/raid1/www/Hosts/bankrupt/TCRLA_Public/020701.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, July 1, 2002, Vol. 3, Issue 128
Headlines
A N T I G U A & B A R B U D A
LIAT: Chairman Forecasts IPO to Punctuate Successful Turnaround
A R G E N T I N A
ARGENTINE BANKS: CB Reveals Plan For Dollar Denominated Deposits
BISEL/SUQUIA/BERSA: Parent Confronts Customers In French Courts
CLAXSON INTERACTIVE: 10-K Includes Going Concern Warning
CLAXSON INTERACTIVE: Offers Imagen Satelital Sr. Note Exchange
McKEY ARGENTINA: McDonald's In Acquisition Talks With Parent
PEREZ COMPANC: Extends Early Tender Deadline
TELECOM ARGENTINA: Telmex Denies Acquisition Talks Ongoing
TELEGLOBE: Postpones Final Bidding Date to July 15
B R A Z I L
AES CORP: Moody's Lowers Ratings on US$20 Billion of Debt
BRAZILIAN COMPANIES: Fitch Predicts More Liquidity Woes
CELESC: To Sell Stakes In New Units Early Next Year
EMBRATEL: Officially Affirms Operational, Financial Independence
EMBRATEL: Anatel Ready To Place Into Administration
WORLDCOM: Goldman To Advise On LatAm Assets Sale
C H I L E
TELEFONICA CTC: Workers Shun Wage Offer; Vote To Strike Monday
M E X I C O
CINTRA: Government, Merrill Lynch Study Assets Sales Vehicles
GRUPO TFM: TMM Pays $255M For 24.6% Stake
- - - - - - - - - -
=================================
A N T I G U A & B A R B U D A
=================================
LIAT: Chairman Forecasts IPO to Punctuate Successful Turnaround
---------------------------------------------------------------
Wilbur Harrigan, chairman of the Caribbean airline LIAT,
recounted at a press conference at the Royal Antiguan Hotel the
developments of a three-year recovery plan implemented early in
2000, as reported by The Barbados Advocate.
"We are hoping that with the initial three-year recovery plan
that was put together, at the end that an IPO is very likely, and
that should get the necessary capital to sustain and make it
viable," Harrigan said at the press conference, adding that LIAT
hoped this offering would raise some US$25 million.
Speaking against a background of operation in an aviation
industry described by LIAT's Chief Executive Officer Garry Cullen
as being in peril, Harrigan said LIAT's future profitability was
dependent on continued restructuring of the airline, including
significant reduction and redeployment of staff.
"We are certainly hoping to expand and expand along profitable
lines. Part of the mandate was to get our staff numbers down;
from over 1 000, we are hoping to get some 30 per cent reduction.
But we must have a leaner and meaner LIAT, in terms of
efficiency, and we will lower those numbers to a nice size of
some 600," Harrigan said.
However, Harrigan insisted that LIAT was not going about these
reductions in an arbitrary way, but was fully considering the
effect of these changes on the airline's staff.
Cullen also expressed confidence in the airline and its staff. He
heaped praise on staff, who worked to help the indebted airline
survive whilst waiting on proceeds from a refinancing plan. The
plan was facilitated by debt-for-equity share swaps with its nine
shareholder governments, and augmented by a bond issue with CIBC,
Barbados.
"We got through that period, and that's what gives me such a
great degree of confidence in our future. When I see what LIAT
did and what the people of LIAT did over the last two years, with
nothing, I really look forward to what they are going to do over
the next year with new aircraft, and new investment," Cullen
stated.
Also expected to have a positive impact on LIAT's future
profitability is its strategic alliance with BWIA, which became
effective this month. Cullen said the LIAT-BWIA alliance was of
major significance for the region, noting that it was the first
time two regional carriers, with a combined 100 years of
experience, would co-brand, working hand in hand to sell and
market joint airline systems in the region.
The CEO said close co-operation with BWIA meant that a number of
LIAT's commercial functions will be delivered by BWIA, adding
that while the alliance was neither inward-looking nor anti
foreign airlines, it was the type of initiative which would help
to safeguard the future of the regional aviation industry.
Cullen also announced LIAT's interest in the formation of a new
handling company, Caribbean Airport Services Ltd., which will
come on stream from August 1 at V.C. Bird International Airport.
LIAT will own 51% of shares, with the remaining 49% held by
shareholders not yet determined.
Cullen said there are at least five interested parties - one from
the United States, one from Britain and three from within the
region - who have indicated interest in taking shares in that
company.
He said with LIAT and BWIA combined customer base, plus the
inward investment expected, the new company would certainly be in
a position at VC Bird Airport to solicit more business.
=================
A R G E N T I N A
=================
ARGENTINE BANKS: CB Reveals Plan For Dollar Denominated Deposits
----------------------------------------------------------------
The Argentine Central Bank announced Thursday a plan that would
allow foreign banks and financial institutions who have local
deposits to keep their money in dollars, Reuter reports. The
plan, however, hinges on the condition that depositors froze
their savings as `credit lines' for four years.
The move was seen to appease foreign bankers who were affected by
the country's currency devaluation in January. The peso has since
lost around 75 percent of its value against the dollar.
Earlier, under the bond plans following lifting of the banking
freeze, the government offered depositors a ten year repayment
period for receiving account in dollars.
Economy Minister Roberto Lavagna offered to convert depositor's
savings to bonds to prop up the banking system as it tries to
keep cash and prevent the recurrence of panic withdrawals.
Analysts however, predict a cold response from depositors due to
the lack of confidence to the government backing the bonds.
The country's crisis is a result of a four-year recession which
culminated in a $133 billion public debt default and currency
devaluation.
The Central Bank gave foreign banks and financial institutions
until July 26 to accept the proposal, or receive devalued money
which would still be issued at on the government's timetable.
BISEL/SUQUIA/BERSA: Parent Confronts Customers In French Courts
---------------------------------------------------------------
French bank Credit Agricole is likely to face legal charges in
their home legal system after rapidly pulling out of Argentina.
The bank left its subsidiaries in the control of Argentine state-
owned bank Banco de la Nacion.
Credit Agricole's disgruntled customers from three subsidiaries
in Argentina - Banco Bisel, Banco Suquia and Nuevo Banco Bersa -
demanded compensation from the French bank and threatened to take
the matter to the French courts.
The customers are claiming that Credit Agricole was in breach of
regulations in the country relating to levels of liquidity and
solvency, and that they should be compensated. According to them,
the French central bank, Banque de France, should have instructed
the French bank to recapitalize its three subsidiaries in
accordance with French banking legislation.
Credit Agricole pulled out of Argentina in May citing
uncertainties in the country's economic situation. The bank's
subsidiaries, which had about 6,000 employees and 355 branches,
were responsible for financing the bulk of Argentina's grain and
oilseeds industry, which accounted for US$9 billion of exports
last year, 40% of the country's total.
Credit Agricole is among the foreign banks that stopped funding
Argentine units after a run on deposits late last year that was
followed by a US$95-billion government debt default and currency
devaluation.
CONTACT: BANCO DE ENTRE RIOS S.A. (BERSA)
Monte Caseros 128
Parana
3100 Entre Rios
Argentina
Phone: 0343-4201200
Fax: 0343-4213869
Contact: Alberto Roque Ferrero, Vice-President
BANCO BISEL S.A.
Mitre 602 Rosario
2000 Santa Fe
Argentina
Phone: 0341-4200300
Home Page: http://www.bancobisel.com.ar/
Contact:
Guillermo Harteneck, President
Jean Luc Perron, Vice President
Bernard Brousse, Vice President
BANCO SUQUIA S.A
25 de Mayo 160 Cordoba
5000 Cordoba
Argentina
Phone: 0351-422-2048
Fax: 0351-420-0279
E-mail: relacioninversores@bancosuquia.com.ar
Home Page: http://www.bancosuquia.com.ar/
Contact:
Bernard Pierre Jean Brousse, Vice-President
Nestor Jose Belgrano, Director
CLAXSON INTERACTIVE: 10-K Includes Going Concern Warning
--------------------------------------------------------
Buenos Aires, Argentina-based Claxson Interactive Group, Inc.
Class A released its 10-K on Thursday for the year ending
December 31, 2001, reports Knobias.com
In the report, Claxson registered revenues of US$107,644,000 for
FY 2001 against revenues of US$107,386,000 for FY 2000. Net loss
for FY 2001 amounted to US$23,778,000, slightly higher than the
US$21,469,000 net loss for FY 2000.
The Company reported, among other things, the following:
- The auditor's report on the Company's financial statements for
the year ended December 31, 2001, states that the Company's
losses from operations, working capital deficiency and its
default on debt raises substantial doubt about its ability to
continue as a going concern.
As of December 31, 2001, the Company had a working capital
deficit of US$87,183,000.
Claxson is a multimedia company providing branded entertainment
content targeted to Spanish and Portuguese speakers around the
world. Claxson has a portfolio of popular entertainment brands
that are distributed over multiple platforms through Claxson's
assets in pay television, broadcast television, radio and the
Internet. Claxson was formed in a merger transaction, which
combined media assets contributed by El Sitio, Inc., and other
media assets contributed by funds affiliated with Hicks, Muse,
Tate & Furst Inc. and members of the Cisneros Group of Companies.
Headquartered in Buenos Aires, Argentina, and Miami Beach,
Florida, Claxson has a presence in all key Ibero-American
countries, including without limitation, Argentina, Chile,
Brazil, Spain, Portugal and the United States.
CONTACT: CLAXSON INTERACTIVE GROUP, INC.
Media: Alfredo Richard, SVP, Communications
Tel. +1-305-894-3588
Investors: Jose Antonio Ituarte, CFO
Tel. 011-5411-4339-3700
CLAXSON INTERACTIVE: Offers Imagen Satelital Sr. Note Exchange
--------------------------------------------------------------
Claxson Interactive Group Inc. ("Claxson") announced Friday that
it has commenced an exchange offer and consent solicitation (the
"Exchange Offer") for all U.S.$80 million outstanding principal
amount of the 11% Senior Notes due 2005 (144A Global CUSIP No.
44545HHA0 and Reg S Global ISIN No. USP52800AA04) (the "Old
Notes") of its subsidiary, Imagen Satelital S.A. ("Imagen").
Claxson is offering U.S.$410 in principal amount of its 7.25%
Senior Notes due 2010 (the "New Notes") in exchange for each
U.S.$1,000 principal amount of Old Notes. In addition, Claxson is
soliciting proxies from holders of the Old Notes to vote in favor
of the proposed amendments to the indenture governing the Old
Notes and is offering to make a consent payment equal to U.S.$10
per U.S.$1,000 principal amount of Old Notes to holders who
tender their Old Notes on or prior to the consent payment
expiration date. The consent payment expiration date is 5:00 p.m.
New York City time on July 18, 2002, unless extended.
The Exchange Offer expires at 5:00 p.m. New York City time on
July 31, 2002, unless extended. The Exchange Offer is conditioned
upon the receipt of tenders of at least 95% of the outstanding
principal amount of the Old Notes, as well as the approval by the
Argentine Comision de Valores of the public offering of the New
Notes in Argentina and other customary conditions.
Informational documents relating to the Exchange Offer will only
be distributed to eligible investors who complete and return an
Eligibility Letter that has already been sent to investors. If
you would like to receive this Eligibility Letter, please contact
Tom Long at D.F. King & Co., the Information Agent for the
Exchange Offer, at (212) 493-6920.
The New Notes will not be registered under the U.S. Securities
Act of 1933, as amended, and will only be offered in the United
States to qualified institutional buyers and accredited investors
in private transactions and to persons outside the Unites States
in off-shore transactions. The New Notes will be listed on the
Buenos Aires Stock Exchange.
McKEY ARGENTINA: McDonald's In Acquisition Talks With Parent
------------------------------------------------------------
Discussions are under way regarding McDonald's Corp.'s planned
acquisition of its hamburger meat supplier in Argentina from
Keystone Foods LLC to keep the plant in business.
Maria Jose Parodi, a McDonald's spokeswoman in Buenos Aires, and
Keystone spokesman Jerry Gotro declined to disclose terms of the
transaction.
West Conshohocken, Pennsylvania-based Keystone operates 18 food
manufacturing plants worldwide including McKey Argentina, the
Argentine supplier.
In a statement, McDonald's said that the economic crisis and high
cost of raw materials for food producers "has worsened the
profitability of the business, and consequently the situation of
McKey Argentina."
In April, McDonald's said earnings fell for a sixth quarter, in
part because of declining sales in Latin America.
McDonald's, which operates in Argentina through its Arco Dorados
SA unit, plans to manage distribution for McKey and hire a
company to run the plant, according to the e-mailed statement.
The plant produces 1,100 tons of meat a year and lost money for
several years, according to El Cronista newspaper, which first
reported the negotiations.
CONTACT: KEYSTONE FOODS LLC
300 Barr Harbor Dr., Ste. 600
West Conshohocken, PA 19428
Phone: 610-667-6700
Fax: 610-667-1460
Home Page: http://www.keystonefoods.com
Contact: Herbert Lotman, Chairman and CEO
Jerry Dean, President and COO
PEREZ COMPANC: Extends Early Tender Deadline
--------------------------------------------
Perez Companc S.A., disclosed Pecom Energˇa S.A.'s announcement
that the Early Tender Deadline in respect of its offer to
exchange its 7 7/8% Notes due 2005, 9% Notes due 2007, 9% Notes
due 2009 and 8 1/8% Notes due 2010 (together, the "New Notes")
for any and all outstanding 7 7/8% Notes due 2002, 9% Notes due
2004, 9% Notes due 2006 and 8 1/8% Notes due 2007 (together, the
"Existing Notes") had been extended to 12:00 p.m., New York City
time, on Wednesday, July 3, 2002. In addition, the Company said
that it had received, as of 12:00 p.m., New York City time, on
June 26, 2002, tenders of Existing Notes from noteholders equal
to approximately 89.6% of the total aggregate principal amount of
the Existing Notes outstanding.
Accordingly, if a holder tenders Existing Notes on or prior to
the extended Early Tender Deadline, the Company is offering to
exchange the following, as more fully set forth in the Pricing
Supplement and Offering Memorandum (the "Offering Documents"),
each dated June 10, 2002:
- for each US$1,000 principal amount of 2002 Existing Notes,
US$150 in cash and US$850 principal amount of 2005 New Notes;
- for each US$1,000 principal amount of 2004 Existing Notes,
US$100 in cash and US$900 principal amount of 2007 New Notes;
- for each US$1,000 principal amount of 2006 Existing Notes,
US$70 in cash and US$930 principal amount of 2009 New Notes; and
- for each US$1,000 principal amount of 2007 Existing Notes,
US$50 in cash and US$950 principal amount of 2010 New Notes.
All other terms of the exchange offer and proxy solicitation
remain in effect as set forth in the Offering Documents.
The Company is making the exchange offer, and will issue New
Notes, in the United States only to "qualified institutional
buyers," as that term is defined in Rule 144A under the U.S.
Securities Act of 1933 (the "Securities Act"), and outside of the
United States in offshore transactions in reliance on Regulation
S under the Securities Act. The New Notes will not, upon
issuance, be registered under the Securities Act and may not be
offered or sold in the United States absent registration or an
exemption from registration.
The press release appears as a matter of record only.
Authorization for the public offering of the New Notes has been
requested to the Argentine Comisi˘n Nacional de Valores (the
"CNV") in accordance with applicable regulations. The information
contained herein is subject to amendments and modifications and
should not be considered as definitive by persons taking notice
of it.
This does not constitute an offer to sell, or an invitation to
make offers to purchase, the New Notes until the CNV approves the
public offering of the New Notes.
Pecom Energˇa S.A., controlled by Perez Companc S.A., is the
largest independently owned energy company in the Latin American
region. Its business activities include oil and gas production
and transportation, refining and petrochemicals, power
generation, transmission and distribution as well as forestry
activities. Headquartered in Buenos Aires, the Company has
operations throughout Argentina, Brazil, Venezuela, Bolivia, Peru
and Ecuador.
To see financial statements:
http://bankrupt.com/misc/Perez_Companc.pdf
CONTACT: PECOM ENERGIA S.A. DE PEREZ COMPANC S.A.
Maipo 1 - Piso 22 - C1084ABA
Buenos Aires, Argentina
Phone: (54-11) 4344-6000
Fax: (54-11) 4344-6315
URL: http://www.pecom.com.ar
TELECOM ARGENTINA: Telmex Denies Acquisition Talks Ongoing
----------------------------------------------------------
Telefonos de Mexico SA (Telmex), the country's largest telephone
company, is not in talks to acquire Telecom Argentina SA, and
neither is its sister cellular phone operator America Movil SA,
Bloomberg reports, citing Telmex's spokesman Arturo Elias Ayub.
This statement belies a previous announcement made by Hector
Masoero, the chief executive officer of Telmex subsidiary
Techtel, that the company is in acquisition talks with
Argentina's second largest telco, Telecom Argentina.
An equity analyst for a major Argentine investment bank earlier
suggested that Telmex could acquire debt-burdened Telecom once it
restructures its debt next year. The scene will be right for
Telmex to enter the picture in about a year from now, when debt
restructuring negotiations with Telecom's creditors have
concluded, the analyst had said.
Telecom Argentina lost ARS2.3 billion ($600 million) in the
quarter ended March 31. The Company has an estimated US$3.4
billion in debt. Earlier this month, Telecom Argentina said its
net worth had been slashed to about US$30 million, or less than
2% of its value prior to January's devastating devaluation,
hammered by weaker demand as a four-year recession grinds on.
Telecom Argentina is 54.7%-controlled by Nortel Inversora, a
holding company owned in equal parts by France Telecom and
Telecom Italia. Most analysts believe the Telecom Argentina's
primary shareholders are unwilling to inject fresh funds into the
Company.
CONTACT: TELECOM ARGENTINA STET - FRANCE TELECOM SA (TELECOM)
Alicia Moreau de Justo 50, 10th Floor
Capital Federal (1107) Repoblica Argentina
Phone: +54 11 4968 4000
Home Page: http://www.telecom.com.ar
Contacts:
Alberto J. Ricciardi, Chief Financial Officer
Elvira Lazzati, Finance Director
Pedro Insussarry, Investor Relations Manager
Phone: (5411) 4968-3626/3627
Fax: (5411) 4313-5842/3109
Email: inversores@intersrv.telecom.com
TELEGLOBE: Postpones Final Bidding Date to July 15
---------------------------------------------------
International network operator and Bell Canada Enterprises (BCE)
subsidiary Teleglobe pushed back the final date for receiving
bids on its assets from June 24 to July 15. The Business News
Americas report cited Fernando Alonso, the director of the Latin
American department at law firm Hunton & Williams. Hunton &
Williams represents carriers involved in the Teleglobe
bankruptcy.
Teleglobe is selling its Latin American assets, as they do not
constitute part of its core business. The Company will be selling
these assets separately. Teleglobe has assets in Argentina,
Brazil, Chile, Colombia, El Salvador, Guatemala, Mexico and
Panama. Teleglobe's Latin American assets mainly include IRU or
lease contracts with customers for the delivery of capacity
throughout the region.
Teleglobe is currently under bankruptcy protection in Canada and
is seeking that status for its US subsidiary as it tries to
restructure US$2.6 billion of debt. The Company continues to
operate its core voice business, after slashing its workforce of
1,850 by almost half.
Although parent company BCE did not guarantee Teleglobe's debt,
it expects to take a write down of up to CAD8.5 billion (US$5.5
billion) in 2Q02 as a result of the restructuring.
CONTACT: LATIN AMERICAN OFFICES
ARGENTINA
Carlos Pellegrini 1163 Piso 4
Buenos Aires, Argentina C1009ABW
Telephone: 54.11.6310.0100
Facsimile: 54.11.6310.0101
www.teleglobe.net.ar
BRAZIL
Rua Matias Aires, 402 9* Andar
Consolacao
Sao Paulo, S.P. Brazil 01309-020
Telephone: 55.113.156.5400
Facsimile: 55.113.156.5410
www.teleglobe.com.br
CHILE
World Trade Center
Ave. Nueva Tajamar 481
Torre Sur - Ofic. 1002 - Las Condes
Santiago, Chile
Telephone: 562.350.4260
COLOMBIA
Calle 114 N*9-45 torre B, Of. 1008
Teleport Business Park
Santa Fe de Bogota
Telephone: 571.657.9000
Facsimile: 571.629.2897
www.teleglobe.com.co
EL SALVADOR
91 Ave Norte #626
Colonia Escalon
San Salvador, El Salvador
Telephone: 503.263.4836
Facsimile: 503.263.2466
GUATEMALA
12 Calle / 1-25 / Zona 10
Edificio Geminis 10
Torre Norte - Oficina 611
Guatemala City, Guatemala 01010
Telephone: 502.335.3217
Facsimile: 502.335.3221
MEXICO
Blvd. Manuel A. Camacho 36, 21st floor
Torre Esmeralda II
Col. Lomas de Chapultepec
11000 M,xico, D.F.
Telephone: 52.55.5095.5900
Facsimile: 52.55.5095.5928
www.teleglobe.com.mx
PANAMA
Edif. Plaza Obarrio - Of. 302
Av. Samuel Lewis
Panama City
Telephone: 507.265.1329
Facsimile: 507.265.7913
CREDITORS:
CANADIAN IMPERIAL BANK OF COMMERCE (CIBC)
199 Bay Street, Commerce Court West
Toronto, Ontario M5L 1A2, Canada
Phone: (416) 980-2211
Fax: (416) 980-5028
(416) 980-5026
Home Page: http://www.cibc.com/
Contacts:
Corporate Secretary
Phone: (416) 980-3096
Fax: (416) 980-7012
Investor Relations
Phone: (416) 980-6657
Fax: (416) 980-5028
Corporate Communications and Public Affairs
Phone: (416) 980-4523
Fax: (416) 363-5347
Office of the Ombudsman
Phone: 1 800 308-6859
Fax: 1 800 308-6861
(416) 861-3313 (Toronto)
(416) 980-3754 (Toronto)
TORONTO DOMINION BANK
Toronto-Dominion Centre,,
King St. West and Bay St.
Toronto, Ontario M5K 1A2, Canada
Phone: 416-982-8222
Fax: 416-982-5671
Home Page: http://www.tdbank.ca/
Contact:
Anderson, M. Norman N., Director
Baille, A. Charles, Chairman
Bell, Allen W., Executive Vice President
EXPORT DEVELOPMENT CORP
151 O'Connor
Ottawa, Canada
K1A 1K3
Phone: (613) 598-2500
Fax: (613) 237-2690
Home Page: http://www.edc.ca/
Contact:
Investor Relations
E-mail: investor.relations@edc.ca
Fax: 613) 563-8834
Alex Watson, Portfolio Manager
Phone: (613)598-2800
E-mail: awatson@edc.ca
Nancy Kyte, Investor Relations Manager
Phone: (613)598-3522
E-mail: nkyte@edc.ca
WILLIAMS COMMUNICATIONS
One Technology Center
Tulsa, OK 74103
Phone: 918-547-6000
Fax: 918-547-7134
Home Page: http://www.williamscommunications.com
Contact:
Howard E. Janzen, Chairman, President and CEO
Scott E. Schubert, EVP and CFO
Investor Relations
Phone: 1.866.468.6924
E-mail: wcg.ir@wcg.com
BAYERISCHE LANDESBANK
Home Page: http://www.baylbny.com/
New York Branch
North & Latin American Region
560 Lexington Avenue
New York, NY 10022
Tel (212)310-9800
Fax (212)310-9841
Toronto Branch
BCE Place / Suite 3210
181 Bay Street
Toronto, Ontario M5J2T3
Tel (416)862-8840
Fax (416)862-2381
Representative Office for Mexico
Edificio Forum
Adres Bello No.10 Piso 16
Chapultepec Morales
11560 Mexico, D.F
Tel (0052-5)282-9111/14
Fax (0052-5)232-9115
Montreal Branch
1501 McGill College Avenue / Suite 2060
Montreal, Quebec H3A 3M8
Tel (514)985-0047
Fax (514)985-2610
BANK OF MONTREAL
Bank of Montreal Tower,
55 Bloor Street West, 8th Floor
Toronto, Ontario
M4W 3N5
E-mail: feedback@bmo.com
Home Page: http://www.bmo.com/
Contact: John Graham, Ombudsman
Tel: 1-800-371-2541
Fax: 1-800-766-8029
BANK OF NOVA SCOTIA
Scotia Plaza,
44 King Street West
Toronto, Ontario
M5H 1H1
Home Page: http://www.scotiabank.com/
Contact:
Scotia INFOLINE
(416) 750-FUND (3863) (Greater Toronto Area)
1-800-268-9269 (Other Areas In Canada)
Bill Bailey, Ombudsman
Tel: 1-800-785-8772/(416) 933-3299
Fax: (416) 933-3276
NATIONAL BANK OF CANADA
Head Office
National Bank Tower
600 de La GauchetiSre West
Montreal, Quebec
H3B 4L2
Telephone: (514) 394-5000
Telex: 0525181
Home Page: www.nbc.ca
Contact:
Elaine Carr
Director - Investor Relations
Telephone: (514) 394-0296
Fax : (514) 394-6196
Email : elaine.carr@bnc.ca
LAURENTIAN BANK OF CANADA
Tour Banque Laurentienne
1981, McGill College Avenue
Montreal (Quebec)
H3A 3K3
Telephone: (514) 284-4500 ext. 5996
Fax: (514) 284-3396
Telex: 05-24217
Swift Code: LBCMCAMM
Customer services: (514) 522-1846
1 800 LBC-1846
Home Page: http://www.laurentianbank.ca
Contact:
Michael Murray
Telephone: (514) 284-4500 ext. 5907
E-mail: murraym@banquelaurentienne.ca
ROYAL BANK OF CANADA
P.O. Box 1
Royal Bank Plaza
Toronto, ON M5J 2J5
Phone: 416-974-5151
Home Page: http://www.royalbank.com/
Contact:
Investor Relations
Royal Bank of Canada
123 Front St West, Suite 600
Toronto, ON M5J 2M2
Phone: 416-955-7802
Fax: 416-955-7800
HSBC BANK CANADA
1188 West Georgia Street, 2nd Floor
Vancouver, BC V6E 4A2
Toll free number: 1-866-8mlhsbc (1-866-865-4722)
E-mail: info@hsbc.ca
Home Page: http://www.hsbc.ca/english/
Contact:
James H. Cleave, Chairman of the Board
Martin J.G. Glynn, President and Chief Executive Officer
J. Lindsay Gordon, Chief Operating Office
CAISSE CENTRALE DESJARDINS DU QUEBEC
La #815 GC
1 Desjardins Complex
Montreal, QC H5B 1B3
E-mail: confed07@desjardins.com
Home Page: http://www.desjardins.com/
BNP PARIBAS CANADA
BNP Tower
1981 McGill College avenue
Montreal, (Qc) H3A 2W8
Tel: (514) 285-6000
Fax: (514) 285-6278
Home Page: http://www.bnpparibas.ca/
SUN LIFE ASSURANCE CO. CANADA
Toronto, ON M5H 1J9, Canada
Phone: 416-204-3835
Fax: 416-595-0346
THE BANK OF TOKYO-MITSUBISHI, LTD.,
Headquarters for the Americas:
1251 Avenue of the Americas, New York, NY 10020-1104
Tel: (212) 782-4000
Fax: (212) 782-6415
E-mail: nahq@btmna.com
Home Page: http://btmna.com
MORGAN STANLEY SENIOR FUNDING INC.
Contact:
Morgan Stanley, Dean Witter & Company
1585 Broadway
New York, New York 10036
United States
Phone: +1 212 761-4000
Fax: (212) 761-0086
Home Page http://www.msdw.com
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B R A Z I L
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AES CORP: Moody's Lowers Ratings on US$20 Billion of Debt
---------------------------------------------------------
U.S. giant The AES Corporation had its senior unsecured debt
downgraded by Moody's Investors Service to Ba3 from Ba1. The
ratings agency also downgraded the Company's senior and junior
subordinated debt to B2 and preferred stock to Caa1. Moody's also
assigned a Ba3 senior implied rating. The ratings remain on
review for possible further downgrade.
Moody's took the rating action on concern about diminished future
dividends from subsidiaries and investment interests, the impact
of weaker power prices on the merchant portion of AES' generation
business, and deteriorating conditions in several international
power markets in which the Company has substantial investments.
Moody's believes that cash flows from the Company's Latin
American investments will remain volatile and these assets are
likely to contribute significantly lower dividends to AES over
the medium term. The combination of these factors results in a
prospective increased reliance upon additional asset sales at a
time when this market is becoming less favorable.
Moody's continuing review will focus on the volume and
reliability of cash to be derived from various investments, the
timing and likely proceeds derived from asset sales, and company
actions to support its liquidity position.
BRAZILIAN COMPANIES: Fitch Predicts More Liquidity Woes
-------------------------------------------------------
Brazilian companies are having difficulty finding local
financing, Fitch noted in a conference call Thursday. The
trouble is compounding the difficulty they are facing in
acquiring foreign loans. Daniel Kastholm, head of Latin America
corporate ratings at Fitch pointed to liquidity of these
companies as the going concern.
Fitch lists several contributing factors plaguing Brazilian
companies. As noted by Kastholm, local capital markets that
finances companies "have now all but dried up." Also, short-term
borrowing rates in Brazil are as high as in the 20%-plus range,
even though inflation is in the single digits.
Brazilian banks have also pulled back recently after a brief
period of strong credit expansion, notes Peter Shaw, head of
Latin America bank ratings
The ratings agency downgraded the foreign exchange ratings of 16
Brazilian companies Tuesday. This was after it cutting the
country's foreign currency rating to B+ from BB- last week when
worries from investors drove up debt-servicing costs ahead of
presidential elections. Fitch maintained its negative ratings
outlook on Brazil last week.
Among these companies were Banco Alfa, Banco BCN, Banco Bradesco,
Banco Brascan, Banco do Brasil, Banco Itau, Banco Safra, and
Banco Sul America.
Going concerns about the returns of the elections are also
punishing Brazil's bonds, stocks and currencies. Investors are
nervous of rumors about leftist candidate Luiz Inacio Lula da
Silva gaining a lead of the October elections.
Roger Scher, head of Latin American sovereign ratings at Fitch,
predicts a tough environment for Brazil in the coming months. He
noted among other concerns, Brazil's recent market selloff that,
fuled by political concerns, could result to a cycle of weakening
currency, high interest rates and delayed economic growth.
CONTACT: BANCO ALFA DE INVESTIMENTOS S.A
Alameda Santos, 466, 5 andar
SP Sao Paulo 01418-000
Phone: +55 11 3175 5773
Home Page: www.bancoalfa.com.br
BANCO BCN
Av. Boa Vista, 208 / 6 Floor
Tel: (11) 244-1891
Fax:(11) 244-1814
Home Page: www.bcn.com.br/
BANCO BRADESCO
Predio Novo - 4 ANDAR
Cidade de Deus, S/N, Osasco,
CEP.: 06029-900 Sao Paulo, Brasil
Phone: (55-11) 3684-9229 / 9302 / 2086
Fax: (55-11) 3684-9775
Home Page:
http://www.bradesco.com.br/html/banco_bradesco/
Contact:
Investor Relations
E-mail:
4260.jean@bradesco.com.br
4260.bernardo@bradesco.com.br
4260.luciano@bradesco.com.br
4260.andressa@bradesco.com.br
BANCO BRASCAN S/A
Av Alm Barroso 52 - 31 Andar - Centro
Rio De Janeiro - RJ
20031-000
Fax: (+11) 5507-3749-(+21) 2271-5151
Phone: (+11) 5503-6900(+21) 2271-5151
Home Page: www.bancobrascan.com.br/
BANCO DO BRASIL
SBS Edificio Sede III, 24th Fl.
70089-900 Brasilia, D.F., Brazil
Phone: +55-61-310-3406
Fax: +55-61-310-2563
Home Page: http://www.bb.com.br
Contact:
Marco Geovanne Tobias da Silva, IR Manager
Phone: 61-310-5920
BANCO ITAU S.A.
Rua Boa Vista, 176
01014-919 Sao Paulo, Brazil
Phone: +55-11-237-3000
Fax: +55-11-5582-1133
Home Page: http://www.itau.com.br
Contacts:
Olavo Egydio Setubal, Chairman of the Board
Roberto Egydio Setubal, President and CEO
Geraldo Soares, Investor Relations Superintendent
Praca Alfredo Egydio de Souza Aranha, 100
Torre Concei?ao - 11 andar
04344-902 - Sao Paulo - SP
Phone: +5511 5019-1549
Fax: +5511 5019-1133
BANCO SAFRA
Av. Paulista, 2100 - Sao Paulo
Brazil - 01310-930
Phone: (11) 3175-7575
Home Page: http://www.safra.com.br/ingles/index.asp
Contact: Carlos Alberto Vieira, President
BANCO SUL AMERICA S.A
Rua Pedro Avancine,
73 1 andar
SP Sao Paulo 05679-000
Phone: +55 11 3779 4800
UNIBANCO-UNIAO DE BANCOS RASILIEROS S.A.
Av. Eusebio Matoso 891, 15th Floor
Sao Paulo 05423, Brazil
Phone: +55-11-3097-1313
+55-11-3097-4050
Fax: +55-11-3813-6182
Home Page: http://www.unibanco.com/
Contacts:
Geraldo Travaglia, CFO and Executive Director
Julia Reid, Investor Relations Associate Director
E-mail: investor.relations@unibanco.com.br
CELESC: To Sell Stakes In New Units Early Next Year
---------------------------------------------------
Brazil's Santa Catarina state distributor Celesc will place
shares of new subsidiaries Celesc Telecom and Celesc Geracao on
the market in 1H03, Business News Americas reports, citing Celesc
president Jose Fernando Faraco.
Celesc Telecom, which is dedicated to the telecoms business,
would immediately come under private control when its shares are
sold. Celesc Geracao, on the other hand, is dedicated to Celesc's
generation assets and would continue under the control of the
government of Santa Catarina. At some future, second stage,
Geracau would be opened to the private sector.
The distribution assets Celesc owns throughout Santa Catarina
will be the property of Celesc Distribuicao, which will continue
under state control. The amount obtained from the stake sales
will be used to honor Celesc's financial commitments.
Celesc entered Wednesday at Level 2 on the Sao Paulo stock market
(Bovespa), the first Brazilian company to start trading at this
level, which guarantees minority shareholders similar rights to
controlling partners in the event of the Company's sale.
CONTACTS: CELESC
Rodovia SC 404 - Km 3
Itacorubi 88034-900 Florianopolis - SC
Brazil
Phone +55 48 231 6011
Home Page http://www.celesc.com.br
Contacts:
Francisco De Asis Kuster, Chairman
Enio Andrade Branco, Finance Director
EMBRATEL: Officially Affrims Operational, Financial Independence
----------------------------------------------------------------
Embratel Participacoes S.A. (Embratel Participacoes or the
"Company"), the Company that holds 98.8 percent of Empresa
Brasileira de Telecomunicacoes S.A. ("Embratel"), announced
Thursday that it is operationally and financially independent
from WorldCom and that its accounting practices are strictly in
accordance with Brazilian Corporate Law.
Operational and Financial Independence
Embratel is operationally independent from WorldCom. Operational
flows between the two companies and related entities consist
primarily of international settlement receivables and payables
and a management fee. Embratel has long standing international
relationships with WorldCom as with more than another 100
international operators throughout the world to terminate and
receive calls from other countries. The management fee was
established under a management agreement whose terms are not only
in accordance with the Concession Contract but were voted by
minority shareholders, including preferred shareholders, in a
shareholder meeting held on November 18, 1998. In this meeting,
the controlling shareholder abstained. This agreement was
authorized by Anatel and filed with the Brazilian Central Bank.
Related parties transactions are regularly disclosed in the
explanatory notes of the company's financial statements.
Embratel is also financially independent from WorldCom. No inter-
company loans exist or have existed between Embratel and
WorldCom. Embratel's financing is obtained directly from lenders
and carries no WorldCom guarantees. A recent example of this
independence was the syndicated loan of US$270 million obtained
earlier this year which, together with a trade-related financing
of US$35 million, completed its core financing needs for the
year.
Accounting Practices
Additionally, Embratel confirms that its accounting practices in
relation to the capitalization of expenses is strictly in
accordance with Brazilian Corporate Law and its SEC filings fully
conform to US GAAP. Capitalized expenses in 2001 were less than
R$80 million compared to a total investment of R$1.4 billion.
These expenses are primarily labor and third party services
always associated with the installation of fixed assets and, the
Company reiterated, their capitalization is strictly in
accordance to Brazilian Corporate Law.
The Company further notes that Embratel:
-- has no off-balance sheet financing;
-- no revenue swaps; and
-- does not provide financial guarantees to non-affiliated
parties.
"Embratel's operation is completely independent" said Jorge
Rodriguez, Embratel's President and CEO. "Embratel's management
is committed to the improvement of Embratel's performance and
will not allow financial market developments to distract us from
our primary goal to serve our clients with innovative, high
quality and reliable services and create shareholder value.
Embratel disclosed its external auditors are Deloitte Touche
Tomatsu Auditores Independentes who succeeded Arthur Andersen in
Brazil. Neither firm has acted as a major consultant to Embratel
nor worked on a major project.
Hedged Position
Embratel increased its hedged position in the middle of the
second quarter. Short term debt is 79 percent hedged and total
debt is 46 percent hedged.
Embratel is the premier communications provider in Brazil
offering a wide array of advanced communications services over
its own state of the art network. It is the leading provider of
data and Internet services in the country. Service offerings
include: advanced voice, high-speed data communication services,
Internet, satellite data communications and corporate networks.
Embratel is uniquely positioned to be the all-distance
telecommunications network of South America. The Company's
network has countrywide coverage with 28,868 km of fiber cables
comprising 1,068,657 km of optic fibers.
EMBRATEL: Anatel Ready To Place Into Administration
---------------------------------------------------
Shares in Brazilian long-distance unit Embratel tumbled sharply
Thursday, a day after its parent company admitted to disguising
billions of dollars in expenses last year. Embratel, Brazil's
biggest long-distance telephone company, saw its shares plunge
11.7% to close at BRL1.88 (66 cents) a share, despite a rise of
3% by the Sao Paulo Stock Exchange.
WorldCom Inc., which controls Embratel, admitted earlier this
week it fabricated profits by hiding US$3.9 billion of costs. The
admission sent stocks plunging and prompted the Securities and
Exchange Commission to file fraud charges.
Brazil's telecommunications regulator Anatel said it is ready to
place Embratel SA into administration. Anatel could alternatively
decide to modify Brazil's rules on ownership of telecom operators
to allow the sale of Embratel.
WORLDCOM: Goldman To Advise On LatAm Assets Sale
------------------------------------------------
WorldCom Inc. confirmed plans late Tuesday to sell its Latin
American assets after saying it discovered accounting errors that
overstated cash flow and would restructure, reports Reuters.
The embattled U.S. long-distance company controls Brazil's
biggest long-distance telephone company, Embratel, and owns 45%
of private Mexican long-distance operator Avantel. Earlier this
year, WorldCom said it might sell off Embratel and Avantel stakes
to pay down debt, which reportedly amounts to more than US$30
billion.
However, analysts predict WorldCom, which now teeters on the edge
of bankruptcy, will have difficulty in finding buyers for its
Brazilian and Mexican assets.
"People are not lining up to buy marginal players with large
amounts of debt and somewhat precarious cash flow prospects,"
said Jeffrey Noble, an analyst with BBVA in New York. "You can't
give these guys away. There's not anybody looking to snatch up
assets because they're cheap."
Embratel has 40% of Brazil's long-distance market, but has
suffered through a year of quarterly losses. On Wednesday, the
Brazilian company's American Depositary Receipts slid 30%, or 31
cents, at 71 cents on the New York Stock Exchange.
"Embratel has a fantastic franchise. It has less debt (than
Avantel) but questionable upside in (high-speed, high-capacity
Internet services for companies). Given the crisis, data has less
lofty growth horizons," Noble said.
However, Brazil is considered a riskier market for investors than
Mexico right now, he noted.
Avantel, on the other hand, has struggled to compete in the
Mexican market, which is dominated by former state-owned
Telefonos de Mexico.
"We know they do not have a net profit. They've invested a lot
and they have not managed to build the number of minutes they
need to be profitable," said a Mexico City-based analyst, who
declined to be identified.
"I think it's very tough to think someone would want to come into
this very competitive Mexican long distance market right now,
with rates coming down," he said. The analyst added Avantel would
probably have to be sold at less than book value because much of
its technology has lost value.
Potential Avantel buyers may be put off by rules that limit
foreign ownership stakes to no more than 49% of Mexican local and
long-distance operators. Avantel is 55%-owned by U.S. bank
Citigroup Inc. through a Mexican entity.
Noble said some companies are interested in acquiring a state-of-
the-art network in Mexico, but many of them have conflicts, such
as a relationship with an Avantel competitor.
Goldman Sachs Group Inc. will advise WorldCom on its sale of its
units in Mexico and Brazil, people familiar with the matter said.
CONTACT: WORLDCOM
500 Clinton Center Drive
Clinton, MS 39056
1-877-624-9266
Phone: (601) 460-5600
Fax: (601) 460-8350
E-mail: http://www.worldcom.com/
Contact:
John Sidgmore, President and CEO
(In Mexico)
Carretera Libre M‚xico-Toluca 5714
Col. Lomas de Memetla
Cuajimalpa, M‚xico, D.F. 05330
Phone: 1-866-591-4076
E-mail: webmaster@avantel.com.mx
Home Page: http://www.avantel.com.mx/
(In Brazil)
Av. Presidente Vargas, 1012 / 437
Centro
Rio de Janeiro - RJ
CEP: 20179-900
Brasil
Tel: 0800 90 1021
Home Page: http://www.embratel.com.br/
THE GOLDMAN SACHS GROUP, INC.
New York Headquarters
Goldman Sachs & Co.
85 Broad Street
New York, NY 10004
United States of America
Phone: 1-212-902-1000
Fax: 212-902-3000
Contacts:
Henry M. Paulson Jr., Chairman and CEO
John A. Thain, President, Co-COO, and Director
John L. Thornton, President, Co-COO, and Director
David A. Viniar, Executive Vice President and CFO
AVANTEL SERVICIOS LOCALES, S.A. (AVANTEL LOCAL)
Reforma No. 265, 6ř piso, Col.
Cuauhtemoc, 06500, M‚xico, D.F.
Tel: 5242-1004
Fax: 5242-1060
Home Page: www.avantel.com.mx/
=========
C H I L E
=========
TELEFONICA CTC: Workers Shun Wage Offer; Vote To Strike Monday
--------------------------------------------------------------
Telefonica CTC Chile, which recently returned to making profits
after posting huge losses due to a government-imposed tariff, is
likely to face another problem -- this time, with its workers.
Reuters, citing a union leader, reports that about three-quarters
of the employees at Chile's No. 1 telephone company voted to go
on strike on Monday after rejecting the Company's last wage
offer.
"Exactly 95.6% of the (unionized) workers voted in favor of the
strike," Rene Tabilo, president of the National telephone Union,
told Reuters.
But Telefonica CTC, which controls 85% of the fixed telephone
market in Chile, said a walkout would not affect its operations,
as it would implement a "contingency plan." The Company can
legally hire replacement workers if it fulfills certain
requirements.
"Telefonica CTC Chile reports that the Company's administration
maintains its permanent disposition to converse with the workers
to find points of agreement in this collective negotiation," it
said in a statement.
CTC returned to positive results in the first-quarter of this
year, posting a profit of US$3.4 million against losses of
US$22.6 million in the same period last year. Last year, the
Company dismissed 1,600 employees in a restructuring.
CONTACT: Telefonica CTC (Corporacion Telefonica Chilena S.A.)
V. Providencia 111
Providencia - Santiago
(56)-Chile
Phone: (2) 2320511
(2) 6912020
Home Page: http://www.telefonicadechile.cl/
Contacts:
Mr. Bruno Philippi, President
Mr. Jacinto Daz, Vice President
Gisela Escobar, Head of Investor Relations
===========
M E X I C O
===========
CINTRA: Government, Merrill Lynch Study Assets Sales Vehicles
-------------------------------------------------------------
The Mexican secretariat for communications and transportation and
Merrill Lynch are studying a plan to sell the assets of Cintra,
which controls Mexico's leading airlines, Aeromexico and Mexicana
de Aviacion.
The scheme considers selling part of the shares to controlling
investors and the remainder in the stock market. The parties are
not ruling out a direct sale of the airlines in order to maximize
profits.
Cintra's assets, according to preliminary evaluation, are worth
US$500 million, a figure that would eventually change due to the
crisis in the air transportation industry.
Cintra is coveted by major airlines as Delta and Continental, as
well as by Mexican investors, for its strategic significance.
Since 1995 around 85% of Cintra's shares are in the hands of the
bank deposits safety institute IPAB.
To see Cintra's financial statements:
http://bankrupt.com/misc/Cintra.pdf
CONTACT: AEROMEXICO
Mayte Sera Weitzman of AeroMexico, +1-713-744-8446, or
mweitzman@aeromexico.com
MEXICANA DE AVIACION
Jenny Jenks, Marketing Director, International
Division of Mexicana Airlines, +1-210-491-9764, or
ennyjenks@mexicana.com
CINTRA
Xola 535, Piso 16, Col. del Valle
03100 M,xico, D.F., Mexico
Phone: +52-5-448-8050
Fax: +52-5-448-8055
Contacts:
Jaime Corredor Esnaola, Chairman
Juan Dez-Canedo Ruiz, CEO
Rodrigo Ocejo Rojo, CFO
OR
C.P. Francisco Cuevas Feliu, Investor Relations
Xola 535, Piso 16
Col. del Valle
03100 M,xico, D.F.
Tel. (52) 5 448 80 50
Fax (52) 5 448 80 55
infocintra@cintra.com.mx
SALE AGENT: MERRILL LYNCH & CO., INC.
World Financial Center,
North Tower, 250 Vesey St.
New York, NY 10281
Phone: 212-449-1000
Toll Free: 800-637-7455
Home Page: http://www.merrilllynch.com
Contact:
David H. Komansky, Chairman and CEO
E. Stanley O'Neal, President, COO, and Director
Thomas H. Patrick, EVP and CFO
MERRILL LYNCH MEXICO
Paseo de las Palmas No. 405
Piso 8
Col. Lomas de Chapultepec
11000 Mexico City, Mexico
Phone: 5255-5201-3200
Fax: 5255-5201-3222
Institutional Clients, Individual Clients
GRUPO TFM: TMM Pays $255M For 24.6% Stake
-----------------------------------------
TMM (Transportacion Maritima Mexicana) has acquired the Mexican
government's 24.6% stake of subsidiary GTFM (Grupo Transportacion
Ferroviaria Mexicana) for US$255 million. GTFM controls TFM, the
operator of the railroad Ferrocarril del Noroeste.
TFM is predicting a US$740 million income in 2002, and expects to
double that amount by 2005. Its main project is a US$40-million
investment in Toluca, which is a railroad stretch and
infrastructure project set to handle the exports of GM, Daimler
Chrysler, Nissan and Peugeot. TFM's total investments in 2002 are
expected to reach US$113 million.
TMM will pay for the stake with US$180 million proceeds coming
from the issuance of bonds, US$64 million payment of the
government for the Griega-Mariscal railroad, and from GTFM cash
flow.
GTFM controls 40% of the railway cargo transactions in Mexico,
and accounts for 14% of all transported cargo. It has US based
Kansas City Southern as partner.
As of March 31, 2002, TFM's cash balances stood at US$76.7
million and debt at US$880.1 million. Refinancing needs over the
coming months include US$295 million in commercial paper maturing
in September 2002, which are expected to be rolled over. Long-
term debt includes US$150 million senior notes due 2007 and
US$443.5 million senior discount debentures due 2009.
CONTACT: Grupo TFM
Jacinto Marina, 011-525-55-629-8790
jacinto.marina@tmm.com.mx
or
Leon Ortiz, 011-525-55-447-5800
lortiz@gtfm.com
or
Dresner Corporate Services
(general investors, analysts and media)
Kristine Walczak, 312/726-3600
kwalczak@dresnerco.com
GRUPO TMM COMPANY
Jacinto Marina, 011-525-629-8790
jacinto.marina@tmm.com.mx
or
Brad Skinner, 011-525-629-8725 (Investor Relations)
brad.skinner@tmm.com.mx
or
Luis Calvillo, 011-525-629-8758 (Media Relations)
luis.calvillo@tmm.com.mx
or
AT DRESNER CORPORATE SERVICES
(general investors, analysts and media)
Kristine Walczak, 312/726-3600
kwalczak@dresnerco.com
***********
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 Ma. Cristina Canson, Editors.
Copyright 2002. 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 * * *