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/raid1/www/Hosts/bankrupt/TCRLA_Public/120928.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 Friday, September 28, 2012, Vol. 13, No. 194 Headlines A R G E N T I N A CILIN EXPRESS: Creditors' Proofs of Debt Due Dec. 26 DINAMA SRL: Creditors' Proofs of Debt Due Oct. 30 INTERNATIONAL COVER: Creditors' Proofs of Debt Due Oct. 16 B E R M U D A BELVIN'S STORES: Sued by Supplier Butterfield & Vallis B R A Z I L CELPA: Equatorial Inks Deal to Acquire Shares CENTRAIS ELETRICAS: Moody's Cuts BCA to 'ba2'; Outlook Negative C A Y M A N I S L A N D S 9W CREDIT: Creditors' Proofs of Debt Due Oct. 1 9W CREDIT OPPORTUNITIES: Creditors' Proofs of Debt Due Oct. 1 CREP INVESTMENT D: Creditors' Proofs of Debt Due Oct. 10 FREIGHTER DUKE: Creditors' Proofs of Debt Due Oct. 10 FRONT STREET: Creditors' Proofs of Debt Due Oct. 10 HARMONY INVESTMENT: Creditors' Proofs of Debt Due Oct. 10 INSPECTION INVESTMENTS: Creditors' Proofs of Debt Due Oct. 15 IVC RAINBOW: Creditors' Proofs of Debt Due Oct. 15 MLMI CAYMAN: Creditors' Proofs of Debt Due Oct. 10 SURF CAYMAN: Creditors' Proofs of Debt Due Oct. 10 J A M A I C A UC RUSAL: To Refinance Debt, Expects to Reach Deal With Lenders N I C A R A G U A * NICARAGUA: Gets US$56.2MM Financing for Health Care Units P U E R T O R I C O PICK & SAVE: Objections to Employee Claims Overruled - - - - - ================= A R G E N T I N A ================= CILIN EXPRESS: Creditors' Proofs of Debt Due Dec. 26 ---------------------------------------------------- Mario Leizerow, the court-appointed trustee for Cilin Express SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 26, 2012. Mr. Leizerow will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 43, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 10, 2013. The Trustee can be reached at: Mario Leizerow Av. Santa Fe 2206 Argentina DINAMA SRL: Creditors' Proofs of Debt Due Oct. 30 ------------------------------------------------- Anibal Esteva, the court-appointed trustee for Dinama SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Oct. 30, 2012. Mr. Esteva will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Aug. 28, 2013. The Trustee can be reached at: Anibal Esteva Bulnes 779 Argentina INTERNATIONAL COVER: Creditors' Proofs of Debt Due Oct. 16 ---------------------------------------------------------- Santos Ernesto Luparelli, the court-appointed trustee for International Cover SA's reorganization proceedings, will be verifying creditors' proofs of claim until Oct. 16, 2012. Mr. Luparelli will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 9, 2013. The Trustee can be reached at: Santos Ernesto Luparelli Av. Rivadavia 5126 Argentina ============= B E R M U D A ============= BELVIN'S STORES: Sued by Supplier Butterfield & Vallis ------------------------------------------------------ Food wholesaler Butterfield and Vallis has filed a writ in Supreme Court against businessman George Swan Jr. and his stores: Belvin's Variety in Devonshire, Belvin's in Flatts, Belvin's in Happy Valley and Belvin's in Bailey's Bay, according to Royal Gazette News. It's understood there are other creditors, according to the report. Customers have reported the four convenience stores, employing around a dozen staff, have been out of stock of many items recently, the report realtes. After taking over Belvin's, Mr. Swan opened Intermezzo Cafe & Convenience on Court Street last August but that store closed down just three months later, the report adds. Last month, the report cites, White's supermarkets in Southside, St David's and Warwick were closed after Court orders to wind them up in an effort to repay dozens of creditors. Royal Gazette News discloses that the Supreme Court gave the go- ahead to the winding up after hearing a petition by International Bonded Couriers, signed by 27 other creditors, including Butterfield and Vallis, Pitt & Company and BGA. Some 85 staff lost their jobs, the report relates. =========== B R A Z I L =========== CELPA: Equatorial Inks Deal to Acquire Shares --------------------------------------------- Fitch Ratings views the announcement that Equatorial Energia S.A., a holding company in the energy sector, has signed a contract to acquire 65.18% of Celpa's voting shares for BRL1 as positive. The transaction should contribute to moving the company out of bankruptcy protection given support by several of Celpa's creditors and Equatorial's track record in acquiring and promoting the turnaround of an energy distribution company, Companhia Energetica do Maranhao (rated 'AA-(bra)'), several years ago. As part of the announcement, Equatorial indicated it has reached conditional agreements with several creditors representing a majority of its debt, which may include debt maturity extensions, adjustments in interest payments and possibly debt forgiveness. It is still unclear if any bondholders of the USD250 million senior unsecured notes due 2016 are part of this agreement. Equatorial is expected to inject BRL350 million in new equity as part of its agreements with creditors. Fitch will continue to monitor and analyze Celpa's restructuring process and will define its rating levels after more complete restructuring details become available. On Feb. 28, 2012, Fitch downgraded Celpa's Issuer Default Ratings (IDRs) to 'D' following the company's announcement that it filed for bankruptcy protection in Brazil. Fitch currently rates Celpa as follows: -- Local and Foreign Currency IDRS 'D'; -- Long-Term National Scale Rating ) 'D(bra)'; -- USD250 million senior unsecured notes due in 2016 'C/RR4'. CENTRAIS ELETRICAS: Moody's Cuts BCA to 'ba2'; Outlook Negative --------------------------------------------------------------- Moody's affirmed Centrais Eletricas Brasileiras S/A's (Eletrobras) Baa2 foreign currency issuer rating on the global scale and at the same time downgraded its Baseline Credit Assessment (BCA) to ba2 from ba1. Moody's also affirmed the Baa2 foreign currency rating of the senior unsecured US1.75 billion bond expiring on October 27, 2021. The outlook for all ratings has been changed to negative from stable. Ratings Rationale The Baa2 issuer rating reflects the strong implicit support of Eletrobras' major shareholder the Brazilian federal government (Baa2; positive) and the company's dominant position in the Brazilian electricity market. The ratings are constrained by the fact Moody's expects credit metrics to become much weaker from expected lower tariffs going forward along with sizeable capital expenditures Eletrobras will be making over the medium term, as well as the evolving corporate governance practices and the risks of political interference. The downgrade of the company's BCA to ba2 from ba1 reflects the material deterioration in the company's credit metrics that Moody's expects over the medium term in light of the recent federal government provisional measure # 579 published on September 11th. The measure will dramatically reduce the electricity tariffs of sizeable generation and transmission concessions expiring between 2015 and 2017. The 579 provisional measure offers electricity utilities the opportunity to accelerate the renewal of their generation, transmission and distribution concessions at the start of 2013, ahead of their scheduled 2015-17 expiry. Because most of the concession assets have already been largely depreciated, the new tariffs will be much lower than those in the current energy supply contracts. Although the utilities are entitled to recover the costs of their non-depreciated assets, the mechanisms to be used to calculate and the timing of those potential government disbursements remains unclear. Eletrobras, through its unrated subsidiaries CHESF, Furnas, and Eletronorte, will be the most affected electric utility because it has approximately 16,000 megawatts (MW) of generating capacity and around 58,000 kilometers of transmission lines operating under concessions granted by the federal government expiring between 2015 and 2017 which represents approximately 39% of total electricity generation capacity and 90% of total transmission grid of Eletrobras, respectively. Eletrobras could turn down the government's proposal and maintain its concessions until they expire but doing so means the government will revoke those concessions at their expiration, reimbursing the utilities for any non-depreciated concession assets. Because Eletrobras is controlled by the federal government, it undoubtedly is bound to accept the conditions in the provisional measure to renew its concessions. The negative outlook reflects the expected deterioration in the company's credit metrics over the medium term along with uncertainties as to whether the company will be able to streamline its operating costs and turn around its distribution utilities as management has recently indicated it intends to do. In addition, Moody's expects that the cash flow from the new projects coming on stream mostly from 2014 through 2016 will not be sufficient to offset the forecasted shrinkage in cash flow that will start in 2013. Eletrobras' reduced cash flows under the renewed concessions are difficult to accurately assess at this stage because the federal government has not provided any detail on what it considers a minimum tariff to cover maintenance and operating costs. Assuming that Eletrobras will accept the conditions to renew its generation and transmission concessions, Moody's estimates that the impact of lower generation tariffs and reduced transmission revenues could reduce the company's annual EBITDA between BRL3.3 billion and BRL7.3 billion, which compares with the company's 2011 consolidated EBITDA of BRL8.7 billion. Moody's expects the significant reduction in Eletrobras' cash flow to be partly offset by the indemnification rights the company is entitled to for the renewal of the concessions. The non- depreciated portion of the concession assets are expected to be reimbursed by the federal government by an amount that is very difficult to predict at this stage but could range between BRL10 and BRL25 billion in 2013. What Could Change The Rating Up Given the expected material deterioration in the company's credit metrics over the medium term the upgrade of the company's Baa2 issuer rating is unlikely in the short term. The outlook could be stabilized if the indemnification amount that Eletrobras is eligible to receive in 2013 is closer to the high end of Moody's estimate range of BRL25 billion and Moody's views management's efforts as successful to improve cash generation over the medium term through the reduction of operating costs and the execution of new projects as planned. What Could Change The Rating Down Pressure to downgrade the rating would grow if deterioration in the company's credit metrics is more pronounced than what Moody's now anticipates so that CFO before changes in working capital becomes lower than 3% over debt for a prolonged period. Such weaker metrics will occur if management fails to streamline operating costs and if the cash flow from the new generation and transmission projects coming on stream in the next three years falls short of expectations. In accordance with Moody's methodology for government related issuers, or GRIs, the Baa2 issuer rating of Eletrobras reflects the combination of the following inputs: - Baseline credit assessment (BCA) ba2 - High-level dependence (70%) - High level of government support (71%-90%) - The Baa2 rating of the Government of Brazil, which has a positive outlook. Eletrobras is a GRI as defined in Moody's rating methodology "The Application of Joint Default Analysis to Government Related Issuers". Moody's methodology for GRIs is to systematically incorporate into the rating both the stand-alone credit risk profile or Baseline Credit Assessment (BCA) of the company as well as an assessment of the likelihood that its government owner would provide extraordinary support to the company's obligations. Please refer to Moody's special comments "Rating Government- Related Issuers in Americas Corporate Finance" and "Government- Related Issuers: July 2006 Update" at moodys.com for additional information on GRIs . Eletrobras' electricity generation has installed capacity of 42 GW, which is equivalent to 37% of Brazil's total generation installed capacity, including the 7 GW capacity of Itaipu. Eletrobras' transmission lines above 230KV comprise 54,109 Km or around 53% of the country's total high voltage transmission lines. The distribution business, largely consisting of small distribution companies in the North and Center West portion of the country sold14,416GWh in the last twelve months period ended on June 30, 2012. Eletrobras is also a financing vehicle with its portfolio of around BRL28 billion in loans granted to a diverse range of Brazilian electricity companies, including the US$6.0 billion loans to Itaipu. Eletrobras is also the Federal Government's vehicle to manage some specific funds of the Brazilian electricity industry such as RGR (Global Reversion Reserve), CCC (Fuel Consumption Account), CDE (Energy Development Account) and certain social programs such as the "Light For All" aimed at extending electricity to the most remote regions of the country. ========================== C A Y M A N I S L A N D S ========================== 9W CREDIT: Creditors' Proofs of Debt Due Oct. 1 ----------------------------------------------- The creditors of 9W Credit Opportunities Fund, Ltd. are required to file their proofs of debt by Oct. 1, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 13, 2012. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands 9W CREDIT OPPORTUNITIES: Creditors' Proofs of Debt Due Oct. 1 ------------------------------------------------------------- The creditors of 9W Credit Opportunities Master Fund, Ltd. are required to file their proofs of debt by Oct. 1, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 13, 2012. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands CREP INVESTMENT D: Creditors' Proofs of Debt Due Oct. 10 -------------------------------------------------------- The creditors of Crep Investment D Cayman are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 24, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands Jennifer Chailler Telephone: (345) 814 6847 FREIGHTER DUKE: Creditors' Proofs of Debt Due Oct. 10 ----------------------------------------------------- The creditors of Freighter Duke Limited are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 28, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 FRONT STREET: Creditors' Proofs of Debt Due Oct. 10 --------------------------------------------------- The creditors of Front Street Canadian Opportunities Fund Ltd. are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 23, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands Jennifer Chailler Telephone: (345) 814 6847 HARMONY INVESTMENT: Creditors' Proofs of Debt Due Oct. 10 --------------------------------------------------------- The creditors of Harmony Investment Fund Feeder I Limited are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 21, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands Jennifer Chailler Telephone: (345) 814 6847 INSPECTION INVESTMENTS: Creditors' Proofs of Debt Due Oct. 15 ------------------------------------------------------------- The creditors of Inspection Investments Limited are required to file their proofs of debt by Oct. 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 28, 2012. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands IVC RAINBOW: Creditors' Proofs of Debt Due Oct. 15 -------------------------------------------------- The creditors of IVC Rainbow Limited are required to file their proofs of debt by Oct. 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 28, 2012. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MLMI CAYMAN: Creditors' Proofs of Debt Due Oct. 10 -------------------------------------------------- The creditors of MLMI Cayman NIM 2007-HE1, Ltd. are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 28, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SURF CAYMAN: Creditors' Proofs of Debt Due Oct. 10 -------------------------------------------------- The creditors of Surf Cayman NIM 2007-BC2, Ltd. are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 28, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ============= J A M A I C A ============= UC RUSAL: To Refinance Debt, Expects to Reach Deal With Lenders --------------------------------------------------------------- RJR News reports that Russian aluminum giant UC Rusal, which has a major stake in Jamaica's bauxite/alumina industry, expects to reach a deal with its lenders within six months to refinance part of an US$11 billion debt burden. It will agree to new loan conditions by the end this year before its covenant holiday expires, according to RJR News. The report relates that a spokesman for Rusal said the aluminum giant, which has been battered by persistently weak prices for the metal, was already in talks with existing and new lenders. Rusal started a covenant holiday in March, striking a deal which means that conditions on its current loan agreements with international and Russian lenders would not be tested for up to 12 months, the report notes. ================= N I C A R A G U A ================= * NICARAGUA: Gets US$56.2MM Financing for Health Care Units ----------------------------------------------------------- The Inter-American Development Bank (IDB) approved US$56.2 million in financing to Nicaragua for a program to improve health care, benefitting some 2.3 million people living in vulnerable areas. The funds will finance the construction and rehabilitation of 80 health care centers as well as the integration of the health system's clinical and management areas in seven targeted local systems (SILAIS). The program is expected to help Nicaragua bring down teen birth rates in targeted areas from 28.5 percent to 22 percent and the hospitalization rate for infantile diarrhea from 7.8 per 1,000 children to 6.4 per 1,000 by the end of the five-year program. The program entails rehabilitating three hospitals, building or rehabilitating 55 primary care units and 20 community health network units, including maternity homes and housing units for personnel in remote areas. A regional medical supply warehouse will be built in Nicaragua's central region to ensure a timely response to disasters. In addition, the program will improve the health care system by integrating its clinical and management areas. This change will foster the continuity of treatment as well as ongoing assessment and risk evaluation, referral/counter-referral, and medical-record keeping. The program will help raise health care professionals' awareness of indigenous and Afro-descendant peoples' cultures and values and include traditional medicine into treatment protocols. Twelve thousand pregnant women will be signed up for a safe motherhood plan, focusing on four areas with higher maternal mortality rates. It will also promote the use of institutional perinatal services, and explore the benefits of maternity homes. The financing consists of US$28.1 million from the IDB's Ordinary Capital for a 30-year term, with a 5 1/2-year grace period and a fixed interest rate, plus US$28.1 million from the concessional Fund for Special Operations for a 40-year term, with a 40-year grace period and a 0.25% interest. ===================== P U E R T O R I C O ===================== PICK & SAVE: Objections to Employee Claims Overruled ---------------------------------------------------- Bankruptcy Judge Enrique S. Lamoutte overruled objections by Pick & Save Inc. against the claims filed by former employees Jose I. Perez Nieves and Oscar Munoz Garces. Pick & Save alleges the claims were filed after the deadline for filing proofs of claim and must therefore be disallowed. Messrs. Perez Nieves and Munoz Garces countered that their claims are not barred and that they were diligent in filing them. Messrs. Perez and Munoz received letters discharging them from their work with the Debtor on July 29, 2010, a few days before the bankruptcy filing. The employees said their delay was because the Debtor did not report their claim to the Bankruptcy Court or the U.S. Trustee at any time. On Dec. 27 and 28, 2010, the former employees filed complaints before the Puerto Rico Court of First Instance for damages against the Debtor on account of alleged wrongful termination of their respective employments. They were both represented by the same legal counsel, Attorney Virgilio J. Gonzalez-Perez. In both cases, the Debtor was served with copies of the complaints and on Jan. 26, 2011, proceeded to file motions to stay the state court proceedings. Consequently, the PR Court of First Instance issued judgments in both state court cases staying and closing them for statistical purposes due to the Debtor's bankruptcy filing. Both motions requesting the stay of the state court proceedings were properly served on the former employees through Attorney Gonzalez, as was the Judgment issued by the PR Court of First Instance in both cases. On Sept. 20 and 22, 2011, the former employees filed their claims as general unsecured creditors. On Dec. 16, 2011, they amended their Claims to request priority under 11 U.S.C. 507(a)(4). The Court's order said the former employees may be entitled priority up to the amount of $11,725 pursuant to 11 U.S.C. Section 507(a)(4)(A). The Court, however, denied the request for administrative priority. A copy of the Court's Sept. 13, 2012 Opinion and Order is available at http://is.gd/5DqQ1sfrom Leagle.com. About Pick & Save Pick & Save, Inc., in Bayamon, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 10-07005) on Aug. 2, 2010. Carmen D. Conde Torres, Esq., serves as the Debtor's counsel. In its petition, the Debtor estimated under $50,000 in assets and under $10 million in debts. A copy of the Company's list of 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb10-07005.pdf The petition was signed by Noel Soler, president. Pick & Save on Nov. 29, 2010, filed its first Chapter 11 Plan of Reorganization and Notice to Creditors. On April 21, 2011, the Debtor filed an Amended Plan of Reorganization. On May 2, 2011, the court entered the Order confirming the Debtor's Amended Plan of Reorganization. *********** 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 * * *