/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/180212.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 Monday, February 12, 2018, Vol. 19, No. 30 Headlines B R A Z I L ALAGOAS STATE: S&P Gives BB- Issuer Credit Ratings, Outlook Stable HAITONG BRASIL: S&P Alters Outlook to Stable & Affirms BB-/B GSRs C O S T A R I C A BANCO NACIONAL: Intervention in Bancredito Has Limited Impact D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Diesel/Gasoline Fall, Natural Gas Stays Put J A M A I C A JAMAICA: Regional Economies to Record Growth This Year M E X I C O CREDIVALORES-CREDISERVICIOS: S&P Affirms 'B+' Unsec. Notes Rating MEXICO: Reports No Injuries, Damage From Offshore Quake UNIFIN FINANCIERA: S&P Rates New Senior Unsecured Notes 'BB' P U E R T O R I C O ACEMLA DE PUERTO RICO: Unsecured Creditors to Get 50% Under Plan TOYS R US: Store Closing Sales Begin at Select Locations T R I N I D A D & T O B A G O TRINIDAD AND TOBAGO: Readies for Carnival Amid Terror Concerns U R U G U A Y URUGUAY: Sees 29.9% Increase in Spending by Visitors X X X X X X X X X * BOND PRICING: For the Week From February 5 to 9, 2018 - - - - - =========== B R A Z I L =========== ALAGOAS STATE: S&P Gives BB- Issuer Credit Ratings, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term foreign and local currency issuer credit ratings to the state of Alagoas. S&P also assigned its 'brA+' national scale rating to the state. The outlook on both scale ratings is stable. OUTLOOK The stable outlook reflects S&P's view that Alagoas will continue to post operating surpluses of above 5% of operating revenue, along with after capex surpluses, in the next 12 months amid diminishing debt burden and cash levels that comfortably cover the state's debt service. Downside scenario S&P said, "We could lower the ratings on Alagoas in the next 12 months if its budgetary performance deteriorates, reflecting impaired financial management practices or if contingent liabilities--stemming from its government-related entities (GREs)materialize beyond our expectation such that they increase budgetary stress. We could also lower the ratings on Alagoas in the next 12 months if we were to lower the sovereign local and foreign currency ratings." Upside scenario S&P said, "Given that we don't believe Alagoas meets the conditions to have higher ratings than those on the sovereign, we would only raise the ratings on the state in the next 12 months if we were to raise our local and foreign currency ratings on Brazil. That would have to be accompanied by a sustained increase in state's own-source revenue, such that Alagoas would be less dependent on transfers and its budgetary performance less prone to volatility." RATIONALE The 'BB-' global scale ratings on the state of Alagoas reflect its sustained operating and after capex surpluses, owing to an experienced management that has been introducing important fiscal changes since taking power in 2015. The ratings also reflect Alagoas' cash levels, which more than cover its projected debt service for the next 12 months. On the other hand, Alagoas' creditworthiness suffers from a socioeconomic profile that's weaker than those of other states in Brazil, and from debt-- although declining in relative terms -- still high due to unfunded pension liabilities. Governor Renan Filho from the PMDB party was elected in 2014, and is likely to run for reelection in 2018. Mr. Filho has enjoyed broad support from the local legislature to approve significant reforms such as hikes in local tax rates, a spending cap on operating spending (as part of a debt renegotiation with the federal government), and a new social security fund. The administration has implemented measures to strengthen tax collection and to modernize public administration systems, reduced personnel in some state companies, and cut spending on various fronts. The management is currently working on introducing transparency and compliance tools in public accounts, in addition to more medium-term fiscal planning instruments, which we assess as positive factors. Nevertheless, Alagoas is among Brazil's poorest states, which weighs on its creditworthiness. Its estimated GDP per capita average was $4,331 for 2015-2017, and S&P expects it to reach $4,738 in 2018. The state's socioeconomic profile is also a rating constraint, which is weaker than those of domestic peers such as the states of Sao Paulo and Santa Catarina. Main economic activities are public administration, tourism, and agriculture (mainly the production of sugar and alcohol). The latter, which is the second-largest employer in the state, has been experiencing a crisis due to a drop in international prices, drought in the recent past, and changes in fuel prices in the domestic market. As a result, the state is seeking ways to diversify its economy by promoting the chemicals and plastic, ceramics, and furniture sectors. S&P said, "We believe that the Brazilian local and regional governments' (LRGs') institutional framework is volatile and unbalanced. We believe the system continues to have an adequate level of predictability and transparency, with enhanced central government oversight of LRGs' finances and adherence to fiscal discipline. However, structural rigidities of Brazil's intergovernmental system have prevented LRGs from reaching revenue-and-expenditure balance. Overall, our current assessment draws on our evaluation of an intrinsically rigid intergovernmental system that has failed to address LRGs' significant budgetary imbalances and this isn't likely to change over the short to intermediate term. Therefore, these factors, in our view, have left LRGs unprepared to address key long-term spending trends and financing options." The weak and limited economic base has resulted in Alagoas' dependence on transfers from the federal government. Historically, more than half of Alagoas' revenue has come from federal transfers, which adds volatility to the budgetary performance. However, because of the current administration's ongoing efforts, own-source revenue has started to increase since 2015. S&P's base- case scenario assumes the administration will continue strengthening tax collection, and it expects own-source revenue to reach nearly 59% of adjusted operating revenue by 2020. Likewise, spending pressures -- stemming from weak economy and considerable infrastructure needs -- constrain Alagoas' budget. In 2018-2020, S&P estimates the state will spend almost R$3 billion - -or an average of 9% of total expenditures -- on healthcare, education, roads, and sanitation. Furthermore, healthcare and education minimum spending requirements mandated at the national level and payments of public-servants' salaries and pensions, the latter of which represent around 60% of operating spending, will also continue to limit Alagoas' ability to cut spending. As the state steadily increases its own-source revenue and controls its expenses, S&P expects its operating surplus to average almost 10% of operating revenue in 2018-2020, while higher capex will lead to after capex surpluses of around 3% of total spending. S&P said, "Our base-case scenario assumes the state will increase its capex in the next three years through new borrowings from Banco do Brasil and Caixa Economica Federal, funds from the federal government, and own resources. Borrowings should total nearly R$730 million between 2018 and 2020. At the same time, debt repayment should total nearly R$665 million. While in absolute terms, Alagoas' debt should continue to increase, we expect it to decline in relative terms as the state strengthens its revenue base. As a result, our base-case scenario for Alagoas' tax- supported debt assumes that it will decline to 80% of consolidated operating revenue in 2020 from 101.5% at the end of 2017. We incorporate in Alagoas' debt stock the debt of its development agency, Desenvolve, which we consider as a non-self-supporting GRE." While Alagoas' debt stock dropped resulting from a debt renegotiation with the federal government, the level of unfunded pension liabilities is a risk to the state's current debt burden. Although the state has recently created a new pension fund, the level of current liabilities is likely to require increasing budgetary outlays in the future, and therefore, increase budgetary stress. Alagoas also plans to increase its investments through Casal, a self-supporting water and sanitation GRE, to expand these services in the state. The company currently has one public-private partnership (PPP) for the provision of water, and plans to establish more PPP projects in the future. The GRE's PPPs are guaranteed by Casal's future receivables and by a newly created fund managed by Alagoas Ativos, a company created to manage PPP projects. In addition to Casal, Alagoas also has a self-supporting gas company, Algas, and Desenvolve. S&P assesses the exposure of Alagoas to the contingent liabilities stemming from these GREs to be less than 10% of its consolidated operating revenue. S&P said, "Alagoas' net free cash and liquid assets are sufficient to cover 1.5x of its debt service in the next 12 months, which we estimate to be around R$530 million. However, we expect Alagoas' likely significant funding needs, stemming from its investments, to dent cash levels. We assess Alagoas' access to external liquidity as limited. This assessment incorporates Brazil's Banking Industry Country Risk Assessment (BICRA) of '6'. Our BICRAs, which evaluate and compare global banking systems, are grouped on a scale from '1' to '10', ranging from what we view as the lowest-risk banking systems (group '1') to the highest-risk (group '10')." In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. RATINGS LIST New Ratings State of Alagoas Issuer Credit Rating Global scale BB-/Stable/-- Brazil National Scale brA+/Stable/-- HAITONG BRASIL: S&P Alters Outlook to Stable & Affirms BB-/B GSRs ----------------------------------------------------------------- S&P Global Ratings revised its global and national scale ratings outlook on Haitong Banco de Investimento do Brasil S.A. (Haitong Brasil) to stable from negative. At the same time, S&P affirmed its 'BB-/B' global scale and 'brA+/brA-1' national scale ratings. The outlook revision on Haitong Brasil reflects the same action on its parent. The stable outlook on Haitong Bank reflects S&P's expectation that its revised strategy could form the basis of a more durable operating model, and eventually could bolster profitability. In the meantime, impaired assets will diminish only gradually, and expected net losses over the next two years are likely to continue to weigh on the bank's capital base. Haitong Bank has recognized that its previous strategy was too ambitious. Consequently, it has scaled down its business plan that reflects its limited global scale. The bank also restructured its top management team to execute the strategy, which includes a tighter integration within the Haitong group. Its parent, China- based Haitong Securities Co. Ltd. (BBB/Stable/A-2), has demonstrated its commitment to the bank through a sizable capital injection. Meanwhile, the bank has simplified its operating structure to lighten its cost base and has reduced its high stock of legacy nonperforming exposures (NPEs). S&P said, "We continue to base our ratings on Haitong Brasil on its core status to Haitong Bank, given its significant revenue contribution, ownership, strategy aligned with of the parent, and the latter's long-term commitment to the bank. Haitong Brasil is fully integrated with its parent and we believe the rest of the group will provide support to the bank under any foreseeable circumstances, except in an event of sovereign distress. As a core subsidiary, we equalize the ratings on the bank with the ratings on its parent." =================== C O S T A R I C A =================== BANCO NACIONAL: Intervention in Bancredito Has Limited Impact ------------------------------------------------------------- The recent intervention by Costa Rica's National Council for the Supervision of the Financial Sector (CONASSIF) into Banco Credito Agricola de Cartago (Bancredito, unrated) has limited implications for the country's other two state-owned lenders, Banco Nacional de Costa Rica (BNCR, Ba2 negative) and Banco de Costa Rica (BCR, Ba2 negative), Moody's Investors Service says in a new report. The intervention in Bancredito followed a prolonged period of financial deterioration as a result of a weak business model, poor efficiency and rising problem loans. "The direct impact on the banking system will likely be limited," said Moody's Assistant Vice President-Analyst Georges Hatcherian. Bancredito's asset market share stood at just 1% in late 2017, compared with 46% for the two other state lenders, and the troubled bank reportedly repaid its liabilities to most local lenders before the intervention. "Nevertheless, the intervention could have a slightly greater impact on the other state-owned lenders", Hatcherian continued. The government has not yet suggested any role for BNCR and BCR during the intervention. But even if those banks were to purchase Bancredito's performing and past-due loan book, the overall impact on their combined asset quality and profitability will be limited. Despite the intervention, Moody's continues to expect full and timely government support for BNCR and BCR in case of need. As a result, the banks' local currency deposit and foreign currency debt ratings and rating outlook remain in line with Costa Rica's Ba2 sovereign rating and negative outlook. This assessment is based on the lenders full state ownership and public policy mandate, the sovereign guarantee on most of their obligations and, in contrast to Bancredito, their dominant market positions. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Diesel/Gasoline Fall, Natural Gas Stays Put --------------------------------------------------------------- Dominican Today reports that the Industry and Commerce Ministry posted the fuel prices for the week of Feb. 10 to 16, where regular diesel drops to RD$172.50 or RD$7.00 less, while optimum diesel will cost RD$188.60 or RD$3.00 less per gallon. Premium gasoline will RD$231.30, and regular RD$216.20, both RD$3.00 lower per gallon, according to Dominican Today. Avtur will cost RD$138.90 or RD$3.00 lower; kerosene will cost RD$165.30 or RD$4.00 less, and fuel will cost RD$111.85 or RD$2.00 less per gallon, the report notes. Propane will cost RD$111.30 per gallon or RD$1.00 lower and natural gas continues at RD$28.97 per cubic meter, the report relays. The Dominican Central Bank's posted average exchange rate of RD$48.69 per dollar was used to calculate all fuel prices, the report adds. As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2017, Fitch Ratings has 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: Regional Economies to Record Growth This Year ------------------------------------------------------ RJR News reports that The Caribbean Development Bank (CDB) has projected that regional economies including Jamaica will record growth this year. The region is projected to grow by two percent, compared with 0.6 per cent in 2017, according to RJR News. The CDB's Director of Economics, Dr. Justin Ram, said this is mainly driven by a return to growth in Trinidad and Tobago and a 2.3 per cent uptick in Jamaica, which accounts for about a fifth of the region's Growth Domestic Product, the report relays. The highest growth rates are anticipated for Anguilla and Dominica as they rebuild from the damage caused by the 2017 hurricanes, the report notes. Dr. Ram said Antigua and Barbuda as well as the Turks and Caicos Islands are also expected to have strong growth, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' and has revised the Rating Outlook to Positive from Stable. =========== M E X I C O =========== CREDIVALORES-CREDISERVICIOS: S&P Affirms 'B+' Unsec. Notes Rating ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issue-level rating on Credivalores - Crediservicios SAS's (Credivalores; B+/Stable/B) senior unsecured notes following the up to $75 million add-on to the original $250 million issuance. S&P rated the original notes on July 13, 2017. The tenure is five years (bullet payment) and bears a fixed rate. The issue-level rating incorporates S&P's expectation that Credivalores will hedge the add-on with a cross- currency swap (CCS), which it did for the original amount. The issue-level rating on the notes is at the same level as the long-term global scale issuer credit rating (ICR), reflecting their pari passu status because they will rank equally in right of payment with all of the company's existing and future senior unsecured debt. Likewise, the debt rating reflects that the lender's priority debt (secured) represents less than 5% of adjusted assets at the end of 2017, and S&P expects to remain at similar levels. S&P also considers that Credivalores' unencumbered assets will cover the unsecured debt by more than 1.0x for the same timeframe. However, a downgrade could occur if after this issuance, the company's secured debt significantly increases in a way that it leaves unsecured bondholders in a subordinated position. In such a scenario, the analysis will also include if the amount of unencumbered assets is sufficient to cover this rated bond. S&P's funding and liquidity assessment remains unchanged. Credivalores' funding structure is primarily concentrated in one global issuance -- at about 75% of total funding -- and the remainder is allocated by local credit facilities and commercial paper. In S&P's view, the company's challenge now is to diversify its funding structure by gaining access to unsecured banking lines, or other means of funding, to reduce its actual concentration. The firm's liquidity levels continue to support S&P's expected growth. The use of the proceeds to refinance existing debt provides a greater liquidity cushion for upcoming debt maturities. Finally, S&P's projected base case and stress-test cash flow, which will be positive for the next 12 months, also support its assessment. The ICR on Credivalores continues to reflect our business position assessment, supported by a diversified business mix and good market position in the Colombian financial system; its capital and earnings, underpinned by S&P's forecasted risk-adjusted capital (RAC) ratio of 8.5% on average for the next 12 months; and its risk position, mainly driven by its lending and underwriting standards that are stronger than those of other NBFIs we rate in the region. RATINGS LIST Credivalores - Crediservicios SAS Issuer Credit Rating Global Scale B+/Stable/B Ratings Affirmed Credivalores - Crediservicios SAS Senior Unsecured B+ MEXICO: Reports No Injuries, Damage From Offshore Quake ------------------------------------------------------- EFE News reports that the magnitude-6 earthquake felt in the western Mexican state of Jalisco appeared to have caused no injuries or damage, officials said. Authorities in Jalisco and neighboring Colima state said they had received no reports about casualties or damage, federal Civil Protection director Luis Felipe Puente said via Twitter, according to EFE News. UNIFIN FINANCIERA: S&P Rates New Senior Unsecured Notes 'BB' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating to Unifin Financiera S.A.B. de C.V. SOFOM E.N.R.'s (Unifin; global scale: BB/Stable/--; national scale: mxA/Stable/mxA-2) proposed senior unsecured notes for up to $400 million with a maturity profile between eight to 10 years. The issuance will have a full cross currency swap to hedge against currency exchange fluctuations, as S&P saw with Unifin's outstanding global debt issuances. S&P's views that the firm's priority debt (secured debt) will represent less than 15% of adjusted assets for the next 12 months supports its 'BB' rating on the proposed notes. Unifin's unencumbered assets will also cover almost 2.0x of its rated unsecured debt (including the proposed debt issuance). Finally, the rating indicates that the notes will rank equally in right of payment with all of Unifin's existing and future senior unsecured notes. The company will primarily use the proceeds from this issuance to grow its business and to pay some short-term credit facilities. Unifin's 2018 funding strategy will incorporate the proposed market debt issuance (with a tenor between eight to 10 years), and will substitute additional funding through securitizations; expanding its debt maturity profile and releasing liquidity pressure during the next 24 months. S&P's base-case scenario assumptions already incorporate the proceeds from this issuance to cope with the projected loan growth for the next two years. Unifin's funding and liquidity assessment remains the same. S&P said, "We expect market debt to remain Unifin's main funding source (85% of total funding), including the potential and outstanding unsecured notes, as well as the firm's subordinated perpetual notes. Despite this concentration, the firm's market debt is diversified in many issuances. Therefore, by year-end 2018, we expect that the company's funding mix will be: global issuances (43%), local securitizations (34%), banking lines (14%), and the subordinated perpetual bonds (9%). Finally, the firm's stable funding ratio was 90% as of Sept. 30, 2017, and the three- year average was 84%, which is above those of peers we rate." S&P said, "Our liquidity analysis remains supported by the firm's sufficient resources to fund daily operations and the fact that the lender has the ability to raise liquidity if needed. After incorporating the potential unsecured notes and the recent subordinated perpetual notes in our cash-flow analysis, our base- case and stress scenarios remain positive, and we expect the firm to survive without needing to access market funding for the next 12 months and to cover its funding needs on a monthly basis. Finally, the proposed issuance will expand Unifin's maturity profile and will release some encumbered assets; improving liquidity levels. "The ratings also reflect our business position assessment on Unifin, which benefits from stable and growing business operations that are oriented towards pure leasing activities--primarily in the small- to mid-size enterprise lending sector. Furthermore, the ratings incorporate our forecasted risk-adjusted capital ratio of 9.7% and 9.2% for the next 12 and 24 months, respectively. Finally, Unifin's risk position accounts for subpar reserve coverage, with asset quality metrics in line with those of the company's main competitors." RATINGS LIST Unifin Financiera S.A.B. de C.V. SOFOM E.N.R. Issuer Credit Rating Global Scale BB/Stable/-- CaVal (Mexico) National Scale mxA/Stable/mxA-2 Ratings Assigned Unifin Financiera S.A.B. de C.V. SOFOM E.N.R. New Ratings Senior Unsecured BB ====================== P U E R T O R I C O ====================== ACEMLA DE PUERTO RICO: Unsecured Creditors to Get 50% Under Plan ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico conditionally approved the disclosure statements explaining the plans of reorganization separately filed by ACEMLA de Puerto Rico Inc. and Latin American Music Company, Inc. Under LAMCO's Plan, general unsecured claims are unimpaired and are estimated to recover 100% at the effective date. LAMCO general unsecured claims are estimated between the creditors that filed their proofs of claim and the ones that were scheduled by Debtor and did not filed a proof of claim in the amount of $2,980.62. Under ACEMLA's Plan, general unsecured claims are impaired and are estimated to total $711,490.45. This class' allowed unsecured claims will be paid in the following manner: Debtor will award a total sum of 355,745.23, which represents 50% distributions for this class. Since the liquidation value in this case is for 37%, this class would receive less distribution if Debtor's debts were liquidated in a Chapter 7. If a default in the monthly payment to these creditors were to occur, they would be entitled to collect past due payments. LAMCO's Plan will be funded with cash available proceeds from the revenue that the Debtor generates from licensing, after paying operating expenses and taxes. LAMCO's operating expenses consist of bank charges, contract labor, office supplies, payroll, repairs and maintenance, taxes, telephone, utilities, vehicle expenses, etc. ACEMLA's Plan will be funded with cash available proceeds from the revenue that the Debtor generates from licensing, after paying operating expenses and taxes. ACEMLA's operating expenses consist of bank commissions, utilities, repairs and maintenance, rent, employee salaries and payroll taxes, insurance expenses, office expenses, property taxes, municipal taxes, and income taxes. A full-text copy of LAMCO's Disclosure Statement dated Dec. 23, 2017, is available at: http://bankrupt.com/misc/prb17-02021-270.pdf A full-text copy of ACEMLA's Disclosure Statement dated Dec. 23, 2017, is available at: http://bankrupt.com/misc/prb-17-02021-268.pdf About ACEMLA de Puerto Rico Inc. ACEMLA de Puerto Rico Inc. is one of the four "Performance Rights Organization" (PRO), in the United States and No. 76 in the CISAC world roster. It controls and licenses LAMCO's non-exclusive performance rights and those of its affiliate music publisher's editors and composers. This institution was created to defend the Latin composer's rights in the United States and the world, and it is as such that in 1985, by an appeal presented before the highest federal court in this country, against a decision of the Copyright Royalty Tribunal against ASCAP, BMI and SESAC, is successful, and since then ACEMLA operates as the fourth society, or a performance Rights Society (PRO), in the United States. ACEMLA de Puerto Rico Inc. and Latin American Music Co Inc. filed Chapter 11 petitions (Bankr. D.P.R. Case Nos. 17-02021 and 17-02023) on March 24, 2017. The Hon. Enrique S. Lamoutte Inclan presides over the cases. Gratacos Law Firm, PSC, serves as bankruptcy counsel. In its petition, ACEMLA estimated assets of less than $500,000 and liabilities of $1 million to $10 million. LAMCO estimated assets and liabilities of less than $1 million. A list of ACEMLA's nine largest unsecured creditors is available for free at http://bankrupt.com/misc/prb17-02021.pdf TOYS R US: Store Closing Sales Begin at Select Locations -------------------------------------------------------- Store closing sales are being conducted at select Toys 'R' Us(R) and Babies 'R' Us(R) locations throughout the country -- offering shoppers deep discounts on top brand names across all product categories. The closing sales will be operated by a consortium consisting of Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group and Great American Group. Store furniture and fixtures will also be available for sale. Since 1948, Toys 'R' Us has served kids and families around the world by offering great service and a broad assortment of toy and baby products. The Company recently announced the closure of a number of stores as part of a restructuring strategy to make Toys 'R' Us a more viable and competitive business. Toys 'R' Us filed for Chapter 11 bankruptcy protection last September to ensure the Toys 'R' Us and Toys 'R' Us brands live on for generations to come. The discounts and promotions that will be offered at closing locations starting Feb. 7 will be unique to these stores. Closing locations will continue to honor customer programs including gift cards, Endless Earnings and credit card specials. A consortium spokesperson said, "not only will the sale provide loyal customers from coast to coast the opportunity to purchase their favorite products at significantly lower prices, it will also include new merchandise at even deeper discounts. Due to these substantial reductions, we encourage consumers to shop early to take advantage of the best selection of products available while supplies last." A complete list of closing stores is available at: https://is.gd/FIampU About Gordon Brothers Since 1903, Gordon Brothers -- http://www.gordonbrothers.com-- has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across four continents. About Hilco Merchant Resources Hilco Merchant Resources -- http://www.hilcomerchantresources.com -- provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. Hilco Merchant Resources' activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global, one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. About Tiger Capital Group Tiger Capital Group -- http://www.tigergroup.com/-- provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, and San Francisco, and international offices in Sydney, Perth, Melbourne and Brisbane, Australia. About Great American Group Great American Group, LLC -- http://www.greatamerican.com-- is a provider of asset disposition and auction solutions, advisory and valuation services, and a wholly-owned subsidiary of B. Riley Financial, Inc. Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is 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 is 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 now a privately owned entity but still files with the 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, are 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. 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. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD AND TOBAGO: Readies for Carnival Amid Terror Concerns -------------------------------------------------------------- EFE News reports that authorities in Trinidad and Tobago detained a group of people who allegedly were planning to carry out terrorist attacks during Carnival, which will be held next week. Even so, the United Kingdom's Foreign and Commonwealth Office warned on its Web site that a terrorist attack on the Caribbean island remains highly likely, according to EFE News. ============= U R U G U A Y ============= URUGUAY: Sees 29.9% Increase in Spending by Visitors ---------------------------------------------------- Latinx Today reports that the more than 4.2 million tourists visited Uruguay in 2017 spent $2.33 billion, an increase of 29.9 percent over 2016, Tourism Minister Liliam Kechichian said. "When we took office, there were a little less than 2 million, 1.8 million tourists," she said, according to Latinx Today. The report relays that Mr. Kechichian also pointed to a positive difference of $1.33 billion between the amount of money spent by foreign visitors to Uruguay and the outlays of Uruguayans traveling abroad. Argentina accounted for 2.6 million of Uruguay's foreign visitors last year, followed by Brazil with 504,000. The number of Uruguayan expats visiting their homeland climbed 5.7 percent last year to 331,000, the report relays. The leading destinations were Montevideo, the coastal resort of Punta del Este, the hot springs along the Uruguay River and Colonia, the report adds. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From February 5 to 9, 2018 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- BA-CA Finance Cayman Lt 0.518 62.07 KY EUR AES Tiete Energia SA 6.7842 1.109 4/15/2024 BR BRL Argentina Bogar Bonds 2 39.36 2/4/2018 AR ARS Automotores Gildemeister 8.25 73.25 5/24/2021 CL USD Automotores Gildemeister 6.75 67 1/15/2023 CL USD Automotores Gildemeister 8.25 73.25 5/24/2021 CL USD Automotores Gildemeister 6.75 65.5 1/15/2023 CL USD CA La Electricidad 8.5 63.664 4/10/2018 VE USD Caixa Geral De Depositos 1.439 63.167 KY EUR Caixa Geral De Depositos 1.469 KY EUR CSN Islands XII Corp 7 68 BR USD CSN Islands XII Corp 7 66.266 BR USD Decimo Primer Fideicomiso 6 53.225 10/25/2041 PA USD Decimo Primer 4.54 43.127 10/25/2041 PA USD Dolomite Capital 13.217 73.108 12/20/2019 CN ZAR Enel Americas SA 5.75 56.172 6/15/2022 CL CLP Gol Linhas Aereas SA 10.75 35.861 2/12/2023 BR USD Gol Linhas Aereas SA 10.75 35.601 2/12/2023 BR USD Inversora Electrica 6.5 67.625 9/26/2017 AR USD Inversora Electrica 6.5 67.625 9/26/2017 AR USD MIE Holdings Corp 7.5 64.78 4/25/2019 HK USD MIE Holdings Corp 7.5 64.982 4/25/2019 HK USD NB Finance Ltd 3.88 61.816 2/7/2035 KY EUR Noble Holding 7.7 74.433 4/1/2025 KY USD Noble Holding 5.25 56.279 3/15/2042 KY USD Noble Holding 8.7 71.881 4/1/2045 KY USD Noble Holding 6.2 60.129 8/1/2040 KY USD Noble Holding 6.05 58.38 3/1/2041 KY USD Odebrecht Finance Ltd 7.5 42.5 KY USD Odebrecht Finance Ltd 5.125 56.938 6/26/2022 KY USD Odebrecht Finance Ltd 7 68.053 4/21/2020 KY USD Odebrecht Finance Ltd 7.125 41.366 6/26/2042 KY USD Odebrecht Finance Ltd 4.375 40.002 4/25/2025 KY USD Odebrecht Finance Ltd 5.25 39.211 6/27/2029 KY USD Odebrecht Finance Ltd 6 44.75 4/5/2023 KY USD Odebrecht Finance Ltd 5.25 39.018 6/27/2029 KY USD Odebrecht Finance Ltd 7.5 42.95 KY USD Odebrecht Finance Ltd 4.375 40.363 4/25/2025 KY USD Odebrecht Finance Ltd 7.125 41.635 6/26/2042 KY USD Odebrecht Finance Ltd 6 52.625 4/5/2023 KY USD Odebrecht Finance Ltd 5.125 55.873 6/26/2022 KY USD Odebrecht Finance Ltd 7 67.368 4/21/2020 KY USD Petroleos de Venezuela 8.5 74.5 10/27/2020 VE USD Petroleos de Venezuela 6 30.458 5/16/2024 VE USD Petroleos de Venezuela 6 30.517 11/15/2026 VE USD Petroleos de Venezuela 9.75 35.677 5/17/2035 VE USD Petroleos de Venezuela 9 39.279 11/17/2021 VE USD Petroleos de Venezuela 5.375 30.267 4/12/2027 VE USD Petroleos de Venezuela 8.5 72.5 10/27/2020 VE USD Petroleos de Venezuela 12.75 45.278 2/17/2022 VE USD Petroleos de Venezuela 6 30.367 5/16/2024 VE USD Petroleos de Venezuela 6 30.387 11/15/2026 VE USD Petroleos de Venezuela 9 39.316 11/17/2021 VE USD Petroleos de Venezuela 9.75 35.893 5/17/2035 VE USD Petroleos de Venezuela 6 28.346 10/28/2022 VE USD Petroleos de Venezuela 5.5 30.123 4/12/2037 VE USD Petroleos de Venezuela 12.75 45.23 2/17/2022 VE USD Polarcus Ltd 5.6 75 3/30/2022 AE USD Provincia del Chubut 4 10/21/2019 AR USD Siem Offshore Inc 4.04527 69.5 10/30/2020 NO NOK Siem Offshore 3.75176 65.75 12/28/2021 NO NOK STB Finance 2.05771 56.243 KY JPY Sylph Ltd 2.367 64.438 9/25/2036 KY USD US Capital 1.63611 54.774 12/1/2039 KY USD US Capital 1.63611 54.774 12/1/2039 KY USD USJ Acucar 9.875 67 11/9/2019 BR USD USJ Acucar 9.875 67 11/9/2019 BR USD Venezuela 13.625 68.25 8/15/2018 VE USD Venezuela 7.75 44.065 10/13/2019 VE USD Venezuela 11.95 40.785 8/5/2031 VE USD Venezuela 12.75 45.19 8/23/2022 VE USD Venezuela 9.25 39.645 9/15/2027 VE USD Venezuela 11.75 40.005 10/21/2026 VE USD Venezuela 9 36.285 5/7/2023 VE USD Venezuela 9.375 37.69 1/13/2034 VE USD Venezuela 13.625 72.25 8/15/2018 VE USD Venezuela 7 34.23 3/31/2038 VE USD Venezuela 7 59.19 12/1/2018 VE USD *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** 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 2018. 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 * * *