/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120628.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, June 28, 2012, Vol. 13, No. 127 Headlines A N T I G U A * ANTIGUA: IMF Overturns Suspension of Funds A R G E N T I N A AMERICAN BUILDING: Creditors' Proofs of Debt Due June 28 GRUPO LAPRIDA: Creditors' Proofs of Debt Due July 31 WIN GRAPHIC: Creditors' Proofs of Debt Due Aug. 2 * ARGENTINA: Vulture Funds Lose U.S. Supreme Court Battle B R A Z I L * BELIZE: Could be Heading to a Debt Default B R A Z I L BANCO FIBRA: Moody's Downgrades BFSR; to 'D-'; Outlook Stable C A Y M A N I S L A N D S ARCAPITA BANK: Files 5-Week Budget Thru Aug. 4 ARCAPITA BANK: Questions Committee's Need for 2 Finc'l Advisors ARCAPITA BANK: Creditor Proposes Protocol for Securities Trading DIAMOND NOTCH: Creditors' Proofs of Debt Due July 19 DRV ASSET: Placed Under Voluntary Wind-Up HSYD HOLDINGS: Creditors' Proofs of Debt Due July 31 MILLENIUM INVESTMENT: Placed Under Voluntary Wind-Up MSGI CHINA VII: Creditors' Proofs of Debt Due July 18 MSGI CHINA VIII: Creditors' Proofs of Debt Due July 18 PSB LTD: Creditors' First Meeting Set for July 4 QT ALTERNATIVES: Creditors' Proofs of Debt Due July 31 SKYLAN HOLDINGS: Placed Under Voluntary Wind-Up STG CAPITAL: Creditors' Proofs of Debt Due July 19 C O S T A R I C A * COSTA RICA: Gets $250 Million Funding for Electricity Sector B O L I V I A COEUR D'ALENE: Moody's Assigns 'B2' CFR/PDR; Outlook Stable * BOLIVIA: Moody's Says Banking System Outlook Remains Stable M E X I C O VINTE VIVIENDAS: Moody's Rates Proposed Bond Issuance 'Ba1' T R I N I D A D & T O B A G O TRINIDAD CEMENT: Defends Suspension of 55 Workers - - - - - ============= A N T I G U A ============= * ANTIGUA: IMF Overturns Suspension of Funds -------------------------------------------- Caribbean360 News reports that the International Monetary Fund has reinitiated its multi-million dollar Standby Arrangement (SBA) with Antigua and Barbuda after suspending it over concern about the use of the funds. In 2010, the Antigua and Barbuda government entered into a US$110.4 million standby arrangement with the Washington-based financial institution, the report relates. However, Caribbean360 News notes that the IMF suspended the program last July immediately following a move by the Baldwin Spencer administration to join with the Eastern Caribbean Central Bank (ECCB) in the takeover of the struggling Antigua and Barbuda Investment Bank (ABIB). News reports revealed that the intervention into the ABIB's affairs created a fiscal contingency for the country which was not immediately clear to the government, the ECCB or the IMF, Caribbean360 News says. ================= A R G E N T I N A ================= AMERICAN BUILDING: Creditors' Proofs of Debt Due June 28 -------------------------------------------------------- Horacio Fernando Crespo, the court-appointed trustee for American Building Group SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 28, 2012. Mr. Crespo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 38, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Horacio Fernando Crespo Maipu 464 Argentina GRUPO LAPRIDA: Creditors' Proofs of Debt Due July 31 ---------------------------------------------------- Monica Aquim, the court-appointed trustee for Grupo Laprida SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 31, 2012. Ms. Aquim will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 39, 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: Monica Aquim Uruguay 662 WIN GRAPHIC: Creditors' Proofs of Debt Due Aug. 2 ------------------------------------------------- Ernesto Horacio Garcia, the court-appointed trustee for Win Graphic SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 2, 2012. Mr. Garcia will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 51, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Ernesto Horacio Garcia Sarmiento 1587 Argentina * ARGENTINA: Vulture Funds Lose U.S. Supreme Court Battle --------------------------------------------------------- The Buenos Aires Herald reports that the U.S. Supreme Court rejected on June 25 an appeal presented by two vulture funds and confirmed a ruling of a New York's Appeal court revoking a 100 million dollars embargo ordered by US Judge Thomas Griesa on Argentina's Central Bank funds deposited at the US Federal Reserve Bank in New York. Thus, the report notes, the American Supreme Court confirms its ruling favouring the Argentine Republic on regards the multimillionaire embargo asked in 2005 and ordered by Judge Griesa in 2010 in favour of vulture funds EM Ltd. (a Cayman Islands' society controlled by Kenneth Dart) and NML Capital Ltd. (also based in the Cayman Islands and controlled by Elliot International L.P.) The Buenos Aires Herald recounts that last year, the US government requested a Court of Appeals to reverse the ruling of Judge Thomas Griesa in favour of a vulture fund, which forced Argentina on February 2011 to pay the interest on the debt of bonds exchanges carried out 2005 and 2010, sources said. =========== B R A Z I L =========== * BELIZE: Could be Heading to a Debt Default -------------------------------------------- Caribbean360.com reports that more than half of Belize's large bondholders have formed a creditors committee out of concern that the Caribbean country will become the next sovereign to default on its debts. The Financial Times reported that this committee represents almost half of the holders of a US$547 million bond due in 2029, according to Caribbean360.com. The report notes that the creditors, who hold more than US$200 million of the debt reportedly became alarmed when informed by the Belize government that it might "amend certain terms" of the bond. Caribbean360.com notes that Belize Prime Minister Dean Barrow revealed that the government was in talks to restructure the large bond before an interest payment of US$23.5 million is due in August, after the interest rate stepped up to 8.5% this year. Caribbean360.com says that reports revealed that the bond has been trading at a subdued price for some time, as investors have widely expected a debt restructuring. Moody's this month cut Belize's credit rating for a second time this year, down to Ca, citing a likely restructuring and the country's weak economic growth, Caribbean360.com says. Caribbean360.com recalls that the bond was approved in 2007 in an effort to consolidate the country's debt, which totals about US$1 billion, more than 70% of Belize's $1.4 billion gross domestic product, according to the central bank. Mr. Barrow told the media that restructuring talks were going well and the government's debt restructuring team had met with officials from the International Monetary Fund and the Inter- American Development Bank and feedback had been positive, Caribbean360.com says. However, the report relays that the representatives from the creditors' ad hoc committee appear far more concerned than government reports would suggest. Greylock Capital was one of the hedge funds that sat on Greece's creditors committee this year, Caribbean360.com says. Belize's creditors committee is advised by BroadSpan Capital, a Latin America-focused investment banking boutique that also advised international creditors to Saint Kitts and Nevis, the Caribbean island federation, in debt restructuring this year, Caribbean360.com adds. =========== B R A Z I L =========== BANCO FIBRA: Moody's Downgrades BFSR; to 'D-'; Outlook Stable ------------------------------------------------------------- Moody's Investors Service downgraded Banco FIBRA S.A.'s bank financial strength rating (BFSR) to D-, from D, as well as its long-term global local and foreign currency deposit ratings to Ba3, from Ba2. At the same time, Moody's downgraded Fibra's Brazilian national scale deposit ratings to A2.br and BR-2, from Aa3.br and BR-1, long- and short-term, respectively. The bank's long-term foreign currency subordinated debt rating was lowered to B1, from Ba3. The Not Prime short-term global local and foreign currency deposit ratings were not affected. The outlook on all the ratings is stable. Rating Rationale The downgrade of Fibra's standalone BFSR to D-, mapping to ba3 on the long-term scale, reflects Moody's view that the bank's business model remains under pressure due to the combination of (a) declining profitability caused by high credit and operating costs; (b) continuing contraction in the bank's market share for loans and deposits, (c) weak asset quality indicators in the context of deceleration, also for consumer loan growth. Moreover, Moody's noted that potential pressure on financial margins due to increasing funding costs and to narrowing credit spreads will continue to challenge Fibra's profitability and its ability to increase capital through income retention in an increasingly competitive environment. Accordingly, the ratings incorporate the strategic repositioning of Fibra's business model, as management refocuses on the bank's commercial lending expertise, and limits its consumer finance exposure, mainly to car finance, to about one third of the loan book. Management is confident about the earnings potential of the consumer business, nonetheless, its has embarked on reducing the bank's operating structure and cleaning up poor performing assets, including substantial provisioning, while reviewing credit origination standards and controls. These efforts, while supportive of Fibra's performance over the medium-term, will continue to challenge results and the quality of the bank's revenues in the short-term, also reflecting less favorable economic conditions. Moody's notes that Fibra's shareholders have been forthcoming in contributing capital to face the higher provisioning needs and in support of the bank's refocusing and execution of its growth plans. In that regard, a recent capital increase has resulted in the nearly doubling of IFC's minority shareholding in the bank. The last rating action on Banco Fibra S.A. occurred on 29 April, 2011, when Moody's changed to stable, from positive, the outlook on the following ratings of Banco Fibra S.A.(Fibra)'s: the bank financial strength rating (BFSR) of D; the long-term global local- and foreign-currency deposit rating of Ba2; as well as the senior unsecured and subordinated debt ratings of Ba2 and Ba3, respectively. At the same time, Moody's changed the outlook on Fibra's Aa3.br long-term national scale deposit rating. The Not Prime short term local- and foreign-currency deposit ratings and BR-1 short-term national scale rating remained unchanged. The principal methodologies used in rating Fibra were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, "Incorporation of Joint Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007, and Mapping Moody's National Scale Ratings to Global Scale Ratings published in August 2010. Banco Fibra S.A. is headquartered in Sao Paulo, Brazil, and had total consolidated assets of R$11.02 billion (US$5.9 billion) and shareholders' equity of R$994 million (US$533 million), as of December 31, 2011. The following ratings of Fibra were downgraded: Bank Financial Strength Rating: to D- from D, stable outlook Long-term Global Local Currency Deposit Rating: to Ba3 from Ba2, stable outlook Long-term Foreign Currency Deposit Rating: to Ba3 from Ba2, stable outlook Senior Unsecured MTN Program (foreign currency) rating: to (P)Ba3, from (P)Ba2 Long-term Foreign Currency Subordinate Debt Rating: to B1 from Ba3, stable outlook Long-term Brazilian National Scale Deposit Rating: to A2.br from Aa3.br, stable outlook Short-term Brazilian National Scale Deposit Rating: to BR-2 from BR-1 The following ratings were not affected: Short-term Global Local Currency Deposit Rating: Not Prime Short-term Foreign Currency Deposit Rating: Not Prime =========================== C A Y M A N I S L A N D S =========================== ARCAPITA BANK: Files 5-Week Budget Thru Aug. 4 ---------------------------------------------- Arcapita Bank B.S.C.(c) and its affiliated chapter 11 debtors filed a proposed budget for the period from the July 1 through Aug. 4, 2012. Arcapita projects net cash flow, on a consolidated basis, of negative $21,534,000 during the five-week period. The bank expects disbursements of $12,435,000, exceeding projected cash receipts of $912,000. Arcapita said it would end the period with a $62,367,000 balance. Arcapita also separately filed an operating report for the month of May. Arcapita posted a net loss of $14,878,020 for May. Arcapita had total income of $90,824 and total expenses of $7,154,210. At the end of May, it had total assets of $4,220,390,677 against total liabilities of $3,244,515,539. Meanwhile, Standard Chartered Bank has lodged a fourth limited objection and reservation of rights to Arcapita's request to continue using the Debtors' existing cash management system. Standard Chartered is the Debtors' sole secured creditor and the beneficiary of an express trust under its Equitable Mortgages with certain of the Debtors and Cayman Islands law. Standard Chartered and the Debtors have not resolved the issues set forth in Standard Chartered's previous objections, including the Debtors' attempted use of property required to be held in an express trust for the sole benefit of Standard Chartered. Standard Chartered objects to the extent the form of order and interim budget are not acceptable to Standard Chartered. It reserves its rights to make additional objections at the hearing and reserves its rights to object to the entry of any further interim orders or a final order that would permit disbursements of funds from the subsidiary guarantors and their non-Debtor subsidiaries to AIHL or Arcapita Bank for the benefit of structurally subordinated unsecured creditors. Standard Chartered is represented in the case by: Michael J. Sage, Esq. Brian E. Greer, Esq. Nicole B. Herther-Spiro, Esq. 1095 Avenue of the Americas DECHERT LLP New York, NY 10036-6797 Telephone: (212) 698-3500 Facsimile: (212) 698-3599 E-mail: michael.sage@dechert.com brian.greer@dechert.com nicole.herther-spiro@dechert.com About Arcapita Bank Arcapita Bank B.S.C., also known as First Islamic Investment Bank B.S.C., along with affiliates, filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19, 2012. The Debtors said they do not have the liquidity necessary to repay a US$1.1 billion syndicated unsecured facility when it comes due on March 28, 2012. Falcon Gas Storage Company, Inc., later filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012. Falcon Gas is an indirect wholly owned subsidiary of Arcapita that previously owned the natural gas storage business NorTex Gas Storage Company LLC. In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock of NorTex from Falcon Gas for $515 million. Arcapita guaranteed certain of Falcon Gas' obligations under the NorTex Purchase Agreement. The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP as international counsel on Bahrain matters, Hatim S Zu'bi & Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild Inc. and financial advisor, and GCG Inc. as notice and claims agent. Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc., serves as its financial advisor and investment banker. Founded in 1996, Arcapita is a global manager of Shari'ah- compliant alternative investments and operates as an investment bank. Arcapita is not a domestic bank licensed in the United States. Arcapita is headquartered in Bahrain and is regulated under an Islamic wholesale banking license issued by the Central Bank of Bahrain. The Arcapita Group employs 268 people and has offices in Atlanta, London, Hong Kong and Singapore in addition to its Bahrain headquarters. The Arcapita Group's principal activities include investing on its own account and providing investment opportunities to third-party investors in conformity with Islamic Shari'ah rules and principles. The Arcapita Group has roughly US$7 billion in assets under management. On a consolidated basis, the Arcapita Group owns assets valued at roughly US$3.06 billion and has liabilities of roughly US$2.55 billion. The Debtors owe US$96.7 million under two secured facilities made available by Standard Chartered Bank. Arcapita explored out-of-court restructuring scenarios but was unable to achieve 100% lender consent required to effectuate the terms of an out-of-court restructuring. Subsequent to the Chapter 11 filing, Arcapita Investment Holdings Limited, a wholly owned Debtor subsidiary of Arcapita in the Cayman Islands, issued a summons seeking ancillary relief from the Grand Court of the Cayman Islands with a view to facilitating the Chapter 11 cases. AIHL sought the appointment of Zolfo Cooper as provisional liquidator. ARCAPITA BANK: Questions Committee's Need for 2 Finc'l Advisors --------------------------------------------------------------- Arcapita Bank B.S.C.(c) and certain of its affiliated debtors object to the request of the Official Committee of Unsecured Creditors to retain FTI Consulting, Inc. as financial advisor; and Houlihan Lokey Capital, Inc., as financial advisor and investment banker, arguing that there is substantial overlap in the services that FTI and Houlihan will perform for the Committee. Although the Committee represents that Houlihan and FTI have and will continue to coordinate closely to avoid duplication of services, the Debtors said the Committee's assurances provide insufficient comfort given the overlap in the scope of services. The Debtors recounted that the Committee had opposed the Debtors' own request to employ KPMG LLP as valuation advisor, saying the retention of multiple financial advisors "raises the spectre of duplication and inefficiency," and accordingly such applications must "be subjected to careful scrutiny and considered not only independently but collectively as well." The Debtors said they agree with the Committee that the estates have limited resources that should be directed towards supporting the value of their assets and businesses for all stakeholders. Yet, the Committee fails to apply the same level of scrutiny to its own professionals as it demands for the Debtors' professionals. The Debtors also object to the proposed indemnification provisions in the Houlihan Application, which the Debtors find are more favorable than those allowed to the Debtors' own professionals. While the Houlihan Application states that it is not entitled to indemnification in the event that there is a judicial determination of bad faith, gross negligence, or willful misconduct, the Engagement Letter is not accordingly limited. The Debtors also dispute the proposed "Deferred Fee" payable to Houlihan. The Debtors said the Committee will have an additional burden to prove that Houlihan is indeed entitled to a Deferred Fee. Given that the Committee has advocated for the vigilant policing of the Debtors' cash, the Debtors expect the Committee to demonstrate the propriety of any Deferred Fee and that Houlihan was a primary contributor to the confirmation of any chapter 11 plan of reorganization or liquidation. About Arcapita Bank Arcapita Bank B.S.C., also known as First Islamic Investment Bank B.S.C., along with affiliates, filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19, 2012. The Debtors said they do not have the liquidity necessary to repay a US$1.1 billion syndicated unsecured facility when it comes due on March 28, 2012. Falcon Gas Storage Company, Inc., later filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012. Falcon Gas is an indirect wholly owned subsidiary of Arcapita that previously owned the natural gas storage business NorTex Gas Storage Company LLC. In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock of NorTex from Falcon Gas for $515 million. Arcapita guaranteed certain of Falcon Gas' obligations under the NorTex Purchase Agreement. The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP as international counsel on Bahrain matters, Hatim S Zu'bi & Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild Inc. and financial advisor, and GCG Inc. as notice and claims agent. Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc., serves as its financial advisor and investment banker. Founded in 1996, Arcapita is a global manager of Shari'ah- compliant alternative investments and operates as an investment bank. Arcapita is not a domestic bank licensed in the United States. Arcapita is headquartered in Bahrain and is regulated under an Islamic wholesale banking license issued by the Central Bank of Bahrain. The Arcapita Group employs 268 people and has offices in Atlanta, London, Hong Kong and Singapore in addition to its Bahrain headquarters. The Arcapita Group's principal activities include investing on its own account and providing investment opportunities to third-party investors in conformity with Islamic Shari'ah rules and principles. The Arcapita Group has roughly US$7 billion in assets under management. On a consolidated basis, the Arcapita Group owns assets valued at roughly US$3.06 billion and has liabilities of roughly US$2.55 billion. The Debtors owe US$96.7 million under two secured facilities made available by Standard Chartered Bank. Arcapita explored out-of-court restructuring scenarios but was unable to achieve 100% lender consent required to effectuate the terms of an out-of-court restructuring. Subsequent to the Chapter 11 filing, Arcapita Investment Holdings Limited, a wholly owned Debtor subsidiary of Arcapita in the Cayman Islands, issued a summons seeking ancillary relief from the Grand Court of the Cayman Islands with a view to facilitating the Chapter 11 cases. AIHL sought the appointment of Zolfo Cooper as provisional liquidator. ARCAPITA BANK: Creditor Proposes Protocol for Securities Trading ---------------------------------------------------------------- VR Global Partners LP, which has been appointed to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Arcapita Bank B.S.C.(c) and its affiliated debtors, will appear before the Bankruptcy Court on June 29, at 2:30 p.m. to seek permission to continue trading in the Debtors' securities upon the establishment of an ethical wall and information blocking procedures. VR Global said it holds so-called "Covered Claims" or claims against the Debtors, including (i) "Securities" as defined in Section 2(a)(1) of the Securities Act of 1933 (including stocks, notes, bonds, debentures, participation in, or derivatives based upon or relating to, any of the Debtors' debt obligations or equity interests) and (ii) bank debt. VR Global said it is engaged in the trading of securities or claims for others or for its own account as a regular part of its business. VR Global wants the Court to declare it will not violate its fiduciary duties as a member of the Committee by trading in the Covered Claims during the pendency of the Debtors' Chapter 11 cases, provided that it establishes, effectively implements, and adheres to the information blocking policies and procedures that are approved by the Office of the United States Trustee. The term "Screening Wall" refers to a procedure established by an institution to isolate its trading activities from its activities as a member of an official committee of unsecured creditors in a chapter 11 case. A Screening Wall includes, among other things, features as the employment of different personnel to perform certain functions, physical separation of the office and file space, procedures for locking committee related files, separate telephone and facsimile lines for certain functions, and special procedures for the delivery and posting of telephones messages. The procedures will prevent VR Global's trading personnel from use or misuse of non-public information obtained by its personnel engaged in Committee related activities, and also will preclude Committee Personnel from receiving inappropriate information regarding its trading in the Covered Claims in advance of those trades. Although members of the Committee owe fiduciary duties to the creditors of these estates, VR Global said it also has fiduciary duties to maximize returns to its clients through trading securities. Thus, if it is barred from trading the Covered Claims during the pendency of these bankruptcy cases because of its duties to other creditors, it may risk the loss of a beneficial investment opportunity for itself and/or its clients and, moreover, may breach its fiduciary duty to its clients. In-House Counsel for VR Global Partners is: Peter L. Clateman, Esq. VR GLOBAL PARTNERS, LP 400 Madison Avenue 15th Fl. New York, New York 10017 Telephone: (646) 571 1870 Facsimile: (646) 571-1879 E-mail: pclateman@vr-capital.com About Arcapita Bank Arcapita Bank B.S.C., also known as First Islamic Investment Bank B.S.C., along with affiliates, filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19, 2012. The Debtors said they do not have the liquidity necessary to repay a US$1.1 billion syndicated unsecured facility when it comes due on March 28, 2012. Falcon Gas Storage Company, Inc., later filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012. Falcon Gas is an indirect wholly owned subsidiary of Arcapita that previously owned the natural gas storage business NorTex Gas Storage Company LLC. In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock of NorTex from Falcon Gas for $515 million. Arcapita guaranteed certain of Falcon Gas' obligations under the NorTex Purchase Agreement. The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP as international counsel on Bahrain matters, Hatim S Zu'bi & Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild Inc. and financial advisor, and GCG Inc. as notice and claims agent. Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc., serves as its financial advisor and investment banker. Founded in 1996, Arcapita is a global manager of Shari'ah- compliant alternative investments and operates as an investment bank. Arcapita is not a domestic bank licensed in the United States. Arcapita is headquartered in Bahrain and is regulated under an Islamic wholesale banking license issued by the Central Bank of Bahrain. The Arcapita Group employs 268 people and has offices in Atlanta, London, Hong Kong and Singapore in addition to its Bahrain headquarters. The Arcapita Group's principal activities include investing on its own account and providing investment opportunities to third-party investors in conformity with Islamic Shari'ah rules and principles. The Arcapita Group has roughly US$7 billion in assets under management. On a consolidated basis, the Arcapita Group owns assets valued at roughly US$3.06 billion and has liabilities of roughly US$2.55 billion. The Debtors owe US$96.7 million under two secured facilities made available by Standard Chartered Bank. Arcapita explored out-of-court restructuring scenarios but was unable to achieve 100% lender consent required to effectuate the terms of an out-of-court restructuring. Subsequent to the Chapter 11 filing, Arcapita Investment Holdings Limited, a wholly owned Debtor subsidiary of Arcapita in the Cayman Islands, issued a summons seeking ancillary relief from the Grand Court of the Cayman Islands with a view to facilitating the Chapter 11 cases. AIHL sought the appointment of Zolfo Cooper as provisional liquidator. DIAMOND NOTCH: Creditors' Proofs of Debt Due July 19 ---------------------------------------------------- The creditors of Diamond Notch Opportunities Fund, Ltd. are required to file their proofs of debt by July 19, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2012. The company's liquidator is: DMS Corporate Services Ltd. 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 DRV ASSET: Placed Under Voluntary Wind-Up ----------------------------------------- On May 29, 2012, the sole shareholder of DRV Asset Management passed a resolution to wind up the company's operations. Only creditors who were able to file their proofs of debt by July 11, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands HSYD HOLDINGS: Creditors' Proofs of Debt Due July 31 ---------------------------------------------------- The creditors of HSYD Holdings Limited are required to file their proofs of debt by July 31, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 4, 2012. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 279-5832 MILLENIUM INVESTMENT: Placed Under Voluntary Wind-Up ---------------------------------------------------- On June 5, 2012, the sole member of Millenium Investment Fund, SPC passed a resolution to wind up the company's operations. Only creditors who were able to file their proofs of debt by July 11, 2012, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands MSGI CHINA VII: Creditors' Proofs of Debt Due July 18 ----------------------------------------------------- The creditors of MSGI China VII Limited are required to file their proofs of debt by July 18, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 30, 2012. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth PO Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA VIII: Creditors' Proofs of Debt Due July 18 ------------------------------------------------------ The creditors of MSGI China VIII Limited are required to file their proofs of debt by July 18, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 30, 2012. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth PO Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands PSB LTD: Creditors' First Meeting Set for July 4 ------------------------------------------------ The creditors of PSB Ltd will hold their first meeting on July 4, 2012. The company commenced wind-up proceedings on May 31, 2012. The company's liquidators are: Hugh Dickson Michael Saville Grant Thornton Specialist Services (Cayman) Ltd c/o John Royle Telephone: (345) 769 7206 Facsimile: (345) 949 7120 10 Market Street, PO Box #765 Camana Bay Grand Cayman KY1- 9006 Cayman Islands QT ALTERNATIVES: Creditors' Proofs of Debt Due July 31 ------------------------------------------------------ The creditors of QT Alternatives, LLC are required to file their proofs of debt by July 31, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 5, 2012. The company's liquidator is: Lisa Clarke c/o Lisa Clarke or Jane Fleming Telephone: (345) 945-2187 Facsimile: (345) 945-2197 PO Box 30464 Grand Cayman KY1-1202 Cayman Islands SKYLAN HOLDINGS: Placed Under Voluntary Wind-Up ----------------------------------------------- On June 5, 2012, the sole member of Millenium Investment Fund, SPC passed a resolution to wind up the company's operations. Only creditors who were able to file their proofs of debt by July 11, 2012, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands STG CAPITAL: Creditors' Proofs of Debt Due July 19 -------------------------------------------------- The creditors of STG Capital Fund, Ltd. are required to file their proofs of debt by July 19, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 2, 2012. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 949 9876 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands =================== C O S T A R I C A =================== * COSTA RICA: Gets $250 Million Funding for Electricity Sector -------------------------------------------------------------- The Inter-American Development Bank (IDB) approved US$250 million in financing to strengthen the development of Costa Rica's electricity sector to help meet the country's growing electricity demand, increase competitiveness, and raise living standards. Costa Rica's installed electricity capacity in 2011 was 2,650 MW, of which 77 percent was from renewable sources. Although the present installed capacity meets current demand of 1,545 MG, the country's electric energy expansion plan foresees 5.1 average annual increases in demand. The plan proposes to meet these increases between 2012 and 2024 by adding 1,714 MW of installed capacity, of which 98 percent will be from renewable sources. Nearly $98 million of the Bank's financing will co-finance the Reventazon Hydroelectric Project (PHR), which will go online in 2016. The PHR will have an installed capacity of 305 MW, which includes a 13.5 MW mini generating plant at the base of the dam, and an annual production of 1,407 GWh. The Costa Rican Electricity Institute (ICE) began the Reventazon Hydroelectric Project in September 2009. The project includes a 130-meter-high dam that will create an eight-square-kilometer reservoir. The IDB is studying additional non-sovereign guarantee financing for the PHR. The remaining IDB resources will be directed at strengthening ICE's electric generation, transmission, and distribution capacity. Investments in generation will be made in renewable energy and plant modernization to improve efficiency and lengthen their useful life. In addition, the financing will be used to improve and strengthen transmission and regulation of electric energy to meet quality, security, and reliability requirements to supply different regions of the country as well as the Regional Electricity Market. The program will help to improve the quality of energy supplied throughout the country's distribution system, electricity coverage in rural areas, and efficiency in consumption. These improvements will include strengthening the present distribution network, expanding rural supply with 500 photovoltaic installations for isolated communities, and increasing energy efficiency. The first operation in the IDB's conditional line of credit, also for $250 million, was approved in 2007. These resources financed preliminary investments, modernization of hydroelectric plants, maintenance of reservoirs, infrastructure for electric transmission and regulation, and electricity distribution and equipment to promote energy efficiency. The IDB financing has a term of 25 years, with a grace period of 5 years, and an interest rate based on LIBOR. The local contribution of $41.7 brings the overall project cost to $291.7 million. ============= B O L I V I A ============= COEUR D'ALENE: Moody's Assigns 'B2' CFR/PDR; Outlook Stable ----------------------------------------------------------- Moody's Investors Service assigned first-time ratings to Coeur d'Alene Mines Corporation, including a corporate family rating of B2, a probability of default rating of B2, and a B3 rating to the company's proposed $350 million of guaranteed senior unsecured notes. At the same time, Moody's assigned a speculative grade liquidity rating of SGL-2. The outlook is stable. Assignments: Issuer: Coeur d'Alene Mines Corporation Corporate Family Rating, Assigned B2 Probability of Default Rating, Assigned B2 Speculative Grade Liquidity Rating, Assigned SGL-2 Senior Unsecured Regular Bond/Debenture, Assigned B3, 73 - LGD5 Outlook Actions: Issuer: Coeur d'Alene Mines Corporation Outlook, Stable. Ratings Rationale Coeur's B2 corporate family rating reflects its modest size and high concentration in two mines, relatively short reserve life, exposure to political risk in Bolivia, and uncertainties over potential new investments that the company may make to boost its reserves and productive capacity. The company's properties consist of Kensington gold mine in Alaska, Rochester silver and gold mine in Nevada, Palmarejo silver and gold mine in Mexico, Endeavor silver mine in Australia, Martha silver and gold mine in Argentina, San Bartolome silver mine in Bolivia and 51% interest in Joaquin silver project in Argentina. Most of the company's production comes from Palmarejo and San Bartolome. Martha mine is at the end of its life and will not contribute to production beyond first half of 2012. Joaquin project is in early stages of development and will not contribute to the company's production in Moody's rating horizon, or require substantial capital investments in the next eighteen months. With roughly 19.1 million ounces of silver and 220,000 ounces of gold produced in 2011, Coeur represents a small portion of the global supply of silver and gold. In addition, approximately 70% of the company's silver production comes from its Palmarejo and San Bartolome mines, increasing the risk that operational or geological issues encountered at one of them would significantly impact the company. That said, positive factors for the rating include the company's diversification in two metals and production stream from five operating mines in diverse locations. At December 31, 2011, proven and probable reserves at currently operating mines represented approximately twelve years of production at current production levels. Given the relatively short reserve lives at its existing mines, Coeur will need to continue to be successful in development of its reserves to maintain existing production levels. The ratings reflect the uncertainties over the nature and extent of capital investments that Coeur may make in the medium term to ensure adequate reserves in the long term. While Moody's acknowledges that the company has been able to generate healthy margins in the twelve months ended December 31, 2011, this was in large part attributable to the run-up in gold and silver prices, which are the price levels Moody's views as unsustainable over the medium-term. The company's margins are less favorable than some of its peers, and in a less favorable pricing environment, the company could experience EBIT margin pressures. Moody's also expects that in 2012 and 2013 the company will experience declining production levels at Palmarejo and declining silver recovery rates at San Bartolome, which could potentially increase costs at Coeur's two largest operating mines. Declining production volumes as the mines approach the end of their lives also have the potential to pressure margins over medium term. Although Moody's expects total metal production in 2012 to remain fairly consistent with 2011, as a result of increasing silver production from Rochester following mine expansion at the end of 2011, Moody's notes that this leach pad operation incurs high cash costs and as such, could become uneconomic if silver prices decline. Kensington gold mine, responsible for over 40% of the company's gold production, is also relatively high cost, even though at currently high gold prices, is expected to be profitable. In November 2011, management instituted a six months reduction in ore processing to implement several operating efficiency improvement initiatives. As such, production levels are expected to be suppressed and costs elevated in the first half of 2012, normalizing to the range of $900 - $1000 per ounce of gold after that. High cost production at some of the mines further increases the risk that the company's margins would experience pressure in a less favorable price environment, and highlight the need for the company to continue developing its reserves. The fact that one of Coeur's largest mines, San Bartolome, is in Bolivia, is a negative factor for the rating. Moody's considers the event risk surrounding the government's attitude to nationalization, revision of mining contracts and increasing royalty payment requirements to be high. The government of Bolivia has recently moved to nationalize a number of foreign assets, and is in process of drafting a new mining law which may redefine the structure of mining contracts in Bolivia. Any issues with property nationalization or material limitations on the company's mining operations could have a significant detrimental impact on the company's results and would put negative pressure on the ratings, given that San Bartolome is responsible for approximately quarter of the company's revenues. As noted above, Coeur's continued success is dependent on its ability to develop its resources. That said, Moody's expects the company to generate a reasonable amount of operating cash flows, which, in conjunction with the revolving credit facility and existing cash, should provide it with adequate liquidity to support these requirements over the rating horizon. SGL-2 rating reflects Moody's expectation that the company will have good liquidity, pro-forma for the proposed issuance. As of March 31, 2012, the company had $153 million in cash, which, pro- forma for the issuance, is expected to be $418 million. The company is also expected to enter into $100 million secured revolver agreement, the entire amount of which is expected to be available. The revolver is expected to contain financial maintenance covenants, and Moody's expects the company to be in compliance over the next twelve months. The B3 rating on senior unsecured notes reflects their junior position in the capital structure relative to the revolver. The stable outlook reflects Moody's expectation that market conditions and prices for precious metals over the next twelve to fifteen months will remain favorable. Going forward, the ratings could be lowered if Coeur experiences any significant operational difficulties, its capital requirements escalate, political risk increases, or if its liquidity position deteriorates. A downgrade would be considered if Debt/ EBITDA, as adjusted, is expected to exceed 5x on a sustainable basis, or if (CFO - Dividends)/ Debt is expected to fall below 9%. Upward rating pressure is limited at this time due to investments needed to diversify company's operations and increase reserves. That said, ratings could be upgraded once the company expands its productive capacity and increases diversification with new mines coming online. * BOLIVIA: Moody's Says Banking System Outlook Remains Stable ------------------------------------------------------------- The outlook on Bolivia's banking system remains stable, as sustainable economic growth, decreasing unemployment, and moderate inflation continue to support expansion among the banks in the country, says Moody's Investors Service in its new Banking System Outlook on Bolivia. The declining financial dollarization in Bolivia is also helping profitability, liquidity and asset quality at the banks. Moody's says that economic stability has improved credit conditions in Bolivia and contributed to record low non-performing loans at the banks in 2011. Banks have also cleaned up their balance sheets of legacy loans from Bolivia's last financial crisis. Moody's expects their asset quality to remain stable. The favorable conditions for banks, however, are partly offset by the effects of Bolivia's still sizeable informal economy and low investor confidence in the banking system, along with a potentially adverse political environment, all of which may hinder the demand for credit, says Moody's. Moody's expects Bolivia's gross domestic product to grow by 4.5% in 2012, in line with its performance over the past seven years. Growth has been driven mainly by hydrocarbon and mining prices, and by a surge in public investments that has been boosting domestic consumption. Because Bolivia's economy remains small and dependent on hydrocarbons, it remains vulnerable to commodity price shocks. High levels of foreign reserves and increasing government savings, however, somewhat offset these negatives, says Moody's. Moody's notes that the continuing financial de-dollarization of the Bolivian economy has lowered the share of dollar deposits in the banking system to 36% as of December 2011, down from 93% in 2002, a positive development for the banks that reflects increasing depositor confidence in the Bolivian currency and banks. The outlook expresses Moody's expectations for the fundamental credit conditions in the banking system over the next 12-18 months. =========== M E X I C O =========== VINTE VIVIENDAS: Moody's Rates Proposed Bond Issuance 'Ba1' ----------------------------------------------------------- Moody's de Mexico has assigned a Aa3.mx national scale rating to the proposed bond issuance of Vinte Viviendas Integrales, S.A.P.I. de C.V. Ba1 global scale, local currency). In addition, Moody's has affirmed the company's Baa3.mx national scale issuer rating (B2 global scale, local currency) and the Aa3.mx national scale bond rating partially guaranteed by the International Finance Corporation (IFC) (Ba1 global scale, local currency). The rating outlook is stable. The following rating was assigned: Vinte Viviendas Integrales, S.A.P.I. de C.V. - Ba1 / Aa3.mx to the proposed bond rating The following ratings were affirmed: - B2 / Baa3.mx issuer rating - Ba1 / Aa3.mx bond rating partially guaranteed by the IFC Ratings Rationale Vinte proposes to issue MXN$200 million from its five-year, MXN$1 billion MTN ("Certificados Bursatiles") program. The notes will have a maturity of three years and will carry a 50% partial credit enhancement (PCE) from the Inter-American Development Bank (IDB, LT issuer rating Aaa/Stable). The IDB will guarantee the lesser of MXN$100 million pesos or 50% of the outstanding amount on the notes. The IDB guarantee is backed by a first priority claim on a pool of assets, which must be maintained at an appraised value of 1.3x the PCE. Proceeds from this issuance will be used to refinance debt as well as for working capital. Vinte's debt maturity schedule is well laddered with no more than $186 million pesos in debt coming due over the next 24 months. The Ba1 rating of the proposed issuance is, on the global scale, four notches above Vinte's issuer rating. The proposed bond rating reflects several factors including Vinte's underlying issuer rating, the rating of the IDB, the term of the issuance and the size of the guarantee and how these factors improve the expected recovery values of the transaction. The stable rating outlook continues to reflects Vinte's sound management team, strong execution of internal controls, construction expertise and efficient methods. Moody's believes that Vinte has a well thought out strategic plan and has done a good job of executing on it since operations began. The stable outlook also reflects Moody's expectation that Vinte will at least maintain its fixed charge coverage ratio and leverage at current levels and continue to improve efficiencies in land development. Furthermore, Moody's also expects that Vinte will continue to focus on targeting its current product mix, while maintaining high quality construction. The B2/Baa3.mx issuer rating continues to reflect Vinte's position as a niche player in the Mexican homebuilding sector, focused on the construction of sustainable urban communities in high-growth areas. Over the past 18 months Vinte has made strides in diversifying its lender base to include institutions with strong credit profiles. In addition, the company has strayed away from construction lending in favor of secured working capital lines, which provide more flexibility in the planning and financing of current and future projects allowing the company to continue to grow profitably. Moody's also notes that Vinte has begun to diversify its footprint outside of the State of Mexico to Queretaro, Hidalgo and Quintana Roo. The company has had stable earnings growth with a solid fixed charge coverage, coupled with efficient controls and construction expertise. The IFC is a major shareholder and holds the right to a seat on the company's Board of Directors. The company now also benefits from important lending relationships with four major development banks (the IFC, the Inter-American Investment Corporation (IIC), the IDB and the DEG). These positive factors are offset by the high investment costs of land and infrastructure as well as some speculative homebuilding. The company also has substantial geographic concentration in the State of Mexico as well as considerable concentrations in several large projects. Other challenges include the business's reliance on the Mexican government's support for housing, Mexico's economic and political environment in addition to funding concentration for low-income housing. Rating improvements will be difficult in the medium-term, but would be predicated upon Vinte increasing its size in total assets while at least maintaining its solid credit statistics. Rating improvements also could result from bringing Total Debt/Total Assets closer to 30%, while at a minimum having EBITDA margins in the low to mid 20% range. Downward rating pressure would result from substantial missteps in its growth strategy as evidenced by consistent negative free cash flow generation. In addition, downward rating movements will be predicated upon bringing total debt to total asset levels closer to 50%, with EBITDA margins sustained below 20% and fixed charge coverage falling consistently below 2x. Increased costs of land and land development would also result in negative rating pressure, as would an adverse shift in Mexican governmental housing policy. The principal methodology used in this rating was Global Homebuilding Industry rating methodology published in March, 2009. Vinte Viviendas Integrales, S.A.P.I. de C.V., based in Mexico City, Mexico, is a fully integrated, diversified homebuilder engaged in the design, development, construction, marketing, commercialization and delivery of economic/affordable entry-level, middle-class and upper-income housing developments in Mexico. As of March 31, 2012, Vinte reported approximately $1.7 billion Mexican pesos in assets and $0.7 billion Mexican pesos in shareholders' equity. The date of the last Credit Rating Action was 19 March 2011. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Defends Suspension of 55 Workers ------------------------------------------------- Trinidad and Tobago Newsday reports that Trinidad Cement Ltd defended the suspensions of 55 workers saying the company is conducting an investigation into whether they engaged in acts of violence during a 90-day strike. TCL Ggeneral Manager Satnarine Bachew said no more workers are to be suspended, according to Trinidad and Tobago Newsday. The report notes that Mr. Bachew said the 55 suspended workers were identified based on evidence collected by the company and an inquiry into the reports of misconduct and violence will be carried out by an independent team. The report notes that the workers have been suspended with full pay pending the investigation and are free to seek union representation, Bachew said. Trinidad and Tobago Newsday says that the Oilfield Workers Trade Union (OWTU), which represents TCL workers, is considering legal action on the suspensions, according to executive member Ozzi Warwick. TCL branch president Lawrence Renaud said more persons may be suspended since a number of workers who have undergone an orientation process have not been asked to report for duty, the report notes. About Trinidad Cement Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has now reached an agreement with its debtors on the terms and conditions attached to the repayment of its debt. The agreement will convert most of the company's debt into an 8-year facility, to be paid, quarterly, from March 2013, according to RJR News. The report related that deal also includes certain performance criteria for repaying the debt and if those are not met, the company will be penalized. *********** 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 * * *