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/raid1/www/Hosts/bankrupt/TCRLA_Public/011003.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, October 3, 2001, Vol. 2, Issue 193 Headlines A R G E N T I N A ACINDAR: Plans Asset Sale To Aid Debt Reduction FARGO SA: Merger Completion Imminent B A R B A D O S APW LTD.: Q4 Results Demonstrate Strong Improvement B R A Z I L APHIOS: Files First Ammended Reorganization Plan CVRD: Restructuring Aluminum Production Sector MOULINEX: Posts SEB Proposals SID INFORMATICA: Files For Protective Reorganization VARIG: Announces 3% Hike In Domestic Airfares C H I L E EDELNOR: Bondholders Lack Of Enthusiasm Threatens Sale LANCHILE: Dire Industry State Spurs Ops Cut MUSIMUNDO CHILE: Bankruptcy Inspector, Creditors Meet E C U A D O R BANCO DEL PACIFICO: Central Bank Offers Capital Increase M E X I C O CNBV Delivering Defunct Banks To IPAB This Week BANCRECER: Moody's Affirms Banorte's Ratings SANLUIS: Says Interest Payment Suspension To Aid Subs P A N A M A PAFCO: Inability To Compete Costs 400 Workers' Jobs V E N E Z U E L A AVENSA: Creditors Demand Quick Insolvency Process - - - - - - - - ================= A R G E N T I N A ================= ACINDAR: Plans Asset Sale To Aid Debt Reduction ----------------------------------------------- Buenos Aires-based long products steelmaker, Acindar, obtained a US$15-million, one-year loan from Brazilian steelmaker, Belgo Mineira, its 20-percent stakeholder, Business News Americas reported Monday. According to Acindar spokesperson Gustavo Pittaluga, the loan is designed to tide the company over until its assets sale. "We are looking for buyers for these assets to be able to subsequently pay off the loan," he added. The assets expected to go on the block include an unused sheet- steel line worth US$12 million. Belo Horizonte-based Belgo Mineira is among the interested buyers. "We have been trying to sell the line for some time and now we are seeking to finalize the sale," Pittaluga said. The company also wants to sell equipment that produces mesh, as well as land and buildings, he added. According to Pittaluga, the 12 percent interest on the Belgo loan is below the rate Acindar would get from Argentine banks at present for short-term credits. FARGO SA: Merger Completion Imminent ------------------------------------ Argentine bread producer, Compania de Alimento Fargo is about to conclude its merger process with Mexico's Grupo Industrial Bimbo, the world's third largest producer of bread, according to a report in La Nacion. Prior to the merger completion, The Exxel Group, Fargo's parent company, plans to capitalize the enterprise in order to obtain a better price. Fargo and Bimbo together would control more than 70 percent of the industrial bread market. =============== B A R B A D O S =============== APW LTD.: Q4 Results Demonstrate Strong Improvement --------------------------------------------------- APW Ltd. (NYSE: APW), a leading Technically Enabled Manufacturing Services "TEMS" Company, announced its financial results for the fourth quarter and fiscal year ended August 31, 2001 Monday. The following results for both the quarter and fiscal year ended August 31, 2001, exclude all non-recurring charges. Review of Fiscal Fourth Quarter Results Sales for the three months ended August 31, 2001 were $290.2 million, a 3% decline from the third quarter ended May 31, 2001, and a decline of 18% from the same period last year. Excluding the negative impact of foreign currency translation, sales declined 15% from the same period a year ago. Strong sales growth in Asia and South America was offset by declines in North America and Europe. Sales for the twelve months ended August 31, 2001 were a record $1.268 billion, an increase of 2% from $1.238 billion for the same period last year. Earnings, Cash earnings, which exclude amortization and non-cash financing costs, were a $1.7 million loss or ($0.04) per diluted share for the fiscal fourth quarter ended August 31, 2001 compared to $0.51 for the prior year quarter on a pro-forma basis. For the twelve months ended August 31, 2001, cash earnings were $10.2 million or $0.25 per diluted share. Summary of Financial Results for APW Ltd. (excluding non- recurring charges) (Dollars in millions, except per share values) Pro Forma Pro Forma Twelve months Twelve months Q4 01 Q4 00 ending 8/31/01 ending 8/31/00 ----- ----- -------------- -------------- Sales $290.2 $351.9 $1,267.7 $1,237.9 EBITDA $18.0 $43.0 $85.9 $155.5 Cash Earnings $(1.7) $20.9 $10.2 $72.2 Cash EPS $(0.04) $0.51 $0.25 $1.77 Net Earnings $(10.7) $14.7 $(19.6) $47.6 Diluted EPS $(0.27) $0.36 $(0.49) $1.17 Under United States Generally Accepted Accounting Principles (GAAP), including all charges, APW incurred a loss of $17.4 million or ($0.44) per diluted share in the fourth quarter. Fiscal 4Q Review Gross profit margin improved in the fourth quarter to 18.3%, up 130 basis points, compared with 17.0% in the third quarter. Sales, Administrative and Engineering (SAE) costs were $45.9 million in the fourth quarter, representing a decline of $8.2 million or 15% from the third quarter. Cash flow from operations, excluding cash used in restructuring, was $22.0 million. Free cash flow, including all restructuring charges, was $10 million. Net inventory on August 31, 2001, was $135.0 million, down $20.0 million or 12.9% from May 31, 2001. Inventory turns improved to 6.8 from 6.0 and accounts receivable DSO improved to 36 days from 38 versus the third quarter. EBITDA before non-recurring charges increased $10.0 million sequentially, improving to $18.0 million from the $8.0 million generated in the third quarter. Including off balance sheet securitization, APW had borrowing capacity in excess of $70 million, as of August 31, 2001. Restructuring and other non-recurring items recorded in the quarter totaled $12.6 million, before taxes. GAAP recognized restructuring expenses totaled $4.5 million and relate primarily to severance associated with the headcount reductions in addition to lease termination and exit costs associated with the closure of certain manufacturing facilities. Other non-recurring items totaled $8.1 million and consist primarily of the non-cash write down of equipment and leasehold improvements of exited facilities. Although sales decreased 3% from the third quarter, sales have been stable since March. Actual sales by month for April through August were $96, $101, $98, $93 and $99 million, respectively. Fourth quarter sales were unfavorably impacted by an approximately $2 million loss, resulting from a single customer's decision to exit following a plant shutdown. The key factor in stabilizing sales since March is increased sales into the communication market, which has offset softening in other markets. Fourth quarter sales to communication customers increased 26% from the third quarter, an increase of $15 million. This improvement reflects both new program ramps as well as market share gains on certain existing programs. Quarter to quarter sales increases were recorded with four communication customers. This strengthening of our position in communications is expected to continue. During the fourth quarter, APW was awarded over 20 significant new programs across all the targeted end-markets it serves. These programs include large enclosure integration, as well as thermal management, backplane, and power supply products. Estimating the timing and size of new program wins continues to be difficult in current market conditions. However, the number and diversity of these wins are a key underlying assumption for the future outlook of APW. Rick Carroll, Vice President and Chief Financial Officer of APW Ltd. commented: "In our third quarter release, we gave guidance for our fourth quarter. We met all the estimates we guided to; sales, gross profit percent, Cash EPS, and working capital reductions. I also want to highlight the speed we have delivered on the economic benefits from our restructuring initiatives. The additional benefits realized in the quarter from our restructuring efforts allowed us to deliver cash EPS in the middle of our range, despite sales at the low end of our forecast." Restructuring Status APW total personnel on August 31, 2001 was approximately 8,200, a 33% reduction from the Company's pro forma peak at the end of November 2000. APW plans to continue to reduce personnel by effecting further organizational realignments and plant consolidations. All plant closures announced to date have effectively been completed. Looking forward, there will be additional plant consolidations, which will be partially offset by expansion in manufacturing capacity needed to serve growth opportunities in Birmingham, England; Galway, Ireland; and Shanghai, the People's Republic of China. It is expected that by the third quarter of FY2002, APW's total manufacturing space will be approximately four million square feet, a 20% reduction from pre-restructuring levels. As of the end of the fourth quarter, $100 million of annualized savings have been achieved. The company is targeting in excess of $150 million in annualized benefits, which will be fully implemented by the fourth quarter of 2002 and is expected to yield $125 million of cost improvement in FY 2002 compared to pro forma 2001 levels. Approximately 95% of these benefits are permanent reductions to fixed costs. Richard G. Sim, Chairman, President, and Chief Executive Officer of APW Ltd. commented: "The APW Team has done an outstanding job in executing our cost restructuring program. We have moved faster, delivered more benefits and continued to excel in supporting our customers. As evidence of the continuity of customer service, sales to APW's top ten customers increased in the fourth quarter both in absolute dollars as well as a percentage of total sales. The cost reductions already implemented resulted in a 125% increase in quarterly sequential EBITDA improvement. I am extremely proud of how aggressively and pro-actively the APW management team has worked together to achieve these results." Fiscal 2002 Outlook APW expects to continue to expand its share of existing customers' new programs as well as continue to win programs from new customers. APW's strength is its ability to execute in the design, manufacture and integration of large electronic products. Customers recognize APW's superior performance in quality and delivery, and they continue to reward the Company with new program opportunities and a larger share of existing business in cases where they have dual supply. APW's 26% growth sequentially in the communication market, at a time when many others are seeing sharp declines in demand, is due to the positive endorsement of APW by an array of communication customers. This strong customer endorsement also exists in other markets such as the large enterprise hardware and semiconductor equipment markets, but due to market conditions and program timing has not yet been translated into positive sequential quarter growth. In the fourth quarter, APW was awarded new programs or increased market share from seven of its top ten customers. We expect APW's market share to continue to grow throughout 2002, and expect that the second half of the year will reflect absolute growth in sales versus the first half. It is anticipated that with a consistent sales mix, gross profit margin percent will continue to improve throughout FY2002. Based on achieving the expected benefits from continued restructuring initiatives, gross margins should be in the range of 21% to 22% in the second half of FY2002. Additionally, SAE costs are expected to continue to decline modestly throughout FY2002. Solid, continuous improvement in EBITDA and on-going reductions in working capital, will allow APW to invest in its operations and exceed its current cash flow commitments. Richard G. Sim commented: "APW has clearly demonstrated in the last five months that we have the management team that can cut costs quickly, and do it while outperforming our competition in quality and delivery to the customer. I am confident we will continue to generate the cash required to meet our external obligation and preserve adequate borrowing capacity while continuing to invest in our growth opportunities." About APW Ltd. APW Ltd. is a Technically Enabled Manufacturing Services ("TEMS") company that designs and manufactures large, electronic products for OEM's in the communications, large enterprise hardware and semiconductor equipment markets. APW Ltd. has strong capabilities in the areas of designing and manufacturing enclosures, thermal management and backplanes; as well as core competencies in system design, integration and supply chain management. APW Ltd. operates in 40 locations throughout North America, South America, Europe and Asia. CONTACT: APW Ltd. Mike Gasick, 262/523-7631 URL: www.apw.com =========== B R A Z I L =========== APHIOS: Files First Ammended Reorganization Plan ------------------------------------------------ The United States Federal Chapter 11 Bankruptcy Court confirmed Aphios Corporation's First Amended Plan of Reorganization on Wednesday, September 12, 2001. Aphios voluntarily sought protection under the U.S. Chapter 11 Bankruptcy law on January 19, 1999 to resolve certain liabilities associated with an industrial accident that occurred on May 24, 1994, and other disputed liabilities. During this period, Aphios was able to resolve over 95% of these liabilities. Aphios has achieved the following: (1) established a research agreement with a Multinational Pharmaceutical Company, Nyon, Switzerland; (2) established a product supply agreement with a Brazilian Pharmaceutical Company, Juiz de Fora, Brazil; (3) established a research collaboration with a Multinational Pharmaceutical Company, Research Triangle Park, North Carolina; (4) initiated a product/technology feasibility evaluation with a Multinational Pharmaceutical Company, Indianapolis, Indiana; (5) established a contractual relationship with a Major Blood Institute, Rockville, Maryland; (6) established a research and development agreement with a Biopharmaceutical Company, San Jose, CA to develop drugs for hepatitis C; (7) awarded six new U.S. patents and several international patents; and (8) granted over $2.3 million in SBIR (Small Business Innovation Research) grants from the National Institutes of Health. Aphios Corporation (http://www.aphios.com)is an emerging biopharmaceutical company which is developing enhanced therapeutics for health maintenance and the treatment of human diseases with a focus on cancer, CNS disorders, AIDS and other infectious diseases. Aphios Corporation has developed several enabling technology platforms for improving the discovery, manufacturing, delivery and safety of therapeutic drugs, and has several enhanced therapeutic drugs in development. CONTACT: Aphios Corporation Trevor P. Castor, 781/932-6933 aphios@aol.com www.aphios.com CVRD: Restructuring Aluminum Production Sector ----------------------------------------------- CVRD (Companhia Vale do Rio Doce) advances its reorganization, which is being carried out by the McKinsey consulting firm, and is now considering the restructuring of the aluminum sector, Valor Economico said September 27. The strategy for the sector is now being defined. Reports have it that ongoing discussions between the company's board and its shareholders point out to the maintenance of the bauxite mining activities of MRN (Mineracao Rio dio Norte) and aluminum production by Alunorte. However, this plan is likely to suffer a setback due to the shortage in energy and the current excess of supply for aluminum. The company has two options: to take advantage of its enormous bauxite supplies and begin a process of internationalization by building factories in other countries with cheap energy, like South Africa; or to seek long term contracts to supply bauxite to other producers. There are uncertainties about the competitiveness of aluminum production for the company. Its production is small, 300,000 m tons per year, compared to the big companies in the sector, and increasing this would require massive investments. CONTACT: Roberto Castello Branco, +55-21-3814-4540, or castello@cvrd.com.br, or Andreia Reis, +55-21-3814-4643, or andreis@cvrd.com.br, or Barbara Geluda, +55-21-3814-4557, or geluda@cvrd.com.br, or Daniela Tinoco, +55-21-3814-4946, or daniela@cvrd.com.br, all of Companhia Vale do Rio Doce MOULINEX: Posts SEB Proposals ----------------------------- The offer submitted by French appliance manufacturer SEB, for the bankrupt French-Italian appliances company, Moulinex-Brandt, included the following proposals: - Combine Moulinex and SEB's positions to create the world leader in small domestic appliances. - Leverage Moulinex's skills and strengths in a number of key product families, such as food processors and coffee makers. - Strengthen its network of global operations distributing the full range of the new Group's products. In France, the offer includes: - Manufacturing facilities in Fresnay (which will be strengthened), Mayenne and Villaines, as well as part of the Saint-Lo plant. - The teams needed to develop the acquired operations, in the areas of marketing sales and technical processes, in the manufacturing and administrative units, and in the engineering and design offices. Altogether, 1,856 jobs will be maintained. Groupe SEB is also offering to commit a two-year supply contract to C.G.M.E. in Saint-Lo and Carpiquet, which will secure roughly another 600 jobs. The offer, therefore, will enable approximately 2,450 jobs to be maintained in France. Outside France, the offer concerns Krups GmbH (which owns the Krups brand), Krups North America, and Mexico-based Vistar de CV, which together will strengthen the Group's positions in North America. The offer also includes Moulinex Espana SA and Moulinex Egypt. Moulinex-Brandt, which has interests in 11 countries from China to Brazil, registered debts of 766 million euros (US$706 million) at the end of last year, and filed for bankruptcy on September 7, putting 21,000 jobs at risk. SID INFORMATICA: Files For Protective Reorganization ---------------------------------------------------- Sid Informatica S.A., the commercial automation and banking arm of the Sharp group, which has been struggling financially since March 2000, filed for protective reorganization in the 2nd District Civil Court of Sao Paulo Friday, according to a report in Gazeta Mercantil Online. >From revenues of R$140 million in 1999, it plummeted to R$54 million last year. The company's total liabilities are at R$100 million, of which R$50 million are owed to creditors without guarantees and the rest is owed to employees, tax authorities and creditors with contract guarantees. Of the non-guaranteed debts, 60 percent are with Sharp. Sid Informatica, a manufacturer of electronic automatic bank teller machines, used to be the healthiest branch of the Sharp holding. VARIG: Announces 3% Hike In Domestic Airfares --------------------------------------------- Varig and TAM, Brazil's No. 1 and No. 2 airlines, respectively, announced a 3-percent increase in domestic airfares, on top of a new tariff implemented by all Brazilian carriers on Monday to offset rising insurance and security costs, reported Reuters. Beginning Monday, passengers will pay an additional 14 reais ($5.22) tariff on domestic flights and a $5 tariff on international flights directly to the airlines, in addition to any other taxes already levied. Brazil's airlines have been scrambling for ways to tackle the increase in costs and decline in passenger numbers in the wake of the Sept. 11 attacks on the U.S. A steep drop in the real currency following the attacks has further increased dollar- indexed costs, such as fuel. In a bid to further ease the weight of rising costs, airlines are scheduled to meet with the government on Wednesday with a new list of demands to help stave off financial problems. Last week the government announced a measure giving assurance that, for the next 30 days, it would meet airlines' insurance claims resulting from acts of war or militant attacks. However, airlines are looking for more help this week, and the possible reduction of taxes. ========= C H I L E ========= EDELNOR: Bondholders Lack Of Enthusiasm Threatens Sale ------------------------------------------------------ The sale of cash-strapped power company Edelnor is at risk due to the lack of interest being shown by the holders of the company's bonds towards the tender offers made by Electroandina and AES Corp., El Diario reported September 25. Electroandina plans to stick to its offer of $380 for each $1,000 of Edelnor's debt. Rival bidder, U.S. power giant, AES Corp., has bid $375 per $1,000 debt in Edelnor. Edelnor has two bond issues due to mature in 2005 and 2006, originally worth $90 million and $250 million, respectively. These bonds were placed in the U.S. and the investors paid 28 percent of their value. The offers of AES Corp. and Electroandina offers will pay 38 percent. LANCHILE: Dire Industry State Spurs Ops Cut ------------------------------------------- Lan Chile S.A., ("Lan Chile" or "the Company") (NYSE: LFL) announced Monday that it will cut its operations by approximately 10% in response to the current crisis in the airline industry. The scheduled cuts mainly affect the international passenger operations. The Company is cutting some flights to Miami and operating its daily Santiago-New York flight with one stop rather than direct. It continues operating daily flights from Chile to Miami, Los Angeles and New York. As a result of the reduction in operations, the Company is laying off 650 people, approximately 6.5% of its workforce. Luis Ernesto Videla, the Company's Chief Operating Officer, stated: "LanChile has done its best to minimize the effects of the current situation on its passengers, customers and personnel. After analyzing the current market conditions, the Company has been forced to make this painful decision. The management hopes that the current situation will improve and is committed to growing LanChile's operations in the future." To see company's latest financial statements: http://www.bankrupt.com/misc/LanChile.pdf CONTACT: Contacts in Chile Lan Chile S.A. Alejandro de la Fuente, Chief Financial Officer Daniel Jones, djones@lanchile.cl Andres Bianchi, abianchi@lanchile.cl 562/565-2538 / 6812 or Contacts in New York i-advize Corporate Communications, Inc. Maria Barona, mbarona@i-advize.com Blanca Hirani, bhirani@i-advize.com 212/406-3690 MUSIMUNDO CHILE: Bankruptcy Inspector, Creditors Meet ----------------------------------------------------- Musimundo Chile, owned by The Exxel Group, declared bankruptcy last week. The court-assigned bankruptcy inspector, whose task it is to decide whether Musimundo would be allowed to continue to do business, has met with the company's creditors. According to a report in Estrategia, both parties met to discuss Musimundo's cash flow and the continuing recording material stock for sale by Musimundo to keep the company in business. Without these continued crucial elements Otherwise, Musimundo will be closed and liquidated. Musimundo's main creditors are EMI, which it owes $75 million, Sony, $320 million and Citibank, $450 million. The monthly costs for the company are location rent $20 million, and personnel salaries, $45 million. ============= E C U A D O R ============= BANCO DEL PACIFICO: Central Bank Offers Capital Increase -------------------------------------------------------- The financial situation at Banco del Pacifico is likely to improve in the next few days following the Ecuadorian central bank's announcement that its capital will be increased in order to comply with Basilea norms. The central bank's goal is to increase Banco del Pacifico's liquidity. The bank's management will be transferred to Interdin as of next October. Banco del Pacifico could be sold at any time after Interdin takes over. =========== M E X I C O =========== *CNBV Delivering Defunct Banks To IPAB This Week ------------------------------------------------ Mexican financial regulator the National Banking and Securities Commission (CNBV) is slated to hand over seven defunct banks to bank bailout agency IPAB, in order for IPAB to start their liquidation, Mexico City daily Reforma said Monday. "The institute will proceed to dissolve and liquidate them, once we've received the respective authorizations from the Finance ministry," according to CNBV President Jonathan Davis. The seven banks, Banca Cremi, Union, Oriente, Obrero, Capital, Interestatal and Pronorte, were overtaken by the government as a result of the 1995 economic crisis. All of these banks received funding from IPAB's predecessor Fobaproa. The debts of Banca Cremi, Union, Oriente and Obrero reached 137 billion pesos by the end of 2000. BANCRECER: Moody's Affirms Banorte's Ratings -------------------------------------------- Ratings agency Moody's Investors Service affirmed the D+ bank financial strength rating (BFSR) of Banco Mercantil del Norte S.A. (Banorte) following the latter's acquisition of Bancrecer for US$174 million. Further, Moody's affirmed Banorte's Ba1 foreign currency long-term deposit rating, and the Not Prime short- term foreign currency deposit rating, which are at the sovereign ceiling. According to Moody's, the affirmations are based on its belief that the acquisition should serve to mitigate Banorte's long term strategic challenge of not having the economies of scale and market presence of its three larger foreign owned peers. The acquisition will propel Banorte into a solid fourth place position in terms of total assets, and materially expand its nationwide market presence. It should also provide ample cost cutting opportunities. The combined bank will have a core deposits market share of more than 13 percent. While the acquisition should enhance the competitiveness of the combined group and better position it in Mexico's rapidly evolving banking market, it will face considerable challenges going forward. These are: a deteriorating operating environment; accelerating competition from larger foreign banking groups; and the integration project. While Moody's recognizes that Banorte has had significant integration experience from its purchase in recent years of Bancen and Banpais, the scale of this integration will be considerably larger than either of those two. New York Philip J. Guarco VP - Senior Credit Officer Financial Institutions Group Moody's Investors Service New York Gregory W. Bauer Managing Director Financial Institutions Group Moody's Investors Service SANLUIS: Says Interest Payment Suspension To Aid Subs ----------------------------------------------------- SanLuis Corporacion denied it is struggling financially, saying that the company's annual operating cash flow has reached $106 million and annual sales have passed $522 million, reported Mexico City daily el Economista. The company is taking steps in order to deal with the current economic situation. It is attempting to renegotiate debts of $208 million with creditors, while keeping up with its development. The decision to temporarily suspend interest payments is necessary in order to preserve the financial health of its two subsidiaries, Rassini and Luismin. The financial results of SanLuis for the year have been positive, considering that its main market niche, automobile parts, has declined. Just recently, analysts deemed Sanluis Corporacion as Mexico's most indebted conglomerate, making it vulnerable to financial risk. With a debt of $550 million, its ratio of net debt to equity is 2.6. =========== P A N A M A =========== PAFCO: Inability To Compete Costs 400 Workers' Jobs --------------------------------------------------- U.S. banana giant Chiquita Brands International Inc. laid off some 400 workers at its Panamanian subsidiary, the Puerto Armuelles Fruit Co. (PAFCO), Reuters reported Monday. The decision follows a dispute over quality productivity issues, according to Edgar Williams, spokesman for the Chiriqui Land Company Industrial Workers Union, or Sitrachilco. PAFCO had laid off workers with less than two years service with the company. PAFCO general manager Cameron Forsyth blamed the dismissals on the company's failure to be competitive. "It's a reduction in our operations as a continuation of our inability to be competitive," related Forsyth. ================= V E N E Z U E L A ================= AVENSA: Creditors Demand Quick Insolvency Process ------------------------------------------------- Creditors of the Venezuelan airline Avensa have called for the courts to seize the airline's assets, El Nacional reported Friday. In addition, they are calling for the resolution of the insolvency process, which began 18 months ago. It is now clear, according to El Nacional, that the Venezuelan government, which owns 22-percent of the airline, won't inject the much needed US$100 million by way of fresh capital/debt cancellation. Avensa ran up a salary debt of US$1.5 million and hasn't paid Pdvsa for fuel in 18 months. It also owes banking sector creditors over US$80 million. Debts outweigh assets and losses represent over 66 percent of capital. It has only four planes. 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 and Edem Psamathe P. Alfeche, 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 240/629-3300. * * * End of Transmission * * *