/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/011217.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 Monday, December 17, 2001, Vol. 2, Issue 245 Headlines A R G E N T I N A IMPSA: B of A Securities LLC Retained For Debt Restructuring B A R B A D O S AMERICAN AIRLINES: Warns Barbados Workers Of Huge Full-Yr Loss B R A Z I L BELL CANADA: Confirms Recapitalization Plan is Proceeding BELL CANADA: Company Profile ENRON: BG Not Interested In Acquiring Brazilian Stakes GLOBO CABO: Falling Subscription, Forex Cast Doubt on Viability TRANSBRASIL: BNDES Won't Provide Aid to Airline C H I L E EDELNOR: Mirant Looks Likely To Accept Titanium's Offer C O L O M B I A ENRON: S&P Affirms Centragas 'BB' FC Rtg; Off Watch PAZ DEL RIO: Seeks Government Support To Secure Fresh Resources M E X I C O AEROMEXICO: Subsidiary Reaches Accord with Pilots' Union AHMSA: Exclusion From U.S. Tariffs Would Boost Steel Industry GRUPO MEXICO: SPCC Prepays $400M Debt With New Financing GRUPO SIDEK: Cargill May Participate In Next Year's Auction MEXICAN AIRLINES: Government Support Limited To Only 4 Airlines MINERA AUTLAN: CVRD Aims To Become Strategic Partner P E R U COBRELSA: 10-Year Restructuring Plan Projects Turnaround - - - - - - - - - - ================= A R G E N T I N A ================= IMPSA: B of A Securities LLC Retained For Debt Restructuring ------------------------------------------------------------ Industrias Metalurgicas Pescarmona SA has reportedly hired Banc of America Securities LLC to help restructure its debts through a bond swap, says Bloomberg. Some US$137.6 million of bonds will be involved in the swap for notes that pay lower interest and mature later or for equity, the report says. According to Mr. Jonah Hirsch, who leads the international bond restructuring at Banc of America, the swap has become imperative for IMPSA as it "doesn't have the available funds to cover debt." "It would be better to wait until conditions in Argentina stabilize because a devaluation would have a substantial effect on the restructuring, but we can't," says Mr. Hirsch. "The lack of credit for Argentine companies has caused this problem for us," said Rodolfo Hearne, IMPSA's finance director, in an interview by Bloomberg. The 94-year-old company, which makes everything from hydro- mechanical equipment to auto parts, recently defaulted on a US$7 million interest payment due November 30. This was for a 9 1/2 percent bond that matures next year. Last Tuesday, the company also missed paying US$8 million in principal and US$1 million in interest on its commercial paper. Standard & Poor's has already lowered Impsa's senior unsecured debt, including the 9 1/2 percent bond, to "D" from "CC" and the company's credit rating to "selective default" from "CC." =============== B A R B A D O S =============== AMERICAN AIRLINES: Warns Barbados Workers Of Huge Full-Yr Loss -------------------------------------------------------------- Donald J. Carty, chairman of the world's largest carrier American Airlines (AA), forewarned its workers in Barbados and across the globe that the airline is still losing millions everyday and struggling to make travelers feel comfortable about flying, reports The Barbados Nation. "We're still losing millions of dollars every day because, as you know, we have pulled a lot of flying out of our schedule and we're still selling seats at incredibly low prices," Carty said. "And we're doing that just to get folks back in the air again and comfortable with flying." Carty cautioned that the airline is going to post a "very, very big" loss in the fourth quarter and the full year. However, he tempered his comments by saying there are "some encouraging signs", including that passenger bookings have increased through December into early January. Carty acknowledged that employees are dealing with extra work, fewer flight assignments and reduced or eliminated overtime. Meanwhile, the Company is currently negotiating a new contract with its pilots, who hope to get raises equal to those of counterparts at Delta and United airlines. =========== B R A Z I L =========== BELL CANADA: Confirms Recapitalization Plan is Proceeding --------------------------------------------------------- In a company press release, Bell Canada International Inc. ("BCI") announced a Recapitalization Plan on December 3, 2001 which is intended to enable BCI to meet its short-term funding commitments, as well as a complementary plan which will result in the reorganization of its Latin American joint venture, Telecom Americas Ltd. into a company focused on the Brazilian mobile wireless market. BCI has been informed that BCE Inc. ("BCE"), its principal shareholder, intends to change the accounting treatment for its investment in BCI in the first quarter of 2002 so that its holding of BCI is categorized as a "discontinued operation". BCI understands this to be consistent with the transfer of BCI to BCE Ventures in October 2000. BCE's change of accounting treatment of its investment in BCI does not in any way change BCE's commitment and support to the BCI Recapitalization Plan, as announced on December 3, 2001, and reflected in BCI's final prospectus dated December 7, 2001 in connection with the rights offering which constitutes part of the Recapitalization Plan. Bell Canada International owns and develops advanced communications companies in markets outside Canada, with a focus on South America. A subsidiary of BCE Inc., Canada's largest communications company, BCI is listed on the Toronto Stock Exchange under the symbol "BI" and on the NASDAQ National Market under the symbol BCICF. Visit BCI's Web site at www.bci.ca. CONTACT: TEL: (514) 392-2357 Bell Canada International Inc. Peter Burn (Media), Vice-President, Corporate Affairs E-mail: Peter.burn@bci.ca TEL: (514) 392-2369 Bell Canada International Inc. Brian Quick (Investors), Vice-President, Finance E-mail: brian.quick@bci.ca BELL CANADA: Company Profile ---------------------------- NAME: Bell Canada International Inc. 1000 rue de La Gauchetiere Ouest, Bureau 4100 Montreal, Canada PHONE: (514) 392-2384 FAX: (514) 392-2262 EMAIL: investor.relations@bci.ca WEBSITE: http://www.bci.ca/ EMPLOYEES (last reported count): 8,768 TYPE OF BUSINESS: Bell Canada International Inc. (BCI), a subsidiary of BCE Inc., a Canadian communications company, owns, develops and operates advanced communications companies in markets outside Canada, with a focus on Latin America. SIC: CABLE & OTHER PAY TELEVISION SERVICES [4841] TOTAL CURRENT ASSETS: US$280.7 million (as of September 30, 2001) TOTAL LIABILITIES: US$1.223 billion (as of September 30, 2001) TOTAL REVENUES: US$94.5 million (as of September 30, 2001) TRIGGER EVENT: On December 3, 2001, cash-strapped Bell Canada International Inc. unveiled a C$1.3 billion ($825 million) debt-recapitalization plan and said its Telecom Americas joint venture would reorganize to focus on the Brazilian market. The Company said its financial obligations maturing through April 30 of about C$1.3 billion "significantly exceed" its cash on hand and committed sources of funds. BCI's plan includes a reorganization of its Telecom Americas joint venture, where it holds most of its assets, to focus on providing mobile wireless services in Brazil. CEO/CHAIRMAN: Bill Anderson CFO/EXEC VP: Howard Hendrick CELESC: Stock Suffers on CASAN Stake Sale Delay -------------------------------------------------- Centrais Eletricas de Santa Catarina SA took a beating in the Sao Paulo Stock Exchange late last week as investors responded negatively to the Company's postponement of an equity sale. According to Bloomberg, investors pulled down the Company's share to 47 centavos after it cancelled the sale of its minority stake in Cia. Catarinense de Aguas e Saneamento due to a lack of bidders. Celesc had hoped to raise 110.7 million reais ($46.7 million) from the sale of a 19.3 percent shareholding in Cia. Catarinense de Aguas e Saneamento. "We will restart the process next year, and we hope to sell the stake in March," said Celesc spokesman Aldo Schumacher. He didn't say how the sale would be made more attractive. The delay is a blow to Celesc's plans to raise funds to pay down its own foreign and domestic debt and return to profitability. The utility reported a loss of 18.6 million reais in the third quarter compared with net income of 2.4 million reais in the same quarter a year ago. Casan, which is controlled by the southern state of Santa Catarina, has 800,000 water connections and 50,000 sewer connections, Gazeta Mercantil reported. ENRON: BG Not Interested In Acquiring Brazilian Stakes ------------------------------------------------------ The Brazilian unit of British Gas (BG), a UK gas company, has no interest in acquiring the stakes held by the embattled US energy group Enron Corp in gas distribution companies based in northeast Brazil, according to the local subsidiary's chairman, Luis Carlos Costamilan. In an O Globo report, Costamilan said that the company is happy to control Comgas, which it sees as the jewel in the crown of the Brazilian gas distribution sector. However, according to the chairman, BG may analyze eventual offers of holdings in distributors based in the southeast and south regions of the country. Analysts had earlier predicted that Enron Corp, which filed for bankruptcy earlier this month after rival Dynegy Inc. withdrew a US$9.3-billion all-stock takeover bid, is likely to sell its Latin American holdings in coming months to raise cash to pay off creditors. GLOBO CABO: Falling Subscription, Forex Cast Doubt on Viability --------------------------------------------------------------- Doubts over its ability to attract more subscribers, coupled by the continued depreciation of the Brazilian reais, are likely to pressure Globo Cabo's shares in the Bovespa index. Bloomberg says analysts are concern that the company's earnings may fall as it fails to sign up more cable subscribers. Initial figures for the year show a 2.3 percent drop in cable service subscription. "We have questions about the business model [of Globo Cabo]," says Whitney Johnson in an interview with Bloomberg. The Latin America media analyst with Salomon Smith Barney says: "Achieving the scale necessary to make this business model work may prove elusive." Meanwhile, the continued depreciation of the reais against the dollar adds to the uncertainty of the company's prospects since 57 percent of its US$776 million debt is dollar-denominated. Further depreciation would mean greater financing costs. To see company's financial statement: http://media.corporate- ir.net/media_files/nsd/glcby/reports/3Q01_financials_Eng.pdf CONTACT: investors, Luis Henrique Martinez, 5511-5186-2684, or lmartinez@globocabo.com.br, or Marcio Minoru, 5511-5186-2811, or minoru@globocabo.com.br, both of Globo Cabo S.A. TRANSBRASIL: BNDES Won't Provide Aid to Airline ----------------------------------------------- Brazil's Trade Minister Sergio Amaral announced that the National Development Bank (BNDES) has ruled out helping Transbrasil, reports Reuters. BNDES is the only government institution that can bail out a company in trouble. "We cannot afford to put the money in a losing case," said Amaral, the minister for trade, industry and development. Amaral pointed out that Transbrasil was unlikely to be able to convince fuel distributors to reopen fuel supplies for its fleet, grounded since last week. Transbrasil is asking for a 15-day credit extension for fuel supplies that Amaral himself had brokered with state oil firm Petrobras' distribution arm BR. "I think it's difficult for BR to satisfy it," he said. Transbrasil President Flavio Carvalho declined to comment on Amaral's statements, but said he had not yet received an official answer from the government on his request for a 15 million reais (US$6.3 million) credit that would allow the airline to fly 400,000 passengers who had bought tickets already. ========= C H I L E ========= EDELNOR: Mirant Looks Likely To Accept Titanium's Offer ------------------------------------------------------- Electricity market experts and stock traders see a good chance that Mirant Corp will accept Inversiones y Asesorias Titanium's offer of $2.5 million for its 82.43 percent stake in Edelnor. In a report by Estrategia, stock traders pointed out the fact that Titanium made the offer to Mirant Corp directly and not to the bondholders -- this makes the transaction easier since Titanium will be buying Mirant Corp's stake in Edelnor and not Edelnor's debts. Should Mirant Corp decide to accept the offer before December 14, 2001, the new controller will have to pay $4.5 million to the bondholders. Market specialists, however, do not rule out the possibility that Titanium could negotiate with Mirant, as well as with the bondholders, for new deadlines to pay the debts. To see company's financial statement: http://www.bankrupt.com/misc/Edelnor.pdf CONTACT: EDELNOR Jason Cuevas, +1-678-579-6017 MIRANT Media: Chuck Griffin, +1-678-579-7814, Investors: John Robinson, +1-678-579-7782 =============== C O L O M B I A =============== ENRON: S&P Affirms Centragas 'BB' FC Rtg; Off Watch --------------------------------------------------- Standard & Poor's removed Wednesday its double-'B' foreign currency rating on Centragas-Transportadora de Gas de la Region Central de Enron Development and Cia. S.C.A.'s (Centragas) US$172 million senior secured notes due 2010 from CreditWatch with negative implications, where it was placed on Nov. 30, 2001. The double-'B' rating is affirmed and the outlook is negative. The rating was placed on CreditWatch after Centragas' parent, Enron Corp., was downgraded by Standard & Poor's to single-'B'- minus from triple-'B'-minus. The CreditWatch with negative implications status reflected a feature within the project indenture that enables Enron to borrow Centragas' funds during the operating phase of the project. Centragas' outstanding loans to Enron currently amount to US$43.6 million. While funds for these loans can be derived from the debt service reserve account, the operating account, and the distribution account, all funds for the current loans outstanding are derived from the distribution account. There are no funds owed to any of the other accounts. Standard & Poor's has assessed the affect of the loans and their collection on the project's financials and has concluded Centragas' exposure to Enron (currently in default) does not affect Centragas' rating. There are four basic reasons why the loans to Enron, as well as the latter's default status, do not materially affect Centragas' rating: -- The loans in question were made from the distribution account. Since funds from the distribution account are excess funds destined for the equity holders as dividend disbursement or as loans, the project never considered any alternative use for these funds in the original projections. -- While Centragas has the right to lend under the indenture, the cash management agreement and indenture require the borrower to be creditworthy (investment grade). Since Enron is no longer creditworthy, Centragas cannot lend money to Enron, and has not done so since the latter lost its investment-grade status, as stipulated by the cash management agreement and indenture. -- Centragas is structured as a single-purpose entity with bankruptcy remote provisions that provide protection from possible bankruptcy proceedings at Enron. -- Enron's affect on the project's operations and maintenance (O&M) is minimal, as project personnel and a Colombian subcontractor handle O&M. Centragas owns a 578-kilometer natural-gas pipeline that runs from Ballena to Barrancabermeja, Colombia. Centragas is 50% owned by subsidiaries of Enron, 25% by Tomen Corp. (triple-'Cpi'), and 25% by Promigas E.S.P. The double-'B' rating incorporates the following risks: -- Repayment of debt is based solely on the fixed monthly tariffs and other cash inflows and outflows as defined in the contracts governing the project--the financial obligor of the transportation services contract is Empresa Colombiana de Petroleos (Ecopetrol; foreign currency double-'B'/Negative/-), the state-owned oil company. -- Enron, through subsidiaries, has the ability to borrow Centragas' excess cash. -- Centragas does not have recourse to the Republic of Colombia (double-'B' foreign currency debt/Negative), Ecogas, Ecopetrol, or Enron. The following strengths adequately offset the risks: -- The project is strategically important to the Republic of Colombia. -- The pipeline, which has been operating since commercial construction completion in February 1996, transports most of the natural gas to the Barrancabermeja station. -- Projected debt service coverage ratios of 1.65 times (x) are strong for the project's rating category. -- Current pipeline usage of about 140-150 millions of cubic feet per day (mmcfd) is above initial capacity of 127 mmcfd, and about the maximum flow rate of the pipeline. -- At the scheduled termination of the transportation services contract in 2011, Ecogas has the option to purchase the pipeline for a nominal sum. -- The project's contracts closely match expenses against revenues and require Ecopetrol to assume a large portion of the uncontrollable risks, such as currency-exchange-rate risk and force majeure risks. -- Projections show that, even under adverse situations, cash flow adequately covers debt service. -- At the outset, the project was highly leveraged, with debt equal to about 80% of capitalization; this has been reduced to 54%. Centragas is a single-purpose entity that was formed by Enron Corp. to build, own, and eventually transfer the project-asset to Ecogas. The primary transportation tariff is structured to be payable without regard to the amount of gas Ecogas schedules for transport. Exceptions are limited as to when monthly tariffs may be reduced. During the past six years, the pipeline has been operating according to specifications with no major interruptions, and debt service coverage ratios have exceeded the base case projections. In 2000, the average gas transported was almost 140 mmcfd, significantly higher than the amount of gas transported through May 1999 of 73 mmcfd. Thus, pipeline usage is currently about 100% of total capacity, as Ecogas added new compression capacity. Ecogas was created by Law 401 on Aug. 20, 1997. Such law transferred to Ecogas Ecopetrol's assets and rights related to natural gas transportation activities, as well as any rights derived from contracts related to gas transportation activities. In a separate interadministrative agreement, Ecopetrol and Ecogas agreed that Ecopetrol would continue to be the financial obligor with respect to tariff payments due to Centragas. OUTLOOK: NEGATIVE The Republic of Colombia's rating limits the Centragas rating. The favorable operating record and predictable cash flow limit the potential for downward movement in the rating; however, a decline in the sovereign rating would lead to a rating downgrade. CONTACT: Standard & Poor's, New York Manuel E Borrajo, 212/438-7971 or Santiago Carniado, (52) 5-279-2013, Mexico City PAZ DEL RIO: Seeks Government Support To Secure Fresh Resources --------------------------------------------------------------- In an effort to secure credit on international markets to finance an industrial reconversion program, struggling Colombian steelmaker Paz del Rio is asking the government to act as a loan guarantor, reports Business News Americas. Although Paz del Rio is in a form of bankruptcy protection, it is a potentially viable concern, according to receiver Gilberto Gomez. The company supposedly just needs fresh resources of some US$60 million to double production to 500,000tpy for eight years. The market is there, and Paz del Rio has the capacity to increase production, "but the problem at the moment is that fresh resources are required for the program," said company acting president Carlos Pinzon. "Some banks have already offered credit, but because of Paz del Rio's financial situation, posting losses in the last two years, foreign banks require a guarantee from the government or the state's Industrial Development Agency (IFI)," said Pinzon. "If this guarantee is given the company could be saved, but we don't know what will happen if it is not." However, Paz del Rio is projecting healthy sales figures, which would provide the cash flow to service its debt, thus enabling it to go forward using its own resources, he said. The government is expected to decide by January whether to back the Company. Paz del Rio has until May 29 next year to reach a financial restructuring agreement with creditors. The company owes banks more than US$47 million, and another US$85 million to workers and retired employees. =========== M E X I C O =========== AEROMEXICO: Subsidiary Reaches Accord with Pilots' Union -------------------------------------------------------- Aeromexico subsidiary Servicios Aereos Litoral (Aerolitoral) struck a deal with the Mexican Pilots Union (ASPA) to increase pilots' salary and benefits just hours before a strike deadline. The airline agreed to raise pilots' salary by 7.34 percent and increase benefits by 1 percent. Pilots, in turn, agreed to extend the minimum time between flights from eight hours to nine hours, in order to increase safety. Aerolitoral has a fleet of 27 airplanes and an average of 240 operations per day. The Labor ministry applauded both parties on working together to reach an agreement. AHMSA: Exclusion From U.S. Tariffs Would Boost Steel Industry ------------------------------------------------------------- Alonso Ancira Elizondo, CEO of Altos Hornos de Mexico (AHMSA), pointed out the benefits that the Mexican steel industry could get if it is excluded from the group of countries that the United States will target with tariffs of between 40 percent and 50 percent on steel imports, says Mexico City daily El Universal. According to the executive, the U.S. government's tariffs will lead the country's steel industry to price increases of between 70 dollars and 100 dollars per ton. "If Mexico is not included among the countries that the new tariff will be applied to, the Mexican (steel) industry could have a good start to 2002," said Ancira. AHMSA and fellow steel producer Hylsamex had earlier expressed confidence that the United States would not apply restrictions against Mexican steel imports. GRUPO MEXICO: SPCC Prepays $400M Debt With New Financing -------------------------------------------------------- In an official press release, Southern Peru Copper Corp. (NYSE: PCU and LSE: PCUC1) (SPCC) announced Thursday that on Dec. 17, 2001, it would prepay and cancel the balance of a $400 million syndicated credit facility disbursed in March 2001. The loan was secured in 1997 to finance the company's expansion projects. SPCC is presently putting in place a new credit facility of up to $550 million to finance its expansion and modernization program. The goal of this new facility is to extend the maturity of SPCC's current debt obligations and to reduce financing costs. Southern Peru Copper Corp. is one of Peru's largest companies and one of the 10 largest copper producers worldwide. The ownership of SPCC shares either directly or indirectly through subsidiaries includes Grupo Mexico, S.A. de C.V. (54.2 percent), Cerro Trading Co. (14.2 percent), Phelps Dodge Corp. (14 percent) and other shareholders (17.6 percent). Grupo Mexico operates SPCC as a unit of its recently formed mining division, Americas Mining Corp. (AMC). AMC is among the world's largest integrated mining and refining companies and the third-largest producer of copper. It includes Grupo Mexico's interests in Asarco, Inc. (100 percent), Minera Mexico (98.8 percent) and Southern Peru Copper Corp. (54.2 percent). CONTACT: Southern Peru Copper Corp. Clay Allen, 602/977-6515 GRUPO SIDEK: Cargill May Participate In Next Year's Auction ----------------------------------------------------------- Cargill de Mexico is seen likely to make purchases in financially troubled Grupo Sidek's next auction of tourist properties in January, says Mexico City daily Reforma. Accordingly, Cargill is showing an interest in the developments of Marina Mazatlan, Playacar, and Cabo San Lucas Country Club. Sidek's last auction, which took place two weeks ago, saw Cargill losing to Banorte in its bid for Bajamar and Marina Ixtapa, and to Banamex-Citibank in its bid for Marina Vallarta. Grupo Sidek is scheduled to auction of its other assets on January 22 next year. The auction will involve the remainder of the company's 29 properties, which was not included in the last auction. A total of 18 tourism assets changed hands in the latest transaction that grossed US$183.5 million. CONTACT: Alejandro Giordano Trejo de Grupo Sidek, S.A. de C.V. in Mexico, 011-523-678-5911 MEXICAN AIRLINES: Government Support Limited To Only 4 Airlines --------------------------------------------------------------- Aeromexico, Mexicana, Aeromar and Lineas Aereas Azteca are the only airlines eligible for the financial support authorized this week by the Chamber of Deputies, says Mexico City daily Reforma. Other smaller airlines such as, Aerocalifornia, Aviacsa, Allegro and Aerolineas Internacionales are ineligible for support because of outstanding debts to authorities for services, fuel and taxes. Aerocalifornia owes 80 million pesos, and is in 130 legal disputes against Mexican air navigation authority Seneam and the Finance ministry. Allegro owes 28 million pesos, Aviacsa owes 12 million pesos, and Aerolineas Internacionales owes 5 million pesos. In order to be eligible for the government support, these small airlines must prove that they are current in their payments, and desist from outstanding suits against the government. MINERA AUTLAN: CVRD Aims To Become Strategic Partner ---------------------------------------------------- A spokesperson for Minera Autlan revealed that Brazil's Cia. Vale do Rio Doce (CVRD) is looking to form a strategic partnership with the Mexican ferro-manganese producer, reports Business News Americas. According to Autlan's Gustavo Cardenas, CVRD and several other companies had contacted the Company's agents, Paris-based BNP Paribas investment bank. "In addition to these [partnership] proposals, Minera Autlan is evaluating another option, that could have a very interesting outcome, with a company not related to the manganese industry," he said, without giving further details. Autlan, which has seen its cash dwindling due to a poor market, high-energy prices and a strong Mexican peso, temporarily shut down some operations this year. The Company launched a search for a partner in July. At the same time, it also introduced a program to sell off its non-core assets - mainly land - in a bid to reduce its US$80 million debt. Autlan has no plans to sell its mines and manganese-processing plants. Autlan posted a US$19.2-million (175 million peso) loss for 3Q01, compared to a 36.2 million peso net loss for 3Q00. ======= P E R U ======= COBRELSA: 10-Year Restructuring Plan Projects Turnaround --------------------------------------------------------- Insolvent copper product manufacturer Cobres Laminados (Cobrelsa) claims it can generate as much as US$3.47 million in sales during the first year of implementation of a proposed 10-year restructuring plan. According to a report by Gestion, the company is aiming to increase copper and zinc production to 4,445 tons from 1,315 tons in the next 10 years to successfully turn the company around. Creditors met last week for the second time this year to vote on the restructuring proposal. The report did not indicate what came out of the meeting. The company is currently buried under a US$15.3 million debt mound. Its restructuring proposal boasts of an increasing annual income over a 10-year period, including an US$11.6 million income on the 10th year. Cobrelsa was declared insolvent for the second time in February. In July, creditors decided not to liquidate the company after it won a US$2.5 million contract to supply the Peruvian Central Bank with copper coins. 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 * * *