/raid1/www/Hosts/bankrupt/TCRLA_Public/190220.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

          Wednesday, February 20, 2019, Vol. 20, No. 37

                           Headlines



A R G E N T I N A

ARGENTINA: Signs 10 Deals to Boost Bilateral Ties With India
CORDOBA PROVINCE: Fitch Affirms B LT IDRs, Outlook Negative


B R A Z I L

MARANGONI TREAD: Chapter 15 Case Summary


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries See no Excuse not to Sign Pact
DOMINICAN REPUBLIC: Sectors to Sign Electric Pact


J A M A I C A

UC RUSAL: Tries to Re-Insure Risks With Western Companies


M E X I C O

MEXICO: Energy Regulator Has Conflict of Interest, President Says


P U E R T O   R I C O

CHARLOTTE RUSSE: U.S. Trustee Forms 7-Member Committee
TOYS R US: DDR Corp., GGP Limited Removed as Committee Members


V E N E Z U E L A

VENEZUELA: Bonds May Be Worth Nothing or Make Investors a Mint
VENEZUELA: Trump Tells Military to Back Guaido or Lose Everything

                           - - - - -


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

ARGENTINA: Signs 10 Deals to Boost Bilateral Ties With India
------------------------------------------------------------
EFE News reports that Argentina and India signed 10 agreements for
cooperation in the fields of defense, agriculture and energy,
during a visit by the Argentine president to the Asian country.

Mauricio Macri, on the first day of this three-day visit, also
joined the International Solar Alliance (ISA) led by India,
according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

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.

CORDOBA PROVINCE: Fitch Affirms B LT IDRs, Outlook Negative
-----------------------------------------------------------
Fitch Ratings affirms Province of Cordoba's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Rating
Outlook remains Negative, mirroring the sovereign rating
(B/Negative). Cordoba's ratings are capped by the sovereign rating.
Fitch also affirms the 'B' ratings for Cordoba's 7.45% senior
unsecured notes for USD510.0 million due 2024 and 7.125% senior
unsecured notes for USD450.0 million due 2027.

KEY RATING DRIVERS

Cordoba's rating affirmations are underpinned by the province's
positive financial performance and prudent fiscal policies in a
macroeconomic context of currency depreciation and high inflation.
The province's leverage and payback ratios are also adequate. The
sovereign rating cap, along with the province's high level of
unhedged debt currency exposure, the presence of medium-term
refinancing risk and rigid staff expenses are the main limitations
considered.

Institutional Framework: Weak, Stable

Fitch considers Argentina's institutional framework as weak, given
the country's structural weaknesses, including its complex and
imbalanced fiscal regime with no equalization funding. Agreements
between the nation and provinces tracked fiscal improvements during
2017 and 2018 for most Argentine subnational entities. The
sustainability of fiscal improvements will depend on economic
activity accompanying the process of fiscal convergence; Fitch will
monitor progress.

Economy: Weak, Stable

Cordoba is Argentina's second economic centre after Buenos Aires
and has a diversified economic profile. However, Fitch views the
economy as weak for all domestic subnationals compared with
international peers, because they operate in a macroeconomic
context of high inflation and currency depreciation. Economic
volatility is a structural characteristic of the country's weak
economy.

Fiscal Performance: Strong, Stable

According to provisory year-end 2018 information, Cordoba's
operating margin was around 19% of its operating revenue, similar
to its 20% margin at year-end 2017. In the past three years, the
province's margins structurally improved to average 19% between
2016-2018, versus 12% between 2013-2015. This followed a
re-composition of federal automatic transfers from the nation to
the province since 2016. Still, Argentine subnationals have
structurally high levels of staff expenditure due to inflation
pressure; Cordoba's staff expenditure/operating expenditure ratio
averaged 57.4% during 2014-2018.

The province's balanced fiscal performance during 2014-2018 will
provide capacity to navigate the current macroeconomic recessionary
context. Fitch estimates a margin of around 12.5% of operating
revenue in 2019, similar to the provincial budgeted margin of
12.3%, given that inflation accelerated in 4Q18 and the expectation
of real-term deceleration in automatic transfers and local revenue
and a real-term expenditure re-composition.

Debt and Other Long-Term Liabilities: Neutral, Stable

Direct debt increased by about 112% in 2018 because of currency
depreciation, totalling around ARS103 billion, according to
provisory data. However, debt metrics remain adequate, with debt
representing around 58.2% of annual current revenue. Due to
Cordoba's strong finances, debt payback remained low at around 3.3x
of the current balance and debt servicing represented a low 21.9%
of the operating margin.

An important rating limitation is that approximately 95% of
Cordoba's direct debt is denominated in foreign currency and is
unhedged, mainly in US dollars. In addition, the province faces
debt-capital maturity peaks in 2021 for an estimated ARS42.3
billion and ARS31.2 billion in 2024. There were no external
issuances from provinces in 2018 due to market volatility and
vulnerability. Fitch estimates leverage to reach around 48.3% of
2019 budgeted current revenue, considering Cordoba's budgeted
debt.

Regarding possible contingencies, Cordoba is among the provinces
that did not transfer its social-security scheme to the nation.
Cordoba's pension system functions on a pay-as-you-go basis and
carries a structural deficit. The province's annual pension deficit
has been partially mitigated by funding transfers from the National
Administration of Social Security (ANSES) since 2016. In January
2018, a bilateral agreement was reached between both parties for
the funding of the 2017 deficit. The agency expects transfers to
continue in 2019, as the federal budget has allocated ARS22 billion
for provincial social-security system deficits.

Management and administration: Neutral, Stable

The province's balanced fiscal performance is the result of
continuity in administrative policies aiming to maintain fiscal
solvency through expenditure controls. Consequently, Cordoba
maintains adequate liquidity and capex ratios. The province's
USD5.7 billion capex plan concludes in 2019. The plan is mainly
composed of urban infrastructure investments and gas-trunk
pipelines. Fitch will monitor the province's capex and funding
plans, as 2019 is an electoral year at the federal, municipal and
provincial levels.

RATING SENSITIVITIES

A downgrade in Argentina's sovereign rating will affect Cordoba's
ratings, as per Fitch's criteria, which states that no subnational
in Argentina can be rated above the sovereign. In addition, a
revision of the Outlook on the sovereign rating to Stable could
also result in revision of the Outlook on Cordoba.



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

MARANGONI TREAD: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Debtor:    Marangoni Tread Latino America Industria e  

               
                      Comercio de Artefatos de Borracha Ltda
                      KM 01, LMG-800, Distrito Industrial
                      33400-000
                      Lagoa Santa - MG
                      Brazil

Business Description: Marangoni Tread Latino America Industria
                      is a supplier of rubber products in Brazil.
                      The Company was founded in 1998.

Chapter 15
Petition Date:        February 15, 2019

Court:                United States Bankruptcy Court
                      Southern District of Florida (Miami)

Chapter 15 Case No.:  19-12070

Judge:                Hon. Laurel M. Isicoff

Foreign
Representative:       Otavio de Paoli Balbino de Almeida Lima
                      Rua Alagoas 1000, sl. 1307-Funcionario
                      30130-160
                      Belo Horizonte - MG
                      Brazil

Foreign Proceeding
in Which Appointment
of the Foreign
Representative
Occurred:             Reorganization Procedure of Marangoni
                      Tread Latino America Industria e
                      Comercio

Foreign
Representative's
Counsel:              Gregory S. Grossman, Esq.
                      SEQUOR LAW PA
                      1001 Brickell Bay Drive, 9th Floor
                      Miami, FL 33131
                      Tel: (305) 372-8282
                           (305) 372-8202
                      E-mail: ggrossman@sequorlaw.com

Estimated Assets:     Unknown

Estimated Debts:      Unknown

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

               http://bankrupt.com/misc/flsb19-12070.pdf



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

DOMINICAN REPUBLIC: Industries See no Excuse not to Sign Pact
-------------------------------------------------------------
Dominican Today reports that the signing of the electric pact
remains in limbo despite business leaders' insistence on consensus
which paves the way to enforce the points which most of the actors
have agreed on.

Dominican Industry Association (AIRD) President Celso Juan
Marranzini, called on the government and all sectors to assume the
challenge of signing the pact and work together to improve the
energy supply and in turn improve the competitiveness of companies
and ease the burden of the Budget's fiscal deficit, according to
Dominican Today.

He labeled the pact an issue of great national interest that
requires the consensus of all sectors "including politicians,
businessmen and all in general," the report relays.

The recently-sworn AIRD president stressed that the pact will
benefit companies, the Government and the neediest population that
suffers blackouts, 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.

DOMINICAN REPUBLIC: Sectors to Sign Electric Pact
-------------------------------------------------
Dominican Today reports that the Economic and Social Council
disclosed the signing of the National Pact for the Reform of the
Electric Sector (Electric Pact), which has been on president Danilo
Medina's desk for several months and has been demanded by sectors
across the country.

Economic and Social Council (CES) Director Iraima Capriles said all
sectors are invited to the event set for 11:00 am today, in the
National Palace, headed by Medina and electricity sector
representatives, according to Dominican Today.

The report notes that although the dialogue for the Electricity
Pact concluded in November of 2017, it hadn't been signed because
some sectors insisted that the Punta Catalina power plant should be
included, among other issues, and the Government argued that the
opposition should assume a commitment.

"The Economic and Social Council is made up of 45 members and its
members are being called together, as well as those who
participated and were summoned through decree 389-14, which are the
actors of the National Pact for the Reform of the Electricity
Sector, as the experts who contributed their knowledge to enrich
the covenant," the report quoted Mr. Capriles as saying.

In recent days several national sectors had expressed through the
media and social networks their demand the signing of the Pact, 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.



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

UC RUSAL: Tries to Re-Insure Risks With Western Companies
---------------------------------------------------------
RJR News reports that Russia's UC Rusal, the world's second-largest
aluminum producer, is in talks to resume re-insuring its risks with
Western companies after Washington lifted sanctions on it.

This was confirmed by officials with Russian National Reinsurance
Company, notes the report.

U.S. President Donald Trump's administration lifted sanctions on
Rusal and other core assets of tycoon Oleg Deripaska in January,
says RJR News.

The reinsurance talks show the company is now trying to return to
normal operations, add the report.

As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's Long-
Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Fitch simultaneously
withdrew all the ratings.

UC Rusal, the parent company of Jamaican-based
West Indies Alumina Company (Windalco).



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

MEXICO: Energy Regulator Has Conflict of Interest, President Says
-----------------------------------------------------------------
EFE News reports that President Andres Manuel Lopez Obrador accused
the head of Mexico's independent Energy Regulatory Commission (CRE)
of having a conflict of interest and called on Guillermo Garcia
Alcocer to resign.

"I have information that there is a conflict of interest in the
case of the chairman of the so-called CRE, it does exist and he
should not be there," the president said at his daily morning press
conference, according to EFE News.

Garcia Alcocer acknowledged that two of his in-laws work for
companies in the energy sector, but denied that their firms have
received favorable treatment from the CRE, the report notes.

The chairman's brother-in-law, Mario Barreiro Castellanos, works
for Vestas, a Danish manufacturer of wind-power technology that
does not operate under the supervision of the CRE, the report
relays.

The report notes that Santiago Garcia Castellanos, a cousin of
Garcia Alcocer's wife, is with Santa Fe Gas Natural, which received
its operating permit from the CRE prior to when the current
chairman joined the commission in 2016.

"I have recused myself from reviewing and voting on matters
relating to this firm (Santa Fe) in conformity with the law,"
Garcia Alcocer told reporters, the report relays.

The report notes that beyond criticizing Garcia Alcocer, Lopez
Obrador said that the CRE as an institution "deceived the Mexican
public because they made people believe that autonomous authorities
of independent experts were needed because the government could not
deal with those issues."

The president suggested that the CRE and similar bodies were not
truly independent, the report says.

"In the majority of cases," he said, they are subordinate to the
privatization policy way of thinking," the report discloses.

The leader of the leftist Morena party vowed that his
administration would "purify these authorities that were entirely
at the service of private interests," the report relates.

The report notes that Lopez Obrador likewise reaffirmed his charge
that previous pro-business administrations in Mexico sought to
dismantle state-owned oil giant Pemex and public electricity
utility CFE.

"Neoliberal technocrats, with the hallmark of corruption, took
great pains to twist the neck of the goose that lays the golden
eggs," he said, EFE relays.

Lopez Obrador was joined at his news conference by the director of
CFE, Manuel Bartlett, who offered a list of former senior
officials, including a president and two erstwhile energy
secretaries, who joined energy companies after leaving the
government, the report adds.



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

CHARLOTTE RUSSE: U.S. Trustee Forms 7-Member Committee
------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Feb. 14 appointed
seven creditors to serve on the official committee of unsecured
creditors in the Chapter 11 case of Charlotte Russe Holdings, Inc.

The committee members are:

     (1) Valueline Group Co Ltd.
         Attn: Brian Mitteldorf
         14226 Ventura Blvd.
         Sherman Oaks, CA 91423
         Phone: 818-990-4800
         Fax: 818-990-3904   

     (2) Ven Bridge Ltd.  
         Attn: Sean Gogarty, Bldg #96
         1277 En Zhuanixing Rd.
         Shanghai China
         Phone: 415-265-2537    

     (3) Shantex Group LLC
         Attn: David Orland
         530 Seventh Avenue, Suite 703
         New York, NY 10018
         Phone: 646-918-6399

     (4) Global Capital Fashion Inc.
         Attn: Aphrodite Alexadropoulos
         247 West 35th Street, 11th Floor
         New York, NY 10001
         Phone: 212-575-1390

     (5) Jainson's International, Inc.
         Attn: Amit Jain
         7526 Tyrone Ave.
         Van Nuys, CA 91405
         Phone: 818-264-6282
         Fax: 818-779-2910

     (6) Simon Property Group, L.P.
         Attn: Ronald Tucker
         225 West Washington Street
         Indianapolis, IN 46204
         Phone: 317-263-2346
         Fax: 317-263-7901

     (7) Brookfield Property REIT Inc.
         Attn: Julie Minnick Bowden
         350 N. Orleans Street, Suite 300
         Chicago, IL 60654
         Phone: 312-960-2707
         Fax: 312-442-6374

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                  About Charlotte Russe Holding Inc.

Charlotte Russe Holding, Inc. is a specialty fashion retailer of
young women's apparel and accessories comprised of seven entities.
The company and its affiliates are headquartered in San Diego,
California and have one distribution center located in Ontario,
California.  In addition, the companies lease office space in Los
Angeles, California and San Francisco, California, where they
primarily conduct merchandising, marketing, e-commerce and
technology functions.

The companies sell their merchandise to customers in the contiguous
48 states, Hawaii, and Puerto Rico through their online store and
512 Charlotte Russe brick-and-mortar stores located in various
regional malls, outlet centers, and lifestyle centers.  The bulk of
the companies' apparel and accessory products are sold under the
Charlotte Russe brand with ancillary brands for denim and perfume
(Refuge), young women's plus-size apparel (Charlotte Russe Plus),
and cosmetics (Charlotte by Charlotte Russe).

Charlotte Russe Holding and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10210) on Feb. 3, 2019.

At the time of the filing, Charlotte Russe Holding had estimated
assets of $100 million to $500 million and liabilities of $100
million to $500 million.

The cases are assigned to Judge Laurie Selber Silverstein.

The Debtors tapped Bayard, P.A. and Cooley LLP as their bankruptcy
counsel; Guggenheim Securities, LLC as their investment banker; A&G
Realty Partners, LLC as lease disposition consultant and business
broker; Gordon Brothers Retail Partners LLC, Hilco Merchant
Resources LLC and Malfitano Advisors, LLC as liquidation
consultant; and Donlin, Recano & Company, Inc. as claims and
noticing agent.

TOYS R US: DDR Corp., GGP Limited Removed as Committee Members
--------------------------------------------------------------
The U.S. Trustee for Region 1 disclosed in a notice filed with the
U.S. Bankruptcy Court for the Eastern District of Virginia that as
of Feb. 5, these companies are the remaining members of the
official committee of unsecured creditors in the Chapter 11 cases
of Toys "R" Us Property Company I, LLC and its affiliates:

     (1) Cantor Fitzgerald Securities  
         Attn: Jon Stapleton  
         110 East 59th Street  
         New York, NY 10022

     (2) Glendon Capital Management, LP  
         Attn: Chris Delaney  
         1620 26th Street, Suite  
         2000N Santa Monica, CA 90404

     (3) Empyrean Investments, LLC  
         Attn: Tanaz F. Dietz  
         10250 Constellation Blvd., Suite 2930  
         Los Angeles, CA 90067

The names of DDR Corp. and GGP Limited Partnership did not appear
in the notice.  Both companies were appointed as committee member
on May 23, 2018, court filings show.

                        About Toys "R" Us

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 -- 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 oversees 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: Bonds May Be Worth Nothing or Make Investors a Mint
--------------------------------------------------------------
Ben Bartenstein at Bloomberg News reports that distressed-debt
investors are deeply divided when it comes to how much bondholders
can recover after a Venezuelan restructuring.

Doomsayers argue that a nation suffering Latin America's worst
humanitarian catastrophe has greater concerns than paying
investors, according to Bloomberg News.  Harvard economist Ricardo
Hausmann, an informal adviser to U.S.-backed National Assembly
leader Juan Guaido, has said creditors must take a big haircut. Jay
Newman, the former hedge fund manager who specializes in distressed
debt, has previously said that bonds from state oil giant PDVSA
"could be a zero," Bloomberg News relays.

Bloomberg News says that optimists point to a country with the
world's largest proven oil reserves, the likelihood of a big
bailout from the International Monetary Fund and foreign investment
that could catalyze growth under a new government.  With that
backdrop, Venezuelan bonds could recover to as high as 80 cents on
the dollar, from the current range of 25 to 33 cents, according to
Ray Zucaro, the chief investment officer at RVX Asset Management in
Miami, Bloomberg News notes.

The issue is coming to a head after some of the nation's $60
billion worth of defaulted debt nearly doubled in price as
opponents of President Nicolas Maduro gained momentum in their
efforts to oust him, a move investors hope could lead to a
favorable restructuring, Bloomberg News relays.  The opposition has
already discussed the possibility of hiring well-known debt
attorney Lee Buchheit for an advising role once they take full
control of the government, Bloomberg News .

Bloomberg News discloses that trading in notes from Venezuela and
PDVSA ground to a halt earlier this month after the Treasury
Department imposed rules that forbid U.S. persons from purchasing
the securities, limiting the world of potential buyers to overseas
hedge funds, sovereign-wealth funds and other entities with no
American ties.

Here's a look at some of the recovery estimates:

Jay Newman, former portfolio manager at Elliott Management
Corporation

   -- "It is impossible to predict recovery values. What does seem
clear is that the country will likely enact some form of statutory
insolvency or bankruptcy regime in order to rationalize not just
the amount of PDVSA debt, but the many different forms of debt."

   -- "Absent that kind of framework, PDVSA and its creditors will
end up in a morass of court battles in different jurisdictions"

Bent Lystbaek, a money manager at Danske Capital in Lyngby,
Denmark

   -- Recovery value will probably be in the 35- to 40-cent range

   -- "I don't believe PDVSA will be treated differently from the
sovereign in a restructuring scenario, which is why we're
overweight the cheaper PDVSA bonds relative to the sovereign"

Siobhan Morden, head of Latin America debt strategy at Nomura in
New York

   -- Expects recovery value of 30 to 50 cents

   -- "I think investors will accept low coupons but argue against
a large haircut if we assume a successful reboot in the oil sector
over the next five to 10 years"

   -- Investors won't face a haircut as big as the 90 percent seen
in Iraq

Graham Stock, senior strategist at BlueBay Asset Management in
London

   -- Iraq restructuring is a relevant comparison

   -- Venezuela will need "significant financing" to stimulate a
recovery, so the existing debt will need to suffer a big haircut to
create room for that new borrowing

   -- Wouldn't be surprised if U.S. deploys tools akin to Iraq's
asset protection order to facilitate restructuring in support of
new Venezuelan government

Hans Humes, chairman and CEO of Greylock Capital in New York

   -- Recovery value on bonds is "possibly double" current prices
"Creditors will have to be part of the solution [and] being a
vulture fund won't make you too popular"

Francisco Ghersi, managing director of Knossos Asset Management

   -- Recovery value will probably be in 20- to 30-cent range

   -- Venezuela will need to strike a balance between treating
bondholders fairly and getting to a sustainable debt burden

  -- "The recovery plan will ask investors to take a huge haircut"

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 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: Trump Tells Military to Back Guaido or Lose Everything
-----------------------------------------------------------------
Leila Macor at Agence France-Presse reports that U.S. President
Donald Trump urged Venezuela's military to accept opposition leader
Juan Guaido's amnesty offer, or stand to "lose everything," as a
crisis deepened over President Nicolas Maduro's refusal to let in
desperately needed humanitarian aid.

Bringing in humanitarian aid is crucial to the viability of Guaido,
who has denounced Mr. Maduro's re-election last year as fraudulent
and in January declared himself interim president, a move
recognized by some 50 countries, according to Agence
France-Presse.

The report notes that he has given the Mr. Maduro government a
deadline to let the shipments into the country, which is in the
grip of a humanitarian crisis due to shortages of food and medicine
exacerbated by hyperinflation.

Addressing supporters and Venezuelan expatriates in Miami, Trump
declared he had a message for officials helping keep Mr. Maduro in
place, the report relays.

"The eyes of the entire world are upon you today, every day and
every day in the future.

"You cannot hide from the choice that now confronts you. You can
choose to accept Mr.  Guaido's generous offer of amnesty to live
your life in peace with your families and your countrymen.

"Or you can choose the second path: continuing to support Maduro.
If you choose this path, you will find no safe harbor, no easy exit
and no way out.  You will lose everything," Trump said, the report
relays.

Mr. Guaido has set a target of signing up to a million volunteers
to help bring in the aid, with 600,000 already registered, the
report notes.

"On February 23, we have the opportunity to save the lives of
hundreds of thousands of Venezuelans," he said, the report relays.

Opposition officials hit out at state internet provider CANTV for
blocking the website where volunteers are signing up to help bring
in the aid, mostly supplied by the United States but stockpiled in
Colombia just over the border from Venezuela, the report says.

                     Committed to Change

A second aid collection center is due to begin operations in
Brazil's northeastern state of Roraima, which borders Venezuela.
But there is much uncertainty over the aid in Brazil, with
officials there saying they have no information at this point, the
report notes.

Military officials in Roraima said they had yet to receive orders,
although a collection center could be set up quickly, with some
businesses having already provided warehouses to that effect, the
report notes.

A third center is due to open on the Dutch island of Curacao, off
Venezuela's north coast, the report relays.

Tensions mounted after Guaido branded the government "irrational"
for expelling five visiting European lawmakers, the report
discloses.

The report says that the European Parliament members were being
tossed out with no explanation, said Spanish MEP Esteban Gonzalez
Pons, who led a group including fellow Spaniards Jose Ignacio
Salafranca and Gabriel Mato Adrover, as well as Esther de Lange of
the Netherlands and Paulo Rangel of Portugal.

Foreign Minister Jorge Arreaza said the Europeans had
"conspiratorial aims" and were sent back from the country's main
Maiquetia airport, the report notes.

The humanitarian aid standoff is due to come to a head, when
caravans of buses are set to carry volunteers to border entry
points to meet and transport arriving cargo, the report relays.

It is unclear how Guaido will overcome the border barriers put up
by the Venezuelan military, on Mr. Maduro's orders, the report
relays.

Agence France-Presse discloses that volunteer groups have begun
meeting in "humanitarian camps" in several Venezuelan states to
organize and prepare for the arrival of the aid to alleviate
hardship from an imploding economy that has driven an estimated 2.3
million Venezuelans to migrate from the oil-rich country.

Mr. Maduro, who denies the existence of a humanitarian crisis,
dismisses the opposition moves as a "political show" and a cover
for a US invasion, the report notes.

                   An 'International Crime'

"Whoever prevents the entry of humanitarian aid is condemned to
spend the rest of their lives fleeing international justice,
because that is an international crime," US Senator Marco Rubio
said as he toured the Colombian collection center in Cucuta, the
report relays.

Three US military cargo planes delivered several dozen tons of food
assistance to Cucuta, the report notes.  Another US aircraft is due
in Curacao from Miami.

The report notes that Mr. Maduro instructed his army to prepare a
"special deployment plan" for the 2,200-kilometer (1,370-mile)
border with Colombia, the report relays.

Mr. Guaido has ordered the armed forces to let the aid pass, but
they remain loyal to Mr. Maduro's regime, the report says.

Mr. Maduro has dismissed the humanitarian assistance as "crumbs"
and "rotten and contaminated food," while blaming shortages of food
and medicine on US sanctions, the report notes.

In Mr. Maduro-friendly Cuba, Foreign Minister Bruno Rodriguez said
he urged the more than 100 ambassadors and heads of mission serving
on the communist island to reject "the US military's aggression of
Venezuela" in a meeting, the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 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'.


                           *********


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 2019.  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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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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