/raid1/www/Hosts/bankrupt/TCRLA_Public/180820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Monday, August 20, 2018, Vol. 19, No. 164


                            Headlines



A R G E N T I N A

ARGENTINA: Macri Asks Business Execs to Report Gov't Corruption
PROVINCE OF BUENOS AIRES: S&P Affirms 'B+' ICR, Outlook Stable


B R A Z I L

OI SA: Moves Shareholder Meeting Later to September 17
OI SA: S&P Raises Issuer Credit Rating to 'B', Outlook Stable


M E X I C O

MEXICO: Lopez Obrador Promises to Rescue Rural Areas
TV AZTECA: Fitch Places 'B+' LT IDRs on Rating Watch Negative


P A N A M A

PANAMA CANAL RAILWAY: S&P Alters Outlook to Neg. & Affirms BB- ICR


P U E R T O    R I C O

BORINQUEN ANESTHESIA: Unsecureds to Get $1,020/mo. at 2% for 5Yrs
JDHG LLC: To Pay Unsecureds $2,338 in 60 Monthly Installments
TOYS R US: Taj Noteholders Disclose $850M in Note Claims


V E N E Z U E L A

VENEZUELA: Police Block Health Care Workers March
VENEZUELA: Creditors Eye Oil Assets in Battle Over Unpaid Debt


X X X X X X X X X

LATAM: Express Concerns About Crises in Venezuela, Nicaragua
* BOND PRICING: For the  From August 13 to August 17, 2018


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Macri Asks Business Execs to Report Gov't Corruption
---------------------------------------------------------------
Alianza News reports that President Mauricio Macri asked the heads
of Argentina's largest companies to report it if they encounter
"mafioso behavior" on the part of government officials.

"I don't plan to mortgage my government nor the future of the
Argentines to defend anyone acting outside the law," he said to
inaugurate the annual meeting of the Argentine Business
Association, according to Alianza News.

What builds "real stability and the possibly to plan and invest
long-term" are rules of the game that are "clear and the same for
all," the report quoted President Macri as saying.

His government has seen the enactment of legislation that offers
sentence reductions to people charged with corruption who turn
state's evidence and testify against other defendants, the report
notes.

That option has been embraced by several of the business people
arrested since Aug. 1 on charges they gave millions of dollars in
bribes to members of the 2003-2007 administration of the late
Nestor Kirchner and the 2007-2015 government of his wife, Cristina
Fernandez, the report relays.

In an appearance before a judge in connection with the case,
Fernandez submitted a written statement denying all the charges
and blamed her situation on a judicial persecution driven by the
right-wing Macri government, 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.


PROVINCE OF BUENOS AIRES: S&P Affirms 'B+' ICR, Outlook Stable
--------------------------------------------------------------
On Aug. 15, 2018, S&P Global Ratings affirmed its long-term 'B+'
foreign and local currency issuer credit ratings on the province
of Buenos Aires (PBA). The outlook remains stable. S&P also
affirmed its 'B+' issue-level rating on the province.

OUTLOOK

S&P said, "The stable outlook on the PBA mirrors the stable
outlook on the sovereign foreign and local currency rating. It
also incorporates our opinion that the province will maintain an
adequate fiscal policy and moderate debt levels in the next 12-18
months, although it will likely be highly vulnerable to exchange
rate volatility. We believe interest payments will probably rise
to 4.9% of operating revenues on average due to increased interest
rates in Argentina and pressure from the Argentine peso (ARS)
depreciation."

Downside scenario

S&P said, "We could lower our ratings on the PBA in the next 12
months if we were to lower the sovereign local or foreign currency
ratings. We could also lower the ratings if the province's fiscal
performance deteriorates significantly while its financing needs
increase, augmenting interest payments relative to revenues." This
could stem from increasing spending pressure not compensated by
revenues, or by a faster depreciation of the ARS coupled with
lower-than-expected economic growth in Argentina. Lower support
from the federal government would also pressure the rating
downwards.

Upside scenario

S&P said, "We would only raise our ratings on the PBA in the next
12 months if we were to raise the local and foreign currency
ratings on Argentina. Such an upgrade would have to be accompanied
by an improvement in the province's individual credit profile,
such as a robust fiscal performance that could strengthen
liquidity, as long as the PBA maintains other factors like its
satisfactory management."

RATIONALE

S&P said, "Our 'B+' rating on the PBA reflects its individual
credit profile and the institutional framework in which it
operates. Since we upgraded the PBA on Oct. 30, 2017, following
the same rating action on the sovereign, the province has
continued its fiscal consolidation plan and posted an operating
surplus in December 2017 after two years of deficits. We expect it
to maintain prudent debt policies, despite the more complex
scenario in Argentina. We predict it will keep debt stock at 51.7%
of operating revenues in the next three years although it will be
exposed to market volatility given its high exposure to foreign
currency."

Improving financial management despite volatile and underfunded
institutional framework The PBA is the largest province in
Argentina, with a diversified economy that represents around 34%
of the national GDP and a population that accounts for almost 39%
of Argentina's total population. S&P estimates that GDP per capita
will decrease to $11,500 in 2018 from $12,880 in 2017 as a result
of a significant deceleration in Argentina's economic activity
this year. In 2019, S&P expects the economy to gradually recover.

Given the province's size and the strong link between President
Macri and the PBA's Governor Vidal, S&P expects a strong
relationship between the provincial and national governments over
the next few years. Since December 2015, the PBA has received
discretionary transfers from the national government. These
transfers are a response to the PBA's claim on resources from the
Conurbano Fund, which was initially created to finance
infrastructure for the PBA. The fund had a ceiling of ARS650
million, which by 2017 represented less than 0.2% of the fund
collection. In November 2017, in agreement with the national
government and other provinces, a fiscal pact formally recognized
the resources corresponding to the PBA. This gives the province
more financial autonomy by limiting the discretion the federal
government has in determining how much it transfers to Buenos
Aires.

The results of the October 2017 midterm elections increased the
management's representation in the local legislature and allowed
it to pass tax and pensions reform. Although the PBA has taken
steps to resolve some of its historical imbalances, challenges
remain in the form of long-term capital and financial planning and
more formal liquidity management, which have been difficult to
solve given Argentina's volatile economy in recent years.

S&P said, "We continue to view the institutional framework for
Argentine local and regional governments (LRGs) as very volatile
and underfunded. However, we believe the outcome of reforms and
the pace of their implementation are becoming more predictable.
This comes amid increased dialogue between LRGs and the national
government to address various fiscal and economic challenges that
we expect to remain in the short to medium term."

Improved fiscal performance, although debt stock and interest
payments expected to rise in the short term

S&P said, "We expect the PBA's prudent fiscal policies will keep
operating surpluses at around 3% of operating revenues in the next
three years, although the province will be exposed to market
volatility. Since 2016, the PBA has worked to rein in spending,
such as freezing the hiring of public servants, reducing transfers
to municipalities and government-related entities (GREs), and more
prudently increasing salaries. Additionally, it has received
larger transfers from the federal government than in previous
years. Nevertheless, we believe that the need for the national
government to consolidate its accounts faster, potentially
resulting in less transfers to provinces, will result a reduced
operating surplus by 2019. In our base case, we incorporate the
transfer of some responsibilities from the national government to
the PBA, including energy regulation, subsidies to the
transportation sector, and reduced non-automatic transfers.

"The tax reform approved in 2017 reduced the rates of some
activities in the gross receipt taxes and increased the property
tax. We don't believe this hurt the province's finances because it
received larger co-participation transfers. However, the tax
reform did result in reduced own source revenues. Looking forward,
we expect modifiable revenues to average 62% of operating
revenues. We believe that the province has limited flexibility to
increase local revenues, given the current administration's strong
commitment to reduce taxes. On the other side, capital expenses
increased to 7.6% in 2017 from 3.7% in 2015, in line with the
PBA's goal of fixing infrastructure. For the next few years, the
need for stronger fiscal consolidation at the central government
and provincial levels and the higher cost of debt will make it
difficult to further increase capex, which we expect to average 6%
of total spending in 2018-2020. Nevertheless, if unfavorable
market conditions persist, access to debt markets could become
more challenging for Argentine LRGs, which could result in even
lower capex.

"We expect direct debt to represent 56% of the province's
operating revenues and for interest payments to rise to 5.2% of
operating revenues by the end of 2018 because of pressure from the
ARS depreciation and the country's increased interest rates.
Looking forward, we expect direct debt and interest payments to
gradually decrease as borrowing needs diminish in line with the
PBA's fiscal consolidation plan. However, given that 75% of debt
stock is denominated in foreign currency, adverse exchange rate
movements could raise total debt and interest payments. The PBA
has$2.0 billion in global bonds due in the rest of 2018 and 2019.
Given the uncertain and volatile state of international capital
markets, we believe the province will likely expand the issuances
of short-term peso notes in the local market. The total stock of
short-term notes was ARS9.45 billion as of July 2018, and we
expect that could increase up to ARS11.5 billion by the end of the
year.

"The province has improved its liquidity in the short term;
however, we believe that the PBA's free cash (cash that's not
required to meet daily operating needs or planned capital costs)
and its internal cash flow generation won't sufficiently cover its
debt service cost in 2018, which we estimate at ARS85 billion.
However, we believe that PBA will be able and willing to meet its
debt service obligations using both internal and external sources.
At the same time, its access to external financing remains
limited. Our assessment uses our evaluation of the developing
domestic capital markets as well as our assessment of the domestic
banking system. For the latter, our Banking Industry Country Risk
Assessment (BICRA) for Argentina is at group '8'. We group our
BICRAs, which evaluate and compare global banking systems, on a
scale from '1' to '10', ranging from what we view as the lowest-
risk banking systems (group '1') to the highest-risk (group '10').

"Overall, we think the PBA has moderate contingent liabilities.
Its largest GRE is the Banco de la Provincia de Buenos Aires
(BPBA; B+/Stable/--), the second largest bank in Argentina in
terms of deposits and assets. BPBA has historically posted weaker
capitalization levels compared to other banks in the country.
Other contingent liabilities could come from the province's public
companies, the most significant of which are Aguas Bonaerenses
(water utility), Buenos Aires Gas (Gas Utility), and Centrales de
la Costa Atlantica (energy utility). We believe the PBA could
support these GREs during a stress scenario because they provide
essential services."

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.

The chair or designee reviewed the draft report to ensure
consistency with the Committee decision. The views and the
decision of the rating committee are summarized in the above
rationale and outlook. The weighting of all rating factors is
described in the methodology used in this rating action.

  RATINGS LIST
  Ratings Affirmed

  Buenos Aires (Province of)
   Issuer Credit Rating                   B+/Stable/NR
   Senior Unsecured                       B+


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B R A Z I L
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OI SA: Moves Shareholder Meeting Later to September 17
------------------------------------------------------
Raquel Stenzel at Reuters reports that Oi SA will reschedule a
shareholder meeting to discuss a capital increase to Sept. 17 from
Sept. 3 previously, the telecoms company said in a filing.

Oi, which filed for bankruptcy protection in 2016 after buckling
under BRL65 billion of debt, said that the delay is to guarantee
shareholders have enough time to consider issues including the
choice of a new board chairman, according to Reuters.


OI SA: S&P Raises Issuer Credit Rating to 'B', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its global scale issuer credit ratings
on Oi S.A. and its subsidiary Telemar Norte Leste S.A. to 'B' from
'CCC+' and its national scale ratings to 'brA' from 'brBB+'. The
outlook on the issuer credit ratings is stable.

S&P said, "At the same time, we withdrew all debenture and bond
ratings on Oi following the successful exchange for a new bond and
equity. We don't currently rate any of its debt.

The upgrade follows Oi's achievements after its reorganization
plan was approved, which includes the debt haircut, the issuance
of new debt and debt conversion into equity, and a new shareholder
structure. Its reorganization plan has been validated by by
foreign jurisdictions such as the U.S. and the Netherlands. In
addition, S&P considers that Oi plans to have 11 independent
members on the board, who will be elected in September 2018; a R$4
billion capital injection that will likely occur in the fourth
quarter of 2018; the extended debt maturity profile, which will
only start to be amortized in 2023; and the deferral of dividend
payouts for at least six years--dividends after that will depend
on leverage targets. While financial policy and poor governance
were probably the most important factors that drove Oi to default
in the past, S&P understands that the new ownership structure,
covenant limits, and restrictions for payouts prevent the company
from significantly deviating from current leverage figures, which
include gross adjusted debt to EBITDA close to 5x.


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M E X I C O
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MEXICO: Lopez Obrador Promises to Rescue Rural Areas
----------------------------------------------------
EFE News reports that Mexican President-elect Andres Manuel Lopez
Obrador promised that when he takes office on Dec. 1 one of his
priorities will be to "rescue the countryside" so that "those who
feed us . . .  (can) eat."

At a press conference, the leftist leader presented what will be
his agricultural sector team, headed by Victor Villalobos,
Mexico's next secretary of agriculture and rural development,
according to EFE News.

"With this team, we're going to rescue the Mexican countryside and
rescue those who live there.  I'll sum it up in a single phrase:
Let those who feed us be able to eat," Mr. Lopez Obrador said, the
report notes.

The report relays that the 64-year-old president-elect said that
during his term a new government entity will be created -- Mexican
Food Security (Segalmex) -- which will merge the public Diconsa
and Liconsa companies, which deal with rural supply and milk
distribution, respectively.

In turn, the next agriculture chief said that his "signature
projects" will be "to strengthen the basic food basket" with 36
products that will be available in the country's most
disadvantaged zones, the report says.

He also said that increasing the production of fertilizer,
strengthening the livestock industry and attaining "self-
sufficiency" in basic foodstuffs to avoid having to import them,
such as is the case with corn, will also be priorities, the report
adds.


TV AZTECA: Fitch Places 'B+' LT IDRs on Rating Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed TV Azteca's 'B+' Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) on Rating Watch
Negative. Fitch has also placed the company's 'B+'/'RR4' senior
unsecured notes due 2024 on Negative Watch.

The Negative Watch reflects the high level of uncertainty related
to the difficult situation of TV Azteca's vendor financing and
leasing agreement with the Mexican subsidiary of American Tower
Corp (ATC). ATC acknowledged in its recent 2Q18 earnings release
published on July 31, 2018, that it had not received interest
payments from TV Azteca. If the obligations are declared
defaulted, it could trigger a cross default call from TV Azteca's
bondholders. The negotiation outside of the original contract
terms underscores Fitch's view of past management behaviour
regarding aggressive negotiating tactics. Fitch will resolve the
Negative Watch after the current situation with ATC is addressed
and/or resolved.

TV Azteca's ratings reflect the company's second largest market
position in the Mexican broadcasting industry and its solid
content production. The ratings are tempered by its volatile
operating results and inability to maintain a steady financial
profile. Positively, the company has taken initiatives to focus
its resources into core content generation and broadcasting
operation. Fitch does not foresee any substantial cash outflows
related with non-broadcasting related business activities. As
such, Fitch expects the company's capex to be fully covered by its
operational cash flow generation over the medium term.

KEY RATING DRIVERS

ATC Situation Negative for the Ratings: According to its latest
earnings release, ATC seeks to recover approximately USD6 million
from a vendor finance facility in late interests from TV Azteca.
This behaviour negatively impacts Fitch's view on the company's
credit profile. Fitch expects this issue to be resolved in the
short term without any material adverse impact on TV Azteca's
financial profile. Conversely, further extension in this process
could pressure the ratings.

Potential Pressures on Liquidity: Fitch believes TV Azteca has a
solid financial liquidity position enough to comfortably cover all
its interest payments. The company does not face any sizable
maturities until 2022. Nevertheless, a failure to timely pay
interest of an obligation could trigger a cross default and
pressure the company's liquidity position and debt maturity
profile.

Stable Operational Outlook: Industry growth outlook should remain
stable in the near term, in Fitch's view, due to price increases
by the operators and a World Cup impact in 2018, despite
relatively weak macro conditions. Negatively, long-term growth
headroom would be limited given the increasing importance of pay-
TV and the internet as alternate advertising platform, amid
increasing competitive pressures, including the entrance of Grupo
Imagen into the market, which began operations in 4Q16.

Positive FCF Generation: Fitch forecasts TV Azteca's FCF
generation to remain broadly positive in the short to medium term.
The company's capex is expected to remain light at about USD30
million without any cash contribution to its overseas telecom
operations or any sizable investment needs for its broadcasting
segment. Fitch forecasts about a 5% FCF margin by year-end 2018
amid stable CFFO generation of about MXN1.3 billion during the
period. This will enable TV Azteca to maintain its net leverage
close to 2.5x over the medium term.

DERIVATION SUMMARY

The company's direct peers in the region are in different rating
categories. TV Azteca's competitor, Grupo Televisa (rated
BBB+/Stable) boasts stronger content generation, market share,
financial profile, and more diversified cash flow generation with
strong cable operations. Compared to the company's regional peer,
Globo Comunicacao e Participacoes (BB+/Stable), TV Azteca's
relative market position and financial profile are considered
significantly weaker. In addition, Globo's ratings are constrained
by the Country Ceiling of Brazil. No Parent/Subsidiary Linkage is
applicable and No Country Ceiling constraint or operating
environment influence was in effect for these ratings.

KEY ASSUMPTIONS

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

  -- Low single digits domestic advertising revenue growth in
2018, excluding once a year golf event impact;

  -- EBITDA margin of 23% to 24% in 2018;

  -- Capex to sales ratio of about 4.0% to 4.5% over the medium
term;

  -- Average FCF margin of 3% over the medium term;

  -- Net leverage to remain in the range of 2.5x to 3.0x over the
medium term.

  -- The recovery analysis assumes that TV Azteca would be
considered a going-concern in bankruptcy and that the company
would be reorganized rather than liquidated. Fitch has assumed a
10% administrative claim;

  -- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which the
agency bases the valuation of the company;

  -- Fitch assumes that any potential distress that provoked TV
Azteca's default could occur due to weak economic factors,
dampened advertising demand for free-to-air TV, and its unpopular
content amid high production costs. The post-reorganization EBITDA
assumption is MXN2.4 billion, which should be sufficient to cover
its interest expenses, working capital, and maintenance capex. An
EV multiple of 5x is used to calculate a post-reorganization
valuation and reflects a mid-cycle multiple;

  -- Fitch calculates the recovery prospects for the senior
unsecured debtholders in the 31% to 50% range based on a waterfall
approach after covering the company's loan from American Tower
Corporation and available credit facility. This level of recovery
results in the senior unsecured notes being rated in line with its
IDR at 'B+'/'RR4'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Resolving the Negative Watch and Assignment of a Stable Outlook:

  -- Fitch expects a solution with ATC in the short term;

  -- A favourable outcome avoiding any event of default could
prompt Fitch to remove the Negative Watch and assign a Stable
Rating Outlook.

Developments That May, Individually or Collectively, Lead to A
Ratings Downgrade:

  -- The materialization of any cross default clause will result
in a rating downgrade.

LIQUIDITY

Solid Liquidity Could Be Negatively Affected: TV Azteca has sound
liquidity profile. Following its successful liability management
in 2017, the company does not face any debt maturity until 2022,
when its MXN4 billion notes become due. The company held a
readily-available cash balance of MXN3.8 billion at year-end 2018.
The company also holds a USD130 million commercial paper program
and a MXN3.9 billion credit facility with Banco Azteca. A failure
to timely pay interest of an obligation could trigger a cross
default and pressure its liquidity position.

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Negative:
TV Azteca S.A.B. de C.V.

  -- Long-Term Foreign- and Local-Currency IDRs at 'B+';

  -- Senior unsecured notes due 2024 at 'B+'/'RR4'.


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P A N A M A
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PANAMA CANAL RAILWAY: S&P Alters Outlook to Neg. & Affirms BB- ICR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit and
issue-level ratings on Panama Canal Railway Co. (PCRC). We revised
the outlook on the issuer credit rating to negative from stable.

S&P said, "The negative outlook reflects that we could lower our
rating on PCRC in the next 12 months. Recently, Mediterranean
Shipping Company (MSC; not rated), PCRC's second largest customer
that accounted for about 18% of freight container volume and 25%
of freight revenues as of the end of 2017, announced it's moving
its operations from the Balboa port to Rodman port (PSA at Rodman;
Port of Singapore Authority); a port that doesn't have rail
connectivity since it's located on the opposite side of the Panama
Canal. As a result, PCRC is losing this customer and has posted
significantly reduced container volumes. PCRC is currently
negotiating with several shipping lines to replace MSC, and we
expect these discussions to close by the end of 2018. However, we
believe that the loss of MSC will pressure the company's key
credit metrics and they could worsen if PCRC is unable to
successfully close these agreements on a timely basis and with
adequate terms and conditions.

"We had also expected PCRC to reduce its leverage and strengthen
its interest coverage, based on improving macroeconomic conditions
and the normalization of volumes from its main customer, A.P.
Moller - Maersk A/S (Maersk; BBB/Watch Neg/--). However, PCRC's
key credit metrics performed below this expectation. This was
mainly due to continued stagnant volume from Maersk, still soft
regional and global economic conditions, and negative effects from
the consolidation of shipping companies. In spite of these
factors, key credit metrics have performed within the range of our
rating on PCRC. However, we believe credit metrics could further
worsen if the company doesn't properly replace MSC. As of the
twelve months ended June 30, 2018, PCRC has posted funds from
operations (FFO) to debt of 34%, debt to EBITDA of 2.4x, and
EBITDA interest coverage of 5.6x.

"In our view, the negative factors affecting the company's metrics
are partially mitigated by its sound capital structure; stable
debt levels; low capital expenditures (capex) and working capital
requirements; comfortable debt maturity profile; and relatively
low fixed cost structure that supports its margins and operating
ratios, and its cash flow generation and margins that are above
the industry's average."


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P U E R T O    R I C O
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BORINQUEN ANESTHESIA: Unsecureds to Get $1,020/mo. at 2% for 5Yrs
------------------------------------------------------------------
Borinquen Anesthesia Services PSC filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a disclosure statement
explaining its plan of reorganization dated August 7, 2018.

General unsecured creditors are classified in Class 3 and will
receive a distribution of 5% of its allowed claims to be
distributed pro-rata as follows: $1,020 per month for 60 months,
including interest at 2% per annum for a total payout of
$61,253.26.

Payments and distributions under the Plan will be funded from the
debtor's post-petition income from the operation of the business.

The plan's only risk is the possibility that the debtor will be
unable from circumstances beyond its control to continue to
operate its business. At the present time, there are no
foreseeable circumstances of this type.

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

     http://bankrupt.com/misc/prb18-00130-11-58.pdf

              About Borinquen Anesthesia

Based in Aibonito, Puerto Rico, Borinquen Anesthesia Services PSC
is a privately held company that operates in healthcare industry.
Its principal assets are located at Calle Jose C Vazquez Hospital
General ME Aibonito, PR 00705.  Borinquen Anesthesia is a small
business debtor as defined in 11 U.S.C. Sec. 101(51D).

Borinquen Anesthesia sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-00130) on Jan. 12,
2018.

In the petition signed by Jorge A. Acevedo Orengo, president, the
Debtor disclosed $89,700 in assets and $1.20 million in
liabilities.  Juan C. Bigas Law Office is the Debtor's bankruptcy
counsel.


JDHG LLC: To Pay Unsecureds $2,338 in 60 Monthly Installments
-------------------------------------------------------------
JDHG, LLC, Caribbean Winds, Inc., August Sage Holdings, LLC, and
Green Horizon, Inc., filed a joint disclosure statement describing
their joint plan of reorganization.

Under the joint plan, holders of Allowed General Unsecured Claims
will be paid 100% through 60 consecutive equal monthly
installments of $2,338.93, commencing on the 30th day of the month
following the Effective Date and continuing on the 30th day of the
following 59 months.

With its own resources, the Debtors will be able to make the
payments required by the Plan, as evidenced by the estimated
balance of Debtors'in-possessions bank accounts of $180,000.

Within 45 days from the Effective Date, the Debtors will be
substantively consolidated with JDHG as the surviving entity, who
will receive as such all real properties and other assets from the
other Debtors, including all permits and licenses, and will be
responsible for the consummation of this Plan. JDHG will then
enter into a management agreement with Auberge Haven, pursuant to
which Auberge Haven will manage JDHG's properties on the basis of
$15,000 management fee, plus the reimbursement of all expenses
incurred in the management and/or operation of JDHG's properties.

A copy of the Joint Disclosure Statement is available at:

      http://bankrupt.com/misc/prb18-02811-11-68.pdf

                      About JDHG LLC

JDHG, LLC owns hotel furniture and fixtures at Wind Chimes Inn
located in San Juan, Puerto Rico, and boat bar equipment valued at
$65,255 in total.  The company has accounts receivable of $4.6
million.

JDHG sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. P.R. Case No. 18-02810) on May 21, 2018.  In the
petition signed by John B. Dennis Brull, president, the Debtor
disclosed $4.67 million in assets and $19.24 million in
liabilities.  Judge Mildred Caban Flores presides over the case.


TOYS R US: Taj Noteholders Disclose $850M in Note Claims
--------------------------------------------------------
In the Chapter 11 cases of Toys "R" Us, Inc., et al., the Ad Hoc
Group of Taj Noteholders filed a Fourth Amended Verified Statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure.

The Ad Hoc Group of Taj Noteholders is comprised of holders of:

     (i) 12% senior secured notes due 2021 issued pursuant to that
certain indenture, dated as of August 16, 2016, by and among, Tru
Taj LLC and Tru Taj Finance, Inc., as issuers, Wilmington Trust,
N.A., as successor trustee and collateral trustee and certain
guarantors party thereto, and

    (ii) 11% senior secured ABL DIP notes under that certain
indenture, dated as of September 22, 2017, by and among, Tru Taj
LLC and Tru Taj Finance, Inc., as issuers, Wilmington Savings Fund
Society, FSB, as trustee and collateral trustee and certain
guarantors party thereto.

In August 2017, certain members of the Ad Hoc Group of Taj
Noteholders retained Paul, Weiss, Rifkind, Wharton & Garrison LLP
to represent them in connection with potential restructuring
discussions involving the Debtors.

On Sept. 15, 2017, the Ad Hoc Group of Taj Noteholders retained
Whiteford, Taylor & Preston LLP as its co-counsel.

On Oct. 17, 2017, Counsel filed the Verified Statement of the Ad
Hoc Group of Taj Noteholders Pursuant to Bankruptcy Rule 2019.
Subsequently, on Nov. 10, 2017, Counsel filed the Amended Verified
Statement of the Ad Hoc Group of Taj Noteholders Pursuant to
Bankruptcy Rule 2019.

On Feb. 5, 2018, Counsel filed the Second Amended Verified
Statement of the Ad Hoc Group of Taj Noteholders Pursuant to
Bankruptcy Rule 2019.

On March 15, 2018, counsel filed the Third Amended Verified
Statement of the Ad Hoc Group of Taj Noteholders Pursuant to
Bankruptcy Rule 2019.  Since then, the composition of the Ad Hoc
Group of Taj Noteholders, and the disclosable economic interests
in relation to the Debtors held or managed by certain of its
members, has changed.

According to the Fourth Amended Verified Statement, the members of
the Ad Hoc Group of Taj Noteholders and their disclosable economic
interests as of July 13, 2018, are:

    1. Aurelius Capital Management, LP
       535 Madison Avenue 22 Floor
       New York, NY 10022
       * $71,344,000of Taj DIP Note Claims
       * $91,128 of Propco II CMBS

    2. Barclays Bank PLC
       745 Seventh Avenue
       New York, NY 10019
       * $10,047,000 of Taj DIP Note Claims
       * $40,098,000 of Taj Note Claims

    3. BlueMountain Capital Management LLC
       280 Park Avenue, 12 Floor
       New York, NY, 10017
       * $82,856,000 of Taj DIP Note Claims

   4. Cerberus Capital Management L.P.
      875 Third Avenue
      New York, NY 10022
      * $6,000,000 of Taj DIP Note Claims
      * $51,952,000 of Taj Note Claims
      * $27,000,000 of Propco II CMBS

   5. Cyrus Capital Partners, LP
      65 East 55 Street, 6 Floor
      New York, NY 10022
      * $16,426,000 of Taj DIP Note Claims
      * $123,988,000 of Taj Note Claims
      * $112,262,000 of Toys, Inc. 2018 Notes
      * $6,500,000 of Toys Inc-Delaware 2021 Notes
      * $19,049,079 of Delaware Term B-4 Loans
      * $1,754,353 of Delaware B-4 DIP Notes
      * $68,000,000 of Propco I Loans

   6. Grantham, Mayo, Van Otterloo & Co. LLC
      40 Rowes Wharf
      Boston, MA, 02110
      * $5,755,000 of Taj DIP Note Claims
      * $21,350,000 of Taj Note Claims

   7. Loomis Sayles & Company, LP
      One Financial Center,
      Boston, MA 02111
      * $99,154,000 of Taj DIP Note Claims
      * $65,410,000 of Taj Note Claims
      * $8,715,808 of Propco I Loans

   8. Owl Creek Asset Management, L.P.
      640 Fifth Avenue, 20 Floor
      New York, NY 10019
      * $13,500,000 of Taj DIP Note Claims

   9. OZ Management LP and OZ Management II LP
      9 West 57th Street, 39 Floor
      New York, NY 10019
      * $72,858,000 of Taj DIP Note Claims
      * $2,700,000 of Delaware Term B-2 Loans9
      * $2,406,385 of Delaware Term B-3 Loans
      * $8,000,000 of Delaware Term B-4 Loans

  10. Rimrock Capital Management, LLC
      100 Innovation Drive, Suite 200
      Irvine, CA 92617
      * $33,532,800 of Taj Note Claims

  11. River Birch Capital, LLC
      1114 Avenue of the Americas
      New York, NY 10036
      * $14,657,000 of Taj DIP Note Claims

  12. Silver Point Capital Fund, L.P.
      Two Greenwich Plaza
      Greenwich, CT 06830
      * $32,625,000 of Taj DIP Note Claims
      * $2,000,000 of Taj Note Claims

  13. Stonehill Capital Management, LLC
      885 Third Avenue, 30 Floor
      New York, NY 10022
      * $6,250,000 of Taj DIP Note Claims

  14. TPG Sixth Street Partners, LLC
      301 Commerce Street, Suite 3300
      Fort Worth, TX 76102
      * $7,737,000 of Taj DIP Note Claims
      * $16,500,000 of Taj Note Claims

  15. York Capital Management Global Advisors, LLC
      767 Fifth Avenue, 17 Floor
      New York, NY 10153
      * $10,220,000 of Taj DIP Note Claims
      * $46,000,000 of Taj Note Claims

The members of the Ad Hoc Group hold an aggregate $449,429,000 of
Taj DIP Note Claims and $400,830,800 of Taj Note Claims.

The firm can be reached at:

         Jennifer E. Wuebker, Esq.
         Christopher A. Jones, Esq.
         Jennifer E. Wuebker, Esq.
         WHITEFORD, TAYLOR & PRESTON, LLP
         3190 Fairview Park Drive, Suite 800
         Falls Church, VA 22042
         Telephone: (703) 280-9260
         Facsimile: (703) 280-9139
         E-mail: cajones@wtplaw.com
                 jwuebker@wtplaw.com

                - and -

         Brian S. Hermann, Esq.
         Samuel E. Lovett, Esq.
         Kellie A. Cairns, Esq.
         PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
         1285 Avenue of the Americas
         New York, NY 10019
         Telephone: (212) 373-3000
         Facsimile: (212) 757-3990
         E-mail: bhermann@paulweiss.com
                 slovett@paulweiss.com
                 kcairns@paulweiss.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.


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


VENEZUELA: Police Block Health Care Workers March
-------------------------------------------------
EFE News reports that dozens of police officers blocked a
demonstration organized by Venezuelan health care workers for two
hours, who were planning to march from the J.M. de los Rios
hospital in Caracas to the presidential palace to demand better
wages, as well as drugs and medical supplies.

The march, led by a boy in a wheelchair accompanied by his mother,
was blocked by police not far from its starting point, according
to EFE News.

The report notes that Dr. Carlos Prosperi, one of the organizers
of the march, said that an official from the Ministry of Health
had met with the protesters and proposed that they designate a
five-person commission to head to the office of the vice president
to discuss their demands.

The proposal, however, was rejected by the protesters, who insist
that top officials from the ministry directly reach out to them to
be handed their list of demands, the report relays.

The report says that the dozens of protesters reject the
government's policies, which they consider have not met the
population's health care needs nor helped solve the country's
severe economic crisis.

Doctors, nurses and patients participated in similar
demonstrations in four states, the report discloses.

Workers from other public institutions have joined in some of the
protests, the report relays.

Venezuela, the country with the largest oil reserves in the world,
is in the midst of an economic crisis that has led to a shortage
in basic foodstuffs, medicine, spare parts for vehicles and
machinery, and even cash, the report recounts.

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'.


VENEZUELA: Creditors Eye Oil Assets in Battle Over Unpaid Debt
--------------------------------------------------------------
Gideon Long in Bogota and John Paul Rathbone at The Financial
Times report that as Venezuela and its state-owned oil firm
Petroleos de Venezuela, S.A.(PDVSA) lurch from crisis to crisis,
defaulted creditors are jockeying for position to ensure they are
among the first to receive cash when payday eventually comes.

The Opec country is essentially bankrupt and creditors are
increasingly chasing its oil assets with their biggest target
being Citgo, the Houston-based oil refiner that processes
Venezuelan crude oil and is estimated to be worth roughly $4
billion, according to The Financial Times.

Next in their sights is seizing Venezuelan oil cargoes at sea, as
US hedge fund Elliott Management did with an Argentine ship in
2012 after it won a US court ruling to collect on unpaid debts,
the report notes.  Venezuela is reportedly transferring oil
cargoes in safe harbors including Cuba to avoid such risks, the
report relays.

The shift in creditor strategy is a show of force by the private
sector against the regime of President Nicolas Maduro, which is
overdue on $5.7 billion of debt payments, the report says.

Although Mr. Maduro survived an assassination attempt this month,
he is wrestling with an economy wracked by hyperinflation, and
faces a series of government sanctions by the US, Europe, Canada
and Latin America's biggest countries, he also appears to have
sealed his political control over the country, the report relays.

The latest win for creditors came, however, when Canadian mining
company Crystallex won a key battle in its attempts to force
Venezuela to pay $1.4 billion in compensation for expropriation of
a mining project, the report says.

A U.S. judge accepted Crystallex's argument that PDVSA is an
"alter ego" of the Venezuelan state and that therefore the
Canadian miner has the right to seize PDVSA assets in the US, the
report notes.  The ruling could serve as a precedent, the report
discloses.

"This judgment . . . is unambiguously negative for Venezuela,
given its loss of an asset of significant value," said Francisco
Rodriguez, chief economist of Torino Capital, a boutique advisory,
the report relays.  He added that "in all likelihood" the ruling
would spur "creditors to attempt to pursue PDVSA assets," the
report notes.

ConocoPhillips has already done just that.  In April, after it won
a $2 billion arbitration award against PDVSA from the
International Chamber of Commerce, the US oil major seized the
company's assets in the Caribbean, the report notes.

The report says that the seizures left PDVSA without access to
facilities that process almost a quarter of Venezuela's oil
exports.  To avoid the risk of other assets being taken, PDVSA
asked its customers to load oil from its anchored vessels acting
as floating storage units, Reuters has reported, the report notes.

The report relays that Conoco's fight for reimbursement, though,
looks straightforward compared with that of Crystallex, which
involves taking on PDVSA, rival bondholders and the Russian oil
group Rosneft.

Two years ago, half of Citgo was pledged as security for more than
$3 billion of PDVSA bonds, the report says.  The other half was
then pledged as collateral against a $1.5 billion loan from
Rosneft, the report relates.  As Citgo is worth roughly $4
billion, according to estimates by Torino Capital, a US investment
bank, it may have little residual value left to meet Crystallex's
$1.4 billion claim, the report relays.

Such complications mean that while both the Crystallex and Conoco
rulings are significant, they are unlikely to spark an immediate
wholesale plunder of other PDVSA assets, the report notes.

"The ruling is a win for Crystallex, no doubt.  But I'm not
convinced that it immediately .  .  . marks a tipping point," said
Robert Kahn, a professor at the American University and a former
International Monetary Fund official, the report discloses.

Lawyers agree. "[The Crystallex ruling] doesn't mean that every
Republic of Venezuela bondholder can automatically assume that
PDVSA assets are available to them," said Richard Cooper, senior
partner at New York law firm Cleary Gottlieb Steen & Hamilton, the
report relays.

Venezuela, which owes $31 billion of sovereign bonds and $28
billion of PDVSA bonds, also owes billions of dollars to China and
Russia, but its sole foreign-exchange generating industry is in
steep decline, the report relays.  Oil output has dropped below
1.3 million barrels per day -- back to 1947 levels, according to
Caracas Capital, 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'.


=================
X X X X X X X X X
=================


LATAM: Express Concerns About Crises in Venezuela, Nicaragua
------------------------------------------------------------
EFE News reports the the foreign ministers of Brazil, Aloysio
Nunes, and Ecuador, Jose Valencia, expressed their "concern"
regarding Venezuela and Nicaragua, urging that the crises in the
two countries be resolved respecting human rights.

"We are concerned about the wave of Venezuelan refugees" and about
"generalized repression" in Nicaragua, Mr. Nunes said in a joint
statement with Mr. Valencia, who held a bilateral meeting in
Brasilia, according to EFE News.

The report relays that Mr. Valencia said that the crisis in
Venezuela was a "humanitarian issue," though he insisted that "the
solution is mainly the responsibility of Venezuelans themselves."

Nevertheless, the Ecuadorian foreign minister said that the
international community must attempt to contribute to finding a
solution through dialogue to both the Venezuelan and Nicaraguan
crises, fully respecting human rights, the report notes.

During the last year and a half, Brazil and Ecuador have received
thousands of Venezuelan immigrants who have abandoned their
country to escape the political, social and economic crisis that
has hit the oil-rich nation, the report says.

The report discloses that the two foreign ministers announced that
specialists from their two countries would meet shortly to
exchange "experiences" on how to deal with the wave of Venezuelan
immigrants as part of a "humanitarian effort."

Regarding the bilateral relationship, the two ministers said that
they had discussed issues related to investments, fluvial
integration and trade, noting that exchanges of goods and services
between the two countries had reached nearly $1 billion last year,
rising 21 percent compared to 2016, the report adds.


* BOND PRICING: For the  From August 13 to August 17, 2018
----------------------------------------------------------

Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD




                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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