/raid1/www/Hosts/bankrupt/TCRLA_Public/180720.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

             Friday, July 20, 2018, Vol. 19, No. 143


                            Headlines



B A R B A D O S

BARBADOS: Revised Budget for 2018/19 Approved by Parliament


B R A Z I L

SAO PAULO: Fitch Affirms 'BB-' IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti's Distrust of Country Mars Ties
DOMINICAN REPUBLIC: Central Bank to Ease 'Critical' Dollar Pinch
DOMINICAN REPUBLIC: Industries Warn That Dollar Crunch is Critical


J A M A I C A

JAMAICA: Drought Affects Regional Sugar Production
JAMAICA: Hike in Inflation


M E X I C O

BANCOLOMBIA SA: S&P Affirms 'BB+/B' ICRs, Outlook Stable


P E R U

CORPORACION AZUCARERA: S&P Alters Outlook to Neg. & Affirms B+ CCR


P U E R T O    R I C O

PUERTO RICO: Gov. Names New PREPA Head After Board Members Quit
STONEMOR PARTNERS: Widens Net Loss to $75.2 Million in 2017
TOYS R US: Fee Examiner Taps Hathaway Adair as Legal Counsel


                            - - - - -


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


BARBADOS: Revised Budget for 2018/19 Approved by Parliament
-----------------------------------------------------------
At the request of the newly elected Government of Barbados, an
International Monetary Fund (IMF) team led by Bert van Selm
visited Bridgetown July 2-12, for discussions on IMF financial
support for the Government of Barbados's Economic Recovery and
Transformation plan.  At the end of the visit, Mr. van Selm made
the following statement:

"The Barbadian authorities, in close consultation with their
social partners, are taking effective steps to address current
economic vulnerabilities. The IMF stands ready to partner with
Barbados to restore macroeconomic stability in order to secure
strong, durable and inclusive growth in the years ahead.

"Fiscal consolidation alongside a comprehensive debt restructuring
exercise is critical for restoring debt sustainability and policy
credibility. In this context, the authorities' revised budget for
2018/19, approved by Parliament on June 11 is a decisive step in
the right direction. The budget targets a primary surplus of 6
percent of GDP.

"Consistent with the message delivered by the Prime Minister and
Minister of Finance during the Budget a second phase of measures
will be needed to achieve this target. This next phase will focus
on reducing expenditures-notably by improving the efficiency and
effectiveness of public services, reducing government transfers to
state-owned enterprises by reviewing user fees, exploring options
for mergers, and providing stronger oversight.

"Progress being made by the authorities in furthering good-faith
discussions with domestic and external creditors is welcome.
Continuing open dialogue and sharing information, will remain
important in concluding an orderly debt restructuring process.

"Significant progress has been made during this IMF staff visit on
the plan that could underpin financial support from the IMF. On
its return to Washington the team will continue to analyze the
Government's comprehensive reform program. We will remain closely
engaged with the authorities in the coming weeks.

"The team would like to thank the authorities for open and candid
discussions, and looks forward to building on this engagement in
the period ahead."

As reported in the Troubled Company Reporter-Latin America on
June 21, 2018, S&P Global Ratings lowered its issue-level
rating on Barbados' global bonds due 2021 to 'D' from 'CC'. At the
same time, S&P Global Ratings affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings on the
country. The 'CC/C' long- and short-term local currency sovereign
credit ratings remain on CreditWatch with negative implications,
where they were placed June 6, 2018. S&P Global Ratings also rates
three foreign currency senior unsecured debt issues 'CC', and
those are also on CreditWatch with negative implications. S&P
Global Ratings affirmed its 'CC' transfer and convertibility
assessment on the government. Finally, S&P Global Ratings affirmed
its 'D' (default) rating on the country's 6.625% notes due 2035.


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B R A Z I L
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SAO PAULO: Fitch Affirms 'BB-' IDR, Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
the Brazilian state of Sao Paulo (IDR) at 'BB-'. The Rating
Outlook is Stable. The Outlook reflects the Stable Outlook of
Brazil. Fitch has also affirmed Sao Paulo's national long-term
rating at 'AA(bra)' with a Stable Outlook.

The rating affirmation reflects the state's capacity to sustain
operating margins of around 6% even during stress times. The
ratings are based on an adequate fiscal performance compared with
peers in the same rating category, with better fiscal autonomy in
relation to Brazilian states. The federal government is Sao
Paulo's most relevant creditor, which Fitch considers an amicable
relationship. Sao Paulo's IDRs are constrained by the sovereign's
ratings.

KEY RATING DRIVERS

Fiscal Performance: Neutral/Stable

Fitch expects 6% operating margins until 2020. In 2017, the
operating margin reached 6.8%, according to Fitch's calculation.
Sao Paulo presents above average fiscal flexibility as tax revenue
corresponded to around 69% of operating revenue in 2017.
Additionally, Sao Paulo registered positive overall fiscal
balances over the last three years.

Fitch expects staff expenditure increases to be in line with
inflation up to 2019, reflecting the state's historical capacity
to adequately manage expenditures. Sao Paulo was able to keep
personnel expenditures under control in 2017 since operating
expenditures expanded at a low rate of around 4.5% to BRL202.8
billion. Personnel expenditures, including pension payments,
accounted for 55.3% of operating expenditures in 2017 (55.6% in
2016), according to Fitch's calculation.

Debt and Liquidity: Neutral/Stable

In 2017 Sao Paulo's consolidated debt of BRL270.1 billion
represented 124% of operating revenue, or 27.8 years of the
current balance. As a mitigating factor, the majority of debt, or
around 90%, is owed to the federal government, an amicable
creditor. Additionally, the payback ratio (financial or direct
debt/current balance) considering only the financial debt reached
2.5 years, which is lower than local and international peers rated
at the 'BB' category.

The amount of new loans should reach BRL12.7 billion by 2020,
corresponding to around 5% of direct risk. Sao Paulo has a below
average appetite for risk. Less than 10% of Sao Paulo's debt is
U.S. dollar denominated, somewhat insulating the state from the
recent depreciation of the Brazilian real.

Despite some decrease in 2017, Sao Paulo's consolidated cash
position of BRL23.2 billion in 2017 covered 20.7% of annual
personnel expenditure (21.8% in 2016), denoting an adequate
overall liquidity position when compared to peers rated at the
'BB' category.

Economy: Strong/Stable

Sao Paulo is the largest economy in Brazil, with a powerful
manufacturing sector. Sao Paulo's contribution to Brazil's GDP has
slightly decreased in the last five years, posting an estimated
GDP of around BRL2.2 trillion in 2017, or roughly 1/3 of Brazilian
GDP.

Sao Paulo is home to around 45 million people, equal to
approximately 22% of the Brazilian population, thus implying a GDP
per capita of around USD15,000. The unemployment rate reached
16.9% in March 2018, according to Fundacao Seade/Dieese, which is
higher than Brazil's overall unemployment rate of 12.6%.

Management and Administration: Neutral/Stable

Sao Paulo has been able to implement sound processes and policies
for budgeting, debt and financial operations. Fitch expects Sao
Paulo to maintain its prudent fiscal management in 2018 and 2019.
In Fitch's opinion, the establishment of rainy-day reserve funds,
sinking funds for bullet debt repayments, coupled with
restrictions to use nonrecurring revenue for nonrecurring expense,
could lead Fitch to change this rating factor to strong from
neutral over the medium term.

Institutional Framework: Weak/Stable

Fitch considers the institutional framework to be weak, mostly as
a result of very low fiscal flexibility that stems from subdued
fiscal collection coupled with rigid cost structure. Moreover, the
federal government has great influence over Brazilian local and
regional governments (LRGs), as expressed by the vertical issuance
of laws, and due to the federal government being the largest LRG
creditor in many cases.

RATING SENSITIVITIES

Sao Paulo's IDRs are constrained by the sovereign's ratings.
Therefore, any rating actions affecting Brazil should result in a
similar action for Sao Paulo. A significant and consistent
deterioration in operating margin coupled with a higher level of
financial debt expressed by a Payback (direct debt/current
balance) consistently higher than the equivalent of 20 years could
exert negative pressure on Sao Paulo's ratings.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

State of Sao Paulo:

  -- Long-term Foreign and Local Currency IDRs at
'BB-'; Outlook Stable;

  -- Short-term Foreign and Local Currency IDRs at 'B';

  -- National Long-term Rating at 'AA(bra)'; Outlook Stable;

  -- National Short-term Rating at 'F1+(bra)'.


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


DOMINICAN REPUBLIC: Haiti's Distrust of Country Mars Ties
---------------------------------------------------------
Dominican Today reports that Dominican-Haitian relations expert
Rebeca Ortiz said that Haiti's distrust of the Dominican Republic
is behind what she labels the deteriorated ties between the two
countries.

She said the govt. needs to appoint people who generate confidence
to avert further mistrust, according to Dominican Today.

The report notes that Ms. Ortiz, who in the 1990s was appointed by
former President Joaquin Balaguer as a liaison with former despot
Raoul Cedras, also noted that ties with Haiti must be managed
according to its mentality and idiosyncrasy, the report relays.
"It's a very unique country, they kill among themselves, but they
come together," the report quoted Ms. Ortiz as saying.

"The Haitian is the most distrustful person that exists: he
doesn't do business with you because you offer him the best, but
because you instill trust in him.  The Haitian, when he comes
here, makes agreements with the Dominican Republic; there is not
one person that he trusts, which was what president Joaquin
Balaguer utilized, that's why you see that deterioration in
relations," she added, the report notes.

Interviewed on El Nuevo Diario by Leonardo Jaquez, Ms. Ortiz said
Balaguer knew how to handle the Haitian idiosyncrasy and that's
why he avoided many conflicts, and bilateral ties remained in
harmony, the report relays.  "That doesn't exist anymore because
many Dominican officials and businessmen conduct big business with
Haiti," Ms. Ortiz added.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings has assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


DOMINICAN REPUBLIC: Central Bank to Ease 'Critical' Dollar Pinch
----------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic decided to intervene in the exchange market to meet the
demand for US dollars that has spiraled in recent days.

The announcement comes less than 24 hours after industrial leader
Antonio Taveras warned of a "critical" shortage of dollars,
according to Dominican Today.

Central banker Hector Valdez Albizu stressed that the dollars from
the Govt.'s US$1.3 billion bond issue will also be entering the
market, "with which the international reserves will be around
US$7.7 billion," the report notes.

"These currencies will favor the continued normalization of the
flow of foreign currency in the country, contributing, in
addition, to reduce possible pressures on the price of the
currency," Mr. Albizu said in a statement obtained by the news
agency.

He added that the current demand corresponds to the Dominican
economy's performance, which posted a growth of 6.6% from January
to May, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings has assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


DOMINICAN REPUBLIC: Industries Warn That Dollar Crunch is Critical
------------------------------------------------------------------
Dominican Today reports that Herrera National Industries
Association (Aneih) President, Antonio Taveras warned that the
lack of dollars in the market is critical, and affirms that it
leads to a failure in payments to international suppliers.

In a press conference, the business leader said that while the
Central Bank has yet to respond to the problem, companies with
sufficient liquidity in Dominican pesos are forced to borrow in
dollars to make financed transfers and meet their commitments
abroad, according to Dominican Today.

The report notes that Mr. Taveras said it's deplorable that the
monetary policy regulator act like "a policeman," which limits the
flow of foreign currency to companies whose only objective is to
producing goods and services and maintain employment stability.

The business leader warned that if the figures on the growth of
the economy and the increase of remittances are true, there should
not currently be any kind of shortage of dollars in the country,
the report relays.

He noted that while it's true the Finance Ministry's US$1.30
billion bond issue contributes to the availability of dollars in
the market, it's a short-term measure, the report notes.  "Deeper
decisions are needed to ensure that the economic sector gets
access to foreign currency in the long term," he said, the report
discloses.

"We demand from the governor of the Central Bank an immediate
response, that the Governor explains, where are the dollars with
which the Dominican financial system has to respond to the demands
of the productive sector?" he added, notes Dominican Today.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings has assigned a 'BB-' rating to
Dominican Republic's USD1.3 billion bonds, maturing July 2028. The
notes have a coupon of 6%.  Proceeds from the issuance will be
used for general purposes of the government, including the partial
financing of the 2018 budget.


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


JAMAICA: Drought Affects Regional Sugar Production
--------------------------------------------------
RJR News reports that the Sugar Association of the Caribbean (SAC)
is reporting that drought conditions are having an adverse effect
on the majority of regional sugar producers.

However, it is still optimistic that production of the current
crop will be completed by the end of July, according to RJR News.

During the month of May, all Caribbean sugar producers were in
production, with Belize topping the list with 23,628 tons,
followed by Guyana with 15,178 tons, Jamaica with 10,198 tons and
Barbados 5,673 tons, the report relays.

The year-to-date sugar production up to the end of May stood at
337,116 tons, with Guyana leading the way, followed by Belize,
Jamaica and Barbados, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


JAMAICA: Hike in Inflation
--------------------------
RJR News reports that inflation reached 2.8 per cent in the 12
months to the end of June.

The Statistical Institute of Jamaica (STATIN), said the rate was
pushed by higher costs for food and fuel, according to RJR News.

The report notes that higher food prices were seen mainly for
produce such as irish potatoes, yams, carrots, lettuce and onions.

Consumers also paid more for transportation and electricity, as
fuel prices rose in June, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


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M E X I C O
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BANCOLOMBIA SA: S&P Affirms 'BB+/B' ICRs, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term
issuer credit ratings (ICRs) on Bancolombia S.A. y Companias
Subordinadas (Bancolombia). At the same time, S&P affirmed its
'BB+/B' ratings on its core entity, Bancolombia Panama S.A. The
outlook on both entities is stable.

The issuer credit ratings (ICR) on Bancolombia reflect its leading
market position in the Colombian banking system; with sound
business stability, a risk position supported by adequate
diversification, and still manageable asset quality metrics,
although they've recently worsened. The bank's capital position
remains weak, although capital indicators have improved, with a
projected risk-adjusted capital (RAC) ratio of 4.8% for the next
12 months. Bancolombia's total adjusted capital (TAC) incorporates
the preferred shares issued between 1995 and 2012 as common
equity, which strengthened our RAC ratio to 4.8% at the end of
2017 from 3.2% at year-end 2016. Despite this improvement, S&P's
assessment of the bank's capital and earnings remains unchanged.
In addition, the ratings consider that Bancolombia's large and
stable deposit base continues to support its funding profile, with
no significant liquidity needs in the near future. The stand-alone
credit profile (SACP) remains at 'bb+'.


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P E R U
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CORPORACION AZUCARERA: S&P Alters Outlook to Neg. & Affirms B+ CCR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Corporacion Azucarera
del Peru S.A. (Coazucar) to negative from stable. S&P also
affirmed its 'B+' corporate credit and issue-level ratings on the
company.

S&P said, "During the first quarter of 2018, Coazucar's operating
and financial performance was much lower deviated considerably
from our expectations, given a sharp decline in revenue and
profitability. As a result, the company posted an EBITDA margin of
11.1% and a debt to EBITDA of 9.8x as of March 31, 2018. Despite
Coazucar's efforts to increase its production and improve its cost
structure, we consider that a rebound in the company's operating
and financial performance could take longer than 12 months while
EBITDA margins to remain below 20%. In our opinion, Coazucar
continues to face several challenges such as low international
sugar prices, a slow recovery in production and backlogs from a
severe "El Ni§o" climate pattern in 2017. Moreover, the lower-
than-expected cash flow has dented Coazucar's liquidity in the
past two quarters. Although we consider that Coazucar's extended
debt maturities mitigate refinancing risk, continued shortfalls in
liquidity could jeopardize the company's operating capabilities
and further undermine its credit quality. Therefore, if liquidity
does not improve by year-end, we could reassess Coazucar's
liquidity to weak from less than adequate, which would trigger a
two-notch downgrade.

S&P said, "Our ratings on Coazucar continue to reflect its
dominant position in the Peruvian market, limited scale of
operations compared with those of its global peers, and geographic
and product concentration. Moreover, despite our expectations of a
slow recovery in Coazucar's profitability with EBITDA margins
trending towards 20% in the next 12 months, we believe the
company's EBITDA margins will remain lower than those of its rated
industry peers."


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


PUERTO RICO: Gov. Names New PREPA Head After Board Members Quit
---------------------------------------------------------------
Reuters reports that Puerto Rico's governor named a new executive
director of the bankrupt Puerto Rico Electric Power Authority
(PREPA), following the resignation of its former head and four of
the utility's seven-member board.

Jose Ortiz will replace Rafael Diaz-Granados, who quit a day after
being named executive director, leaving the utility with no
leadership amid a massive restructuring effort following
devastation wrought by Hurricane Maria last September, according
to Reuters.

The report notes that Diaz-Granados and the four other board
members resigned after Puerto Rico Governor Ricardo Rosello
blasted them for agreeing to pay Diaz-Granados an annual salary of
$750,000.  The PREPA board unanimously elected Mr. Ortiz, an
engineer, to the post, Rosello's office said in a tweet.  Mr.
Ortiz, the fifth PREPA executive director named since the
hurricane devastated the island and its electric grid last
September, is due to take office on July 23, the report relays.

After the resignations, the governor appointed two new members to
join the remaining two members on the PREPA board, the report
adds.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst &
Youngis the Board's financial advisor, and Citigroup Global
Markets Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch
Alternative Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.
The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.


STONEMOR PARTNERS: Widens Net Loss to $75.2 Million in 2017
----------------------------------------------------------
Stonemor Partners L.P. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$75.15 million on $338.22 million of total revenues for the year
ended Dec. 31, 2017, compared to a net loss of $30.48 million on
$326.23 million of total revenues for the year ended Dec. 31,
2016.

As of Dec. 31, 2017, Stonemor had $1.75 billion in total assets,
$1.66 billion in total liabilities and $91.69 million in total
partners' capital.

"We recently have not had sufficient cash from operations to pay
distributions to our unitholders after we have paid our expenses,
including the expenses of our general partner, funded merchandise
and perpetual care trusts and established necessary cash reserves,
and we may not have sufficient cash to resume paying distributions
or restore them to previous levels," the Company stated in the
Annual Report.

"While the Partnership relies heavily on its cash flows from
operating activities, borrowings under its credit facility and the
issuance of additional limited partner units to execute its
operational strategy and meet its financial commitments and other
short-term financial needs, the Partnership cannot be certain that
sufficient capital will be generated through operations or
available to the Partnership to the extent required and on
acceptable terms.  Moreover, although the Partnership's cash flows
from operating activities have been positive, the Partnership has
experienced negative financial trends which, when considered in
the
aggregate, raise substantial doubt about the Partnership's ability
to continue as a going concern.  These negative financial trends
include:

   * net losses from operations due to an increased competitive
     environment, a decrease in the size of the Partnership's
     sales force in 2016 (which negatively impacted the
     Partnership's production and billing activity in 2016 and
     2017), an increase in professional fees and compliance costs
     associated with the restatement of the Partnership's
     historical financial statements and an increase in consulting

     fees associated with the Partnership's planned adoption of
     the Accounting Standard Codification ("ASC") 606, Revenue
     from Contracts with Customers;

   * a decline in billings coupled with the increase in
     professional, compliance and consulting expenses, tightened
     the Partnership's liquidity position and increased reliance
     on long-term financial obligations, which in turn limited the

     Partnership's ability to pay distributions;

   * a goodwill impairment charge of $45.6 million during the
     fourth quarter of 2017; and

   * the Partnership's failure to comply with certain debt
     covenants required by the Partnership's credit facility due
     to the Partnership's inability to complete timely filings of
     its Annual Reports on Form 10-K and Quarterly Reports on Form

     10-Q, as well as exceeding of the maximum consolidated
     leverage ratio financial covenant for the quarters ended
     December 31, 2017 and March 31, 2018.  As further disclosed
     in the credit facility subsection in Note 9, these failures
     constituted defaults that the Partnership's lenders agreed to

     waive.

"During 2017 and to date in 2018, the Partnership has implemented
(and will continue to implement) various actions to improve
profitability and cash flows to fund operations.  When considered
in the aggregate, the Partnership believes these actions will
alleviate substantial doubt about the Partnership's ability to
continue as a going concern over the next twelve-month period."

A full-text copy of the Annual Report is available for free at:

                      https://is.gd/EEuzos

                     About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 93
funeral homes in 27 states and Puerto Rico.  StoneMor is the only
publicly traded death care company structured as a partnership.
StoneMor's cemetery products and services, which are sold on both
a pre-need (before death) and at-need (at death) basis, include:
burial lots, lawn and mausoleum crypts, burial vaults, caskets,
memorials, and all services which provide for the installation of
this merchandise.

                           *    *    *

In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate
credit rating on StoneMor Partners L.P.  S&P said, "The rating
affirmation reflects our expectation that the company can generate
operating cash flow of approximately $25 million in 2018 to
support operating needs for at least another year."


TOYS R US: Fee Examiner Taps Hathaway Adair as Legal Counsel
-----------------------------------------------------------
Nancy Rapoport, the fee examiner appointed in the Chapter 11 case
of Toys "R" Us, Inc., seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to hire Hathaway Adair,
P.C., as her legal counsel.

The firm will advise the fee examiner regarding local rules and
procedures; assist with any evidentiary matters; and provide other
legal services related to the bankruptcy cases of Toys "R" Us and
its affiliates.

Deanna Hathaway, Esq., a partner at Hathaway and the attorney who
is likely to represent the fee examiner, charges an hourly fee of
$395.  Legal assistants charge $75 per hour.

Ms. Hathaway disclosed in a court filing that her firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Hathaway disclosed that her firm has not agreed to any variations
from, or alternatives to, its standard or customary billing
arrangements; and that no Hathaway professional has varied his
rate based on the geographic location of the Debtors' cases.

The firm has not yet submitted a prospective budget or staffing
plan, Ms. Hathaway also disclosed.

The firm can be reached through:

     Deanna H. Hathaway, Esq.
     Hathaway Adair, P.C.
     710 N. Hamilton St., Suite 100
     Richmond, VA 23221
     Phone: 804-257-9944
     Fax: 804-325-3178
     Email: deanna@hathawayadair.com
     Email: info@hathawayadair.com

                      About Toys R Us, Inc.

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise was sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.  Merchandise was also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice.  The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, were not part of the Chapter 11 filing and CCAA
proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.

                        Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                   Liquidation of U.S. Stores

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

                         Propco I Debtors

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

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

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE
II Trust, and Wayne Real Estate Company LLC (collectively, "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.


                            ***********


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.

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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.

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