/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090515.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 Friday, May 15, 2009, Vol. 10, No. 95 Headlines A R G E N T I N A BAGNOT SA: Proofs of Claim Verification Deadline Is June 25 BAZAR Y EQUIPOS: Proofs of Claim Verification Deadline Is July 1 CHANAR CORRAL: Proofs of Claim Verification Deadline Is June 26 CONTENIDOS: Proofs of Claim Verification Deadline Is June 12 EMPRENDIMIENTOS: Proofs of Claim Verification Deadline Is June 6 FADIP FABRICA: Proofs of Claim Verification Deadline Is June 23 IRSA: Incurs ARS106 Million Net Loss in 9-Months 2009 MANUEL UGARTE: Proofs of Claim Verification Deadline Is June 29 MAQUINARIA SOTANA: Proofs of Claim Verification Deadline Is June 5 PAPELERA: Proofs of Claim Verification Deadline Is July 10 B E R M U D A BERMUDA COMMERCIAL: Scraps Dividend Amid Plunge in Profit B R A Z I L AES CORP: Brazilian Unit's 1Q Net Profit Drops 2% to BRL148 Mln CSN: Taps Paulo Marques as New Chief Financial Officer CSN: First Quarter Net Revenue Drops 19% to R$2.44 Billion SADIA SA: Incurs BRL239.2 Mln Consolidated Loss in First Quarter TAM SA: Records 86.2% International Market Share in April C A Y M A N I S L A N D S AGA STRATEGIC: Placed Under Voluntary Wind-Up BERNARD L. MADOFF: Trustee Seeks US$1-Bln From Cayman Fund Harley BERNI HOLDINGS: Creditors' Proofs of Debt Due on June 5 BWGLOBAL – GLOBAL: Placed Under Voluntary Wind-Up CAYMAN ISLANDS NOMURA: Creditors' Proofs of Debt Due on June 1 CLSP OVERSEAS: Creditors' Proofs of Debt Due on May 26 CSERE ATRIUM: Placed Under Voluntary Wind-Up EUROPEAN TELECOM: Shareholders Opt to Wind Up Operations PRISMA SELECT: Placed Under Voluntary Wind-Up SANTA BARBARA: Creditors' Proofs of Debt Due on June 11 WORSELEY INVESTMENTS: Creditors' Proofs of Debt Due on June 12 D O M I N I C A N R E P U B L I C CAP CANA: Simpson Thacher Represents Firm in Debt Restructuring MERCATIL BANK: 10-Year Sentence Against Ex-President Sought * DOMINICAN REP: Power Firms Seek to Force US$148MM Debt Payment G U Y A N A CL FIN'L: CLICO Guyana to Get US$15-Million from Petroleum Fund J A M A I C A AIR JAMAICA: Gets Two Privatization Offers, Minister Says JAMAICAN PRODUCERS: Turns Around With JMD45.4 Mln Net Profit in 1Q M E X I C O BANCO HSBC: S&P Downgrades Counterparty Credit Rating to 'BB' T R I N I D A D & T O B A G O MARUBENI CORP: No Takers for MaruEnergy Trinidad's Bond Offer V E N E Z U E L A * VENEZUELA: CPC Corp Seeks Higher Compensation for Oil Assets - - - - - ================= A R G E N T I N A ================= BAGNOT SA: Proofs of Claim Verification Deadline Is June 25 ----------------------------------------------------------- The court-appointed trustee for Bagnot S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until June 25, 2009. The trustee will present the validated claims in court as individual reports on August 24, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on October 5, 2009. BAZAR Y EQUIPOS: Proofs of Claim Verification Deadline Is July 1 ---------------------------------------------------------------- The court-appointed trustee for Bazar y Equipos para Gastronomia S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until July 1, 2009. The trustee will present the validated claims in court as individual reports on August 11, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on September 21, 2009. CHANAR CORRAL: Proofs of Claim Verification Deadline Is June 26 --------------------------------------------------------------- Marcos Guido Conavero, the court-appointed trustee for Chanar Corral SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 26, 2009. Mr. Conavero will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Marcos Guido Conavero Laprida 1253 Buenos Aires, Argentina CONTENIDOS: Proofs of Claim Verification Deadline Is June 12 ------------------------------------------------------------ Bernardino Margolis, the court-appointed trustee for Contenidos Editoriales SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 12, 2009. Mr. Margolis will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 51, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Bernardino Margolis Parana 426 Buenos Aires, Argentina EMPRENDIMIENTOS: Proofs of Claim Verification Deadline Is June 6 ---------------------------------------------------------------- Marta Susana Guillemi, the court-appointed trustee for Emprendimientos Gastronómicos Indigo SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 6, 2009. Ms. Guillemi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 38, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Marta Susana Guillemi Avenida Corrientes 1585 Buenos Aires, Argentina FADIP FABRICA: Proofs of Claim Verification Deadline Is June 23 --------------------------------------------------------------- Nestor Delfor Monti, the court-appointed trustee for Fadip Fabrica Argentina de Instrumentos de Precision SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 23, 2009. Mr. Monti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on April 8, 2010. The Trustee can be reached at: Nestor Delfor Monti avenida Córdoba 1525 Buenos Aires, Argentina IRSA: Incurs ARS106 Million Net Loss in 9-Months 2009 ----------------------------------------------------- IRSA Inversiones Representaciones SA (IRSA) reported a ARS106 million (US$28.4 million) net loss for the first nine months of the 2009 fiscal year, from a ARS22.8 million net profit last year, Taos Turner of Dow Jones Newswires reports. "IRSA's results for the first nine months mainly reflect the impact of the financial market's volatility on the consumer finance business, on the financial results derived from fluctuations in the exchange rate applied for valuing our stock of debt, and on the results from our related company Banco Hipotecario S.A. caused by the lower valuation of its financial asset portfolio," IRSA said in a statement obtained by the news agency. About IRSA IRSA Inversiones Representaciones SA (IRSA) is an Argentinean company active in the real estate sector. The main activity of the Company is the acquisition of undeveloped land in areas for future development or sale; as well as the acquisition of offices and other properties primarily for rental purposes. The company owns 11.8% of Banco Hipotecario SA. On August 2007, the company bought 50% of the property known as Bank Boston. Together with CYRELA SA, a Brazilian real estate developer, the company created IRSA-CYRELA (CYRSA), engaged in the house development in Argentina. The company is also involved in purchasing and managing shopping centers through its subsidiary, Alto Palermo SA, which owns 10 shopping centers located in Buenos Aires and other provinces. The company is also involved in the purchase and operation of luxury hotels. MANUEL UGARTE: Proofs of Claim Verification Deadline Is June 29 --------------------------------------------------------------- Ulderico Laudren, the court-appointed trustee for Manuel Ugarte SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 29, 2009. Mr. Laudren will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Ulderico Laudren Libertad 293 Buenos Aires, Argentina MAQUINARIA SOTANA: Proofs of Claim Verification Deadline Is June 5 ------------------------------------------------------------------ The court-appointed trustee for Maquinaria Sotana S.R.L.'s reorganization proceedings, will be verifying creditors' proofs of claim until June 5, 2009. The trustee will present the validated claims in court as individual reports on August 5, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on September 17, 2009. PAPELERA: Proofs of Claim Verification Deadline Is July 10 ---------------------------------------------------------- Estudio Canapeti y Llovera, the court-appointed trustee for Papelera Corrientes S A's bankruptcy proceeding, will be verifying creditors' proofs of claim until July 10, 2009. Mr. Llovera will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Estudio Canapeti y Llovera Avenida Roque, Saenz Pena 720 Buenos Aires, Argentina ============= B E R M U D A ============= BERMUDA COMMERCIAL: Scraps Dividend Amid Plunge in Profit --------------------------------------------------------- Bermuda Commercial Bank Limited has cut its semi-annual dividend to zero after its profit for the six-months ended March 31, 2009, plunged by US$3.71 million to US$680,000, from US$4.39 million in the same period last year, Alex Wright of the Royal Gazette reports. The report relates the bank's earnings per share decreased 11 cents from 75 cents a year ago. According to the report, the bank's net interest income for the period was US$3.37 million from US$5.43 million for the same time in 2008 due to the dramatic reduction in global and, in particular, U.S. interest rates to historically low levels. The report says the bank's balance sheet suffered the knock-on effect from the financial downturn, which heavily impacted the transaction flow and deposit levels of some of its larger customers. The Gazette relates the bank's total assets declined by 10.6% from US$486.84 million at September 30, 2008 to US$435.36 million at March 31, 2009, with total assets at US$696.45 million by the end of March last year. * * * As of May 14, 2009, the bank continues to carry Moody's “D+” Bank Financial Strength Rating. =========== B R A Z I L =========== AES CORP: Brazilian Unit's 1Q Net Profit Drops 2% to BRL148 Mln --------------------------------------------------------------- AES Eletropaulo (AES), a unit of AES Corporation, posted a 2% drop in its first quarter net profit to BRL148 million on weaker consumption and a jump in retirement-related benefit costs, Jeff Fick of Dow Jones Newswires reports. The report relates the company recorded a BRL151 million profit in the same period last year. AES Eletropaulo's first-quarter results reflected an 8.01% rate adjustment by regulator Aneel in July, a decline in consumption and increased retirement costs, the company said in a statement obtained by Bloomberg News. According to the report, the company's first quarter revenue increased 5.3% to BRL1.85 billion from BRL1.76 billion in the first quarter of 2008. The report notes AES Eletropaulo's Ebitda in the first quarter were BRL356 million, down from BRL361 million in the year-ago quarter, while Ebitda margin fell to 19.2% in the first quarter versus 20.6% in the year-ago period. About AES Eletropaulo AES Eletropaulo is a major Brazilian power distributor in the state of Sao Paulo, created in the breakup of the old state-owned power distribution company Eletropaulo that monopolized electricity distribution in São Paulo from 1981 to 1999. The similarity of the names makes most old customers call it simply Eletropaulo. Eletropaulo has around 5 million customers, and it's stock is traded on Bovespa, where it is part of the Ibovespa index. The company is majority owned by AES Corporation. About AES Corporation The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of the world's largest global power companies, with 2007 revenues of US$13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. * * * As reported in the Troubled Company Reporter-Latin America on April 7, 2009, Fitch Ratings affirmed The AES Corporation's long- term Issuer Default Rating at 'B+' with a Stable Rating Outlook. CSN: Taps Paulo Marques as New Chief Financial Officer ------------------------------------------------------ Companhia Siderurgica Nacional S.A. (CSN) has named Paulo Penido Pinto Marques as its new Chief Financial Officer, LatinFrance reports. Mr. Marques will replace Otavio de Garcia Lazcano, who had held the position since August 2006. According to the report, Mr. Penido was previously the CFO of Usiminas. Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 10, 2008, Moody's Investors Service upgraded the senior unsecured long term debt ratings of Companhia Siderurgica Nacional and its backed notes from Ba2 to Ba1. The TCR-LA reported on June 6, 2008, that Standard & Poor's Ratings Services raised its corporate credit rating on Brazil- based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB' and removed it from CreditWatch. S&P had placed the ratings on CreditWatch with positive implications on May 30, 2008, for better cash flow protection measures. The outlook is positive. At the same time, S&P raised the corporate credit rating on subsidiary National Steel SA to 'BB-' from 'B+', with a positive outlook. CSN: First Quarter Net Revenue Drops 19% to R$2.44 Billion ---------------------------------------------------------- Companhia Siderurgica Nacional S.A.(CSN)'s first quarter net revenue decreased 19% to R$2.44 billion from R$3.03 billion in the same period last year. The company's gross margin stood at 32.8%, a 7.6 p.p. year-on-year reduction. CSN recorded an EBITDA of R$683 million in the 1Q09, 47% down on the first three months of last year, while the EBITDA margin fell by 14 p.p. To 28%. The company's net income totaled R$369 million in the 1Q09, 52% down on the 1Q08. CSN's market share of the domestic flat steel market in the 1Q09 amounted to 37%, while its individual shares of the tin plate, galvanized, hot-rolled and cold-rolled markets came to 99%, 43%, 28% and 28%, respectively. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 10, 2008, Moody's Investors Service upgraded the senior unsecured long term debt ratings of Companhia Siderurgica Nacional and its backed notes from Ba2 to Ba1. The TCR-LA reported on June 6, 2008, that Standard & Poor's Ratings Services raised its corporate credit rating on Brazil- based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB' and removed it from CreditWatch. S&P had placed the ratings on CreditWatch with positive implications on May 30, 2008, for better cash flow protection measures. The outlook is positive. At the same time, S&P raised the corporate credit rating on subsidiary National Steel SA to 'BB-' from 'B+', with a positive outlook. SADIA SA: Incurs BRL239.2 Mln Consolidated Loss in First Quarter ---------------------------------------------------------------- Sadia SA incurred a BRL239.2 million net loss in the first quarter 2009 from a BRL248.3 million net profit in the same period last year, Bloomberg News reports. The report relates the company's first quarter net sales rose 8.1% to BRL2.46 billion. According to the report, Sadia faced rising interest costs after borrowing money to cover losses on currency futures contracts. Financial losses, the report says, were BRL260 million in the quarter, compared with a financial gain of BRL90.2 million a year earlier. About Sadia S.A. Headquartered n Sao Paulo, Brazil, Sadia S. A. -– http://www.sadia.com–- is the largest slaughterer and distributor of poultry and pork products in Brazil, as well as the leading refrigerated and frozen protein products company. For the last twelve months ending on September 30, 2008, Sadia had net revenues of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion (USD 748 million) with 46% of revenues derived from exports to over 100 countries. * * * As reported in the Troubled Company Reporter-Latin America on April 30, 2009, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Brazil-based food producer Sadia S.A. and its rating on Sadia Overseas Ltd.'s $250 million senior unsecured notes to 'B' from 'BB'. The outlook on the corporate credit rating is negative. TAM SA: Records 86.2% International Market Share in April --------------------------------------------------------- TAM S.A. reports operating data for April 2009, as disclosed by the Brazilian National Civil Aviation Agency (ANAC). According to ANAC, the airline registered 6.5% increase in domestic demand from the same period last year, and 10.6% increase in domestic supply. In April, market demand increased 2.0% and market supply increased 6.7%. The company registered domestic market share of 49.2%, a 2.1 p.p. increase from the same period in 2008, while domestic load factor was 64.1%, 1.1 p.p. higher than the market average of 63.0%. In the international market, the company registered 23.2% growth in demand and 25.2% in supply, compared to April 2008, while attaining a market share of 86.2%, representing 13.8 p.p. growth year on year. TAM SA attained a 72.7% load factor, 4.0 p.p. higher than the market average of 68.6%. About TAM S.A. Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As of April 21, 2009, the company continues to carry Fitch Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings. ========================== C A Y M A N I S L A N D S ========================== AGA STRATEGIC: Placed Under Voluntary Wind-Up --------------------------------------------- On April 22, 2009, the sole shareholder of AGA Strategic Realty International, Ltd. passed a resolution that voluntarily winds up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 BERNARD L. MADOFF: Trustee Seeks US$1-Bln From Cayman Fund Harley ----------------------------------------------------------------- Bernard L Madoff Investment Securities LLC trustee Irving Picard -- appointed under the Securities Investor Protection Act to liquidate the company -- has filed a lawsuit against Cayman Islands hedge fund Harley International Ltd seeking more than US$1 billion, Reuters reports. The report relates the lawsuit, filed with the Manhattan federal bankruptcy court, said Harley International withdrew US$425 million from swindler Bernard L. Madoff in the three months before his arrest. "In just the 90 days prior to Mr. Madoff's public disclosure of the Ponzi scheme, defendant Harley withdrew US$425 million from BLMIS (Bernard L. Madoff Investment Securities LLC), which it knew or should have known was nonexistent principal and other investors' money," according to the court document obtained by the news agency. According to the lawsuit, Reuters notes, Harley received unrealistically high and consistent annual returns of 13.5% from at least 1996 until 2008. Reuters relates the lawsuit added that between February 1998 and November 2008 the defendant's account statements displayed at least 148 trades purportedly executed at a price outside the daily price range. "This pattern in defendant's account should have caused a sophisticated hedge fund like defendant Harley and its managers to independently verify the trades with the public exchanges and demand more transparency into the operations of BLMIS." About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC was a market maker in U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq stocks. The firm moved large blocks of stock for institutional clients by splitting up orders or arranging off-exchange transactions between parties. It also performed clearing and settlement services. Clients included brokerages, banks, and other financial institutions. In addition, Madoff Securities managed assets for high-net-worth individuals, hedge funds, and other institutional investors. The firm is being liquidated in the aftermath of a fraud scandal involving founder Bernard L. Madoff. As reported by the Troubled Company Reporter on Dec. 15, 2008, the Securities and Exchange Commission charged Mr. Madoff and his investment firm with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm. The estimated losses from Madoff's fraud were allegedly at least 50 billion. Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. istrict Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. Irving H. Picard, Esq., was appointed as trustee for the liquidation of BLMIS, and Baker & Hostetler LLP was appointed as counsel. Mr. Madoff, if found guilty of all counts, would be imprisoned for 150 years, but legal experts expect the actual sentence to be much lower and would still be an effective life sentence for the 70- year-old defendant, WSJ notes. Mr. Madoff, WSJ relates, would also face millions of dollars in possible criminal fines. The report says that Mr. Madoff has been free on bail since his arrest on December 11, 2008. There was no plea agreement with Mr. Madoff in which leniency in sentencing might be recommended, the report states, citing prosecutors. BERNI HOLDINGS: Creditors' Proofs of Debt Due on June 5 ------------------------------------------------------- The creditors of Berni Holdings (Cayman) Limited are required to file their proofs of debt by June 5, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2009. The company's liquidator is: Ogier c/o Bryant Terry Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 815 1803 Facsimile: (345) 949 1986 BWGLOBAL – GLOBAL: Placed Under Voluntary Wind-Up ------------------------------------------------- On April 3, 2009, the sole shareholder of BWGlobal - Global Currency Strategy Fund, Ltd. passed a resolution that voluntarily winds up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 CAYMAN ISLANDS NOMURA: Creditors' Proofs of Debt Due on June 1 -------------------------------------------------------------- The creditors of Cayman Islands Nomura Fund Investments are required to file their proofs of debt by June 1, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2009. The company's liquidator is: Masahiko Kamio c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands CLSP OVERSEAS: Creditors' Proofs of Debt Due on May 26 ------------------------------------------------------ The creditors of CLSP Overseas, Ltd. are required to file their proofs of debt by May 26, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2009. The company's liquidator is: Richard L. Finlay P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands Telephone: (345) 945 3901 Facsimile: (345) 945 3902 CSERE ATRIUM: Placed Under Voluntary Wind-Up -------------------------------------------- On March 31, 2009, the sole shareholder of Csere Atrium Limited passed a resolution that voluntarily winds up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 EUROPEAN TELECOM: Shareholders Opt to Wind Up Operations -------------------------------------------------------- On March 31, 2009, the shareholders of European Telecom Investment Corporation passed a written resolution that voluntarily winds up the company's operations. The company's liquidator is: Yoichi Nakao 22-5, Misuzugaoka Aoba-ku, Yokohama Japan PRISMA SELECT: Placed Under Voluntary Wind-Up --------------------------------------------- On April 3, 2009, the sole shareholder of Prisma Select Fund SPV Ltd passed a resolution that voluntarily winds up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 SANTA BARBARA: Creditors' Proofs of Debt Due on June 11 ------------------------------------------------------- The creditors of Santa Barbara Holdings Ltd. are required to file their proofs of debt by June 11, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2009. The company's liquidators are: Geoffrey Varga Nicolas Matthews c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre, 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 623 0007 WORSELEY INVESTMENTS: Creditors' Proofs of Debt Due on June 12 -------------------------------------------------------------- The creditors of Worseley Investments Ltd. are required to file their proofs of debt by June 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2009. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant P.O. Box 2510, Grand Cayman KY1-1104 Telephone: (345) 949 3344 Facsimile: (345) 949 2888 =================================== D O M I N I C A N R E P U B L I C =================================== CAP CANA: Simpson Thacher Represents Firm in Debt Restructuring --------------------------------------------------------------- Simpson Thacher & Bartlett LLP has represented Dominican Republic resort developer Cap Cana S.A. in completing a successful debt restructuring of $250 million of bonds. The bond restructuring allowed the 30,000-acre property to avoid default and regain financial footing to focus on its ambitious build-out and sales effort for luxury homes and villas. The centerpiece of the restructuring was an exchange offer of senior debt that substantially reduces the developer’s short-term interest payments while extending their maturity by three years. According to Simpson Thacher corporate partner Jaime Mercado, who led the Cap Cana team, the exchange will substantially reduce the developer’s interest payments on a yearly basis through maturity of the new bonds. Although the offer needed 51% of noteholders to take effect, nearly 96% chose to participate in the exchange. Noteholders are comprised of a group of some 40 institutional investors from Asia, Latin America, Europe and the U.S. Specifically, the company retired substantially all of its 9.625% senior secured notes and issued $129,990,800 in 10% notes due 2016, along with an additional $126,567,000 of 10% senior secured recovery notes, also due in 2016. Noteholders also approved amendments to the indenture for the old notes, modifying or eliminating covenants. The debt exchange offer follows the earlier restructuring of a $100 million bridge loan arranged by Deutsche Bank and Morgan Stanley in December 2008. Cap Cana, which at build-out will be approximately twice the size of Manhattan, will include high-end villas and condos, various hotel properties, a marina, and a pair of golf courses (one of which is currently in operation) designed by the legendary Jack Nicklaus. The property features more than five miles of coastline and beaches and more than 45 square miles of land. Cap Cana’s controlling shareholders are the Hazoury family of Santo Domingo. The worldwide financial crisis wreaked major havoc on Cap Cana’s financial condition and on its development plans principally as a result of the freezing of access to credit in the international markets. Cap Cana obtained a $100-million bridge loan in November 2007, and sought additional bond financing in 2008 through Lehman Brothers, but that firm’s collapse and the worldwide financial crisis precipitated the necessity of restructuring the terms of the bridge loan and the original bond offering. “The resolution of this issue is of major importance for Cap Cana, as well as for the Dominican Republic and for international financing and resort development generally,” said Mr. Mercado, who has represented Cap Cana since its announced development plan in 2001. “It allows Cap Cana to focus on critical short-term measures such as reorganizing internal operations and focusing on its obligations to stakeholders, including its core group of property owners. The deal reached with bondholders is a critical step in allowing Cap Cana to realize its potential as the biggest and most ambitious resort project in the Americas.” Cap Cana executive vice president George Spence said the company’s need to seek “uncharted solutions” to its debt and financing predicament left its fate tied to the judgment and skill of the Simpson Thacher team and that of its financial advisers, The Weston Group. Mr. Spence commented: “For my part, and for Cap Cana, S.A., the success of this landmark transaction was due in no small measure to the unstinting commitment, tireless professionalism, clarity of judgment, and dogged persistence of a group of Simpson Thacher & Bartlett lawyers led by Jaime Mercado.” In addition to Mr. Mercado, the Simpson Thacher team included Kristen Davis, Of Counsel, and associates Patrick Baron, Benjamin Wolf and Alex de la Cruz, all of the New York office. About Simpson Thacher & Bartlett LLP Simpson Thacher & Bartlett LLP -- http://www.simpsonthacher.com-- is a leading global law firm with offices in New York, Beijing, Hong Kong, London, Los Angeles, Palo Alto, Tokyo, and Washington, D.C. Established in 1884, the Firm has more than 800 lawyers. Globally, the Firm provides coordinated legal advice on the world’s largest and most complex corporate transactions and litigation matters. About Cap Cana Cap Cana S.A. is owner and developer of a resort complex (Cap Cana) on the Dominican easter tip. The resort copmplex is being developed as a multiuse luxury resort in the Caribbean with world- class beaches, championship golf courses, yachting facilities and other leisure amenities. The property consists of over 46 square miles (119.9 square kilometers) of land, including a five-mile (eight kilometer) coastline and 2.2 miles (3.5 kilometers) of one of the most pristine beaches in the region. As of September 30, 2008, Cap Cana S.A. had invested approximately US$485 million in infrastructure and other improvements. * * * As reported by the Troubled Company Reporter - Latin America on Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana, S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'. The rating was also placed on Rating Watch Negative. MERCATIL BANK: 10-Year Sentence Against Ex-President Sought ----------------------------------------------------------- The Justice Ministry requested 10-year prison sentence and RD$2.5 billion fine against former Mercantil Bank President Andres Aybar, accused of embezzling more than RD$11 billion from the bank, The Dominican Today reports. The report relates for the other defendant, the prosecution asked the National District First Collegiate Court to sentence: -- Mercantil Ex-Vice President Evelyn Perez with 6 years in prison and RD$2 million fine; -- Ex-Vice President Maximiliano Moya with 4 years prison sentence and RD$1.5 billion fine; and -- Ex-Vice President Juan Reyes with 4 years prison sentence and RD$1.5 billion fine. According to the report, the defendants were accused of forgery, embezzlement, breach of trust and other irregularities. The Dominican Today notes the Justice Ministry dropped all charges against ex vice-president Juan Oller and requested one year in prison against the private employee Rafael Faxas-Flores. * DOMINICAN REP: Power Firms Seek to Force US$148MM Debt Payment ---------------------------------------------------------------- Power companies AES Dominicana, AES Andres, Itabo and DPP began the process to place a lien on the accounts of the electricity distributors (Edes), to seek payment of a current debt of US$148 million, The Domincan Today reports. The report relates the debt, which is already four months overdue, is for energy served from part of 2008 to 2009. “The liens were placed . . . to seek a payment of the debt, the fact is there’s a delay with the payment basically of US$150 million,” AES Dominicana President Marcos De La Rosa told the news agency in an interview. Edes also owed AES Dominicana US$77 million in past debt frozen since 2004, he added. According to the report, AES Dominicana said the lack of payment to its generators will deteriorate the country’s electricity service because the lack of funds prevents it from acquiring the fuels to continue operating normally. The Dominican notes EdeEste spokesman Marcos Cadet confirmed the liens on its accounts, but said those measures don’t solve the problem, because from their billing they have allocated US$40 million in the first fourth months. “That lien on the account complicates things still more," the report quoted Mr. Cadet as saying. The country’s power companies, the report adds, said Edes owe them US$712 million. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 29, 2008, Fitch Ratings affirmed the Dominican Republic's ratings as: -- Foreign currency issuer default rating at 'B'; -- Local currency issuer default rating at 'B'; -- Country ceiling at 'B+'; -- Brady bonds at 'B+/RR3'; -- Senior unsecured debt at 'B/RR4'; -- Short-term foreign currency issuer default rating at 'B'. =========== G U Y A N A =========== CL FIN'L: CLICO Guyana to Get US$15-Million from Petroleum Fund --------------------------------------------------------------- CLICO Life and General Insurance Company South America Limited (CLICO Guyana) will get a US$15-million drawdown from Caribbean Petroleum Fund (CPF), The Jamaica Gleaner reports. The report relates Guyana President Bharrat Jagdeo said the funds will be used to shore up policyholders of Colonial Life Insurance Company (CLICO), a unit of CL Financial Limited. As reported in the Troubled Company Reporter-Latin America on May 1, 2009, Caribbean360.com said the Caribbean Community (CARICOM) agreed to set aside funds from the Caribbean Petroleum Fund for CLICO Guyana to close the liability-asset gap of the local company. According to Caribbean360.com, CARICOM's decision followed Mr. Jagdeo's appeals at the recent Fifth Summit of the Americas in the Americas, where he argued that it was not fair that CARICOM was putting US$50 million from the fund into a special facility to deal with Organisation of Eastern Caribbean States (OECS) countries that had problems with British American (Insurance Company) and CLICO, since it is a regional problem that needs a regional solution. The report related Mr. Jagdeo said the injection of these funds, would reduce the company's liability-asset gap even further and possibly eliminate it altogether. According to a TCR-LA report on April 22, 2009, citing Caribbean Net News, during an April 14 hearing before Chief Justice Ian Chang in the High Court of Guyana, it was revealed that CLICO Guyana's liabilities exceed the company’s assets by US$55 million (GY$11 billion) and its assets are not sufficient to meet its obligations. The report related Clico Guyana Judicial Manager Maria van Beek said a best case presentation at liquidation shows the liabilities exceeding assets by $8.1 billion, emphasizing that there are ongoing concerns as it relates to the company’s assets and liabilities. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. According to the Trinidad and Tobago Newsday, the government used $1 billion of taxpayers money to help protect depositors and policyholders. T&T Newsday related Governor Williams pleaded with policy holders not to withdraw money from Clico, amid the unit's increasing $10 billion debt. ============= J A M A I C A ============= AIR JAMAICA: Gets Two Privatization Offers, Minister Says --------------------------------------------------------- Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby, confirmed that two offers have been received from investors for the privatization of the national airline, Air Jamaica Limited, according to a report posted at CaribbeanPressReleases.com. RadioJamaica relates Senator Wehby did not identify the bidders, however, the news agency received reports that one of the bidders is a consortium of major players in the tourism and airline industries with connections in Jamaica. Mr. Wehby, RadioJamica notes, said the two offers are being reviewed and evaluated before being taken to Cabinet. As reported in the Troubled Company Reporter-Latin America on April 6, 2009, Associated Press said the Jamaican government has extended Air Jamaica 's divestment deadline to June 30 as it tries to attract buyers. Radio Jamaica related the airline has been haemorraghing over US$150 million (JA$13.2 billion) per annum and government has had to foot the massive bill. In addition, Radio Jamaica said, Air Jamaica currently has loans outstanding of over US$600 million (JA$52.8 billion). About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported by the Troubled Company Reporter-Latin America on Nov. 6, 2008, Moody's Investors Service placed the debt ratings of Air Jamaica Limited, B1 senior unsecured notes guaranteed by the Government of Jamaica, on review for possible downgrade. The review coincides with Moody's action placing the ratings of the Government of Jamaica under review for downgrade on November 4, 2008. JAMAICAN PRODUCERS: Turns Around With JMD45.4 Mln Net Profit in 1Q ------------------------------------------------------------------ Jamaica Producers Group Limited recorded a JMD45.4 million net profit in the first quarter ended March 28, 2009, a strong turn around, from the JMD312.7 million of losses in same period last year, Sabrina Gordon of the Jamaica Gleaner reports. The report recalls the company incurred a massive net loss of JMD2.86 billion, a near sixfold decline, for the year-ended December 31, 2008; with a JMD1.64 billion loss on discontinued operations, and had a JMD962 million charge linked to disposal of interest in subsidiaries. According to the Gleaner, the company attributed the first quarter profit from JMD1.3 billion of revenue, and fourfold growth from the JMD339.6 million that those same businesses grossed in the year prior period. The report relates, citing a statement to shareholders, Chairman Charles Johnston said the boost in top-line first quarter income was also largely from new acquisition Hoogesteger, which grew JP Europe's revenue by 383% to JMD990 million. In addition, the Gleaner notes Chief Executive Officer Jeffrey Hall also said the first quarter performance was due to the company's exit of lossmaker U.K. unit, Serious Foods Limited, which was placed into administration for restructuring in preparation for selling off the business. Prior to the company's exit from Serious Foods business, the report says, Jamaica Producers also ceased banana production in Jamaica for export to the United Kingdom, citing major losses as a result of several hurricanes. Mr. Hall, the report notes, said the company's focus is now on its fruit processing/snack business and its fresh juices and smoothies business in The Netherlands. About Jamaica Producers Jamaica Producers Group Limited -- http://www.jpjamaica.com/ -- is engaged in juice and food manufacturing and distribution, the cultivation, marketing and distribution of bananas locally and overseas, shipping and the holding of investments. The company is organized into three business segments: Banana Division, which comprises the growing, sourcing, ripening, marketing and distribution of bananas, and the operation of a shipping line that inter alia transports bananas to the United Kingdom; Fresh & Processed Foods Division, which comprises the production and marketing of fresh juices, drinks, and other freshly prepared foods and tropical snacks, and Corporate segment. The Fresh & Processed Foods Division consists of the company's prepared foods businesses in juice, smoothies, desserts, soups and ready meals, chilled distribution and tropical snack foods. * * * This concludes the Troubled Company Reporter's coverage of Jamaica Producers Group Limited until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. =========== M E X I C O =========== BANCO HSBC: S&P Downgrades Counterparty Credit Rating to 'BB' ------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term counterparty credit and CD ratings on Banco HSBC Salvadoreno S.A. to 'BB' from 'BB+'. At the same time, S&P affirmed its 'B' short-term counterparty credit rating on the bank. The outlook is stable. This rating action follows the downgrade of the Republic of El Salvador to 'BB' From 'BB+. "The downgrade of HSBC Salvadoreno reflects the effects of the global economic crisis on El Salvador's economic performance and the impact S&P expects it to have on the bank's asset quality and profitability," said Standard & Poor's credit analyst Leonardo Bravo. S&P expects El Salvador's real GDP growth estimate of negative 1.5% in 2009 to pressure Banco HSBC Salvadoreno's asset quality and profitability. S&P expects economic activity to recover gradually, with the real GDP nearly flat in 2010 and then slowly increasing to 3% in 2011, a trend still below that of many of El Salvador's peers. The weak performance in 2009 reflects falling consumption, investments, and exports as a result of the global recession, especially in the U.S. The downgrade also reflects S&P's view that in current global financial circumstances and amid a more complicated economic outlook for El Salvador, HSBC Salvadoreno does not have sufficient operational and financial flexibility to deal with the indirect sovereign risk, even as it intensifies in a more difficult environment. It is S&P's opinion that under the current circumstances, in a sovereign stress scenario, HSBC Salvadoreno might suffer given the high linkages with the sovereign in asset deterioration and S&P's expectation of a more adverse economic environment and slower business dynamics for the sector. S&P's rating on Banco HSBC Salvadoreño S.A. is constrained by its vulnerable asset quality and low reserve coverage of nonperforming assets. The ratings are also constrained by strong competition and the relatively small size and limited diversification of El Salvador's economy. The ratings are supported by the strategically important status of Salvadoreño to HSBC Holdings PLC (AA-/Negative/A-1+), the bank's satisfactory market position, diversified portfolio, adequate performance, and lower exposure to real estate-related loans than that of peers. The stable outlook reflects S&P's opinion that given the more adverse economic and financial environment the bank will face in 2009 and in 2010, there will be some pressure on recurrent profitability and asset quality. If asset quality drops significantly, with nonperforming loans surpassing 4% and NPAs surpassing 8%, or if profitability is negative, ratings could be pressured. If the slow growth in the Salvadorian economy intensifies, the bank's overall performance ratings could also be pressured. If S&P change the rating or outlook on El Salvador, S&P would also change its rating on HSBC Salvadoreno. =============================== T R I N I D A D & T O B A G O =============================== MARUBENI CORP: No Takers for MaruEnergy Trinidad's Bond Offer ------------------------------------------------------------- A unit of Marubeni Corporation, MaruEnergy Trinidad (MET), offered to buy back its outstanding 7.017% notes seven years before maturity but it was not taken up by bondholders, Jamaica Gleaner reports. According to the report, the offer closed May 7 "with no notes validly tendered and accepted for purchase by MET." The report relates an earlier cash offer for the bonds by another Marubeni subsidiary -- Marubeni Power (Cayman Islands) Finance Limited -- had resulted in take-up of about 39 per cent of the outstanding bonds. Marubeni Power paid US$38.985 million "in aggregate principal" to redeem those bonds, the report notes. Marubeni Corporation -- http://www.marubeni.com-- is a Japan-based trading company. It has 13 business segments: Food, which produces and sells grains, sugar and processed food; Textile, including the planning, proposal, sale and logistics of apparel products; Material and Paper Pulp, which sells rubber products, footwear and paper; Chemical Product, which offers electronic materials and agrochemicals; Energy, such as the development of petroleum and gases; Metal Material, including the manufacture and sale of nonferrous light metals; Transportation and Industrial Machines, including the wholesale and retail of transportation-related and manufacturing equipment; Plant, Infrastructure and Ship, including the delivery and engineering of industrial plants and infrastructure-related machines; Information, which sells computers and others; Development and Construction, which operates real estate; Finance, Logistics and Others, including the operation of funds, and Steel, such as the production of steel products. * * * As reported by the Troubled Company Reporter-Asia Pacific on April 3, 2008, Lehman Brothers Inc. filed a lawsuit against Marubeni Corp., claiming damages totaling JPY35.2 billion for a bogus investment scheme. Lehman was seeking to recoup JPY35 billion it loaned to a fund run by a unit of Japanese biotechnology company LTT Bio-Pharma Co. The funds were secured by Marubeni. Previous reports said, citing unnamed sources, that Lehman Brothers lost billions in investment in a hospital bailout project carried out by a Tokyo-based medical consultancy named Aesculapius. Marubeni had denied any wrongdoing and had said it doesn't have to cover any damage from the fund because the deal involved fake documents. ================= V E N E Z U E L A ================= * VENEZUELA: CPC Corp Seeks Higher Compensation for Oil Assets -------------------------------------------------------------- Taiwan state-run petroleum refiner CPC Corp. is seeking increased compensation from the Venezuelan government for oil assets seized in 2007, Yu-huay Sun of Bloomberg News reports. CPC Corp CEO John Hsu said the US$125 million payment Venezuela put forward is too low. The company owns 6.5% in the Corocoro oilfield, which produces about 20,000 barrels of oil a day, he added. Bloomberg News recalls the Venezuelan government suspended CPC’s rights in the field in February 2007 under a takeover order issued by President Hugo Chavez. The report relates Mr. Hsu said CPC invested US$78.7 million in the Corocoro field in the Gulf of Paria West and US$7 million for 7.5% in Paria East, which hasn’t started production. According to the report, Mr. Hsu said the Taipei-based company will seek international arbitration if talks with the Venezuelan government fail. About CPC Corp. Headquartered in Taipei CPC Corp. operates 42 oil and gas wells in Taiwan. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.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 America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2009. 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 US$625 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 US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *