/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120222.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 Wednesday, February 22, 2012, Vol. 13, No. 037 Headlines A R G E N T I N A AUTOVIA OESTE: Asks for Bankruptcy Proceedings BLUEPRINT SA: Creditors' Proofs of Debt Due March 30 GADESUR SA: Creditors' Proofs of Debt Due April 10 METROGAS SA: Local Court Postpones Bondholders' Meeting to June NUTRIFROST SA: Requests for Opening of Bankruptcy Proceedings TELE OPCION: Creditors' Proofs of Debt Due March 15 * BUENOS AIRES: Moody's Assigns 'B2' Rating to Series 10 Notes B E L I Z E * BELIZE: Moody's Downgrades Bond Rating to 'Caa1' * BELIZE: S&P Cuts Sovereign Credit Ratings to 'CCC+' B R A Z I L COMPANIA SIDERUGICA: Moody's Says Ba1 CFR Unaffected by Stahlwerk GOL LINHAS: Moody's Revises 'B1' Rating Outlook to Negative GRUPO FARIAS: Moody's Assigns '(P)B3' Ratings; Outlook Stable C A Y M A N I S L A N D S AMICUS WIRELESS: Placed Under Voluntary Wind-Up ANTHRACITE BALANCED: Commences Liquidation Proceedings ASIACREST DEEPWATER: Shareholder Receives Wind-Up Report BLUEBAY MULTI-STRATEGY: Commences Liquidation Proceedings BLUEBAY MULTI-STRATEGY FUND: Commences Liquidation Proceedings BLUEBAY MULTI-STRATEGY PLUS: Commences Liquidation Proceedings BLUEBAY VALUE: Commences Liquidation Proceedings BLUEBAY VALUE FUND: Commences Liquidation Proceedings EXAMINE CAPITAL: Commences Liquidation Proceedings FAIRFIELD RAVEN: Commences Liquidation Proceedings GRANITE FUND: Members' Final Meeting Set for Feb. 22 HIBERNIA HOLDINGS: Commences Liquidation Proceedings INSPECT CAPITAL: Commences Liquidation Proceedings PRECISION CAPITAL: Commences Liquidation Proceedings SUCCESSOR X: Moody's Assigns 'B2(sf)' Rating to US$40MM Notes TAG FUSION: Shareholder Receives Wind-Up Report THREADNEEDLE APEX: Commences Liquidation Proceedings THREADNEEDLE APEX COMMODITIES: Commences Liquidation Proceedings THREADNEEDLE APEX FUND: Commences Liquidation Proceedings WELLINGTON: Commences Liquidation Proceedings ZOOM PLUS: Commences Liquidation Proceedings C O S T A R I C A * COSTA RICA: S&P Affirms 'BB/B' Sovereign Credit Ratings J A M A I C A LIME JAMAICA: Unions Urge to Fast Track Telecom Legislation T R I N I D A D & T O B A G O CL FIN'L: Inquiry on Firm's Collapse to Resume on Feb. 23 - - - - - ================= A R G E N T I N A ================= AUTOVIA OESTE: Asks for Bankruptcy Proceedings ---------------------------------------------- Autovia Oeste SA asked for bankruptcy proceedings. The company has defaulted on its payments last Sept. 6, 2011. BLUEPRINT SA: Creditors' Proofs of Debt Due March 30 ---------------------------------------------------- Maria Alejandra Barbieri, the court-appointed trustee for Blueprint SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 30, 2012. Ms. Barbieri will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, 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: Maria Alejandra Barbieri Av. Cabildo 2040 Argentina GADESUR SA: Creditors' Proofs of Debt Due April 10 -------------------------------------------------- Alfredo Oscar Legnazzi, the court-appointed trustee for Gadesur SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 10, 2012. Mr. Legnazzi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, 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: Alfredo Oscar Legnazzi Cerrito 1136 Argentina METROGAS SA: Local Court Postpones Bondholders' Meeting to June --------------------------------------------------------------- Ken Parks at Dow Jones Newswires reports that Metrogas SA disclosed that the federal court overseeing its reorganization under local bankruptcy laws has granted its request to postpone a meeting with bondholders until June. In a filing with the Buenos Aires Stock Exchange, Metrogas SA also said the meeting will now be held on June 18 instead of Feb. 24 as previously scheduled, according to Dow Jones' Newswires. An informative hearing, according to the report, was also pushed back to July 11 from March 2. Dow Jones Newswires recounts that the federal government, through state-run company Enargas, took over management of Metrogas SA after it filed for protection from its creditors in June 2010. The report notes that in November, Metrogas SA said it would offer creditors new U.S. dollar-denominated bonds maturing Dec. 31, 2018, equal to 53.2% of unsecured claims. Argentina's public utilities have struggled to make money after the government froze rates for most utility services during the 2001-02 economic crisis, the report discloses. About Metrogas SA Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution company, was incorporated on Nov. 24, 1992, and began operations on Dec. 29, 1992, when the privatization of Gas del Estado S.E. ("GdE") (an Argentine Government-owned enterprise) was completed. Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the Argentine Government granted MetroGAS an exclusive license to provide the public service of natural gas distribution in the area of the Federal Capital and southern and eastern Greater Buenos Aires, by operating the assets allocated to the Company by GdE for a 35-year period from the Takeover Date (Dec. 28, 1992). This period can be extended for an additional 10 year period under certain conditions. MetroGAS' controlling shareholder is Gas Argentino S.A., who holds 70% of the Common Stock of the Company. The 20%, which was originally owned by the National Government, was offered in public offering and the remaining 10% is under the Employee Stock Ownership Plan ("Programa de Propiedad Participada" or "PPP"). The suspension of the original regime for tariff adjustments and the inability to generate sufficient cash flows to pay its financial debt obligations led the Company to file a petition for a voluntary reorganization proceeding (concurso preventivo) in an Argentine court on June 17, 2010. On July 12, 2011, the Company presented a Reorganization Proposal to all unsecured creditors with proved and admissible claims. The offer consists of the payment of the unsecured claims, either proved or admissible, by means of the delivery, in exchange for and payment of such credits, of negotiable obligations payable in 14 years, in American Dollars, for 45%, measured in American Dollars, of the unsecured claims verified or declared admissible -- Negotiable Obligations. The Negotiable Obligations will be amortized 1% per year from year 3 to, and including, year 13, and the remaining balance (89%) will be amortized at the maturity of the Negotiable Obligations, in year 14. The Negotiable Obligations will accrue interest at an annual fixed rate of 4% and will be issued in two series under substantially the same terms and conditions. Both will be offered in public bids. One of the series will be offered in exchange to those creditors with unsecured claims who hold existing negotiable obligations with public offer, and the other series will be offered to the other unsecured creditors who are not bondholders. On Oct. 3, 2011, commercial creditor consents to MetroGAS' offer were presented before the reorganization procedure court, in such a number that represents the absolute majority of the verified creditors. NUTRIFROST SA: Requests for Opening of Bankruptcy Proceedings ------------------------------------------------------------- Nutrifrost SA requested the opening of bankruptcy proceedings. TELE OPCION: Creditors' Proofs of Debt Due March 15 --------------------------------------------------- Braian Leizerov, the court-appointed trustee for Tele Opcion SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 15, 2012. Ms. Leizerov 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: Braian Leizerov Lavalle 1290 Argentina * BUENOS AIRES: Moody's Assigns 'B2' Rating to Series 10 Notes -------------------------------------------------------------- Moody's Investors Service has assigned a B2 rating (global scale) to the Series 10 notes issued by the City of Buenos Aires for up to US$500 million. The city's foreign currency rating of B2 is constrained by Argentina's foreign currency country ceiling, currently B2. Ratings Rationale The notes are scheduled to mature in February 2017 and are to be offered under the city's Medium Term Note Program, which is currently limited to a maximum authorized amount of US$1.4 billion. The notes, which will pay interest at a fixed rate on a semi-annual basis, are direct, unconditional, unsecured and unsubordinated obligations of the city ranking at all times pari passu without any preference among themselves. The rating assigned to the Series 10 notes, equivalent to the Argentine foreign currency country ceiling for bonds, reflects the city's broad economy, which generates incomes far higher than the national average, and relatively low debt levels that have been reduced steadily since 2003. Debt levels remain low, though with a large share of foreign currency debt (80% as of December 2011), exposing the city to devaluation risk. Even though operating revenues are highly sensitive to economic cycles, the city benefits from a high own-source revenue base (89%) that contributes to financial flexibility. Buenos Aires' position relative to national peers reflects a high degree of financial flexibility fed by a strong own-source revenue base and significantly lower debt levels. However, the city's credit profile also reflects serious credit risks stemming from economic uncertainty and the need to resist ongoing spending pressures, especially from personnel costs. Continued application of prudent fiscal policies remains a necessary condition for debt stabilization matching revenue and expenditure growth. The ratings are also constrained by the operating environment for regional and local governments in Argentina, which is characterized by a GDP per capita that is high for a developing country, very high GDP volatility, and a very low ranking on the World Bank's Government Effectiveness Index, indicating a high level of systemic risk. This environment is wed to an institutional framework under which regional and local governments carry significant responsibility for public services while nearly all rely heavily on federal automatic transfers of the tax share regime, suggesting a low level of fiscal flexibility in relation to revenue. The methodologies used in this rating were Regional and Local Governments Outside the US published inMay 2008, and The Application of Joint Default Analysis to Regional and Local Governments published in December 2008. The Local Market analyst for this rating is Patricio Esnaola, 54- 11-3752-2019 =========== B E L I Z E =========== * BELIZE: Moody's Downgrades Bond Rating to 'Caa1' -------------------------------------------------- Moody's Investors Service has downgraded Belize's government bond rating to Caa1 from B3. The rating remains on review for possible further downgrade. The main driver of the downgrade and rating review are increased concerns of a possible debt restructuring. Recent campaign declarations ahead of upcoming general elections raise significant questions about the country's willingness to continue full and timely debt service payments. Moody's review will assess the government's intention regarding debt restructuring in the near future. Ratings Rationale Recent statements coming out of Belize suggests this administration may eventually contemplate modifying the original conditions of the superbond, a US$547 million bond equivalent to half of the government debt and the result of Belize's 2007 distressed debt exchange, raising concerns about the possibility that the government could seek another debt restructuring in due course. Superbond debt service has been rising owing to coupon step-ups and will rise even further once the debt begins amortizing in 2019, putting increasing pressure on Belize's generally weak public finances. The superbond has a stepped-up coupon that began at 4.25% and is scheduled to rise to 8.5% later this year. Given prospects of weak economic growth and expectations of lower oil royalties - a key source of government revenues - as crude production has been declining 5% per year, managing increased debt service payments could pose significant financial challenges for Belize. Furthermore, the prime minister's recent declarations about a possible new restructuring, even before the greater superbond-related fiscal costs fully materialize, reinforce the notion that risks may be higher than those incorporated into the previous B3 rating. Moody's has also changed Belize's foreign currency bond ceiling to B2 from B1 and the foreign currency deposit ceiling to Caa2 from B3. Both of these ceilings remain on review for possible further downgrade. In addition, Belize's local currency bond ceiling was changed to Ba2 from A1 and the local currency deposit ceiling was changed to Ba2 from A3. What Could Change The Rating Up/Down Low economic development, modest growth prospects, weak institutions and a high debt burden represent structural constraints that, in Moody's opinion, limit Belize's rating to the Caa category. Belize's US$6,389 2010 GDP per-capita (PPP basis) places the country in the bottom fifth among rated sovereigns and a low growth rate means the economy is falling behind rating peers. Additionally, Moody's estimates the 2012 debt-to-revenues ratio at over 300%, one of the highest among rated sovereigns. An elimination of debt payment concerns after the upcoming elections could lead to affirming the current Caa1 rating. Alternatively, continued worries about willingness to pay will likely lead to further downgrades with the final rating dependent on Moody's estimate of expected losses. * BELIZE: S&P Cuts Sovereign Credit Ratings to 'CCC+' ----------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term foreign- and local-currency sovereign credit ratings on Belize to 'CCC+' from 'B-'. The 'C' short-term credit ratings are unchanged. The outlook is stable. "The downgrade reflects signs of lower political willingness to service Belize's external commercial debt obligations," explained Standard & Poor's credit analyst Kelli Bissett. "In addition, Belize faces external imbalances, limited access to external funding, and rising costs of servicing general government debt." "On Jan. 31, 2012 -- during an announcement scheduling early elections for March 7, 2012 -- Belizean Prime Minister Dean Barrow introduced continued debt service of the government's $546.8 million bond (known locally as the super bond) as an election issue. The nature of the statement and prominent public office of the speaker signals, from a credit perspective, lower predictability that the government will continue to service its external commercial debt. Although a future United Democratic Party (UDP) government could ultimately back away from its leader's campaign rhetoric, the injection of the superbond into the campaign follows increased policy unpredictability (including the nationalizations of Belize's main electricity and telecom companies in the last two years) and raises questions about the political commitment to timely debt service. In addition, this announcement comes amid low economic growth, a weak investment outlook, increased levels of crime, and limited ability to raise government revenue, all of which, from a credit perspective, weaken the government's payment capacity," S&P said. "Belize's current account is weakening, and its external financing options are limited. Oil production (the government's most import foreign exchange earner) is in structural decline, and tourism prospects appear lackluster given the global economic slowdown. We project Belize's 2012 gross external financing requirement at 114% of current account receipts plus useable reserves. Belize's policy measures will likely depress foreign direct investment. Given Belize's fixed exchange rate regime, we expect the government to draw down reserves for a portion of its external financing. International reserves were US$250 million at the end of January. We expect that international reserves will decline this year and that delays in market participants obtaining foreign exchange will increase," S&P said. On the fiscal side, a shallow domestic financial market -- coupled with domestic resistance to raise tax revenue -- present a hard budget constraint. In addition, the coupon on the super bond is scheduled to step up to 8.5% annually from 6% in August. With that, we project that general government interest payments will rise to 15% of general government revenues. Furthermore, we expect government workers and teachers to demand higher wages once the next budget debate begins. Net general government debt was 63% of GDP at year-end 2011. Given Belize's financing constraints, we expect it to remain at this level through 2012," S&P said. "The local-currency ratings on Belize are 'CCC+/C', the same as the foreign-currency rating, reflecting the country's pegged exchange rate and limited monetary and fiscal flexibility. The transfer and convertibility assessment is 'B-', one notch above the long-term foreign-currency sovereign rating, under our expectation that in the event of default, the government could not actively restrict access to foreign exchange for private debt service. The foreign-currency recovery rating of '3' for the Government of Belize indicates our forecast of post-default recovery of between 50% and 70% on the principal of commercial foreign-currency debt. In our default scenario, we would expect the government to pursue a best-efforts approach to restructure its debt, as it did in late 2006 (which gave rise to the super bond). The recovery estimate, however, also incorporates constraining factors of relatively high levels of both public- sector and external debt," S&P said. "The stable outlook balances the possibility that the government will seek debt relief to reduce a rising external interest burden against the possibility that debt management will improve after the election. We could lower the rating if there were increased signs that the government intends to pursue a distressed restructuring or if additional external liquidity pressures were to emerge. An upgrade would most likely result from greater predictability about the political willingness to service debt and improved financing prospects. These would likely stem from an improved growth and investment outlook," S&P said. =========== B R A Z I L =========== COMPANIA SIDERUGICA: Moody's Says Ba1 CFR Unaffected by Stahlwerk ----------------------------------------------------------------- Moody's Investors Service commented that Companhia Siderurgica Nacional's -- CSN Ba1 corporate family rating and stable outlook are unaffected by the announcement that the company has acquired Stahlwerk Thuringen GmbH (SWT), along-steel producer as well as Gallardo Sections SLU, a steel distributor, both based in Germany, from Spain-based Grupo Alfonso Gallardo. The purchase price is EUR482.5 million. Ratings Rationale The principal methodology used in rating Companhia Siderurgica Nacional's - CSN was the Global Steel Industry Methodology published in January 2009. Companhia Siderurgica Nacional is a vertically integrated, low- cost producer of flat-rolled steel, including slabs, hot and cold rolled steel, and a wide range of value-added steel products, such as galvanized sheet and tinplate. In addition, the company has downstream operations to produce customized products, pre- painted steel and steel packaging. GOL LINHAS: Moody's Revises 'B1' Rating Outlook to Negative ----------------------------------------------------------- Moody's Investors Service revised the ratings outlook for Gol Linhas Aereas Inteligentes S.A. to negative from stable and affirmed the B1 global scale ratings. At the same time the company's national scale rating was lowered to Baa3.br from Baa2.br. Ratings affirmed are: Issuer: Gol Linhas Aereas Inteligentes S.A. - Corporate Family Rating: B1 Issuer: Gol Finance - 7.5% US$225 million senior unsecured notes due 2017: B1 - 8.75% US$200 million senior unsecured perpetual notes: B1 Issuer: VRG Linhas Aereas S.A - BRL 500 million senior unsecured notes: B1 Ratings lowered: Issuer: VRG Linhas Aereas S.A - BRL 500 million senior unsecured notes: to Baa3.br from Baa2.br The outlook for all ratings is negative. Ratings Rationale The change in outlook to negative reflects Moody's belief that Gol could be hard-pressed in the near to medium term to restore its credit metrics to levels more supportive of its B1 Corporate Family rating. Meaningful capacity discipline by the domestic carriers will be needed to help yields strengthen to levels that will allow Gol to improve its earnings and operating cash flow. The elevated cost of jet fuel and the currency mismatch of its revenues and major costs like fuel and aircraft lease payments are likely to remain ongoing challenges that heighten the importance of strong passenger yields. The negative outlook considers that the company may not be able to sufficiently restore its yields to mitigate the foreign currency exposure. The B1 Corporate Family rating continues to reflect Gol's good liquidity, with cash maintained at a minimum 25% of revenues, its high market share across the domestic routes it serves and the expectation of continuing favorable demand drivers for the Brazilian airline sector over the near-to-medium term. The affirmation also considers that Gol and its largest competitor, TAM could slow their respective capacity additions on domestic routes in 2012 to help restore yields. The closing of the acquisition of Webjet, once the anti-trust authority, CADE, provides its approval sometime in 2012, should provide synergy benefits and earnings accretion The favorable characteristics of the domestic market in Brazil, such as the slot constraints at the major airports where Gol operates and expected increases in the prospective customer base with increasing incomes balance the weaker earnings of recent quarters and the current weak credit metrics profile. In 2011, Gol experienced a confluence of events that resulted in a material deterioration in the company's credit metrics. Specifically, for the year ending Dec. 31, 2011, Moody's expects the airline to report negative operating margin in the low single digits (as compared to 10.0% for 2010) and adjusted leverage in the low double digits (when taking into consideration also the impact of the pending acquisition of Webjet) as compared to 5.1 times for all of 2010. Encouraged by continued favorable prospects for double digit demand growth, both existing carriers and new entrants added significant new capacity during 2011 which resulted in intense pressure on yields as supply exceeded demand. The low point for Gol occurred during the second quarter when yields touched 18.2 cents, down from 19.8 cents in the prior year period and 20.50 cents for all of 2010. This pressure on yields came at a time of stubbornly high fuel prices, which were sustained more by global political uncertainties than by underlying economic fundamentals. Unlike some other countries, regulation prevents Brazilian carriers from assessing fuel surcharges on domestic fares, making Gol with its predominantly domestic route network more vulnerable. For the third quarter ending Sept. 30, 2011, jet fuel, a U.S. dollar denominated cost, accounted for 38.8% of Gol's overall operating costs. During the second half of the year, Gol also took advantage of a unique position to strengthen its market position in a number of key airports such as Guarulhos, Santos Dumont, Confins, Brasilia and Porto Allegre through its agreement to acquire rapidly growing Webjet, the country's fourth largest operator. While Moody's views this as positive for Gol's operating profile, in the short-to-medium term this will result in a further increase in the company's already high leverage and require stepped up management attention. However, 2011 also demonstrated what is possibly the weakest link in the Gol business model. With an estimated 83% of its debt denominated in U.S. dollar and more than 50% of its operating expenses (particularly fuel, aircraft leases, maintenance and insurance) expressed in U.S. dollars and no active currency hedging program, the sudden and material devaluation of the Brazilian real during the second half of the year came at a significant cost to Gol. The balance sheet impact is not unique to Gol as many other Brazilian companies with significant U.S. dollar debt experienced a significant negative impact on their financial results. Having no natural hedge from international sales denominated in U.S. dollars, Gol's operating margins are particularly vulnerable to a sudden devaluation of the Brazilian currency. For example, Moody's estimates that for each five percentage point devaluation in the Real, Gol's operating margins would decline by 250 basis points. For the period ending Sept. 30, 2011, the Brazilian real closed at 1.85 to the U.S. dollar, which weakened from 1.56 for the period ending June 30, 2011. Recent comments from both Gol and TAM signal a more conservative approach towards capacity management for 2012 even if Moody's expects other players such as Azul (not rated) to continue to expand aggressively, particularly in secondary airports which are not a main focus for Gol. Moody's believes that Gol, excluding Webjet's capacity will, strive towards zero growth of ASKs during the year whereas TAM (not rated) will likely limit domestic ASK growth to no more than 2%. With some signals that Brazilian economic growth may accelerate as Moody's moves towards the second half of the year driven principally by lower interest rates, a better balance between demand and supply could lay the foundation for a recovery in yields during the year. What remains unclear is how Gol may be able to reduce its vulnerability to a weaker Real. Downward pressure on GOL's ratings could occur if unrestricted cash falls below BRL 1.7 billion or the company is unable to demonstrate meaningful strengthening of its credit metrics, such as Debt to EBITDA approaching six times or Funds from Operations + Interest to Interest approaching 3.0 times or if pressure on yields returns because of capacity additions by Gol or a competitor. There is little upwards ratings pressure. However, the outlook could be changed to stable if the company was to sustain meaningfully stronger credit metrics. For example, Debt to EBITDA of below five times (8.9x in the LTM ended in Sept. 30, 2011) adjusted retained cash flow to net debt of above 20% (9.5% in the LTM ended in Sept. 30, 2011) and EBIT to interest coverage of about 1.5 times (0.3x in the LTM ended in Sept. 30, 2011), while keeping unrestricted cash of at least 25% of LTM revenues (29% for the LTM period ending Sept. 30, 2011). Moody's last rating action on Gol Finance, Gol Linheas Aereas Inteligentes S.A. and VRG Linhas Aereas S.A was on Aug. 3, 2011, when Moody's lowered to B1 from Ba3 the corporate family rating and senior unsecured ratings for Gol Linhas Aereas Inteligentes S.A. and Gol Finance and Moody's America Latina Ltda. lowered VRG Linhas Aereas S.A.'s BRL 500 million senior unsecured notes to B1 from Ba3 and the national scale rating to Baa2.br from A3.br GRUPO FARIAS: Moody's Assigns '(P)B3' Ratings; Outlook Stable ------------------------------------------------------------- Moody's Investors Service has assigned provisional first-time (P)B3 corporate family rating to Administradora Baia Formosa S.A. (Grupo Farias) and a (P)B3 rating to its proposed USD 300 million seven-year, non-callable for four years, senior unsecured notes, to be issued by its Luxembourg-based offshore subsidiary, Farias Finance International Limited, with an unconditional guarantee from Administradora Baia Formosa S.A. and its operational subsidiaries Vale Verde Empreendimentos Agricolas Ltda., Anicuns S.A. -- Alcool e Derivados and Usina Sao Jose S.A. Acucar e Alcool. The outlook for both ratings is stable. The provisional ratings are assigned pending the sucessful placement of the proposed notes. Rating Rationale "The ratings reflect the company's small scale and uneven historical performance in a volatile commodity sugar/ethanol business. However, the ratings consider the good medium term prospects for the sugar/ethanol industry, as low global inventories, combined with still tight supply-demand dynamics, should continue to translate into relatively high prices," says Moody's local market analyst Marianna Waltz. It also takes into account Grupo Farias' presence in four regions of Brazil, which helps mitigate risks associated with sourcing raw materials, as well as the company's relatively diversified customer base, with a lower reliance in commodity trading houses as compared to peers. "The rating also assumes that Grupo Farias will make necessary investments in the renewal and expansion of harvest area, and hence achieve better utilization of installed capacity with the aim to improve the dilution of fixed costs and expenses," Waltz says. She adds that the company plans to increase production from the current 6.9 million tons to almost 16 million tons of sugarcane per annum over the next four years. The assigned ratings reflect Grupo Farias' history of weak financial performance including its fiscal 2010 results when sugar and ethanol prices were increasing. Additionally, its weak liquidity, lack of written financial policies and its nascent corporate governance constrain the rating. Furthermore, even recognizing the overall good prospects for the sector, Moody's ratings consider the inherent risks associated with a pure commodity business, which could result in significant volatility in operating performance and hamper its liquidity. Grupo Farias' relatively small size as compared to some larger domestic and international players also acts as a rating constraint, though this is partially mitigated by the fact that the industry in Brazil remains very fragmented. The largest player, Cosan (Ba2 RUR), has a market share of only 10% of the Brazilian total crushing. With an installed capacity of 10.6 million tons of sugarcane, Grupo Farias has approximately 2% of the local market. Like most of the larger companies in the sector, Grupo Farias has a 70%-30% flexibility to change its mix to produce either sugar or ethanol, depending on market conditions, which is a credit positive. This flexibility allows the company to enhance its performance without consuming too many resources to bear the opportunity costs of unused capacity. The stable rating outlook reflects Moody's view that Grupo Farias will be able to benefit from favorable conditions for the sugar- ethanol industry and maintain operating margins at or close to current levels, while prudently managing leverage and CAPEX. The company's liquidity has historically been weak, however, with a modest cash position of BRL 13.7 million as of March 2011 being sufficient to cover only 8.5% of short-term debt. The rating therefore assumes that the company will use part of the issuance proceeds, as well as of future free cash flow generation, to improve its cash cushion to about BRL 100 million. The rating could come under downward pressure if the company's liquidity deteriorates or if market conditions cause operating margins to decline sharply, or if total adjusted debt to EBITDA rises above 4.5x and EBITA to interest expense falls below 1.0x. Grupo Farias' ratings could be positively affected by an improvement in the company's liquidity levels, with a consistently higher minimum cash cushion. The company would also need to maintain operating margins above 15%, debt to EBITDA below 4.0x and a RCF to net debt above 20% on a sustained basis. The principal methodology used in this rating was "Global Food - Protein and Agriculture Industry," published in September 2009. Administradora Baia Formosa S.A. (Grupo Farias) is a privately held, family-controlled Brazilian sugar-ethanol producer. Founded in 1965 and headquarted in the city of Sao Paulo, the company reported net revenues of BRL 620 million (USD 345 million) in the fiscal year ended in March 2011. =========================== C A Y M A N I S L A N D S =========================== AMICUS WIRELESS: Placed Under Voluntary Wind-Up ----------------------------------------------- On Dec. 28, 2011, the shareholders of Amicus Wireless Technology Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 13, 2012, will be included in the company's dividend distribution. The company's liquidator is: Joon Chung Facsimile: +82 31 784 8555 11-902, Walkerhill Apartment House KwangJang-Dong KwangGin-Gu Seoul Korea ANTHRACITE BALANCED: Commences Liquidation Proceedings ------------------------------------------------------ On Jan. 3, 2012, the shareholder of Anthracite Balanced Company (JR-38) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 15, 2012, will be included in the company's dividend distribution. The company's liquidator is: Simon Conway c/o Andrew Nembhard Telephone: (345) 914 8779 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands ASIACREST DEEPWATER: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Asiacrest Deepwater Fund Limited received on Jan. 26, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paolo L. Picazo Telephone: 852 9088 1000 Facsimile: 852 3014 0820 BLUEBAY MULTI-STRATEGY: Commences Liquidation Proceedings --------------------------------------------------------- On Jan. 1, 2012, the shareholders of The Bluebay Multi-Strategy (Master) Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 15, 2012, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 769-8820 e-mail: rsmith@bdo.ky BDO CRI (Cayman) Ltd. Floor 2 Building 3 Governors Square 23 Lime Tree Bay Ave PO Box 31229 Grand Cayman KY1 1205 Cayman Islands BLUEBAY MULTI-STRATEGY FUND: Commences Liquidation Proceedings -------------------------------------------------------------- On Jan. 1, 2012, the shareholders of The Bluebay Multi-Strategy Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 15, 2012, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith BDO CRI (Cayman) Ltd. Floor 2 Building 3 Governors Square 23 Lime Tree Bay Ave PO Box 31229 Grand Cayman KY1 1205 Cayman Islands Telephone: (345) 769-8820 E-mail: rsmith@bdo.ky BLUEBAY MULTI-STRATEGY PLUS: Commences Liquidation Proceedings -------------------------------------------------------------- On Jan. 1, 2012, the shareholders of The Bluebay Multi-Strategy Plus Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 15, 2012, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 769-8820 e-mail: rsmith@bdo.ky BDO CRI (Cayman) Ltd. Floor 2 Building 3 Governors Square 23 Lime Tree Bay Ave PO Box 31229 Grand Cayman KY1 1205 Cayman Islands BLUEBAY VALUE: Commences Liquidation Proceedings ------------------------------------------------ On Jan. 1, 2012, the shareholders of The Bluebay Value Recovery (Master) Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 15, 2012, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 769-8820 e-mail: rsmith@bdo.ky BDO CRI (Cayman) Ltd. Floor 2 Building 3 Governors Square 23 Lime Tree Bay Ave PO Box 31229 Grand Cayman KY1 1205 Cayman Islands BLUEBAY VALUE FUND: Commences Liquidation Proceedings ----------------------------------------------------- On Jan. 1, 2012, the shareholders of The Bluebay Value Recovery Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 15, 2012, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith BDO CRI (Cayman) Ltd. Floor 2 Building 3 Governors Square 23 Lime Tree Bay Ave PO Box 31229 Grand Cayman KY1 1205 Cayman Islands Telephone: (345) 769-8820 E-mail: rsmith@bdo.ky EXAMINE CAPITAL: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on Jan. 4, 2012, the members of Examine Capital LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 8, 2012, will be included in the company's dividend distribution. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands FAIRFIELD RAVEN: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 30, 2011, the shareholder of Fairfield Raven Credit Opportunities Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 16, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ian D. Stokoe c/o Jodi Jones Telephone: (345) 914 8694 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands GRANITE FUND: Members' Final Meeting Set for Feb. 22 ---------------------------------------------------- The members of Granite Fund Limited will hold their final meeting on Feb. 22, 2012, 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: Xu Yu Felix Lo c/o Granite Fund Advisors Limited Central Building, Level 9 1-3 Pedder Street, Hong Kong Telephone: +1 854 3975 2782 Facsimile: +1 646 248 7688 HIBERNIA HOLDINGS: Commences Liquidation Proceedings ---------------------------------------------------- On Jan. 6, 2012, the shareholders of Hibernia Holdings Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 20, 2012, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands INSPECT CAPITAL: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on Jan. 4, 2012, the members of Inspect Capital LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 8, 2012, will be included in the company's dividend distribution. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands PRECISION CAPITAL: Commences Liquidation Proceedings ---------------------------------------------------- At an extraordinary meeting held on Jan. 4, 2012, the members of Precision Capital LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 8, 2012, will be included in the company's dividend distribution. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands SUCCESSOR X: Moody's Assigns 'B2(sf)' Rating to US$40MM Notes ------------------------------------------------------------- Moody's Investors Service has assigned a rating to these classes of notes issued by Successor X Ltd., a Cayman Islands exempted company: US$40,000,000 Series 2012-1 Class V-D3 Principal At-Risk Variable Rate Notes due January 27, 2015 (the "Notes"), Definitive Rating Assigned B2 (sf) Ratings Rationale Moody's rating of the Notes is based primarily on the expected loss posed to noteholders. The rating reflects the risks relating to certain hurricane events that occur in the covered area during the specified risk period, the transaction's legal structure, the credit strength of the counterparty and the underlying collateral. The Issuer is a catastrophe bond program sponsored by Swiss Reinsurance Company Ltd. and the Notes will be one of several series of notes outstanding. The risks of the Notes are linked to the occurrences of a PCS North Atlantic Hurricane Event in the North Atlantic Covered Area during a risk period of three years beginning Jan. 27, 2012. Potential losses to the noteholders are calculated per occurrence and are tied to the PCS Insured Industry Residential and Commercial Property Loss Amount as reported by Property Claim Services. The initial collateral securing the Notes are U.S. Treasury money market funds rated Aaa-mf and are segregated from other outstanding series of notes. TAG FUSION: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Tag Fusion Master Fund, LLC received on Feb. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: James F. Peters Jr. 139 S. Old Woodward Birmingham, Michigan 48009 Telephone: +1 248 282 2530 Facsimile: +1 248 283 2524 139 S. Old Woodward Birmingham, Michigan 48009 United States of America THREADNEEDLE APEX: Commences Liquidation Proceedings ---------------------------------------------------- On Dec. 28, 2011, the shareholder of Threadneedle Apex Commodities Master Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 17, 2012, will be included in the company's dividend distribution. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Lea Kuflik Telephone: +1 345-815-2601/ +1 345-949-4800 Facsimile: +1 345-949-7164/ +1 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands THREADNEEDLE APEX COMMODITIES: Commences Liquidation Proceedings ---------------------------------------------------------------- On Dec. 28, 2011, the shareholder of Threadneedle Apex Commodities Management Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 17, 2012, will be included in the company's dividend distribution. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Lea Kuflik Telephone: +1 345-815-2601/ +1 345-949-4800 Facsimile: +1 345-949-7164/ +1 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands THREADNEEDLE APEX FUND: Commences Liquidation Proceedings --------------------------------------------------------- On Dec. 28, 2011, the shareholder of Threadneedle Apex Commodities Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 17, 2012, will be included in the company's dividend distribution. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Lea Kuflik Telephone: +1 345-815-2601/ +1 345-949-4800 Facsimile: +1 345-949-7164/ +1 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands WELLINGTON: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary meeting held on Jan. 4, 2012, the members of Wellington resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 17, 2012, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ZOOM PLUS: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Jan. 5, 2012, the members of Zoom Plus Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands =================== C O S T A R I C A =================== * COSTA RICA: S&P Affirms 'BB/B' Sovereign Credit Ratings --------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term and 'B' short-term foreign-currency credit ratings on the Republic of Costa Rica. Standard & Poor's also said that it affirmed its 'B' short-term local-currency rating on the sovereign and lowered the long-term local-currency sovereign credit rating to 'BB' from 'BB+'. The outlook is stable. The 'BBB-' transfer and convertibility assessment and '2' recovery rating on government bonds (expectation of substantial [70%-90%] recovery in the event of a default) are unchanged. "The ratings on Costa Rica balance the country's limited monetary and exchange-rate flexibility as well as rising fiscal pressures with the good economic prospects, stable political system, and relatively high level of social development," explained Standard & Poor's credit analyst Olga Kalinina. "Costa Rica's monetary rigidities reflect ongoing losses at the central bank (about 0.6% of GDP in 2011) and a high (albeit declining) level of dollarization, which we estimate at more than one-third of the financial sector's claims and deposits. Inflation targeting is complicated because of the managed exchange rate regime." "On the fiscal side, Costa Rica has had a hard time containing spending, which rose substantially during the past three years. Yet, the tax reform that the government proposed in early 2011 to stabilize the fiscal accounts and afford much-needed infrastructure and security spending faces opposition and is currently stalled. As a result, we project that Costa Rica's fiscal deficits (including central government, central bank, and decentralized government entities) will widen to 5.2% of GDP this year from 4.7% last year. The resulting increase in the net general government debt (to a projected 35% of GDP in 2012) is unlikely to reverse in the next few years. Under our baseline scenario, we expect fiscal reform, albeit a watered-down version, before year-end 2012," S&P said. "Supporting the ratings are Costa Rica's stable political system, strong public institutions, rule of law, and general consensus on pro-growth market-oriented policies. A comparatively high level of human development contributes to social stability and supports Costa Rica's niche in skill-based export services. This, in turn, sustains solid long-term growth prospects, with real GDP growth per capita expected to average 2.2% between 2012-2014," S&P said. "We lowered the long-term local-currency rating to align it with the foreign-currency rating based upon our revised sovereign rating methodology published on June 30, 2011," S&P said. "The stable outlook incorporates our expectation that the government will keep its fiscal accounts in check, whether through the eventual passage of the fiscal reform, better tax collection, or further spending cuts," Ms. Kalinina added. "Given still-limited (albeit rising in the past few years) monetary flexibility, we believe fiscal prudence is important for the sovereign to maintain its creditworthiness. Supported by robust economic prospects, we expect Costa Rica's debt to remain at moderate levels, though it will likely rise in the short term." "If political disagreements mount, they would limit fiscal consolidation options and weaken governance. This scenario would hamper economic performance and external and exchange rate stability, which could eventually lead us to lower the ratings. On the other hand, higher GDP growth and growing tax revenues could lead to a faster stabilization of the government debt burden, better macroeconomic equilibrium, and improved policy predictability (creating more space for exchange-rate liberalization), all of which could contribute to a higher credit rating," S&P said. ============= J A M A I C A ============= LIME JAMAICA: Unions Urge to Fast Track Telecom Legislation ----------------------------------------------------------- RJR News reports that LIME another (formerly Cable & Wireless Jamaica Limited) union representing the firm's workers is urging Phillip Paulwell, Jamaica Minister responsible for telecommunications, to speed up legislation to address imbalances in regulations governing the sector. The Bustamante Industrial Trade Union, BITU, wants the Minister to fast-track legislation it feels will level the playing field for LIME, according to RJR News. The report relates that the University and Allied Workers Union and the Jamaica Telephone Company (JTC) Executive and Allied Staff Association made a similar call. RJR News notes that the unions said the proposed legislation will bring benefits for the workers at LIME and, by extension, consumers. The report relates that LIME, which has been losing billions of dollars, stated that while an agreement has not yet been reached among the players in the industry. * * * As reported in the Troubled Company Reporter on Feb. 6, 2012, the Board of Directors of LIME released the unaudited consolidated results of the company, Jamaica Digiport International Limited (101), and other subsidiaries, for the quarter ended Sept. 30, 2009. The report related that revenue for the quarter declined 10% to JM$5,104 million from JMS5,567 million for the same period in 2008. Jamaica Gleaner noted that LIME's accumulated deficit has climbed to more than JM$17 billion. Concurrently, its equity base has diminished to JM$2 billion on its December 2011 unaudited balance sheet, reflecting book value of two cents per share, the report added. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Inquiry on Firm's Collapse to Resume on Feb. 23 --------------------------------------------------------- Joel Julien at Trinidad Express reports that the commission of enquiry into the collapse of CL Financial Limited and the Hindu Credit Union is scheduled to reconvene on Thursday, Feb. 29, 2012. The sitting is the start of the fifth evidence hearing into the collapse of the insurance empire, according to Trinidad Express. The report notes that the last session of the enquiry saw both current and former Cabinet members take the witness stand at Winsure Building located along Richmond Street, Port of Spain. Trinidad Express relates that among those to testify at the fourth evidence hearing were former finance minister Karen Nunez- Tesheira, Planning Minister Dr. Bhoendradatt Tewarie and Mervyn Assam, ambassador extraordinary and plenipotentiary with responsibility for trade and investment. The report says that Messers. Tewarie and Assam testified in the capacity as former CL Financial director and former Colonial Life Insurance Company (Trinidad) Limited (CLICO) Investment Bank chairman respectively. Meanwhile, the report notes that investigations into the reasons for the fall of the HCU will be returned to the enquiry's agenda until September. Trinidad Express relates that Queen's Counsel Peter Carter, lead counsel to the enquiry, will be unable to attend until September. Due Mr. to Carter's unexplained absence another counsel will be appointed, the report notes. The enquiry is being chaired by lone commissioner Sir Anthony Colman. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company 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 August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards 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. *********** 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, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. * * * End of Transmission * * *