TCRLA_Public/110509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

              Monday, May 9, 2011, Vol. 12, No. 90

                            Headlines


A R G E N T I N A

CENTER SOLUTIONS: Creditors' Proofs of Debt Due June 29
ESTABLECIMIENTO TIA: Creditors' Proofs of Debt Due August 18
GRUMER SRL: Creditors' Proofs of Debt Due June 17
PALECO SA: Creditors' Proofs of Debt Due July 13
PEOPLE AND PARTNERS: Creditors' Proofs of Debt Due June 9

RUTA PUBLICIDAD: Creditors' Proofs of Debt Due June 13
VERDALET SA: Creditors' Proofs of Debt Due June 10


B R A Z I L

BRENNAND ENERGIA: Moody's Assigns '(P)Ba3' Corporate Family Rating


C A Y M A N   I S L A N D S

DIVERSIFIED SECURITIES: Shareholders' Final Meeting Set for May 27
FONTAINE TRADING: Members' Final Meeting Set for May 5
GORDON MANAGEMENT: Shareholder to Receive Wind-Up Report on May 13
HALLMEYER HOLDINGS: Shareholders' Final Meeting Set for May 20
INFORUM NO. 2: Shareholder Receives Wind-Up Report

INTERNATIONAL CORPORATION: Shareholders' Meeting Set for May 27
MSR ASIA: Members' Final Meeting Set for May 24
PIKE PLACE: Shareholder to Receive Wind-Up Report on May 25
PLYMOUTH REALTY: Shareholders' Final Meeting Set for May 27
RISTORANTE SAVONA: Members Receive Wind-Up Report

SEAGATE HDD: Moody's Rates Proposed US$600MM Notes at 'Ba1'


D O M I N I C A N  R E P U B L I C

BANCO BHD: To Receive US$17.5 Million in IDB Funding


J A M A I C A

AIR JAMAICA: Jamaica and T&T Prime Ministers Negotiate Extension


M E X I C O

VITRO SAB: Has Secret Plan to Keep Units, Says Committee


P A N A M A

CORPORACION INTERAMERICANA: Fitch Assigns 'BB-' Long-Term IDR


X X X X X X X X

* BOND PRICING: For the Week May 2, to May 6, 2011


                            - - - - -


=================
A R G E N T I N A
=================


CENTER SOLUTIONS: Creditors' Proofs of Debt Due June 29
-------------------------------------------------------
Manuel Arias, the court-appointed trustee for Center Solutions
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 29, 2011.

Mr. Arias will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 1, 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:

         Manuel Arias
         Congreso 2629
         Argentina


ESTABLECIMIENTO TIA: Creditors' Proofs of Debt Due August 18
------------------------------------------------------------
Cesar Alberto Carlino, the court-appointed trustee for
Establecimiento Tia Maria SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until August 18, 2011.

Mr. Carlino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:

         Cesar Alberto Carlino
         Bolivia 4309


GRUMER SRL: Creditors' Proofs of Debt Due June 17
-------------------------------------------------
Dantos Ernesto Luparelli, the court-appointed trustee for Grumer
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until June 17, 2011.

Mr. Luparelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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 March 29, 2012.

The Trustee can be reached at:

         Dantos Ernesto Luparelli
         Avenida Rivadavia 5126
         Argentina


PALECO SA: Creditors' Proofs of Debt Due July 13
------------------------------------------------
Silvia Giudice, the court-appointed trustee for Paleco SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until July 13, 2011.

Ms. Giudice 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 18, 2012.

The Trustee can be reached at:

         Silvia Giudice
         Av. Cordoba 456
         Argentina


PEOPLE AND PARTNERS: Creditors' Proofs of Debt Due June 9
---------------------------------------------------------
Marcos Enrique Gonzalez, the court-appointed trustee for People
and Partners SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 9, 2011.

Mr. Gonzalez 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.

The Trustee can be reached at:

         Marcos Enrique Gonzalez
         Lavalle 1537
         Argentina


RUTA PUBLICIDAD: Creditors' Proofs of Debt Due June 13
------------------------------------------------------
Francisco Rogelio Cano, the court-appointed trustee for Ruta
Publicidad SA's reorganization proceedings, will be verifying
creditors' proofs of claim until June 13, 2011.

Mr. Cano will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 25, 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 3, 2012.

The Trustee can be reached at:

         Francisco Rogelio Cano
         Uruguay 618


VERDALET SA: Creditors' Proofs of Debt Due June 10
--------------------------------------------------
Olga Noemi Pardo, the court-appointed trustee for Verdalet SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 10, 2011.

Ms. Pardo 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. 17, 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:

         Olga Noemi Pardo
         Avenida de Mayo 1370
         Argentina


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B R A Z I L
===========


BRENNAND ENERGIA: Moody's Assigns '(P)Ba3' Corporate Family Rating
------------------------------------------------------------------
Moody's America Latina Ltda assigned (P) Ba3 corporate family
ratings on the global scale and (P) A3.br on the Brazilian
national scale to Brennand Energia S.A. (BESA) and Brennand
Investimentos S.A (BISA).  At the same time, Moody's assigned a
(P) B1 global scale rating and a (P) Baa1.br rating on the
Brazilian national scale to 14-year amortizing BRL 110 million
senior secured debentures to be issued by BESA and guaranteed by
BISA. Moody's also assigned a (P) B1 global scale rating and a (P)
Baa1.br rating on the Brazilian national scale to 14-year
amortizing BRL 55 million senior secured debentures to be issued
by BISA and guaranteed by BESA.

Ratings Rationale

The debentures to be issued by BESA and BISA will be supported by
the pledge of shares of Indiavai Energetica S/A (Indiavai) and its
existing power purchase agreements.  Indiavai is a small power
plant with an installed capacity of 28 MW and is controlled by
BESA.

The (P) provisional ratings will remain in place until the full
disbursement of the BRL 165 million for BESA and BISA.  In case
these companies fail in obtaining the full amounts as described
above, Moody's will review all ratings accordingly.  Given the
sizeable capital expenditure program of both companies and the
relative scarcity of long-term funding in Brazil, the issuance of
the 14-year debentures is crucial for the successful
implementation of the investment program of both companies and the
expected improvement of their liquidity positions.

The (P) Ba3 and (P) A3.br corporate family ratings reflect the
adequate credit metrics for the rating category, the proven
expertise of the companies' management in the construction and
running of small hydro-power plants, the relatively stable and
predictable cash flows based on the existing medium to long-term
electricity supply contracts to mostly free consumers, and the
implicit support of the shareholders.

The relatively short track record of the companies' operating
history in their present corporate form as holding companies
constrains the ratings as does their embryonic corporate
governance practices, sizeable capital expenditure program and the
uncertainties on securing adequate financing to meet their current
expansion program.

The ratings of the debentures are one notch lower than the
corporate family rating of BESA and BISA to reflect the structural
subordination of the debt at the level of the holding companies to
that of their operating subsidiaries.  Lenders to operating
subsidiaries generally have superior claims on cash flow generated
at the operating level than debt holders at the holding company.

BESA and BISA will use the proceeds of the debentures to help
finance the construction of 186 MW of small hydroelectric power
plants and 90 MW of three wind power farms.  Preliminary estimates
indicate that these projects will require around BRL 1.3 billion
in total investment, to be disbursed from 2011 through 2014.

The management of both companies has already entered into
negotiations with BNDES and BNB to secure the remaining portion of
the required funding, which Moody's estimates to be around BRL 1
billion.  Although there is no assurance that BESA and BISA will
obtain this funding as planned, management is confident that they
will obtain the long-term financing necessary to adequately fund
this rather ambitious investment program on a timely basis.

Moody's agrees that obtaining this funding as planned is feasible
given the strategic importance of these projects on a regional and
national basis.  Also helping to achieve this goal will be the
proven expertise of the Brennand group in the construction and
management of small hydroelectric power plants.

Given the magnitude of the planned investments, Moody's forecasts
a gradual deterioration of BESA' credit metrics from 2011 through
2012 in light of the concentration of capital expenditures with
expected improvement thereafter.  Free cash flow (FCF) will be
negative during this initial construction period, which Moody's
estimates will average BRL 283 million or 34% of debt.  The
negative FCF largely stems from the sizeable BRL 825 million
capital expenditure program for the construction of 52 MW small
hydro-power plants, and 90 MW of wind-power plants from 2011 to
2014.  This investment amount also includes the conclusion of
construction of an existing hydro-power project of 26 MW scheduled
to start operations in 2012.  On December 21, 2010, ANEEL formally
authorized the 21 MW Ibirama small power plant to start
operations.  In 2013, BESA is likely to reap the benefits of the
90 MW in wind power farms scheduled to start operating in January
2013 along with other small hydro-power plants that are planned to
start operating in the second half of 2012.

Moody's projects that BESA's cash from operations (CFO Pre WC) to
debt will reach 10% in 2014 and 13.3% in 2015, up from the
previous three-year estimated average of 9.2%. Interest coverage
(CFO Pre WC +interest/ interest expense) is projected at 2.2x in
2014 and 2.5x in 2015, up from 2.1x in the previous three year
period.

Moody's projections are relatively conservative in that the
assumptions for capital expenditures were estimated at the high
end of the investment estimate range.  On the other hand, Moody's
assumed that BESA will obtain adequate funding on a timely basis
and that the power plants and wind farms will start operating as
scheduled.

BISA is also engaged in a sizeable investment program to construct
108 MW of small hydro- power plants and conclude the construction
of two small hydro-power plants of 20 MW.  Moody's projects that
BISA's credit metrics will remain relatively stable from 2011
through 2014 despite a capital expenditure program estimated at
BRL 488 million during this period.  As compared to BESA, BISA's
pace of investment will be more evenly distributed through the
next four years, which will allow BISA to post better credit
metrics than BESA.

Moody's forecasts that BISA's CFO before WC to debt ratio will
remain relatively strong for the rating category at around 18.7%
in the first two years of Moody's projections and decrease
thereafter to around 15.6% as a result of higher capital
expenditures.  Interest coverage will decrease from 4.3x in 2010
to 2.1x in 2014 and then stabilize and gradually improve from 2.2x
in 2016 by the time the 54.4 MW hydro-power plants come on stream
along with a reduced level of capital expenditures barring any new
projects from that time on.  Moody's conservatively included in
its projections the 54.4 MW power plants scheduled to be
constructed from 2014 through 2015.  These power plants are still
pending the granting of the environmental license, which is the
first step to obtain the regulator's formal authorization for
their construction.

The major downside risks for BESA's and BISA's projections are
inadequate funding in terms of tenor and cost and unexpected
delays in the construction of these power plants, in particular,
the wind power farms whose production has been fully negotiated in
the regulated market for delivery at the beginning of 2013.
Further capital expenditures would also impair the companies'
ability to service debt in case those excess expenditures are not
substantially funded with equity contributions.

The stable outlook of the (P) Ba3 and (P) A3.br corporate family
ratings reflects Moody's expectations that BESA and BISA will
secure adequate long-term financing on a timely basis so that they
can maintain a healthy liquidity position during the construction
and completion of the power plants as they come on stream as
planned.  While Moody's foresees a deterioration of credit metrics
from 2011 through 2013, they should remain adequate for the rating
category.

The ratings could be upgraded if BESA and BISA improve their
corporate governance practices such as including the publication
of quarterly financial statements, the elimination of inter-
company loans and an extended track record of operations.
Quantitatively, the ratings could be upgraded if the CFO Pre WC to
net debt ratio stays above 12 % and interest coverage becomes
higher than 3.0x both on a sustainable basis.

The ratings could be downgraded if BESA and BISA do not secure
adequate long-term funding as scheduled or if there is a
considerable delay in the construction of the power plants.
Ratings could also be downgraded if the company enters into
additional capital expenditures so that there is a deterioration
in liquidity or leverage increases beyond what Moody's is
forecasting.  Quantitatively, the ratings could be downgraded if
CFO before WC to net debt ratio falls below 8% and interest
coverage becomes lower than 1.8x for a prolonged period.

The principal methodology used in this rating was Global
Unregulated Utilities and Power Companies published in August
2009.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

Brennand Energia S.A. (BESA) is a holding company controlled by a
diverse number of holding companies that represent the interests
of certain members of the Ricardo Brennand family.  BESA was
formed in 2006 and currently controls seven small hydro-power
plants with an installed capacity of 154 MW and assured energy of
120.6 MW. In 2010, BESA posted net consolidated sales of BRL 143
million (US$81 million) and net profit of BRL 62 million (US$35
million).  In December 2010, the shareholders capitalized BESA
through the integration of 56% of the voting capital and 32.3% of
the total capital of Alto Jauru, a small hydro- power plant of 22
MW of installed capacity.

Brennand Investimentos S.A. (BISA) is a holding company controlled
by a group of holding companies that represent the interests of
another arm of the Ricardo Brennand family.  BISA was founded in
2000 and controls two hydro-power plants and five small hydro-
power plants with an installed capacity of 155 MW and assured
energy of 111 MW.  In 2010, BISA posted net sales of BRL 157
million (US$90 million) and net profit of BRL 62 million (US$35
million).


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C A Y M A N   I S L A N D S
===========================


DIVERSIFIED SECURITIES: Shareholders' Final Meeting Set for May 27
------------------------------------------------------------------
The shareholders of Diversified Securities Limited will hold their
final meeting on May 27, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


FONTAINE TRADING: Members' Final Meeting Set for May 5
------------------------------------------------------
The members of Fontaine Trading Ltd. will hold their final meeting
on May 5, 2011, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


GORDON MANAGEMENT: Shareholder to Receive Wind-Up Report on May 13
------------------------------------------------------------------
The shareholder of Gordon Management Ltd. will receive on May 13,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Cayman Islands


HALLMEYER HOLDINGS: Shareholders' Final Meeting Set for May 20
--------------------------------------------------------------
The shareholders of Hallmeyer Holdings Limited will hold their
final meeting on May 20, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Christopher D. Johnson is the company's liquidator.


INFORUM NO. 2: Shareholder Receives Wind-Up Report
--------------------------------------------------
On April 22, 2011, the shareholder of Inforum No. 2 Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626


INTERNATIONAL CORPORATION: Shareholders' Meeting Set for May 27
---------------------------------------------------------------
The shareholders of International Corporation Limited will hold
their final meeting on May 27, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


MSR ASIA: Members' Final Meeting Set for May 24
-----------------------------------------------
The members of MSR Asia Acquisitions V, Inc. will hold their final
meeting on May 24, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


PIKE PLACE: Shareholder to Receive Wind-Up Report on May 25
-----------------------------------------------------------
The shareholder of Pike Place Capital Offshore, Ltd. will receive
on May 25, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Catherine Pham
         Telephone: (345) 94909876
         Facsimile: (345) 949-9877


PLYMOUTH REALTY: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------------
The shareholders of Plymouth Realty Company Limited will hold
their final meeting on May 27, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM Ltd.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         P.O. Box 1982, Grand Cayman KY-1104
         Cayman Islands


RISTORANTE SAVONA: Members Receive Wind-Up Report
-------------------------------------------------
On April 24, 2011, the members of Ristorante Savona Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622, Grand Cayman KY1-1203
         Cayman Islands


SEAGATE HDD: Moody's Rates Proposed US$600MM Notes at 'Ba1'
-----------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the proposed
US$600 million 10.5-year senior unsecured notes offering to be
issued by Seagate HDD Cayman, a wholly-owned subsidiary of Seagate
Technology HDD Holdings.  The rating outlook is stable.

Ratings Rationale

"Seagate has some flexibility at the Ba1 rating to incur this
incremental debt given that Moody's expects EBITDA to expand after
mid-year 2011 as new products with higher average selling prices
and richer margins begin to ramp in fiscal 2012," says Moody's
Vice President, Gregory Fraser.

Through the end of fiscal 2012 (June 2012), Moody's expects
Seagate's total debt to EBITDA (Moody's adjusted) will remain
below the 2.0x level, compared to about 1.7x as of April 1, 2011.

To the extent EBITDA remains depressed because of a delay in
ramping new products, the Ba1 rating can still absorb a somewhat
higher-than-anticipated financial leverage in the range of 2-3x
total debt to EBITDA (Moody's adjusted), though Seagate would be
more weakly positioned in the rating category.

Seagate's Ba1 Corporate Family Rating (CFR) reflects its
leadership position with the broadest product offering in the hard
disk drive (HDD) industry, and ability to generate significant
free cash flow during business upcycles to establish the financial
flexibility to withstand the inevitable cyclical downturns.
Nonetheless, there is significant EBITDA variability as a result
of the single product-line focus, HDD industry volatility and
intense competition.  The rating also considers the significant
R&D and capital investments that Seagate must continually deploy
in order to develop and manufacture next-generation products to
offset declining average selling prices on its existing products.

Moody's expects Seagate to use the debt proceeds to reinvest in
its disk drive business by selectively expanding capacity for new
storage product categories and to meet potential increased demand
from industry consolidation (i.e., Western Digital's pending
acquisition of Hitachi GST and Seagate's pending combination with
Samsung's HDD operations).

Moody's expects Seagate to maintain at least US$1.3 billion of
cash, and Moody's expects free cash flow of at least US$500
million over the next 12 months.  This anticipated cash balance is
after funding the US$687.5 million cash portion of the Samsung HDD
operations purchase, paying the recently reinstated US$300 million
annual dividend and paying the US$559 million senior note maturing
October 2011.

The stable outlook incorporates Moody's favorable long-term
outlook for the HDD storage sector as a result of potential
industry consolidation offset by Moody's near-term expectation of
moderating volume growth and pricing pressure.  Despite near-term
revenue pressure, Moody's anticipates Seagate will generate
positive free cash flow with gross margins at least in the 19% to
mid-20% range.

The CFR could be upgraded if Seagate: (i) lowers volatility in
average selling prices, profitability and cash flows; (ii)
achieves a more variable cost structure; (iii) reduces gross debt
below US$1 billion; (iv) consistently maintains adjusted EBITDA
above average historical levels (i.e., greater than US$1.6
billion); and (v) maintains balance sheet cash of at least US$1.75
billion.

Ratings could be downgraded with a loss of technological
leadership or sustained market share losses in the HDD industry,
which result in diminished profits.  Additionally, Moody's could
downgrade the rating with debt to EBITDA above 3x, if Seagate
generated operating losses and/or negative free cash flow on a
sustained basis or engaged in aggressive financial policies.

This is a summary of the rating actions and Moody's current
ratings for Seagate:

Issuer: Seagate HDD Cayman

   Assignments:

   -- US$600 Million Senior Unsecured Notes due 2021 -- Ba1 (LGD-
      4, 62%)

   LGD Assessment Revisions:

   -- US$600 Million Senior Unsecured Notes due May 2020,
      currently Ba1, LGD assessment revised to (LGD-4, 62%) from
     (LGD-4, 63%)

   -- US$750 Million Senior Unsecured Notes due December 2018,
      currently Ba1, LGD assessment revised to (LGD-4, 62%) from
      (LGD-4, 63%)

Issuer: Seagate Technology HDD Holdings

   Current Ratings:

   -- Corporate Family Rating -- Ba1

   -- Probability of Default Rating -- Ba1

   -- Speculative Grade Liquidity Rating -- SGL-1

   -- US$559 Million (US$600 Million original face amount) Senior
      Unsecured Notes due October 2011 -- Ba1 (LGD-4, 63%)

   -- US$403 Million (US$430 Million original face amount)
      Guaranteed Senior Secured Second Priority Notes due May 2014

   -- Baa3 (LGD-2, 20%)

   LGD Assessment Revisions:

   -- US$599 Million (US$600 Million original face amount) Senior
      Unsecured Notes due October 2016, currently Ba1, LGD
      assessment revised to (LGD-4, 62%) from (LGD-4, 63%)

Net proceeds are expected to be used for general corporate
purposes.  The assigned ratings are subject to review of final
documentation and no material change in the terms and conditions
of the transaction as advised to Moody's.

The principal methodologies used in this rating were Global
Technology Hardware published in September 2010, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

With headquarters in Scotts Valley, CA, Seagate Technology HDD
Holdings is a worldwide leader in the design, manufacture and
marketing of disk drive products used as the primary medium for
storing electronic information in systems ranging from personal
computers and consumer electronics to data centers.


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D O M I N I C A N  R E P U B L I C
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BANCO BHD: To Receive US$17.5 Million in IDB Funding
----------------------------------------------------
The Inter-American Development Bank and Banco BHD of the Dominican
Republic signed the contracts for US$17.5 million financing
facility that will strengthen Banco BHD's capital to further
expand its long-term lending to the corporate sector, including
small and medium enterprises (SMEs).  The facility consists of a
senior five-year loan of up to US$5 million and an eight-year
subordinated loan of up to US$12.5 million from the IDB's Ordinary
Capital.

The transaction will provide long-term financing to Banco BHD,
which will in turn on-lend to corporate and SME clients -- key
market segments that drive sustainable economic development in the
Dominican Republic.  The subordinated loan will strengthen Banco
BHD's capitalization, further promoting lending activities as the
loan will meet Tier II capital criteria according to the country's
banking regulator.

IDB President Luis Alberto Moreno and Banco BHD President Luis
Molina Achecar signed the loan agreements in a ceremony held
Wednesday at the IDB headquarters in Washington, DC.

At the signing, Moreno reiterated the IDB's support for
initiatives that strengthen the private sector, especially in
smaller economies such as the Dominican Republic.  "With this
facility, we will support the economic growth of the SME sector in
the Dominican Republic through Banco BHD, while at the same time
strengthening the bank's capitalization, which will have a
multiplier effect in its ability to provide long-term financing in
the country."

Molina Achecar commented: "Signing this agreement gives us great
satisfaction because it not only affirms that the Inter-American
Development Bank has confidence in Banco BHD, a business
relationship of which we are very proud, but it also reaffirms our
commitment to well-functioning corporate governance, respect for
the environment and a pursuit of best practices in the region."

This project is a strategic component of the beyondBanking program
carried out by the Financial Markets Division of the IDB's
Structured and Corporate Finance Department.  Through its program
pillars, beyondBanking recognizes the catalytic role of banks in
promoting economic growth and corporate change and in deepening
capital markets.  It seeks to contribute to the Bank of the Future
-- a banking business model that balances financial with social
returns in order to foster an inclusive, environmentally friendly
and transparent financial sector.  This project is specifically
aligned with the program's accessBanking pillar, which targets
financial deepening strategies for those traditionally under-
served by the financial system.

                            About IDB

The Inter-American Development Bank is the principal source of
financing for economic and social development projects in Latin
America and the Caribbean.  The IDB offers its financial products
and technical resources to reduce poverty and inequality in a
sustainable way.  The Structured and Corporate Finance Department
is responsible for non-sovereign guarantee operations, including
loans and partial credit guarantees.  The department's financial
markets strategy incorporates the beyondBanking program, which
seeks to encourage financial intermediaries in the region to adopt
socially and environmentally sustainable, and governance practices
through loans, risk mitigation products and technical assistance.

                        About Banco BHD

Banco BHD is the third largest bank in the Dominican Republic, and
the second largest private sector bank.  Its majority shareholder
is Grupo BHD, a Dominican holding company with interests in
financial services, through Centro Financiero BHD (CFBHD).  Banco
Sabadell of Spain, Banco Popular of Puerto Rico and the IFC are
the other shareholders of CFBHD.  BHD also participates in IDB's
Trade Finance Facilitation Program (TFFP).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2011, Fitch Ratings affirmed the ratings and revised the
outlook of Banco BHD's long-term foreign and local currency issuer
default rating to Positive from Stable, after a similar change on
the Outlook of the sovereign rating.


=============
J A M A I C A
=============


AIR JAMAICA: Jamaica and T&T Prime Ministers Negotiate Extension
----------------------------------------------------------------
RJR News reports that George Nicholas, Chairman of Caribbean
Airlines Limited, went ahead and negotiated a two-week extension
in finalizing the deal with Air Jamaica without consulting the CAL
board or the line minister.

Guardian Media said Mr. Nicholas disclosed the delay in an e-mail
sent on April 29 to Caribbean Airline's directors, and copied to
Transport Minister Jack Warner as well as acting Prime Minister
Winston Dookeran, according to RJR News.

RJR News notes that Guardian Media said an extension had been
negotiated by Prime Minister of Trinidad and Tobago, Kamla Persad-
Bissessar, and Prime Minister of Jamaica, Bruce Golding.

The Guardian website said Mr. Nicholas did not consult with Mr.
Warner, Mr. Dookeran, or the CAL board but dealt directly with the
prime minister, RJR News discloses.

RJR News says the Guardian understands that Mr. Nicholas' email
was in response to an email sent to the prime minister by Mr.
Warner.

Mr. Warner's email outlined Caribbean Airlines' position with
respect to Air Jamaica and the urgent need to formalize the
Shareholders' Agreement, RJR News adds.

As reported in the Troubled Company Reporter Latin America on
April 29, 2011, Trinidad and Tobago Newsday said final signing of
the document which would consummate the Caribbean Airlines
Limited/Air Jamaica Limited deal has been postponed following high
level discussions with officials of both Jamaica band Trinidad and
Tobago.  Final date for the signing was set for April 30, 2011.

                        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.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


===========
M E X I C O
===========


VITRO SAB: Has Secret Plan to Keep Units, Says Committee
--------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
the creditors' committee for U.S. subsidiaries of Vitro SAB
charged in a court filing May 4 that the Mexican glassmaker
didn't properly disclose how it hopes to retain an interest in
the U.S. businesses after a court-approved sale.  A hearing for
approval of sale procedures was scheduled for May 6, 2011, in U.S.
Bankruptcy Court in Dallas.

According to the report, the Creditors Committee, in its objection
to Vitro's proposed procedures for auction and sale, alleges that
the prospective buyer, Grey Mountain Partners LLC from Boulder,
Colorado, "may be related to, or acting on behalf of" Vitro
itself.  The Committee points to, among other things, a statement
in Vitro's earnings report for the first quarter, where the
company says it "is considering maintaining an ownership
participation at the end of the sale process."

The Committee, Bloomberg adds, alludes to reports in the Mexican
press pointing to discussions where Vitro would become a minority
owner after the businesses are sold to Grey Mountain.  The
Committee also contends there is no need for an immediate sale,
noting how the motion for a sale was filed one day after the U.S.
companies filed their Chapter 11 cases on April 6.

Mr. Rochelle relates that the Creditors Committee contends there
was an insufficient marketing effort, as demonstrated by the
higher offer already made by competitor Arch Aluminum & Glass Co.
Inc., an affiliate of Sun Capital Partners Inc., a private-equity
investor from Boca Raton, Florida.  The Committee likewise
contends there is "at least one alternative lender" who won't
require selling the assets "on an expedited basis."

Arch is offering US$45 million without a breakup fee, while Grey
Mountain's contract is US$44 million with a 3% breakup fee.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  Together, they held US$75 million, or approximately 6%
of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Vitro America, et al., have tapped Louis R. Strubeck, Jr., Esq.,
and William R. Greendyke, Esq., at Fulbright & Jaworski LLP, in
Dallas, Texas, as counsel.  Kurtzman Carson Consultants is the
claims and notice agent.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


===========
P A N A M A
===========


CORPORACION INTERAMERICANA: Fitch Assigns 'BB-' Long-Term IDR
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' Long-Term Issuer Default Rating
to Corporacion Interamericana para el Financiamiento de
Infraestructura.

The Rating Outlook is Stable.

CIFI's IDRs and Individual Rating reflect the operational support
provided by its shareholders, which is complemented by the
entity's expertise and track record in infrastructure financing,
its experienced management, along with its conservative risk
policies.  The ratings also factor the inherent risks that small
and recently established financial institutions face, including
high concentrations on both sides of the balance sheet and limited
diversification of revenues.

The Stable Outlook reflects that Fitch does not anticipate
substantial changes in CIFI's risk profile in the foreseeable
future.  However, CIFI's ratings may benefit from further
diversification on both sides of balance sheet and from a more
ample base of revenues.  In turn, unexpected deterioration in
asset quality and/or capital ratios could trigger a downgrade.

CIFI's risk management policies are conservative and complemented
by the shareholders' oversight. CIFI's policies encourage asset
diversification by country and sector; however, concentration by
project/obligor remains high (assets comprised 46 exposures at
year-end 2010).  On the plus side, the small size of the portfolio
allows for a comprehensive and continuous follow-up that is key to
timely detection of potential problems and the adoption of
appropriate remedial action.

Most of CIFI's facilities are structured in the form of A/B
syndicated loans, in which a multilateral acts as 'Lender of
Record'.  In such cases, CIFI shares the same rights as the
multilateral institution, including preferred creditor status.
Such status provides some benefits in terms of the transfer and
convertibility risks, although it does not provide meaningful
benefit in terms of inherent credit risk.  Loan loss reserves have
far exceeded realized loan losses, but may be limited should a
large debtor default.  Positively, CIFI has never had a loan
payment delayed more than 90 days and most of the exposures are
secured by a collateral.

CIFI's funding relies on a limited number of syndicated loans and
shareholders.  At year-end 2010, CIFI's liabilities comprised nine
long-term loans and four short-term revolving credit facilities.
Despite the low diversification of funding sources, CIFI has some
flexibility to access additional funds as it has committed credit
facilities that are not fully used and, following CIFI's plans to
diversify its funding, should have even higher undrawn levels.

At year-end 2010, Fitch Core Capital to Risk Weighted Assets stood
at 28.91% while the Basel I Capital ratio was 28.84%, well above
the minimum of 16% that CIFI aims to maintain in the long-run,
which, in Fitch's view, is adequate.

CIFI's operating profits have increased steadily over the last
years, achieving satisfactory levels.  Operating return on average
assets (ROAA) for 2010 stood at 2.58% and Operating return on
average equity (ROAE) at 8.52%.  However, total revenues rely
heavily on interest income. Medium-term growth prospects are
dependent on future capital injections, as assets are expected to
continue growing faster than internal capital generation.

Founded in 2001 under the laws of Costa Rica, and re-domiciled in
Panama on April 4, 2011, CIFI is a non-deposit-taking financial
institution specializing in providing financing to medium-sized
private sector infrastructure projects in Latin America and the
Caribbean. CIFI was founded by a group of international and
multilateral financial institutions that includes among others,
Caja Madrid, IIC, and CABEI, which provide operational support for
CIFI's activities in addition to funding facilities. CIFI reported
total assets of USD260 million at year-end 2010.

Fitch has assigned these ratings to CIFI:

  -- Long-term IDR at 'BB-'; Outlook Stable;

  -- Short-term IDR at 'B';

  -- Individual Rating at 'D';

  -- Support Rating at '5';

  -- Support Floor at 'NF'.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week May 2, to May 6, 2011
--------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----

ARGENTINA
---------

ARGENT- DIS         5.83      12/31/2033   ARS             159
ARGENT-PAR          1.18      12/31/2038   ARS              61.75
ARGENT-DIS          7.82      12/31/2033   EUR              74
ARGENT-DIS          7.82      12/31/2033   EUR              75.25
ARGENT-DIS          4.33      12/31/2033   JPY              42
ARGENT-PAR&GDP      0.45      12/31/2038   JPY               8
BODEN 2014          2          9/30/2014   ARS              32.65
BOGAR 2018          2          2/4/2018    ARS              32.5
PRO12               2          1/3/2016    ARS             124.125


CAYMAN ISLAND
-------------

BANCO BPI (CI)      4.15      11/14/2035   EUR              37.259
BCP FINANCE BANK    5.01       3/31/2024   EUR              49.408
BCP FINANCE BANK    5.31      12/10/2023   EUR              52.052
BCP FINANCE CO      4.239                  EUR              66.55
BCP FINANCE CO      5.543                  EUR              66.667
BES FINANCE LTD     5.772      2/7/2035    EUR              55.255
BES FINANCE LTD     4.5                    EUR              65
BES FINANCE LTD     5.58                   EUR              65.667
BES FINANCE LTD     6.625                  EUR              72.606
EFG ORA FUNDING     1.7       10/29/2014   EUR              62.996
ESFG INTERNATION    5.753                  EUR              59.334
IMCOPA INTL CAYM   10.375     12/19/2014   USD              36.5
PUBMASTER FIN       8.44      6/30/2025    GBP              60.013
SHINSEI FINANCE     7.16                   USD              77.498


CHILE
-----

BANCO BPI (CI)      4.15      11/14/2035   EUR              37.259
AGUAS NUEVAS        3.4       5/15/2012    CLP               1.667
CGE DISTRIBUCION    3.25      12/1/2012    CLP              40.052
ESVAL S.A.          3.8       7/15/2012    CLP              37.801
MASISA              4.25      10/15/2012   CLP              29.755
QUINENCO SA         3.5       7/21/2013    CLP              38.242


PERU
-----

TELEFON DEL PERU     2.875     4/22/2028   PEN              74.927


PUERTO RICO
-----------

PUERTO RICO CONS  6.2         5/1/2017    USD               57
PUERTO RICO CONS  6.5         4/1/2016    USD               63.375


VENEZUELA
---------

PETROLEOS DE VEN     5.5       4/12/2037   USD              45.896
PETROLEOS DE VEN     5.375     4/12/2027   USD              47.353
PETROLEOS DE VEN     5.25      4/12/2017   USD              61.088
PETROLEOS DE VEN     5.125    10/28/2016   USD              62.975
PETROLEOS DE VEN     5        10/28/2015   USD              66.407
PETROLEOS DE VEN     8.5      11/2/2017    USD              71.769
PETROLEOS DE VEN     8.5      11/2/2017    USD              72.064
PETROLEOS DE VEN     4.9      10/28/2014   USD              74.82
VENEZUELA            7         3/31/2038   USD              56.25
VENEZUELA            7         3/31/2038   USD              56.685
VENEZUELA            6         12/9/2020   USD              59.25
VENEZUELA            7.65       4/21/2025  USD              61.25
VENEZUELA            8.25      10/13/2024  USD              63.65
VENEZUELA            9.25       5/7/2028   USD              67
VENEZUELA            9          5/7/2023   USD              68
VENEZUELA            7.75      10/13/2019  USD              68.5
VENEZUELA            7         12/1/2018   USD              70.5
VENEZUELA            9.25       9/15/2027  USD              72.03
VENEZUELA            9.25       9/15/2027  USD              72.044
VENZOD - 189000      9.375      1/13/2034  USD              67.85





                            ***********

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, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  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 * * *