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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, February 28, 2020, Vol. 21, No. 43

                           Headlines



A R G E N T I N A

ARGENTINA: Amid Bond Carnage, Few Standouts Lure Buyers


C A Y M A N   I S L A N D S

NOBLE HOLDING: Moody's Lowers CFR to Caa2 & Alters Outlook to Neg.


C O L O M B I A

CREDIVALORES CREDISERVICIOS: Fitch Rates $300MM Sr. Notes 'B+'


J A M A I C A

DIGICEL GROUP: Hike in Earnings Provides Comfort to Investors


M E X I C O

GRUPO KUO: Fitch Affirms BB Issuer Default Ratings, Outlook Stable
MEXICO: Economy Contracts in 2019 for First Time in Decade


P U E R T O   R I C O

TRANS WORLD: Closes Sale of FYE Business Segment for $10 Million

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Amid Bond Carnage, Few Standouts Lure Buyers
-------------------------------------------------------
Globalinsolvency.com, citing Bloomberg News, reports that as
Argentina descends into a hellscape for creditors, with bond prices
taking a fresh leg down as each new development saps spirits, there
are a few securities bucking the trend, reported.

Investors are sorting through billions of dollars of Argentine
debt, some of it trading at deeply distressed levels below 50 cents
on the dollar, in search of bonds that are being unfairly punished
for the federal government's problems, according to
Globalinsolvency.com.

They're finding opportunities in some provincial and municipal
notes selling at small discounts to their face value and spitting
out rich coupons in a world of near-zero yields, the report notes.


Notes from the city of Buenos Aires -- not to be confused with the
province of the same name, which is seeking to restructure -- are
trading near par on confidence the capital's strong tax revenue
will keep it solvent, but still yield 9.3%, the report adds.

                           About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.




===========================
C A Y M A N   I S L A N D S
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NOBLE HOLDING: Moody's Lowers CFR to Caa2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded Noble Holding International
Limited's Corporate Family Rating to Caa2 from Caa1, its senior
unsecured notes ratings to Caa3 from Caa2, and its senior
guaranteed notes to Caa1 from B3. Noble's Speculative Grade
Liquidity Rating remains SGL-3. The rating outlook was changed to
negative from stable. Noble is an indirect wholly owned subsidiary
of Noble Corporation plc, a publicly traded offshore drilling
company.

"The downgrade of Noble reflects an unsustainable capital structure
and continued negative free cash flow, with diminishing yet still
adequate liquidity," said Amol Joshi, Moody's Vice President and
Senior Credit Officer. "While the company's earnings appear to be
stabilizing, the pace of any earnings improvement will likely be
inadequate in the face of shrinking liquidity and future debt
maturities."

Downgrades:

Issuer: Noble Holding International Limited

Probability of Default Rating, Downgraded to Caa2-PD from Caa1-PD

Corporate Family Rating, Downgraded to Caa2 from Caa1

Gtd. Senior Unsecured Notes, Downgraded to Caa1 (LGD3) from B3
(LGD3)

Senior Unsecured Notes, Downgraded to Caa3 (LGD5) from Caa2 (LGD5)

Outlook Actions:

Issuer: Noble Holding International Limited

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Noble's Caa2 CFR reflects the company's very high debt levels, weak
margins and insufficient cash flow to cover even modest capital
investment necessary to maintain fleet competitiveness. Dayrates
for jackup rigs have recovered and the company is experiencing high
jackup fleet utilization. Dayrates for floating rigs have also
bottomed, but notwithstanding the company's recent contracting
success, significant excess rig capacity in deepwater and
ultra-deepwater markets is resulting in only a gradual recovery in
floater dayrates with shorter contract terms and sub-optimal fleet
utilization. Recontracting dayrates that are much weaker than
legacy dayrates and high ongoing costs associated with idle rigs,
as well as considerable interest expense associated with a highly
leveraged balance sheet creates a drag on performance. Without a
much more robust recovery in dayrates, the company's debt levels
are unsustainable. Noble benefits from manageable debt maturities
through 2022, and is supported by its high-quality rig fleet,
diversification across geography, rig types, and customers, and
some contracted backlog, which approached $1.8 billion as of
February 2020.

Noble's SGL-3 rating reflects the company's adequate liquidity into
2021. At December 31, 2019, the company had $105 million of cash,
and $335 million drawn under its $1.3 billion unsecured revolving
credit facility maturing in January 2023. This revolver has a
minimum liquidity covenant of $300 million (cash and available
borrowing capacity under revolver), minimum rig value to total
revolver commitments and other loan parties debt of 3x, minimum
value of rigs wholly owned by the subsidiary guarantors to total
rig value of 80% (as defined in the agreement) and maximum senior
guaranteed debt to EBITDA of 4x through December 31, 2020, dropping
to 3.5x through December 31, 2021 and 3x thereafter. The company's
borrowing capacity is also limited by its Indenture Secured Debt
Basket. Moody's expects the company to remain in compliance with
these covenants, but the headroom could tighten particularly if
Noble records additional impairment charges on its rigs. As of
February 18, 2020, Noble had $335 million of revolver borrowings,
and a maximum of about $660 million in additional
covenant-constrained borrowing capacity under the revolver.

Moody's expects Noble to generate negative free cash flow in 2020,
based on its limited operating cash flow and planned capital
spending of $190-$200 million. The company has about $62 million
and $80 million of senior notes maturing in 2020 and 2021.
Additionally, the company has two seller loans totaling
approximately $118 million at December 31 with very limited
headroom under those loans' maximum debt to total capitalization
requirement of 55%, which could necessitate repayment of those
loans. Noble's cash balance and effective borrowing capacity on its
revolver provide adequate liquidity for these potential
requirements in 2020. Furthermore, Noble is facing ongoing
litigation associated with its 2014 Paragon Offshore spin-off, with
the ultimate outcome and potential claims being inherently
uncertain.

The outlook is negative reflecting Noble's unsustainable capital
structure and an expectation that the pace of improving business
fundamentals will be slow while liquidity shrinks. The ratings
could be downgraded if liquidity becomes weak, if improving
fundamental trends in the business reverse or if the company incurs
a material adverse loss related to the ongoing Paragon Offshore
litigation. In order to consider a ratings upgrade, Noble will have
to achieve significant increase in EBITDA in an improving offshore
drilling market such that it can generate positive free cash flow
covering both maintenance capital expenditures and any necessary
capital investment to sustain its fleet competitiveness, with
increasing amounts of available liquidity.

Noble's senior notes are rated Caa3, or one notch beneath the Caa2
CFR in accordance with Moody's Loss Given Default Methodology. This
is because the senior notes are structurally subordinated to the
$1.3 billion revolving credit facility and the senior guaranteed
notes. The primary borrower under that credit facility is an
intermediate holding company subsidiary of Noble that is
structurally closer to the operating subsidiaries and benefits from
operating subsidiary guarantees that provide the revolver with a
structurally superior claim to the large majority of Noble's
drilling rigs.

Noble's $750 million senior guaranteed notes due 2026 are rated
Caa1, or one notch above the Caa2 CFR, reflecting these notes'
structurally superior position in Noble's capital structure
relative to the senior unsecured notes discussed. These notes are
senior unsecured but are guaranteed by intermediate holding company
subsidiaries, effectively giving these notes a priority claim to
the company's assets over Noble's other senior unsecured notes
outstanding that do not have subsidiary guarantees. However, these
notes are structurally subordinated to the company's $1.3 billion
revolving credit facility.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Noble Holding International Limited is a wholly owned subsidiary of
Noble Corporation, a Cayman Island company (Noble-Cayman), which is
a wholly owned subsidiary of Noble Corporation plc (Noble plc), a
company incorporated under the laws of England and Wales, and a
leading international offshore oil and gas drilling contractor.
Noble Holding International Limited is the issuer of the of the
company's rated debt, and therefore the CFR is assigned to that
company. Noble Holding International Limited's senior notes are
fully and unconditionally guaranteed by Noble-Cayman.




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C O L O M B I A
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CREDIVALORES CREDISERVICIOS: Fitch Rates $300MM Sr. Notes 'B+'
--------------------------------------------------------------
Fitch Ratings assigned a 'B+'/'RR4' final Long-Term Rating to
Credivalores Crediservicios S.A.S.'s Senior notes issued in the
amount of USD300 million with a maturity date of Feb. 7, 2025.

The final rating follows a review of the final terms and conditions
conforming to information already received when Fitch assigned an
expected rating on Feb. 3, 2020.

The net proceeds of these senior notes will be used for the
prepayment of senior debt due 2022 and repayment of other debt and
the remainder, if any, for general corporate purposes.

KEY RATING DRIVERS

Credivalores' Long-Term Issuer Default Rating (IDR) is 'B+'/Rating
Outlook Negative. The notes are expected to be rated at the same
level of Credivalores' IDR, as the likelihood of default of the
notes is the same as a default of the company.

Credivalores' IDRs are highly influenced by the company's profile
and concentrated nature within the financial system, which despite
is small size, benefits from its role as one of the largest
non-bank financial institutions engaged in consumer lending to the
low-to-mid income population not usually served by banks in small
and mid-sized cities. Credivalores' still pressured asset quality
and tangible common equity quantitative metrics have seen some mild
positive trends since Fitch's last review. The ratings also
consider the company's relative ample risk appetite due to its
focus on low to middle income segments.

A Recovery Rating of 'RR4' rating indicates an 'Average' recovery
prospect in the unlikely event of a default.

RATING SENSITIVITIES

As the notes are rated at the same level as the VR, their rating is
primarily sensitive to any change in the bank's VR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit neutral
or have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity.




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J A M A I C A
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DIGICEL GROUP: Hike in Earnings Provides Comfort to Investors
-------------------------------------------------------------
RJR News reports that Digicel Group's earnings rose in the December
quarter, providing some comfort to its debt investors ahead of a
critical refinancing of US$1.3 billion of bonds that fall due early
next year.

Earnings before interest, tax, depreciation and amortisation rose
by four per cent year-on-year to US$251 million in the third
quarter of Digicel's financial year, according to RJR News.

The company told bondholders this was driven by more favorable
currency movements in some of its main markets against the US
dollar, and data revenue growth, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2019, Moody's Investors Service appended the "limited
default" designation to the probability of default rating of
Digicel Group Limited, following the completion of its exchange
offer, which Moody's considers as a distressed exchange under its
definition of default, and upgraded Digicel's PDR to Caa1-PD/LD
from Caa3-PD.




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M E X I C O
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GRUPO KUO: Fitch Affirms BB Issuer Default Ratings, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed Grupo KUO, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings at 'BB'. In
addition, Fitch has affirmed KUO's National Scale Long-Term rating
at 'A(mex)'. The Rating Outlook is Stable.

KUO's ratings reflect its diversified business portfolio, leading
market positions across the industries where it participates, and
its joint ventures with recognized companies, such as Repsol
Quimica S.A. and Grupo Herdez, S.A.B. de C.V. The ratings also
incorporate the company's financial position, which is expected to
strengthen in 2020 due to higher revenues and EBITDA from the
automotive business (mainly transmissions) and steady growth in the
consumer segment, which will offset a likely more volatile or weak
performance from the chemical segment. Fitch projects on a pro
forma basis that KUO's revenues and EBITDA will increase around
15%, and that net leverage will gradually decrease to 2.5x by YE
2020.

KUO's ratings are tempered by its export diversification, which
represents around 51% of its total revenues and its strategy to
develop high value-added products with attractive returns. The
ratings are limited by the company's exposure to volatility in
product demand and input costs across its business units and the
uncertainties associated with world trade policy and the economic
activity in Mexico.

For analytical purposes, Fitch incorporates financial information
for KUO under the proportional consolidation of its JVs in Herdez
Del Fuerte and Dynasol (pro forma). In addition, Fitch considers
reported consolidated figures, which account for the JVs under the
equity method (consolidated).

KEY RATING DRIVERS

Recovery in Results Expected in 2020: Fitch expects an improvement
in KUO's financial performance in 2020 after weaker than expected
2019 results for its chemical and automotive business. In 2019,
KUO's revenue and EBITDA on a pro forma basis declined 1% and 3%,
respectively, when compared to 2018. The results of the chemical
business was mainly affected by lower raw material prices and
oversupply of synthetic rubber from Asia, which resulted in a 19%
decrease in revenues and 32% of EBITDA in 2019. KUO's automotive
business increased its revenues by 11% in 2019, but delays on the
launch of DCT transmissions from Ford and GM, strikes at GM and
Volvo and sales of lower margin products associated to tooling and
prototypes contributed mainly to a 36% decline in EBITDA in this
division. The consumer business continued with a relatively
positive trend with revenue and EBITDA growth of 9% and 3%,
respectively, despite a weaker consumer environment in Mexico and
some temporal pressures of pork prices in the domestic market.

Fitch's base case projection for 2020 incorporates an increase of
KUO's pro forma revenues to 14% combined with an EBITDA growth of
approximately 15%. The increase in revenues and EBITDA are expected
to be mainly supported by higher sales of DCT transmissions to Ford
and GM, a more favorable environment of sales pork prices in the
domestic and export market, and a gradual recovery in the economic
activity in Mexico that will support the demand of products for its
consumer business. This should mitigate Fitch's expectation of a
more volatile or weak performance in KUO's chemical division due to
the current low business cycle for this industry. In terms or
profitability, Fitch projects KUO's EBITDA margin will be around
12% in 2020.

Higher Temporal Leverage: KUO's 2019 leverage metrics on a pro
forma basis were above Fitch's previous projections due to lower
EBITDA generation from its chemical and automotive businesses. Its
pro forma total debt to EBITDA and net debt to EBITDA, calculated
by Fitch and adjusted by USD19 million of nonrecourse factoring,
was around 3.3x and 2.7x, respectively, in 2019. These metrics
compared with Fitch's previous projections of 2.9x and 2.5x. While
KUO's leverage metrics are expected to continue in levels above
Fitch's negative rating triggers during the first half of 2020, a
gradual deleveraging is expected by the end of this year, which
combined with an adequate liquidity position and a lower negative
generation of free cash flow, will support the current rating
level.

Fitch projects KUO's pro forma total debt to EBITDA and net debt to
EBITDA will be around 2.8x and 2.4x, respectively, at YE 2020.
Deleverage will be mainly associated to EBITDA growth and stable
total debt levels. On a consolidated basis, accounting for JVs
under the equity method, Fitch projects gross and net leverage to
be around 3.5x and 3.3x, respectively, at YE 2020.

Neutral FCF: KUO has maintained negative FCF generation across the
rating horizon, but Fitch expects that the company could reach
neutral FCF in 2020. For 2020, Fitch projects that KUO's cash flow
from operations (CFO, before capex and dividends) on a pro forma
basis to be around USD130 million. This amount should be sufficient
to cover capex and dividends projected by Fitch in 2020 of
approximately USD110 million and USD20 million, respectively. The
company's capex will be mainly oriented to growth projects on the
pork meat business, and to a lesser extent, on the transmissions
and chemical businesses. In 2019, KUO's FCF on a pro forma basis,
as calculated by Fitch, was approximately negative USD16 million,
while on a consolidated basis, accounting for JVs under the equity
method, was negative MXN1.3 billion.

Diversified Business Portfolio: KUO has a diversified business
portfolio in the consumer, automotive and chemical industries,
which allows the company to mitigate the volatility from economic
and industry cycles. The company's most significant businesses,
pork meat and the Herdez Del Fuerte JV, are oriented to the more
stable consumer segment and represented around 50% of revenues and
60% of EBITDA in 2019. The chemical and automotive businesses are
more volatile, with higher exposure to demand cycles.

The chemical businesses (synthetic rubber JV and polystyrene) and
the automotive businesses (transmission and aftermarket)
contributed around 30% and 10%, respectively, of KUO's EBITDA in
2019. Fitch believes KUO's investment strategy in the pork meat and
transmission businesses and its focus on value-added products in
the chemical sector should improve its portfolio and reduce
volatility in revenues and cash flows.

Leading Positions in Key Markets: KUO's businesses maintain
significant market positions in their industries. KUO is Mexico's
largest pork meat producer, with vertically integrated operations
serving the domestic market. KUO also exports products to Japan and
South Korea. Around 33% of the company's products are exported, 33%
is sold by KUO-owned Maxicarne stores and the rest is sold in the
commodity market. Under the Herdez Del Fuerte JV, KUO has highly
recognized brands, with a leading share in Mexico of various
products, such as tomato paste and mole, among others.

In addition, the JV provides the company with operations in the
U.S., including a JV with Hormel Foods Corp. This positions KUO as
a producer and distributor of Hispanic brands in the U.S., with a
leading position as a distributor of guacamole. The transmissions
business is a leading producer of rear wheel transmissions in North
America for the high-performance original equipment manufacturer
segment. In the aftermarket business, KUO is a leader in engine
components, with recognized proprietary brands and third-party
products in Mexico. The company is Mexico's largest producer of
synthetic rubber through a JV with Dynasol and is the country's
main producer of polystyrene

DERIVATION SUMMARY

KUO's ratings are supported by its diversified business portfolio,
solid business position of its main brands and products in
different industries, geographic diversification, and stable
financial position. Its credit profile is comparable with other
diversified groups as Alfa, S.A.B. de C.V. (BBB-/Stable) and
Votorantim, S.A. (BBB-/Stable). KUO has lower size and scale and
geographic diversification and relatively weaker competitive
position of its main businesses when compared to peers as Alfa and
Votorantim. While KUO's leverage metrics are slightly stronger than
Alfa and Votorantim, these companies have higher profitability
levels and more consistent positive FCF generation that provide
more flexibility to deleverage. KUO's current leverage is
considered strong for its 'BB' rating, but its negative FCF across
the business cycle, mainly associated with its higher capex
requirements, limits the ratings. Other comparable companies in the
'BB' category are Cydsa, S.A.B. de C.V. (BB+/Stable) and Grupo
Cementos de Chihuahua, S.A.B. de C.V. (BB+/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions on a Pro Forma Basis, Including
Proportional Consolidation of JVs, Include:

  -- Revenue growth of around 14% in 2020 and 4% in 2021;

  -- EBITDA margin of around 12% in 2020 and 2021;

  -- Capex around MXN2.1 billion in 2020 and MXN1.9 billion in
     2021;

  -- Dividends at MXN400 million in 2020 and 2021;

  -- Total debt/EBITDA and net debt/EBITDA of around 2.8x and
     2.4x, respectively, by YE 2020.

Fitch's Key Assumptions on a Consolidated Basis, Excluding
Proportional Consolidation of JVs, Include:

  -- Revenue growth of around 21% in 2020 and 5% in 2021;

  -- EBITDA margin of around 12% in 2020 and 2021;

  -- Capex around MXN1.7 billion in 2020 and 2021;

  -- Dividends at MXN400 million in 2020 and 2021;

  -- Total debt/EBITDA and net debt/EBITDA of around 3.5x
     and 3.3x, respectively, by YE 2020.

RATING SENSITIVITIES

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

  -- Neutral to positive FCF through the economic cycle;

  -- Maintaining a strong liquidity position;

  -- Sustaining lower leverage ratios for pro forma total debt
     to EBITDA and net debt to EBITDA of around 2.5x and 2.0x,
     respectively.

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

  -- Higher than expected negative FCF over the next two years;

  -- A weak liquidity position;

  -- Sustained deterioration in operating performance across the
     company's businesses, leading to pro forma total debt to
     EBITDA and net debt to EBITDA consistently above 3.0x and
     2.5x, respectively.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: KUO's readily available cash of MXN3.3 billion
on a pro forma basis, as of Dec. 31, 2019, is sufficient to cover
its debt amortization in the short term of MXN1.6 billion in 2020,
which includes MXN359 million of nonrecourse factoring and around
MXN950 million of debt in its JVs. The company's liquidity is also
supported by available committed credit lines of USD289 million
that expire between 2023 and 2024. On a consolidated basis, KUO's
YE 2019 cash balance was MXN1.5 billion and a short-term debt of
MXN636 million, including nonrecourse factoring.

Fitch considers KUO's debt maturity profile is manageable with
MXN472 million (USD25 million) due in 2021, MXN528 million (USD28
million) due in 2022, MXN472 million (USD25 million) due in 2023,
MXN4.7 billion (USD250 million) due in 2024 and MXN9.1 billion
(USD480 million) due afterwards. Fitch believes KUO has good access
to capital markets and banks loans and will refinance a portion of
these maturities before they are due. KUO's total debt, including
nonrecourse factoring, as of YE 2019 was MXN16.9 billion (USD895
million) on a pro forma basis, and MXN15.9 billion (USD845 million)
consolidated.


MEXICO: Economy Contracts in 2019 for First Time in Decade
----------------------------------------------------------
EFE News reports that Mexicos gross domestic product shrank 0.1
percent in 2019 relative to the previous year due to a drop in
industrial output, the National Institute of Statistics and
Geography (INEGI) said.

That result marked the first full-year contraction of Mexicos GDP
since the 2009 global recession, according to EFE News.

The report notes that the economy shrank due to a 1.8 percent
decline in industrial production and in spite of growth in the
agricultural and services sectors of 1.9 percent and 0.4 percent,
respectively, INEGI said in a statement.

Definitive GDP number matched the preliminary result that the
institute released on Jan. 30, the report relays.

Mexicos economy also contracted by a seasonally adjusted 0.1
percent in the fourth quarter compared to the previous three-month
period, the report relays.

Between October and December, industrial output fell 1.2 percent
and the agriculture, livestock and fishing industries contracted by
1.1 percent, the report discloses.

By contrast, the services sector rose 0.2 percent compared to the
July-September period, the report relates.

That fourth-quarter GDP figure was downwardly adjusted after
preliminary numbers from Jan. 30 showed flat growth, the report
notes.

Mexicos economy contracted by 0.1 percent in three straight
quarters between the end of 2018 and the middle of last year.  The
slight GDP contraction in 2019 was in line in with forecasts by
government agencies and private-sector economists, the report
relates.

INEGIs Global Indicator of Economic Activity, which provides
information on the short-term evolution of Mexicos real economy,
rose 0.7 percent in December compared to the previous month, the
report says.

The GDP of Latins Americas second-biggest economy (after Brazil)
expanded by 2.6 percent in 2015, 2.9 percent in 2016 and 2.1
percent in both 2017 and 2018, the report discloses.

Private-sector economists consulted by Mexicos central bank are
forecasting 1.08 percent growth in 2020, while the World Bank
expects the countrys GDP to rise by 1.2 percent as investment
spending ticks up, the report relates.

Mexicos Finance and Public Credit Secretariat is forecasting growth
of around 2 percent this year, the report notes.

Mexican President Andres Manuel Lopez Obrador, who took office in
late 2018, says economic activity will rebound once the new trade
agreement linking Mexico, the United States and Canada is fully
ratified and takes effect and structural changes being carried out
by his administration start taking hold," the report adds.




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P U E R T O   R I C O
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TRANS WORLD: Closes Sale of FYE Business Segment for $10 Million
----------------------------------------------------------------
Trans World Entertainment has closed the previously-announced sale
of substantially all of the assets constituting its For Your
Entertainment ("FYE") segment to a subsidiary of Sunrise Records
and Entertainment Ltd. ("Sunrise"), the parent of Sunrise Records
in Canada and HMV Records in the United Kingdom, for $10 million in
cash, subject to net inventory and other adjustments, plus the
assumption of certain liabilities.

The Transaction was unanimously approved by the Company's board of
directors on Jan. 23, 2020, and was approved by more than
two-thirds of the Company's shareholders at a special shareholders
meeting held on Feb. 17, 2020.  All of the proceeds from the
Transaction were used to repay outstanding indebtedness and to
satisfy other unassumed liabilities.

Going forward, the Company plans to focus on the operation of its
wholly owned subsidiary, etailz, Inc., which has entered into a
loan and security agreement with Encina Business Credit, LLC of up
to $25 million.  The facility will be primarily used to provide
capital for etailz to achieve its growth goals, which includes
further developing its software and services offerings, supporting
inventory expansion, and expanding into new marketplaces and
geographies.

Michael Feurer, Trans World's CEO, stated "The sale of our FYE
segment has put our stores and employees in the best position to
continue forward and build upon an almost 50 year legacy.  With
respect to etailz, we believe marketplace selling, technology, and
advertising have never been more important to global retailing.
The securing of the credit facility for etailz is a positive and
important first step to support the growth of etailz, which will
remain our focus for the future."

                       About Trans World

Headquartered in Albany, New York, Trans World Entertainment is a
multi-channel retailer, blending a 40-year history of entertainment
retail experience with digital marketplace expertise.  Its brands
seamlessly connect customers with the most comprehensive selection
of music, movies, and pop culture products on the channel of their
choice.  The Company has operated as a specialty retailer of
entertainment and pop culture merchandise with stores in the United
States and Puerto Rico, primarily under the name fye, for your
entertainment, and on the web at www.fye.com and
www.secondspin.com.  Trans World Entertainment, which established
itself as a public company in 1986, is traded on the Nasdaq
National Market under the symbol "TWMC".

Trans World reported a net loss of $97.38 million for the year
ended Feb. 2, 2019, following a net loss of $42.55 million for the
year ended Feb. 3, 2018.  As of Nov. 2, 2019, Trans World had
$141.48 million in total assets, $116.60 million in total
liabilities, and $24.87 million in total shareholders' equity.

The Company incurred net losses of $39.1 million and $31.7 million
for the thirty-nine weeks ended Nov. 2, 2019 and Nov. 3, 2018,
respectively, and has an accumulated deficit of $89.3 million at
Nov. 2, 2019.  In addition, net cash used in operating activities
for the thirty-nine weeks ended Nov. 2, 2019 was $30.8 million.
Net cash used in operating activities for the thirty-nine weeks
ended Nov. 3, 2018 was $53.3 million.  The Company also experienced
negative cash flows from operations during fiscal 2018 and 2017,
and expects to incur net losses in the foreseeable future.  Based
on its recurring losses from operations, expectation of continuing
operating losses for the foreseeable future, and uncertainty with
respect to any available future funding, as well as the completion
of other strategic alternatives, the Company has concluded that
there is substantial doubt about its ability to continue as a going
concern for a period of one year after the date of filing of this
Quarterly Report on Form 10-Q (Dec. 23, 2019).



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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
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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 2020.  All rights reserved.  ISSN 1529-2746.

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