/raid1/www/Hosts/bankrupt/TCRLA_Public/200728.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
Tuesday, July 28, 2020, Vol. 21, No. 150
Headlines
A R G E N T I N A
BANCO COMAFI: Moody's Withdraws (P)Caa2/B2.ar Ratings
B O L I V I A
BOLIVIA: IDB OKs US$130MM-Loan to Support Sustainability of MSMEs
B R A Z I L
AZUL AIRLINES: Creditors Prepare Team to Renegotiate US$400MM Debt
AZUL SA: S&P Downgrades Issuer Credit Rating to CCC-
GOL LINHAS: S&P Downgrades Issuer Credit Rating to CCC+
INTERCEMENT BRASIL: S&P Upgrades Issuer Credit Rating to CCC
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Exporters Want to Work Closer With Government
DOMINICAN REPUBLIC: Fuel Consumption Drops 39.2% during April, May
E C U A D O R
ECUADOR SOCIAL BOND 2020: S&P Affirms CCC- Rating on Class B Notes
H O N D U R A S
HONDURAS: IDB OKs Loan to Supports the Sustainability of MSMEs
M E X I C O
MEXICO: Tabasco State Faces Alarming Increase in Covid Cases
P U E R T O R I C O
ASCENA RETAIL: Case Summary & 50 Largest Unsecured Creditors
REMLIW INC: Has Until July 31 to File Plan & Disclosures
- - - - -
=================
A R G E N T I N A
=================
BANCO COMAFI: Moody's Withdraws (P)Caa2/B2.ar Ratings
-----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. has
withdrawn the (P)Caa2/B2.ar global and national scale local
currency ratings and the (P)Ca/Ca.ar global and national scale
foreign currency ratings assigned to Banco Comafi S.A.'s senior
unsecured MTN program for up to US$ 200 million (or an equivalent
amount in other currencies). The remaining ratings assigned to the
issuer are unaffected by this rating action.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
=============
B O L I V I A
=============
BOLIVIA: IDB OKs US$130MM-Loan to Support Sustainability of MSMEs
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $130 million
loan to support the short-term financial sustainability of Micro,
Small, and Medium-sized Enterprises (MSMEs) to support employment
in Bolivia in the face of the COVID-19 crisis and its effects on
the productive sector.
The program is expected to benefit approximately 12,000 MSMEs
affected by the crisis, with the assistance of credits that will be
granted through eligible financial institutions, with an amount
greater than 30 percent of total resources going to women-owned
companies.
The purpose of the loans is to help companies overcome temporary
liquidity problems and protect the jobs they generate and, at the
same time, allow their business continuity and operations.
In this sense, the program seeks to mitigate the restrictions on
access to credit faced by MSMEs, affected by the COVID-19 crisis,
to preserve the productive sector, reduce the burden on social
protection systems, and improve the speed of economic recovery in
the aftermath of the health emergency.
The $130 million IDB loan has a repayment period of 21.75 years and
a grace period of 10.75 years.
As reported in the Troubled Company Reporter-Latin America on March
23, 2020, Moody's Investors Service downgraded the Government of
Bolivia's local and foreign currency issuer and senior unsecured
debt ratings to B1 from Ba3, and changed the outlook to negative,
concluding the review for downgrade that was initiated on December
5, 2019.
===========
B R A Z I L
===========
AZUL AIRLINES: Creditors Prepare Team to Renegotiate US$400MM Debt
------------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that following the
banks and the aircraft lessors that own the planes leased by the
airlines, Azul will need to face a discussion with the
international creditors that bought its bonds issued in the foreign
market.
The total liabilities with these bonds amount to US$400 million
(R$2 billion) and mature in 2024, according to Rio Times Online.
However, in October, another six-monthly interest payment is
expected, the report discloses. Given the crisis in the sector
worldwide caused by the novel coronavirus pandemic, it is unclear
whether this disbursement will take place, the report relays. The
last payment occurred in April, in full, the report adds.
The company founded by David Neeleman is now at an advanced stage
of negotiation with aircraft lessors and banks, the report
relates.
* * *
As reported in the Troubled Company Reporter-Latin America on July
16, 2020 Natalia Scalzaretto at The Brazilian Report said that in a
new blow to the already embattled aviation sector, Azul Airlines is
said to have laid off more than 1,000 airport maintenance workers,
according to trade union sources heard by the Brazilian press.
They estimate that the layoffs may prompt Azul to abandon
operations in 27 cities.
The company has not confirmed how many workers will be dismissed
but says that roughly 5.000 jobs were saved due to agreements with
union, employing changes such as reduced hours. Another option
would be to resort to an aid package from Brazil's National
Development Bank, which is under negotiations.
AZUL SA: S&P Downgrades Issuer Credit Rating to CCC-
----------------------------------------------------
On July 24, 2020, S&P Global Ratings lowered its global scale
issuer and issue-level credit ratings on Brazilian airline Azul
S.A. to 'CCC-' from 'CCC+' and its national scale issuer credit
rating to 'brCCC-' from 'brBB-'.
S&P said, "Although we expect the BNDES funding negotiation to be
completed in the upcoming weeks, alleviating pressure on the
company's liquidity position, we see a high likelihood of a
distressed extension on Azul's other bilateral bank loans, which
amount to R$1.8 billion and of which over R$700 million matures
from September through December 2020. Depending on the terms and
conditions of these renegotiations, we could consider them as
tantamount to a default. At the same time, even though part of the
proceeds of the BNDES funding should be disbursed soon, the timing
is still uncertain, which increases incentive for Azul to protect
cash balances and pursue a refinancing or debt restructuring. This
would be aligned with haircuts in payments with employees, lessors,
and shareholders, which are all under discussion.
"We expect the company to address most of its short-term leasing
commitments by negotiating payments with lessors and obtaining
discounts or partial deferred payments for 2020 and 2021. At the
same time, we see some improvement in demand from what we
previously expected, with increasing capacity each month since
April--when the pandemic hit the company hardest--which should
result in a demand recovery of about 50% of pre-pandemic capacity
by the end of the year."
Environmental, social, and governance (ESG) factors relevant to the
rating action:
-- Health and safety.
GOL LINHAS: S&P Downgrades Issuer Credit Rating to CCC+
-------------------------------------------------------
On July 24, 2020, S&P Global Ratings lowered its issuer credit and
issue-level ratings on Brazil-based airline, Gol Linhas Aereas
Inteligentes S.A. (Gol) to 'CCC+' from 'B-'. At the same time S&P
lowered national scale rating to 'brBB' from 'brBBB-'.
S&P said, "We previously expected the company to have access to new
BNDES support by July, but negotiations continue. We expect the
agreement to be completed in the next few weeks, but there's still
uncertainty over timing, and final terms and conditions of the new
funding. We expect the latter to consist of debentures for R$2
billion, 60% of which to come from BNDES, 10% from a banks'
consortium, and the remaining 30% to be raised in the capital
markets. The company could use its unencumbered assets as
collateral to secure additional financing for about R$1.5 billion.
We believe the timing to secure new funding is very tight, given
that the term loan for $300 million (about R$1.5 billion) matures
on August 20. Gol has been actively working to refinance its debt,
but if it doesn't gain access to new funding by mid-August or if
there's uncertainty over its ability to do so in the next couple of
weeks, we estimate that Gol would have an unrestricted cash
position of less than R$500 million after the loan amortization.
Therefore, despite the company's willingness to pay the
amortization, we believe incentives to protect cash balances in
order to cover operation costs rise considerably. This could lead
to a missed payment or distresses renegotiation with Delta, which
we could consider as a selective default. However, Gol says that
one of the financing alternatives will be completed in the next few
weeks, which could prompt us to raise the rating.
"There's still no clarity how consumer trends will shift following
the end of the pandemic, or over the recovery of corporate travel
and tourism, but we expect regional traffic to drop about 50% this
year and demand in 2021 to remain about 15% lower than in 2019.
Nevertheless, we believe the company has shown considerable
flexibility in its operations, cost structure, and reached
favorable agreements with aircraft lessors, reduced cash burn to
R$2 million per day during the pandemic and limited damage to
profitability. Gol's adjusted EBITDA will drop about 50% in 2020,
but we expect it to rebound to above R$3 billion by 2021. Gol faces
lesser pressure on its fleet structure than peers, and discussion
with lessors are at an advanced stage. The company's leasing
contracts for about 18 aircraft expire in 2020 and for additional
30 in the next two years. This could allow for a fleet reduction
without major stress, while the compensation agreement with Boeing
for the 737MAX delays reduces capital expenditures (capex) for next
few years."
Environmental, social, and governance (ESG) factors relevant to the
rating action:
-- Health and safety.
INTERCEMENT BRASIL: S&P Upgrades Issuer Credit Rating to CCC
------------------------------------------------------------
On July 24, 2020, S&P Global Ratings raised its global scale issuer
credit and issue-level ratings on Brazil-based cement company
InterCement Brasil S.A. (InterCement) to 'CCC' from 'CC', and its
national scale rating on the company to 'brB-' from 'brCC'.
InterCement faces substantial challenges to improve its operating
cash flows amid difficult economic and industry conditions in the
countries where it operates, mainly in Argentina and African
countries. S&P said, "Although industry figures for Brazil and
Argentina in the past few months were better than we expected, we
still see risks of a deterioration in the next quarters due to the
increasing unemployment and lower consumer confidence. Amid these
uncertainties--linked to macroeconomic conditions and their impact
on the company's cash flows--it might need to enter into any type
of restructuring or debt exchange, which depending on its terms and
conditions, we could view as equivalent to a default if creditors
were to receive less than the original promise."
S&P said, "We forecast EBITDA of around EUR220 million in 2020,
which wouldn't be sufficient to cover the company's interest
payments, working capital, and capex, all of which will total close
to EUR300 million. As a result, InterCement depends on continued
refinancing and higher sales in order to prevent a liquidity
crunch. The company has no major debt principal payments in the
next six months (only about EUR33 million), but close to EUR145
million are due in the first half of 2021."
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Exporters Want to Work Closer With Government
-----------------------------------------------------------------
Dominican Today reports that the Dominican Exporters Association
(Adoexpo) recently elected its new board of directors for the
2020-2022 period, which will be chaired by Elizabeth Mena. She
called on the government that will take office on August 16 so that
within its first 100-day program, to work together with this sector
in the National Plan for the Promotion of Exports.
Mena expressed that she will prioritize her management in
supporting, advising and creating programs for companies in the
sector, seriously affected by the health crisis, and will try to
ensure that exports recover economic dynamism, according to
Dominican Today.
"We trust in the support expressed by the new authorities and we
aspire to work closely with the different levels of the government
to ensure that the promised facilities, such as the payment of the
advance, the exemption of the income tax on exports and the
strengthening education for public servants abroad so that they
fulfill their role and be true promoters of local products," she
said, the report relays.
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 in April 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
DOMINICAN REPUBLIC: Fuel Consumption Drops 39.2% during April, May
------------------------------------------------------------------
Dominican Today reports that fuel consumption plunged 39.2%
year-on-year during April and May, as a result of the halt of
non-essential activities ordered during confinement.
Of the 249.69 million gallons spent in that couple of months last
year, the level plummeted to 151.74 million gallons in April and
May 2020, amid the state of national emergency, according to
Dominican Today.
Data from the Ministry of Industry, Commerce and MSMEs note the
impact of the pandemic in the Dominican Republic, the report
relays.
Between March 20 and May 19, all non-essential productive
activities were paralyzed, just as the borders were closed, so only
planes were flown for humanitarian purposes, the report notes.
For example, the temporary cessation of flights, which lasted until
June 30, was expressed in a sharp drop in the consumption of jet
fuel (avtur), which reached 390,882 gallons in April, when the
average level was around 13 million gallons, the report adds.
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 in April 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
=============
E C U A D O R
=============
ECUADOR SOCIAL BOND 2020: S&P Affirms CCC- Rating on Class B Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC-' rating on the class B notes
from Ecuador Social Bond S.a r.l.'s series 2020 and removed it from
CreditWatch with negative implications, were S&P had placed it on
March 25, 2020. This follows a similar rating action taken on the
rating on the social bond issued by the Republic of Ecuador. At the
same time, S&P affirmed its 'AAA' rating on the class A notes.
Ecuador Social Bond S.a r.l. is a repack securitization backed by a
social bond issued by the Republic of Ecuador and partially
guaranteed by the Inter-American Development Bank (IDB)
(AAA/Stable/A-1+). Amounts received by the issuer from the social
bond will be used to make payments on the notes. As such, the
transaction will be a pass-through of Ecuador's payments. In
addition, the class A notes will benefit from payments under the
IDB guarantee, as explained below.
The class A noteholders will be the ultimate beneficiaries of the
IDB guarantee. Pursuant to the US$ 300 million IDB guarantee, the
IDB will unconditionally and irrevocably guarantee the payment of
scheduled interest and principal payment under the social bond on
each scheduled payment date. Thus, the rating on class A is
weak-linked to the rating on the IDB. In turn, the rating on the
class B notes reflects the rating on the social bond, which is
linked to S&P's sovereign credit rating on Ecuador. The 'SD'
(selective default) foreign and local currency sovereign credit
ratings on Ecuador remain unchanged.
The rating actions follows Ecuador's formal presentation of its
restructuring offer on its foreign-law bonds on July 20, 2020. The
proposal consists of exchanging 10 global bonds, with an
outstanding face value of US$17.4 billion, for three new securities
maturing in 2030, 2035, and 2040, and a zero coupon bond due in
2030. However, this offer does not apply to the social housing
notes due in 2035. S&P's understanding is the government intends to
pay these notes in a timely manner. To that end, on July 20, 2020,
the government issued another consent solicitation to remove the
cross-default clauses in the social notes, which does not alter
their debt service payment profile or the guarantor's guarantee.
The first US$14 million coupon on these notes issued in January
2020 is due July 30, 2020. S&P is removing the rating from
CreditWatch given the consent solicitation and expectations of
timely payment.
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions, but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."
S&P will continue to monitor the rating on this structured finance
transaction and revise the rating as necessary to reflect any
changes in the transactions' underlying credit quality.
RATING AFFIRMED AND REMOVED FROM CREDITWATCH NEGATIVE
Ecuador Social Bond S.a r.l. (Series 2020)
Rating
Class To From
B CCC- CCC-/Watch Negative
RATING AFFIRMED
Ecuador Social Bond S.a r.l. (Series 2020)
Class Rating
A AAA
===============
H O N D U R A S
===============
HONDURAS: IDB OKs Loan to Supports the Sustainability of MSMEs
--------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $19.96
million loan to boost the sustainability of micro, small and medium
enterprises (MSMEs) in the face of the COVID-19 crisis, to support
employment in Honduras.
MSMEs are a key component of the economy's productive fabric and
employment of Honduras, accounting for more than 70 percent of
total jobs. The Global Credit Program for the Defense of the
Productive Fabric and Employment will support the short-term
financial sustainability of MSMEs in the country and promote their
economic recovery by providing them access to working capital
financing.
The program will help MSMEs overcome temporary liquidity problems
and meet their commercial and financial obligations by supplying
working capital to normalize their business cycle.
The funds will support the Honduran Bank for Production and Housing
(BANHPROVI) efforts to provide advance payments and rediscounting
lines, and to provide guarantees to intermediate financial
institutions so that these in turn can offer MSMEs new credit for
working capital.
The program will focus on serving MSMEs related to tourism, the
country's most affected productive sector. The program's resources
are expected to benefit about 1,000 MSMEs in the tourism sector
that have been badly hit by the crisis. Access to credit can have a
positive impact on their sustainability, employment levels and
sales.
This loan is part of an assistance package to help Honduras cope
with the COVID-19 sanitary emergency and its health, social,
economic and fiscal impacts. The operation was approved under new
simplified procedures adopted by the Bank to speed up its support
to regional countries' efforts to tackle the effects of the
pandemic.
===========
M E X I C O
===========
MEXICO: Tabasco State Faces Alarming Increase in Covid Cases
------------------------------------------------------------
Manuel Lopez at EFE News reports that the southeastern Mexican
state of Tabasco--birthplace of President Andres Manuel Lopez
Obrador--is struggling with a worrying increase in coronavirus
cases, sparking concerns that hospitals could become overwhelmed.
The official hospitalization figures, however, have prompted
disputes between federal and state officials, with the latter
complaining that delays in updating the numbers at the national
level have made the hospital crisis appear worse than it is,
according to EFE News.
Nearly 17,800 confirmed coronavirus cases and 1,597 deaths
attributed to Covid-19 have been registered to date in that state
home to 2.4 million inhabitants, according official figures, the
report notes.
Hospitals also have come under growing pressure in recent weeks,
with the current overall bed occupancy rate standing at 76 percent
and the rate of occupancy of beds with ventilators (for patients in
critical condition) at 66 percent. That latter figure is the
highest nationwide, the report relates.
The national average for overall bed occupancy and beds with
ventilators is 46 percent and 39 percent, respectively, according
to Mexico's Health Secretariat, which has recorded nearly 350,000
confirmed coronavirus cases and 39,485 Covid-19 deaths for the
country as a whole, the report discloses.
A total of 13 state and federal hospitals in that oil-producing
state have been reconverted to treat Covid-19 patients, but many of
them are nearly at the limit of their capacity, the report relays.
Tabasco registered the highest number of new confirmed coronavirus
cases (460) and pandemic-related deaths (58) since the first known
infection there was reported on March 18.
Tempers, meanwhile, have flared recently in that sweltering Gulf
coast state, as relatives of coronavirus-infected individuals
desperately seek medical assistance for loved ones turned away by
overcrowded hospitals, the report points out.
In recent weeks, fear has invaded the city of Villahermosa, the
state capital, where fumigation machines announce the arrival of
coronavirus patients at the Dr. Juan Graham Casasus High Specialty
Regional Hospital, the report notes.
Family members wait outside for hours for updates on their loved
ones, while some even come prepared with oxygen tanks in the event
a sick relative might need it, the report relates.
Numerous hospitals also are running short of doctors at times
because many physicians are forced to work double shifts, others
have resigned and still others have come down with--and even died
from--the novel coronavirus, the report discloses.
The report relays that Tabasco's health secretary, Silvia Roldan,
announced that 3,625 health workers have contracted the coronavirus
and between 40 and 45 of those individuals have died.
Fernando Mayans, director of the Social Security Institute of the
State of Tabasco, recently warned in remarks to the media that the
regional health sector could collapse due to a lack of medical
personal if people do not comply with coronavirus mitigation
measures, the report relays.
"We're going to have beds and more beds. What we're not going to
have is personnel to attend those beds," he added.
"Doctors are getting sick from caring for patients. Some are not
there because they felt ill," Graciela Cabrera, who has spent the
past two weeks seeking medical attention for a sister suffering
from a respiratory crisis, told EFE.
The substantial increase in coronavirus cases in recent weeks also
has provoked tensions between federal and state authorities, the
report points out.
Despite being a member of the ruling National Regeneration
Movement, Tabasco Gov. Adan Augusto Lopez has accused the deputy
health secretary, Hugo Lopez-Gatell, the nation's coronavirus czar,
of poor data management, the report notes.
In an interview with Mexican television station El Heraldo TV, the
governor complained of a discrepancy between the state and federal
statistics, particularly in terms of hospital bed availability, the
report relates.
He said those discrepancies had caused anxiety among residents of
Tabasco state, who think there is no hospital capacity even though
there is, El Heraldo de Mexico newspaper reported, citing Lopez as
saying that 30 percent of beds are available even though national
figures had put that proportion at just 18 percent, the report
adds.
=====================
P U E R T O R I C O
=====================
ASCENA RETAIL: Case Summary & 50 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Ascena Retail Group, Inc.
933 MacArthur Boulevard
Mahwah NJ 07430
Business Description: Ascena Retail Group, Inc. --
https://www.ascenaretail.com -- is a
national specialty retailer offering
apparel, shoes, and accessories for
women under the Premium Fashion segment
(Ann Taylor, LOFT, and Lou & Grey), Plus
Fashion segment (Lane Bryant,
Catherines, and Cacique) and for tween
girls under the Kids Fashion Segment
(Justice). Ascena Retail Group, Inc.
through its retail brands operates
e-commerce websites and approximately
2,800 stores throughout the United
States, Canada, and Puerto Rico.
Chapter 11 Petition Date: July 23, 2020
Court: United States Bankruptcy Court
Eastern District of Virginia
Sixty-four affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Ascena Retail Group, Inc. (Lead Debtor) 20-33113
933 Inspiration LLC 20-33117
Ann Card Services, Inc. 20-33120
Ann, Inc. 20-33122
AnnCo, Inc. 20-33125
AnnTaylor Distribution Services, Inc. 20-33126
AnnTaylor of Puerto Rico, Inc. 20-33130
AnnTaylor Retail, Inc. 20-33132
AnnTaylor, Inc. 20-33134
Ascena Retail Holdings, Inc. 20-33136
Ascena Trade Services, LLC 20-33140
ASNA Plus Fashion, Inc. 20-33141
ASNA Value Fashion LLC 20-33142
Backingbrands Buying Agent, LLC 20-33143
Backingbrands Solutions, LLC 20-33146
C.S.F. Corp. 20-33147
Catalog Receivables LLC 20-33148
Catalog Seller LLC 20-33149
Catherines #5124, Inc. 20-33151
Catherines #5147, Inc. 20-33153
Catherines Stores Corporation 20-33155
Catherines, Inc. 20-33158
CCTM, Inc. 20-33160
Charming Sales Co. Four, Inc. 20-33162
Charming Sales Co. One, Inc. 20-33164
Charming Sales Co. Three, Inc. 20-33166
Charming Sales Co. Two, Inc. 20-33173
Charming Shoppes of Delaware, Inc. 20-33174
Charming Shoppes Receivables Corp. 20-33175
Charming Shoppes Seller, Inc. 20-33176
Charming Shoppes Street, Inc. 20-33114
Charming Shoppes, Inc. 20-33115
Chestnut Acquisition Sub Inc. 20-33116
Crosstown Traders, Inc. 20-33118
CS Holdco II Inc. 20-33119
CSGC, Inc. 20-33121
CSI Industries, Inc. 20-33123
CSPE, LLC 20-33124
DBCM Holdings, LLC 20-33112
DBI Holdings, Inc. 20-33127
DBX, Inc. 20-33128
Duluth Real Estate LLC 20-33129
Etna Retail DC, LLC 20-33131
Fashion Apparel Sourcing LLC 20-33133
Fashion Service Fulfillment Corporation 20-33135
Fashion Service LLC 20-33137
GC Fulfillment, LLC 20-33139
Lane Bryant #6243, Inc. 20-33144
Lane Bryant of Pennsylvania, Inc. 20-33145
Lane Bryant Outlet 4106, Inc. 20-33150
Lane Bryant Purchasing Corp. 20-33152
Lane Bryant, Inc. 20-33154
PSTM, Inc. 20-33156
Sonsi, Inc. 20-33157
Spirit of America, Inc. 20-33159
Too GC, LLC 20-33161
Tween Brands Agency, Inc. 20-33163
Tween Brands Direct Services Inc. 20-33165
Tween Brands Investment, LLC 20-33167
Tween Brands Marketing, Inc. 20-33168
Tween Brands Service Co. 20-33169
Tween Brands, Inc. 20-33170
Winks Lane, Inc. 20-33171
Worldwide Retail Holdings, Inc. 20-33172
Judge: Hon. Kevin R. Huennekens
Debtors'
General
Bankruptcy
Counsel: Edward O. Sassower, P.C.
Steven N. Serajeddini, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: edward.sassower@kirkland.com
steven.serajeddini@kirkland.com
- and -
John R. Luze, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: john.luze@kirkland.com
- and -
Cullen D. Speckhart, Esq.
Olya Antle, Esq.
COOLEY LLP
1299 Pennsylvania Avenue, NW, Suite 700
Washington, DC 20004-2400
Tel: (202) 842-7800
Fax: (202) 842-7899
Email: cspeckhart@cooley.com
oantle@cooley.com
Debtors'
Financial
Advisor: GUGGENHEIM SECURITIES, LLC
Debtors'
Restructuring
Advisor: ALVAREZ AND MARSAL NORTH AMERICA, LLC
Debtors'
Claims &
Noticing
Agent: PRIME CLERK LLC
https://cases.primeclerk.com/ascena
Total Assets as of February 1, 2020: $13,690,710,379
Total Debts as of February 1, 2020: $12,516,261,149
The petitions were signed by Carrie W. Teffner, director.
A copy of Ascena Retail's petition is available for free at
PacerMonitor.com at:
https://is.gd/WPCWWr
Consolidated List of Debtors' 50 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Simon Property Group Trade Payable $31,664,060
Attn: David Simon
Chief Executive Officer
Simon Property Group, Inc.
225 West Washington Street
Indianapolis, IN 46204
Tel: 317-636-1600
2. Brookfield Properties Trade Payable $16,619,835
Attn: Stacie L. Herron
Executive Vice President
General Counsel and Secretary
Brookfield Place New York
250 Vesey Street, 15th Floor
New York, NY 10281
Tel: 212-417-7000
Email: stacie.herron@brookfieldpropertiesretail.com
lindsay.kahn@brookfieldpropertiesretail.com
andrew.brent@brookfieldproperties.com
3. Boston Properties Limited Trade Payable $8,809,477
Partnership
Attn: Doughlas T. Linde
President
800 Boylston Street at The
Prudential Center
Boston, MA 02199-8103
Tel: 617-236-3300
Fax: 617-536-5087
4. Tanger Properties, LP Trade Payable $7,228,481
Attn: Steven B. Tanger
Chief Executive Officer
3200 Northline Avenue Suite 360
Greensboro, NC 27408
Tel: 336-292-3010
Fax: 336-852-2096
Email: sbtanger@tangeroutlet.com
5. Pan Pacific Co Ltd. Trade Payable $6,831,314
Attn: Suk-Won Lim
Chief Executive Officer
(08380) 12
Digital-Ro 31-GIL
Guro-Gu
Seoul, Guro-Dong, 197-21
Korea
Tel: +82-2-34494-9000
Fax: +82-2-830-1011
6. MGF Sourcing Trade Payable $6,726,982
Attn: James Schwartz
Chief Executive Officer
4200 Regent Street
Suite 205
Columbus, OH 43219
TEl: 614-904-3269
Fax: 614-415-7242
Email: james.schwartz@mgfsourcing.com
7. SAE A Trading Co. Ltd. Trade Payable $6,347,041
Attn: Woong-Ki Kim, Chairman
SAE-A Bldg.
429 Yeongdong-Daero
Gangnam-Gu
Seoul, Korea
Tel: +82 2 6252 7000
Fax: +82 2 6252 7005
8. Orient Craft Trade Payable $5,309,190
Attn: Sudhir Dhingra
Chief Executive Officer
Plot No. 80P Sector-34
Near Hero Honda Chowk
Gurgaon, 122001
India
Tel: +0124-4511300
Fax: +0124-4511330
Email: sudhir.dhingra@orientcraft.com
9. The Macerich Company Trade Payable $5,252,749
Attn: Ann. C. Menard
Senior Executive Vice President
Chief Legal Officer and
Secretary
401 Wilshire Boulevard, Suite 700
Santa Monica, CA 90401
Tel: 310-394-6000
424-229-3575
Fax: 310-395-2791
Email: ann.menard@macerich.com
10. HIP Sing Trade Payable $5,075,819
China Industrial Limited
Attn: Ada Lau
Unit B5, 6/F Blk 2, Camelpaint Bldg
62 Hoi Yuen Road
Kwun Tong, Kowloon
Hong Kong
Tel: +852-23905128
Fax: +852-23915128
11. Pt. Eratex (Hong Kong) Ltd. Trade Payable $5,026,842
Attn: Mr. Maniwanen, President
Spazio Building 3rd Floor
Unit 319-321
Graha Festival Kav.3-
Graha Family
JL. Mayjend Yono Soewoyo
Surabaya, 60226
Indonesia
Tel: +62-31-99001101
Fax: +62-31-99001115
12. The Taubman Company Trade Payable $4,550,301
AttN: Chris Heaphy
Executive Vice President
General Counsel & Secretary
200 E. Long Lake Road, Suite 300
Bloomfield Hills, MI 48304-2324
TEl: 248-258-6800
Email: cheaphy@taubman.com;
rhurren@taubman.com;
mmainville@taubman.com
13. Poongin Trading Co. Ltd. Trade Payable $4,507,327
Attn: Paul Park
Chief Executive Officer
18F-20F Ace High Tech City
B/D 2 Dong, Geyongln-RO
Yeongdeungpo-Gu
Seoul, 755
Korea
Tel: +82-2+549-8313
Fax: +82-2-549-8310
14. Tainan Enterprises Co. Ltd. Trade Payable $4,402,392
Attn: Ching-Hon Yang, Chairman
5-1 Section 1 Hangzhou South Road
Zhongzheng District
Taipei City, 100 Taiwan
Tel: +886 2 2391 6421
Fax: +886 2 2397 1413
15. CBL & Associates, Inc. Trade Payable $4,244,203
Attn: Stephen D. Lebovitz
Chief Executive Officer
CBL Center, Suite 500
2030 Hamilton Place Blvd
Chattanooga, TN 37421
Tel: 432-855-0001
16. Oracle America Inc. Trade Payable $4,158,303
Attn: Dorian Daley
General Counsel
Redwood Shores Oracle
Corporation
500 Oracle Parkway
Redwood Shores, CA 94065
Tel: 650-506-7000
Fax: 650-633-1813
Email: dorian.daley@oracle.com
17. Choi & Shin's Co. Ltd. Trade Payable $3,973,814
Attn: President or General
Counsel
61 Bukchon-Ro, Jongno-Gu
Seoul, 110260
South Korea
Tel: +82-232947200
18. Crystal Elegance Industrial Trade Payable $3,916,508
Limited
Attn: Lam Anthony
Vice President
71 How Ming Street
Kwun Tong, Kowloon,
Hong Kong
Email: info@crystalgroup.com
19. Snogen Green Co., Ltd. Trade Payable $3,671,183
Attn: Jungku Hong
Chief Executive Officer
12, Gwangpyeong-Ro 56-GIL
Gangnam-Gu
Seoul, Korea
Tel: +02-3496-6400
Fax: +02-6496-6501
20. Ubase International Inc. Trade Payable $3,628,175
Attn: Yong Hoe Kim
Chief Executive Officer
345, Ttukseom-Ro
Seongdong-Gu
Seoul (Seongsu-Dong), 04780
Korea
Tel: +82 2-420-0001
Fax: +82 2-421 8787
Email: contactus@ubaseinternational.com
21. Tex World Pte Ltd. Trade Payable $3,506,978
Attn: President or General Counsel
President
610, ATL Corporate Park
Saki Vihar Road, Powai
Mumbai, Maharashtra 400072
India
Tel: +91-22-42293542
Email: info@texworld.co
22. Westfield Corporation, Inc. Trade Payable $3,448,669
Attn: Peter Schwartz
General Counsel
2049 Century Park East, 40th Floor
Century City, CA 90067
Tel: 310-478-4456
Fax: 310-478-1267
23. Kyung Seung Co. Ltd. Trade Payable $3,255,132
Attn: J.J. Park
Chief Executive Officer
408 Samseoung-Ro
Geyongseung
Building Gangnam-Gu
Seoul
Tel: +82-2-550-1414
Fax: +82-2-566-6867
24. Lakontra International Trade Payable $3,031,988
Merchandising Corp
Attn: President or General Counsel
Merchandising Corp No.186 Sec.4
Nanking E. Rd
Taipei, Taiwan
25. MTL Sourcing DMCC Trade Payable $3,024,427
Attn: President or General Counsel
HDS Business Centre
Jumaira Lake Towers
Dubai
United Arab Emirates
26. Richa Global Exports PVT Ltd Trade Payable $3,020,253
Attn: Virender Uppal, Chairman
219, Udyog Vihar Phase-1
Gurgaon
Haryana, 122001,
India
Tel: +91-124-4314000
Email: info@richaglobal.com
27. IBM Corporation Trade Payable $2,952,280
Attn: President or General Counsel
1 New Orchard Road
Armonk, NY 10504-1722
Tel: 914-499-1900
Fax: 914-765-4190
Email: arvind.krishna@ibm.com
28. Busana Apparel PTE Ltd. Trade Payable $2,847,689
Attn: Mr. Maniwanen, Chairman
Axa Tower 41st & 43rd Floor
Kuningan City
Jalan Prof. Dr. Satrio Kav. 18
Kuningan, Setiabudi, Jakarta
12940
Indonesia
Tel: +6221-522-9344
Fax: +6221-3000-6052
29. Washington Prime Group, Inc. Trade Payable $2,726,248
Attn: Robert P. Demchak, Esq.
Executive Vice President
General Counsel and Corporate
Secretary
180 East Broad Street
Columbus, OH 43215
Tel: 614-621-9000
Email: wpginfo@washingtonprime.com
30. Molax Trading Limited Trade Payable $2,656,298
Attn: President or General Counsel
75-95, Seosomun-Dong
8rd Floor, Youone Building
Chung-Ku
Seoul, 100-110
Korea
Tel: 02-773-3601
Fax: 02-757-2044
Email: admin@molaxtrading.com
31. Guangdong Singwear Trade Payable $2,650,820
Garments Co Ltd.
Attn: President or General Counsel
Xiangang Industrial Park
Simapu Town, Chaon District
Guangdong Province
Shantou City, china
Tel: +86-0754-82201270
Fax: +86-754-87715720
32. Asmara International Limited Trade Payable $2,604,654
Attn: Venky Nagan
Chief Executive Officer
Unit 8B, Tong Yuen Factory
Building
505 Castle Peak Road
Lai Chi Kok, Kowloon,
Hong Kong
Tel: +852-27442255
Fax: +852-27442244
Email: contact@asmaragroup.com
33. Anant A Sportswear Limited Trade Payable $2,595,148
Attn: Amin Khan, President
2071, N. Collins Blvd.
Ste 201
Richardson, TX 75080
Tel: 972-759-0732
Fax: 972-692-8826
Email: sajed@ananta.com.bd
34. Accenture LLP Trade Payable $2,555,866
Attn: Julie Sweet
Chief Executive Officer
1 Grand Canal Square
Dublin, D02 P820
Ireland
Tel: +353-1646-2000
Fax: +353-1646-2020
Email: julie.sweet@accenture.com
35. International Trading Services Trade Payable $2,520,994
Ltd.
Attn: President or General Counsel
Victoria Lane Industrial Park
7620 Victoria CT
Brownsville, TX 78521
Tel: 956-831-2740
36. Jiangsu Guotai Guosheng Co. Ltd. Trade Payable $2,465,288
Attn: President or General Counsel
7-22/F Guotai New Century Plaza
No. 125 Middle Renmin Rd
Zhangjiagang Jiangsu, 215600
China
Tel: +0512-58988898
Fax: +0512-58686837
37. Hangzhou Lingxiu Knitting Ltd Trade Payable $2,458,758
Attn: Jared Lu
418 Hengfu Road
Hengcun Town
Tonglu County
Zhejiang, China
Tel: +86-571-64673088
Email: jared_lu@linxiu.com
38. John Gallin & Son, Inc. Trade Payable $2,437,642
Attn: Christopher Gallin
President
102 Madison Avenue
9th Floor
New York, NY 10016
Tel: 212-252-8900
Fax: 212-252-8910
Email: chrisg@gallin.com
39. Jones Lang LaSalle Trade Payable $2,364,445
Americas, Inc.
Attn: Alan Tse
Global Chief Legal Officer and
Corporate Secretary
200 East Randolf Drive
Chicago, IL 60601
Tel: 312-228-2808
Email: alan.tse@jll.com
40. Lee & Co. Trade Payable $2,354,770
Attn: Arlen Lee
Chief Executive Officer
1278 Indiana St.
Suite 101
San Francisco, CA 94107
Tel: 415-475-9029
Email: hello@leeandco.com
41. AJG Inc. Trade Payable $2,258,832
Attn: J. Patrick Gallagher Jr.
Chief Executive Officer
2850 Golf Road
Rolling Meadows, IL 60008
Tel: 630-773-3800
Fax: 630-285-4000
42. WS Trading Limited Trade Payable $2,248,644
Attn: President or General
Counsel
50 Tradeston Street
Glasgow, Scotland, G5 8BH
United Kingdom
43. Solve It Co., Ltd. Trade Payable $2,098,603
Attn: President or General
Counsel
3/F 556 Cheonho-Daero
Gwangjin-Gu Seoul, 143847
South Korea
Tel: +82-24536868
44. Tishman Speyer Properties Trade Payable $2,026,953
Attn: Michael B. Benner
Senior Managing Director and
General Counsel
Rockefeller Center, 45
Rockefeller Plaza
New York, NY 10111
Tel: 212-715-0300
Fax: 212-319-1745
Email: ny@tishmanspeyer.com
45. Modindia Exim Private Ltd Trade Payable $2,015,483
Attn: Gagan Gulati, Director
B-57 Okhla Industrial Area
Phase-1
New Delhi, 110020
India
Email: info@modelamaexports.com
46. South Asia Knitting Trade Payable $1,936,284
Fty Ltd (NEW)
Attn: President or General Counsel
17/F, South Asia Building
108 How Ming Street
Kwun Tong
Kowloon, Hong Kong
Tel: 852-2345-0261
Fax: 852-2343-3666
Email: leoyeung@southasiagroup.com
47. Meenu Creation LLP Trade Payable $1,876,239
Attn: President or General Counsel
A-33, Sector-64 Nodia Distt
Gautam Budh Nagar, UP-201301
India
Tel: 91-120-4080200
Fax: 91-120-4080200
Email: ed@meenucreation.com
48. The Forbes Company Trade Payable $1,830,041
Attn: President or General Counsel
100 Galleria Officentre, Suite 427
Southfield, MI 48034
Tel: 248-827-4600
Email: nforbes@theforbescompany.com
49. Gaurav International Trade Payable $1,820,631
Attn: Anju Sachdeva
PD Manager
198, Udyog Vihar Phase 1
Udyog Vihar, Sector 20
Gurugram, Haryana, 12201
India
Tel: +91 124 480 3900
Fax: +91 124 243 9710
Email: gintl@richagroup.com
50. Christine Clark and Other Litigation Undetermined
Similary Situated Individuals Settlement
Attn: William B. Sullivan,
Eric K. Yaeckel, and Andrea
Torres-Gigueroa
Attorneys for Plaintiffs
Sullivan Law Group, APC
2330 Third Avenue
San Diego, CA 92101
Tel: 619-702-6760
Fax: 619-702-6761
Email: helen@sullivanlawgroupapc.com
yaeckel@sullivanlawgroupapc.com
atorres@sullivanlawgroupapc.com
REMLIW INC: Has Until July 31 to File Plan & Disclosures
--------------------------------------------------------
Judge Edward A. Godoy has entered an order within which the
deadline for Remliw Inc. and Monte Idilio Inc. to file the
Disclosure Statement and Plan is extended until July 31, 2020.
A copy of the order dated June 16, 2020, is available at
https://tinyurl.com/y9g8ca63 from PacerMonitor.com at no charge.
About Remliw, Inc.
Remliw Inc. is a privately held company, which owns a motel located
at Carr 639 Km 2.1 Arecibo, Puerto Rico.
Remliw Inc. filed a voluntary Chapter 11 petition (Bankr. D.P.R.
Case No. 19-01179) on March 2, 2019. In the petition signed by
Wilmer Tacoronte Negron, administrator, the Debtor disclosed
$2,776,090 in total liabilities. Damaris Quinones Vargas, Esq., at
LCDA Damaris Quinones, is the Debtor's counsel.
*********
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