TCRLA_Public/120626.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

              Tuesday, June 26, 2012, Vol. 13, No. 125


                            Headlines



A R G E N T I N A

CELULOSA ARGENTINA: Moody's Cuts CFR to 'B3'; Outlook Negative
* ARGENTINA: Moody's Lowers BFSRs of 31 Financial Institutions


B R A Z I L

TAM SA: Merger With LAN Airlines Reshapes LatAm Air Market


C A Y M A N   I S L A N D S

AI SYSTEMATIC: Shareholders Receive Wind-Up Report
ANTHRACITE MASTER: Members' Final Meeting Set for June 29
BRAIT V GP: Shareholders' Final Meeting Set for July 6
CADFILE LTD: Members' Final Meeting Set for July 3
CARFEDEMA LTD: Members' Final Meeting Set for July 10

DEUTSCHE MANAGED: Shareholders' Final Meeting Set for July 9
IRIS GLOBAL: Shareholders Receive Wind-Up Report
LAPSTONE LIMITED: Members' Final Meeting Set for June 28
PARLIN CAPITAL: Members' Final Meeting Set for July 5
RREEF REFLEX: Shareholder to Receive Wind-Up Report on July 2

SINOPAY.COM HOLDINGS: Members' Final Meeting Set for May 10
WABUSH LIMITED: Members' Final Meeting Set for June 28


J A M A I C A

DIGICEL GROUP: LIME Contemplates Joining OUR in Legal Action


V E N E Z U E L A

VITRO SAB: Seeks Stay Pending Appeal in District Court


X X X X X X X X

* S&P's Global Corporate Default Tally Rises to 37
* BOND PRICING: For the Week June 18 to June 22, 2012


                            - - - - -


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


CELULOSA ARGENTINA: Moody's Cuts CFR to 'B3'; Outlook Negative
--------------------------------------------------------------
Moody's Latin America has downgraded Celulosa Argentina (CASA)'s
local currency Corporate Family Rating to B3 from (P)B2. At the
same time, Moody's assigned an Baa1.ar Argentina National Scale
Rating to CASA's Corporate Family Rating. The outlook for all
ratings is negative.

Ratings Rationale

The downgrade of the corporate family rating reflects Moody's view
that CASA ultimately cannot be completely de-linked from the
credit quality of the Argentinean government (B3, stable), and
thus its ratings need to more closely reflect the risk that they
share with the sovereign. The rating action also considers the
company's current tight liquidity position, as it faces short-term
debt maturities with cash balances likely to remain low and the
impact of cost inflation on CASA's margins.

A weaker sovereign has the potential to create a ratings drag, and
therefore it is appropriate to limit the extent to which these
issuers are rated higher than the sovereign, in line with Moody's
Rating Implementation Guidance "How Sovereign Credit Quality May
Affect Other Ratings" published on February 13, 2012.

"In order to be rated significantly above the sovereign, an issuer
needs not only be fundamentally stronger than the sovereign from a
credit perspective, but also demonstrate a degree of insulation
from the domestic macroeconomic and financial disruption, which
generally accompanies a sovereign default," says Veronica
Amendola, a Moody's Vice President, Senior Analyst.

"We continue to take into account CASA's market leadership and
highly recognized brand name in the domestic pulp and paper
markets, with vertically integrated operations. However, we
believe de-linking it from the sovereign is not appropriate
because of the company's asset concentration in Argentina, with
domestic business concentration, banks and counterparties,"
Amendola adds.

Moody's notes that any downward rating action at the sovereign
level would likely result in negative rating actions at CASA, as
the agency would seek to maintain the current rating alignment in
the absence of a significant change in credit quality at CASA. A
potential upgrade is not anticipated in the foreseeable future.

CASA's current liquidity position is tight, with high short-term
debt maturities and a sizeable capex plan. For the last twelve
months ended in February 2012, CASA had US$3.7 million of cash and
marketable securities and US$83.9 million of short-term debt.
Although CASA has recently entered into an agreement with its main
bank lenders that will grant an 18 month grace period on its
principal and interest payments, short term debt exposure on
CASA's balance sheet is still significant.

The negative outlook on the corporate family ratings reflects
weakening operational performance due to the company's exposure to
inflation in the local market and sovereign interrelated risks,
due to the company's assets concentration in Argentina, with
domestic business concentration, banks and counterparties. Moody's
believes that the company will stay in compliance with its
covenants, given current operating performance.

While unlikely at this juncture, the outlook could be stabilized
if Argentina's B3 government bond rating would be upgraded. In
addition, the outlook could experience upward pressure from
improved and more stable operating margins on a sustained basis.
Factors that could result in a positive rating action could
include bolstering CASA's liquidity profile, through debt
reduction and strong cash flow generation. Quantitatively, upward
rating pressure could build if CASA's debt to EBITDA, is
sustainable below 3 times and EBITDA to interest above 5 times.

A downgrade in the ratings could result from a deterioration in
CASA's sales and margins or from a failure to address near to
medium term debt maturities and compliance with its debt
covenants. The ratings could be downgraded if CASA's operating
performance and liquidity profile persistently weaken.
Quantitatively, a downgrade could result from Debt to EBITDA of
above 6.5 times and/or EBITDA to Interest of below 1 times, both
at the CASA consolidated level.

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
".mx" for Mexico.

CASA is a pulp, paper and wood product manufacturer, with primary
operations in Argentina and Uruguay, with leading local brands and
market positions in printing and writing papers, solid wood and
plywood products. CASA also exports approximately 27% of revenues
to Chile, Brazil and other Latin American countries, and to a
lesser extent, the United States, Europe and Asia. For the last
twelve months ended in February 2012, CASA's consolidated revenues
reached US$375 million.


* ARGENTINA: Moody's Lowers BFSRs of 31 Financial Institutions
--------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength ratings or lowered the standalone credit
assessments of 31 financial institutions in Argentina by one to
five notches. These rating actions reflect the detrimental effects
of Argentina's macroeconomic, political and country risk
environment on financial institutions coupled with Moody's
assessment of the high correlation between their credit profiles
and that of the sovereign.

Moody's also downgraded by one to three notches the global scale
local currency deposit ratings of 28 banks and six finance
companies, and the issuer ratings of one financial services
holding company and one commodities exchange. Moody's Latin
America has also downgraded the long term local and foreign
currency debt ratings of 19 Argentinean banks and finance
companies.

At the same time, Moody's downgraded, on its national scale for
Argentina, the local currency deposit and issuer ratings of 26
institutions and lowered the local and foreign currency debt
ratings of 13 and 7 institutions, respectively.

Short and long term foreign currency deposit ratings on both the
global and national scales were unaffected by this rating action;
however global scale foreign currency debt ratings of four
institutions were affected.

All the revised ratings carry a stable outlook, with the exception
of Standard Bank Argentina's ratings that remain on review for
possible downgrade in light of its acquisition by China's ICBC
pending regulatory approval.

The rating actions conclude the reviews for possible downgrade
Moody's initiated on November 21, 2011, in light of the potential
adverse effects on Argentinean bank credit fundamentals of a
weakening economic outlook coupled with government measures and
currency controls. The rating actions also conclude the reviews
continued or initiated on March 16 and March 21, 2012 of financial
institutions with standalone credit assessments above the B3
rating of the Argentinean government, as discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published February 13, 2012, and in the special
comment "Banks and Sovereigns: Risk Correlations Constrain
Standalone Bank Credit Assessments," published
April 30, 2012.

Moody's has also reassessed its assumptions about the probability
of government support for Argentinean banks, finance companies and
commodities exchange. As a result of this reassessment, the
systemic support indicator for Argentina has been lowered to B2
from B1, which has contributed to the downgrade of the local
currency ratings. The ratings outcomes are also influenced by the
recent lowering of Argentina's local currency deposit and debt
ceilings to Ba3 from Ba1 in light of increased political and
country risk. The new ceiling now caps the local currency ratings
of all financial institutions at Ba3.

Moody's standalone bank financial strength ratings and standalone
credit assessments for the rated Argentinean financial
institutions now range between E+ and E, from D+ and E+
previously, and between ba3 and caa2, from ba1 and caa1
previously.

Local currency deposit and debt ratings now range between Ba3 and
B3, from Ba1 and B3 previously, reflecting the downgrade of the
standalone ratings together with the reduced systemic support
assumptions and local currency ceilings.

A full list of the Affected Issuers and their credit ratings is
available at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143390

Ratings Rationale

DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING LEVEL

The downgrades of the standalone ratings of the 31 Argentinean
financial institutions to the B3 level of the government reflects
Moody's assessment that the creditworthiness of these entities is
highly correlated with that of the government taking into account
(i) the degree to which their businesses depend on the domestic
macroeconomic and financial environment; (ii) their direct and
indirect exposures to the sovereign, and (iii) their lack of cross
border diversification.

The exceptions are Banco de Valores and MATBa, whose standalone
assessments were lowered to b2 from ba1, and to b1 from ba3,
respectively, and are now one and two notches above the level of
the Argentinean government. These exceptions reflect factors that
help mitigate the risk correlations with the government, including
their key roles as clearing bank for the stock exchange and as the
largest domestic commodities exchange, respectively, moderate
direct exposures to government debt, as well as their supportive
shareholder groups through several economic and financial crises.
Valores' b2 standalone assessment reflects its dual role as both a
commercial and clearing bank, hence exposed to macroeconomic
conditions as other banks.

In the case of the Argentinean banks, the rating downgrades also
incorporate the risks related to increasing government
intervention through mechanisms unfavorable to the earnings
generation, funding dynamics, and financial flexibility of
financial institutions. Such mechanisms include the application of
ever tighter foreign exchange controls and other administrative
and legal measures that have weakened confidence in the financial
system as demonstrated by accelerated deposit outflows. These
policies, together with the YPF nationalization and the change in
the central bank's bylaw, also raise questions regarding the
predictability of government policies.

LOCAL CURRENCY DEPOSIT AND DEBT RATINGS LIFTED BY PARENTAL AND/OR
GOVERNMENT SUPPORT

Moody's deposit ratings incorporate assumptions about potential
external support from a parent institution, or a regional or
national government. These assumptions reflect both the capacity
and the willingness of such third parties to support a bank in the
event of stress.

Increasing political risk and country risk in Argentina over the
past few years has led Moody's to reassess its assumptions about
the probability of government support that can be incorporated
into financial institutions' deposit and debt ratings, with the
degree of uplift from such assumptions depending on a bank's
systemic importance as a deposit-taker and lender.

Foreign-owned institutions in Argentina continue to have the
highest global local currency deposit rating of Ba3 primarily due
to the probability of support from higher rated foreign parent
institutions and aligned to the shareholder's percentage
ownership. These banks include Banco Santander Rio S.A., HSBC Bank
Argentina S.A., Standard Bank Argentina S.A., Banco Patagonia
S.A., Banco Itau Argentina S.A., BNP Paribas (Argentina branch),
Toyota Compania Financiera de Argentina S.A., Banco Cetelem
Argentina S.A., Banco de Servicios Financieros S.A., and
Caterpillar Financial Services Argentina S.A.

PSA Finance Argentina S.A. and GPAT Compania Financiera S.A. are
now rated B1 for local currency deposits, also reflecting support
from their higher-rated parent institutions, Banque PSA Finance
and Banco Patagonia, respectively. Banco de la Ciudad de Buenos
Aires is the only domestic bank now rated at the B1 level because
it benefits from uplift due to the assumption of the probability
of support from its parent, the City of Buenos Aires, currently
rated B1 in local currency by Moody's.

Large domestically-owned institutions whose standalone ratings
receive uplift due to Moody's assessment of the probability of
systemic support are now rated B2 for global local currency
deposits . They are: Banco Macro S.A., Banco del Tucuman S.A.,
Banco de Galicia y Buenos Aires S.A., Compania Financiera
Argentina S.A., Banco Comafi S.A., Banco del Chubut, Banco de
Santiago del Estero S.A., Nuevo Banco de la Rioja S.A., Banco
Credicoop Cooperativo Limitado, Banco de Valores S.A., Banco de
Inversion y Comercio Exterior S.A., Banco Supervielle S.A., and
Cordial Compania Financiera S.A. The B3 local currency issuer
rating of Grupo Supervielle reflects one notch of subordination
from its main operating company, Banco Supervielle.

The B3 rating of the following institutions is in line with their
standalone ratings as they do not benefit from uplift due to
systemic support, given their more modest deposit and loan market
shares: Banco Piano S.A., Banco Saenz S.A., Banco de Servicios y
Transacciones S.A., Banco Industrial S.A., Multifinanzas Compania
Financiera S.A., Banco de la Provincia de C¢rdoba S.A., Banco
Finansur S.A., Banco Columbia S.A., and Caja de Cr‚dito Cuenca
Cooperativo Ltda.

The local currency senior and subordinated debt ratings of 13
banks and 5 finance companies have been downgraded in line with
the downgrades of the local currency deposit ratings. As per
Moody's notching convention, subordinated debts are rated one
notch below the issuers' deposit ratings.

FOREIGN CURRENCY DEPOSIT AND DEBT RATINGS

Foreign currency deposit ratings of Caa1 for all issuers were
unaffected by this rating action and remain with stable outlooks.
However, the B2 foreign currency senior debt ratings of three
institutions -- Banco de Servicios y Transacciones, Banco Saenz,
and Banco Columbia were lowered by one notch to B3, mapping
directly from their local currency debt ratings. The foreign
currency subordinated debt ratings of Banco Galicia and Banco
Supervielle were also lowered to B3 from B2, indicating one notch
of subordination.

In the case of Banco Macro's foreign currency junior subordinated
debt, the rating has been downgraded by four notches from B2 to
Caa3, and on the national scale, by seven notches from Aa3.ar to
Caa1.ar. The rating reflects a three-notch differential from the
bank's B3 standalone rating in accordance with Moody's hybrid
methodology for banks, and reflects the instrument's deep
subordination and optional deferral and loss absorption features.

NATIONAL SCALE RATINGS

The downgrade of the global local currency deposit and issuer
ratings of 26 banks and finance companies has led to the downgrade
of their deposit ratings on the Argentinean national scale by one
to four notches. The local and/or foreign currency national scale
debt ratings of 14 institutions have also been downgraded by
between one and two notches.

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
".ar" for Argentina.

WHAT COULD MOVE THE RATINGS UP/DOWN

As the key drivers of the actions are largely structural in
nature, upward rating movement is unlikely in the near term.
Beyond the foreseeable future, a combination of an improving
operating environment and an improvement in the credit risk
profile of the national government could positively influence
Argentinean banks' ratings. Conversely, deterioration in the
banks' operating environment and/or a weakening of their
standalone financial fundamentals could exert further downward
pressure on the ratings.

WHICH FIRMS ARE AFFECTED

Foreign-Owned Banks with Uplift due to Parental Support

Banco Santander Rio S.A.
HSBC Bank Argentina S.A.
Standard Bank Argentina S.A.
Banco Patagonia S.A.
GPAT Compania Financiera S.A.
Banco Itau Argentina S.A.
BNP Paribas (Argentine branch)
PSA Finance Argentina S.A.
Banco de Servicios Financieros S.A.
Banco Cetelem S.A.
Caterpillar Financial Services Argentina S.A.
Toyota Compania Financiera S.A.

Domestically-Owned Banks with Uplift due to Systemic Support

Banco de Galicia y Buenos Aires S.A.
Compania Financiera Argentina S.A.
Banco Supervielle
Grupo Supervielle
Cordial Compania Financiera S.A.
Banco de la Ciudad y Buenos Aires S.A.
Banco Macro S.A.
Banco del Tucuman S.A.
Banco Credicoop Cooperativo Limitado
Banco de Valores S.A.
Banco Comafi S.A.
Banco de Inversion y Comercio Exterior
Banco del Chubut S.A.
Banco de Santiago del Estero S.A.
Banco de Nuevo Rioja S.A.

Domestic institutions Not Benefiting from Parental or Systemic
Support

Banco Columbia S.A.
Banco Piano S.A.
Banco Saenz S.A.
Banco de Servicios y Transacciones S.A.
Banco Industrial S.A.
Multifinanzas Compania Financiera S.A.
Banco de la Provincia de Cordoba S.A.
Banco Finansur S.A.
Caja de Credito Cuenca Cooperativo Ltda.
Mercado a Termino de Buenos Aires S.A. (MATba)

Regulatory Disclosures

The following Global Scale Credit Ratings are EU endorsed by
Moody's Investors Service Ltd., One Canada Square, Canary Wharf,
London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the
Regulation (EC) No 1060/2009 on Credit Rating Agencies.

Banco Comafi S.A.

Banco de Galicia y Buenos Aires S.A.

Banco de Inversion y Comercio Exterior S.A.

Banco de la Ciudad de Buenos Aires

Banco Macro S.A.

Banco Patagonia S.A.

Banco Santander Rio S.A.

Banco Supervielle S.A.

Deutsche Bank S.A. (Argentina)

HSBC Bank Argentina S.A.

Standard Bank Argentina S.A.

For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides relevant
regulatory disclosures in relation to the rating action on the
support provider and in relation to each particular rating action
for securities that derive their credit ratings from the support
provider's credit rating. For provisional ratings, this
announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating.

Information sources used to prepare the rating are the following:
parties involved in the ratings, public information, and
confidential and proprietary Moody's Investors Service
information.

Moody's considers the quality of information available on the
rated entities, obligations or credits satisfactory for the
purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it
uses in assigning the ratings is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


TAM SA: Merger With LAN Airlines Reshapes LatAm Air Market
----------------------------------------------------------
Paulo Winterstein and Graciela Ibanez at The Wall Street Journal
report that airline consolidation took another step forward with
the stock-swap takeover of Brazilian airline TAM SA by Chile's LAN
Airlines SA creating South America's largest carrier by traffic,
with an estimated market capitalization of US$13 billion.

The new company, Latam Airlines Group SA, encompasses airlines in
six South American nations and has four major hubs: Sao Paulo,
Lima, Santiago and Bogota, according to the Wall Street Journal.

The Wall Street Journal notes that Latam would control 40% of the
passenger traffic within South America and be the second-largest
airline by passengers after American Airlines on routes to the
U.S. and third-largest to Europe.

The Wall Street Journal notes that Enrique Cueto, Latam's chief
executive, said the combined capacity puts the airline in a better
position to negotiate network agreements with U.S. and European
airlines.

Latam, the report says, is structured as a holding company with
the LAN and TAM brands and operations separate.  But the two
frequent-flier programs next week will allow members to earn and
redeem kilometers and points over the combined flight network, The
Wall Street Journal relays.  Each brand's elite fliers also will
receive reciprocal perks when traveling on the other airline, the
report notes.

The Wall Street Journal discloses that the US$2.7 billion
transaction underwent extended antitrust scrutiny and a drawn-out
share exchange that gave TAM holders 0.9 shares of LAN stock for
each one of their shares.  The report relates that about 50% of
the shares are held by the public and the rest by four major
investors.  Mr. Cueto's family, the majority holders in LAN, will
roughly own a 25% stake in the new company, the report adds.

                        About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2011, Standard & Poor's Ratings Services was keeping its
ratings, on Brazil-based airline TAM S.A., including the 'B+'
global scale corporate credit rating, on CreditWatch, where they
have been listed with positive implications since Aug. 16, 2010.



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


AI SYSTEMATIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of AI Systematic Management Ltd. received on
June 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Pieter-Jan Van Der Pols
         c/o Circle Investment Support Services B.V.
         Utrechtseweg 31D
         3811 NA, Amersfoort
         The Netherlands
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890


ANTHRACITE MASTER: Members' Final Meeting Set for June 29
---------------------------------------------------------
The members of Anthracite Master Company (7) Limited will hold
their final meeting on June 29, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


BRAIT V GP: Shareholders' Final Meeting Set for July 6
------------------------------------------------------
The shareholders of Brait V GP Limited will hold their final
meeting on July 6, 2012, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CADFILE LTD: Members' Final Meeting Set for July 3
--------------------------------------------------
The members of Cadfile Ltd. will hold their final meeting on
July 3, 2012, 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


CARFEDEMA LTD: Members' Final Meeting Set for July 10
-----------------------------------------------------
The members of Carfedema Ltd. will hold their final meeting on
July 10, 2012, 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


DEUTSCHE MANAGED: Shareholders' Final Meeting Set for July 9
------------------------------------------------------------
The shareholders of Deutsche Managed Multi Asset Segregated
Portfolio Company will hold their final meeting on July 9, 2012,
at 10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Hugh Dickson is the company's liquidator.


IRIS GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Iris Global Fund SPC Ltd. received on June 22,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Pieter-Jan Van Der Pols
         c/o Circle Investment Support Services B.V.
         Utrechtseweg 31D
         3811 NA, Amersfoort
         The Netherlands
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890


LAPSTONE LIMITED: Members' Final Meeting Set for June 28
--------------------------------------------------------
The members of Lapstone Limited will hold their final meeting on
June 28, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


PARLIN CAPITAL: Members' Final Meeting Set for July 5
-----------------------------------------------------
The members of Parlin Capital Offshore Fund, Ltd. will hold their
final meeting on July 5, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor,
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


RREEF REFLEX: Shareholder to Receive Wind-Up Report on July 2
-------------------------------------------------------------
The shareholder of RREEF Reflex Fund Ltd. will receive on July 2,
2012, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on May 23, 2012.

The company's liquidator is:

         E. Andrew Hersant
         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


SINOPAY.COM HOLDINGS: Members' Final Meeting Set for May 10
-----------------------------------------------------------
The members of Sinopay.com Holdings Limited will hold their final
meeting on May 10, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Zhang Shenglan
         c/o Michelle R. Bodden-Moxam
         Telephone: 945-6682
         Facsimile: 945-6692
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion Commercial Centre
         Oleander Way, 802 West Bay Road
         P.O. Box 32052 Grand Cayman KY1-1203
         Cayman Islands


WABUSH LIMITED: Members' Final Meeting Set for June 28
------------------------------------------------------
The members of Wabush Limited will hold their final meeting on
June 28, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands



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


DIGICEL GROUP: LIME Contemplates Joining OUR in Legal Action
------------------------------------------------------------
Gary Sinclair at RJR News reports that LIME is not ruling out the
possibility of joining with the Office of Utilities Regulation,
OUR, in the event that the agency has to mount a defense to the
suit brought by Digicel Group Limited.

LIME's Managing Director, Gary Sinclair, is of the view that the
company can join the case as an affected party, according to RJR
News.

RJR News notes that Digicel Group has asked the Supreme Court to
grant it leave to apply for an order preventing the OUR from
enforcing the new termination rate which it said is neither
necessary nor justified.

The telecommunications company adds that with the new rate it will
suffer substantial revenue loss and significant damage to its
reputation, the report adds.

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.

Digicel is based in Jamaica.  It has operations in 31 markets
worldwide.  Its Caribbean and Central American markets comprise
Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire,
the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe,
Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts
Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname,
Trinidad & Tobago and Turks & Caicos.  The Caribbean company also
has coverage in St. Martin and St. Barts.  Digicel Pacific
comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                      *     *     *

As of June 25, 2012, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.



=================
V E N E Z U E L A
=================


VITRO SAB: Seeks Stay Pending Appeal in District Court
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a federal district judge in Dallas will decide on
June 28 whether holders of $1.2 billion in defaulted bonds issued
by Vitro SAB can begin seizing assets belonging to the Mexican
glassmaker and its subsidiaries.

The report recounts that a bankruptcy judge in Dallas ruled on
June 13 that Vitro's Mexican reorganization plan violated U.S. law
and public policy by chopping down the subsidiaries' guarantees on
the bonds even though they weren't in bankruptcy in any country.
The bankruptcy judge said his ruling wouldn't take effect until
June 29, saying any injunction halting seizure of assets beyond
that date must be granted by an appellate court.

On Thursday, the bankruptcy judge formally recommended that the
appeal from the June 13 ruling go directly to the U.S. Court of
Appeals in New Orleans, skipping an intermediate appeal to a
federal district judge in Dallas.

Because the appeals court in New Orleans hasn't yet accepted the
appeal, Vitro filed papers in district court June 21 and arranged
a June 28 hearing to continue the injunction barring the seizure
of assets to collect on the bonds.  Vitro characterized the
bankruptcy court's ruling as "unprecedented and erroneous."

Vitro's motion in district court for a stay pending appeal will be
decided in In re Vitro SAB de CV, 11-3554, U.S. District Court,
Northern District of Texas (Dallas).

                          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.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, 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).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

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.

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.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

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.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted to
liquidations in Chapter 7, court records in January 2012 show.  In
December, the U.S. Trustee in Dallas filed a motion to convert the
subsidiaries' cases to liquidations in Chapter 7.  The Justice
Department's bankruptcy watchdog said US$5.1 million in bills were
run up in bankruptcy and hadn't been paid.

On June 13, U.S. Bankruptcy Judge Harlin "Cooter" Hale in Dallas
June 13 entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.



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


* S&P's Global Corporate Default Tally Rises to 37
--------------------------------------------------
The 2012 global corporate default tally increased to 37 last week
after U.S.-based for-profit postsecondary education company ATI
Acquisition Co. defaulted, said an article published Thursday by
Standard & Poor's Global Fixed Income Research, titled "The 2012
Global Corporate Default Tally Climbs To 37 Following U.S.
Education Company ATI's Default."  Standard & Poor's Ratings
Services lowered its rating on ATI to 'D', reflecting confidential
information that ATI made available to Standard & Poor's regarding
its debt obligations.

S&P added two other issuers to the default total since its last
report -- Brazil-based utility company Centrais Eletricas
Matogrossenses and a confidential U.S.-based issuer that defaulted
after Standard & Poor's withdrew its rating on the company.

By region, 22 of the 37 defaulters in 2012 were based in the U.S.,
nine were in the emerging markets, four in Europe, and two in the
other developed region (Australia, Canada, Japan, and New
Zealand).  This compares with 2011 totals (through June 20) of 10
defaulters in the U.S., two in the emerging markets, one in
Europe, and four in the other developed region.

So far this year, missed payments accounted for 13 defaults,
bankruptcy filings accounted for six, distressed exchanges
accounted for six, and another eight defaulters were confidential.
The remaining four entities defaulted for various other reasons.


* BOND PRICING: For the Week June 18 to June 22, 2012
-----------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS              8.28   12/31/2033    USD         54.92
ARGENT-$DIS              8.28   12/31/2033    USD         59.18
ARGENT-$DIS              8.28   12/31/2033    USD         61.63
ARGENT-PAR               1.18   12/31/2038    ARS         36.42
ARGENT-EURDIS            7.82   12/31/2033    EUR            65
ARGENT-EURDIS            7.82   12/31/2033    EUR          52.5
ARGENT-EURDIS            7.82   12/31/2033    EUR            55
ARGENT-JPYDIS            4.33   12/31/2033    JPY            42
ARGENT-JPYPAR            0.45   12/31/2038    JPY            15
ARGENT-JPYPAR&GDP        0.45   12/31/2038    JPY             8
ARGNT BODEN                 7   10/3/2015     USD            89
ARGNT-BOCON PRE9            2   3/15/2014     ARS            68
BANCO DE GALICIA         8.75   5/4/2018      USD         72.75
BANCO MACRO SA           9.75   12/18/2036    USD         61.13
BANCO MACRO SA           9.75   12/18/2036    USD         61.13
BANCO MACRO SA           9.75   12/18/2036    USD            71
BONAR X                     7   4/17/2017     USD          67.5
CAPEX SA                   10   3/10/2018     USD            56
CAPEX SA                   10   3/10/2018     USD          58.5
CITY OF BUENOS           9.95   3/1/2017      USD         70.96
CITY OF BUENOS           9.95   3/1/2017      USD         71.71
EMP DISTRIB NORT         9.75   10/25/2022    USD            43
EMP DISTRIB NORT         9.75   10/25/2022    USD         40.88
EMP DISTRIB NORT         10.5   10/9/2017     USD            50
PROV BUENOS AIRE        9.625   4/18/2028     USD         48.44
PROV BUENOS AIRE       10.875   1/26/2021     USD         52.68
PROV BUENOS AIRE        9.375   9/14/2018     USD         54.73
PROV BUENOS AIRE       10.875   1/26/2021     USD         53.22
PROV BUENOS AIRE        9.375   9/14/2018     USD         54.25
PROV BUENOS AIRE        11.75   10/5/2015     USD         71.87
PROV BUENOS AIRE        11.75   10/5/2015     USD         69.06
PROV BUENOS AIRE         9.25   4/15/2017     USD         71.41
PROV DE CORDOBA        12.375   8/17/2017     USD         58.52
PROV DE CORDOBA        12.375   8/17/2017     USD            59
PROV DE MENDOZA           5.5   9/4/2018      USD         70.57
TRANSENER                9.75   8/15/2021     USD         45.88
TRANSENER                9.75   8/15/2021     USD            50
TRANSPORT DE GAS        7.875   5/14/2017     USD          71.5


BRAZIL
------

BANCO BMG               8.875   8/5/2020      USD          70.5
BANCO BMG                   8   4/15/2018     USD            72
BANCO BMG                9.95   11/5/2019     USD            74
BANCO BMG                 6.5   3/14/2014     USD          75.5
BANCO BMG               9.625   3/27/2017     USD          69.9
BANCO BMG               8.875   8/5/2020      USD          75.5
BANCO BMG SA             9.15   1/15/2016     USD          69.5
BANCO BONSUCESSO         9.25   11/3/2020     USD            65
BANCO BONSUCESSO         9.25   11/3/2020     USD         69.75
BANCO CRUZEIRO          8.875   9/22/2020     USD            30
BANCO CRUZEIRO          8.875   9/22/2020     USD         29.88
BANCO CRUZEIRO              7   7/8/2013      USD         40.45
BANCO CRUZEIRO           8.25   1/20/2016     USD            41
BANCO CRUZEIRO          7.625   4/21/2014     USD            39
BANCO CRUZEIRO            8.5   2/20/2015     USD         40.75
BANCO CRUZEIRO            8.5   2/20/2015     USD         40.88
BANCO CRUZEIRO           8.25   1/20/2016     USD         40.38
BANCO CRUZEIRO              8   9/17/2012     USD         72.97
REDE EMPRESAS          11.125                 USD          41.5
REDE EMPRESAS          11.125                 USD         39.75
REDE EMPRESAS          11.125                 USD         39.75


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

BANCO BPI (CI)           4.15   11/14/2035    EUR         52.25
BCP FINANCE BANK         5.01   3/31/2024     EUR         49.88
BCP FINANCE BANK         5.31   12/10/2023    EUR         52.13
BCP FINANCE CO          4.239                 EUR         30.89
BCP FINANCE CO          5.543                 EUR         29.61
BES FINANCE LTD          5.58                 EUR         39.08
BES FINANCE LTD           4.5                 EUR         50.33
CAM GLOBAL FIN           6.08   12/22/2030    EUR         61.38
CHINA AUTOMATION         7.75   4/20/2016     USD         71.51
CHINA FORESTRY          10.25   11/17/2015    USD            58
CHINA FORESTRY          10.25   11/17/2015    USD         57.63
CHINA NICKEL               10   3/12/2015     HKD          53.1
CHINA SUNERGY            4.75   6/15/2013     USD         52.92
EFG HELLAS CAYMA            9   6/8/2019      EUR         31.75
EFG ORA FUNDING           1.7   10/29/2014    EUR         48.66
ESFG INTERNATION        5.753                 EUR         32.25
GOL FINANCE              8.75                 USD            69
GOL FINANCE              8.75                 USD         69.63
HIDILI INDUSTRY         8.625   11/4/2015     USD            76
HIDILI INDUSTRY         8.625   11/4/2015     USD            75
HOME INNS                   2   12/15/2015    USD         71.25
HOME INNS                   2   12/15/2015    USD         70.85
JINKOSOLAR HOLD             4   5/15/2016     USD         46.82
LDK SOLAR CO LTD           10   2/28/2014     CNY         32.88
LDK SOLAR CO LTD         4.75   4/15/2013     USD          49.5
LDK SOLAR CO LTD         4.75   4/15/2013     USD         60.98
LDK SOLAR CO LTD         4.75   4/15/2013     USD         69.59
LUPATECH FINANCE        9.875                 USD            71
LUPATECH FINANCE        9.875                 USD            69
PUBMASTER FIN           5.943   12/30/2024    GBP          72.4
PUNCH TAVERNS           4.767   6/30/2033     GBP         72.33
RENHE COMMERCIAL           13   3/10/2016     USD          59.5
RENHE COMMERCIAL        11.75   5/18/2015     USD         57.04
RENHE COMMERCIAL           13   3/10/2016     USD         56.38
RENHE COMMERCIAL        11.75   5/18/2015     USD         56.75
SOLARFUN POWER H          3.5   1/15/2018     USD            58
SOLARFUN POWER H          3.5   1/15/2018     USD         58.25
SPG LAND HOLDING         13.5   4/8/2016      USD         73.02
SUNTECH POWER               3   3/15/2013     USD          62.8
SUNTECH POWER               3   3/15/2013     USD         63.02


CHILE
-----

CGE DISTRIBUCION         3.25   12/1/2012     CLP         9.978
COLBUN SA                 3.2   5/1/2013      CLP         49.27
ESVAL S.A.                3.8   7/15/2012     CLP         12.67
MASISA                   4.25   10/15/2012    CLP         10.03
QUINENCO SA               3.5   7/21/2013     CLP          25.6

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

PUERTO RICO CONS          6.2 5/1/2017        USD         56.63
PUERTO RICO CONS          6.5 4/1/2016        USD         69.47


VENEZUELA
---------

ELEC DE CARACAS           8.5   4/10/2018     USD            70
PETROLEOS DE VEN          5.5   4/12/2037     USD            57
PETROLEOS DE VEN        5.375   4/12/2027     USD         56.79
PETROLEOS DE VEN         5.25   4/12/2017     USD         72.74
PETROLEOS DE VEN            9   11/17/2021    USD         75.44
PETROLEOS DE VEN        5.125   10/28/2016    USD         74.12
VENEZUELA                   7   3/31/2038     USD         62.39
VENEZUELA                   7   3/31/2038     USD            68
VENEZUELA                   6   12/9/2020     USD            69
VENEZUELA                7.65   4/21/2025     USD          70.5
VENEZUELA                8.25   10/13/2024    USD          74.5



                            ***********


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 * * *