/raid1/www/Hosts/bankrupt/TCRLA_Public/180816.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

               Thursday, August 16, 2018, Vol. 19, No. 162


                            Headlines



A R G E N T I N A

ARGENTINA: Peso Strengthens Against the Dollar


B O L I V I A

BOLIVIA: Aims to Start Production of Bioethanol


B R A Z I L

JBS SA: Need to Raise Prices 7% to Offset Grain Cost
OI SA: Incurs BRL1.258BB Net Loss in Second Quarter
OI SA: Fitch Hikes LT IDRs to 'B-'; Withdraws Senior Notes Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Rice Growers Gloat With US$480 Million Harvest
DOMINICAN REPUBLIC: Scrambles as Drought Prompts Water Rationing


P U E R T O    R I C O

CLINICA SANTA ROSA: Plan Confirmation Hearing Set for Sept. 20
TOYS R US: Liquidation Proceeds to Fund TRU Debtors' Plan


V E N E Z U E L A

VENEZUELA: Regime to Hike Gas Prices for All But Supporters


                            - - - - -


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


ARGENTINA: Peso Strengthens Against the Dollar
----------------------------------------------
EFE News reports that the Argentine peso gained 2.62 percent
against the dollar in currency markets Aug. 14 after the
government announced measures that included the temporary
suspension of a phased reduction in taxes on agricultural exports.

The new policy is expected to narrow the budget deficit by more
than $2.1 billion between now and the end of 2019, President
Mauricio Macri's administration said, according to EFE News.

The peso dropped sharply since the end of last week amid
international economic anxiety about US tariff policies and the
Turkish financial crisis, the report says.

The Central Bank of Argentina decided Aug. 13 to raise its
benchmark interest rate from 40 percent to 45 percent, the report
says.

Argentina's currency has declined 45 percent over the last four
months and nearly 60 percent since the start of the year, the
report notes.

The plunge in the value of the peso motivated the President Macri
government to sign a $50 billion stand-by loan accord with the
International Monetary Fund, 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- grace
period on a US$539 million interest payment.  Earlier that ,
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.


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B O L I V I A
=============


BOLIVIA: Aims to Start Production of Bioethanol
-----------------------------------------------
Gabriel Romano at EFE News reports that Bolivia is on the verge of
producing bioethanol at a mass scale in an effort to phase out the
country's reliance on imported gasoline and diesel additives,
which are used to improve the performance of both fuels.

The project is mainly driven by the privately-owned Guabira sugar
plantation, located in the city of Montero, near Santa Cruz, the
county's second city, according to EFE News.

During a press conference organized by the Bolivian Foreign Trade
Institute (IBCE), Guabira chairman of the board Mariano Aguilera
told reporters that the mass production of ethanol will mean that
the country will not need to import further fuel additives, the
report relays.

The company's first 10,000 liters (2,642 gallons) of the fuel were
tested on an assortment of vehicles -- operating across a range of
climates -- yielding "optimal" results, Mr. Aguilera said, the
report relays.  "At this moment, we have five million liters (1.3
million gallons) to deliver to YPFB."

In May, the government partnered up with Santa Cruz sugarcane
producers to boost the production of the fuel, the report
discloses.

To that end, the sector is set to receive an investment of some
$1.5 billion, which is aimed to expand sugarcane crops from
151,000 hectares to 330,000 hectares (373,129 acres to 741,316
acres), the IBCE said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Fitch Ratings has affirmed Bolivia's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook.


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


JBS SA: Need to Raise Prices 7% to Offset Grain Cost
----------------------------------------------------
Ana Mano at Reuters reports that the processed foods division of
JBS SA would need to raise consumer prices by another 7 percent to
pass through higher feed costs, executives said on a conference
call with analysts to discuss second-quarter results.

The Brazilian company was able to raise product prices by 3
percent in the second quarter, but that was not enough to offset
higher grain prices, they said, according to Reuters.  Brazil
processed foods unit Seara's net revenue fell by 5.4 percent
compared with the same quarter a year ago to BRL4 billion ($1.02
billion) due to trade bans and the effects of a truckers' strike
in May.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2018, Moody's Investors Service upgraded JBS S.A. (JBS)'s
corporate family rating to B1 from B3. At the same time, the
senior unsecured ratings of its wholly-owned subsidiary JBS USA
Lux S.A. ("JBS USA") were upgraded to B1 from B2 and its senior
secured ratings to Ba3 from B1. The outlook for all ratings is
stable.


OI SA: Incurs BRL1.258BB Net Loss in Second Quarter
---------------------------------------------------
Reuters reports that Oi SA, Brazil's largest fixed line telecom
company, posted a lower net loss in the second quarter helped by
lower expenses.

In a securities filing, the company posted second quarter net loss
of BRL1.258 billion ($323.93 million), 70 percent lower from the
same period a year ago, according to Reuters.

As reported in the Troubled Company Reporter-Latin America on
June 4, 2018, Fitch Ratings affirmed Oi S.A.'s Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDR) at 'D', and
National Long-Term Rating and local debentures rating at 'D
(bra)'. Fitch has also affirmed the existing ratings for Oi's
senior notes as the debt exchange process is still underway.


OI SA: Fitch Hikes LT IDRs to 'B-'; Withdraws Senior Notes Rating
-----------------------------------------------------------------
Fitch Ratings has upgraded Oi S.A.'s (Oi) Long-Term Foreign
Currency and Long-Term Local Currency Issuer Default Ratings
(IDRs) to 'B-' from 'D' and the National Ratings to 'BB-(bra)'
from 'D'. The Rating Outlook is Stable.

Fitch has withdrawn the ratings on Oi's existing senior notes and
debentures following a debt exchange.

The rating actions reflect the improvements to Oi's financial
profile after the conclusion of the Judicial Reorganization Plan,
principally the large reduction in debt from R$54.5 billion to
R$26.8 billion (Fitch-adjusted), and the extension of maturities
and deferral of interest payments. The elimination of the
company's debt overhang, along with a planned BRL4 billion capital
increase and its current cash position, will enable the company to
make sorely needed investments in its broadband and mobile
networks.

The ratings also reflect the company's still weak operating
performance and challenged competitive position. Oi's competitors
have made large strides in mobile and broadband, and Oi's
turnaround prospects remain uncertain.

The Stable Outlook reflects Fitch's expectation that the company
will maintain moderate levels of leverage as it invests heavily in
improvements and seeks to regain market share.

KEY RATING DRIVERS

Improved Capital Structure: Following the ratification of the
Judicial Reorganization Plan, Oi's capital structure has improved.
Senior unsecured bondholders agreed to an 80% haircut, in exchange
for new seven-year notes and 72% of the company's equity. The
remaining creditors agreed to a grace period of five or more years
on principal payments and four or more years on interest payments,
which will be capitalized. These moves led to a reduction in gross
debt from approximately BRL54.5 billion to BRL 26.8B, while net
debt has decreased from R$49 billion to R$20 billion. Per Fitch's
methodology, these figures reflect total principal due, rather
than the fair value of debt that Oi reports. As of March 2018 the
company reported BRL13.5 billion on balance sheet debt, to which
Fitch adds back the fair value adjustment of BRL13.4 billion.
Other claimants (e.g. ANATEL) also had their claims reduced.
Finally, the company aims to raise BRL4 billion in equity capital
this year.

Challenged Competitive Position: Oi's competitors have made
significant advances while the company dealt with its
reorganization. According to data from the telecom regulator
ANATEL, the company's broadband market share has declined from 30%
to 23.5% in a growing market. Similarly, the company's mobile
market share has declined as the company has struggled to add
post-paid subscribers. The company holds the #2 position in fixed
line telephony, though long-term prospects for that service
continue to decline. The company anticipates a downward trend in
the B2B market, and also lags its competitors in market share.
Positively, Pay TV is proving more resilient, representing a small
but growing piece of Oi's revenue.

Declining Revenues, Improving Profitability: The decline in
revenues has been even more severe than the loss of subscribers.
In 2017 Oi's net revenues fell 8.5%, from BRL26 billion to BRL
23.8 billion. These results can be seen across segments; with
residential fixed -2%, mobility -3%, and B2B -15%. This downward
trend has continued into 2018, with 1Q2018 net revenues 2.7% below
4Q2017 and 8% below 1Q2017. On the plus side, Oi's various cost
initiatives appear to be paying off, as routine OpEx declined 9%
in 2017. Fitch forecasts EBITDA margins to steadily increase from
2017 levels of 26.3% to approximately 28.5% over the medium term.
Given the competitive Brazilian environment, Fitch believes EBITDA
expansion is more likely to come from cost measures rather than
rapid top-line growth in the near term.

Manageable Leverage: Oi's total adjusted net debt to EBITDAR,
including capitalized rental expenses, has declined to 3.7x;
coverage ratios of 6.2x (if including non-cash capitalized
interest expenses) are not meaningful in the near term due to the
interest grace periods. Fitch evaluates debt based on principal
due (BRL26.8B), rather than adjusted fair value of debt (BRL
13.5B) that Oi reports under IFRS in its financial statements.
Fitch also capitalizes Oi's rental expense of BRL1.6 billion using
a 5.0x multiple, resulting in an additional BRL8 billion in lease-
equivalent debt. Fitch forecasts this adjusted net leverage will
rise modestly in the near term, as the company invests
substantially in network upgrades. Fitch considers Oi's leverage
to be low to moderate for its rating category, especially when
incorporating the extension of principal repayments. Ultimately,
Oi's turnaround prospects hinge on their ability to convert
network investment into subscribers now that their debt
restructuring has been completed.

High CapEx Dampens Cash Flows: Oi's investments have been
restricted by their weak financial condition over the last several
years. Capital Intensity is forecasted to rise from 18% of
revenues to approximately 30% this year, as Oi makes needed
investments to regain network competitiveness and match the
breadth and depth of competitor offerings. In total, Fitch expects
capital expenditures of approximately BRL 21 billion in the next
three years, which will keep FCF negative over that timeframe. As
network investment is a key pillar in Oi's turnaround, the company
has limited room to reduce CapEx. Fitch forecasts negative FCF
over this time period. Following the initial heavy investment
schedule, CapEx is expected to moderate to BRL5 billion in 2021.

DERIVATION SUMMARY

The upgrade of Oi's Long-Term Foreign and Local Currency IDR to
'B-'/Stable reflects its restructured financial profile and the
uncertain outlook for its turnaround strategy. The company's total
adjusted net debt to EBITDAR of 3.7x, including capitalized rental
expenses and adjusted for total principal due, is lower than the
majority of regional telecoms in the 'B' category, and is expected
to rise moderately as the company invests heavily in its network.

The ratings are constrained by Oi's weakened competitive position
after years of underinvestment in critical 4G and broadband
network infrastructure. In the near term, Oi will be challenged to
compete on quality as they complete their network upgrades, which
will further pressure profitability. The dynamics of the highly
competitive Brazilian differ from those facing more highly levered
peers, such as Cable & Wireless (BB-) and Digicel (B), which
operate in diversified duopoly markets. The company also lacks the
market power of Telecom Argentina (B) in its sole market. When
compared with U.S. peers, Oi's status as the number 4 mobile
player is similar to Sprint Corporation's (B+/Rating Watch
Positive) in the USA in that they lack scale to challenge the
leaders.

KEY ASSUMPTIONS

  -- Revenues to decline modestly in 2018 before returning to low
single digit growth;

  -- Capital expenditures of approximately R$ 7 billion over the
next three years;

  -- EBITDA margins rising to 28.5%;

  -- Equity increase of R$ 4 billion in 2019;

  -- No dividend distributions.

RATING SENSITIVITIES

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

  -- Higher than expected ARPU and RGU growth, leading to revenue
growth above 5%, and improved market share, along with EBITDA
margins expansion over 30% .

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

  -- Lower than expected ARPU and RGU growth leading to
deteriorating or flat revenues and worsening market share, along
with any EBITDA margin contraction;

  -- Inability to secure equity increase of R$4 billion.

LIQUIDITY

Oi's liquidity profile is adequate following the judicial
reorganization. Its debt restructuring has led to a decrease in
gross debt to approximately BRL26.8 at face value (BRL13.5 billion
at fair value) and low debt service payments over the next five
years. In addition to the debt and equity exchanges, the
maturities of the existing debt instruments, primarily bank debt,
have been extended. Oi doesn't face any significant maturities
until 2025. However, its high investment needs and negative free
cash flows significantly restrict financial flexibility. Fitch
considers that Oi's limited access to bank credit lines and debt
capital markets are somewhat mitigated by its cash position of
BRL6.1 billion as of March 2018. The company is in the process of
raising additional equity capital and may raise cash through
vendor financing and asset sales to fund CapEx.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Oi S.A.

  -- Long-Term FC and LC IDRs upgraded to 'B-'/Stable from 'D';

  -- National Long-Term rating upgraded to 'BB-(bra)'/Stable from
'D';

  -- Ratings on all senior notes and local debentures withdrawn.

Oi Brasil Holdings Coopertief U.A.

  -- Ratings on all senior notes and local debentures withdrawn.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Rice Growers Gloat With US$480 Million Harvest
------------------------------------------------------------------
Dominican Today reports that the head of the national rice growers
association said the central and northwest plantations will carry
out their second harvest with no problems, although he
acknowledged difficulties with the water supply.

Mauricio Maria also noted that there is no real third rice
harvest, but that some growers plant again after the second cut.
"We do not agree with implementing this third harvest and even
more so in those areas where there are difficulties with water, as
is the case of the San Juan Valley (west)," according to Dominican
Today.

The report notes that he reiterated that the central and northwest
regions' growers don't face any problems with the second crop.

Mr. Maria affirmed that domestic demand will be met, the report
relays.  "As of July 30 the rice sector has 480 million pounds in
the mills and the official harvest begins in August, September and
October," the report quoted Mr. Maria as saying.

The rice sector moves more than RD$24.0 billion (US$480.0 million)
each year; and accounts for more than 350,000 direct and indirect
jobs, the report relays.

Agriculture Minister Osmar Benitez disclosed that the third rice
planting was suspended due to the drought that affects much of the
country, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings 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: Scrambles as Drought Prompts Water Rationing
----------------------------------------------------------------
Dominican Today reports that the Government warned that the
country is under drought conditions, especially the Southwest and
Northwest and announced water rations on irrigation and
hydroelectric dams, as rainfall is forecast to continue below
normal.

The heads of agro sector and dams control agencies presented the
drought situation to President Danilo Medina, who instructed to
adopt the appropriate measures and maintain a permanent
observation, according to Dominican Today.

In the meeting, the head of state was informed that the levels of
the reservoirs have dropped and requires a collaboration of the
population with the use of water, the report notes.

"We have a drought situation, the Southwest and the Northwest are
those that show deviations of rain below normal," said National
Weather Office (Onamet) Director Gloria Ceballos, the report
relays.

She said rainfall is below normal since April, and show the same
trend in August, the report notes.

In a National Palace press conference, Dr. Ceballos said Medina
gathered the officials because the rainfall from the tropical
cyclones isn't expected as in previous years, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 19, 2018, Fitch Ratings 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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P U E R T O    R I C O
======================


CLINICA SANTA ROSA: Plan Confirmation Hearing Set for Sept. 20
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on Sept. 20 to consider confirmation of the
Chapter 11 plan of reorganization for Clinica Santa Rosa Inc.

The hearing will take place at the Jose V. Toledo Federal Building
& US Courthouse, Courtroom 5.

Under the latest plan, the U.S. Department of Agriculture Rural
Development, a Class 2 secured creditor, will be paid the sum of
$2.4 million.

Upon confirmation of the plan, Clinica Santa Rosa will transfer to
Mennonite General Hospital, Inc. the real property and equipment
over which USDA Rural holds a secured interest or a lien.  These
properties will be transferred free and clear of liens.

The transfer of the real property will have the benefits of the
exemption provided for by section 1146(a) of the Bankruptcy Code,
and will not be subject to any stamp tax or similar tax.  Any
deficiency resulting upon deducting the transfer value from the
total amount of USDA Rural's claim will be considered a general
unsecured claim within Class 7, according to the company's amended
plan filed on Aug. 2.

A copy of the amended plan of reorganization is available for free
at http://bankrupt.com/misc/prb16-09033-286.pdf

                  About Clinica Santa Rosa

Clinica Santa Rosa, Inc., engaged in a healthcare business, filed
a Chapter 11 petition (Bankr. D.P.R. Case No. 16-09033) on Nov.
14, 2016.  The petition was signed by Fernando Alarcon Ocasio,
president.  At the time of the filing, the Debtor estimated assets
at $1 million to $10 million and liabilities $10 million to $50
million.

The Debtor is represented by Antonio I. Hernandez Santiago, Esq.

The U.S. Trustee for the District of Puerto Rico appointed Edna
Diaz De Jesus and the Patient Care Ombudsman for Clinica Santa
Rosa.

On May 22, 2018, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.


TOYS R US: Liquidation Proceeds to Fund TRU Debtors' Plan
---------------------------------------------------------
Toys "R" Us, Inc. and certain of its directly owned debtor
subsidiaries (TRU Inc. Debtors) and Toys "R" Us Europe, LLC and
certain of TRU Europe's Debtor affiliates (Taj Debtors) submit a
disclosure statement in connection with their joint chapter 11
plan dated August 4, 2018.

The Plan derives from a restructuring support agreement that was
extensively negotiated in good faith and at arms-length between
the Debtors and certain stakeholders and constitutes a separate
chapter 11 plan for each of the TRU Inc. Debtors and the Taj
Debtors.

The Plan contemplates a sale or liquidation of all or
substantially all of the Taj Debtors or any of their direct or
indirect subsidiaries through a Sale Transaction, including the
sale of the Asian JV Equity Interest to the Stocking Horse
Purchaser in connection with the Credit Bid, subject to higher or
otherwise better bids.

On the Effective Date, the Debtors will consummate the Sale
Transaction, and, among other things, the TRU Asia Equity
Interests will be transferred to and vest in the Purchaser free
and clear of, other than contractual Claims subject to the TRU
Inc. Silo Recovery, all Liens, Claims, charges, or other
encumbrances pursuant to the terms of the Share Purchase Agreement
and the Confirmation Order. On and after the Effective Date,
except as otherwise provided in the Plan, the Purchaser may
operate their businesses and may use, acquire, or dispose of
property and compromise or settle any Claims, Interests, or Causes
of Action without supervision or approval by the Bankruptcy Court
and free of any restrictions of the Bankruptcy Code or Bankruptcy
Rules.  Neither the Purchaser nor any of its Affiliates will be
deemed to be a successor of the Debtors.

No later than the Effective Date, the Purchaser will pay to the
Debtors the Sale Proceeds or shall consummate the Credit Bid
Transaction, as applicable, as and to the extent provided for in
the Share Purchase Agreement or other definitive documents. In
connection with a Credit Bid Transaction, each holder of a Taj
Senior Notes Claim will receive its pro rata share of the Initial
Purchaser Common Shares on account thereof, subject to dilution by
the Backstop Commitment Premium and the Rights Offering Shares.
Also in connection with a Credit Bid Transaction and subject to
the Transaction Steps Memorandum, upon receipt of proceeds from
the Rights Offering in the amount of the Allowed Taj DIP Note
Claims, the Holders of the Taj DIP Notes shall assign or transfer
the Taj DIP Notes to the Wind Down Entities or one or more
subsidiaries of the Wind Down Entities, which shall remain
outstanding and shall retain substantially the same security
interests, liens, pledges, and encumbrances that currently secure
the Taj DIP Claims, other than as against the Debtors.

Class A8 under the plan consists of all General Unsecured Claims
against the TRU Inc. Debtors. On the Effective Date, general
unsecured claimants will receive its pro rata share of the TRU
Inc.

Silo Recovery, if any, after paying in Cash all Senior Claims and
on a pari passu basis with other Allowed Class A3 - A8 Claims to
the extent set forth in the Priority Waterfall. Projected recovery
for this class is unknown.

Class B4 consists of all General Unsecured Claims against Taj
Debtors. On the Effective Date, each Holder of an Allowed General
Unsecured Claim will receive its pro rata share of: (i) the
Liquidation Proceeds, if any, after paying in full all Senior
Claims; and (ii) the Sale Proceeds, if any, after paying in full
all Senior Claims. Projected recovery for this class is also
unknown.

The Reorganized Debtors will fund distributions under the Plan
from Cash on hand, the Rights Offering, the Liquidation Proceeds,
and/or the Sale Proceeds, as applicable.

A full-text copy of the Disclosure Statement is available at:

     http://bankrupt.com/misc/vaeb17-34665-4018.pdf

                   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.


=================
V E N E Z U E L A
=================


VENEZUELA: Regime to Hike Gas Prices for All But Supporters
-----------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that embattled
Venezuelan head of state Nicolas Maduro said drivers who are not
militants or supporters of his government can expect to start
paying gasoline "at international prices", which analysts
estimated at about one month of minimum wage per liter, or
$1/liter.

President Maduro seemed angrier than usual in making the
announcements, at one point saying: "he who doesn't support the
plan will regret having been born," according to The Latin
American Herald.

But, he didn't bother to say when new prices will be implemented,
leaving already wary Venezuelans to wonder, although suggesting
that it would be part of the economic changes coming on August 20,
the report notes.

Such threats from the polemical ruler are becoming the norm,
particularly after he denounced an August 4th attempt on his life
that has been met largely with national and international
disbelief, in spite of the fact that 34 Venezuelans (including an
opposition lawmaker and three high ranking military officials)
have been arrested in connection with the alleged attack,
according to civil rights NGO Foro Penal, the report relays.

The report discloses that the new prices, even if not at $1/liter,
would effectively end the reign of the cheapest gasoline in the
planet: right now, Venezuelans can still fill up an SUV for less
than 5 cents.

Venezuelans have come to think of heavily subsidized gasoline as
their birthright, and in a country rapidly falling prey to
humanitarian crisis, the essentially free gas is regarded as the
last major benefit affordable to all, the report says.

An attempt to hike gasoline prices by 50% in early 1989 was met
with three days of looting and hundreds of looters and business-
owners were killed in the events that have become known as "El
Caracazo," the report notes.

The measure to hike gasoline and discriminate between Venezuelans
that support President Maduro and those who do not was roundly
rejected (literally) in social media and President Maduro not
specifying what the new prices for gasoline will be did not help,
the report relays.  President Maduro said "international prices"
and the $1/liter estimate was provided by lawmaker Jose Guerra,
the report discloses.

One thing is clear: only those who carry the polemical social-
control tool "carnet de la patria" ("Fatherland's ID") will be
able to buy gasoline through "direct subsidy," the report says.

"We roundly reject the internationalization of gasoline prices,"
said Ivan Freites, secretary general of "STPGF", one of the unions
representing PDVSA's 100,000-plus workers, the report notes.  "If
they want to internationalize gasoline prices, then they should
internationalize salaries," Mr. Freites said in a Whatsapp audio
message he sent to a group of national and international
journalists, promising that oil workers would join striking
nurses, in a strike action, the report says.

While President Maduro was talking, protests continued in
Maracaibo, capital of oil-rich Zulia state, as the city and others
parts of Zulia have been without electricity for the last 4 days,
the report relays. Demonstrators took to the streets, erected
barricades and set them on fire without major police intervention,
the report discloses.

Meanwhile, Amazonas, Bolivar (home to the Orinoco Oil Belt, the
largest concentration of oil in the planet) and other five Eastern
Venezuela states have been affected by floods triggered by heavy
rains, with as many as 50,000 families displaced by the rising
waters and no noticeable government support, former Amazonas state
governor Liborio Guarulla denounced, the report relays.  The
government has not even publicly addressed the floods, the report
notes.

Already facing daily protests denouncing hyperinflation, low
salaries, food and medicine shortages, President Maduro can only
expect more social unrest, said Mr. Freites, the report discloses.
"Let's all join hands and reject what President Maduro has just
announced," Mr. Freites said at the end of the audio message, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2018, S&P Global Ratings, on May 29, 2018, removed its
long- and short-term local currency sovereign credit ratings on
Venezuela from CreditWatch with negative implications and affirmed
them at 'CCC- /C'. The outlook on the long-term local currency
rating is negative. At the same time, S&P affirmed its 'SD/D'
long- and short-term foreign currency sovereign credit ratings on
Venezuela. S&P's transfer and convertibility assessment remains at
'CC'.


                            ***********


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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