/raid1/www/Hosts/bankrupt/TCRLA_Public/030911.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
Thursday, September 11, 2003, Vol. 4, Issue 180
Headlines
A R G E N T I N A
A QUINTERO: Court Sets Deadlines For Individual, General Reports
AEROLINEAS ARGENTINAS: Debt Accord Delayed Payment Proceeds
AGUAS ARGENTINAS: Water Outage Prompts Public Explanations
AMPRI: Reorganization Proceeds Under Court Rules
AVACA: Court Approves "Concurso Preventivo" Petition
BON NOUVELLE: Court Orders Bankruptcy
CHGI: Enters Bankruptcy Proceedings On Court Order
COMPLEJO ROXINI: Receiver Ends Creditor Claims Check Period
EASA: Deadlines For Bankruptcy Process Set
GRANISEM: Court Sets Deadline for Proofs of Claims
HAVANNA: Judge's Ruling Could Hamper Sale To D&G
NIKKEI: Court Assigns Receiver to Oversee Reorganization
PUNTO B: Court Sets Deadline For Individual, General Reports
SANIMAT: Verifications End February Next Year
SCP: Amends Terms of Debt Restructuring Proposal
SOPHI: Court Assigns Receiver For Bankruptcy Process
TELECOM ARGENTINA: France Telecom Divests Stake
TEXTIL ARIES: Court Authorizes Bankruptcy Process
* Argentina Misses $2.9 Billion Payment to IMF
B E R M U D A
GLOBAL CROSSING: Court Approves Microsoft Settlement Agreement
B R A Z I L
CELG: Dispute With Cachoeira Dourada Far From Resolution
CEMAR: Aneel Restarts Sale Process
GERDAU: To Invest BRL626 Million In P&E Upgrades
GERDAU: Announces Export Receivable Notes Program
LIGHT SERVICOS: BNDES May Agree To Stretch Loans
C H I L E
AES GENER: Financial Restructuring May Begin Soon
TELEFONICA CTC CHILE: Fitch Affirms 'BBB+' Rating; Stable
C O L O M B I A
PAZ DEL RIO: Abandons Processing Plan With Hornasa
D O M I N I C A N R E P U B L I C
BANCO MERCANTIL: Fitch Comments On Republic Bank Buy
E L S A L V A D O R
CTE SALVADOR: France Telecom Sells Indirect Stake For $217M
N I C A R A G U A
ENITEL: Government Stake To Go On Sale Next Month
V E N E Z U E L A
PDVSA: To Incorporate Bitor Into Eastern Division
- - - - - - - - - -
=================
A R G E N T I N A
=================
A QUINTERO: Court Sets Deadlines For Individual, General Reports
----------------------------------------------------------------
Buenos Aires' Court No. 2, sets the deadlines for the individual
and general reports pertaining to the bankruptcy of A Quinteros
S.R.L.. A report by local news source Infobae indicates that the
individual reports are due for submission on November 27 this
year, while the general report must be filed on February 2 next
year.
As reported by the Troubled Company Reporter - Latin America
earlier, creditors have until October 2 to have their claims
authenticated by the receiver, Mr. Antonio Gargiulo.
Estudio Elenitza Fernandez Lopez earlier revealed that the
Company's creditor, Federacion de Obreros y Empleados de la
Industria el Papel, Carton y Quimicos successfully sought for A
Quinteros' Bankruptcy.
CONTACT: A Quintero S.R.L.
Leopardi 36
Buenos Aires
Antonio Garguilo
Uruguay 385
Buenos Aires
AEROLINEAS ARGENTINAS: Debt Accord Delayed Payment Proceeds
-----------------------------------------------------------
Argentine airline Aerolineas Argentinas has decided to pay the
second installment of the debt restructuring accord approved in
the end of 2002 in advance. Aerolineas announced it would pay
the ARS350 million (US$119.45 million) it was supposed to pay in
December as of September 26 instead. This payment represents 35%
of the total renegotiated amount of debt. The airline tied this
advanced payment to the good results obtained in the first half
of 2003 and the US$35 million profit estimated for the year.
The debt restructuring proceeding of Aerolineas Argentinas was
the biggest in the nineties, and involved negotiations with 800
creditors. After Spanish state-owned holding SEPI sold the firm
to Marsans, Aerolineas obtained a 60% write-off in its ARS2.5
billion (US$853.24 million) in liabilities. On March 26, 2003,
Marsans paid the first ARS100 million installment.
AGUAS ARGENTINAS: Water Outage Prompts Public Explanations
----------------------------------------------------------
Aguas Argentinas SA, the ailing Argentine water utility owned by
French company Suez S.A., placed ads in leading newspapers
Tuesday to explain to Buenos Aires consumers why water was
suddenly cut off last Wednesday night, reports Dow Jones.
The move comes amid an investigation by water regulator ETOSS
into the Company's decision to cut off the water for eight hours
beginning 8:30 p.m.. ETOSS directors have complained that the
Company did not notify it of its decision early enough.
The utility, which controls one of the biggest private water
concessions in the world, said its decision to cut the water came after a
strong smell in the source water suggested risks of
contaminants, adding, it was done so as not to "expose a possible sanitary
risk."
"It is what is established in the Plan for Prevention and
Emergencies for our service, and what international practices
recommend for this type of event," the ad said.
The Company said that after submitting samples of an discovered
organic substance for testing, it then communicated the situation to ETOSS
at 10:08 p.m. and "coordinated assistance to hospitals and retirement homes
and informed the media." Lab results eventually proved the organic elements
to be harmless and the water supply was turned back on.
"We want you to know what happened," the Company said. "We
understand and regret the trouble this caused but we acted with
the zeal that is imposed on us by our commitment to delivery of
service."
AMPRI: Reorganization Proceeds Under Court Rules
------------------------------------------------
Argentine medical services company Ampri S.A., which was declared bankrupt
by Buenos Aires' Court No. 17 earlier, will undergo reorganization. Local
news portal Infobae revealed that Mr. Hugo Trejo, which the court appointed
as receiver for the bankruptcy process, will still be the receiver for the
Company's
reorganization.
An earlier report by the Troubled Company Reporter - Latin
America said that the court granted a request for the Company's
bankruptcy filed by Universal Asistense S.A., to whom the Company owes
$28,184.
A new set of deadlines has been set for the reorganization. The
receiver will verify creditors' claims until October 20 this
year. This is done to establish the existence, nature and amount
of the Company's debts.
After the verification process, the receiver is required to
prepare individual reports, which must be presented to the court
on December 1. The general report, which will be prepared after
the individual reports are processed in court, must be filed on
February 16 next year.
Working with the city's Clerk No. 34, the court orders an
informative assembly to be held on August 3 next year.
CONTACT: AMPRI S.A.
Azcnuenaga No. 1507
Buenos Aires
Mr. Hugo Trejo
2nd Floor
No. 744 Cordoba Avenue
Buenos Aires
AVACA: Court Approves "Concurso Preventivo" Petition
----------------------------------------------------
Avaca S.A., which is domiciled in Buenos Aires, will undergo
reorganization after receiving permission from a local court.
Infobae reports that the city's Court No. 4 approved the
Company's motion for "Concurso Preventivo".
The Company was assigned a receiver, Mr. Mario Leizerow, a local
accountant. The report adds that the receiver will authenticate
proofs of credit claims until November 13 this year. After that,
he will be preparing the individual reports. The receiver is also required
to prepare a general report on the process, after the individual reports are
processed at court.
An informative assembly is also an essential part of the
reorganization process. However, the source did not mention
whether the court has set the deadlines for the report and the
date for the informative audience.
CONTACT: Avaca S.A.
Ave. Gaona 1295
Buenos Aires
Mario Leizerow
Ave. Corrientes 1250
Buenos Aires
BON NOUVELLE: Court Orders Bankruptcy
-------------------------------------
Court Bo. 13 of Buenos Aires ruled that Bon Nouvelle S.A. is
"Quiebra Decretada", according to a report by local news portal
Infobae. The Company will undergo the bankruptcy process, which
will see its assets being liquidated in the end to pay its
creditors.
Working with Clerk No. 25, the court assigned Mr. Feliciano
Salvia as the Company's receiver. Mr. Salvia will validate
creditors' claims until October 17 this year.
The receiver's duties also include the preparation of individual
and general reports. However, the source did not reveal whether
the court has set the deadlines for these reports.
CONTACT: Bon Nouvelle S.A.
Suipacha 190
Buenos Aires
Feliciano Salvia
Ave. Cordoba 1540
Buenos Aires
CHGI: Enters Bankruptcy Proceedings On Court Order
--------------------------------------------------
Compania Hotelera Gastronomica Iberoamericana S.A. enters
bankruptcy as ordered by Buenos Aires' Court No. 1. Argentine
news source Infobae reports that the Company was deemed "Quiebra
Decretada" by the court.
Creditors must present their claims to Lajbisz Barg, the
designated receiver, for verification. The deadline for the
authentication process is October 8 this year.
The source, however, did not indicate whether the court has set
the deadlines for the individual and general reports. The
receiver is required to prepare the individual reports upon
completion of the verification process.
CONTACT: Lajbisz Barg
Paraguay 2630
Buenos Aires
COMPLEJO ROXINI: Receiver Ends Creditor Claims Check Period
-----------------------------------------------------------
Ms. Mabel Lopez, receiver for Complejo Roxini closes the
verification process for the Company's bankruptcy today. An
earlier report by the Troubled Company Reporter - Latin America
said that Buenos Aires' Court No. 15, which is under Dr. Norma
DiNotto, handles the case. However, local sources did not mention whether
the court has set the deadlines for the individual and general reports.
CONTACT: Complejo Roxini S.A.
Tacuari St. No. 566
Buenos Aires
Mabel Lopez
Murgiondo St. No. 3607
Buenos Aires
Phone: 4601-9367
EASA: Deadlines For Bankruptcy Process Set
------------------------------------------
The deadlines for the credit verification, individual and general reports
regarding the bankruptcy of Buenos Aires-based company Emprendimientos
Americanos S.A. has been set, reports Argentine news source Infobae.
Accordingly, creditors must present their claims to the receiver, Mr. Daniel
del Castillo for verification before October 29 this year. The individual
reports, which are prepared upon completion of the verification process,
must be filed by December 10. The general reports are due for submission on
February 20 next year.
At the end of the bankruptcy process, the Company's assets will
be liquidated to pay off its creditors. Payments will be based on the
results of the credit verification process, where the
existence, nature and amount of the Company's debts are
investigated.
CONTACT: Daniel del Castillo
Peron 1558
Buenos Aires
GRANISEM: Court Sets Deadline for Proofs of Claims
--------------------------------------------------
The deadline for the verification of credit claims for the
bankruptcy of Granisem S.R.L. is November 11 this year, according to local
news portal Infobae. Buenos Aires' Court No. 21, which handles the Company's
case, assigned Ms. Maria Cristina Gravier as the Company's receiver, who is
tasked with verifying credit claims.
The court also ordered the receiver to have the individual
reports ready by December 29 this year and the general report on
March 15.
CONTACT: Granisem S.R.L.
Tucuman 1484
Buenos Aires
Maria Cristina Gravier
Piedras 172
Buenos Aires
HAVANNA: Judge's Ruling Could Hamper Sale To D&G
------------------------------------------------
The sale of Argentina's traditional confectionery firm Havanna to the local
private equity fund Desarrollo y Gestion (D&G) suffered a setback. About 70%
of Havanna belongs to The Exxel Group and the other 30% is in hands of the
Deutsche Bank, as a result of a debt to the entity.
Havanna owes a group of banks (Citigroup, Creditanstalt,
Santander Central Hispano, Patagonia Sudameris and Deutsche Bank) US$31.5
million, which come from a syndicated loan granted to Exxel in 1996, when it
bought Havanna from its founders.
Two weeks ago, Exxel signed an accord with D&G and committed to
sell the syndicated loan to D&G in around US$14 million.
However, Havanna is carrying out a formal restructuring
proceeding since July 7, 2002, and the judge that oversees the
proceeding, Mr. Kolliker Frers, declared the mentioned loan
inadmissible. The loan was actually granted to Great Brand (a
Cayman-based company that provided shares in Havanna as
guarantee).
Even though this decision is just preliminary, it hampers the
possible purchase of the firm by D&G.
The judge wants to find out if an operation of this kind (a loan
granted to a company based in a tax heaven with stocks as
guarantee) damages the rest of the creditors of the company,
which has other Ps. 12 million in liabilities.
NIKKEI: Court Assigns Receiver to Oversee Reorganization
--------------------------------------------------------
Daniel Alejandro Macri, a Buenos Aires accountant was appointed
receiver to Nekkei Agro Eximport S.R.L., which was declared
bankrupt recently. Argentine news source Infobae relates that the city's
Court No. 1 deemed the Company "Quiebra Decretada".
The credit verification process will end on October 20 this year. After
that, the receiver is tasked with the preparation of the individual reports.
However, the source did not reveal whether the court has set the deadline
for these reports, as well as the individual report.
CONTACT: Daniel Alejandro Macri
Simbron 5742
Buenos Aires
PUNTO B: Court Sets Deadline For Individual, General Reports
------------------------------------------------------------
Court No. 2 of Buenos Aires has set the deadlines for the
bankruptcy of local company, Punto B S.R.L., relates Infobae. The individual
reports must be presented to the court on November 14, 2003 and the general
report on February 3 next year.
The receiver, Mr. Antonio Gargiulo, will verify creditors' claims until
September 30 this year, after which he will be preparing the individual
reports.
An earlier by Infobae report indicated that the court ruled that
the Company is "Quiebra Decretada", and will have to undergo
bankruptcy proceedings. At the end of the process, the Company's
assets will be liquidated to reimburse its creditors.
CONTACT: Punto B S.R.L.
Cramer 3956
Buenos Aires
Antonio Garguilo
Uruguay 385
Buenos Aires
SANIMAT: Verifications End February Next Year
---------------------------------------------
The credit verification process for the bankruptcy of Buenos
Aires-based company Sanimat S.A. ends on February 10 next year,
according to a report by Argentine news source Infobae. The
city's Court No. 18 handles the Company's case with assistance
from Clerk No. 35 said the report. The designated receiver for
the case is Mr. Osvaldo Nicolini, who will verify creditors'
claims.
The receiver is required to prepare individual and general
reports on the bankruptcy process. However, the source did not
mention whether the court has set the deadlines for these
reports.
CONTACT: Sanimat S.A.
Ave. Monroe 1869
Buenos Aires
Osvaldo Nicolini
Alvarez Thomas 3036
Buenos Aires
SCP: Amends Terms of Debt Restructuring Proposal
------------------------------------------------
Argentine holding Sociedad Comercial del Plata (SCP) has amended
the terms of its debt restructuring proposal. The company is
carrying out a formal restructuring proceeding and has some
ARS1.2 billion (US$ 406.80 million) in liabilities.
Among other aspects, the firm said that all its US dollar
denominated debts will be converted into Argentine pesos at a
rate of US$1 = ARS1, without any adjustment or actualization.
Subsequently, these debts and those denominated in pesos will be
then turned into US dollars at the rate of US$3 = ARS1, obtaining what SCP
calls its consolidated debt. This consolidated debt will be applied a 40%
write-off and will be paid with new notes in five years, after an 11-year
grace period. 10% of the debt will be repaid in year 2014, 10% in 2015, 20%
in 2016, 30% in 2017 and 30% in 2018. No interest will be paid until 2013
and from that year on, an annual 1% will be paid.
The total discount proposed by the Company, taking into account
the pesification (US$1 = ARS1) and the subsequent cut, will be -
with a dollar at ARS3- of 80%.
The paper presented by SCP last Thursday contains an amendment
that had been asked for by its creditors: the possibility to
convert their notes into company stocks. For those who choose
this option, SCP will respect the currency of the credit, but
will apply the 40% write-off anyway. Then, it will give one stock per every
ARS10 or US$10 of debt. Those who have credits in dollars will be granted
compensation according to the exchange rate of the moment when they execute
the option.
SCP keeps an option to repurchase the notes during the first ten
years (when it wont be carrying out payments).
SCP's bondholders will have to meet before October 10 in order to decide
whether to approve the proposal or not. The holding needs at least two third
of the votes so that its restructuring
proceeding started three years ago gets court approval.
Analysts polled by newspaper El Cronista believe this proposal is too hard
on creditors and don't think they will vote in favor. They will find a
strong legal opposition, especially because the company doesn't practically
exist anymore, one of the analysts said.
Jim Harper, from BCP Securities, pointed out SCP could reduce its debt to
less than US$100 million with this proposal. But still, its is hard to
imagine how it will manage to pay.
SOPHI: Court Assigns Receiver For Bankruptcy Process
----------------------------------------------------
Mr. Mario Kahan, an accountant from Buenos Aires, was assigned
receiver for the bankruptcy of local Company Sophi S.A., reports
Infobae. The city's Court No. 4, which is assisted by Clerk No.
8, recently ruled that the Company is "Quiebra Decretada".
The Court ordered the receiver to verify creditors' claims until
October 16 this year. After that, he will prepare the individual
reports, followed a by general report. However, the source did
not indicate whether the court has set the deadlines for these
reports.
CONTACT: Mario Kahan
Lavalle 2306
Buenos Aires
TELECOM ARGENTINA: France Telecom Divests Stake
-----------------------------------------------
France Telecom announced Tuesday the sale of its indirect
interest in Telecom Argentina. By selling its stake in Argentina, France
Telecom is carrying out the assets rationalization strategy announced on
December 5, 2002. This strategy involves analyzing the Group's assets
outside France and the United Kingdom, based on strategic and financial
criteria.
Having left Argentina, France Telecom resolved to divest from CTE Salvador.
Despite its profitability, this asset remains isolated from the Group's
other assets in Latin America.
France Telecom announced the sale of its indirect interests in
Telecom Argentina to W de Argentina, an affiliate of the Los W
group, a leading Argentinean investment company for a
consideration in cash of US$ 125 million.
France Telecom and Telecom Italia each hold approximately 34% of
voting rights and a 25.5% economic interest in Nortel Inversora
("Nortel"), the holding company which owns 54.7% of Telecom
Argentina's share capital. Prior to the sale, it is agreed that
France Telecom and Telecom Italia will contribute their stakes in Nortel to
a company created for this purpose, co-owned on a 50-50 basis by France
Telecom and Telecom Italia. France Telecom will then sell 48% of this
company's stock to W de Argentina,
alongside with an option for the purchase of the remaining 2%.
The option is exercisable by W de Argentina at any time between
January 31, 2008 and December 31, 2013.
The total consideration for this transaction, including the
option price, is of US$ 125 million to be paid in full at
closing.
The closing of the transaction is expected to take place as soon
as all necessary authorizations will be obtained, in particular
legal and governmental authorizations.
The Telecom Argentina group is one of Argentina's two main
telecommunications operators. It provides local and long-distance telephony,
mobile communications (through its subsidiary Telecom Personal), data and
Internet access services in northern Argentina. It also operates a mobile
license in Paraguay through one of its subsidiaries. In 2002, Telecom
Argentina registered revenues of 3.2 billion pesos (approximately US$ 1.2
billion) and had - at year-end - a base of 3.6 million fixed lines and 2.7
million mobile customers.
Telecom Argentina stock is listed on the Buenos Aires and New
York stock exchanges (as ADRs). Nortel preferred shares are
listed on the Buenos Aires and New York stock exchanges.
About France Telecom
France Telecom is one of the world's leading telecommunications
carriers, with 113 million customers on the five continents (220
countries and territories) and consolidated operating revenues of 46,6
billion euro for 2002 (22,9 billion euro at June 30th,
2003). Through its major international brands, including Orange,
Wanadoo, Equant and GlobeCast, France Telecom provides
businesses, consumers and other carriers with a complete
portfolio of solutions that spans local, long-distance and
international telephony, wireless, Internet, multimedia, data,
broadcast and cable TV services.
France Telecom is the second-largest wireless operator and
Internet access provider in Europe, and a world leader in
telecommunications solutions for multinational corporations.
France Telecom (NYSE: FTE) is listed on the Paris and New York
stock exchanges.
CONTACT: Nilou du Castel
Phone: +33 (0)1 44 44 93 93
Email: nilou.ducastel@francetelecom.com
Caroline Chaize
Phone: +33 (0)1 44 44 93 93
Email: caroline.chaize@francetelecom.com
TEXTIL ARIES: Court Authorizes Bankruptcy Process
-------------------------------------------------
Textil Aries S.R.L., which is based in Buenos Aires, enters
bankruptcy upon order from the city's Court N. 17. Infobae
relates that the court, which is assisted by the Clerk No. 34,
ruled that the Company is "Quiebra Decretada".
The receiver appointed for the process is Mr. Jorge Juan
Gerchkovich, said the report. Creditors must present their claims for
authentication to the receiver before the October 15 deadline expires.
After the verification process, the receiver will prepare
individual reports, which must be presented to the court on
November 25. The receiver also faces a February 12, 2004 deadline for the
general report.
CONTACT: Jorge Juan Gerchkovich
Lavalle 1882
Buenos Aires
* Argentina Misses $2.9 Billion Payment to IMF
----------------------------------------------
Argentina did not make a US$2.9 billion payment Tuesday to the
International Monetary Fund, Bloomberg reports. The missed
payment comes as President Nestor Kirchner, who took office in
May, is pressing the International Monetary Fund to ease
conditions for a new three-year loan accord that would require
the government to reduce spending, compensate banks for losses
incurred from the US$95 billion-debt default in late 2001 and end a freeze
on utility rate increases.
Cabinet Chief Alberto Fernandez said that the government wants to protect
its US$13.6 billion of foreign reserves.
"Argentina isn't neglecting its international commitments, rather it is
negotiating with dignity," Jose Maria Diaz Bancalari, leader of the
governing Peronist Party coalition in the lower house of congress, said in
an interview.
The missed payment risks postponing debt restructuring
negotiations with bondholders as well as shutting out new
investment, said investors such as Jonathan Binder at Standard
Asset Management in Miami.
"This is very bad news for Argentina," said Binder, who manages
$1.2 billion of assets, including Argentine bonds.
Argentine officials have said they would unveil a proposal for
rescheduling bond payments during the IMF's meeting in Dubai
Sept. 23.
The IMF has said it doesn't consider a loan payment as overdue
until a month after the due date. IMF spokesman Francisco Baker
declined to comment on the payment.
=============
B E R M U D A
=============
GLOBAL CROSSING: Court Approves Microsoft Settlement Agreement
--------------------------------------------------------------
Following extensive, arm's-length negotiations, the Global
Crossing Debtors and Microsoft entered into a Settlement
Agreement, which amends the Microsoft Agreement, to provide for,
among other things, a reduction in the Capacity Commitment and
revised payment terms.
The salient terms of the Settlement Agreement are:
A. The Remaining Commitment is reduced to $60,581,371, to be paid in these
installments:
-- $7,500,000, 31 days after the Settlement Date;
-- $22,790,685, 31 days after the Effective Date;
-- $15,145,343, by the later of December 31, 2003 or 31 days
after the Effective Date; and
-- $15,145,343, 31 days after the later of the Effective Date or
successful completion of the Performance Test.
B. The Reduced Commitment may be applied towards all capacity and services
offered by the Debtors.
C. Microsoft will receive most favored nation pricing for the
Capacity and the Services, which is the lowest price paid to the
Debtors for reasonably comparable Capacity and Services of
reasonably similar volume and reasonably similar terms and
conditions taking into account the totality of the Reduced
Commitment and the payment schedule.
D. Microsoft will have the right to market or resell the Services either
directly or indirectly through marketing representatives.
E. The Debtors will complete a satisfactory performance test on
13 private line circuits under lease by Microsoft. The
Performance Test requires six consecutive months of individual
circuit availability no less than 99.995%, which must be
completed before December 31, 2003. Any failure in the
Performance Test will result in a 25% reduction of the Reduced
Commitment.
F. Microsoft fully releases and forever discharges the Debtors
from any claims related to the Proposed Venture.
G. The Debtors will assume the Amended Microsoft Agreement as of
the Effective Date. Effective Date will mean the "Closing Date"
as defined in the Purchase Agreement, provided, however, that for the
purposes of the Settlement Agreement, the Effective Date will be deemed not
to occur unless:
a) The $237,500,000 aggregate purchase price, in consideration of the
issuance by the reorganized Debtors of the New Common Shares and the New
Preferred Shares, as provided for in the Purchase Agreement is paid by:
(i) Hutchison and STT, either jointly or severally,
(ii) a purchaser that is a telecommunications provider like
Hutchison or STT, to which Microsoft consents, which consent will not be
unreasonably withheld, or
(iii) a purchaser that is not a telecommunications provider, to
which Microsoft, in its sole discretion, consents; or
b) The occurrence of the Effective Date, as defined in a modified or new
plan of reorganization, including a "stand-alone" plan by Global Crossing,
to which Microsoft in its sole discretion consents, provided, that, if the
new plan provides for the payment of $237,500,000 by a purchaser that is a
telecommunications provider like Hutchison or STT, Microsoft's
consent will not be unreasonably withheld.
Backgrounder
The Global Crossing Debtors, Microsoft, and Softbank are parties
to a Subscription and Shareholders Agreement, dated September 8,
1999. Pursuant to the Shareholders Agreement, the GX Debtors
transferred portions of their telecommunications network to a new company,
Asia Global Crossing Ltd. The GX Debtors, Microsoft, and Softbank each
acquired equity ownership in AGX, with the GX Debtors as the controlling
shareholder.
The GX Debtors, Microsoft, and Softbank entered into a Capacity
Commitment Agreement in connection with the Shareholders
Agreement, among other reasons, as consideration for Microsoft's
and Softbank's purchase from Global Crossing of their interest in AGX and to
facilitate the sale of network capacity by the GX
Debtors to Microsoft and Softbank. Pursuant to the CCA, Microsoft and
Softbank each agreed to purchase $100,000,000 in network capacity on
specified portions of the Network from the GX Debtors under certain terms
and conditions. Each of Microsoft and Softbank are severally liable for
their own commitments.
Microsoft made the first two purchases required by the Microsoft
Agreement and has paid a portion of the remaining amounts due. On October
18, 2002, the GX Debtors invoiced Microsoft for amounts that were due under
the Microsoft Agreement. According to the Invoice, $76,135,000 was allegedly
due from Microsoft to Global Crossing under the Microsoft Agreement.
Microsoft disputes the GX Debtors' allegations. Since October 2002,
Microsoft has made certain payments under the Microsoft Agreement.
Pursuant to the Court's Order approving procedures for assumption of
contracts and unexpired leases dated October 31, 2002, the Debtors created a
database with a listing of those executory contracts and unexpired
non-residential real property leases that the Debtors intended to assume as
of the effective date of the Plan. The Debtors listed the entirety of the
CCA, along with other executory contracts with Microsoft, on the Database.
Microsoft objected to the assumption of the CCA. The Objection
alleged that the Debtors:
(i) had failed to maintain certain minimum standards for
performance availability on the Network,
(ii) were incapable of performing under the CCA, and
(iii) were incapable of providing adequate assurance of future
performance.
In addition, Microsoft asserted claims against the Debtors
related to the proposed formation of a joint venture between
their one time web-hosting subsidiary, GlobalCenter, and AGX,
which was not consummated and was later abandoned. The Debtors
dispute Microsoft's allegation that it has any claims related to
the Proposed Venture. (Global Crossing Bankruptcy News, Issue No. 46;
Bankruptcy Creditors' Service, Inc., 609/392-0900)
===========
B R A Z I L
===========
CELG: Dispute With Cachoeira Dourada Far From Resolution
--------------------------------------------------------
Brazil's Goias state distributor Celg and hydro generator
Cachoeira Dourada haven't reached an accord yet. According to
Business News Americas, Cachoeira Dourada has denied that it owes BRL357
million (about US$122mn) in back pay to Celg. And contrary to reports, it
didn't make huge profits by selling energy on the market during energy
rationing in 2001. Instead, Cachoeira Dourada claims its suffered losses by
having to buy energy on the open market to honor contract agreements with
Celg.
An injunction was earlier awarded to Celg allowing it to cancel
its agreement to buy power from Cachoeira Dourada. The current
Goias government argued Celg is paying too much for electric
power from Cachoeira Dourada, thus damaging the distributor's
financial health.
CONTACT: COMPANHIA ENERGETICA DE GOIAS (CELG)
Rua 2 - Qd. A-37 - Edificio Gileno Godoi
Jardim Goias - Goiania - Goias
Brazil
CEP: 74805-180
Phone: (0XX62) 243-2222
Fax: (0XX62) 243-2100
Email: celg@celg.com.br
Home Page: www.celg.com.br/
Contact:
Jose Walter Vazquez Filho, President
Phone: (0XX62) 243-1001
Samuel Albernaz, Administrative Director
Phone: (0XX62) 243-1031
Javahe de Lima, Economic-Financial Dir./Investor
Relations
Phone: (0XX62) 243-1041
CEMAR: Aneel Restarts Sale Process
----------------------------------
The race to take control of Cemar is now on. According to
Business News Americas, interested buyers will have until October 9 to get
information regarding the Company at the data room. And from October 9,
interested parties should submit pre-
qualification documents for the Company. The pre-qualification
deadline is October 21, and companies that make the grade have
until December 1 to bid. Aneel will announce the winner on
December 23, and transfer Cemar to the winner on December 29.
The winner will have to resolve Cemar's BRL350-million debt with
state power sector holding Eletrobras. The Company, according to
previous reports, has total debts of BRL800 million.
Local private equity fund GP Investimentos previously tried to
buy Cemar from US utility PPL Global, which walked away from the
utility because of financial problems, but Aneel blocked the move in August
this year.
Aneel has intervened in Cemar since August 2002, after PPL Global had agreed
in July that year to sell the utility to US investment fund Franklin Park
for just US$1.
CONTACT: COMPANHIA ENERGETICA DO MARANHAO
Av. Colares Moreira, 477
65075-441 - Sao Luiz- MA
PHONE: (98) 217-2119
FAX: (98) 235-3024
WEBSITE: http://www.cemar.com.br/
CREDITORS: CENTRAIS ELETRICAS BRASILEIRAS S.A. - ELETROBRAS
Avenida Presidente Vargas 409, 13 Andar
20071-003 Rio de Janeiro Brazil
Phone: (21) 2514-5151
Fax: +55-21-2242-2697
Home Page: http://www.eletrobras.gov.br
Contacts:
Cladio da Silva avila, President
Jose Alexandre Nogueira de Resende, Director of
Financial and Market Relations
Investor Relations Division
Phone: (0XX21) 2514-6207 / 2514-6333
Av. Presidente Vargas, 409 - 9 andar
20071-003 - Rio de Janeiro - RJ
Email: arlindo@eletrobras.gov.br
CENTRAIS ELETRICAS DO NORTH DO BRAZIL - ELETRONORTE
Av. Presidente Vargas, 489 -13 andar.
20071-003- Rio do Janeiro RJ
Phone: + (55+61) 429 5139
Fax: +(55+61) 328 1373
E-mail: elnweb@eln.gov.br
Home Page: http://www.eln.gov.br/
Contact:
Mr. Arlindo Soares Castanheira, Investor Relations
Phone: 55 21 2514.6331
55 21 2514.6333
Fax: 55 21 2242.2694
E-mail: arlindo@eletrobras.gov.br
GERDAU: To Invest BRL626 Million In P&E Upgrades
------------------------------------------------
In accordance with the requirements of CVM Instruction n° 358 of
March 1, 2002, GERDAU S.A. (Bovespa: GGBR, NYSE: GGB, Latibex:
XGGB) announces a R$ 626 million investment program for the next
four years, for the modernization of the Gerdau Acos Finos
Piratini and Gerdau Riograndense mills.
Of this sum, R$ 348 million will be invested at Gerdau Acos Finos Piratini,
a producer of specialty steel for the domestic market.
The main investment will be the installation of new rolling
equipment, which will contribute to increasing the annual
installed capacity of finished steel products by 200 thousand
metric tons, to a total of 500 thousand metric tons.
At Gerdau Riograndense, the planned investments total R$ 278
million, with the highlight being the modernization of the
drawing mill. This will bring improvements to the quality of the
line of products with greater added value for the agricultural
sector.
Of the total investments, 13% will be directed towards
computerized management systems and improvements to productivity
at the two units. Environmental investments will total R$ 38
million.
An announcement regarding this subject has been sent to the
Brazilian Securities Commission (CVM) and the Sao Paulo Stock
Exchange (Bovespa), and is available at the website
www.gerdau.com.br, along with more detailed information regarding the
proposed investment.
CONTACT: Gerdau S.A.
Avenida Joao XXIII, 6777
Santa Cruz
23560 - 900 Rio de Janeiro - RJ
Brazil
Phone: +55 21 2414-6000
Fax: +55 21 2414-6243
Telex: 23423
Home Page: http://www.gerdau.com.br
Contact:
Jorge Gerdau Johannpeter, Chairman
GERDAU: Announces Export Receivable Notes Program
----------------------------------------------------
On September 5, 2003, GERDAU S.A. (Bovespa: GGBR, NYSE: GGB,
Latibex: XGGB), in a joint operation with its controlled company, Aco Minas
Gerais S.A. - Acominas, concluded the placement of the US$105 million first
tranche of an Export Receivable Notes program. This program, to total US$400
million, represents an important tool for improving the debt profile of
these companies. All obligations under the securitization are shared on a
joint and several basis between both companies.
This initial tranche was placed with a 7.37% p.a. coupon and
final maturity in July 2010. The operation has a grace period of
2 years and amortization will be carried out quarterly, as of
October 2005. The operation was given the "BBB-" rating by Fitch
Ratings. The certificates are backed by receivables generated by
the future sales of steel products produced by the two companies.
In the first semester of 2003, Gerdau S.A. and Acominas together
exported 1.5 million metric tons of steel products, representing
46.7% of their total sales of 3.1 million metric tons for the
period. These exports generated revenues of US$ 357.5 million for the
semester.
LIGHT SERVICOS: BNDES May Agree To Stretch Loans
------------------------------------------------
Expectation is rife that Brazil's state development bank BNDES
will also agree to reschedule Light Servicos de Eletricidade SA's debt after
it agreed to reschedule US$1.2 billion of loans to U.S. power company AES
Corp., which owns a controlling stake in Eletropaulo Metropolitana SA.
"It increases chances the bank may agree to extend maturity of
Light's debt," Rafael Quintanilha, an analyst with Espirito Santo Securities
in Rio de Janeiro, said. He added that the Company has about BRL130 million
($44 million) of debt with the BNDES in the short-term and BRL500 million in
the long-term.
The expectation pushed Light's share 16% higher or BRL5.1, on
Tuesday, to BRL37.60, their highest level since Feb. 3, and the
largest gain in two years, in trading in Sao Paulo.
Light, a unit of Electricite de France, Europe's biggest power
producer, missed payment on part of a BRL5.1 billion of debt in
July after failing to reach an agreement with creditors.
According to a Valor Economico newspaper, EDF said it may boost
the capital of its Brazilian unit, provided creditors of the Rio
de Janeiro-based utility agree to extend or forgive debt.
CONTACT: LIGHT SERVICOS DE ELETRICIDADE S.A.
Avenida Marechal Floriano, 168
20080-002 Rio de Janeiro, Brazil
Phone: +55-21-2211-2794
Fax: +55-21-2211-2993
Home Page: http://www.lightrio.com.br
Contact:
Bo Gosta Kallstrand, Chairman
Michel Gaillard, President and CEO
Joel Nicolas, Executive Director, Operation
Paulo Roberto Ribeiro Pinto, Executive Director,
Investor Relations and CFO
=========
C H I L E
=========
AES GENER: Financial Restructuring May Begin Soon
-------------------------------------------------
Executives of US power company AES told investors at a conference held
Tuesday that it will launch a financial restructuring of Chilean generation
subsidiary AES Gener "soon," reports Business News Americas. The financial
restructuring could include the sale of a minority stake in the Company or
the investment of fresh capital, or both.
According to AES CEO Paul Hanrahan, Chile is a promising market
in which Gener has a significant market share, good plants and
good management, "but Gener is over-leveraged and needs to be
capitalized properly."
AES owns 98.65% of Gener, which including the full capacity of
its 50%-owned Guacolda plant, has total installed capacity of
1,740MW. One advantage it holds over competitors is that it can
bring on new capacity at existing plants, meaning that the new
generation would be relatively cheaper, Hanrahan said.
TELEFONICA CTC CHILE: Fitch Affirms 'BBB+' Rating; Stable
---------------------------------------------------------
Fitch Ratings has affirmed Compania de Telecomunicaciones de
Chile S.A.'s (CTC or Telefonica CTC Chile) international scale
foreign and local currency unsecured debt ratings at 'BBB+'. This rating
applies to $557 million in outstanding securities,
including CTC's 5.38% coupon Eurobonds due 2004, 7.63% coupon
Yankee bonds due 2006 and 8.38% coupon Yankee bonds due 2006.
Fitch has also affirmed CTC's national-scale senior unsecured
debt ratings rating at 'A+(Ch)'. The Outlook for all these
ratings has been revised to Stable from Negative.
The rating action is based on CTC's implementation and successful execution
of a turnaround plan put in place following the detrimental regulatory
tariff decree implemented four years ago. Financial performance resulting
from the turnaround plan has shown consistent marked improvement since
bottoming in 2000,
although the improvement has been slowed by weak economic
conditions and increased competition and pricing pressures.
The improvement in CTC's financial profile has been predominantly achieved
through significant debt, cost, and capital expenditure reduction effort.
Since mid-1999, CTC has reduced debt levels to US$1.4 billion at June 30,
2003 from a peak of US$2.9 billion. Labor reductions have reduced the
workforce by almost half (to under 5,000 employees) resulting in significant
annual savings while maintaining service quality. Limiting capital
expenditure levels to US$200-250 million annually versus historical levels
of US$600-650 million has further improved free cash flow available for debt
reduction. Capital expenditures have been mainly focused on business units
experiencing growth. For instance, US$150 million has been spent upgrading
the company's wireless network to GSM technology. In addition, divestitures
of non-core business units have generated cash proceeds of close to $400
million, which have been used to pay down debt.
CTC's credit protection measures have strengthened to levels
consistent with the current rating category, including
EBITDA/Interest of 5.6 times (x) and Debt/EBITDA of 2.5x during
the first six months ended June 30, 2003. EBITDA margins have
improved to 48% from a low of 36% in 2000 as a result of cost
reductions and growth in new services (i.e. mobile and data),
which have partially offset weak traffic and pricing in the local exchange
and long distance businesses. Credit protection measures are expected to
remain stable or slightly improve over the next year or two as the company
continues its debt reduction strategy, which would further solidify CTC
within its rating category. CTC currently generates approximately US$200
million in annual free cash flow available for debt reduction. Fitch expects
that CTC may eventually slow debt reduction as leverage targets are
achieved; free cash flow may then be available for other uses.
CTC's ratings incorporate a satisfactory outcome to the upcoming
tariff resetting process. Chilean regulators are currently in the process of
formulating new fixed line price caps for the 2004-2009 period, to become
effective in May 2004. Key issues for the tariff-setting process include
which services are to be
regulated, allowing alternative rate plans, increasing tariffs to the public
and local access charges, and making access pricing similar for all local
operators. Given the negative effects of CTC's last rate case, including the
loss of jobs, reduced investment in the sector, sizable financial losses and
a
reduction in market share, possible negative outcomes to the
upcoming tariff resetting process are tempered, although
regulatory risks remain present.
CTC is the largest communications provider in Chile, with US$1.2
billion in revenues and US$545 million in EBITDA in 2002. CTC is
the largest local exchange operator with a market share of 75%,
the second largest wireless provider with a market share of 30%,
the second largest long distance provider with market shares of
39% in domestic long distance and 32% in international long
distance. CTC is 43.6% owned by Telefonica S.A. of Spain.
CONTACT: Guido Chamorro
Chicago
Phone: +1-312-368-5473
Ivonne Ibanez
Santiago, Chile
Phone: +562 206-7171
Media Relations
James Jockle
New York
Phone: +1-212-908-0547
===============
C O L O M B I A
===============
PAZ DEL RIO: Abandons Processing Plan With Hornasa
--------------------------------------------------
An official at the presidency of Colombian steelmaker Acerias Paz del Rio
revealed that the Company and fellow steelmaker Hornos Nacionales (Hornasa)
have balked at a plan to transport liquid steel from Paz del Rio's mill to
the Hornasa plant for
processing, Business News Americas relates.
"It was feasible about a year ago but now conditions have
changed," the official, Carlos Zambrano, said.
The plan would have involved using Hornasa's ladle furnace and
continuous casting machine, allowing Paz del Rio to increase its
production at the blast furnace stage.
But according to Zambrano, Paz del Rio will not have enough
supplies of liquid steel available for the operation.
"The agreement we had was in case we had excess stock to process, which was
the case but now we have been reducing stocks as a consequence of a greater
availability of equipment," he added.
The plan would have benefited Hornasa as it could have operated
at 100% capacity while now it is at 60%.
CONTACT: ACERIAS PAZ DEL RIO S.A.
Carrera 8 # 13-31, Pisos 7 al 11
Bogota, D.C.
Phone: (091) 282-8111
Fax: (091) 282-6268 282-3480
E-mail: apdr@multi.net.co
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO MERCANTIL: Fitch Comments On Republic Bank Buy
----------------------------------------------------
Fitch Ratings is monitoring the ongoing negotiations between
Dominican Republic-based Banco Mercantil (Mercantil) and Trinidad &
Tobago-based Republic Bank Limited (RBL). Based on public reports, RBL is
expected to take control in the coming weeks of Mercantil and contribute new
capital of USD 35 million in the bank. The Central Bank of the Dominican
Republic is also expected to provide a guarantee (reportedly up to DOP 6,000
million -- USD 178 million) to cover Mercantil's loan portfolio.
A deposit run in an offshore bank controlled by Mercantil's main
shareholders and nervousness in the local market due to the
intervention of the second largest Dominican private bank (Banco
Intercontinental -- BanInter) in April 2003 resulted in liquidity pressures
at Mercantil, partly addressed through Central Bank assistance (DOP 3,100
million -- around USD 92 million) in the form of liquidity lines and
rediscount operations (for more information, please refer to Fitch's press
release on Banco Mercantil dated August 5, 2003). Mercantil's shareholders
and regulatory authorities have been reviewing various alternatives to
address the bank's challenges including a capital injection or a possible
takeover by another institution. In this context, an acquisition of
Mercantil by RBL (rated 'BBB-' Long-term Foreign Currency by Fitch) followed
by an injection of capital would likely have a positive impact on
Mercantil's overall financial profile and ratings. From RBL's standpoint, a
guarantee covering Mercantil's loans, or the takeover by the government of
its bad loans, would be viewed as a risk mitigating factor considering
Mercantil's comparatively weaker credit quality. This, coupled with
Mercantil's modest size should limit the acquisition's impact on RBL's
ratings. Fitch Ratings continues to monitor the situation and will opine on
the ratings when the final agreement is announced and further details of the
transaction become available.
With nearly 30% of domestic deposits, RBL is a leading bank in
Trinidad & Tobago. In addition to a network of 47 branches in
T&T, Republic has operations in Guyana, Grenada, Barbados, St.
Lucia, and Cayman Islands and offers banking services throughout
the Caribbean. The group is engaged in retail banking, commercial banking,
merchant banking, trust services, mutual fund and investment management. As
of March 31, 2003, RBL's assets and equity totaled TT$20,304 million
(approximately USD 3,300 million) and TT$2,983 million (approximately USD
485 million), respectively.
Established in 1985 but operating as a multiple-service bank
since 1993, Mercantil ranks sixth out of 11 Dominican Commercial
Banks, with a 5.6% asset market share at end- March 2003
(excluding the recently intervened BanInter). The bank has an
established niche in the consumer market, particularly auto-
financing, and it is one of the more technologically innovative
banks in the Dominican market. As of March 31, 2003, Mercantil's
assets and equity totaled DOP 10,308 million (around USD 416.3
million) and DOP 897 million (around USD 36.2 million),
respectively.
Ratings:
Republic Bank Limited
-- Long-term Foreign Currency 'BBB-';
-- Short-term Foreign Currency 'F3';
-- Individual 'C';
-- Support '3';
-- Rating Outlook 'Stable'.
Banco Mercantil
-- Long-term Foreign Currency 'CCC';
-- Short-term Foreign Currency 'C';
-- Rating Watch 'Negative';
-- Long-term National 'BB(dom)';
-- Short-term National 'B(dom)';
-- Individual 'E';
-- Support '5';
CONTACT: Fitch Ratings
Dominican Republic:
Franklin Santarelli
Phone: +58 212 286 3356
Carlos Fiorillo
Phone: + 58 212 286 3232
New York:
Gustavo Lopez
Phone: 212-908-0853
Fabrice Toka
Phone: 212-908-0369
Ken Ritz
Phone: 212-908-0368
Media Relations:
Matt Burkhard
Phone: 212-908-0540
=====================
E L S A L V A D O R
=====================
CTE SALVADOR: France Telecom Sells Indirect Stake For $217M
-----------------------------------------------------------
France Telecom announced Tuesday that it has reached an agreement with
America Movil for the sale of its 26% indirect interest in El Salvador's
operator, CTE Salvador, for a net amount of US$ 217 million payable in cash
at the closing of the transaction.
The transaction provides for the sale of 100% of the stock of
Estel, a consortium owning 51% of CTE Salvador and owned 51% /
49% by France Telecom and CAC (a group of private Salvadorian
partners) for an amount of US$ 417 million.
The closing of the transaction will occur before the end of
November 2003, subject to prior legal and governmental approvals.
In September 1998, the France Telecom-led consortium ESTEL LLC
won an international tender, acquiring a 51% interest in CTE SA
de CV, the operator born of El Salvador's former
telecommunications administration (ANTEL) and holding a mobile
license. The balance of CTE's stock is owned by the State (42.9%) and the
CTE's staff (6.1%).
Since 1998, CTE has become a competitive company, adapting to the
liberalization of El Salvador's telecommunications market. The operator
provides a complete range of telecommunications services to private
customers and businesses: fixed-line and mobile telephony, data transfer and
Internet services. In the fixed-line segment, CTE maintained a market share
of 90.5%, with 618,000 fixed lines end of 2002 and revenues in excess of US$
360 million. In the mobile segment, CTE consolidated its position as a
challenger, with 150,000 subscribers and a market share of 22.5% in 2002.
CTE also operates in Guatemala through its subsidiary, Cablenet.
About France Telecom
France Telecom is one of the world's leading telecommunications
carriers, with 113 million customers on the five continents (220
countries and territories) and consolidated operating revenues of 46,6
billion euro for 2002 (22,9 billion euro at June 30th,
2003). Through its major international brands, including Orange,
Wanadoo, Equant and GlobeCast, France Telecom provides
businesses, consumers and other carriers with a complete
portfolio of solutions that spans local, long-distance and
international telephony, wireless, Internet, multimedia, data,
broadcast and cable TV services.
France Telecom is the second-largest wireless operator and
Internet access provider in Europe, and a world leader in
telecommunications solutions for multinational corporations.
France Telecom (NYSE: FTE) is listed on the Paris and New York
stock exchanges.
CONTACT: Nilou du Castel
Phone: +33 (0)1 44 44 93 93
Email: nilou.ducastel@francetelecom.com
Caroline Chaize
Phone: +33 (0)1 44 44 93 93
Email: caroline.chaize@francetelecom.com
=================
N I C A R A G U A
=================
ENITEL: Government Stake To Go On Sale Next Month
-------------------------------------------------
Nicaraguan fixed line operator will go under the hammer in
October. Business News Americas cited government holding company
Uretel chairman Carlos Fernandez as saying that the government
plans to divest its 49% stake in the troubled Company. The
government expects a valuation of its Enitel stake from BNP
Paribas this week, according to a report by Costa Rican news
source Capital Financiero. The minimum selling price will be
determined by the valuation.
Bids will be received in November, according to the report. Mr.
Fernandez said that the winner will most probably be asked to
make a single full payment on the stake within a month.
However, said the report, sale organizers plan to keep the price
secret until the bids are received. Mr. Fernandez added that
three potential bidders are interested.
The sale will likely skip a pre-qualification stage as the
Company already has a technical manager in the Megatel
consortium, Fernandez added. Megatel controls 60% of Enitel,
while employees hold the other 11%.
=================
V E N E Z U E L A
=================
PDVSA: To Incorporate Bitor Into Eastern Division
-------------------------------------------------
Venezuela's state oil company PDVSA announced Tuesday that its
board has approved the incorporation of its Bitor subsidiary,
which makes orimulsion, into PDVSA's Eastern division, relates
Business News Americas.
"The restructuring of Bitor will not affect the international
contracts that this subsidiary has signed over the last years,
especially with Asian and European companies, for the supply of
orimulsion," PDVSA Oriente director Nelson Martínez said.
Ignacio Layrisse, the former director of PDVSA's petrochemicals
subsidiary Pequiven, said that PDVSA plans to honor contracts
using residual fuel oil would only be possible in older contracts that had a
clause referring to possible non-dispatch of orimulsion, newspaper El
Universal related.
***********
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 America 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 Oona G. Oyangoren, Editors.
Copyright 2003. 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.
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