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/raid1/www/Hosts/bankrupt/TCRLA_Public/120718.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, July 18, 2012, Vol. 13, No. 142 Headlines A N T I G U A & B A R B U D A LIAT: St. Vincent PM Urges St. Lucia to Invest in Airline B E R M U D A DIGICEL GROUP: Challenges Court Ruling on OUR B R A Z I L BANCO DO BRASIL: Fitch Affirms Viability Rating at 'BB+' * BRAZIL: Moody's Says Asset Management Industry Outlook Stable C A Y M A N I S L A N D S ABIC HOLDINGS: Shareholders' Final Meeting Set for Aug. 3 BUNYAN 2 EQUITY: Shareholders' Final Meeting Set for Aug. 3 CITIGROUP PROPERTY: Shareholder to Hear Wind-Up Report on Aug. 3 HIGHVIEW GLOBAL: Shareholders' Final Meeting Set for Aug. 3 MLGPE INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 3 MORNING CALM: Shareholders' Final Meeting Set for Aug. 3 MOUNT AUSTIN: Members' Final Meeting Set for Aug. 3 PIVOT STRATEGIC: Shareholders' Final Meeting Set for Aug. 3 RALLY CDO: Shareholders' Final Meeting Set for Aug. 3 STRATEGIC INVESTMENTS: Shareholders' Final Meeting Set for Aug. 3 J A M A I C A WINDALCO: UC Rusal to Close Ewarton Plant, 60 Jobs at Risk * JAMAICA: Mining Sector Suffers Decline M E X I C O GRUPO PETROTEMEX: S&P Puts 'BB+' Corp. Credit Rating on Watch Pos P U E R T O R I C O HOTEL AIRPORT: Plan Outline Hearing Continued Until Sept. 11 - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: St. Vincent PM Urges St. Lucia to Invest in Airline --------------------------------------------------------- RJR News reports that St. Vincent Prime Minister Dr. Ralph Gonsalves is calling on St. Lucia to take a stake in the regional airline LIAT, as the cash-strapped carrier moves to renew and expand its aging fleet. The airline, which is owned by the governments of Antigua and Barbuda, St Vincent and the Grenadines and Barbados, is set to be joined by Dominica as a fourth shareholder, according to RJR News. RJR News notes that Dr. Gonzalves said that now is the time for St. Lucia to come in as an equity partner as it will among other things give them the opportunity of being a part of the decision making process. The report relates that Dr. Gonzalves further said that Dominica's Prime Minister Roosevelt Skeritt confirmed Roseau's commitment to becoming an equity partner in LIAT last week on the margins of the CARICOM summit in Castries. RJR News says that EC$8 million was reportedly invested in LIAT. Mr. Gonzalves reportedly said that the airline had already introduced two flights to accommodate night landings in Dominica, allowing passengers to take advantage of late connections from North America and Europe, Barbados, and Antigua and Barbuda, RJR News notes. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ============= B E R M U D A ============= DIGICEL GROUP: Challenges Court Ruling on OUR --------------------------------------------- RJR News reports that lawyers for Digicel Group Limited will be going back to the Supreme Court. The company will seek permission to take their fight against the Office of Utilities Regulation (OUR) to the Appeal Court, according to RJR News. The report notes that Justice Ingrid Mangatal is to decide whether to give Digicel Group the go ahead to appeal her decision not to grant it leave to challenge the OUR's powers before the Judicial Review Court. RJR News says that it was a major blow to Digicel Group which had applied to the court for permission to challenge the OUR's powers under the recently amended Telecoms Act. Under the Act, the OUR has been given the authority to set termination rates in the market, the report notes. Digicel Group is strongly opposed to this, the report adds About Digicel Group 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. =========== B R A Z I L =========== BANCO DO BRASIL: Fitch Affirms Viability Rating at 'BB+' -------------------------------------------------------- Fitch Ratings has affirmed the following ratings of Banco do Brasil S.A. (BdB): -- Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB'; Outlook Stable; -- Short-term foreign and local currency IDRs at 'F2'; -- Support rating at'2'; -- Support rating floor at 'BBB'; -- Viability Rating at 'bb+'; -- Long-term national rating at 'AAA(bra)'; Outlook Stable; -- Short-term nationalRating at 'F1+(bra)'. The affirmation of the IDRs and national ratings reflect Fitch's belief in the maintenance of federal government support and the systemic importance of BdB. An upgrade in Brazil's sovereign rating would translate to an upgrade in the bank's long-term IDR; conversely, a downgrade in the sovereign rating would result in a downgrade in the bank's long-term IDR. Changes in the intention to providing support from local authorities, in the federal government capacity or in its ratings, could lead to a negative rating action, however Fitch does not believe this is likely. The viability rating (VR) is based on BdB's satisfactory performance through various economic cycles and weaker capitalization than local and global peers. Fitch believes that BdB's equity ratios are tight and that capital should be enhanced through high quality Tier 1 injections to support growth. Fitch Core Capital Ratio is weak at 6.5% as of March 2012. Should the Fitch Core Capital fall below 5.5%, a review of the VR will result. A VR review could also be triggered should asset quality deteriorate and/or profitability weaken beyond Fitch's expectations. The bank has a strong franchise and market share in many banking segments in Brazil with a wide branch network, diversified client and earnings base that contribute to growth and good overall performance despite thinner margins and lower economy activity since the first half of 2011. Regardless of its expansion and revenue diversification, BdB returns should moderate in the near term due to lower net interest margin scenario, mild growth of administrative costs and losses from Banco Votorantim (BV), which is 49.99% owned by Banco do Brasil. Therefore, Fitch expects profitability to remain below that of large local private peers. BdB proportionally consolidates its participation at Banco Votorantim and injected BRL1 billion into BV in June 2012. This capital injection will help to rebuild BV's tight capital base following the recent losses in 2011 and 2012 which resulted from higher credit costs caused by the aggressive auto loan portfolio expansion in previous years. BV has adopted corrective measures in loan origination and collection that could translate into positive contributions to BdB but no earlier than 2013. BdB's credit quality is a relative strength and has remained better than that of its private peers even in a more stressed economic scenario. This has resulted from a high proportion of payroll deductible loans (40% of consumer credit) and by a large usage of insurance in the agribusiness and protection in the SMEs portfolios. As a result, impaired loans reached 6.2% of the portfolio in the first quarter of 2012, which is better than the large private bank peer average of 9.6%. Reserve coverage of impaired loans was marginally higher at 77.1% versus the peer average of 73.3%. Fitch expects more challenging economic conditions in 2012 and beyond with impacts on credit quality and profitability but does not expect a significant deterioration in BdB's credit portfolio in comparison to its local peers in the near term. BdB is the largest Latin American financial conglomerate and Brazilian market leader in deposits, credit, foreign trade operations and asset management. With a solid and diversified base of deposits and customers, BdB is considered locally as safe haven in times of crisis. * BRAZIL: Moody's Says Asset Management Industry Outlook Stable --------------------------------------------------------------- Moody's outlook for the Brazilian asset management industry is stable, reflecting expectations that the country's economic progress will continue to support the growth of the capital markets and investment sector over the next 12--18 months, Moody's Investors Service says in a new industry outlook, "Brazilian Asset Managers: Outlook Stable." In addition, the pension fund segment is expected to become increasingly important for Brazilian asset managers, given the country's aging population and the growing awareness of retirement planning. "While the current global economic slowdown will constrain the growth of the Brazilian economy and, consequently, of the local asset management sector, local companies are well positioned to face current challenges," says analyst and author of the report Diego Kashiwakura. Not only do local asset managers have limited exposure to foreign assets, he says, but Brazil's improved macro- economy and strong domestic demand help shield them from global pressures. Nevertheless, Brazilian asset managers do face challenges, including pressure on fees, which have been on a decreasing trend for money market, fixed-income, multimarket and equity funds due to declining interest rates and increasing competition. Fixed- income and money market fund fees, in particular, are expected to remain under pressure from declining interest rates, as well as the availability of substitute products such as Tesouro Direto and savings accounts. Interest rates in Brazil stand at a record low of 8.00% in July 2012, compared with 12.50% a year ago. "If rates continue to go down and remain low for a sustained period, expected returns on a number of asset types will go down," Mr. Kashiwakura says. "In this case we would expect to see investors reallocate their portfolios away from government bonds toward more risky instruments, such as corporate bonds, commercial paper and equities." Indeed, the impact of lower rates is already being seen, with pension funds increasing their allocations to corporate bonds and equities in order to meet their actuarial targets. Pension funds in Brazil have grown at a compound average annual rate of 49% for the past 10 years, helped by the tax benefits afforded by the leading products. "The pension fund segment is poised for continuing strong growth," Mr. Kashiwakura says, "due to Brazil's aging population, higher disposable incomes and an increasing awareness of long-term savings." =========================== C A Y M A N I S L A N D S =========================== ABIC HOLDINGS: Shareholders' Final Meeting Set for Aug. 3 --------------------------------------------------------- The shareholders of ABIC Holdings will hold their final meeting on Aug. 3, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 BUNYAN 2 EQUITY: Shareholders' Final Meeting Set for Aug. 3 ----------------------------------------------------------- The shareholders of Bunyan 2 Equity Co. will hold their final meeting on Aug. 3, 2012, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 1844488 Ext-1402 CITIGROUP PROPERTY: Shareholder to Hear Wind-Up Report on Aug. 3 ---------------------------------------------------------------- The shareholder of Citigroup Property Investors Asia Kingsville II Ltd. will receive on Aug. 3, 2012, at 11:15 a.m., 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 HIGHVIEW GLOBAL: Shareholders' Final Meeting Set for Aug. 3 ----------------------------------------------------------- The shareholders of Highview Global Macro, Ltd. will hold their final meeting on Aug. 3, 2012, at 11:00 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 MLGPE INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 3 --------------------------------------------------------------- The shareholders of MLGPE International Strategies Ltd will hold their final meeting on Aug. 3, 2012, at 9:45 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 MORNING CALM: Shareholders' Final Meeting Set for Aug. 3 -------------------------------------------------------- The shareholders of Morning Calm Ltd. will hold their final meeting on Aug. 3, 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 SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MOUNT AUSTIN: Members' Final Meeting Set for Aug. 3 --------------------------------------------------- The members of Mount Austin Capital Management Limited will hold their final meeting on Aug. 3, 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. c/o 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 PIVOT STRATEGIC: Shareholders' Final Meeting Set for Aug. 3 ----------------------------------------------------------- The shareholders of Pivot Strategic Fund II will hold their final meeting on Aug. 3, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 RALLY CDO: Shareholders' Final Meeting Set for Aug. 3 ----------------------------------------------------- The shareholders of Rally CDO Limited will hold their final meeting on Aug. 3, 2012, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 STRATEGIC INVESTMENTS: Shareholders' Final Meeting Set for Aug. 3 ----------------------------------------------------------------- The shareholders of Strategic Investments (SI) Limited will hold their final meeting on Aug. 3, 2012, at 10:45 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 ============= J A M A I C A ============= WINDALCO: UC Rusal to Close Ewarton Plant, 60 Jobs at Risk ---------------------------------------------------------- RJR News reports that UC Rusal, the parent firm of West Indies Alumina Company (WINDALCO), said that it plans to close the Company's Ewarton Bauxite Plant in St. Catherine. The closure said to be started in October this year will place 600 jobs at risk, according to RJR News. The report relates that Jamaica Mining and Energy Minister Phillip Paulwell told Parliament he was informed verbally by UC Russal on the closure. RJR News notes that this latest looming closure now means that all three U.C Russal alumina refineries will be non-operational with the Kirkvine and Alpart plants closed since 2009. The report relays that when asked by Opposition members whether Kirkvine or Alpart would be open anytime soon Mr. Paulwell said it does not seem imminent. RJR News discloses that Mr. Paulwell said that the companies have insisted that they cannot reopen the due to the downtown in the global market but the Mining Minister said he did not accept that fully. Pointing to the case of the Ewarton plant, Mr. Paulwell said he does not think the company has applied all efficiency standards to which had committed, RJR News relays. The report notes that Cabinet only recently approved a request from the bauxite operators for a full waiver subject to conditions for the Ewarton plant this in light of the downturn in the bauxite and alumina market. It would have taken effect on June 1 this year. About WINDALCO West Indies Alumina Company is situated on the island of Jamaica in the Caribbean. The company comprises two alumina refineries (Ewarton Works and Kirkvine Works), a shipping port (Port Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in Manchester and St. Ann. * * * As reported in the Troubled Company Reporter-Latin America on March 8, 2010, Jamaica Gleaner said that West Indies Alumina Company will end its bauxite production in Jamaica and make 762 permanent jobs redundant. The report related that the redundancy exercise comes a year after the company suspended production at its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries because of reduced demand for aluminium on the world market. The company is 93% owned by Russian entity, UC Rusal. * JAMAICA: Mining Sector Suffers Decline ---------------------------------------- RJR News reports that Jamaica's mining sector could suffer a further decline as there is no sign of an improvement in the price of aluminum on the world market. Aluminum prices fell 5.6% in the second quarter mainly due to macro-economic risks in Europe and demand concerns, according to RJR News. The report notes that analysts said that the demand for aluminum, which is derived from alumina, will remain flat in the medium term. RJR News relays that Statistical Institute of Jamaica, STATIN, reported that Jamaica's mining and quarrying sector declined five percent during the first quarter of this year. =========== M E X I C O =========== GRUPO PETROTEMEX: S&P Puts 'BB+' Corp. Credit Rating on Watch Pos ----------------------------------------------------------------- Standard & Poor's Rating Services placed its ratings on Grupo Petrotemex S.A. de C.V., including the 'BB+' global scale and 'mxA+' national scale corporate credit ratings, on CreditWatch with positive implications. "The CreditWatch placement follows the announcement by Petrotemex's parent company, Alpek S.A.B. de C.V., of a cash tender offer to purchase any and all of Petrotemex's outstanding $275 million 144 A/Reg. S bond due 2014 with proceeds from Alpek's recent IPO. We expect to resolve the CreditWatch during the next 90 days," S&P said. Petrotemex is offering to purchase its bond in two periods. First, between July 16, 2012, and July 27, 2012, the company will buy the bonds at market price plus a premium. Afterwards, Petrotemex will buy the bonds at market prices only until Aug. 10, 2012. "The CreditWatch listing reflects the possibility that we can raise our ratings on Petrotemex by one notch following the successful completion of the cash tender offer in full, or a combination of bonds and other debt prepayments of about $275 million," S&P said. "We will resolve the CreditWatch listing once the cash tender offer or any other potential debt reduction transaction is concluded and we complete our review of Petrotemex's financial risk profile, including our review of the company's financial policies. In our view the proposed debt reduction will improve significantly Petrotemex's key financial ratios, as well as it would strengthen the company's capital structure given the planned capitalization of proceeds," S&P said. "We can upgrade Petrotemex if the actual debt reduction would lead us to revise the company's financial risk profile assessment to intermediate. This would include expectations of stronger cash- flow protection measures, such as funds from operations to total adjusted debt in excess of 40%. A lower-than-expected debt reduction, weaker-than-expected coverage metrics, and/or unexpected debt-financed acquisitions would lead us to remove the ratings from CreditWatch and affirm them," S&P said. ===================== P U E R T O R I C O ===================== HOTEL AIRPORT: Plan Outline Hearing Continued Until Sept. 11 ------------------------------------------------------------ The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico continued until Sept. 11, 2012, at 2 p.m., the hearing consider Hotel Airport Inc.'s request for (i) approval of the disclosure statement explaining the terms of the Chapter 11 Plan and (ii) assumption of leases. The hearing was originally scheduled for July 10. As reported in the Troubled Company Reporter on Jan. 19, 2012, under the Plan, holders of administrative expense claims and priority claims will be paid in full on the Plan's effective date. The Plan presents a scenario upon which it will be substantially funded by the Debtor's assets and income from the operation of business, according to David Tirri, the Debtor's president. The Plan also considers the Debtor's experience and knowledge of the business and specific knowledge of Debtor's sector of the industry. The Reorganization process will take place under the management of Mr. Tirri. The Plan proposes a merger between the Debtor/HAI and and its parent, CAF, whereby a single entity -- CAF -- will emerge. HAI's operations will continue under its present management as a division of CAF. The merger will take place upon the Effective Date of the Plan. The Debtor submits that the merger will strengthen HAI's ability to operate and maintain its business. CAF -- as successor in interest of HAI -- will assume its obligations maintaining HAI's current assets, which are all encumbered with secured debts. Upon the merge with CAF, Mr. Tirri's position will be vice- president, and general manager for the hotel operations, with his compensation remaining at $15,000 per month in salary, plus $10,000 per month for expenses. Other insiders which may from time to time be part of the management, due to their positions with CAF are CAF's stockholders Anthony C. Tirri, Jean Tirri, and Justin Tirri, with only Anthony C. Tirri receiving compensation of $5,000 per month. A full-text copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/HOTELAIRPORT_DS_Dec092011.pdf About Hotel Airport Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011. Judge Enrique S. Lamoutte Inclan oversees the case. Edgardo Munoz, PSC, serves as bankruptcy counsel. Francisco J. Garrido Molina serves as its accountant, and RS& Associates as external auditors to perform auditing services. The Debtor disclosed US$8,547,993 in assets and US$171,169,392 in liabilities as of the Chapter 11 filing. The petition was signed by David Tirri, its president. The Debtor's plan provides that holders of administrative expense claims and priority claims will be paid in full on the Plan's effective date. The Plan will be substantially funded by the Debtor's assets and income from the operation of business. The Plan proposes a merger between the Debtor/HAI and and its parent, CAF, whereby a single entity -- CAF -- will emerge. *********** 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 * * *