B R A Z I L BANCO DE BRASILIA: S&P Places 'B+/B' GS Ratings on Watch Neg. ITAPOA TERMINAIS: Moody's Assigns Ba2 CFR C A Y M A N I S L A N D S TRANSOCEAN POSEIDON: Moody's Rates $550MM Sr. Sec. Notes B1 TRANSOCEAN POSEIDON: S&P Rates New $550MM Sr. Sec. Notes B+ YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsec. USD Notes B1 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Hosts 2 Rival Envoys From Venezuela DOMINICAN REPUBLIC: Must Cut Energy Distribution Losses, Says AIRD J A M A I C A JAMAICA: Strengthening FSC Capacity P E R U GRUPO EMBOTELLADOR: S&P Affirms 'B' ICR Despite Weak Results P U E R T O R I C O BROOKSTONE HOLDINGS: March 20 Confirmation Hearing BROOKSTONE HOLDINGS: March 20 Plan Confirmation Hearing HOGAR NUEVO: Judge Directs DOJ Watchdog to Appoint PCO PEOPLE TELEVISION: Seeks to Hire Martita Rolon as Accountant TOYS R US: Emerges as New Company with New Leadership, Vision V E N E Z U E L A PETROLEOS DE VENEZUELA: Moody's Withdraws C Issuer Rating VENEZUELA: Two Exporters Still Owed $$ by Country - - - - - =========== B R A Z I L =========== BANCO DE BRASILIA: S&P Places 'B+/B' GS Ratings on Watch Neg. ------------------------------------------------------------- S&P Global Ratings placed its global scale 'B+/B' and national scale 'brAA/brA-1+' ratings on BRB – Banco de Brasilia S.A. (BRB) on CreditWatch with negative implications. On Jan. 29, 2019, Brazil's Federal Police launched "Operation Circus Maximus," which has investigated an alleged criminal group at BRB. This group, along with business owners and financial operators, is believed to have taken bribes since 2014 in exchange for project disbursements. In S&P's view, the investigation raises concerns about BRB's corporate governance. Additionally, it's unclear at this point whether any financial losses from fraudulent investment decisions could significantly affect the bank's earnings. The CreditWatch placement reflects potential governance issues raised by "Operation Circus Maximus," which has been investigating an alleged criminal group at BRB that may have taken bribes since 2014 in exchange for project disbursements using resources from the bank and institutional investors. The CreditWatch placement also reflects the potential reputational issues and financial obligations that may emerge to compensate for investors' losses. S&P said, "We expect to resolve the CreditWatch placement as soon as we have more information on how those developments may affect the bank. We could downgrade BRB if the results of the investigation significantly affect its capital and earnings or its business and funding prospects. We will also evaluate if the execution of the bank's action plan will result in material improvements in governance that could prevent further financial losses and reputational damage." ITAPOA TERMINAIS: Moody's Assigns Ba2 CFR ----------------------------------------- Moody's America Latina has assigned first-time corporate family ratings (CFR) of Ba2 in global scale and Aa3.br in national scale to Itapoa Terminais Portuarios S.A. (Itapoa). The outlook is stable. At the same time, Moody's assigned Ba2 global scale and Aa2.br national scale ratings to Itapoa's third issuance of senior secured debentures in the amount of BRL300 million due 2027. The proceeds of the issuance, in conjunction with a BRL150 million pari-passu loan granted by the Inter-American Development Bank (IDB, Aaa stable), will be used to redeem BRL314 million of existing debt, fund certain capital expenditures related to the port's recent expansion, fund a dividend distribution of BRL50 million, and support the company's working capital position. The debentures and the IDB loan share the security and collateral package composed of a mortgage over land, a share pledge agreement, pledge of certain equipment, rights over cash accounts and insurance reimbursements. Assignments: Issuer: Itapoa Terminais Portuarios S.A. - Corporate Family Ratings, Assigned Ba2/Aa3.br - Senior Secured Regular Bond/Debenture, Assigned Ba2/Aa2.br Outlook Issuer: Itapoa Terminais Portuarios S.A. - Assigned Stable RATINGS RATIONALE The Ba2/Aa3.br CFR reflects the port's medium size and scale, its adequate operational profile, high end-customer diversification, and strong credit metrics. It further recognizes the completion of the port's capacity expansion in August 2018 to handle 1.2 million twenty-foot equivalent units (TEUs) from 0.5 million TEUs, which will allow for volume growth. Nonetheless, it also reflects the high dependence on the relationship with specific ship liners, the highly competitive environment and important capacity expansions in competing ports, correlation to overall economic performance and trade dynamics, and credit linkages to sovereign credit quality of the Government of Brazil (Ba2 stable). The credit view recognizes the port's location in the State of Santa Catarina, which serves an important role in both industrial and agricultural sectors. Adequate road connections allow the port to serve a trade area that encompasses the Midwest, Southeast, and South regions of the country. The port lacks railroad connections, a credit negative. The port's location on the Babitonga bay supports adequate operating conditions. Limited dredging is required to maintain canal depth of 14 meters. The completed expansion now permits simultaneous docking of two Super Post Panamax vessels. Low levels of contracts are credit negative aspects and expose the port to volume variations. Similar expansion projects have been completed or are in the process of being completed in neighboring ports. Nonetheless, the port is poised for volume growth as up to the conclusion of the expansion, it operated above capacity since 2015. The incorporation of Hamburg Sud by A.P. Moller--Maersk A/S (Baa3 stable) in late 2017 can further support growth as Hamburg Sud Brasil Ltda. is a strategic minority shareholder with a 30% ownership stake. Revenues grew by 19% in the first nine months of 2018 relative to the same period of 2017. The port carries moderate leverage, registering FFO to Debt of 26.5% in September 2018, including Moody's standard adjustments to the financial statements of non-financial corporations. The incremental debt of approximately BRL80 million will increase leverage and lead to FFO to Debt of close to 20% in 2019, expected to reach above 25% as of 2021. The credit view further considers the moderate structural features, which contain dividend distribution covenants set at a DSCR of 1.20x in the debentures indenture and limitation on the incurrence of additional debt. The Ba2 / Aa2.br senior secured ratings recognize the moderate strength of the collateral package and stronger prospects for recovery relative to unsecured creditors given the security in the form of mortgage over land, equipment, and of assignment of cash accounts. The stable outlook recognizes the prospects for potential volume growth given completion of expansion works, which is expected to improve credit metrics, but also the strong linkages to the country's economic performance, trade dynamics, and sovereign credit quality. WHAT COULD CHANGE THE RATINGS UP/DOWN The ratings could be upgraded upon deleveraging such that FFO to Debt and interest coverage reach levels above 30% and 3.25x, respectively. Downwards ratings pressure could surface upon lower than expected cash flow generation or increased indebtedness leading to FFO to Debt and interest coverage below 17% or 2.5x, respectively. The principal methodology used in these ratings was Privately Managed Port Companies published in September 2016. Privately run, Itapoa began its operations in June 2011 under an authorization granted by the Federal Government, extended in 2013 for 25 years, expiring in 2039 with no limitation to additional extensions. The port is located in the north cost of the state of Santa Catarina and is ranked as the 5th largest container port terminal in Brazil by volume, handling 594,726 TEUs in 2017. Itapoa is owned by Portoinvest Participacoes S.A. (70%), which belongs to Portosul Participacoes S.A. (Battistella Group) and Log Z Logistica Brasil S.A., and by Alianca Administradora de Imoveis e Participacoes Ltda. (30%), which belongs to the A.P. Moller--Maersk A/S Group. =========================== C A Y M A N I S L A N D S =========================== TRANSOCEAN POSEIDON: Moody's Rates $550MM Sr. Sec. Notes B1 ----------------------------------------------------------- Moody's Investors Service assigned a B1 rating to Transocean Poseidon Limited's proposed $550 million senior secured notes due 2027. The proceeds from the notes issuance will be used to partially finance the construction of the ultra-deepwater rig Deepwater Poseidon and to fund a debt service reserve account. Concurrently, Moody's downgraded the ratings of Transocean $1.25 billion senior unsecured notes due 2023, $750 million senior unsecured notes due 2025 and $750 million senior unsecured notes due 2026 to Caa1 from B3. These three unsecured notes (priority guaranteed notes or PGNs) are guaranteed by certain Transocean subsidiaries and by Transocean's parent, Transocean Ltd. Moody's affirmed Transocean's B3 Corporate Family Rating, B3-PD Probability of Default Rating and Caa2 senior unsecured notes rating. Moody's also affirmed the B1 rating on Transocean Guardian Limited's 2024 notes (Guardian notes) and Transocean Pontus Limited's 2025 notes (Pontus notes). Moody's affirmed Transocean's SGL-1 Speculative Grade Liquidity Rating. The rating outlook remains negative. Deepwater Poseidon, a seventh generation ultra-deepwater drillship has been in operation since February 2018, working under a ten-year drilling contract with a subsidiary of Royal Dutch Shell Plc (Aa2 stable). The Poseidon Notes will be secured by a first lien interest in Deepwater Poseidon and all amounts due under the Shell contract. Separately, in January 2019, Transocean announced a tender offer to purchase up to $700 million of the company's senior unsecured notes ranging in maturity from 2020 to 2023. "Although there are very modest signs of recovery in the offshore drilling sector, the commodity price volatility presents a head wind for renewed offshore activity and limits Transocean's ability to reduce its debt burden sufficiently to moderate its very high financial leverage," commented Sreedhar Kona, Moody's Senior Analyst. "The company's repayment of its unsecured notes reduces the subordinated debt cushion under its PGNs, while increasing the debt load of the secured notes above the PGNs." Debt List: Assignments: Issuer: Transocean Poseidon Limited Senior Secured Notes, Assigned B1 (LGD2) Downgrades: Issuer: Transocean Inc. Senior Unsecured Notes (PGNs), Downgraded to Caa1 (LGD4) from B3 (LGD4) Affirmations: Issuer: Transocean Inc. Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Senior Secured Revolving Credit Facility, Affirmed Ba3 (LGD2) Senior Unsecured Notes, Affirmed Caa2 (LGD6) from (LGD5) Speculative Grade Liquidity Rating, Affirmed SGL-1 Issuer: Transocean Guardian Limited Senior Secured Notes, Affirmed B1 (LGD2) Issuer: Transocean Pontus Limited Senior Secured Notes, Affirmed B1 (LGD2) Outlook Actions: Issuer: Transocean Inc. Outlook, Remains Negative Issuer: Transocean Guardian Limited. Outlook, Remains Negative Issuer: Transocean Pontus Limited. Outlook, Remains Negative Issuer: Transocean Poseidon Limited. Outlook, Assigned Negative RATINGS RATIONALE The Poseidon Notes are rated B1 (same as the Guardian Notes and the Pontus Notes), two notches above the B3 CFR. The rating is one notch below the revolver's Ba3 rating because of its security interest in only one drillship and the cash flow generated from its drilling contract, and the potential for any residual claims from these Notes to become subordinated to secured claims at Transocean, which has provided unsecured guarantee to these notes. Moody's believes the B1 rating is more appropriate than what is suggested by Moody's Loss Given Default methodology. The downgrade of the PGNs rating to Caa1, in accordance with Moody's Loss Given Default methodology, reflects the increased secured debt from the Poseidon Notes to which the PGNs are subordinated and, reduced cushion of the remaining unsecured notes to which PGNs are senior, due to the guarantees from Transocean's intermediate holding company subsidiaries, effectively giving these notes a priority claim to the assets held by Transocean's operating and other subsidiaries. The Ba3 rating on Transocean's revolving credit facility reflects its superior position in Transocean's capital structure relative to the guaranteed unsecured notes and the unsecured notes, given its security interest in five of Transocean's rigs and strong collateral cushion in the form of a 1.75x collateral coverage ratio covenant requirement. Transocean's remaining senior notes are rated Caa2, or two notches below the B3 CFR, reflecting their lack of security or subsidiary guarantees. Additional issuances of priority guaranteed notes is likely to exert downward pressure on the company's other guaranteed and non-guaranteed notes over time. Transocean's B3 CFR reflects the company's high financial leverage which could worsen unless there is a significant improvement in offshore activity. Moody's expects that, if anemic industry conditions persist, Transocean's premium-priced contracts may run-off amid ongoing weak dayrates resulting from near stagnant rig utilization levels. The company is obligated to spend approximately $1 billion through 2021 to take the delivery of two rigs under construction, one of which currently does not have a drilling contract. Transocean announced in December 2018 the signing of a new five year drilling contract for one of the rigs under construction with Chevron USA, Inc., a subsidiary of Chevron Corporation (Aa2 positive. The drilling contract has an estimated backlog of approximately $830 million and is scheduled to begin in the second half of 2021. Transocean benefits from its superior revenue backlog of $12.5 billion (including the backlog from Ocean Rig), and the company's measures to maintain high levels of revenue efficiency, reduce operating costs, address debt maturities and enhance operational utilization of its active rigs. The company's very good liquidity and the absence of significant near term maturities mitigate default risk notwithstanding high financial leverage. The acquisition of Ocean Rig UDW, Inc. (Ocean Rig, Ratings withdrawn) in 2018 was marginally accretive to Transocean's credit metrics given Ocean Rig's net cash position, its cash flow from the revenue backlog, and forecasted $70 million of potential synergies. Additionally, the acquisition enhanced Transocean's asset value and improved the company's loan to asset value coverage, as equity issuance comprised a large portion of the purchase price. While the Ocean Rig acquisition resulted in further high-grading of Transocean's fleet, it further concentrated the company's position in the ultra-deepwater segment, which may pressure utilization and future earnings should ultra-deepwater activity continue to lag. Moody's expects Transocean to maintain very good liquidity as reflected in its SGL-1 rating, because of its sizable cash balance and borrowing availability under its credit facility. At the end of the third quarter 2018 the company had approximately $2.3 billion of unrestricted cash on the balance sheet and full availability under its $1.0 billion senior secured revolving credit facility, which Moody's expects will remain undrawn through 2019. Post the closing of the Ocean Rig acquisition, issuance of Poseidon notes and completion of the tender offer, the company will have approximately $2.1 billion of cash. The credit agreement contains several financial covenants including maximum debt to capitalization ratio of 0.60:1.00, minimum liquidity of $500 million, minimum guarantee coverage ratio of 3.00x and minimum collateral coverage ratio of 1.75x. Moody's expects the company will remain in compliance with its covenant requirements. Operating cash flow and balance sheet cash should sufficiently cover the capital expenditures and debt maturities through 2019. Capital spending should be moderate until 2021 when Transocean needs to spend about $950 million to take the delivery of two completed drillships. The company has undertaken five secured notes issuances since October 2016, each secured by a newly constructed drillship to partially finance construction of the rigs, allowing the company to preserve cash during an extended market trough. Asset sales, while challenging, given the market conditions for offshore drilling rigs, can be used to raise cash since some of the company's assets are unencumbered. The rating outlook is negative, reflecting Moody's concerns that a meaningful and sustained offshore drilling recovery could be beyond 2019, particularly given the commodity price volatility and the current oversupply of deepwater and ultra-deepwater rigs. The ratings could be downgraded if interest coverage (EBITDA/Interest) approaches 1x. A material loss of backlog, significant negative free cash flow or weakening of liquidity could also pressure the ratings. An upgrade is unlikely in the near term, given Moody's expectations of continuing weak industry conditions and high financial leverage. If Transocean can achieve sequential increases in EBITDA in an improving offshore drilling market while maintaining good liquidity and the company's interest coverage exceeds 2x, an upgrade could be considered. TRANSOCEAN POSEIDON: S&P Rates New $550MM Sr. Sec. Notes B+ ----------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '1' recovery rating to the proposed $550 million senior secured notes due 2027 that will be issued by offshore drilling contractor Transocean Ltd.'s Cayman Islands-based subsidiary Transocean Poseidon Ltd. The '1' recovery rating indicates S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery to creditors in the event of a payment default. The notes are secured by the seventh generation ultra-deepwater drillship Deepwater Poseidon, which is under long-term contract with a wholly owned subsidiary of Royal Dutch Shell PLC through February 2028 at an above-market day rate of $477,000. The notes are fully and unconditionally guaranteed by parent companies Transocean Inc. and Transocean Ltd. and their collateral rig-owning subsidiaries. S&P said, "We expect the company to use the proceeds from these notes to refinance the debt it incurred for the construction of the Deepwater Poseidon, which was delivered in 2018. "At the same time, we affirmed our 'B+' issue-level rating on Transocean's existing secured debt (including its secured credit facility), our 'B' issue-level rating on its unsecured debt with subsidiary guarantees, and our 'B-' issue-level rating on its unsecured debt without guarantees. All of our other ratings remain unchanged." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P values the company on a discrete asset-value basis based on its net book value and its estimated valuation for the company's fleet including the recent acquisition of Ocean Rig UDW. -- S&P estimates that for the company to default it would require a sustained period of minimal demand for offshore contract drilling services. This would likely occur due to sustained low oil prices or a permanent shift away from offshore resources and toward onshore resources. -- S&P bases its recovery analysis on a net enterprise value for Transocean (net of 7% administrative expenses) of about $7.3 billion. In S&P's view, the company's creditors would realize greater value through a reorganization of the company rather than through a liquidation of its assets. -- S&P's analysis assumes the company's secured credit facility has a first-priority security interest in the Invictus, Inspiration, Asgard, Barents, and Spitsbergen rigs and that its secured notes have a first-priority security interest in the Proteus, Thalassa, Conqueror, Pontus, and Poseidon drillships and the Encourage and Enabler harsh environment rigs. Parent companies Transocean Inc. and Transocean Ltd. guarantee the facilities other than the notes that are secured by the Conqueror. -- S&P said, "With regard to Transocean's unsecured debt with subsidiary guarantees, our recovery expectations numerically exceed 90% but we cap the recovery rating on unsecured debt for companies in the 'B' rating category at '2', indicating our anticipation of substantial recovery (70%-90%) of principal. We cap the rating to reflect the heightened risk that additional priority or pari passu debt will be added along the path to default." -- S&P assumes the company's secured debt is senior in right of payment relative to its unsecured debt without guarantees with respect to its other non-pledged assets (other than Global Marine Inc.). -- Notes issued by Global Marine Inc. do not benefit from guarantees and S&P bases its recovery analysis for the notes on its assessment of recovery value at the subsidiary in a hypothetical default scenario. Simulated default assumptions: -- Simulated year of default: 2021 -- Jurisdiction (Rank A): Although Transocean Ltd. is headquartered in Switzerland, S&P believes it would most likely file for bankruptcy protection or restructure under the U.S. bankruptcy code given its nexus in the U.S. -- Transocean's $1 billion revolving credit facility (which matures in 2023) is 60% utilized, with total outstanding borrowings at the time of S&P's hypothetical default of about $610 million. S&P's 60% assumption is in accordance with its general guidelines for asset-backed lending facilities. -- S&P has assumed full acceptance of the company's $700 million tender offer for its unsecured notes maturing in 2021-2023 (about $500 million has been tendered to date) and that Transocean redeems $700 million of this debt. Simplified waterfall: -- Net enterprise value (after 7% bankruptcy administrative costs): $7.3 billion -- Secured first-lien debt at hypothetical default (including the credit facility and secured notes): $3.0 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured claims: $4.3 billion -- Senior unsecured debt (with subsidiary guarantees): $2.8 billion --Recovery expectations: 70%-90% (rounded estimate: 85%) -- Total value available to subordinated unsecured claims: $1.5 billion -- Senior subordinated unsecured debt: $3.3 billion --Recovery expectations: 30%-50% (rounded estimate: 45%) Simplified waterfall (Global Marine): -- Net enterprise value (after 5% administrative costs): $28 million -- Senior unsecured debt: $310 million --Recovery expectations: 0%-10% (rounded estimate: 5%) Note: All debt amounts include six months of prepetition interest. RATINGS LIST Transocean Ltd. Issuer Credit Rating B-/Negative/-- New Rating Transocean Poseidon Ltd. Senior Secured $550M Notes Due 2027 B+ Recovery Rating 1(95%) YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsec. USD Notes B1 ----------------------------------------------------------------- Moody's Investors Service has assigned a B1 rating to Yuzhou Properties Company Limited's proposed senior unsecured USD notes. The rating outlook is stable. Yuzhou plans to use the proceeds from the proposed notes mainly to refinance its existing indebtedness. RATINGS RATIONALE "The proposed bond issuance will support Yuzhou's liquidity profile and lengthen its debt maturity profile while it will not materially affect its credit metrics, because the company will use the proceeds mainly to refinance existing debt," says Celine Yang, a Moody's Assistant Vice President and Analyst. Moody's forecasts that Yuzhou's leverage, as measured by revenue/adjusted debt, will gradually recover to around 63% - 68% during 2019-2020 from around 50% for the 12 months ended June 2018, driven by likely stronger growth in revenue and the company's controlled growth of its debt in 2019 and 2020. The expected strong growth in revenue is based on its stronger contracted sales over the last two years that will likely be recognized as revenue in the next 12-18 months. Yuzhou's contracted sales grew notably by 39% to RMB56 billion in 2018 and slightly by 2% to RMB2.8 billion year-over-year in January 2019. Yuzhou has maintained a good track record of high profit margins in the 31%-36% range during the past five years (2013-2017). Moody's expects that the company's gross margin will likely remain at 31%-33% over the next one to two years, because it had maintained its average land cost of around RMB5,000 per square meters as of June 2018, similar to the levels recorded since 2016. As a result, its adjusted EBIT/interest should remain strong at 3.8x-4.1x in 2019 compared with around 3.8x for the 12 months ended June 2018. Yuzhou's Ba3 corporate family rating reflects its (1) track record of developing and selling residential properties, (2) growing operating scale and improved geographic diversification, (3) high profitability and interest coverage, and (4) strong liquidity. However, its credit profile is constrained by high debt leverage — as measured by revenue/debt — for its Ba3 rating level. The B1 senior unsecured debt rating is one notch lower than the corporate family rating due to structural subordination risk. This risk reflects the fact that the majority of claims are at its operating subsidiaries and have priority over its senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the likely recovery rate for claims at the holding company will be lower. The stable outlook on Yuzhou's ratings reflects Moody's expectation that the company will maintain its contracted sales and revenue growth, high gross margins, strong liquidity position and measured growth in debt. Upward ratings pressure over the medium term could emerge if Yuzhou (1) grows in scale, (2) improves its credit metrics, (3) maintains a strong liquidity position, or (4) establishes a track record of access to the domestic and offshore debt markets. Credit metrics indicative of upward ratings pressure include the company showing (1) EBIT/interest coverage in excess of 4.0x, or (2) revenue/adjusted debt in excess of 90%. Downward ratings pressure could emerge if Yuzhou shows a weakening in its contracted sales growth, liquidity position, profit margins or credit metrics. Credit metrics indicative of downward ratings pressure include (1) cash/short-term debt below 1.5x, (2) EBIT/interest coverage below 2.5x-3.0x, and (3) revenue/adjusted debt below 60% on a sustained basis. The principal methodology used in this rating was Homebuilding And Property Development Industry published in January 2018. Yuzhou Properties Company Limited is a property developer that focuses on residential housing in the West Strait Economic Zone and the Yangtze River Delta. Established in Xiamen in the mid-1990s, Yuzhou is one of the city's largest developers. The company moved its headquarters to Shanghai in 2016. At 30 June 2018, Yuzhou had a land bank of around 17.25 million square meters in total saleable gross floor area. Yuzhou listed on the Hong Kong Stock Exchange in 2009. The company had a market capitalization of HKD18.1 billion at 15 February 2019, and its chairman, Mr. Lam Lung On, owned a 56.71% stake in the company as of the same date. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Hosts 2 Rival Envoys From Venezuela ------------------------------------------------------- Dominican Today reports that Venezuelan self-proclaimed president, Juan Guaido, appointed diplomats in several countries who recognize him as interim president, including opposition leaders. The congressional leader named politician Eusebio Ecarri ambassador in the Dominican Republic, but president Nicolas Maduro's appointee, Ali de Jesus Uzcategui, still holds the post, according to Dominican Today. The report notes that Mr. Guaido appointee Eusebio Carlino's previous public office was deputy for the opposition alliance Mesa de la Unidad Democratica (MUD). During a session dominated by opponents of Maduro's Government, Congress approved the designations of 15 envoys to Europe, one to the Dominican Republic, among others, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. DOMINICAN REPUBLIC: Must Cut Energy Distribution Losses, Says AIRD ------------------------------------------------------------------ Dominican Today reports that Dominican Industries Association (AIRD) President Celso Juan Marranzini said it's time to move forward by cutting losses in energy distribution and finally eliminate the electricity deficit that jeopardizes the Budget. He said those resources could be used for capital investments and social plans that the country demands to develop, according to Dominican Today. Speaking in the AIRD business breakfast, Mr. Marranzini said enacting the electric pact will benefit efficient production and the Dominican economy, the report notes. As to the industrial sector, Mr. Marranzini said it requires a series of adjustments to the economic model, related to innovation, technology, bureaucracy and permits, the report relays. The industrialist attended the conference "Productivity + Innovation = Competitiveness," headed by National Competitiveness Council director Rafael Paz, adds the report. 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: Strengthening FSC Capacity ----------------------------------- RJR News reports that Jamaica government will this year strengthen the operational and technological capacity of the Financial Services Commission (FSC) to undertake risk-based supervision across the industries it supervises. A total of $13.4 million has been earmarked for this undertaking in the 2019/20 Estimates of Expenditure, according to RJR News. The report notes that the sectors that will be directly impacted include insurance, pensions and securities. The project, to be executed by the Ministry of Finance, also aims to strengthen the FSC's capacity to establish a compensation scheme for the non-deposit-taking sector, and assist it in identifying and prioritizing actions to improve the quality of service delivery via customer satisfaction surveys, the report adds. 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 E R U ======= GRUPO EMBOTELLADOR: S&P Affirms 'B' ICR Despite Weak Results ------------------------------------------------------------ Peruvian beverage company Grupo Embotellador Atic, S.A. continues to implement strategic initiatives to improve its profitability, which in S&P's view, will strengthen its key credit metrics over the next few quarters, so that its gross leverage ratio remains below 5.0x. On Feb. 19, 2019, S&P Global Ratings affirmed its 'B' issuer credit and issue-level ratings on Atic. S&P said, "The ratings affirmation reflects our expectations that the company will continue to generate free operating cash flows (FOCF) in excess of $20 million thanks to the stabilization of its profitability and limited capital expenditure (capex) requirements, which the syndicated loan agreements restrict at 4% of total revenue. The latter, coupled with the company's quarterly syndicated loan amortizations starting in August 2019, should gradually reduce its debt and improve its gross debt to EBITDA to around 4.0x and its EBITDA interest coverage ratio above 3.0x by the end of 2019. In addition, we consider recovery in Atic's profitability and cash flows, along with close and longstanding relationships with domestic banks, will mitigate potential liquidity risks in the next 12 months." S&P's ratings also capture Atic's restructuring of its geographic portfolio, which consisted of exiting the more volatile and less profitable markets to increase the predictability and stability of cash flows. However, the overhaul has generated unforeseen drawbacks that have triggered volatility in the company's results. For instance, in 2017, Atic announced a plan to dispose its operations in Mexico, Brazil, Venezuela, Thailand, and Indonesia, which were classified as discontinued operations at that time. As of this report's date, the company has ceased operating in Brazil and Venezuela. However, during the fourth quarter of 2017, Atic reincorporated its Mexican operations in its results because it was able to turn around its performance in that country. During the first nine months of 2018, Atic's operating and financial performance weakened due to adverse weather conditions, Peru's hike in taxes on sweetened beverages to 25% from 17%, and the stiff competition in most of the markets the company serves, particularly in the non-carbonated soft drinks (CSD) segment. As of Sept. 30, 2018, the company's year-to-date volume sales were down 5.9%, and EBITDA margins had declined to 12.7% from 16.2% in the same period in 2017, resulting in a debt-to-EBITDA ratio of 5.0x. Such results deviate from S&P's previous expectations, and caused Atic to breach financial covenants under its club deal loan agreement. However, in December 2018, Atic received a waiver on the breach of its financial covenants. S&P expects the company to remedy the breach in the near term, and that creditors would remain supportive to extending the cure period if needed. Atic continues to benefit from a leading market position in the CSD categories, and management continues to implement a series of measures to strengthen its profitability. These include price increases to compensate for higher sweetened beverage taxes, the reformulation of certain categories to reduce sugar content, improved procurement of raw materials, efficiencies in logistics platforms, and a consistent reduction in overhead expenses. Moreover, in most of its markets, Atic is now focusing on higher margin products and smaller size formats across the CSD categories. These factors, in S&P's view, should allow Atic to recover its EBITDA margin towards the 14% area in the next two years. ===================== P U E R T O R I C O ===================== BROOKSTONE HOLDINGS: March 20 Confirmation Hearing -------------------------------------------------- Brookstone Holdings Corp., Brookstone, Inc., Brookstone Company, Inc., Brookstone Retail Puerto Rico, Inc., Brookstone International Holdings, Inc., Brookstone Purchasing, Inc., Brookstone Stores, Inc., Big Blue Audio LLC, Brookstone Holdings, Inc., and Brookstone Properties, Inc., and the Official Committee of Unsecured Creditors filed a First Amended Joint Plan of Liquidation under Chapter 11 and accompanying disclosure statement. The confirmation hearing will be held before the Honorable Brendan L. Shannon on March 20, 2019 at 10:00 a.m. (prevailing eastern time), or as soon thereafter as counsel may be heard. The Court has directed that objections, if any, to confirmation of the plan be served and filed on or before March 11, 2019 at 4:00 p.m. (prevailing eastern time). Under the First Amended Plan, the Cigna Contract is terminated as of the Cigna Termination Date and $21,938.16 is due and will be paid by the Debtors to Cigna pursuant to the terms of the Cigna Contract. On the Effective Date, control of the Cigna Plan Bank Account will be transferred to the Liquidating Trust. Following the Effective Date, Cigna will continue to process all employee healthcare claims that were incurred, but not submitted, processed, and paid prior to the Termination Date (collectively, the "Run-Out Claims"), that are submitted to Cigna on or before January 31, 2020, in accordance with the Cigna Contract. Following the Effective Date, the Liquidating Trustee shall perform all of the Debtors' obligations under the Cigna Contract, including the obligation to fund the payment of eligible Run-Out Claims. If, at any time, the Liquidating Trustee fails to meet its Run-Out Funding Obligations, the processing and payment of Run-Out Claims will immediately cease and Cigna shall promptly notify the Liquidating Trustee of such failure and the amount necessary to meet the then-current Run-Out Funding Obligations. If the amount is not deposited into the Cigna Plan Bank Account within five (5) Business Days of the notification, all Run-Out Claims not previously processed and paid will not be paid and Cigna shall have no further obligations under the Cigna Contract. No later than March 15, 2020, Cigna shall take all necessary action to have any balance remaining in the Cigna Plan Bank Account, less any outstanding check liability, transferred to the Liquidating Trust or to a successor designated in a written notice to Cigna. For the avoidance of doubt, the Debtors or the Liquidating Trustee, as applicable, shall conduct a reasonable search to locate any Holder for purposes of making a distribution pursuant to Article VI.C.1 of the Plan; provided, however, that the Debtors and the Liquidating Trustee shall not be required to engage an outside consultant to conduct such search and an Internet search for missing addresses shall be deemed reasonable. Notwithstanding this or any of the releases, discharges, injunctions or waivers, nothing in the Plan or the Confirmation Order shall modify the rights, if any, of any counterparty to an unexpired lease of non-residential real property to assert any right of setoff or recoupment that such counterparty may have under applicable bankruptcy or non-bankruptcy law, including, but not limited to, the ability, if any, of such counterparties to set off or recoup a security deposit held pursuant to the terms of their unexpired lease with the Debtors or the Liquidating Trust. A full-text copy of the Disclosure Statement dated February 5, 2019, is available at: http://bankrupt.com/misc/deb19-1811780BLS-1040.pdf About Brookstone Holdings Founded in 1965, Brookstone Holdings Corp. is a U.S.-based product developer and retailer of wellness, entertainment, and travel products that are fun to discover, smart to use and beautiful in design. Brookstone products are available at its 35 retail locations in airports throughout the U.S., online at Brookstone.com and through select premium retailers worldwide. As of the Petition Date, Brookstone operates 137 retail stores across 40 states and Puerto Rico. Brookstone Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 18-11780) on Aug. 2, 2018. In the petitions signed by Stephen A. Gould, secretary, the Debtors estimated assets of $50 million to $100 million and liabilities of $100 million to $500 million. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Gibson, Dunn & Crutcher LLP as their bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware counsel; Berkeley Research Group, LLC as financial advisor; GLC Advisors & Co. as investment banker; and Omni Management Group, Inc., as administrative agent. BROOKSTONE HOLDINGS: March 20 Plan Confirmation Hearing ------------------------------------------------------- The Disclosure Statement explaining Brookstone Holdings Corp. et al.'s plan of liquidation is approved. The date and time for Confirmation Hearing will be March 20, 2019 at 10:00 a.m. (Eastern Time). The deadline for filing and serving Plan Objections will be March 11, 2019 at 4:00 p.m. (Eastern Time). Parties are authorized to file reply to any Plan Objections no later than March 15, 2019 at 4:00 p.m. Class 3 - General Unsecured Claims are impaired with recovery around 16.4-22.5%. Each Holder of an Allowed Class 3 Claim shall receive its Pro Rata share of the Liquidating Trust Interests in accordance with Article IV.C.2 of the Plan on account of such Holder's General Unsecured Claim(s) against the Debtors, which shall entitle such holder to distributions from the Liquidating Trust as and to the extent set forth in the Plan and the Liquidating Trust Agreement. Class 4 - Existing Equity Interests in Brookstone Subsidiaries are impaired. On the Effective Date or as soon as reasonably practicable thereafter, all Existing Equity Interests shall be cancelled and extinguished. Holders of Existing Equity Interests in the Brookstone Subsidiaries shall not receive any distribution or retain any property pursuant to the Plan. Class 5 - Existing Equity Interests in Brookstone Parent are impaired. On the Effective Date or as soon as reasonably practicable thereafter, all Existing Equity Interests in Brookstone Parent shall be cancelled and extinguished. Holders of Existing Equity Interests in Brookstone Parent shall not receive any distribution or retain any property pursuant to the Plan. The Debtors, in consultation with the Committee, analyzed, inter alia, the Debtors' books and records, intercompany accounting practices, corporate structure, shared staff and services, financial reporting, and cash management practices. Based on that analysis, the Plan contemplates and is predicated upon entry of an Order substantively consolidating the Debtors' Estates and the Chapter 11 Cases. Entry of the Confirmation Order shall constitute the approval, pursuant to section 105(a) of the Bankruptcy Code, effective as of the Effective Date, of the substantive consolidation of the Debtors for voting, confirmation, and distribution purposes under the Plan. Solely for such purposes, on and after the Effective Date, (i) all assets and all liabilities of the Debtors shall be deemed merged into Brookstone Parent, (ii) all guaranties of any Debtor of the payment, performance, or collection of obligations of another Debtor shall be eliminated and cancelled, (iii) any obligation of any Debtor and all guaranties thereof executed by one or more of the other Debtors shall be treated as a single obligation, and such guaranties shall be deemed a single Claim against the consolidated Debtors, (iv) all joint obligations of two or more Debtors and all multiple Claims against such entities on account of such joint obligations shall be treated and allowed only as a single Claim against the consolidated Debtors, and (v) each Claim filed in the Chapter 11 Case of any Debtor shall be deemed filed against the consolidated Debtors and a single obligation of the consolidated Debtors on and after the Effective Date. Upon the Effective Date, all Intercompany Claims shall be cancelled and extinguished. Holders of Intercompany Claims shall not receive any distribution or retain any property pursuant to the Plan. A full-text copy of the Disclosure Statement dated January 2, 2019, is available at: http://bankrupt.com/misc/deb19-1811780BLS.pdf About Brookstone Holdings Founded in 1965, Brookstone Holdings Corp. is a U.S.-based product developer and retailer of wellness, entertainment, and travel products that are fun to discover, smart to use and beautiful in design. Brookstone products are available at its 35 retail locations in airports throughout the U.S., online at Brookstone.com and through select premium retailers worldwide. As of the Petition Date, Brookstone operates 137 retail stores across 40 states and Puerto Rico. Brookstone Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 18-11780) on Aug. 2, 2018. In the petitions signed by Stephen A. Gould, secretary, the Debtors estimated assets of $50 million to $100 million and liabilities of $100 million to $500 million. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Gibson, Dunn & Crutcher LLP as their bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware counsel; Berkeley Research Group, LLC as financial advisor; GLC Advisors & Co. as investment banker; and Omni Management Group, Inc., as administrative agent. HOGAR NUEVO: Judge Directs DOJ Watchdog to Appoint PCO ------------------------------------------------------ Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico directed the United States Trustee to appoint a patient care ombudsman for Hogar Nuevo Amanecer de Anasco, Inc. The order was made pursuant to a petition filed on February 14, 2019, classifying the Debtor as a health care business. Judge Godoy noted that the order directing the U.S. Trustee to appoint a PCO is pursuant to 11 USC Sec. 333(a)(2) and Fed. R. Bankr. P. 2007.2(c), unless the U.S. Trustee and/or the debtor in possession inform the court in writing, within 21 days from the Order dated, February 15, 2019, why the appointment of PCO is not necessary for the protection of the patients. About Hogar Nuevo Amanecer de Anasco Based in Anasco, Puerto Rico, Hogar Nuevo Amanecer de Anasco, Inc., filed a voluntary Chapter 11 petition (Bankr. D.P.R. Case No. 19-00768) on February 14, 2019, disclosing $0-$50,000 in assets and liabilities. The Debtor is a health care business as the term is defined in Section 101(27A) of the Bankruptcy Code. The Debtor is represented by: Angel Miguel Roman Ongay, Esq. B-45 Ext., La Concepcion Cabo Rojo, PR 00623 Tel: 787-265-8270 Email: mitchroman@hotmail.com PEOPLE TELEVISION: Seeks to Hire Martita Rolon as Accountant ------------------------------------------------------------ People Television Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire an accountant. The Debtor proposes to employ Martita Rolon, a certified public accountant, to provide services necessary to administer its bankruptcy estate and to comply with the reporting requirements and tax return filing. Ms. Rolon will be paid a flat fee of $875 per month. In a court filing, Ms. Rolon disclosed that she is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Ms. Rolon maintains an office at: Martita Rolon P.O. Box 2027 Aibonito, PR 00705 Phone: (787) 557-4534 Email: martitaroloncpa@yahoo.com About People Television People Television Inc. is an entertainment production group headquartered in San Juan, Puerto Rico. People Television filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 19-00041) on Jan. 7, 2019, estimating up to $50,000 in assets and $1 million to $10 million in liabilities. Francisco Zamora Reyes, president, signed the petition. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., is the Debtor's counsel. TOYS R US: Emerges as New Company with New Leadership, Vision ------------------------------------------------------------- Toys "R" Us(R) has officially emerged as a new company, with new leadership and a new vision to deliver the magic of its iconic brands around the world. Effective January 20, 2019, the new company, Tru Kids Inc. doing business as Tru Kids BrandsTM, became the proud parent of Toys"R"Us(R), Babies"R"Us(R), Geoffrey(R) and more than 20 established consumer toy and baby brands. Tru Kids Brands will be led by Richard Barry, the former global chief merchandising officer at Toys"R"Us, who will serve as President & CEO along with an experienced management team that includes Matthew Finigan as CFO, James Young as EVP of Global License Management & General Counsel, and Jean-Daniel Gatignol as SVP of Global Sourcing & Brands. The company also appointed brand management veteran Yehuda Shmidman as Vice Chairman to advise on global strategy and execution. Mr. Shmidman is the CEO of Wave Hill Partners, and the former CEO of Sequential Brands Group. For over 70 years, Toys"R"Us has celebrated the joys of childhood with kids of all ages and Babies"R"Us has been the destination for all new and expecting parents. Geoffrey the Giraffe, the beloved mascot of Toys"R"Us for more than 50 years, is adored by kids and their families all around the world. This brand power remains as Toys"R"Us and Babies"R"Us generated over $3 billion in global retail sales in 2018 through more than 900 stores and e-commerce businesses in 30+ countries across Asia, Europe, Africa and the Middle East. In the U.S., Toys"R"Us and Babies"R"Us continue to have incredibly strong brand affinity and loyalty with more than 9.5 million followers across their social media channels. "Despite unprecedented efforts to capture the U.S. market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys"R"Us and Babies"R"Us delivers," said Richard Barry, President & CEO of Tru Kids Brands. "We have a once-in-a-lifetime opportunity to write the next chapter of Toys"R"Us by launching a newly imagined omni channel retail experience for our beloved brands here in the U.S. In addition, our strong global footprint is led by experienced and passionate operating teams that are 100% focused on growth." Global partners include Al Futtaim Sons Co. LLC (UAE), Green Swan (Iberia), Keshet-Hypertoy Ltd (Israel), Lotte Shopping Co. Ltd (S. Korea), Marketing Services and Commercial Projects Operation Company (Saudi Arabia), Tablez & Toyz Private Ltd. (India), and Toys (Labuan) Holding Ltd. in partnership with Fung Retailing Ltd. (Asia). The Company will work closely with each to expand the Toys"R"Us and Babies"R"Us businesses in their respective markets as well as actively seek opportunities to bring the brands to new and emerging territories. Tru Kids' global partners are set to bring the joy of Toys"R"Us and Babies"R"Us to more customers through the opening of 70 stores this year in Asia, India and Europe and the development of new e-commerce platforms in several key markets. Tru Kids will be headquartered in New Jersey with a skilled team of returning Toys"R"Us employees. "We have an incredible team focused on bringing Toys"R"Us and Babies"R"Us back in a completely new and reimagined way, so the U.S. doesn't have to go through another holiday without these beloved brands," added Barry. Further updates on the U.S. business strategy to follow. Tru Kids Brands Tru KidsTM is the parent of beloved brands, including Toys"R"Us(R), Babies"R"Us(R), Geoffrey the Giraffe(R), Journey Girls(R), Fastlane(R), True Heroes(R), You & Me(R), Imaginarium(R), and Just Like Home(R). Established in January 2019, Tru Kids is focused on growing its family of brands through innovative partnerships that deliver kid-and-parent-focused experiences that expand beyond traditional retails concepts in the physical and digital spaces. The company delivers a wealth of services to our valued license partners around the world, in addition to design and development of over 20 additional established consumer brands. The company has offices in New Jersey, USA, Hong Kong & Shenzhen, China. Tru Kids is a new company celebrating over 70 years of heritage with an expert team focused on families, kids, and play. Learn more at trukidsbrands.com. About Toys "R" Us Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips 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. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Moody's Withdraws C Issuer Rating --------------------------------------------------------- Moody's Investors Service (Moody's) has withdrawn the Issuer Rating of Petroleos de Venezuela, S.A. (PDVSA). At the time of withdrawal the Issuer Rating was C and the outlook was stable. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. VENEZUELA: Two Exporters Still Owed $$ by Country ------------------------------------------------- Aleem Khan at Trinidad Express reports that two of the 12 exporters of 12.6 tonnes of goods worth US$26.9 million to Venezuela are still owed money, Trade and Industry Minister Paula Gopee-Scoon confirmed. In Chaguanas, at the launch of a T&T Bureau of Standards (TTBS) metrology exercise throughout the National Petroleum (NP) network of gas stations, Minister Gopee-Scoon was asked for an update on a June 23, 2016-announced program to export T&T-manufactured products to the Bolivarian Government of Venezuela, according to Trinidad Express. She said in August last year that the two local companies were owed approximately US$979,000 by Corporacion Venezolana de Comercia Exterior (CORPOVEX) -- the Venezuelan trade agency responsible for paying for TT goods shipped to the South American nation, the report adds. 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'. ********* 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 * * *