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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, October 22, 2019, Vol. 20, No. 211

                           Headlines



A R G E N T I N A

TELECOM ARGENTINA: Amends Terms of Exchange Offer on 2021 Notes


B A H A M A S

BAHAMAS: UN Launches US$10MM Appeal to Support Hurricane Recovery


B A R B A D O S

BARBADOS: Adviser Promises Easier Business Processes


B R A Z I L

ELETROBRAS: Hedge Funds Are Dumping Firm's Stocks


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cyber Attacks Cost Businesses US$100BB Yearly


J A M A I C A

JAMAICA: Companies Still Concerned About Economic Outlook


P U E R T O   R I C O

JJE INC: Plan & Disclosures Deadline Extended to Nov. 8
SAN JUAN ICE: Dec. 11 Plan Confirmation Hearing Set
TOYS R US: New York Court Dismisses CRG Suit vs Amloid


T R I N I D A D   A N D   T O B A G O

TELECOMMUNICATIONS SERVICES: S&P Assigns 'BB-' ICR, Outlook Stable

                           - - - - -


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A R G E N T I N A
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TELECOM ARGENTINA: Amends Terms of Exchange Offer on 2021 Notes
---------------------------------------------------------------
Telecom Argentina S.A. said that it is amending the terms of its
previously announced offer to exchange (the "Exchange Offer") its
outstanding 6.500% notes due 2021 (the "Old Notes") for new 9.000%
notes due 2025 (the "New Notes") and the related offer to purchase
for cash such Old Notes ( the "Cash Tender Offer" and together with
the Exchange Offer, the "Offers") to:

     (i) extend the expiration date for the Offers to 5:00 p.m.,
         New York City time, on October 22, 2019 (the "New
         Expiration Date") from the previously announced
         expiration date of 5:00 p.m., New York City Time, on
         October 17, 2019; and (ii) reduce the previously
         announced minimum issue requirement for the Exchange
         Offer to U.S.$100,000,000 from U.S.$150,000,000.

    (ii) As of 5:00 p.m. on October 17, 2019, Telecom had
         received participation of approximately U.S.$135,389,000
         in the aggregate principal amount of Old Notes tendered
         to date pursuant to the Exchange Offer and approximately
         U.S.$5,978,000 in the aggregate principal amount of Old
         Notes tendered to date pursuant to the Cash Tender Offer.
         However, Telecom is reviewing and verifying a number of
         submissions under the Cash Tender Offer that may be
         rejected at or after the New Expiration Date, at
         Telecom's sole discretion, on the basis of a reasonable
         belief that the relevant Old Notes were tendered by
         holders who were not Retail Offer Qualified Holders.

                          New Expiration Date

The Offers will expire on the New Expiration Date unless otherwise
extended by Telecom. Old Notes tendered for purchase or exchange
may be validly withdrawn at any time at or prior to 5:00 p.m. (New
York City time) on October 22, 2019 (such date and time with
respect to an Offer, as the same may be extended with respect to
such Offer, the "New Withdrawal Date"), but not thereafter, unless
extended by Telecom.  The Offers are expected to settle on October
25, 2019 (such date and time with respect to each Offer, as the
same may be extended with respect to such Offer, the "New
Settlement Date").

All references in the Exchange Offering Documents (as defined
below) to April 22 shall be deemed amended to refer to April 25 and
all references to October 22 shall be deemed amended to refer to
October 25.

              Reduction of Minimum Issue Requirement

Telecom has reduced the previously announced minimum issue
requirement for the Exchange Offer: Telecom will not complete the
Exchange Offer if the aggregate principal amount of New Notes to be
issued in the Exchange Offer would be less than U.S.$100,000,000
(the "New Minimum Issue Requirement").

Other Terms of the Exchange Offer and the Cash Tender Offer

Except for the New Expiration Date, the New Withdrawal Date, the
New Guaranteed Delivery Date (as defined below), the New Settlement
Date, and the New Minimum Issue Requirement, all other terms of the
Offers remain unchanged. The terms and conditions of the Exchange
Offer are described in the offering memorandum dated October 9,
2019 (the "Exchange Offering Memorandum", and together with the
related eligibility letter (the "Eligibility Letter"), the related
notice of guaranteed delivery and, where applicable, the related
Letter of Transmittal (as defined below), the "Exchange Offer
Documents").  The terms and conditions of the Cash Tender Offer are
described in the offer to purchase dated October 9, 2019 (the
"Offer to Purchase" and, together with the related certification
instructions letter and notice of guaranteed delivery, the "Cash
Tender Offer Documents").

A copy of the complete press release is available free at:
https://is.gd/KRoJg3

As reported in the Troubled Company Reporter-Latin America on
Oct. 14, 2019,  Fitch Ratings assigned a 'B-'/'RR2' rating to
Telecom Argentina S.A.'s exchange bonds due 2025. The offer
proposes an exchange of existing 6.5% 2021 senior unsecured notes
for 9.0% 2025 senior unsecured notes along with a cash
consideration. Simultaneously, the company is launching a cash
tender offer for the 2021 notes for U.S. retail bondholders. No
other rating actions have been taken with regards to Telecom
Argentina's Long-Term Foreign Currency Issuer Default Rating, LT
Local Currency IDR, or the 2021 USD unsecured notes rating.




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B A H A M A S
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BAHAMAS: UN Launches US$10MM Appeal to Support Hurricane Recovery
-----------------------------------------------------------------
Caribbean360.com reports that the International Organization for
Migration (IOM) has launched a US$10 million appeal to assist The
Bahamas as the country continues to recover from the devastation
brought on by Hurricane Dorian just over a month ago.

The funding will support IOM operations in areas such as camp
coordination and management, provision of shelter and non-food
items, and emergency evacuations through April 2020, according to
Caribbean360.com.

"Hurricane Dorian caused widespread devastation on the islands of
Abaco, from Marsh Harbour to the North, and Grand Bahama; from
Pelican Point east to McLean's Town; leaving behind a trail of
destroyed infrastructure, clogged with debris from devastated
houses, domestic goods, vehicles and natural debris like trees and
mangroves, uprooted by the storm surge," said IOM officer, Nazif
Aliu, the report notes.

Hurricane Dorian hit the northern Bahamas from Sept. 1 to 3,
devastating Abaco and Grand Bahama, the report relays.  In addition
to the destruction, the Category 5 storm caused 61 deaths while
more than 600 people are still missing, the report notes.

UN Secretary-General Antonio Guterres visited the country shortly
afterwards, describing the disaster as "Category Hell,"
Caribbean360.com discloses.

IOM has established two offices in The Bahamas-one in the capital,
Nassau, and the other on Abaco-with a third planned for Grand
Bahama, the report says.

The organization is already supporting the country through grants
from the United States and the UN Central Emergency Relief Fund,
representing nearly US$2 million of the appeal, the report notes.

The funding has allowed IOM to begin debris removal in Abaco, in
partnership with the NGO Community Organized Relief Effort (CORE),
the report relays.

"We are removing over 100 cubic meters of debris daily. This
operation is coordinated with the government of The Bahamas,
through its emergency response agency NEMA, which is leading the
organized planning of debris removal", said Aliu, who is based in
Abaco, the report notes.

The Bahamian authorities have also formally requested IOM to help
relocate citizens stranded in the United States after their
evacuation following Hurricane Dorian, the report adds.




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B A R B A D O S
===============

BARBADOS: Adviser Promises Easier Business Processes
----------------------------------------------------
Caribbean360.com reports that one of Barbados Government's special
economic advisers is promising a comprehensive change to the doing
business environment in Barbados in coming months, as the Mia
Mottley administration seeks to develop entrepreneurship and
encourage more investments in the country.

Economist Professor Avinash Persaud suggested that the doing
business climate in Barbados was skewed in the favor of some while
excluding others, according to Caribbean360.com.

This, he said, coupled with a lack of new financing models, was
contributing to a lack of entrepreneurial opportunities for more
Barbadians, the report notes.

"Any of you ever had the horror of registering a new business? We
are going to be changing that in a few weeks to a few months'
time," he said to sustained applause at a recent forum at the
Barbados Museum and Historical Society, the report relays.

"Doing business is far too hard in Barbados. And you know what,
people think about this as inefficiency but it is actually not
about inefficiency; it is about equity.  If doing business is
really hard, if it takes months before your application gets
through, if you need to know the right people to get it faster, who
can do it but the well-off? So making doing business difficult is
all about preserving the privilege of the privileged,
Caribbean360.com discloses.

"If we really want to have an entrepreneurial, equitable,
opportunistic society we have to make it easier for people to do
business.  And that is what we are doing. It is about
democratization of the economy," added Persaud, the report relays.

However, he said even that would not be enough, adding that
Government would also be creating more opportunities for people to
own businesses and share in the ownership of businesses, the report
notes.

In that regard, Persaud said Government would soon be introducing
new regulatory regime on peer-to-peer-lending, adding that the
country was also in need of crowd funding, and equity and bond
investments, the report discloses.

"We in Barbados have a problem of missing markets. We don't have a
shortage of savings. It takes us to go abroad to realize how much
we have. Our problem is not about how we create savings. Our
problem is about how we mobilize the existing savings we have for
domestic investment," he said, the report notes.

"It is not about government picking winners or predicting what is
going to be important in 50 years' time. We have no idea. All we
know is that what is going to be important in 50 years is people
and we need to invest in people, in skills, opportunities and your
ability to own," he added.

According to the Doing Business Report 2019, Barbados fell three
spots to 132nd out of 190 economies, the report relays.  The
country was ranked 129th in 2018 and 132nd in 2017, the report
adds.




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B R A Z I L
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ELETROBRAS: Hedge Funds Are Dumping Firm's Stocks
-------------------------------------------------
Nina Todic at Insider Monkey writes that Centrais Eletricas
Brasileiras S.A. (Eletrobras) has seen a decrease in support from
the world's most elite money managers in recent months. Ms. Todic
said Insider Monkey's calculations also showed that Eletrobras
isn't among the 30 most popular stocks among hedge funds.

At Q2's end, a total of 6 of the hedge funds tracked by Insider
Monkey were long this stock, a change of -25% from the first
quarter of 2019.  On the other hand, there were a total of 3 hedge
funds with a bullish position in EBR a year ago, according to
Insider Monkey.  With hedge funds' positions undergoing their usual
ebb and flow, there exists an "upper tier" of notable hedge fund
managers who were adding to their stakes meaningfully (or already
accumulated large positions), the report notes.

Insider Monkey says that among these funds, Arrowstreet Capital
held the most valuable stake in Eletrobras, which was worth $11.4
million at the end of the second quarter.  On the second spot was
Renaissance Technologies which amassed $6.8 million worth of
shares, the report notes.  Moreover, Millennium Management, AQR
Capital Management, and Renaissance Technologies were also bullish
on Eletrobras (NYSE:EBR), allocating a large percentage of their
portfolios to this stock, the report relates.

Because Eletrobras has faced bearish sentiment from hedge fund
managers, it's easy to see that there lies a certain "tier" of
funds that decided to sell off their entire stakes by the end of
the second quarter.  At the top of the heap, David Costen Haley's
HBK Investments dumped the biggest position of the 750 funds
tracked by Insider Monkey, worth about $0.4 million in stock.
Michael Platt and William Reeves's fund, BlueCrest Capital Mgmt.,
also sold off its stock, about $0.3 million worth, the report
notes.  These bearish behaviors are interesting, as aggregate hedge
fund interest fell by 2 funds by the end of the second quarter, the
report discloses.

                       About Eletrobras

With headquarters in Rio de Janeiro, Eletrobras (NYSE: EBR) or
Centrais Eletricas Brasileiras S.A. -- eletrobras.com -- is a major
Brazilian electric utilities company.  It is Latin America's
biggest power utility company, having a generating capacity of
about 43,000 MW.  The company holds stakes in a number of Brazilian
electric companies and employs more than 25,000 people.  The
Brazilian federal government owns 52% stake in Eletrobras.  

Its subsidiaries include Eletrobras Distribuicao Acre; Eletronorte
(Centrais Eletricas do Norte do Brasil SA); Eletrobras Electropar;
CHESF (Companhia Hidro-Eletrica do Sao Francisco; Sao Francisco's
Hydroelectric Company); and Eletrobras CGTEE.

The Company reported revenues of US$11.4 billion in 2017, and net
income of US$512 million in the same year.

Moody's has maintained 'Ba3' longterm corporate family ratings on
Eletrobras since February 2016.  Standard & Poors has given the
Company 'BB-' long term foreign currency and local currency issuer
credit ratings since January 2018.  Fitch raised the long term
foreign and local currency issuer default ratings on the Company to
'BB-' in June 2018.

As reported in the Troubled Company Reporter-Latin America on June
17, 2019, Fitch Ratings has affirmed Centrais Eletricas Brasileiras
S.A. (Eletrobras) and its wholly owned subsidiary Furnas Centrais
Eletricas S.A.'s Long-Term Foreign and Local Currency Issuer
Default Ratings at 'BB-' and Long-Term National Scale Ratings at
'AA(bra)'. In addition, Fitch also revised its assessment of
Eletrobras' consolidated stand-alone credit profile (SCP) to 'b'
from 'b-'. The Rating Outlook is Stable.




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

DOMINICAN REPUBLIC: Cyber Attacks Cost Businesses US$100BB Yearly
-----------------------------------------------------------------
Dominican Today reports that the protection and security of the
logistics chain against the high risks of cyber attacks or
electronic attacks become vital issues when positioning the country
into a Logistic Hub.

The concern was addressed at the opening of the XIII National
Congress of the Business Alliance for Secure Commerce (BASC
Dominicana) where export and import sector entrepreneurs and
logistics operators participate.

Local BASC chapter president, July de la Cruz, stressed the need
for companies to validate the effectiveness of controls and
protection measures that are increasingly essential to be
competitive.

She labeled as worrisome that a study by the Inter-American
Development Bank found that nearly US$100.0 billion is lost
annually in the region because four out of five countries lack
cyber-security strategy and protection plans.

                      About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).




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J A M A I C A
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JAMAICA: Companies Still Concerned About Economic Outlook
---------------------------------------------------------
RJR News reports that the third quarter business confidence survey
shows that while profits are better than expected, companies in
Jamaica are still concerned about the economic outlook.

They are also concerned about their financial position and
ultimately future profits and this led to a decline in optimism
about business conditions, according to RJR News.

Some 52 per cent of businesses said their capital invested was in
line with expectations, 28 per cent reported that returns were
better than expected, while the remaining 23 per cent said it was
not as good as they envisioned, the report notes.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Sept. 27, 2019, raised its long-term foreign and
local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

On June 27, 2019, RJR News said that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, is warning that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.




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

JJE INC: Plan & Disclosures Deadline Extended to Nov. 8
-------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted JJE Inc. a 30-day extension, until
Nov. 8, 2019, to file a disclosure statement and a plan of
reorganization.  In seeking an a extension, the Debtor explained
that the Plan depends on trying to reach an agreement with the
Debtor's biggest creditor.  The parties have been in communication
and Debtor believes that an agreement may be reached.

                         About JJE Inc.

JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico.

JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case
No.19-02034) on April 12, 2019, and is represented by Victor
Gratacos Diaz, Esq., in Caguas, Puerto Rico.  In the petition
signed by Jenny Olivo, president, the Debtor disclosed $295,244 in
total assets and $1,953,718 in total liabilities.


SAN JUAN ICE: Dec. 11 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order granting the motion of
Debtor San Juan Ice Inc. requesting continuance.

The hearing on final approval of the disclosure statement and
confirmation of the plan scheduled for October 16, 2019, at 9:00
a.m., is rescheduled, for cause, for Dec. 11, 2019, at 9:00 a.m.,
at the U.S. Bankruptcy Court, Jose V. Toledo Federal Building and
US Courthouse, 300 Recinto Sur Street, Courtroom 3, Third Floor,
San Juan, Puerto Rico.

                     About San Juan Ice Inc.

San Juan Ice Inc., based in San Juan, PR, sought Chapter 11
protection (Bankr. D.P.R. Case No. 18-01784) on April 3, 2018.  In
the petition signed by Ramiro Rodriguez Pena, president, the Debtor
disclosed $580,495 in assets and $1.17 million in liabilities.  The
Hon. Mildred Caban Flores oversees the case.  Robert Millan, Esq.,
at Millan Law Offices, serves as bankruptcy counsel to the Debtor.


TOYS R US: New York Court Dismisses CRG Suit vs Amloid
------------------------------------------------------
The Supreme Court of the State of New York County grants the
Defendant's motion to dismiss the case captioned CRG FINANCIAL LLC,
Plaintiff, v. AMLOID CORPORATION, Defendant, Docket No. 652552/2018
(N.Y. Sup.). The Court denies the plaintiff's cross-motion for
summary judgment.

This case arises out of a Claim Purchase Agreement, pursuant to
which CRG Financial purchased a bankruptcy claim from Amloid
Corporation, a creditor of Toys R Us, Inc.

The Defendant moved for dismissal of the complaint and the
Plaintiff cross-moved for summary judgment on first and fourth
causes of action asserted in the complaint, or, alternatively, on
the third and fourth causes of action.

Plaintiff alleges in the first cause of action that the
"restitution" provision in paragraph 6 of the Agreement applies
because the Administrative Claim was not listed in the Toys R Us
Bankruptcy. According to plaintiff, that fact alone entitles it to
reimbursement of the Purchase Price, plus interest.

However, the argument that the "not listed on the schedules"
contingency was triggered is squarely defeated as a matter of law
by the Proof of Claim that plaintiff filed because a filed proof of
claim supersedes the bankruptcy schedules, the Court says. A proof
of claim or interest executed and filed in accordance with this
subdivision shall supersede any scheduling of that claim or
interest. The Court explains that the only difference between a
claim holder whose claim is listed on the bankruptcy schedules and
one whose claim is not listed is that the former's claim is deemed
filed while the latter must take an additional step of filing a
proof of claim. Thus, when plaintiff filed its Proof of Claim on
April 6, 2018, the filed Proof of Claim superseded and rendered
moot the earlier-filed Toys R Us schedules, and had the same
effect, by operation of law, as if the Administrative Claim had
been on the schedules all along.

Thus, the Proof of Claim filed by plaintiff conclusively defeats
its assertion that it is entitled to "restitution" because the
purchased claim was not listed on the schedules.

The schedules that Toys R Us filed in the Bankruptcy Case do not
include the $194,530 Administrative Claim, but they do list the
$29,431.58 General Unsecured Claim that was not sold to plaintiff.
In the second and third causes of action, plaintiff alleges that,
in the event the General Unsecured Claim listed on Schedule E/F is
a reclassified or reduced version of the Administrative Claim,
defendant must made immediate restitution of the purchase price.

However, these causes of action must be dismissed because they are
premised mistakenly on confusing the claim that plaintiff purchased
-- the Administrative Claim -- with an unrelated claim that
defendant did not sell to plaintiff -- the General Unsecured
Claim.

In the fourth cause of action, plaintiff seeks to recover its
attorneys' fees and costs for bringing this action because,
"[u]nder the terms of the Agreement, Amloid agreed to indemnify CRG
from all losses, damages and liabilities including attorneys' fees
and expenses which result from, inter alia, CRG's breach of any
representation, warranty or covenant in the agreement or litigation
arising out of or in connection with the enforcement of the
agreement."  The Court says the fourth cause of action relies
entirely on plaintiff's success on the first, second and third
causes of action to recover its attorneys' fees and costs. Since
the first, second and third causes of action are being dismissed,
the fourth cause of action likewise fails, and must be dismissed.
In addition, the fourth cause of action should also be dismissed
for the independent reason that the attorney's fee provisions apply
only if the Administrative Claim has been disallowed or impaired,
and the complaint does not allege that the Administrative Claim has
been disallowed or impaired.

A copy of the Court's Decision and Order dated Oct. 3, 2019 is
available at https://bit.ly/2B4WnBQ from Leagle.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 became a privately owned entity but still filed with
the U.S. Securities and Exchange Commission as required by its debt
agreements.

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.

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.

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.

Grant Thornton is the monitor appointed in the CCAA case.

                       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 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.

                     Liquidation of U.S. Stores

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

                         Propco I Debtors

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

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

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II
Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018.  The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.

The Propco I Debtors estimated assets of $500 million to $1 billion
and liabilities of $500 million to $1 billion.

Judge Keith L. Phillips presides over the Propco I Debtors' cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP.  They hired Goldin Associates,
LLC, as financial advisors.




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T R I N I D A D   A N D   T O B A G O
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TELECOMMUNICATIONS SERVICES: S&P Assigns 'BB-' ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to
Telecommunications Services of Trinidad and Tobago Limited (TSTT).
At the same time, S&P assigned a 'BB-' issue-level rating to TSTT's
senior secured bond.

The stable outlook reflects S&P's expectation that TSTT's new
operating strategy, aligned with a better debt maturity profile,
will lead to debt ratios slightly below 4.0x and funds from
operations (FFO) to debt close to 20.0% consistently over the next
12-18 months. The company will also continue investing in
technology updates, leading to a free operating cash flow
(FOCF)-to-debt ratio below 5.0%.

The rating reflects TSTT's leading position in the telecomm
industry in Trinidad and Tobago (T&T; BBB/Stable/A-2). The company
is the largest fixed-line provider of high-speed broadband and
video services, and the largest mobile provider, based on its
revenue generation in the country. TSTT is the largest telecomm
operator in Trinidad and Tobago, with about 900,000 mobile
customers and about 200,000 customers in landline and broadband as
of March 31, 2019. In addition, it owns an extensive network that
includes 621 cell sites throughout T&T. Each site may include 2G,
3G, and/or 4G technology. Through these sites and its fiber
network, TSTT covers 95% of the population with wireless and mobile
solutions and about 127,000 homes with fiber, with approximately
32,000 homes connected. Its portfolio includes residential, mobile
(both prepaid and postpaid), broadband internet, and pay TV
services; and carrier and enterprise (i.e. cloud and security
monitoring services), which are under its B-mobile and Amplia
commercial brands.

TSTT's concentration in T&T reduces its ability to influence prices
in the market, which requires it to focus on average revenue per
user (ARPU) margins by reducing operating expenses. Some of TSTT's
targets to help it grow over the next few years are faster updates
in technology, better quality services, and a reasonable pricing
strategy.



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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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