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        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

           Wednesday, October 24, 2018, Vol. 19, No. 211


                            Headlines




A R G E N T I N A

CUOTAS CENCOSUD II: Moody's Rates Class C Debt Securities Caa1


B R A Z I L

SEMENTES TALISMA: Court Denies Monsanto Bid to Halt Seed License


C O S T A   R I C A

AERIS HOLDING: Moody's Puts Ba2 Ratings Under Review for Downgrade
BANCO NACIONAL DE COSTA RICA: Moody's Review Ba2 for Downgrade


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Peso Stable as Dollar Hovers at Historic High
* DOMINICAN REPUBLIC: Talks With UK Ministers About Business


P U E R T O    R I C O

ADLER GROUP: Unsecureds to Recover 0.60% Under Amended Plan
AMERICAN GAMING: November 2 Meeting Set to Form Creditors' Panel
INTRADE LOGISTICS: To Pay Unsecs. 60 Monthly Installments of $950
INTRADE LOGISTICS: Nov. 6 Plan and Disclosures Hearing Set
SEARS HOLDINGS: October 24 Meeting Set to Form Creditors' Panel


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Expected to Earn US$200 Million Annually
TRINIDAD & TOBAGO: Contractors Agree to Have Govt Bonds as Payment


                            - - - - -


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A R G E N T I N A
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CUOTAS CENCOSUD II: Moody's Rates Class C Debt Securities Caa1
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Cuotas Cencosud Serie II. This transaction
will be issued by TMF Trust Company S.A. acting solely in its
capacity as issuer and trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

The full rating action for the "Fideicomiso Financiero Cuotas
Cencosud Serie II" deal is as follows:

  - ARS448,795,514 in Class A Floating Rate Debt Securities
    (VDFA), rated Aaa.ar (sf) (Argentine National Scale) and
    Ba2 (sf) (Global Scale)

  - ARS5,052,665 in Class B Floating Rate Debt Securities (VDFB),
    rated B1.ar (sf) (Argentine National Scale) and Caa2 (sf)
   (Global Scale)

  - ARS21,696,737 in Class C Floating Rate Debt Securities (VDFC),
    rated Caa1.ar (sf) (Argentine National Scale) and Caa3 (sf)
    (Global Scale)

  - ARS268,096 in Certificates (CP), rated Ca.ar (sf) (Argentine
    National Scale) and Ca (sf) (Global Scale)

RATINGS RATIONALE

The rated securities are payable from the cash flow derived from
the trust assets, which includes an amortizing pool of
approximately 177,179 eligible purchases in credit card
installments denominated in Argentine pesos and originated by
Cencosud Argentina S.A., the local subsidiary of Cencosud S.A.
("Cencosud" Baa3, Negative). Cencosud is among Latin America's
largest retailers, with presence in Chile, Argentina, Peru,
Colombia and Brazil. Only installments payable after November 1st,
2018 will be assigned to the trust.

The assigned installments pertain to credit cards issued by
Cencosud Argentina. Cencosud credit cardholders can make purchases
in affiliated stores and split the payments in several monthly
installments bearing no interest. The monthly installments are
detailed in the cardholder's monthly credit card statements. Not
all installments due under a given credit card will be assigned to
the trust; a given credit card account may also have other
installments that do not serve as collateral for this transaction.

In this transaction, the minimum payment level of cardholders'
credit card monthly statement will always include 100% of any
installments assigned to the trust. Therefore, the trust will
receive the expected cash flows without any delays as long as the
cardholder is considered a performing obligor.

A reserve fund covering two times the next interest accrual of the
VDFA and VDFB will be funded using collections received on the
pool.

Moody's based the analysis on the following factors: (i) the
strong credit profile of Cencosud and Cencosud Argentina and their
position as key players in the retail sector of Argentina and the
region; (ii) the relatively short expected life of the notes; and
(iii) the strong performance of Cencosud's portfolio.

TRANSACTION STRUCTURE

The VDFA will bear a floating interest rate (BADLAR plus 150 bps).
The VDFA's interest rate will never be higher than 46.0% or lower
than 38.0%. The VDFB will bear a floating interest rate (BADLAR
plus 250 bps). The VDFB's interest rate will never be higher than
47.0% or lower than 39.0%. The VDFC will bear a floating interest
rate (BADLAR plus 350 bps). The VDFC's interest rate will never be
higher than 48.0% or lower than 40.0%.

Overall credit enhancement is comprised of: (i) subordination; ii)
overcollateralization and iii) expense reserve accounts. The
transaction has initial subordination levels of 24.5% for the
VDFA, 23.6% for the VDFB and 20.0% for the VDFC, calculated over
the pool's undiscounted principal balance.

Finally, the transaction has an estimated 36.9% of negative annual
excess spread, before considering losses, taxes or prepayments and
calculated at the interest rate cap for the notes. As mentioned,
the assigned monthly installments do not bear interest. Available
credit enhancement and a relatively short average life of 9 months
for Class A largely mitigate this risk.

Moody's analyzed the historical performance data of previous
transactions and the dynamic credit card portfolio of Cencosud
Argentina, ranging from October 2015 to August 2018.

The rating agency also analyzed the payment levels in the seller's
overall credit card dynamic portfolio, identifying a payment rate
(monthly payment / monthly balance) averaging 66.2% during the
last twelve months as of Aug 2018.

In assigning the ratings to this transaction, Moody's assumed a
lognormal distribution of losses for the securitized pool with a
mean expected loss of 6.3% and a PCE of 12.6% (PCE, or the
portfolio credit enhancement, represents the credit enhancement
consistent with the highest rating achievable (i.e., the local
currency ceiling) in the country).

The principal methodology used in these ratings was Moody's
Approach to Rating Consumer Loan-Backed ABS published in September
2015.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Cencosud Argentina, the actual
performance of the securitized pool may be affected, among other
factors, by the level of economic activity, high inflation rates
compared with nominal salaries increases and the unemployment rate
in Argentina.

Another key factor that could lead to a rating downgrade would be
the deterioration of the sponsor's credit profile affecting its
capacity and ability to perform its servicer's duties.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.



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


SEMENTES TALISMA: Court Denies Monsanto Bid to Halt Seed License
----------------------------------------------------------------
Brazilian appeals court denied a request by Monsanto's local unit
to suspend licensing of its popular Intacta soy seed technology to
privately-owned seed maker Sementes Talisma, according to a ruling
seen by Reuters.

Monsanto sought to suspend the licensing of the genetically
modified seed technology after Talisma filed for bankruptcy
protection in January, one of the seed maker's lawyers, Daniel
Amaral of DASA Advogados in Sao Paulo, said, according to Reuters.

"Monsanto sought to end the licensing contract to try and
negotiate better terms in Talisma's ongoing financial
restructuring," the report quoted Mr. Amaral as saying.

Ana Mano at Reuters reports that press representatives for
Germany's Bayer AG, which bought Monsanto in a $66 billion deal,
said like various other creditors in Talisma's proceedings it is
taking "the applicable legal measures to secure its rights."

The report notes that Mr. Amaral said remaining a licensee of
Monsanto's Intacta technology is crucial for Talisma as it seeks
to reorganize the business and restructure about BRL180 million
(US$49 million) of debt.

The appeals court decision, handed down in the state of Goias on
Oct. 11, sets a precedent for any Brazilian seed company in
financial distress that chooses to repay overdue royalties under
court supervision, Mr. Amaral said, the report relays.

In July, a Brazilian judge ordered local units of Monsanto to
deposit in an escrow account royalties related to its Intacta RR2
Pro technology pending the outcome of litigation over a patent
dispute between the firm and Brazilian soy growers, the report
notes.

Talisma is still in the process of negotiating new terms for
repaying all its debt obligations, Mr. Amaral said, the report
says.  Monsanto is Talisma's single largest unsecured creditor and
is owed BRL40 million, he said, the report discloses.

Mr. Amaral said Goias-based Talisma is up to date on royalty
payments to Monsanto due after the bankruptcy filing, and has yet
to negotiate terms of pre-filing obligations, the report notes.

So far this year, Talisma has paid about BRL8 million in royalties
to Monsanto, the report adds.



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


AERIS HOLDING: Moody's Puts Ba2 Ratings Under Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed the ratings of the Costa Rican
issuers Instituto Costarricense de Electricidad, Reventazon
Finance Trust and Aeris Holding Costa Rica S.A. under review for
downgrade. The rating action follows Moody's rating action in
which the agency placed the Government of Costa Rica's (Ba2 RUR
down) ratings under review for downgrade.

As part of this rating action, Moody's has also decided to
withdraw the rating of Autopistas del Sol S.A. because of
inadequate information to continue monitoring the ratings due to
the issuer's decision to cease participation in the rating
process.

The ratings impacted are as follows:

On Review for Downgrade:

Issuer: Aeris Holding Costa Rica S.A.

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba2

Issuer: Instituto Costarricense de Electricidad (ICE)

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba2

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba2

Issuer: Reventazon Finance Trust

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba2

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba2

Outlook Actions:

Issuer: Aeris Holding Costa Rica S.A.

  Outlook, Changed To Rating Under Review From Stable

Issuer: Instituto Costarricense de Electricidad (ICE)

  Outlook, Changed To Rating Under Review From Negative

Issuer: Reventazon Finance Trust

  Outlook, Changed To Rating Under Review From Negative

The following ratings were withdrawn:

Outlook Actions:

Issuer: Autopistas Del Sol S.A.

  Outlook, Changed To Rating Withdrawn From Negative

Withdrawals:

Issuer: Autopistas Del Sol S.A.

  Senior Secured Regular Bond/Debenture, Withdrawn, previously
  rated Ba2

RATINGS RATIONALE

The rating action reflects Moody's view that the creditworthiness
of these entities cannot be completely de-linked from the current
operating environment and regulatory regimes in Costa Rica. During
the review, Moody's will focus on assessing the nature and
magnitude of linkages between ICE, Reventazon and Aeris with Costa
Rica's credit quality, operating environment and regulatory
regimes.

WHAT COULD CHANGE THE RATING UP/DOWN

In light of the review for downgrade, upward pressure on the
ratings is unlikely in the near term. A downgrade on Costa Rica's
government bond ratings could result in a downgrade of the
ratings. In addition, a deterioration of key credit fundamentals
of the individual issuers could also exert downward pressure on
the ratings.

The methodologies used in rating Instituto Costarricense de
Electricidad and Reventazon Finance Trust were Regulated Electric
and Gas Utilities published in June 2017, and Government-Related
Issuers published in June 2018. The principal methodology used in
rating Aeris Holding Costa Rica S.A. was Privately Managed
Airports and Related Issuers published in September 2017.


BANCO NACIONAL DE COSTA RICA: Moody's Review Ba2 for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the Ba2 long-term local
currency and the Ba3 foreign currency deposit ratings of Banco
Nacional de Costa Rica and Banco de Costa Rica on review for
downgrade. At the same time, Moody's placed the banks' baseline
credit assessments and adjusted BCAs, as well as BNCR's Ba2 long-
term senior unsecured debt rating, on review for downgrade.

In addition, Moody's placed the B1 deposit rating and b1 adjusted
BCA of Banco Internacional de Costa Rica, S.A. on review for
downgrade. The rating agency affirmed BICSA's b2 BCA.

The following ratings and assessments were placed on review for
downgrade:

Banco Nacional de Costa Rica

  Baseline credit assessment of ba2

  Adjusted baseline credit assessment of ba2

  Long-term local currency deposit rating of Ba2, outlook changed
  to rating under review from negative

  Long-term foreign currency deposit rating of Ba3, outlook
  changed to rating under review from negative

  Long-term foreign currency senior unsecured debt rating of Ba2,
  outlook changed to rating under review from negative

  Long-term counterparty risk rating of Ba1

  Long-term counterparty risk assessment of Ba1(cr)

Banco de Costa Rica

  Baseline credit assessment of b1

  Adjusted baseline credit assessment of b1

  Long term local currency deposit rating of Ba2, outlook changed
  to rating under review from negative

  Long term foreign currency deposit rating of Ba3, outlook
  changed to rating under review from negative

  Long-term counterparty risk rating of Ba2

  Long-term counterparty risk assessment of Ba2(cr)

Banco Internacional de Costa Rica, S.A.

  Adjusted Baseline Credit Assessment of b1

  Long-term foreign currency deposit rating of B1, outlook changed
  to rating under review from stable

  Long-term foreign currency counterparty risk rating of Ba3

  Long-term counterparty risk assessment of Ba3(cr)

The following ratings and assessments were affirmed:

Banco Nacional de Costa Rica and Banco de Costa Rica

  Short-term local and foreign currency deposit and counterparty
  risk ratings of Not Prime

  Short-term counterparty risk assessment of Not Prime(cr)

Banco Internacional de Costa Rica, S.A.

  Baseline Credit Assessment of b2

  Short-term foreign currency deposit and counterparty risk rating
  of Not Prime

  Short-term counterparty risk assessment of Not Prime (cr)

Outlook Actions:

Banco Nacional de Costa Rica and Banco de Costa Rica

  Outlook changed to ratings under review from negative

Banco Internacional de Costa Rica, S.A.

  Outlook changed to ratings under review from stable

RATINGS RATIONALE

BNCR's, BCR's and BICSA's ratings and assessments were placed on
review for downgrade following a similar action on Costa Rica's
government bond rating on October 18. The sovereign rating action
reflects the prospects of continuing worsening of fiscal and
government debt indicators, coupled with evidence of increasing
funding pressures and reservations about the government's ability
to implement an effective fiscal consolidation plan and revert
negative fiscal trends. Lack of approval of a fiscal reform, or
approval of a less comprehensive reform, could result in a multi-
notch downgrade.

BNCR's and BCR's local currency deposit ratings, as well as BNCR's
foreign currency debt rating continue to be in line with Costa
Rica's government bond rating. The banks' Ba3 foreign currency
deposit ratings are constrained by Costa Rica's sovereign ceiling
for foreign currency deposits. The ratings reflect Moody's
assessment of full support from the government, which is based on
the government's 100% ownership of the banks, its guarantee of
their senior obligations under Article 4 of the Banking Law, the
banks' public policy mandate, and the importance of their deposit
and loan franchise within the Costa Rican financial system.
Consequently, should Costa Rica's government bond rating be
downgraded, BNCR's and BCR's deposit and debt ratings would face
downward pressure.

The ba2 BCA of BNCR is also on par with Costa Rica's sovereign
bond rating and will be constrained by the sovereign rating if
that rating is downgraded. Although it is already two notches
below the government bond ratings, the b1 BCA of BCR was also
placed on review for downgrade to assess the implications of a
potential multi-notch sovereign downgrade and a corresponding
deterioration in Moody's assessment of the operating environment
on the bank's financial profile.

The BCAs of both banks already capture their modest capitalization
and weak profitability, owing to high operating costs and
significant mandatory transfers to government entities. Asset
risks are increasing at both banks because of increasing local-
and foreign-currency interest rates, coupled with a depreciation
of the colon in light of the high share of foreign currency loans
to local-currency earners. On the other hand, both banks benefit
from a good access to low-cost retail deposits and to deposits
from public-sector entities. BCR's b1 BCA also continues to
reflect corporate governance concerns following allegations of
improper terms and conditions for certain loans extended by the
bank.

BICSA's B1 deposit rating was placed on review for downgrade to
reflect the potential reduction in the capacity of its controlling
parent, BCR, to provide it financial support in an event of need
reflected in the review on BCR's ratings. BICSA's rating currently
incorporates a notch of uplift owing to the high probability that
the bank will receive financial support from BCR, which owns the
bank jointly together with BNCR.

Notwithstanding the review of the bank's deposit rating, its BCA
was affirmed to reflect the bank's improved asset quality, as well
as its gradually recovering, though low, profitability and stable
capital levels. Also, Moody's considered its more steady corporate
governance, with both shareholders aiming to manage BICSA on a
more coordinated fashion than it the past.

WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN

Should Costa Rica's government bond rating be downgraded, BNCR's
and BCR's long-term ratings would also face downward pressure. If
the sovereign rating is downgraded by more than one notch, the
banks' ratings would go down by a similar amount. BICSA's long-
term ratings would also be downgraded if BCR's foreign currency
deposit rating is downgraded by multiple notches, but not in the
event of a single notch downgrade of BCR.

BCR and BNCR's ratings could be confirmed if the sovereign rating
is confirmed. BICSA's deposit rating would also be confirmed
provided BCR's foreign currency deposit rating is not downgraded
by more than one notch. There is no upward ratings pressure at
this time.

The principal methodology used in these ratings was Banks
published in August 2018.



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


DOMINICAN REPUBLIC: Peso Stable as Dollar Hovers at Historic High
-----------------------------------------------------------------
Dominican Today reports that the US dollar remains stable against
the Dominican peso in the prices of Dominican Republic's currency
market, according to recent reports by the Central Bank.

On Oct. 22 however, the American currency reached RD$49.94 pesos
to sell, and RD$50.02 pesos to buy, according to Dominican Today.

The $50.02 peso-per-dollar mark is the sharpest devaluation of the
Dominican currency since 2003, amid the financial crisis that sent
the national economy into a tailspin and the dollar at RD$57.00 to
one, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


* DOMINICAN REPUBLIC: Talks With UK Ministers About Business
------------------------------------------------------------
Dominican Today reports that Dominican Foreign Minister Miguel
Vargas and United Kingdom counterpart, Jeremy Hunt, on Monday
discussed economic issues, security and general strengthening of
bilateral ties.

The British Foreign Minister received Mr. Vargas in his office as
part of the Dominican diplomat's official visit, according to
Dominican Today.

"The conversation revolved around the historic relations between
the Dominican Republic and the United Kingdom, the first country
that recognized our national independence, and the interest of our
governments to strengthen those ties," the report quoted Mr.
Vargas as saying.

They agreed on the relevance of increasing trade, investment and
tourism, the report notes.

The report relays that Mr. Hunt acknowledged the positive impact
of the Dominican Week in the United Kingdom, whose seventh version
is taking place in London.

The foreign ministers also discussed various areas of
collaboration between the two countries, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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


ADLER GROUP: Unsecureds to Recover 0.60% Under Amended Plan
-----------------------------------------------------------
Adler Group, Inc. submitted with the Bankruptcy Court an amended
plan of reorganization dated Oct. 12, 2018.

Under the Amended Plan, holders of Allowed General Unsecured
Claims in Class 3 will receive a lump-sum distribution of $15,000
dollars, equivalent to 0.60% of their allowed claims. The lump-sum
will be distributed on the Effective Date in a pro-rata basis
calculated over the allowed amount.

The initial plan provided that holders of allowed general
unsecured claims will receive a distribution of $15,000 or 1.89%
of the allowed claims.

A copy of the Amended Plan is available for free at:

        http://bankrupt.com/misc/prb17-02727-11-216.pdf

                    About Adler Group Inc.

Adler Group Inc. owns the Caguas Military property located at Carr
189 km 3.1 (interior) Rincon Ward, Gurabo Puerto Rico, which is
valued at $3 million.  It holds inventory and equipment worth
$513,870.  For 2015, the Company posted gross revenue of $1.61
million 2015 and gross revenue of $1.91 million for 2014.

Adler Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-02727) on April 20, 2017.  In the
petition signed by Jose Torres Gonzalez, authorized
representative, the Debtor disclosed $3.52 million in assets and
$4.43 million in liabilities.

The case is assigned to Judge Mildred Caban Flores.

The Debtor hired MRO Attorneys at Law, LLC, as bankruptcy counsel.


AMERICAN GAMING: November 2 Meeting Set to Form Creditors' Panel
----------------------------------------------------------------
Andy Vara, Acting United States Trustee, for Region 3, will hold
an organizational meeting on November 2, 2018, at 10:00 a.m. in
the bankruptcy cases of American Gaming & Electronics, Inc. and
AG&E Holdings Inc.

The meeting will be held at:

         United States Trustee's Hearing Room
         Bridge View
         800-840 Cooper Street, Suite 102
         Camden, NJ 08102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

                   About American Gaming

Established in 1993, American Gaming & Electronics is a supplier
of gaming parts, used machines, and electronic components.  AG&E
is strategically located in Las Vegas, New Jersey and Florida.
Its distribution chain reaches the Caribbean & Puerto Rico, Canada
and Europe.

American Gaming & Electronics Inc. and its subsidiary AG&E
Holdings Inc. filed for bankruptcy protection (Bankr. N.J. Case
Nos. 18-30507) on October 15, 2018.  The petition was signed by
Anthony R. Tomasello, president/CEO. The Hon. Andrew B. Altenburg
Jr. presides over the cases.

American Gaming declared total assets of $945,220 and total
liabilities of $2,016,152.

The Debtors tapped Warren J. Martin, Jr., Esq. of Prozio, Bromberg
& Newman P.C. as counsel; and Podium Strategies, LLC.


INTRADE LOGISTICS: To Pay Unsecs. 60 Monthly Installments of $950
-----------------------------------------------------------------
Intrade Logistics Corp. submitted a disclosure statement
explaining its proposed plan of reorganization.

Holders of allowed general unsecured claims in Class 1 will be
paid 15% through 60 equal consecutive monthly installments of
$950.03 commencing on the Effective Date and continuing on the
30th day of the subsequent 59 months.

The Debtor will effect payment of pending administrative expense
on the Effective Date. Debtor's plan considers the collection of
certain accounts receivable from one of its affiliates in the
amount of $80,000. Moreover, Debtor operations will commence to
produce positive cash flows, as soon as the current warehouse
facilities are returned to the respective landlord. As a result,
the Debtor estimates that it will have the necessary funds to pay
the administrative expense claims and the priority tax claims on
the Effective Date.

The payment plan proposed to general unsecured claims will be
funded from the Debtor's normal operations.

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

      http://bankrupt.com/misc/prb18-03828-11-30.pdf

                About Intrade Logistics Corp.

Headquartered in Toa Baja, Puerto Rico, Intrade Logistics Corp. is
in the wine and distilled beverages business.

Intrade Logistics Corp. filed a Chapter 11 Petition (Bankr. D.P.R.
Case No. 18-03828) on July 5, 2018.  In the petition signed by
Rolando Fernandez, president, the Debtor disclosed $1.13 million
in assets and $1.88 million in liabilities.  CHARLES A CURPILL,
PSC LAW OFFICES, led by principal Charles A. Cuprill Hernandez, is
the Debtor's counsel.


INTRADE LOGISTICS: Nov. 6 Plan and Disclosures Hearing Set
----------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores issued an order
conditionally approving Intrade Logistics Corp.'s disclosure
statement relating to its chapter 11 plan.

Acceptances or rejections of the Plan may be filed in writing
on/or before 14 days prior to the date of the hearing on
confirmation of the Plan.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Nov. 6, 2018 at 9:00 AM, at the U.S. Bankruptcy Court, Jose V.
Toledo U.S. Post Office and Courthouse Building, 300 Recinto Sur
Street, Courtroom 3, Third Floor, San Juan, Puerto Rico.

As previously reported by the Troubled Company Reporter, holders
of allowed general unsecured claims in Class 1 will be paid 15%
through 60 equal consecutive monthly installments of $950.03
commencing on the Effective Date and continuing on the 30th day of
the subsequent 59 months.

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

     http://bankrupt.com/misc/prb18-03828-11-30.pdf

                 About Intrade Logistics Corp.

Headquartered in Toa Baja, Puerto Rico, Intrade Logistics Corp. is
in the wine and distilled beverages business.

Intrade Logistics Corp. filed a Chapter 11 Petition (Bankr. D.P.R.
Case No. 18-03828) on July 5, 2018.  In the petition signed by
Rolando Fernandez, president, the Debtor disclosed $1.13 million
in assets and $1.88 million in liabilities.  CHARLES A CURPILL,
PSC LAW OFFICES, led by principal Charles A. Cuprill Hernandez, is
the Debtor's counsel.


SEARS HOLDINGS: October 24 Meeting Set to Form Creditors' Panel
---------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, will
hold an organizational meeting on October 24, 2018, at 11:00 a.m.
in the bankruptcy case of Sears Holdings Corporation, et al.

The meeting will be held at:

         New York Hilton Midtown
         Second Floor, Nassau Room
         1335 Avenue of the Americas
         New York, NY 10019

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

                        About Sears Holdings

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes.  Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and
automotive repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they
had 3,500 US stores between them.  Kmart emerged in 2005 from its
own bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018.  The Company employs 68,000
individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.

The Hon. Robert D. Drain is the case judge.

Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings.  DLA Piper
LLP is the real estate advisor.  Prime Clerk is the claims and
noticing agent.



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


PETROLEUM CO: Expected to Earn US$200 Million Annually
------------------------------------------------------
Trinidad Express reports that under a new business model,
Petroleum Co. of Trinidad & Tobago (Petrotrin) is expected to
contribute US$200 million in foreign exchange annually to the
country, Minister in the Ministry of Finance Allyson West stated.

Piloting the Appropriation bill in the Senate, Parliament Chamber,
Port of Spain International Waterfront Complex, West said the
Petrotrin refinery was a drain in the foreign reserves and the new
business model would reverse this, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.


TRINIDAD & TOBAGO: Contractors Agree to Have Govt Bonds as Payment
------------------------------------------------------------------
Trinidad Express reports that executive chairman of NH
International Emile Elias, who sits on the Prime Ministerial-
appointed committee to review claims by contractors has said that
while some outstanding claims submitted to Government amounted to
about $676 million, that figure will probably be revised downward
to about $500 million.

Mr. Elias, in an interview with the Sunday Express, said
contractors who agreed to have their claims reviewed by the
committee have all concurred to accept as payments, bonds from the
Government, according to Trinidad Express.


                            ***********


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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