/raid1/www/Hosts/bankrupt/TCRLA_Public/190724.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, July 24, 2019, Vol. 20, No. 147

                           Headlines



B R A Z I L

COSAN LIMITED: Fitch Assigns BB Rating to Proposed Sr. Unsec. Notes
LIBRA RIO: ICTSI Acquires Terminal for $195 Million
MV24 CAPITAL: Fitch Assigns BB(EXP) Rating to $1.1B Sr. Sec. Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Banana Blight Puts 72,000 Jobs at Risk
DOMINICAN REPUBLIC: Initiatives Needed to Develop Haiti Border
DOMINICAN REPUBLIC: Lack of English Skills Hinders Creation of Jobs


M E X I C O

DOCUFORMAS SAPI: Fitch Puts Final BB- Rating to $300MM Sr. Notes


P U E R T O   R I C O

PUERTO RICO: San Juan Braces for 11th Day of Protests
STONEMOR PARTNERS: American Cemeteries Owns 6.2% of Common Units
TOYS R US: District Court Finds No Implied Assumption of Contract


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: Lies Will End Rowley's Reign, OWTU Pres.Gen. Predicts


V E N E Z U E L A

VENEZUELA: Blackouts Exacerbates Economic Crisis

                           - - - - -


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B R A Z I L
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COSAN LIMITED: Fitch Assigns BB Rating to Proposed Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to the proposed senior
unsecured notes to be issued by Cosan Limited. Proceeds from the
notes, which are expected to be of benchmark size and with
intermediate maturity, will be used for liability management and
general corporate purposes. Fitch currently rates Cosan Limited's
Long-Term Foreign Currency and Local Currency Issuer Default
Ratings 'BB' with a Stable Rating Outlook.

Cosan Limited's ratings reflect its robust liquidity position on a
stand-alone basis as well as the expected comfortable debt service
coverage through dividends coming from its main subsidiary, Cosan
S.A. (Cosan; FC and LC IDRs BB/BB+, Long-Term National Scale Rating
AAA[bra]). Cosan Limited should use about half the proceeds from
the new notes for general corporate purposes and another half to
prepay a portion of its senior unsecured notes due 2024 (currently
outstanding at USD500 million), which will improve the company's
already comfortable debt maturity profile.

Cosan and its investment-grade subsidiaries accounted for around
91% of Cosan Limited's consolidated pro forma revenues, 60% of pro
forma EBITDAR and 100% of dividends received in the LTM ended March
31, 2019. The one-notch difference between Cosan's LC IDR reflects
the structural subordination of Cosan Limited's debt to dividends
received from Cosan.

Cosan Limited's credit profile is also supported by the business
strength and product diversification of its indirect subsidiaries.
The company's investments include operations in sugar and ethanol
(S&E), fuel and lubricants, distribution of natural gas, and
logistics. The fuel and lubricants, and distribution of natural gas
businesses enjoy predictable cash flow that partly softens the
inherent volatilities of its S&E business. The company also
operates in the logistic industry, through Rumo S.A. (FC and LC
IDRs BB/BB+, Long-Term National Scale Rating AAA[bra]), that
presents strong growth potential and is expected to become a more
meaningful source of dividends to Cosan Limited starting in 2022.

KEY RATING DRIVERS

Robust Asset Portfolio: Cosan Limited is a non-operating holding
company that carries a robust and diversified asset portfolio that
reduces sector concentration risks. The company holds a 60%
interest in Cosan, the holding company engaged in S&E and energy
production, as well as distribution of natural gas, lubricants and
fuel, and 72.5% interest in Cosan Logistica S.A.

Raizen Combustiveis S.A. (FC and LC IDRs BBB/Stable, National Scale
Rating AAA[bra]/Stable) is the second largest fuel distributor in
Brazil, with predictable operational cash generation. Despite its
more volatile results, Raizen Energia S.A. (rated the same as
Raizen Combustiveis) is the largest S&E company in Brazil and, as
such, it benefits from large business scale, which somewhat
mitigates the current challenging scenario for the sector.
Companhia de Gas de Sao Paulo (Comgas; FC IDR BB/Stable, LC IDR
BBB-/Stable, National Scale Rating AAA[bra]/Stable) is the largest
natural gas distributor in Brazil, with high growth potential.

Cosan Logistica owns 28% of Rumo. Rumo has a robust financial
profile and benefits from a solid business position as one of the
largest railroad operators in Brazil. The presence of Rumo
contributes to broader Cosan Limited's business diversification and
helps the group to further lessen the cash flow volatility derived
from the S&E business.

Adequate Interest Coverage Expected to Remain: Fitch expects Cosan
Limited to receive sufficient dividends from Cosan to cover coupon
payments of the new and existing notes and adequate dividends to
its shareholders. Fitch incorporated in the analysis that around
half the new senior notes will be used for general corporate
purposes and the remaining proceeds for liability management. Fitch
projects Cosan Limited to receive average annual dividends inflow
of BRL345 million in 2019 and BRL359 million in 2020, sufficient to
cover the annual coupon payments of BRL200 million. Dividends
received amounted to BRL262 million in the LTM ended March 31,
2019. Fitch expects Cosan Limited's EBITDA plus dividends received
to interest paid ratio to average 1.9x over the next three years,
compared with 1.95x in the LTM ended March 31, 2019, and allow the
company to keep satisfactory repayment capacity.

Higher Leverage Is not a Concern: Cosan Limited's higher leverage
on a stand-alone basis is not a concern due to its comfortable debt
maturity profile and adequate financial flexibility. At the holding
company level and assuming half of new notes proceeds will be used
for general corporate purposes on top of share buyback already
completed in the first quarter, Fitch expects net debt to increase
to BRL2.9 billion in 2019 from BRL1.2 billion in 2018, though it
projects flat net debt levels from 2019 onwards. Cosan Limited's
leverage, measured as net debt to EBITDA plus dividends received,
increased to 7.6x as of March 31, 2019, as per Fitch's
calculations, comparing with 5.1x in 2018 and 2017. This increase
was due to a share buyback program of BRL500 million during the
year. Fitch projects this ratio to average 8.7x in 2019 and 2020.
As of March 31, 2019, Cosan Limited's debt consisted of the USD500
million bond due 2024.

On a consolidated basis, Cosan Limited's leverage is adequate for
the rating category. The net adjusted debt-to-EBITDAR was at 2.6x
in the LTM ended March 31, 2019, considering dividends received
from non-consolidated subsidiaries in EBITDAR. This compares
unfavorably with 2.0x reported 2018. Fitch expects the group's
deleveraging process to slow down due to Rumo's new cycle of
important investments largely financed with debt.

DERIVATION SUMMARY

Cosan Limited's credit profile is supported by a diversified asset
portfolio. The company's investments include operations in energy
generation from biomass, distribution of natural gas, fuel and
lubricants as well as logistics. These businesses enjoy predictable
cash flow that partly softens the inherent volatilities of its S&E
business. Fitch expects Raizen and Comgas to pay robust dividends
over the next four years, while strong growth potential in
logistics is expected to lead Rumo to keep reporting scale gains
and improving operating profitability. The one-notch difference
between Cosan Limited's LC IDR and Cosan's continues to reflect the
inherent structural subordination of Cosan Limited's debt to
dividends received from Cosan, whereas their FC IDRs are the same
due to the cap imposed by Brazil's country ceiling on Cosan's
rating.

Cosan Limited's ratings compare unfavorably with Votorantim S.A's.
(VSA; LT FC/LC IDR BBB- and National Scale Rating AAA[bra]/Stable),
one of Latin America's largest industrial conglomerates. VSA has a
diversified business portfolio, strong market position in the
industries it participates in, and geographic diversification with
strong operations in the Americas, while Cosan Limited's assets are
primarily located in Brazil and with a representative share of its
cash flow generation capacity in the more volatile S&E business.
Also, the two-notch difference from VSA's IDR reflect the inherent
subordination of Cosan Limited's dividends inflow, which ultimately
depends on the dividends paid out by Raizen, whose shareholding
control is shared with Shell (AA-/Stable), and Comgas, a concession
that limits Cosan Limited's access to its cash.

Cosan Limited is well positioned in terms of leverage and cash flow
generation compared to Grupo KUO, S.A.B. de C.V.'s (KUO, LT FC/LC
IDR BB/Stable), a Mexican Group with diversified business portfolio
in the consumer, automotive and chemical industries.

KEY ASSUMPTIONS

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

  -- Robust flow of dividends coming from Comgas, Raizen
Combustiveis and Raizen Energia to Cosan over the next two years,
reaching BRL3.4 billion in 2019 and over BRL2.7 billion from 2020
onwards;

  -- Rumo starts paying dividends in 2019, though a more
significant payout is expected only for 2022;

  -- No additional investments coming from Cosan Limited;

  -- Around half of the proceeds from the new issuance will be used
for liability management;

  -- Flexibility of Cosan Limited to reduce payouts to its
shareholders, if necessary.

RATING SENSITIVITIES

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

  -- An upgrade is unlikely and will be linked to an improvement
in the credit profile of Cosan;

  -- A higher representativeness of Rumo and a material increase in
the dividends inflow coming from the logistics segment could lead
to an upgrade of Cosan Limited's rating over the medium to long
term.

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

  -- Expectation of debt service coverage ratio at Cosan Limited
level below 0.5x based on reduced dividends to be received;

  -- Cosan Limited entrance in new investments financed by debt;

  -- Deterioration of the credit profile of either Cosan or Cosan
Logistica.

LIQUIDITY

Strong Liquidity: Cosan Limited's debt maturity profile is evenly
spread out and is not expected to pressure the company's cash flows
until 2024, when the USD500 million notes are due. As of March 31,
2019, the holding company had BRL214 million of cash and marketable
securities and accrued interest on its 2024 notes of only BRL3
million.

The group's strong financial flexibility relative to its access to
the debt and capital markets, in combination with dividends
received from Cosan ensures strong refinancing capacity for Cosan
Limited. Fitch expects Cosan Limited to receive average dividends
of BRL345 million in 2019 and BRL359 million in 2020 that should
provide adequate repayment capacity for upcoming interest and
payout to its shareholders, even within the company's share buyback
program and assuming that only part of the new issuance will be
used for liability management. Fitch also expects Cosan Limited to
receive a more meaningful dividends inflow from Cosan Logistica, of
about BRL83 million, only in 2022. Dividends received amounted to
BRL262 million in the LTM ended March 31, 2019. Fitch believes
Cosan Limited has the flexibility to reduce the payouts to its
shareholders if necessary.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating:

Cosan Limited

  -- Proposed senior unsecured notes of benchmark size, with
intermediate maturity, 'BB'.

Fitch currently rates Cosan Limited as follows:

Cosan Limited

  -- Long-Term Local Currency IDR 'BB'; Outlook Stable;

  -- Long-Term Foreign Currency IDR 'BB'; Outlook Stable;

  -- USD500 million senior unsecured notes due in 2024 'BB'.

LIBRA RIO: ICTSI Acquires Terminal for $195 Million
---------------------------------------------------
ship-technology reports that ICTSI America has bought Libra
Terminal Rio (Libra Rio) from Boreal Empreendimentos e
Participacoes in a US$195.4 million deal.

Under the agreement, the International Container Terminal Services
(ICTSI) subsidiary will acquire more than 272 million shares,
comprising 85 million secondary shares and over 186 million new
shares, representing 100% ownership of Libra Rio, according to
ship-technology.

Boreal operates as a wholly owned subsidiary of the privately owned
Libra Group, which has been placed under judicial reorganization,
the report relays.

In accordance with Brazil's bankruptcy laws, ICTSI has acquired
Libra Rio as an isolated unit, making it free from any liabilities
of any other Libra Group entities, the report notes.

Libra Rio owns the concession rights for the operations, management
and development of the container facility Terminal de Conteineres 1
(T1Rio) in the port of Rio de Janeiro, Brazil, the report relays.

The report notes that after the transaction is completed, ICTSI
will assume the operational and development responsibilities of the
terminal as well as other requirements of the current concession
contract.

The concession of T1Rio began in 1998.  In 2011, it was extended
until 2048.

In a statement, ICTSI Americas said: "The transaction will expand
ICTSI's footprint in the Brazilian container terminal market and is
expected to generate value-accretive returns for ICTSI's
shareholders," the report relays.

After securing all required regulatory approvals and fulfilling the
conditions, transfer of the facilities to ICTSI management is
scheduled for completion later this year, the report notes.

T1Rio had an output of 135,000 TEUs last year. The terminal has a
capacity of more than 530,000 TEU with the ability to expand
further, the report discloses.

T1Rio has five ship-to-shore gantry cranes and various yard
handling equipment, including more than 16 rubber-tired-gantry
cranes, the report notes.

The terminal occupies a land area of 18.8ha and has 715m of quay
wall, with a design water depth down to 16m. It is also capable of
receiving large container vessels of global shipping lines, the
report relates.

T1Rio will be ICTSI's second facility of its kind in Brazil, where
the company also manages the Suape Container Terminal, the report
adds.

MV24 CAPITAL: Fitch Assigns BB(EXP) Rating to $1.1B Sr. Sec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB(EXP)' rating with a Stable Outlook
to the USD1.1 billion Series 1 senior secured notes to be issued by
MV24 Capital B.V., a special purpose vehicle incorporated under the
laws of the Netherlands.

The transaction is backed by payments to be made to Cernambi Sul
MV24 B.V. under a charter agreement signed with Tupi B.V. for the
use of the floating production storage and offloading unit (FPSO)
Cidade de Mangaratiba MV24, in the Lula Iracema Oil Field in Brazil
for a remaining term of 15.3 years. Tupi B.V. is an SPV created by
the members of the BM-S-11 consortium to conduct operations in the
BM-S-11 block of the Santos Basin (the Lula Iracema oil field). The
BM-S-11 consortium is comprised of Petroleo Brasilerio S.A., Shell
Brasil Petroleo Ltda., and Petrogal Brasil Ltda. with 65%, 25%, and
10% shares, respectively.

For the purposes of this transaction, Cernambi Sul MV24 B.V.
pledged its rights to MV24 Capital B.V. The financial structure
contemplates a fully amortizing transaction. Proceeds of the
issuance will largely be used to refinance existing project finance
obligations of the project company within 120 days of closing
during which time noteholders will be cash collateralized. Once the
project company is released from its existing project finance
obligations, a perfection of a first priority security interest in
the collateral will be created. If the project company is not
released of its existing obligations within 120 days of closing,
noteholders will be repaid in an amount equal to 100% of principal
and any accrued interest on the notes. Fitch's rating addresses the
timely payment of interest and principal on a semi-annual basis
until legal final maturity in June 2034.

Tupi B.V., the offtaker of the charter agreement, is comprised of a
consortium between Petroleo Brasileiro S.A.'s (Petrobras) Dutch
subsidiary Petrobras Netherlands B.V. as controlling party with 65%
share, BG Energy Holdings Ltd. (wholly owned subsidiary of Royal
Dutch Shell plc) with 25% share, and Galp Energia (a joint venture
between Galp and Sinopec) with 10% share of Tupi B.V.

The vessel is operated by M&S Cernambi Sul Operacao Ltd, a
subsidiary of Modec do Brasil Ltda. (Modec Brasil), the Brazilian
subsidiary of Modec, Inc. (Modec), through a services agreement
with Petrobras. Modec is jointly and severally liable for Modec
Brasil's obligations under the services agreement as an intervening
party and has also provided a guarantee to Petrobras as leader and
operator of Tupi B.V. for the performance of the obligations of
Modec Brasil.

Modec is one of four sponsors of the project. The sponsors of the
transaction are a Japanese consortium comprised of Modec, Inc.,
Mitsui & Co, Mitsui OSK Lines, and Marubeni.

The transaction documents contemplate an assignment of the charter
agreement from Tupi B.V. to Petrobras S.A. as leader and operator
of the BM-S-11 consortium by year-end 2020. Each consortium member
(Petrobras, Shell, and Petrogal) would remain severally liable for
their respective share under an assignment of the charter agreement
to another entity otherwise resulting in an event of default.
Therefore, an assignment of the charter agreement where a
confirmation is obtained that consortium members will be severally
liable for the obligations of Petrobras as the new charter
counterparty and leader and operator of the consortium would not
change Fitch's credit view of the transaction.

KEY RATING DRIVERS

Linkage to Offtaker's Credit Quality: The offtaker related to the
charter agreement is Tupi B.V., a joint venture (JV) among Petroleo
Brasileiro S.A.'s (Petrobras, 'BB-') Dutch subsidiary Petrobras
Netherlands B.V., acting as the controlling party with a 65% share;
BG Energy Holdings Ltd., with a 25% share; and Galp Energia, with a
10% share. When assessing JV offtaker obligations, which are
several and not joint and several, Fitch's rating of the
controlling party is used as the starting point.

Linkage to Offtaker's Payment Obligation: When considering the
strength of the JV's payment obligation, Fitch analyzed the credit
quality of the overall group and the asset/oil field's economic and
strategic importance to its owners. This analysis supports Fitch's
view that the offtaker's payment obligation is one notch above
Petrobras' rating, at 'BB', which ultimately caps the rating of the
transaction at this level.

Operator Credit Quality: The operator of MV24 is an entity of Modec
do Brasil Ltda. (Modec Brasil), the Brazilian subsidiary of Modec,
Inc. (Modec). Modec's credit quality is in line with
investment-grade metrics and this is relevant due to the underlying
support offered by Modec to the transaction. In addition to the
complexities involved with replacement of the operator, the
services agreement and overall operating costs are supported by
Modec.

Operational Risk: MV24 has demonstrated stable performance with
deviations in specific years. The average availability since
commercial operation is 96.43%, which is in line with Modec's fleet
average. Modec operates 11 FPSOs within Brazil, and average uptimes
remain in line at 95.3%. Finally, operational expenses have
remained stable for the past four years and will be capped for the
life of the transaction, with the exception of insurance
(guaranteed by Modec).

Leverage/Credit Enhancement: The key leverage metric for fully
amortizing FPSO transactions is the DSCR. The transaction rating is
not currently constrained by the DSCR level as Fitch expects base
case DSCRs to be in the range of 1.25x-1.29x, which would be in
line with the 'BBB' rating category. The charter rates are fixed
with escalators for inflation, and operating expenses are capped
with most overage guaranteed by Modec; therefore, DSCR levels are
primarily used to mitigate any downtime risks associated with
operations.

Available Liquidity: The transaction benefits from a six-month debt
service reserve and a three-month operational expense reserve.
Fitch views this as sufficient to cover debt service under any
potential operational disruptions. The debt service reserve account
(DSRA) is funded through a letter of credit (LOC) that is sized to
cover six months of principal and interest payments due on the
notes.

Sovereign Ceiling: While the transaction is rated one notch above
the controlling party's credit quality, it is ultimately capped by
the Country Ceiling of Brazil due to Petrobras being the
controlling party of the JV. Fitch rates Brazil's Long-Term Foreign
Currency IDR 'BB-'/Stable and its Country Ceiling 'BB'.

Additional Key Rating Drivers

Refinancing Risk: The notes are fully amortizing and have a 15-year
tenor, which is longer than other oil- and gas-related transactions
(i.e. drilling rigs and shuttle tankers) because an FPSO's
deployment period typically aligns to the production life of the
underlying field. The transaction is backed by a 20-year charter
agreement (15.3 years remaining) and, therefore, is not exposed to
any refinancing risk.

Asset Supply and Demand Fundamentals: The FPSO market is
consistently stable as all vessels are built to suit the
characteristics of the oil and field in question and the lead time
for construction is long. FPSOs are contracted based on long-term
field production plans and have cash flow dynamics that are highly
favorable to the offtaker once oil is produced. For Brazil in
particular, FPSOs are essential to the country's development and
production of deep water oil, which supports the strategic
importance of this asset to Petrobras' operations. Additionally,
charter rates for MV24 are in line with those of other comparable
FPSOs in the region.

Completion Risk: The asset has been in operation for the past four
years, and, therefore, the transaction is not exposed to completion
risk.

Legal Analysis: Noteholders will have a legal right to cash flows
from charter payments via the project's waterfall, a first-priority
mortgage on the vessel and a pledge of the underlying shares of the
project company and issuer. Fitch's legal analysis will review this
as well as the protections related to the bankruptcy risks of the
sponsoring entities.

RATING SENSITIVITIES

This transaction's rating may be sensitive to movements in the
credit quality of the charter agreement controlling party, as well
as to significant deterioration of the credit quality of the FPSO's
operator and/or sponsor of the transaction.

In addition, this transaction's rating is sensitive to the
operating performance of the FPSO as the JV will make charter
payment adjustments depending on overall availability.

The rating assigned to this transaction is capped at one notch
above the Foreign-Currency IDR (FC IDR) assigned to Petrobras, as
controlling party of the JV offtaker to this transaction. If
Petrobras' FC IDRs are downgraded below 'BB-', the rating assigned
to the senior notes would be downgraded accordingly.

Most transactions in which local assets transfer dollars offshore
are capped by the sovereign Country Ceiling. Exceptions arise when
the FC IDR of the obligor/offtaker is higher than the sovereign
Country Ceiling. Given the sovereign's control over Petrobras as
main shareholder, and the influence it exerts within the company,
Petrobras' ratings are correlated to those of the sovereign.
Therefore, this transaction's rating could be sensitive to a
downgrade in Brazil's sovereign rating.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Banana Blight Puts 72,000 Jobs at Risk
----------------------------------------------------------
Dominican Today reports that if the bacterial disease "banana wilt"
(Marchitez del Banano), which currently puts national production of
bananas and plantains at risk, enters Dominican territory, 72,000
direct jobs could be lost at plantations in Montecristi (northwest)
and Valverde.

Those two provinces account for 92% of the plantations, according
to Dominican Today.  The rest is in Azua and Santiago, says Banana
Producers Association (Adobanano), former director Rafael Sosa, the
report notes.

He said that in addition to the ban on plantains from Ecuador, the
Ministry of Agriculture must also bar imports from Colombia and
Venezuela, the report relays.

"Production will decrease between 10 and 15%," Mr. Sosa said, the
report says. "The measure is necessary and should be definitive
because the only thing that the Dominican Republic should do is
train human resources since in the nation there are two
laboratories in vitro: one in Bonao and another in Dajabon," he
added.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

DOMINICAN REPUBLIC: Initiatives Needed to Develop Haiti Border
--------------------------------------------------------------
Dominican Today reports that there is no permanent dialogue between
Dominican and Haitian authorities regarding binational initiatives
to develop the Dominican-Haitian border, said former Haiti
Education minister, Nesmy Manigat.

For the economic counselor of former prime minister Laurent
Lamothe, each country can develop national public policies, but to
boost economic, political and social investments in the border,
"it'is necessary to promote policies that favor both countries,"
according to Dominican Today.

The report notes that Mr. Manigat spoke for "Listin in
Globalization" coordinated by the economist Juan Guiliani Cury, and
in which also participated Haitian international economist, Kesner
Pharel.

"There's interest in having a territorial order. I am one of those
who believe that both countries should make important investments
in the border, for various reasons. Now, what happens is that on
the Dominican Republic side there are areas of low resources and on
the side of Haiti is the least populated area. The opportunities
are concentrated in the extremes, which are Santo Domingo and
Port-au-Prince," he said, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

DOMINICAN REPUBLIC: Lack of English Skills Hinders Creation of Jobs
-------------------------------------------------------------------
Dominican Today reports that Dominican Republic's call centers have
the potential to create more than 60,000 jobs in the next five
years, limited only by the lack of people fluent in English.

"Through this sub-sector of the free zones, young people can insert
themselves in their first job and earn salaries of up to RD$27,000
(US$510) monthly, plus perks," said Dominican Free Zones
Association (Adozona) vice president Jose Manuel Torres, according
to Dominican Today.

He reiterated that the country's lack of human capital versed in
another language hinders reaching the goal of creating jobs, the
report relays.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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M E X I C O
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DOCUFORMAS SAPI: Fitch Puts Final BB- Rating to $300MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB-' to Docuformas
S.A.P.I. de C.V.'s USD300 million Reg S/144A five-year senior
unsecured notes. The final rating is in line with the expected
rating assigned on July 8, 2019.

The notes have a maturity of five years at a fixed rate with
interest paid semi-annually in arrears. They are redeemable in
whole or in part at the option of the issuer and will be
irrevocably and unconditionally guaranteed by four operating
subsidiaries of Docuformas (Analistas de Recursos Globales,
S.A.P.I. de C.V., ARG Fleet Management, S.A.P.I. de C.V., Rentas y
Remolques de Mexico, S.A. de C.V., and Inversiones y Colocaciones
Inmobiliarias, S.A.P.I. de C.V.).

The net proceeds from the offering (together with cash on hand)
will be used to pay a tender offer of the 2022 senior notes,
refinance existing liabilities and for general corporate purposes.
To mitigate the exchange rate risks associated with the notes
Docuformas intends to hedge this risk through derivative financial
instruments for both the principal and interest payments.

KEY RATING DRIVERS

The rating assigned to the notes is at the same level as
Docuformas' long-term Issuer Default Ratings (IDRs) of 'BB-' as the
likelihood of default of the notes is the same as for the IDRs.

Although small within the Mexican financial system, Docuformas is
well-positioned with a growing franchise among Mexican independent
leasing companies built through organic and inorganic growth. The
company's stable and specialized business model generates recurrent
core earnings through the economic cycles. The inherent risks of
its high loan growth and a higher-than-peers appetite for inorganic
growth, while reasonably executed, also highly influence the
ratings.

The company's asset quality ratios, stable but weaker than the
segment, enhanced capital base after a recent capitalization,
recurrent but decreasing profits, a funding mix with an adequate
portion of unsecured funding sources, and an adequate liquidity
position reflected in positive maturity gaps were also factored in
the ratings. Although Fitch believes management and corporate
governance exhibit some improvements, other areas that require
improvements were still factored in the ratings.

The company's tangible leverage position (debt to tangible equity
ratio) decreased to 4.3x as of December 2018 from 9.2x at the close
of 2017. As of December 2018, the company's pre-tax profit to
average assets ratio was 2.1%, reflecting FX and trading and
derivative gains, together with higher interest and operating
costs. As of 1Q19, the NPL ratio (including the whole balance of
all leasing and loan contracts with payments overdue by more than
90 days) was 5.4% of gross loans, slightly below the 5.8% average
from 2015 to 2018. Fitch believes Docuformas has access to
relatively flexible and diverse funding sources, especially within
the universe of NBFIs in Mexico; however, it shows some
concentration in market debt. As of March 2019, 70% of its funding
was unsecured. After the issuance of these senior notes and the
expected prepayment of liabilities, the coverage of the
unencumbered portfolio to unsecured funding will be around 1.25x,
according to Fitch's pro forma.



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

PUERTO RICO: San Juan Braces for 11th Day of Protests
-----------------------------------------------------
Marco Bello at Reuters reports that San Juan braced for an 11th day
of protests calling for the resignation of Puerto Rico's governor
over offensive chat messages that have drawn hundreds of thousands
of people.

Police fired tear gas to disperse crowds late Monday and early
Tuesday while protesters threw bottles and other objects at police,
multiple media reports said, according to Reuters.

Governor Ricardo Rossello has insisted he will not step down as
leader of the U.S. Territory over misogynistic and homophobic
messages exchanged between him and top aides, but said that he
would not seek re-election next year, the report notes.

Mr. Rossello also said he would step down as head of the New
Progressive Party and asked Puerto Ricans to give him another
chance, the report discloses.

"I used words that I apologized for but I've also taken significant
actions in the direction of helping vulnerable sectors," Rossello
told Fox News, explaining he had made policy changes significant to
women and the LGBTQ community, the report relays.

Those two groups were frequent targets of messages exchanged
between Rossello and his aides in 889 pages of online group chats
published July 13 by Puerto Rico's Center for Investigative
Journalism, the report notes.

The crass messages showed a political elite intent on maintaining
power on the bankrupt island where people still live under blue
tarpaulins two years after hurricanes ripped roofs off their homes
and killed over 3,000 people, the report discloses.

But his concessions failed to appease demonstrators, who called for
him to immediately surrender the governorship in the latest scandal
to hit Puerto Rico, the report says.

Reuters notes that the island's largest newspaper also called on
the first-term governor to leave office and reported more than
500,000 protesters took to the streets of San Juan.

Then, demonstrators dressed in black T-shirts filled the city's
largest highway and marched in the pouring rain with local
celebrities including Ricky Martin and Reggaeton star Daddy Yankee,
the report relays.

"In Puerto Rico we don't follow dictators. It's time for you to
go," a drenched Martin, 47, the target of homophobic messages in
Rossello's chats, told cheering crowds, the report discloses.

San Juan Mayor Carmen Yulin Cruz, an opposition politician running
for governor in 2020, said Rossello had run out of time, the report
relays.

U.S. President Donald Trump also blasted the "terrible" 40-year-old
governor, who is affiliated with the U.S. Democratic Party and with
whom Trump feuded in 2017 over the adequacy of the federal response
to Hurricane Maria, the report notes.

The report relays that the protests have brought together Puerto
Ricans from different political parties and none to vent anger at
alleged corruption in the administration and its handling of
hurricane recovery efforts.

Anti-Rossello demonstrations were also held in cities across the
United States such as Los Angeles, New York and Boston which have
large Puerto Rican communities, the report adds.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.

STONEMOR PARTNERS: American Cemeteries Owns 6.2% of Common Units
----------------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these entities and individuals reported beneficial
ownership of common units representing limited partner interests of
StoneMor Partners L.P. as of June 27, 2019:

                                        Securities    Percent
                                       Beneficially     of
  Reporting Person                        Owned        Class
  ----------------                     ------------  --------
American Cemeteries                      2,364,162      6.2%
Infrastructure Investors, LLC

AIM Universal Holdings, LLC              2,364,162      6.2%

StoneMor GP Holdings LLC                 2,332,878      6.1%

Matthew P. Carbone                       2,364,162      6.2%

Robert B. Hellman, Jr.                   4,732,751     12.4%

The percentages are calculated based upon 38,288,857 Common Units
outstanding on May 6, 2019, as disclosed by the Issuer on its
quarterly report on Form 10-Q for the quarterly period ended March
31, 2019, filed May 10, 2019.

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

                       https://is.gd/EipxlC

                     About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 90
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn
and mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.  

StoneMor reported a net loss of $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 million for the
year ended Dec. 31, 2017.  As of March 31, 2019, the Company had
$1.72 billion in total assets, $1.75 billion in total liabilities,
and a total partners' deficit of $28.83 million.

                            *    *    *

As reported by the TCR on Feb. 14, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to
Caa2 from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.

Also in February 2019, S&P affirmed its 'CCC+' issuer credit rating
on StoneMor Partners.  S&P said, "The rating affirmation reflects
our view that StoneMor's capital structure is unsustainable and
reflects our expectation that the company will produce cash flow
deficits in 2019.  However, we affirmed the rating because we
believe the company has sufficient liquidity over the next 12
months given the new bridge loan."

TOYS R US: District Court Finds No Implied Assumption of Contract
-----------------------------------------------------------------
Michael L. Cook, Esq., of Schulte Roth & Zabel LLP, disclosed that
when a Chapter 11 debtor never sought "court approval to assume" an
executory service contract, it "did not assume" the contract, held
the U.S. District Court for the Eastern District of Virginia on
June 28, 2019. In re Toys "R" Us, Inc., 2019 WL 271305, *1 (E.D.
Va. June 28, 2019). Affirming the bankruptcy court, the district
court agreed that the Bankruptcy Code ("Code") "requires court
approval before assumption" and that "parties cannot assume
contracts by words or conduct." Id. According to the contract
counterparty, "C," the debtor had allegedly promised "to assume the
contract," Id. at *1, *2, but the bankruptcy court never decided
the issue. Id. at *1n.2. In any event, said the district court,
"this case is not the 'rare instance' in which a party's conduct
constitutes implied assumption," citing In re A.H. Robins Co., 68
B.R. 705, 710 (Bankr. E.D. Va. 1986). The real question raised by
Toys is whether a contract can ever be impliedly assumed by a
trustee or Chapter 11 debtor-in-possession ("DIP").

                                 Relevance

The Toys decision confirms the general rule: a trustee or DIP must
obtain prior "court approval" to "assume . . . any executory
contract . . . " In re Whitcomb & Keller Mortg. Co., Inc., 715 F.
2d 375, 380 (7th Cir. 1983), quoting Code Sec. 365(a). In other
words, assumption "can only be effected through an express order of
the judge." Id. citing In re American National Trust, 426 F. 2d
1059, 1064 (7th Cir. 1970). But the court in Toys barely dealt with
the contract counterparty's defensive argument that the debtor had
impliedly assumed its contract, saying that courts "allow implied
assumption in rare circumstances," with no meaningful analysis.

Purporting to summarize one decision, it said that the court had
permitted implied assumption when the debtor "tried to reject a
real estate contract that required it to pay the broker a
commission." 2019 W.L. 2713051, at *2, citing In re Clavis Smith
Building, Inc., 112 B.R. 768, 769 (Bankr. E.D. Va. 1990). That
summary is, of course, meaningless.

The court in Toys also held that "[i]mplied assumption requires
more than just the [debtor's] 'acceptance of benefits.'" Id.
quoting In re A. H. Robins Co., 68 B.R. 705, 711 (Bankr. E. D. Va.
1986). The requirement of a court order is clear, but further
analysis of those few cases that have permitted implied assumption
of a contract would be helpful to courts and practitioners.

Courts are generally correct in requiring prior court approval for
contract assumption. As noted in Robins, which found no implied
assumption, courts cannot ignore "the stated requirements of" Code
Sec. 365(a) for prior court approval; to do so "could encourage
collusion [by] a debtor-in-possession and specific creditors of
[its] choosing [because] the parties could agree to effect an
assumption of an executory contract between them and later present
their actions to the court for the perfunctory step of nunc pro
tunc court approval. If the court approval stage were relegated to
the status of a mere formality, all notice requirements would be
eviscerated and both the power of the court to grant approval and
the conditional right of the creditors to object would be rendered
meaningless." Robins, 68 B.R. at 711. Courts also want to know and
creditors also have a right to be heard when a DIP or trustee
assumes a contract because administrative priority "is given to
expenses arising under [any assumed] pre-existing contracts." In re
Klein Sleep Products, Inc., 76 F.3d 18, 20 (2d Cir. 1996).

Still, why have some courts permitted implied assumption? Are their
decisions aberrational? Can these decisions be relied on in future
cases? For sure, as Toys shows, an argument that the trustee or
DIP's acceptance of benefits mandates assumption will not succeed.

               Analysis of Implied Assumption Cases

Actions and Benefits. One court held in In re Reda, Inc., 54 B.R.
871, 880 (Bankr. D. N.D. Ill 1985) "that a debtor had assumed [a]
contract by its actions." A fire insurance adjuster had entered
into a pre-bankruptcy contract with the debtor in that case after
the debtor's restaurant sustained a fire. The debtor had agreed to
pay the adjuster a percentage of any insurance proceeds by
assigning a percentage of the proceeds to the adjuster. After
finding that the debtor's contract was executory, the court
explained why the DIP had impliedly "assumed the contract." Id. at
880. The DIP had accepted a settlement check from the insurance
company, before any reorganization plan had been confirmed but
never moved to assume the adjuster's agreement. In the court's
view, the "debtor's actions" presented the "rare instance" of
implied assumption: "the adjuster "continued to provide services
for the debtor" after bankruptcy; the "debtor knew what was
happening"; the "debtor has willingly accepted the benefits of the
contract and therefore must also assume the burdens"; and the
debtor never requested the adjuster "to cease representing it in
the handling of the fire loss." Id. "But for the efforts of [the
adjuster] there would be no fund [for creditors] to be battling
over." Id. at 881. "[T]he debtor could not accept the check without
also obligating itself to pay" the adjuster under its
pre-bankruptcy contract. Id. at n.25. In sum, the court relied not
only on the unique benefit conferred on the estate by the adjuster,
but also on the DIP's knowing, willful conduct. Reda is a close
case that, at most, should be limited to its facts. Other courts
have either disagreed with or declined to follow its reasoning;
See, e.g., In re S.N.A. Nut Co., 191 B.R. 117 (Bankr. N.D. Ill.
1996); In re Consumer Health Services of America, Inc., 171 B.R.
917 (Bankr. D. Col. 1994).

Continued Reliance and Benefits. Another bankruptcy court held that
a DIP had impliedly assumed a pre-bankruptcy contract with a real
estate agent who "was the sole procuring cause" of a contract for
the sale of the debtor's property. In re Clavis Smith Building,
Inc. 112 B.R. 768, 769 (Bankr. E.D. Va. 1990). Although the DIP
sought court approval of the asset sale "without payment to" the
agent, the agent argued that DIP had "assumed its agreement." Id.

Although "the debtor has not formally assumed the contract," held
the court, it has "assumed it by its words and deeds . . . [The
agent] was still obligated to nurse the [asset] sale through,
oversee the completion of the construction of the house and . . .
other details . . . [The] debtor relied on [the agent] for more
than . . . providing a . . .buyer . . . [T]he debtor looked to [the
agent] to draft [an] Agreement . . ." Id. at 770. Unlike Reda, no
other court has rejected Clavis. Both Robins and Toys, however,
cite Clavis approvingly.

Inaction: Acceptance of Benefits; Principles of Equity. Another
bankruptcy court, in the context of a preference action, held that
a debtor had impliedly assumed a contract because it "continue[d]
to receive benefits under [the] contract" and "must also bear the
burdens or obligations imposed under the contract." In re Yonkers
Hamilton Sanitarium Inc., 22 B.R. 427, 435 (Bankr. S.D.N.Y 1982),
aff'd, 34 B.R. 385, 388 (S.D.N.Y. 1983) (". . . basic principles of
equity" guided decision, "Having accepted the benefit of this. . .
. agreement in the term of continued funding, the [trustee] cannot
now be granted relief from the corresponding burden of the
agreement . . . ."). Both courts in Yonkers apparently relied on
the particular facts of the case to reach an equitable result.
Their disregard of Code 365(a)'s clear language has led other
courts to reject the Yonkers analysis. See, e.g., In re California
Canners and Growers, 62 B.R. 18, 24 (9th Cir. BAP 1986) (concurring
opinion) ("I disagree with [Yonkers and another similar case] to
the extent that they hold that the debtor's continuance of a
business relationship with the creditor justifies . . . recoupment
of prepetition contract claims in the absence of court approved
assumption of the contract under Code SEC.365(a)) ; In re Advanced
Professional Home Health Care, Inc., 82 B.R. 837, 841 (Bankr. E.D.
Mich 1998) (Yonkers decided on "equitable principles"; "To deny the
clear language of [Sec. 365(a)] requiring conscious decisions by
the trustee, in favor of an equitable doctrine . . not mentioned in
the Code is not possible for this court."), rev'd on other grounds,
94 B.R. 95, 97 (E.D. Mich. 1988).

                                Comment

Implied assumption of a contract is indeed rare, requiring a
persuasive set of facts and a sympathetic court. For practical
purposes, practitioners should assume the doctrine is illusory, to
be used only defensively as a last resort. Courts will, for valid
reasons, require prior court approval. And creditors, whose claims
will be subordinated to any assumed liability, will strenuously
oppose any implied assumption argument.

                        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 presides over the Propco I Debtors' cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP.  They hired Goldin Associates,
LLC, as financial advisors.



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

PETROLEUM CO: Lies Will End Rowley's Reign, OWTU Pres.Gen. Predicts
-------------------------------------------------------------------
Trinidad & Tobago Newsday reports that President General of the
Oilfield Workers Trade Union (OWTU) Ancel Roget is predicting that
the many lies told about the closure of Petroleum Co. of Trinidad &
Tobago (Petrotrin) would mark the end of the reign of Prime
Minister Dr. Rowley's administration.

Just as the "campaign of lies and deceit" has exposed Brexit, it
would do the same to Rowley and his Cabinet, Roget said at the
OWTU's 80th annual Conference of Delegates at the union's Paramount
Building, San Fernando headquarters, according to Trinidad & Tobago
Newsday.

Saying Brexit was nothing more than a massive lie and two prime
ministers were lost in the process even as the UK scrambles to
select another PM, he told the delegates to be patient, as a
general elections draws ever nearer in this country, the report
notes.

"Because like the Petrotrin situation, they did not think through
the consequences of Brexit," Mr. Roger said.  Similarly, Roget
referred to the Washington Post report of US President Donald
Trump's 10,111 lies in 828 days, saying it sounds familiar to what
is happening in the local scenario, the report relays.

"Never in the history of this country has a government told so many
lies around one issue (Petrotrin)," Mr. Roget said as he outlined
what he claimed were some of the lies, the report relays.  "I want
to suggest that they only reason they (government) were allowed to
tell so many lies and simply get away with it is because some
people are silent because of their gross hypocrisy and racial
political party loyalty."

"Could you imagine if the United National Congress (UNC) had
attempted to close Petrotrin what would have happened? Let us be
honest, the PNM and their supporters would have never remained
silent as they are now.  They would never have allowed the closure
of the biggest state enterprise in the English-speaking Caribbean.

"But with the company's closure and with the sending home of all
the workers and with over 45,000 and the economy adversely
impacted, some of these same PNM party supporters actually gave
their support to this atrocity. Why? Only because of party loyalty
and race.  These are the same people who marched against the fake
E-mailgate.  Clearly this is hypocrisy at its shameless worst," Mr.
Roget said, the report notes.

He recalled when government announced the closure it said it did so
on expert advice, but to date, there is no evidence to substantiate
the recommendations to close or the recommender, the report
relays.

"They also lied when they told the country that it was only the
refinery to be closed down and that only 1,700 workers would be
displaced. Remember that? Instead it was all, all, all Petrotrin
workers who were sent home," Mr. Roget added.

Addressing mainly ex Petrotrin workers, Roget said the ripple
effect of the closure is being felt by businesses throughout the
entire southern part of the country and in some cases, among
service providers as far as Port of Spain and other parts of the
country, the report relays.

"They also lied when they said that the Petrotrin workers would be
given enhanced packages. Instead a large number of workers are yet
to be properly compensated and some are yet to receive any
compensation or severance. Yet they are still on political
platforms giving false impressions to the country that each worker
received at least $500,000.

"There can be nothing further from the truth. Like Brexit and
Trump, they wilfully misled the population by calculating that
average using the very high salaries of top managers and workers
with high number of years in service," the report quoted Mr. Roget
as saying.

Responding to Rowley's statement at a recent PNM meeting in
Pleasantville, that 800 of 1,000 jobs promised in the successor
companies, Heritage and Paria, have been filled, Roget challenged
him to say how many of them are ex-Petrotrin workers, the report
notes.

He said these positions are not permanent but short-term contracts
with no job security, no health and safety standards, no benefits
and longer hours of work for less than one third of what was
previously paid for the same job, the report adds.

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.



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

VENEZUELA: Blackouts Exacerbates Economic Crisis
------------------------------------------------
Matias Delacroix at Agence France-Presse that more than half of
Venezuela's 23 states lost power, according to Reuters witnesses
and reports on social media--a blackout the government blamed on an
"electromagnetic attack."

It was the first blackout to include the capital, Caracas, since
March, when the government blamed the opposition and United States
for a series of power outages that left millions of people without
running water and telecommunications, according to Agence
France-Presse.

The blackouts exacerbated an economic crisis that has halved the
size of the economy, the report relays.

Venezuelan Information Minister Jorge Rodriguez said the outage was
caused by an "electromagnetic attack," without providing evidence,
the report discloses.  He added that authorities were in the
process of re-establishing service, the report says.

Power returned for about 10 minutes to parts of southeastern
Bolivar state, site of the Guri hydroelectric dam--the source of
most of Venezuela's generation--but went out again, according to a
Reuters witness, the report relays.  Electricity was still out
throughout Caracas, the report notes.

The oil-rich country's hyperinflationary economic crisis has led to
widespread shortages in food and medicine, prompting over 4 million
Venezuelans to leave the country, the report notes.

Venezuela's national power grid has fallen into disrepair after
years of inadequate investment and maintenance, according to the
opposition and power experts, the report discloses.

"These blackouts are catastrophic," said 51-year-old janitor
Bernardina Guerra, who lives in Caracas. "I live in the eastern
part of the city and there the lights go out every day. Each day
things are worse," the report adds.


                         About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Standard and Poor's long- and short-term foreign currency
sovereign credit ratings for Venezuela stands at 'SD/D'
(November 2017).

S&P's local currency sovereign credit ratings on the other hand are

'CCC-/C'. The May 2018 outlook on the long-term local currency
sovereign credit rating is negative, reflecting S&P's view that the

sovereign could miss a payment on its outstanding local currency
debt obligations or advance a distressed debt exchange operation,
equivalent to default.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook
(March 2018).

Fitch's long term issuer default rating for Venezuela was last set
at RD (2017) and country ceiling was CC. Fitch, on June 27, 2019,
affirmed then withdrew the ratings due to the imposition of U.S.
sanctions on Venezuela.


                           *********


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
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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