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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
Thursday, June 21, 2001, Vol. 2, Issue 121
Headlines
A R G E N T I N A
AEROLINEAS ARGENTINAS: S&P Anticipates Worsening Credit Quality
AEROLINEAS ARGENTINAS: SEPI Injects E$2B To Cover Debts, Losses
EL SITIO: Bernstein Liebhard & Lifshitz, LLP Commences Lawsuit
B R A Z I L
COELBA: Manages To Renegotiate US$300M Loan
COSIPA: CVM Meets Stumbling Block In Restructuring Review
CVRD: Strikes 10-Yr Deal With Acesita
KLABIN: Won't Be Swayed By New Energy Rationing Program
C H I L E
GENER: Sets Another Deadline For Water Utility Bids
E C U A D O R
FILANBANCO: ING To Administer Privatization Process
M E X I C O
BANCRECER: Banorte Maintains Interest But Won't Take Risks
HYLSAMEX: Reopens Two Gas-Fired Plants
MOTOROLA: SellsFour N. Mexico Cellular Ops. To Telefonica
POLAROID CORP.: Shares Drop To Lowest Level In 10 Years
SINGER N.V.: 4Q00 and 1Q01 Financial Results After Ch. 11
P A R A G U A Y
ANTELCO: Staff Reduction Program Depends On Availability Of
Funds
- - - - - - - - - - - -
=================
A R G E N T I N A
=================
AEROLINEAS ARGENTINAS: S&P Anticipates Worsening Credit Quality
---------------------------------------------------------------
Rating agency Standard & Poor's predicts credit quality of
struggling airline Aerolineas Argentina SA, a unit of Spanish
state-owned holding Sociedad Estatal de Participaciones
Industriales (SEPI), will likely deteriorate. The firm sites
increased rigidity in the bargaining terms of interested parties
as grounds for its forecast, AFX-Press reported Tuesday.
"The greater rigidity in bargaining terms among the parties
involved -- major shareholders, SEPI, the union in conflict, and
the Argentine government -- (was) evident when routes were
suspended," it said, noting also the current lack of operational
liquidity.
Meanwhile, the local rating of the Aerocard series B structured
fund was dowgraded to raCC from raB, on CreditWatch negative,
due
to a significant deterioration in the credit quality of issuer
Aerolineas Argentinas, and a significant reduction in collection
of revenues. Aerocard is guaranteed with coupons on credit cards
issued in Argentina on airline ticket sales.
"Credit quality deterioration" of Aerolineas Argentinas reflects
"an important worsening of the company's financial situation
over
the past two years," according to S&P.
The ratings agency cited that the worsening of Aerolineas
Argentina's credit quality is not only a result "of adverse
macroeconomic factors that led to a significant fall in the
volume of tickets." It is also due to "increasing competitive
pressures in all market where the airline operates that
originated important falls in both domestic and international
rates."
"The operations environment is (subject to) current trade union
conflicts," said S&P.
"The weaker operational liquidity... due to lower activity
level,
is substantially increasing the exposure to non-financial
credit,
which led to an interruption of services by some important
suppliers," it added. "The suspension of fuel supplies at some
destinations... led to a suspension of air transport services on
a large share of (Aerolineas Argentinas) routes".
AEROLINEAS ARGENTINAS: SEPI Injects E$2B To Cover Debts, Losses
---------------------------------------------------------------
The Spanish government, via state holding company SEPI, has
injected 2.075 billion euros into Argentinean airline Aerolineas
Argentinas, according to a report in Expansion Monday. SEPI,
Aerolineas' majority shareholder, made the move in order to
assume the airline's debts and cover its losses and capital
increases since 1990.
Aerolineas Argentinas is almost certain to suspend payments on
21
June after a crisis, which has led to conflict between unions,
and the company and has also affected relations with the Spanish
government.
Aerolineas Argentinas was sold to Spanish airline Iberia in 1990
with much fewer assets than promised and without the protection
measures that had supported the Argentinean airline's activities
until its sale.
EL SITIO: Bernstein Liebhard & Lifshitz, LLP Commences Lawsuit
--------------------------------------------------------------
The law firm of Bernstein Liebhard & Lifshitz, LLP commenced a
class action lawsuit on June 12, 2001, in the United States
District Court for the Southern District of New York, on behalf
of purchasers of El Sitio, Inc. (NASDAQ: LCTO) ("El Sitio" or
the
"Company") securities between December 10, 1999 and December 6,
2000 (the "Class Period"), Internet Wire reported Tuesday.
Named as defendants in the complaint are:
- El Sitio and the following executive El Sitio officers:
Roberts
Cibrian-Campoy and Horacio Milberg.
- Credit Suisse First Boston Corporation ("Credit Suisse")
- Merrill Lynch Pierce Fenner & Smith, Inc. ("Merrill Lynch")
- Salomon Smith Barney, Inc. ("Smith Barney")
- Lehman Brothers, Inc. ("Lehman Brothers")
- (collectively the "Underwriter Defendants") co-lead
underwriters of the Company's initial public offering of
8,200,000 shares of common stock at $16.00 per share on December
10, 1999.
The complaint charges defendants with violations of Sections 11,
12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b)
of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder for issuing a Registration Statement and
Prospectus (the "Prospectus") that contained material
misrepresentations and/or omissions. The Prospectus was issued
in
connection with the El Sitio IPO. The complaint further alleges
that the Prospectus was false and misleading because it failed
to
disclose, among other things, that: (i) the Underwriter
Defendants had solicited and received excessive and undisclosed
commissions from certain investors in exchange for which the
Underwriter Defendants, allocated to those investors material
portions of the restricted number of El Sitio shares issued in
connection with the El Sitio IPO; and (ii) the Underwriter
Defendants had entered into agreements with customers whereby
the
Underwriter Defendants agreed to allocate El Sitio shares to
those customers in the El Sitio IPO in exchange for which the
customers agreed to purchase additional El Sitio shares in the
aftermarket at pre-determined prices.
Plaintiff seeks to recover damages on behalf of all those who
purchased or otherwise acquired El Sitio securities during the
Class Period.
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B R A Z I L
===========
COELBA: Manages To Renegotiate US$300M Loan
-------------------------------------------
Coelba, Brazil's Bahia state distributor, has concluded the
renegotiation of a US$300-million loan, scheduled to expire in
2002, with a consortium of banks led by BankBoston, Business
News
Americas reported Tuesday.
According to Coelba financial director and investor relations
head Arnaldo Vollet, the state distributor managed to extend the
deadline to 2004, reduce financial charges and raise an
additional US$50 millionn, which will be used in network
automation and expansion projects. The loan is now payable by
June 2004 at Libor plus 2.25 percent in the first year, Libor
plus 2.625 percent in the second year and Libor plus 3 percent
in
the third year. Coelba will repay the capital upon the loan's
expiration. Until then, the company will only be required to
make
quarterly interest payments.
"Despite the challenges of the delicate political moment and the
conditions of the electric power sector, this was an important
achievement," BankBoston business finance director Marcos
Camargo
said. The lead managers were Lloyds TSB and BNL, and arrangers
were BankBoston, BBV, Citibank, JP Morgan/Chase, Societe
Generale
and La Caja de Madrid.
COSIPA: CVM Meets Stumbling Block In Restructuring Review
---------------------------------------------------------
The Securities and Exchange Commission (CVM - Comissao de
Valores
Mobiliarios) appears to have difficulty in coming to a final
conclusion regarding the review of the restructuring being
carried out by the steel manufacturer Cosipa, South American
Business Information reported Tuesday. A legal suit was filed in
September alleging irregularities in the operation that
represented losses to 10,000 shareholders. The minority
interests, which consists of employees, own a substantial equity
stake of the group and state that the subscription debenture
diluted their shares by more than 800 percent.
According to the suit, the facts confirming the losses are:
- Cosipa was obliged to include in its balance sheet savings of
R$1 billion in taxes paid for these credits, and include this
value in the company's assessment, which didn't happen as of the
incorporation process with its controlling company Usiminas that
has already used part of these credits, generating profits.
- The issue of approximately R$ 900 million in convertible
debentures, which was done unfairly among the stockholders.
- The assessment of the 'new Cosipa', through a simulation done
by PriceWaterhouse, from 1998 to 2006. The final value was
signed
in 1999, after the dollar devaluation.
CVRD: Strikes 10-Yr Deal With Acesita
-------------------------------------
Brazil's Cia. Vale do Rio Doce (CVRD), the world's No. 1 iron
ore
miner, struck a 10-year deal with Acesita, a Brazilian
steelmaker, in a transaction valued at 600 million reais ($242
million), Reuters said in a report Tuesday. The arrangement
makes
CVRD the exclusive supplier of iron ore and pellets to Acesita.
It involves some 600,000 tones of pellets and 500,000 tones of
iron ore would begin this month and last until 2011.
KLABIN: Won't Be Swayed By New Energy Rationing Program
-------------------------------------------------------
The paper and cellulose production at Industrias Klabin de Papel
e Celulose SA, Latin America's largest pulp and paper company,
says it will not be swayed by the new energy savings program,
according to a report in South American Business Information.
Around 79 percent of the company's consumption is located in the
southern part of the country, and is not covered by the energy
rationing program. Among the units affected by the savings
policy, the group uses 53 megawatts per hour, of which 10 MWh is
produced by Klabin. With 26 plants, two of which are in
Argentina, most of the southern units produce the majority of
the
energy consumed, so even if they are included in the rationing,
the production still is not affected.
Meanwhile, the group expects to reduce by 10 percent its R$2.2-
million debt. Klabin has already negotiated the sales of
approximately 20 million hectares of land and forest to the US
group Boise Cascade, and 5.4 million hectares to Duratex, which
will generate R$89.7 million. Other Asset transactions will
still
have to be negotiated so as to generate R$12.1 million.
=========
C H I L E
=========
GENER: Sets Another Deadline For Water Utility Bids
---------------------------------------------------
An unnamed Gener spokesperson revealed that the Chilean electric
power company, which U.S.-based AES recently acquired, has
postponed to June 22 from June 15 the deadline for bids for a
controlling stake in its water utility, Explotaciones
Sanitarias,
Business News Americas reported Tuesday.
The upcoming sale, which has reportedly drawn interests from
French water company Vivendi, Chile's Metropolitan Region water
utility Emos, and British company Biwater, is part of Gener's
strategy to divest non-core assets since the AES takeover. AES
expects to raise US$800 million to restructure its finances
through the process.
Explotaciones Sanitarias produces drinking water and collects
and
treats sewage under an indefinite concession to serve the
industrial sector of Santiago's Quilicura municipality.
=============
E C U A D O R
=============
FILANBANCO: ING To Administer Privatization Process
---------------------------------------------------
In order to prepare Ecuadorian bank Filanbanco for its
forthcoming privatization, Holland-based financial services
group
ING Baring will take over its administration. Announcement of
the
move came from the Ecuadorian bank's administrator, Miguel
Crespo
in a Business News Americas report Tuesday. A sale date will be
revealed once ING takes over the administration, Crespo added.
The fact that ING Baring will administer Filanbanco is a
"positive signal" for potential buyers, Crespo noted.
"One should not forget that the objective is not that ING
administer Filanbanco for 20 or 30 years, rather that it put it
in a position to be sold as soon as possible," Crespo said.
Last Friday, the US$300 million treasury bonds that will
capitalize Filanbanco were listed in the National Securities
Register and can now be traded on Ecuador's two stock exchanges
in Quito and Guayaquil.
===========
M E X I C O
===========
BANCRECER: Banorte Maintains Interest But Won't Take Risks
----------------------------------------------------------
Banorte of Mexico is expected to be one of the main bidders at
the auction of Bancrecer when Mexican bank bailout agency IPAB
puts it on the block later this year, South American Business
Information said Tuesday in a report. However, Banorte
emphasized
that the IPAB debt that Bancrecer owes, while it has fallen from
104 billion pesos, is still considerable at 45 billion pesos.
Banorte maintains its interest on Bancrecer, but will do nothing
to undermine its own operations considering it has its own IPAB
promissory notes of almost 50 billion pesos. If the bank wants
to
increase capital, it must acquire or merge with another
operation, issue debt or take non-banking investors on board. It
is determined to retain its Mexican independent profile.
HYLSAMEX: Reopens Two Gas-Fired Plants
--------------------------------------
Mexican steelmaker Hylsamex announced the reopening of two gas-
fired plants - one in Puebla in central Mexico and the other in
Hylsamex's home base of Monterrey in the northern state of Nuevo
Leon, according to a report Tuesday in Business News Americas.
Hylsamex was forced to temporarily shut the two plants down in
September after gas prices soared to as much as 250 percent
between January last year and the time of closure.
Hylsamex informed the Mexico City Stock Exchange that the Puebla
(2P) plant restarted full operations on June 17 and under its
current plan, will keep running until October. The Monterrey
(3M)
plant will operate from July to October, the company said.
According to an unnamed Hylsamex spokesperson, he doesn't not
know what would happen to the plants after October. The Puebla
plant was operating at 70 percent of its 600,000tpy capacity
since September, he said, while the 750,000tpy-capacity
Monterrey
plant was completely shut during the period.
MOTOROLA: SellsFour N. Mexico Cellular Ops. To Telefonica
---------------------------------------------------------
Motorola, Inc. (NYSE:MOT) today completed the sale of its
investments in four cellular operating companies in Northern
Mexico to Telefonica, S.A. (NYSE:TEF), the parent company of
Telefonica Moviles (NYSE:TEM) of Madrid. A definitive agreement
to sell Motorola's investments in Baja Celular, Movitel, Norcel
and Cedetel was announced last October 10.
The acquisition price of the four operating companies was more
than $1.8 billion in shares of Telefonica, S.A. Ownership of the
four companies will later be transferred from Telefonica, S.A.
to
Telefonica Moviles.
The four operating companies, which began service in 1990, have
a
total of more than one million subscribers. Motorola owned 100%
of Baja Celular, Norcel, and Cedetel, and 90% of Movitel.
Telefonica Moviles assumed management control of the operating
companies last March.
In making the announcement last October, Motorola said, "Its
past
participation in the wireless industry as a developer, operator
and owner of wireless communications businesses was undertaken
with a view toward creating new infrastructure customers and
further developing relationships with its existing customers. As
the worldwide market for wireless communications matured, this
business approach created conflicts with Motorola's
infrastructure equipment business, since its customers
increasingly found themselves competing with Motorola's
operating
companies around the world."
POLAROID CORP.: Shares Drop To Lowest Level In 10 Years
-------------------------------------------------------
On Tuesday, a week after Polaroid Corp. announced plans to cut
about 2,000 jobs, or a quarter of its global work force, and
restructure its operations in a bid to cut costs, its shares
tumbled more than 18 percent to their lowest level in at least a
decade, Reuters said in a report.
Shares of the Cambridge, Massachusetts-based company closed at
$2.55 a share, breaking through its previous 52-week low of $3,
on volume of about 1.15 million.
Jonathan Rosenzweig, an analyst at Salomon Smith Barney, said
the
slump likely comes as investors question Polaroid's ability to
stem a downturn in its instant camera business. He also cited
the
difficulty of servicing a heavy debt while working at the same
time to deliver new digital photography products.
"What is happening is an increasing discomfort on the street
with
their position," he said. "There are growing concerns about
their
ability to navigate in the challenging economy."
SINGER N.V.: 4Q00 and 1Q01 Financial Results After Ch. 11
---------------------------------------------------------
Singer N.V. ("Singer" or the "Company") announced today its
results for the fourth quarter of 2000 and for the first quarter
of 2001.
Effective September 2000, as a result of a successful Chapter 11
reorganization, Singer became the parent company of several
operating companies formerly owned by The Singer Company N.V.,
as
well as acquiring ownership of the "Singer" brand name, one of
the most widely recognized and respected trademarks in the
world.
2000 Fourth Quarter Results
For the fourth quarter, ending December 31, 2000, Singer
reported
consolidated revenues of $128.6 million. Revenues of Singer's 48
percent-owned Thai affiliate, which amounted to $21.4 million
for
the quarter, are not included in this total. The fourth quarter
is traditionally the strongest sales quarter for the Company's
operations.
Gross profit for the quarter was $50.1 million, representing a
gross margin of 39 percent of sales. Operating profit for the
period was $7.8 million; EBIDTA (earnings before interest, tax,
depreciation and amortization) was $11.9 million. The Company's
net income for the fourth quarter of 2000 was $1.2 million.
Shareholders' equity as at December 31, 2000 totaled $98.8
million, reflecting the estimated reorganization value of the
Company and implementation of "Fresh Start Reporting" in
connection with the reorganization. Included in the Company's
assets are $141.7 million in intangibles, $85 million of which
has been allocated to the worldwide value of the Singer
trademark.
Singer's retailing and related financing operations accounted
for
66 percent of the Company's fourth quarter revenues (taking into
account the revenues of its non-consolidated affiliate in
Thailand) and 68 percent of operating earnings. Particularly
strong contributors to this segment were the retailing
businesses
in Mexico, Thailand and Sri Lanka.
The traditional sewing business accounted for 34 percent of
Singer's fourth quarter sales and 32 percent of operating
profits. Strong contributors to this segment included the sewing
marketing operations in Brazil and the United States and sewing
machine manufacturing in Brazil.
Successful Execution of Recovery Plan
"The fourth quarter 2000 results are a strong indication of the
Company's continuing success in implementing its recovery plan,"
noted Stephen H. Goodman, Singer's President and CEO. "Singer
has
returned to profitability following four years of very
substantial losses at the predecessor company, and at an earlier
date than had been anticipated."
Mr. Goodman added, "The Company, as it has been reorganized, is
well positioned to continue to improve performance, reflecting
the worldwide value of the Singer name, the Company's global
distribution network and Singer's worldwide reputation for
quality, service and innovation. Despite short-term economic
uncertainties in some markets, the positive demographic and
economic trends in most of the emerging markets where Singer has
strong retailing and related financing operations, such as
Mexico, Thailand and the Indian subcontinent, should accrue to
Singer's long-term benefit. Singer's preeminent reputation and
improved product offering in consumer and artisan sewing should
also enable the Company to regain market share and increase
sales
and earnings in this important segment. While the Company
continues to be constrained by tight liquidity, we believe
Singer
will have the financial resources to meet its plan."
2001 First Quarter Results
For the first quarter, ending March 31, 2001, Singer reported
consolidated revenues of $107.1 million. Revenues of Singer's
non-consolidated affiliate in Thailand amounted to $22.8
million.
Gross profit for the quarter was $41.0 million, representing a
gross margin of 38 percent of sales. Operating profit for the
period was $7.3 million; EBIDTA was $12.0 million. The Company's
net income for the first quarter of 2001 was $0.6 million.
Singer's retailing and related financing operations accounted
for
70 percent of the Company's first quarter sales (taking into
account the revenues in Thailand) and 55 percent of operating
earnings. Sewing operations accounted for 30 percent of Singer's
first quarter sales and 45 percent of operating profit.
Mr. Goodman, in announcing the first quarter 2001 results noted,
"Singer's on-going profitability is further evidence of the
Company's success in implementing its recovery plan. We expect
that the Company will remain profitable each quarter through
2001
and that earnings for the full year should reflect a
meaningfully
greater level of profitability than that which might be
anticipated by the results achieved in the last two quarters."
About Singer
Singer is an important retailer of household appliances,
consumer
electronic equipment, furniture and other consumer durable
products, such as sewing machines, also providing consumer
credit
and related financial services, in selected markets worldwide,
with particular strength in Asia and Latin America and the
Caribbean. It is also the world's leading manufacturer, marketer
and distributor of consumer sewing machines with an estimated
worldwide market share of approximately 29 percent of all units
sold (excluding China and the former Soviet Republics and
Eastern
European countries). The Company's distribution network spans
over 150 countries, including both developed and emerging
economies, and consists of over 1,075 retail outlets operated by
the Company and its affiliates, approximately 33,650 outlets
operated by independent dealers and mass merchants, as well as
over 12,000 door-to-door salespersons.
Singer's operations and the Singer trademark were acquired from
The Singer Company N.V. ("Old Singer") pursuant to a Plan of
Reorganization adopted in accordance with the provisions of
Chapter 11 of the United States Bankruptcy Code. The basic
reorganization cases were commenced in September 1999. The
majority of the operations acquired by Singer under the
Reorganization Plan did not, however, commence proceedings under
Chapter 11 or under the insolvency laws of other countries, but
continued to operate in the ordinary course as substantially
stand-alone companies throughout the period of the bankruptcy
proceedings.
Under the Reorganization Plan, which became effective on
September 14, 2000, the outstanding shares of Old Singer were
cancelled and the holders of allowed general unsecured claims
against Old Singer will receive substantially all of the equity
shares of the Company. With the exception of Mr. Goodman, none
of
the directors of Old Singer were appointed to the Board of
Directors of the Company, and the majority of the directors of
the Company were appointed by the Creditors' Committee of Old
Singer.
In connection with the effectiveness of the Reorganization Plan,
the Company implemented Fresh Start Reporting as of September
30,
2000. Accordingly, financial statements of Old Singer for prior
periods are not comparable to post effective date results and
have not, therefore, been presented or discussed herein.
It is anticipated that the report of the Company's independent
accountants for the fourth quarter of 2000, when issued, will
include a "going-concern" qualification. Management has been
advised that this is not unusual for a Company coming out of a
reorganization under Chapter 11. The Company is not currently in
compliance with certain of the covenants under its secured
credit
facility; it has initiated negotiations with its lender for
appropriate modifications to such covenants with a view toward
achieving future compliance.
Share Distribution
The Company presently anticipates that an initial distribution
of
the Company's common shares will take place in about one month.
As the Company is not yet listed on any U.S. or overseas
securities exchange or trading system, no formal market will
initially exist for trading these shares once issued. Singer is
exploring the possibility of obtaining a listing either on a
U.S.
or overseas securities exchange or trading system before year
end
2001, but there are significant uncertainties as to whether the
Company will be able to achieve this objective in this
timeframe.
SINGER N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000
(In thousands of US Dollars)
Three Months Ended
March 31, 2001
Revenues $ 107,137
Cost of sales 66,150
Gross Profit 40,987
Selling and administrative expenses 33,722
Operating income $ 7,265
Other income (expenses):
Interest (7,344)
Equity in earnings from operating affiliates 678
Royalties and license income 1,435
Miscellaneous, net 219
(5,012)
Income before provision for income taxes $ 2,253
Provision for income taxes 1,612
Net income $ 641
================
Dividends on preferred shares 275
Net income applicable to common shares $ 366
================
Supplemental Information:
EBITDA $ 12,049
SINGER N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 2000
(In thousands of US Dollars)
Three Months Ended
December 31, 2000
Revenues $ 128,555
Cost of sales 78,432
Gross Profit 50,123
Selling and administrative expenses 42,348
Operating income $ 7,775
Other income (expenses):
Interest (7,561)
Equity in earnings from operating affiliates 439
Royalties and license income 885
Miscellaneous, net 153
(6,084)
Income before provision for income taxes $ 1,691
Provision for income taxes 522
Net income $ 1,169
================
Dividends on preferred shares 275
Net income applicable to common shares $ 894
================
Supplemental Information:
EBITDA $ 11,912
===============
P A R A G U A Y
===============
ANTELCO: Staff Reduction Program Depends On Availability Of
Funds
----------------------------------------------------------------
-
The implementation of the voluntary early retirement program,
which would lead to the dismissal of 1,000 workers from the
payroll of Paraguay's ailing state-run telco Antelco, awaits
congressional approval of a US$61.8 million budget increase to
fund the program, Business News Americas reported Tuesday.
Antelco Director Oscar Stark says about 400 employees have
already signed up for the program and the remaining 600 would
join once funds become available. Stark has sought Congressional
approval for funds to the tune of US$80.4 million, which
included
the US$61.8 million for voluntary staff reductions, to prepare
the company for privatization in December.
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 American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton,
NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Janice Mendoza, Editors.
Copyright 2001. 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 $575 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 $25 each. For subscription information,
contact Christopher Beard at 301/951-6400.
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