/raid1/www/Hosts/bankrupt/TCRLA_Public/220817.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, August 17, 2022, Vol. 23, No. 158

                           Headlines



A R G E N T I N A

ARGENTINA: Gets $80MM IDB Loan to Boost MSMEs Productivity


B R A Z I L

BRAZIL: Unemployment Falls in 22 of the 27 States, Data Says
COPSA DO BRASIL: Sanctioned by IDB Over Prohibited Practices


C H I L E

LATAM AIRLINES: Touts Q2 Progress


J A M A I C A

JAMAICA: SMEs to Benefit From New DBJ Loans


M E X I C O

GRUPO IDESA: S&P Affirms 'CCC+' Issue-level Rating, Outlook Now Neg


P U E R T O   R I C O

SEARS HOLDINGS: Sears Estate to End Lampert Suits in $175M Deal


X X X X X X X X

LATAM: IDB Says Better Access to Financing Could Drive Growth

                           - - - - -


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

ARGENTINA: Gets $80MM IDB Loan to Boost MSMEs Productivity
----------------------------------------------------------
Argentina will increase productivity of micro, small and
medium-sized enterprises (MSMEs) with an $80 million loan approved
by the Inter-American Development Bank (IDB).

The program will promote the innovative and environmentally
sustainable productive development of MSMEs and foster their
digital transformation, strengthening government assistance to
these ventures throughout the country. In addition, the project
will strengthen the federal network of support services and
decentralization of the Secretariat of Industry and Productive
Development.

MSMEs are a fundamental part of Argentina's productive network,
accounting for 99.4% of all companies, employing 64% of registered
wage earners, and concentrating 51% of the total wage bill. In
addition to the MSMEs, the project's beneficiaries will include
entities that offer technological services by contributing to their
equipment and training, workers who will be trained in digital
skills, and women entrepreneurs and persons with disabilities, who
will receive specific support adapted to their needs.

The program will also finance the incorporation of technical and
technological services that help MSMEs adopt new technologies,
adapt to a low-emission economy that is resilient to climate change
impacts, and mainstream gender and diversity. Additionally, it will
provide technical assistance and training to around 1,300 companies
to help them embark on innovative projects.

This operation is in line with Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, created by the IDB to achieve
recovery and inclusive growth in Latin America and the Caribbean,
in the areas of support to small and medium-sized enterprises,
digital transformation, gender equality, and climate change.  

The IDB's $80 million loan has a 25-year term, with a 5.5-year
period of grace and interest rate based on SOFR.

                     About Argentina

Argentina is a country located mostly in the southern half of
South America.  Its 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.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the
Republic
of Argentina. The outlook remains stable. S&P also affirmed its
national scale 'raBBB-' rating and its 'CCC+' transfer and
convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead
of the 2023 national elections given disagreement on policy
within the government coalition and financing pressures in the
local market.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign
Currency Issuer Default Rating (IDR) and Long-Term Local Currency
IDR Under Criteria Observation (UCO) following the conversion of
the agency's Exposure Draft: Sovereign Rating Criteria to final
criteria. The UCO assignment indicates that ratings may change as
a direct result of the final criteria. It does not indicate a
change in the underlying credit profile, nor does it affect
existing Rating Outlooks.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.




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B R A Z I L
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BRAZIL: Unemployment Falls in 22 of the 27 States, Data Says
------------------------------------------------------------
Richard Mann at Rio Times Online reports that unemployment fell in
22 of the 27 Brazilian states in the second quarter of this year,
according to a report published by the Brazilian Institute of
Geography and Statistics (IBGE).

The states with the lowest unemployment rates were Santa Catarina,
in the southern region, with 3.9%, and Mato Grosso, in the Amazon
region, which had unemployment of 4.4%, according to Rio Times
Online.

IBGE's National Household Sample Survey (PNAD) recently reported
that unemployment at the national level was 9.3% in the second
quarter, with a drop of 1.8% compared to the previous quarter, the
report notes.

Second semester general unemployment dropped to 9.3%, the report
adds.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long-
and short-term foreign and local currency sovereign credit
ratings on Brazil.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. At the same time,
DBRS Morningstar confirmed the Federative Republic of Brazil's
Short-term Foreign and Local Currency Issuer Ratings at R-4.
The trend on all ratings is Stable.

COPSA DO BRASIL: Sanctioned by IDB Over Prohibited Practices
------------------------------------------------------------
The IDB has announced the debarment of the Brazilian Sociedad
Anonima de Obras y Servicios Copasa do Brasil (Copasa do Brasil)
for 18 months in connection with allegations of corrupt and
fraudulent practices. The prohibited practices were committed by a
consortium to which Copasa do Brasil was a non-leading party in the
context of a roads construction contract under the Mario Covas
Rodoanel Project - Northern Section. The debarment makes Copasa do
Brasil ineligible to participate in projects and operations
financed by the IDB Group and follows an investigation by the
Office of Institutional Integrity (OII), with the company's full
cooperation.

According to OII's findings, in 2013-2015 the other entity partner,
on behalf of the consortium, made illicit payments totaling
approximately US$1 million to a public official involved in the
supervision and management of the contract. The public official
demanded payments through a designated subcontractor. A consortium
manager affiliated with the other partner of the consortium
authorized said payments based on the impression that a failure to
pay would result in unjustified delays in approvals for
contract-related disbursements due during the execution of works.
Additionally, to conceal the illicit payments, the consortium also
misrepresented certain project expenses and activities.

Prior to the illicit payments being made, a manager of Copasa do
Brasil was aware of the public official's bribe solicitations and
the requested use of a subcontractor. He refused to pay, but failed
to report it, believing that payments would not be made. Several
years later, the manager was informed that, in fact, bribes were
paid by the other consortium partner using the designated
subcontractors hired by the consortium.

The sanction is the result of a Negotiated Resolution Agreement
(the Settlement) between the IDB and Copasa do Brasil in accordance
with the IDB Group's Sanctions Procedures. As part of the
Settlement, the company did not contest its responsibility for the
prohibited practices committed by the consortium, including OII's
finding that a company's senior manager failed to act to prevent
those prohibited practices from occurring.

In response to a national investigation, Copasa do Brasil reached
an agreement with the Brazilian authorities, including the
restitution of funds and payment of fines. These facts, along with
the company's full cooperation with OII, was reflected in a
significantly reduced sanction.

Under the terms of the Settlement, Copasa do Brasil commits to
report on its compliance programs through an independent compliance
consultant and to continue its cooperation with OII. In the event
that the company fails to fulfill its obligations, the respective
sanction will continue until the conditions are met, or until six
years from the effective date of the Settlement, whichever occurs
earlier.

The debarment of Copasa do Brasil qualifies for cross-debarment by
other multilateral development banks (MDBs) under the Agreement for
Mutual Enforcement of Debarment Decisions that was signed on April
9, 2010.




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C H I L E
=========

LATAM AIRLINES: Touts Q2 Progress
---------------------------------
LATAM Group announced on Aug. 12, 2022, its consolidated financial
results for the second quarter of the year, which reflect a gradual
recovery of the operation, reaching a consolidated capacity
(measured in ASK) of 72.6% compared to 2019 levels, which in turn
represents more than double the capacity of the same quarter of
2021, growing by 135.2%. This recovery of capacity is mainly
explained by the solidity of the domestic markets in Brazil,
Colombia and Ecuador, in addition to the recovery of international
operations, and takes place in a context marked by a sharp increase
in fuel prices.

During the period, the group's total operating revenues reached
US$2.226 billion, 6.1% less than in 2019, but showed an increase of
150.5% compared to last year.  In turn, total operating expenses
increased by 3.5% compared to the same quarter of 2019, driven by a
31.5% increase in the Fuel cost line in the quarter compared to the
same period of 2019.

At the end of the second quarter, LATAM reported losses of US$523.2
million.

Roberto Alvo, CEO of LATAM Airlines Group, commented that "we have
closed a second quarter with significant progress in our
reorganization process under Chapter 11 and we hope to emerge from
it during the last quarter of this year.  Although the group has
made advances in its operational recovery, we continue to remain
cautiously optimistic about the coming months, closely monitoring
fuel prices and macroeconomic variables, as the industry still
finds itself in the midst of a very dynamic environment."

During the period, LATAM Group obtained the approval of its
Reorganization Plan by the United States Bankruptcy Court and
secured its exit financing.

At the Extraordinary Shareholders' Meeting, LATAM obtained the
necessary approval from its shareholders for the company's new
capital structure and the issuance of the financing instruments
presented in the Plan, receiving the support of the vast majority
of shareholders, corresponding to 99.8% of the shares present or
represented at the Meeting, which correspond to 77.5% of the total
shares with voting rights, allowing LATAM to begin the final phase
of regulatory requirements in Chile for the eventual
implementation
of the Plan.

LATAM has already begun the process of registering the instruments
of the Plan in Chile, which began with the submission of the
request for registration of the instruments before the Commission
for the Financial Market (CMF) on July 8, 2022.

                         Sustainability

In order to reach carbon neutrality by 2050, LATAM announced in
April that it will seek to reach 5% sustainable fuel use by 2030,
prioritizing production in South America. In addition, the group
announced in July its intention to explore opportunities for CO2
removal through the Direct Air Carbon Capture and Storage System
(DACCS). This announcement was made collaboratively and in
association with other industry players after signing a letter of
intent with Airbus.

In terms of circular economy, the "Recycle your Trip" program was
implemented during the quarter in the Peruvian subsidiary and later
in the Colombian subsidiary, which consists of segregating the
waste generated on board and which was already operational on the
domestic flights of the affiliates in Chile and Ecuador.

Finally, LATAM added new alliances to its Solidarity Plane program
by signing cooperation agreements with ANIQUEM in Peru and
Firefighters of Chile. Currently, the group has more than 20
alliances in Latin America.

                     About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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

JAMAICA: SMEs to Benefit From New DBJ Loans
-------------------------------------------
RJR News report that small and medium sized enterprises in the
entertainment and transportation sectors now have access to new
loan facilities from the Development Bank of Jamaica.

Some $500 million has been made available for loans to the
entertainment sector and $250 million to transport businesses and
operators, according to RJR News.

The loans may be accessed through a number of credit unions, JN
Small Business, Access Financial, Lasco Financial and Bull
Investments, the report notes.

Businesses, depending on their services and size, can access up to
$10 million, the report adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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M E X I C O
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GRUPO IDESA: S&P Affirms 'CCC+' Issue-level Rating, Outlook Now Neg
-------------------------------------------------------------------
On Aug. 15, 2022, S&P Global Ratings revised its outlook on
Mexico-based petrochemicals producer Grupo IDESA S.A. de C.V. to
negative from stable and affirmed its 'CCC+' issuer credit rating.
At the same time, S&P affirmed its 'CCC+' issue-level rating on the
company's senior secured notes due 2026 and kept the '4' recovery
ratings on them unchanged. The '4' recovery rating indicates its
expectation of average (30%-50%; rounded estimate 35%) recovery
prospects in the event of a payment default.

The negative outlook reflects S&P's view that IDESA could face an
increasing default risk at some point next year if the company
doesn't enhance its cash flows and/or its liquidity position and/or
slash its debt to cover its interest payments.

The company posted revenue of about MXN12.0 billion and EBITDA of
MXN1.1 billion in 2021, up about 32% and 31%, respectively over
2020. However, IDESA's debt remained significant at about MXN12.5
billion, which resulted in debt to EBITDA of 11.5x and a tight
interest coverage ratio of 0.8x at the end of 2021, and 11.3x and
0.8x, respectively, at the end of March 2022. The company's revenue
rose due to higher sales through its petrochemical and distribution
divisions (which accounted 34% and 62% of the consolidated sales),
coupled with a still favorable prices momentum. Healthy demand for
the packaging, food, beverage, and basic consumption supported the
company's results, and S&P expects the trend to continue in 2022.

IDESA has been amortizing its debt and complying with its financial
obligations since its debt refinancing in May 2020, which
incorporated a payment-in-kind (PIK) interest payment mechanism
that lowered the company's interest payments until November 2023,
easing liquidity pressures. S&P said, "Nevertheless, we believe
that the debt's amount is still unsuitable for the company's cash
flow generation capacity. Consequently, our 'CCC+' ratings still
reflect IDESA's high leverage and unsustainable capital structure,
although it's unlikely that the company will face a near-term
credit crisis liquidity crunch. Although the company has benefited
from the PIK interest payment mechanism, we believe that IDESA
remains dependent upon favorable business, financial, and economic
conditions, and it may struggle to service its financial
obligations related to its interest and/or coupon payments debt in
2023."

Liquidity concerns will amplify next year if IDESA doesn't bolster
its cash flows through its operations or through higher dividend
inflows from its joint ventures (JVs; Braskem Idesa or Cyplus
Idesa) or enhance its capital structure. S&P's negative outlook
reflects its expectation that IDESA's higher debt could pressure
its liquidity, compromising its ability to meet its financial
commitments.

-- Environmental, Social, and Governance




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

SEARS HOLDINGS: Sears Estate to End Lampert Suits in $175M Deal
---------------------------------------------------------------
The bankrupt estate of Sears Holdings Corp. and the company's
unsecured creditors agreed to resolve their sprawling litigation
against former owner Eddie Lampert and other shareholders over
pre-bankruptcy asset transfers for $175 million.

The deal ends three-year-old claims seeking $2 billion, based on
past transactions spearheaded by Lampert and his hedge fund ESL
Investments Inc.  It also allows the implementation of Sears'
liquidating plan that was confirmed more than two years ago to
finally proceed.

Sears Holdings Corporation and its debtor affiliates, and their
Official Committee of Unsecured Creditors ask the Bankruptcy Court
to

   (i) approve the settlement agreement dated August 9, 2022,
concerning

       (a) the Jointly Asserted Causes of Action, which comprise
any and all claims and causes of action asserted in Sears Holdings
Corp. v. Lampert, Case No. 19-08250 (RDD) (Bankr. S.D.N.Y.) (the
"Insider Action") and Sears Holdings Corp. v. Tisch, Case No.
20-07007 (RDD) (Bankr. S.D.N.Y.) (the "Public Shareholder
Action"),
as well as any and all claims or causes of action against
insurance
carriers related to coverage for claims asserted in the
Consolidated Adversary Proceeding or a related proceeding,

        (b) certain additional matters in connection with the
Chapter 11 Cases, including (1) the claims under Bankruptcy Code
section 507(b) asserted by ESL Investments, Inc., JPP, LLC and JPP
II, LLC in In re Sears Holdings Corp., No. 20-3343 (2d Cir.), (2)
certain of the liabilities contested by Transform in In re Sears
Holdings Corp., No. 22-1249 (2d Cir.) (the "Transform Foreign Cash
Appeal") and (3) claims between the Debtors and the Seritage
Defendants (the "Seritage Disputes");

   (ii) granting certain additional relief related to the
Settlement Agreement;

  (iii) approving settlement of claims under Bankruptcy Code
section 507(b) asserted by Wilmington Trust, National Association,
as Indenture Trustee and Collateral Agent in In re Sears Holdings
Corp., No. 20-3343 (2d Cir.) and related claims (the "Second Lien
Notes Settlement"); and

   (iv) authorizing certain nonmaterial amendments to the Plan in
furtherance of the Effective Date.

A hearing on the Settlement is slated for Aug. 31, 2022 at 10:00
a.m. (Eastern Time).

"The Settlement Agreement represents a monumental achievement by
bringing closer to a successful conclusion these historic Chapter
11 Cases and the related Consolidated Adversary Proceeding. Nearly
three years after confirmation of the Plan in October 2019, and
following years of litigation on numerous fronts and, more
recently, months of hard-fought mediation and good faith,
arm's-length negotiations, the Effective Date is now within reach,"
Ira S. Dizengoff of AKIN GUMP STRAUSS HAUER & FELD LLP, counsel to
the Creditors' Committee, said in court filings.

The Settlement Payment Parties/Entities will collectively pay or
cause to be paid $175 million to the Debtors.  The Settlement
Amount is apportioned as follows:

   * The Sears Insurers shall pay $125,625,000 on behalf of the
Sears D&O Defendants.

   * The Original Action Defendants shall pay $41,875,000 on claims
not covered by the Sears Policies.

   * The Participating Public Shareholder Defendants shall pay
$7,500,000, subject to Section 3(d) of the Settlement Agreement.

To recall, in the first year of the Chapter 11 Cases, the Debtors
sold substantially all of their assets on a going concern basis,
assumed and assigned hundreds of contracts and leases and, with the
support of the Creditors' Committee, confirmed the Plan. In doing
so, the Debtors paid over $4 billion in administrative expenses to
thousands of parties in interest, including hundreds of vendors and
suppliers and thousands of employees.  Since confirmation, the
Debtors, the Creditors' Committee and their respective
professionals endeavored to bring sufficient additional value into
the Estates and to reduce asserted liabilities to take the Plan
effective. Since confirmation, the Debtors satisfied more than $64
million in additional administrative expenses incurred prior to
confirmation.

With the approval of the Settlement Agreement, the Debtors will be
poised to consummate the Plan, complete final distributions to
secured, administrative expense and priority creditors and,
ultimately, wind-up the Estates. The Settlement Agreement largely
resolves the Consolidated Adversary Proceeding, ends the Transform
Foreign Cash Appeal, significantly de-risks the 507(b) Appeal
(particularly when combined with the Second Lien Notes Settlement)
and will significantly narrow the remaining open issues in the
Chapter 11 Cases.

The Settlement Agreement will provide an immediate cash influx of
more than $180 million into the Estates.  Additionally, the
Settlement Agreement will eliminate the substantial financial
burdens, risks and uncertainty associated with litigation of the
underlying disputes and will minimize the ongoing expenses of
administering the Chapter 11 Cases. With this cash influx, in
addition to the Debtors' current assets, the Debtors believe they
will have sufficient funds to complete distributions to holders of
Administrative Expense Claims and other claims that must be paid
prior to the Effective Date.

"Like any compromise, the Settlement Agreement is neither poison
nor panacea.  The Litigation Designees -- the parties vested under
the Confirmation Order with the exclusive right to prosecute and
settle the claims asserted in the Consolidated Adversary Proceeding
-- believe that, in isolation, the asserted claims and causes of
actions were worth more than the cash that will be obtained through
the Settlement Agreement. But potential value cannot be evaluated
in a vacuum.  The Defendants have made clear that they believe that
they have substantial defenses to the claims. As with any
litigation, the ultimate outcome if the case were litigated to
judgment is uncertain. Moreover, the Plaintiffs do not have the
luxury of infinite time or resources, and the Debtors' secured,
administrative expense and priority creditors have needs of their
own. The reality is that the circumstances of the Chapter 11 Cases
necessitate material compromise, not intransigence, and the
benefits of the  Settlement Agreement -- the prompt resolution not
just of the Consolidated Adversary Proceeding, but other ancillary,
costly and potentially value -- destructive disputes -- will give
certainty to creditors and provide a viable path for the Debtors to
emerge from bankruptcy. These benefits cannot be understated,"
Garrett Fail, of WEIL, GOTSHAL & MANGES LLP, counsel for the
Debtors, tells the Court.

                   About Sears Holdings Corp.

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

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

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

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets against $11.33 billion in total liabilities.

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

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

                          *     *     *

In February 2019, Bankruptcy Judge Robert Drain authorized Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL
Investments, Inc., won an auction to acquire substantially all of
Sears' assets, including the "Go Forward Stores" on a going-concern
basis. The proposal allowed 425 stores to remain open and provided
ongoing employment to 45,000 employees.

The new parent is Transform SR Brands LLC, doing business as
Transformco, referred to as "New Sears".  Transform is an American
privately held company formed on Feb. 11, 2019, to acquire some of
the assets of Sears Holdings Corporation. The new company is owned
by Eddie Lampert's ESL Investments.





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

LATAM: IDB Says Better Access to Financing Could Drive Growth
-------------------------------------------------------------
A new report from the Inter-American Development Bank (IDB) and IDB
Invest recommends Caribbean countries focus on overcoming obstacles
to financial access and inclusion for businesses, because having
more developed and inclusive financial systems could increase
growth and reduce poverty and income inequality.

The report Finance for Firms: Options for Improving Access and
Inclusion emphasizes the important link between deeper and more
accessible financial systems, and faster and more inclusive
economic development. The publication compares financial systems of
six Caribbean countries-The Bahamas, Barbados, Guyana, Jamaica,
Suriname, and Trinidad and Tobago-to others from across the world.
It also assesses results of enterprise surveys in 2014 and 2020 to
identify key financing challenges faced by firms, including small
enterprises, and those that are owned or operated by women.

The report finds that firms across the Caribbean face outsized
challenges, particularly when compared to global peers. It also
finds that the COVID-19 crisis appears to have further constrained
access to financing, that smaller firms seem to face more
significant hurdles than larger ones, and that businesses owned
and/or operated by women face more severe challenges than others.
These challenges companies encounter include high borrowing costs,
burdensome collateral requirements, inadequate funding mechanisms,
and complex application procedures.

In 2020, 76% of firms in Suriname and 72% of firms Barbados
reported that issues such as significant collateral requirements
posed major or very severe obstacles to their performance and
ability to do business, up from 22% and 35%, respectively, in
2014.

Meanwhile, in 2020, small firms in five of the six economies
surveyed reported high financing costs as a more significant
barrier to business than larger firms.

Surveys also suggest that women-owned or -operated firms (WOFs)
face more significant financial constraints than other firms, with
an average of about two-thirds of these enterprises reporting
access to financing as a major or severe obstacle.

"It is key for the public and private sector in Caribbean countries
to collaborate so entrepreneurs can better finance their ambitions
to grow their businesses," said David Rosenblatt, Regional Economic
Advisor for the IDB's Caribbean Department. "This is important for
strengthening the ongoing economic recovery, in the near-term, and
improving growth prospects for the future.

The authors proposed several priorities, including ensuring
macroeconomic stability and policy prudence, improving the
availability of credit information, and promoting credit sector
competition, among others.

Finance for Firms: Options for Improving Access and Inclusion is
part of the IDB's Caribbean Economics Quarterly series. In
addition, it has country-specific sections for The Bahamas,
Barbados, Guyana, Jamaica Suriname, Trinidad and Tobago.

This report is in line with the SMEs, gender and inclusion pillars
of Vision 2025 - Reinvesting in the Americas, the IDB's roadmap to
economic recovery and inclusive growth in Latin America and the
Caribbean.



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