/raid1/www/Hosts/bankrupt/TCRLA_Public/180724.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 24, 2018, Vol. 19, No. 145


                            Headlines



A R G E N T I N A

* ARGENTINA: Finance Minister Meets With Swiss Counterpart


B A R B A D O S

CARIBBEAN LED: Feels Effects of Foreign Debt Payments Default


B R A Z I L

CCB BRASIL: Moody's Withdraws Ba1 Rating on Business Reasons
CHINA CONSTRUCTION: Moody's Withdraws 'Ba1' LT FC Deposit Rating


C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms 'BB' LT IDRs, Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: No Shortcuts to Stable Dollar Supply


G U A T E M A L A

ENERGUATE: Fitch Affirms 'BB' LT IDRs, Outlook Stable


J A M A I C A

DIGICEL INTERNATIONAL: Bank Debt Trades at 4% Off


M E X I C O

MEXICO: President-Elect Vows Improvements to Deter Migration


P E R U

NAUTILUS INKIA: Fitch Affirms 'BB' LT IDRs, Outlook Stable


P U E R T O    R I C O

RIQUELME E HIJOS: Taps Gloria Irizarry as Legal Counsel
STONEMOR PARTNERS: Oaktree Entities Acquire 11.8% Stake
TOYS R US: Propco I Debtors Tap Kirkland as Legal Counsel
TOYS R US: PropCo I Debtors Tap A&M as Restructuring Advisor


T R I N I D A D  &  T O B A G O

CL FIN'L: Transfer of 4 Assets to Government Valued $6.352BB


                            - - - - -



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A R G E N T I N A
=================


* ARGENTINA: Finance Minister Meets With Swiss Counterpart
----------------------------------------------------------
EFE News reports that Argentine Finance Minister Nicolas Dujovne
met with his Swiss counterpart Ueli Maurer, who traveled to Buenos
Aires for the conference of G-20 finance and economy ministers.

The Swiss official expressed his "strong support for Argentina's
economic policies" as well as for the South American nation's bid
to join the Organization for Economic Cooperation and Development,
according to EFE News.

The report notes that Mr. Maurer arrived in Buenos Aires with a
large delegation of Swiss businesspersons who seek to explore
investment opportunities in Argentina.

The minister was accompanied to the meeting with Dujovne by the
chairman of the Swiss National Bank, Thomas Jordan, and the head
of the Swiss Bankers Association, Herbert Scheidt, among other
banking executives, the report relays.

Mr. Maurer will also deliver a speech at an event on
digitalization and fintech, which is being organized by the Swiss
Embassy in Buenos Aires and the Swiss Bankers Association, the
report relays.

During his visit to Argentina, Mr. Maurer is expected to attend
bilateral meetings with other G20 ministers, with the presidents
of the central banks of Brazil and Argentina, and with business
representatives, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2018, S&P Global Ratings affirmed on June 4, 2018, its
'B+' long-term sovereign credit ratings on the Republic of
Argentina. The outlook on the long-term ratings remains stable.
S&P also affirmed its short-term sovereign credit ratings on
Argentina at 'B', its 'raAA' national-scale ratings, and its
transfer and convertibility assessment of 'BB-'.

S&P said the stable outlook incorporates its expectation that
the Macri Administration will implement additional austerity-based
economic measures in the coming six months to contain and soon
reverse the deterioration in inflation dynamics, reduce the fiscal
deficit, and stabilize the economy. S&P expects the government's
decision to enter into an agreement with the International
Monetary Fund (IMF) will help sustain investor confidence and
maintain its access to capital market funding for its large fiscal
deficits. S&P expects that effective implementation of corrective
economic policies, including revised budgetary targets for this
year and next, will set the stage for better policy predictability
and continuity over the next several years.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.



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


CARIBBEAN LED: Feels Effects of Foreign Debt Payments Default
-------------------------------------------------------------
Caribbean360.com reports that Caribbean LED Lighting Inc has
become one of the latest casualties of Government's decision to
default on its foreign debt payments.

The decision to immediately suspend debt payment to international
commercial creditors was announced by Prime Minister Mia Mottley a
week after taking control of the reins of Government on May 24, as
she pointed to an out-of-control national debt in the order of
BDS$15 billion (US$7.5 billion) or 175 per cent of gross domestic
product, according to Caribbean360.com.

Due to that development, the Ontario-based export credit agency
Export Development Canada (EDC) implemented new restrictive
measures to its credit insurance coverage for Barbados, resulting
in Canadian manufacturers and suppliers that receive assistance
from EDC demanding upfront payment from Barbadian businesses when
they make an order, instead of giving them a grace period, the
report notes.

During the Barbados Chamber of Commerce and Industry (BCCI)
luncheon at the Lloyd Erskine Sandiford Centre, which was attended
by the Prime Minister, founder and executive chairman of Caribbean
LED, Jim Reid, complained that his seven-year-old company was
finding it more expensive to do business, the report relays.

The report notes that Mr. Reid said while he understood why the
debt restructuring was necessary, it was affecting the overall
cost of his operations.

"We get suppliers from seven countries and one of those is Canada,
and that contract for supply was underwritten by the export
government corporation, which is now withdrawing support for
Barbados, which means we cannot get any credit terms from the
supplier," the report quoted Mr. Reid as saying.

"We have to pay up front. That is an extra cost to our business
and we are competing with very cheap, and I would say somewhat
inferior products from China," Mr. Reid said, the report relays.

In openly complaining that "the law of unintended consequences has
hit us hard", the businessman explained to Mr. Mottley that while
"you did what you thought was right for the country and I agree
with you, . . .  the impact of that is hurting manufacturers here
who [seek] credit terms with suppliers," the report notes.

"We understand the Prime Minister had no other choice than to do
what she did and we support her decision. It is just that the pain
when we are all going to carry the load, sometimes the pain can
hurt individual companies differently and in this case it has
really hurt us," Mr. Reid later told online newspaper Barbados
Today, explaining that firms like his would normally be given up
to 60 days credit after ordering supplies, which means they would
usually be able to make payments after receiving their shipments,
manufacturing their products here and selling them, the report
says.

"So you are talking about five to six months before we get our
money, so it makes it more difficult to do business . . . . We are
growing, but this just makes it difficult for us to do business in
Barbados," he insisted, the report notes.

However, in response to those concerns, the Prime Minister was
adamant that her move was necessary given Barbados' dire debt
situation, which she inherited from the previous Democratic Labor
Party Government, the report discloses.

At the same time, she apologized to local firms who were feeling
the effects of the credit default, the report notes.

"I am sorry. I appreciate the difficulty, but I would like also to
give you the confidence of knowing that in every phase where a
country has gone through debt restructuring, as long as they have
taken the steps to undergo a resumption of fitness that within
two, three or four years, they access international capital
markets again," the Mr. Mottley said, the report relays.

"We don't want to do like those countries that went through debt
restructuring, went back to bad behavior and found themselves in a
second debt restructuring, . . . but we accept that there would
have been, regrettably, some unintended consequences, because we
can't literally live how we were living, with debt, and not expect
to have some kind of pain or consequences," she added, while
offering to meeting with Reid to further discuss the matter with a
view to finding a possible solution, the report notes.

Caribbean LED, which currently exports to 18 countries, recently
won contracts in Suriname and the Bahamas.  After starting
operations here in 2011, the company quickly outgrew its location
and had to double its floor space in 2013, hiring about 30 people
at that time.  The company then moved to another location and then
to its current one in February after it was forced to double its
floor space again. It employs 50 full-time workers and produces
more than 1,000 bulbs per day.



===========
B R A Z I L
===========


CCB BRASIL: Moody's Withdraws Ba1 Rating on Business Reasons
------------------------------------------------------------
Moody's America Latina Ltda. has withdrawn all ratings assigned to
CCB Brasil Arrendamento Mercantil SA (CCB Brazil Leasing),
including the long-term global local-currency issuer rating of Ba1
and the long-term Brazilian national scale issuer rating of
Aaa.br. Before the withdrawal, the outlook on the global local-
currency issuer rating was negative.

The following ratings were withdrawn:

Issuer: CCB Brasil Arrendamento Mercantil SA

  Long-Term Global Local Currency Issuer Rating, previously rated
  Ba1, negative

  Long-Term Brazilian National Scale Issuer Rating, previously
  rated Aaa.br

Outlook Actions:

Issuer: CCB Brasil Arrendamento Mercantil SA

  Outlook, Changed To Rating Withdrawn From Negative

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.


CHINA CONSTRUCTION: Moody's Withdraws 'Ba1' LT FC Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and
assessments assigned to China Construction Bank (Brasil) S.A. (CCB
Brazil). Before the withdrawal, the outlook on the global local
currency deposit rating was negative and the outlook on the global
foreign currency deposit rating was stable.

At the same date, Moody's has also withdrawn all ratings and
assessments assigned to China Construction Bank (Brasil) S.A.,
Cayman.

The following ratings and assessments were withdrawn:

Issuer: China Construction Bank (Brasil) S.A.

  Long-Term Global Local Currency Deposit Rating, previously rated
  Ba1

  Short-Term Global Local Currency Deposit Rating, previously
  rated Not Prime

  Long-Term Global Foreign Currency Deposit Rating, previously
  rated Ba3

  Short-Term Global Foreign Currency Deposit Rating, previously
  rated Not Prime

  Long-Term Senior Unsecured MTN Program Rating, previously rated
  (P)Ba1

  Long-Term Subordinated Debt Rating, previously rated Ba2

  Long-Term Local Currency Counterparty Risk Rating, previously
  rated Baa3

  Short-Term Local Currency Counterparty Risk Rating, previously
  rated Prime-3

  Long-Term Foreign Currency Counterparty Risk Rating, previously
  rated Ba1

  Short-Term Foreign Currency Counterparty Risk Rating, previously
  rated Not Prime

  Long-Term Brazilian National Scale Deposit Rating, previously
  rated Aaa.br

  Short-Term Brazilian National Scale Deposit Rating, previously
  rated BR-1

  Long-Term Brazilian National Scale Counterparty Risk Rating,
  previously rated Aaa.br

  Short-Term Brazilian National Scale Counterparty Risk Rating,
  previously rated BR-1

  Baseline Credit Assessment, previously rated b2

  Adjusted Baseline Credit Assessment, previously rated ba1

  Long-Term Counterparty Risk Assessment, previously rated
  Baa3(cr)

  Short-Term Counterparty Risk Assessment, previously rated
  Prime-3(cr)

Issuer: China Construction Bank (Brasil) S.A., Cayman

  Long-Term Senior Unsecured MTN Program Rating, previously rated
  (P)Ba1

  Long-Term Local Currency Counterparty Risk Rating, previously
  rated Baa3

  Short-Term Local Currency Counterparty Risk Rating, previously
  rated Prime-3

  Long-Term Foreign Currency Counterparty Risk Rating, previously
  rated Ba1

  Short-Term Foreign Currency Counterparty Risk Rating, previously
  rated Not Prime

  Long-Term Counterparty Risk Assessment, previously rated
  Baa3(cr)

  Short-Term Counterparty Risk Assessment, previously rated
  Prime-3(cr)

Outlook Actions:

Issuer: China Construction Bank (Brasil) S.A.

  Outlook, Changed To Rating Withdrawn From Negative(m)

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

China Construction Bank (Brasil) S.A. is headquartered in Sao
Paulo, Brazil, with assets of BRL19.4 billion and shareholders'
equity of BRL1.79 billion as of December 31, 2017.



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C O S T A   R I C A
===================


INSTITUTO COSTARRICENSE: Fitch Affirms 'BB' LT IDRs, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (ICE) Long-Term Foreign and Local Currency Issuer
Default Rating (IDRs) at 'BB'. The Rating Outlook remains
Negative.

KEY RATING DRIVERS

Sovereign on Negative Outlook: The sovereign outlook reflects
Costa Rica's diminished flexibility to finance its rising budget
deficits and public debt burden, as well as persistent
institutional gridlock preventing progress on reforms to correct
the fiscal imbalances. Fitch's prior expectations that the economy
will remain insulated from fiscal stress is at risk due to initial
signs that private investment is experiencing a crowding out
effect, while the sovereign's reliance on the local capital market
to meet its high financing needs is facing greater strain.
Uncertain prospects for fiscal reform imply continued large
deficits and a rapidly rising debt burden.

Weaker Standalone Credit Quality: ICE's standalone credit quality
is in line with a 'BB-' Long-Term rating, should the company's
situation change and it is no longer owned by the state. This
standalone credit assessment assumes that ICE's currently funding
conditions would not remain the same absent ownership support from
the government. Additionally, local funding for its subsidiary,
Compania Nacional de Fuerza y Luz (CNFL), could be limited absent
government support or ICE's support.

High Exposure to Regulatory and Political Interference: ICE is
exposed to regulatory interference risk given the lack of clear
and transparent electricity tariff schedules. The company proposes
electricity tariffs for end-users to the regulator annually; in
previous years, regulatory and political interference affected the
tariff adjustment process. Electricity tariffs are set using two
mechanisms: through the quarterly adjustment of variable costs of
fuel (CVC) in place since 2013, and the ordinary tariff review
that considers the operating costs. Tariff for consumption of less
than 200kwh for residential users is capped at CRC91/kwh, as the
government is committed to maintain adequate tariffs without
significant increases.

Diversified Asset Portfolio: ICE is a vertically integrated
monopoly in the electricity industry and the incumbent player in
the telecommunications industry in Costa Rica. ICE's mobile market
share in terms of subscribers was approximately 51% as of December
2017. The ratings reflect the company's low business risk
resulting from its business diversification and positive
characteristics as a utility service provider.

The company had an installed capacity of 2,481 MW as of May 2018,
including the generation plants of its subsidiary, CNFL. ICE is
the exclusive owner of the national transmission grid. The
National Electric System (SEN) is composed of ICE, two municipal
companies, and four rural electrification cooperatives. There are
also private generators that sell energy to ICE. The SEN installed
capacity is 3,574MW as of May 2018, 1.2% increase compared to
2017.

DERIVATION SUMMARY

ICE's Negative Outlook reflects the current Outlook on Costa
Rica's Long-Term Foreign and Local Currency 'BB' IDRs. ICE's
ratings are supported by its linkage to Costa Rica's sovereign
rating, due to the company's government ownership and the implicit
and explicit expectation of government support. The ratings
reflect the company's diversified asset portfolio, adequate
financial profile, aggressive capital expenditure program geared
toward increasing renewable generation capacity and maintaining a
strong market share position in the telecommunications business.
Regarding Peers, ICE has a lower scale of operations compared to
Comison Federal de Electricidad (BBB+/Stable) and Empresas
Publicas de Medellin E.S.P (BBB/Negative), but greater than AES
Panama, S.R.L. (BBB-/Positive). In terms of leverage, ICE's 6.1x
is much higher than its peer average of 3.1x and a lower interest
coverage (3.4x vs. peer average of 5.3x).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- The strong linkage between the sovereign rating of Costa Rica
     and ICE continues;

  -- ICE remains important to the government as a strategic asset
     for the country;

  -- ICE will continue to support its subsidiaries in terms of its
     financial obligations, and as advisor on operational or
     technical issues, when needed or required;

  -- Electricity demand organic growth between 1% - 2%;

  -- Average gross leverage of 6.0x over the rating horizon;

  -- Capex: In line with the company's budget, 2018 includes
     maintenance for Reventazon Hydro;

  -- No changes inTariff Methodology are expected in the medium
     term.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- ICE's ratings could be affected positively by an upgrade of
     Costa Rica's sovereign rating.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- ICE's ratings could be negatively affected by any combination
     of the following: sovereign downgrade; weakening of legal,
     operational and/or strategic ties with the government; or
     regulatory intervention that negatively affects the company.

LIQUIDITY

Adequate Liquidity: ICE has financed capex with owned resources
and new debt. Debt related to electricity projects represents
approximately 90% of total debt, and the remaining debt is capex
spent on the telecommunications sector projects. ICE's has
additional funding sources such as non-committed credit lines
approved at USD533 million as of May 2018, 19.4% of which has been
disbursed. ICE has a good debt schedule were 96% is due in more
than five years.

FULL LIST OF RATING ACTIONS

Instituto Costarricense de Electricidad y Subsidiarias

  -- Long-Term Foreign Currency IDR at 'BB'; Outlook Negative;

  -- Long-Term Local Currency IDR at 'BB'; Outlook Negative;

  -- Senior unsecured debt at 'BB'.

  -- Long-Term National Scale rating affirmed at 'AAA(cri)';
     Outlook Stable;

  -- Senior unsecured debt National Scale rating affirmed at
     'AAA(cri)'.



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


DOMINICAN REPUBLIC: No Shortcuts to Stable Dollar Supply
--------------------------------------------------------
Dominican Today reports that Haina and South Region Industries
Association president Bredyg Disla said a stable dollar supply in
the market won't be achieved with short-term measures and urged
structural policies with real long-term solutions.

Ms. Disla said the Dominican Republic's great challenge is to
increase exports, the influx of tourists and attract foreign
investment to always have the dollars the Government and business
demand to meet international commitments, according to Dominican
Today.

"Working on these three axes guarantees the best results, but to
achieve them we need continuous, coherent public policies, public-
private coordination and a business environment with predictable
rules of the game and legal security," the report quoted Ms. Disla
as saying.

She said in that way the benefits of an export economy could be
felt in a few years, "which cannot be achieved from one moment to
the next," the report notes.

The business leader said just like any monetary policy regulator
in the world, the Central Bank acts correctly by injecting dollars
into the market to stabilize the supply and avoid movements of the
exchange rate not in keeping with the year's monetary planning,
the report relays.

Ms. Disla noted, however, that the injection of dollars to balance
supply with demand will only have short term effects, while
cyclically the same scenario will be repeated: entrepreneurs and
merchants on waiting lists in banks and the Central Bank
maneuvering to supply the demand.

"It serves very little to wear ourselves down in criticizing the
Central Bank, the exchange rate policy and the probable hoarding
of dollars, because these are standpoints that remain on the
surface.  The big challenge is to export more to have the dollars
we need," she 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.



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G U A T E M A L A
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ENERGUATE: Fitch Affirms 'BB' LT IDRs, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Energuate Trust's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB'. The rating
action affects USD330 million in aggregate of notes outstanding
due 2027. The Rating Outlook is Stable.

Energuate's ratings consider the combined operations of
Distribuidora de Electricidad del Oriente S.A. (DEORSA) and
Distribuidora de Electricidad del Occidente S.A. (DEOCSA), and
primarily reflect its close linkage to the Guatemalan government
vis-a-vis the receipt of subsidy payments. While the company's
credit profile is supported by its natural monopoly in its
concession area, its exposure to socio-economically unstable
regions within the country creates a challenging environment for
maximizing profitability and operational efficiency. Additionally,
Energuate's consolidation under Nautilus Inkia Holdings LLC
(BB/Stable) provides it with the implicit support of a growing
multinational energy company that considers it a strategic part of
an increasingly diversified asset base.

KEY RATING DRIVERS

Government Subsidies Provide Stable Cashflow: As Energuate's
operations are focused in rural Guatemala, the bulk of its clients
(approximately 76%) are low consumption users that qualify for
government subsidies. Although these clients represented only
around 16% of Energuate's revenues in 2017, the component of their
usage that is invoiced directly to the government has represented
a reliable and significant source of cashflow, historically
equivalent to any given year's EBITDA. Moreover, in contrast to
rural clients whose delinquency rates consistently require around
USD25 million of bad debt provisions, the government regularly
makes its subsidy payments on a monthly basis. Lately, as in El
Salvador, weak hydrology has impacted the country's hydroelectric
generator's cashflow, and could put pressure on subsidy payments
in the future.

The country's weak governance indicators highlight potential
vulnerabilities to companies operating in sectors subject to
significant regulatory interference. However, as Fitch continues
to view Guatemala's macroeconomic condition as stable, the
benefits that this relationship confers to Energuate outweigh the
risks.

Geographic Factors Discourage Competition: Energuate's concessions
cover the northwest and northeast parts of Guatemala. Given the
low population density and high investment requirements to reach
new clients, material competition is unlikely. This effectively
mitigates risks related to the non-exclusivity of the concession.
The companies operate approximately 71,132 km of distribution
lines delivering 2,246 GWh of electricity across an area of
approximately 100,000 km2.

Challenging Structural Inefficiencies: The strained socioeconomic
condition of rural Guatemala has several operational consequences
for Energuate, including high incidences of energy theft, violent
crime that prevents the regular maintenance of its network, and an
underdeveloped formal economy resulting reduced collection rates.
In an attempt to address some of these endemic challenges,
Energuate has increased its internally funded capex by
approximately 75%, and expects to maintain these levels for the
foreseeable future. Particular emphasis will be given to pursuing
technological improvements reducing energy theft and improving
response times when and where it occurs.

Strategic Importance to Its Parent: As part of Nautilus Inkia
Holdings LLC's (BB/Stable) portfolio of Latin American energy
assets, Energuate adds material cashflows and business
diversification to the growing group's consolidated profile. I
Squared Capital's acquisition of Inkia in 2017 further reduces the
likelihood of opportunistic cash extraction from Energuate as it
executes key investments to improve operational sustainability.

DERIVATION SUMMARY

In spite of margin compression in the last couple years
Energuate's profitability continues to compare favorably with
regional peers such as AES El Salvador Trust II (AES SLV; B-
/Stable), Eletropaulo Metropolitana Electricidade de Sao Paolo
S.A. (BB/Stable), and Elektra Noreste S.A. (ENSA; BBB/Stable). Its
weaker margins in the last two years reflect high levels of non-
technical energy losses compared to its peers. This has pressured
EBITDA, resulting in leverage of 5.5x at year-end 2017. While this
is relatively poor compared to the aforementioned companies (AES
SLV: 4.0x, ENSA: 3.4x, Eletropaulo: 3.4x), the distribution model
generally supports higher leverage than other industries, and
Energuate's deleveraging trajectory is in line with the 'BB'
category. Similar to AES SLV, a material component of Energuate's
cashflow comes from government subsidies. In contrast to the
Salvadoran government, Guatemalan government has historically
maintained a strict 30-day payment cycle. Nevertheless, an
increasingly fraught political environment exposes Energuate to
government counterparty risk as its central rating sensitivity.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- GDP of approximately 3.5%/ year (in line with sovereign
     forecast), translated to demand growth;

  -- Approximately 60k new customers/year;

  -- Inflation of around 3%, in line with historicals;

  -- Minimal FX fluctuation, reflecting Guatemala's managed float;

  -- No dividends in 2018; cash above USD8 million paid in
     dividends thereafter;

  -- Capex of around 35 million annually through the medium term.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

Considering Energuate's geographically limited operations and
fundamental exposure to macroeconomic conditions, an upgrade is
unlikely barring a positive rating action on the sovereign.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

A negative rating action could be possible if there were a
downgrade to Guatemala's sovereign rating. Alternately, a
significant weakening in the country's electricity regulation
system, either vis-a-vis tariff adjustments, a material change in
the subsidies received by Energuate, would also prompt a review
of the credit. Weaker operational results as a result of higher
than expected energy losses lower than anticipated tariff
increases would be viewed negatively. A downgrade of Energuate's
parent, Nautilus Inkia Holding LLC, coupled with significant
interference in Energuate's capital structure could also result
in a negative rating action.

LIQUIDITY

Energuate's cash balance is likely to see some volatility in the
near-to-medium term, as it executes key investments aimed at
addressing structural weakness in Guatemala's rural electricity
distribution sector. Although Fitch expects Energuate to upstream
dividends to its parent, Nautilus Inkia Holdings LLC, annual
amounts could vary significantly depending on the effective
implementation its strategic plans to reduce energy losses and
improve collection rates. As cash flow predictability improves,
and the company is able to establish a baseline cost structure for
capex, Fitch expects the company to pay between USD20 million and
USD30 million of dividends annually.

The volatility in Energuate's liquidity is offset by a favorable
debt maturity profile, with the bulk of its debt in the form of a
USD330 million bond due 2027. Although suspending dividend
payments would comfortably facilitate repayment of approximately
USD120 million of credit facilities amortizing in the medium-to-
long term, Fitch expects these balances to be rolled over.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Energuate Trust

  -- Long-Term Foreign Currency Issuer Default Rating (IDR) at
     'BB';

  -- Long-Term Local Currency IDR at 'BB';

  -- Senior unsecured notes rating at 'BB'.

The Rating Outlook is Stable.



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


DIGICEL INTERNATIONAL: Bank Debt Trades at 4% Off
------------------------------------------------
Participations in a syndicated loan under which Digicel
International Finance Ltd. is a borrower traded in the secondary
market at 96.17 cents-on-the-dollar during the week ended Friday,
June 29, 2018, according to data compiled by LSTA/Thomson Reuters
MTM Pricing. This represents a decrease of 0.80 percentage points
from the previous week. Digicel International pays 325 basis
points above LIBOR to borrow under the $1.052 billion facility.
The bank loan matures on May 25, 2024. Moody's rates the loan '
Ba2' and Standard & Poor's gave no rating to the loan. The loan is
one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, June 29.

DIFL is an intermediate holding company within Digicel group's
organization structure and owns operating assets in 25 markets in
the Caribbean region. DIFL is an indirect 100% owned subsidiary of
Digicel Limited (DL), which is a wholly owned subsidiary of
Digicel Group Limited (DGL), the ultimate holding company. These
companies are collectively referred to as 'Digicel'.



===========
M E X I C O
===========


MEXICO: President-Elect Vows Improvements to Deter Migration
------------------------------------------------------------
Amy Guthrie at Associated Press reports that Mexico President-
elect Andres Manuel Lopez Obrador released a seven-page letter he
sent to U.S. President Donald Trump detailing how he plans to
improve Mexico's economy and security when he takes office in
December so that Mexicans do not feel the need to migrate.

"There will be many changes," he promised in the letter, according
to The Washington Post.  "And in this new atmosphere of progress
with well-being, I'm sure we can reach agreements to confront
together the migration phenomenon as well as the problem of border
insecurity," the report quoted Mr. Obrador as saying.

Lopez Obrador also suggested the two countries draft a development
plan backed by public funds and invite Central American countries
to join, with the aim of making it "economically unnecessary" for
Central Americans to migrate, according to Associated Press.

Marcelo Ebrard, who is slated to become Mexico's foreign minister,
read the letter aloud to reporters gathered at Lopez Obrador's
political party headquarters, the report relates.  Ebrard said
Trump had received the letter, the report notes.

The incoming Mexican president plans to cut government salaries,
perks and jobs, the report relays.  Savings from those cuts, he
says, will be directed toward social programs and infrastructure,
the report notes.  He also plans to reduce taxes for the private
sector in the hopes of spurring investment and job creation, the
report says.

Lopez Obrador said that some of his future collaborators in
government posts have offered to work for free during his six-year
term, the report relays.  Several of his proposed Cabinet members
are independently wealthy, the report discloses.

"It's an enormous privilege to participate in a process of
transformation.  There's no price on this," the president-elect
said, the report notes.

The report relays that Mr. Obrador said he will publish salaries
of government employees, from high-ranking ministers to police
officers.  He also said his political party, Morena, will turn
down the extra public financing it is supposed to receive next
year because it won additional seats in Congress, the report adds.

The report relays that Lopez Obrador said Morena could collect up
to 1.4 billion pesos (US$73.5 million) and more than double what
it was allocated for 2018.  Mexican electoral authorities assigned
the party 650 million pesos for this year, the report says.

"That's too much in an atmosphere of austerity," Lopez Obrador
said, the report notes.

He said he doesn't want Morena to turn into an economic power with
career politicians who forget that their mission is to serve the
people, the report adds.



=======
P E R U
=======


NAUTILUS INKIA: Fitch Affirms 'BB' LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Nautilus Inkia Holding LLC's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'.
The rating action affects USD600 million in aggregate of notes
outstanding due 2027. The Rating Outlook is Stable.

Inkia's ratings are supported by its strong competitive position
in the Peruvian electricity generation sector and broad geographic
footprint throughout Latin America. The company's Peruvian
operations are primarily captured under its subsidiary Kallpa
Generacion S.A. (BBB-/ Stable Outlook), which consists of a 555MW
base-load hydroelectric plant and two thermal generation plants
with aggregate installed capacity of 1,063MW. In addition, Inkia's
ownership of the Energuate-branded distribution companies
Distribuidora de Electricidad del Oriente S.A. (DEORSA) and
Distribuidora de Electricidad del Occidente S.A. (DEOCSA) provides
Inkia with a broader geographic and business risk profile. Inkia's
ratings are constrained by its intense and ongoing expansion
strategy which carries concomitant execution risks and a weaker
capital structure driven by capex.

KEY RATING DRIVERS

Credit Profile Linked to Peruvian Operations: Inkia's ratings are
supported by the solid credit profile of its most important
subsidiary, Kallpa Generacion S.A. (BBB-/Stable). Kallpa's assets
consist of a 555MW base-load hydroelectric plant and two thermal
generation plants with aggregate installed capacity of 1,063MW.
Inkia has a 74.9% participation in Kallpa that is expected to
provide approximately half of Inkia's consolidated EBITDA, now
that key power purchase agreements (PPAs) signed under Cerro del
Aguila are active.

Kallpa pursues a contractual strategy that minimizes exposure to
the spot market. Its hydroelectric plant, Cerro del Aguila (CdA),
has signed PPAs for 483 MW out of an installed capacity of 555 MW.
With the activation of approximately 200MW of PPAs this year,
nearly 80% of its energy is under active contracts with high
credit quality off-takers. As of 2017, approximately 98% of
thermal energy sales were contracted under U.S. dollar-denominated
PPAs, with an average life of 5.7 years. These PPAs support the
company's cash flow stability through USD-linked payments and
pass-through clauses related to potential increases in fuel costs
or other costs due to changes in the regulatory framework. The
combination of these distinct asset types will serve to offset
seasonal volatility in spot prices and increase contractual
flexibility, strengthening cash flow stability and improving
Kallpa's already-strong competitive position in Peru.

Leverage to Improve: Inkia's stand-alone financial profile has
historically been weak for the rating category as the company
adopted an aggressive growth strategy. The company's consolidated
leverage peaked at 9.4x in 2016 as a result of increasing debt to
fund expansion capex. Deleveraging in 2016 and 2017 was slower
than anticipated due to attrition from Peru's regulated system by
smaller industrial users that instead negotiated bilateral PPAs
directly with local generators. The resulting EBITDA contraction
at Kallpa's thermal plant contributed to Inkia's continued high
leverage of 7.0x at YE16. Leverage is expected to decrease to
around 5x in 2019 and around 4.5x in the medium term, as the
staggered activation of CdA's major contracts initially linked to
the completion of the hydroelectric plant will result in rapid
EBTIDA growth. Additionally, in the medium term, Fitch expects CdA
to see some benefit from increasing spot prices.

Positive Reversal in FCF Trend: FCF has been negative in the last
four years due to aggressive capex. Total investments for Inkia's
two largest power generation projects in Peru accounted for USD1.3
billion. CdA's capex was USD975 million (61% debt funded) and
USD377 million was invested in Samay I (82% debt funded). However,
Inkia has indicated its intention to increase investment in its
Guatemalan DisCos, and improve their technological and operational
efficiency. A material reduction in consolidated capex occurred in
2017 that resulted in positive cash flow before dividends. This
trend should continue, supported by the 402MW of contracted
capacity at CdA and Inkia's 632MW cold-reserve thermal plant,
Samay I, which will receive fixed capacity payments for 18 years.
Going forward, Fitch does not expect Inkia to maintain cash above
USD100, with excess funds after debt service and capex to be paid
out to Inkia's shareholder, I Squared Capital.

Debt Structurally Subordinated: Inkia's debt is structurally
subordinated to debt at the operating companies. Total debt at the
subsidiary level amounted to approximately USD2.1 billion, or 78%
of total consolidated adjusted debt as of December 2017. The bulk
of this debt was represented by bonds taken out to replace bank
debt related to the company's projects and acquisitions. Although,
Inkia's HoldCo debt remains structurally subordinated to OpCo
debt, the refinancing of nearly USD1 billion of debt at the
subsidiary level with international bonds in 2017 effectively
eliminated onerous cash trapping mechanisms that could negatively
impact cashflow predictability to the HoldCo. Inkia's cash flow
depends on dividends received from subsidiaries and associated
companies, of which it received USD255 million in 2017.

Geographic and Business Diversification: The company is focused on
diversifying its energy asset base in Latin American markets,
where overall and per capita energy consumption has a higher
potential for growth compared to developed markets. Inkia adopted
an aggressive plant expansion strategy during the last five years,
while the Energuate acquisition provided further geographic and
business diversification in Guatemala and in the electricity
distribution sector. Energuate's EBITDA is expected to be USD91
million in 2018. Under Fitch's forecast, operations in Peru (rated
BBB+), which include Kallpa and Samay, should account for 62% of
2018 consolidated EBITDA, followed by Guatemala with 18% (BB). The
remaining EBITDA (20%) should arise from assets located mainly in
Panama (BBB), Bolivia (BB), Chile (A+), the Dominican Republic
(B+), El Salvador (B+) and Nicaragua (B+).

DERIVATION SUMMARY

Locally, Inkia has limited peers, given its overall size and asset
diversification. In Peru, Fitch also rates Orazul Energy Egenor S.
en C. por A (BB/Stable) and Fenix Power Peru S.A. (BBB-/Stable).
Orazul is expected to maintain gross leverage of above 5.0x
through the rating horizon. Although lacking Inkia's geographical
diversification, Orazul benefits from asset mix locally similar to
Inkia's subsidiary Kallpa Generacion S.A. (BBB-/Stable), with both
thermal and hydroelectric generation, albeit on a smaller scale.
Orazul's high medium-term leverage of above 5.0x under Fitch's
forecast places it at the high end of its rating level, compared
to a deleveraging trajectory for Inkia, which should take it to
around 4.5x within the rating horizon. As a single-asset generator
with a high proportion of take-or-pay costs, Fenix's deleveraging
trajectory from 6x to 3.5x over the next seven years is more in
line with a 'BB+' risk profile, but it is buoyed by its strong
shareholder support from Colbun S.A. (BBB/Stable).

Inkia presents a generally weaker capital structure relative to
its large, multi-asset energy peers in the region. Its nearest
peer in this group is the Chilean generator, AES Gener (BBB-
/Negative Watch), which is also in the midst of a deleveraging
period. Prior to an announcement regarding delays and difficulties
surrounding the construction of AES Gener's Alto Maipo plant,
Fitch forecasted deleveraging from around 5x to below 4x over the
next three years. This put the company at the upper limits of its
rating category.

Colbun S.A. and Engie Energia Chile S.A. (BBB/Stable) also compare
favourably to Inkia, with leverage consistently at or below 3.0x,
comfortably within the investment grade rating category.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Kallpa (thermal): Southern Copper PPA fully recognized in
    2018, GDP-linked demand growth.

  - CdA (hydro): ~400 MW of contracted capacity beginning in 2018;
    less than 1,000 GWh of spot sales annually.

  - Samay (cold-reserve): No Southern Gas Pipeline through rating
    horizon; load factor below 5%, fully passed through. Capacity
    payments annually adjusted by PPI.

  - Peru: average energy spot price of $12/MWh until 2021.

  - Agua Clara construction in 2018-2019, with full-year
    operations in 2020.

  - About USD500 million in capex over next four years

  - Excess cash over USD90-100 million paid as dividends (about
    USD460 million over four years)

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- A positive rating action could be considered as a result of
     leverage reduction below 4x on a sustainable basis and/or
     consistently conservative cash flow management.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- A negative rating action could be triggered by a combination
     of the following: Consolidated gross leverage remains above
     4.5x through the rating horizon following additional
     investment opportunities undertaken without an adequate
     amount of additional equity;

  -- Reduction in cash flow generation due to adverse regulatory
     issues, deterioration of its contractual position, and/or
     deteriorating operating conditions for the DisCo business;
     aggressive dividend policy;

  -- Inkia's asset portfolio becomes more concentrated in
     countries with high political and economic risk.

LIQUIDITY

Inkia's liquidity primarily relies on cash on hand and readily
monetizable assets of USD360 million as of YE2017. The company has
historically benefitted from access to local capital markets to
finance investment projects at the subsidiary level. In 2017, two
of its subsidiaries replaced nearly USD1 billion in aggregate of
syndicated loans with international bonds. In April, Energuate
Trust (BB/Stable Outlook) issued USD330 million to replace
existing debt as well as a bridge loan of USD120 million used to
fund Inkia's 2016 acquisition of the Guatemalan DisCos. In early
August, Kallpa replaced the syndicated bank facility used during
its hydroelectric plant's construction phase with a USD650 million
international bond. Fitch estimates that over 90% of Inkia's
consolidate debt is scheduled to mature after 2020, including
Inkia's USD600 million bond. Going forward, Fitch does not expect
the company to maintain cash above USD100, with excess funds paid
out to Inkia's shareholder, I Squared Capital.

FULL LIST OF RATING ACTIONS

Nautilus Inkia Holdings LLC

  - Long-Term Foreign Currency Issuer Default Rating at 'BB';

  - Long-Term Local Currency Issuer Default Rating at 'BB';

  - Senior unsecured debt rating at 'BB';

The Rating Outlook is Stable.



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


RIQUELME E HIJOS: Taps Gloria Irizarry as Legal Counsel
-------------------------------------------------------
Riquelme E Hijos, Inc., received approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Gloria Justiniano
Irizarry, Esq., as its legal counsel.

As legal counsel, Ms. Irizarry will advise the Debtor regarding
its duties under the Bankruptcy Code; prepare a plan of
reorganization; examine proofs of claim; and provide other legal
services related to its Chapter 11 case.  The attorney charges an
hourly fee of $250.

Ms. Irizarry disclosed in a court filing that she is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

Ms. Irizarry maintains an office at:

     Gloria M. Justiniano Irizarry, Esq.
     Ensanche Martinez
     8 Ramirez Silva
     Mayaguez, PR 00680-4714
     Tel: (787) 222-9272
     Fax: (787) 805-7350
     E-mail: justinianolaw@gmail.com

                    About Riquelme E Hijos

Riquelme E Hijos, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-03279) on June 11,
2018.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000.  Judge
Edward A. Godoy presides over the case.


STONEMOR PARTNERS: Oaktree Entities Acquire 11.8% Stake
-------------------------------------------------------
Oaktree Value Equity Holdings, L.P., Oaktree Value Equity Fund GP,
L.P., Oaktree Value Equity Fund GP Ltd., Oaktree Capital
Management, L.P., Oaktree Holdings, Inc., Oaktree Fund GP I, L.P.,
Oaktree Capital I, L.P., OCM Holdings I, LLC, Oaktree Holdings,
LLC, Oaktree Capital Group, LLC, Oaktree Capital Group Holdings
GP, LLC reported in a Schedule 13D filed with the Securities and
Exchange Commission that as of July 20, 2018, they beneficially
own 4,477,857 shares of StoneMor Partners L.P., which represents
11.8 percent based on a total of 37,958,645 outstanding Common
Units as of June 20, 2018, as reported by the Issuer in its Annual
Report on Form 10-K filed with the United States Securities and
Exchange Commission on July 17, 2018.

On July 20, 2018, each of the Reporting Persons entered into an
agreement in which the parties agreed to the joint filing on
behalf of each of them of statements on Schedule 13D with respect
to securities of the Issuer to the extent required by applicable
law.


A full-text copy of the regulatory filing is available at:

                       https://is.gd/pXu50K

                      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.

Stonemor reported 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.


                           *    *    *

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: Propco I Debtors Tap Kirkland as Legal Counsel
---------------------------------------------------------
Toys R Us Property Company I, LLC, received approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to hire
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as its
legal counsel.

Kirkland will advise the company and its affiliated debtors
(Propco I Debtors) on their duties under the Bankruptcy Code;
negotiate with creditors; give advice on any potential asset sale
and post-petition financing; assist in the preparation of a
bankruptcy plan; and provide other legal services related to their
Chapter 11 cases.

The firm's hourly rates range from $965 to $1,795 for partners,
$575 to $1,795 for of counsel, $575 to $1,065 for associates, and
$220 to $440 for paraprofessionals.

Kirkland holds an advance payment retainer in the sum of
$379,947.98.

Chad Husnick, Esq., president of Chad J. Husnick, P.C., a partner
of Kirkland, disclosed in a court filing that Kirkland 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, Mr.
Husnick disclosed that the firm has not agreed to any variations
from, or alternatives to, its standard billing arrangements; and
that no Kirkland professional has varied his rate based on the
geographic location of the Propco I Debtors' cases.

Mr. Husnick also disclosed that the firm represented the Propco I
Debtors during the 12-month period before their bankruptcy filing
using these hourly rates:

                            Hourly Rates
                        (03/01/17 - 12/29/17
                        --------------------
     Partners              $930 - $1,745
     Of Counsel            $555 - $1,745
     Associates            $555 - $1,015
     Paraprofessionals       $215 - $420

                            Hourly Rates
                        (12/29/17 - 03/20/18
                        --------------------
     Partners              $965 - $1,795
     Of Counsel            $575 - $1,795
     Associates            $575 - $1,065
     Paraprofessionals       $220 - $440

The Propco I Debtors have already approved the firm's budget and
staffing plan for the period March 20 to July 31, 2018, according
to Mr. Husnick.

Kirkland can be reached through:

     Edward O. Sassower, P.C.
     Joshua A. Sussberg, P.C.
     Kirkland & Ellis LLP
     Kirkland & Ellis International LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     Email: edward.sassower@kirkland.com
     Email: joshua.sussberg@kirkland.com

          - and -

     James H.M. Sprayregen, P.C.
     Anup Sathy, P.C.
     Chad J. Husnick, P.C.
     Emily E. Geier, Esq.
     Kirkland & Ellis LLP
     Kirkland & Ellis International LLP
     300 North LaSalle
     Chicago, Illinois 60654
     Tel: (312) 862-2000
     Fax: (312) 862-2200
     Email: james.sprayregen@kirkland.com
     Email: anup.sathy@kirkland.com
     Email: chad.husnick@kirkland.com
     Email: emily.geier@kirkland.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.


TOYS R US: PropCo I Debtors Tap A&M as Restructuring Advisor
-------------------------------------------------------------
Toys R Us Property Company I, LLC, received approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to hire
Alvarez & Marsal North America, LLC as its restructuring advisor.

The firm will assist the company and its affiliates (PropCo I
Debtors) in implementing their business plans; prepare information
to assist their management in evaluating restructuring options;
assisting in negotiations with vendors and lenders; assist in the
preparation of a plan of reorganization; and provide other
services related to their Chapter 11 cases.

The firm will charge these hourly rates:

     Restructuring Advisory

     Managing Director     $800 - $975
     Director              $625 - $775
     Analysts/Associate    $375 - $600

     Claims Management Services

     Managing Director     $725 - $825
     Director              $550 - $650
     Analysts/Associate    $350 - $475

Jonathan Goulding, managing director of Alvarez & Marsal,
disclosed in a court filing that his firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jonathan Goulding
     Alvarez & Marsal North America, LLC
     2029 Century Park East, Suite 2060
     Los Angeles, CA 90067
     Tel: +1 310 975 2600
     Fax: +1 310 975 2601
     Email: jgoulding%40alvarezandmarsal.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.



================================
T R I N I D A D  &  T O B A G O
================================


CL FIN'L: Transfer of 4 Assets to Government Valued $6.352BB
------------------------------------------------------------
Trinidad Express reports that on May 10, in delivering the 2018
mid-year budget review, the Trinidad and Tobago Finance Minister
disclosed the transfer of four CL Financial Limited assets to the
Government valued $6.352 billion.

The fifth asset, Home Construction Ltd, was identified and
quantified in the 2018 budget speech, according to Trinidad
Express.

All of those assets, apart from Home Construction (HCL), have been
transferred to the National Investment Fund Holding Company to
secure the issue of $4 billion in asset-backed, fixed-income bonds
by the Government, the report notes.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders have vowed to pay back
a TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board.  However, after a near seven-hour hearing,
High Court Judge Kevin Ramcharan sided with the company
shareholders, ruling that the action by the Government was
premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.


                            ***********


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.
.


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