/raid1/www/Hosts/bankrupt/TCRLA_Public/130108.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, January 8, 2013, Vol. 14, No. 5
Headlines
A R G E N T I N A
ELECTROPAZ: Nationalization No Impact on Moody's 'Ba3' Rating
PVCRED SERIE XV: Moody's Rates ARS9.27MM Certificates 'Ca.ar'
GRUPO SUPERVIELLE: Moody's Assigns 'B3' LC Senior Debt Rating
PSA FINANCE: Moody's Assigns 'B1' Global Currency Sr. Debt Rating
* ARGENTINA: Cleary Gottlieb Blasts Subpoena in $1.4BB Debt Suit
C A Y M A N I S L A N D S
ALTAI CAPITAL: Shareholders Receive Wind-up Report
ALTAI CAPITAL SF OFFSHORE: Shareholders Receive Wind-up Report
APT SATELLITE: Shareholders Receive Wind-up Report
APT SATELLITE LINK: Shareholders Receive Wind-up Report
CRESCENT GUNHILL: Shareholder Receives Wind-Up Report
DERRICK SOLUTIONS: Members Receive Wind-Up Report
EXELION GLOBAL: Shareholder Receives Wind-up Report
FOX-FUTURES: Shareholders Receive Wind-Up Report
HIGHBRIDGE ASIA: Shareholder Receives Wind-up Report
ISLAND DRIVE: Shareholder Receives Wind-Up Report
LA CAMPANA: Members Receive Wind-Up Report
NEW CHINA: Members Receive Wind-Up Report
NEWQUANT OFFSHORE: Shareholders Receive Wind-Up Report
NEWQUANT OFFSHORE II: Shareholders Receive Wind-Up Report
OLYMPIA SUCDEN: Shareholders Receive Wind-up Report
PERCY LIMITED: Members Receive Wind-Up Report
PIAF INVEST: Shareholders Receive Wind-up Report
STORES INTERNATIONAL: Shareholder Receives Wind-Up Report
SWEET VALLEY: Members Receive Wind-Up Report
VIVI LIMITED: Members Receive Wind-Up Report
C O L O M B I A
* DOMINICAN REP: Strikes Deal on US$1BB Debt With Power Companies
M E X I C O
SARE HOLDING: Moody's Confirms 'Caa1' Rating; Outlook Negative
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ELECTROPAZ: Nationalization No Impact on Moody's 'Ba3' Rating
-------------------------------------------------------------
Moody's Latin America said that the Ba3/Aa1.bo ratings of
Electropaz remain unchanged following the recently announced
nationalization by the Bolivian government.
Ratings Rationale
Electropaz's Ba3 rating is at the same level of the sovereign
rating and therefore the nationalization had no impact on current
ratings.
The Ba3/Aa1.bo ratings were assigned on November 2nd 2012 for the
first time which incorporated the potential risk of
nationalization in Bolivia, given the country's background and the
several nationalizations that have occurred in Bolivia in recent
times. The most recent nationalizations materialized through the
announced expropriation of two electric distribution companies in
Bolivia, including Electropaz.
On December 29th, 2012 through the Supreme Decree ("Decreto
Supremo") N§ 1448 the Bolivian government established the
expropriation of all the shares previously held by Iberbolivia de
Inversiones S.A., (pertaining to Iberdrola S.A., Baa1, Negative)
in favor of ENDE (Empresa Nacional de Electricidad) a Bolivian
government owned entity. The decree also announced that within a
180 day period a compensation amount will be paid to the previous
shareholders.
Finally, the decree states that the nationalized companies will
continue operating as "Sociedades Anonimas" (Limited Corporations)
until a new regulation to manage these recently acquired state-
owned entities is enforced.
The ratings also take in consideration the close relationship
between Electropaz's operations and the regulatory regime in
Bolivia which, in turn, is closely aligned with sovereign
government risk. Therefore, the ratings are constrained/ limited
by the sovereign rating, which is currently Ba3 with a stable
outlook.
Electropaz is an electricity distribution company operating in La
Paz, Bolivia. Electropaz provides electricity to 470.000 clients
(89% of which are residential) and had annual revenues as of
September 30, 2012, of approximately U$S100 million.
PVCRED SERIE XV: Moody's Rates ARS9.27MM Certificates 'Ca.ar'
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XV, using the
updated structure. This transaction will be issued by Equity Trust
Company (Argentina) S.A. -- acting solely in its capacity as
issuer and trustee.
Moody's notes that as of Jan. 4, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.
Moody's has withdrawn the ratings of the Class VRDA TF and VRDB
because the liability structure of the transaction has changed
before issuance and as a result the rating of the Class VRDA TF
will be withdrawn and the rating of VRDB tranche will change.
Moody's has assigned new ratings to these tranches as follows.
-- ARS97,404,000 in Class A Floating Rate Debt Securities (VRDA
TV) of "Fideicomiso Financiero Pvcred Serie XV", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
-- ARS9,276,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Pvcred Serie XV", rated B3.ar (sf) (Argentine
National Scale) and Caa2 (sf) (Global Scale, Local Currency)
-- ARS9,276,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XV", rated Ca.ar (sf) (Argentine National Scale)
and Ca (sf) (Global Scale, Local Currency).
Ratings Rationale
The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,921 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.
The VRDA TV will bear a floating interest rate (BADLAR plus
400bps). The VRDA TV's interest rate will never be higher than 23%
or lower than 15%. The VRDB will bear a fixed interest rate of
24%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 7,60% for the
VRDA TV, calculated over the pool's principal balance and accrued
interest as of the cut off date. The subordination levels will
increase overtime due to the turbo sequential payment structure.
The transaction also benefits from an estimated 25.64% annual
excess spread, before considering losses, trust expenses, taxes or
prepayments and calculated at the cap of 23% for the VRDA TV.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2012. In assigning the rating to this
transaction, Moody's assumed a lognormal distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred and the "Staff" loans, a mean of 14% and a coefficient of
variation of 70%; (b) for the "Cuota Ya" loans, a mean of 25% and
a coefficient of variation of 70%; (c) for "Refinanced" loans,
mean of 32% and a coefficient of variation of 70%; (d) for loans
with a discounted installment, mean of 13% and a coefficient of
variation of 70%; (e) for "Provenclick" loans originate through an
online platform, mean of 25% and a coefficient of variation of
70%. Also, Moody's assumed a lognormal distribution for
prepayments with a mean of 40% and a coefficient of variation of
70%;
Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.
The model results showed 1.41% expected loss for Class A Floating
Rate Debt Securities, a 25.46% for the for Class B Fixed Rate Debt
Securities and 47.79% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 5% from
the base case scenario, the ratings of the CP would be unchanged.
The ratings of the Class A Floating Rate, Class B would likely be
downgraded to B1 (sf) and Caa3 (sf).
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.
The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.
GRUPO SUPERVIELLE: Moody's Assigns 'B3' LC Senior Debt Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 global local currency
senior debt rating to Grupo Supervielle S.A.'s (GS) eighth
expected issuance for an amount up to Ar$50 million, which will be
due in 270 days; and to the ninth expected issuance for an amount
up to Ar$90 million, which will be due in 18 months. Both expected
issuances together should not exceed Ar$90 million.
At the same time, on the National Scale, Moody's assigned A2.ar
local currency debt rating to the eighth and ninth expected
issuances. The outlook in the ratings is negative.
The following ratings were assigned to Grupo Supervielle S.A.:
Eighth issuance up to Ar$50 million:
B3 Global Local Currency Senior Debt Rating, negative outlook
A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook
Ninth issuance up to Ar$90 million:
B3 Global Local Currency Senior Debt Rating, negative outlook
A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook
Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from Grupo Supervielle's B3 global local currency
issuer rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
Grupo Supervielle S.A. is headquartered in Buenos Aires,
Argentina, and reported unconsolidated assets of Ar$1.161 million,
equity of Ar$896 million, and a net income of Ar$235 million, as
of September 2012.
PSA FINANCE: Moody's Assigns 'B1' Global Currency Sr. Debt Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 global local currency
senior debt rating to PSA Finance Argentina Compania Financiera's
eleventh bond issuance for an amount up to Ar$140 million, which
will be due in 21 months, as well as to the twelfth issuance for
an amount of Ar$40 million, which will be due in 9 months. Both
expected issuances together should not exceed Ar$140 million. At
the same time, on the National Scale, Moody's assigned Aa2.ar
local currency debt rating to both expected issuances. The outlook
on all ratings is stable.
The following ratings were assigned to PSA Finance Argentina
Compania Financiera S.A.:
Ar$140 million senior unsecured debt issuance:
B1 Global Local Currency Debt Rating
Aa2.ar Argentina National Scale Local Currency Debt Rating
Ar$40 million senior unsecured debt issuance:
B1 Global Local Currency Debt Rating
Aa2.ar Argentina National Scale Local Currency Debt Rating
Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from PSA Finance's B1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
PSA Finance Argentina Compania Financiera S.A. is headquartered in
Buenos Aires, Argentina, with assets of Ar$1.764 million, and
equity of Ar$197 million as of September 2012.
* ARGENTINA: Cleary Gottlieb Blasts Subpoena in $1.4BB Debt Suit
----------------------------------------------------------------
Daniel Wilson of BankruptcyLaw360 reports that Cleary Gottlieb
Steen & Hamilton LLP asked a New York federal judge to quash a
subpoena served on it by several private equity-backed bondholders
in a $1.4 billion Argentine debt default suit, saying allegations
of a scheme to avoid a judgment in the case were baseless.
According to the law firm's motion, the companies' attempts to
obtain documents from the firm over its supposed attempts to help
Argentina, its client, evade several court orders to repay $1.4
billion owed to the plaintiffs, the report notes.
==========================
C A Y M A N I S L A N D S
==========================
ALTAI CAPITAL: Shareholders Receive Wind-up Report
--------------------------------------------------
The shareholders of Altai Capital SF Master Fund, Ltd. received on
Dec. 17, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Toby Symonds
152 West 57th Street, 10th Floor
New York, NY 10019
U.S.A.
ALTAI CAPITAL SF OFFSHORE: Shareholders Receive Wind-up Report
--------------------------------------------------------------
The shareholders of Altai Capital SF Offshore Fund, Ltd. received
on Dec. 17, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Toby Symonds
152 West 57th Street, 10th Floor
New York, NY 10019
U.S.A.
APT SATELLITE: Shareholders Receive Wind-up Report
--------------------------------------------------
The shareholders of APT Satellite Enterprise Limited received on
Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Lo Kin Hang, Brian
c/o Maples and Calder, Attorneys-at-law
The Center, 53rd Floor, 99 Queen's Road Central
Hong Kong
APT SATELLITE LINK: Shareholders Receive Wind-up Report
-------------------------------------------------------
The shareholders of APT Satellite Link Limited received on
Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Lo Kin Hang, Brian
c/o Maples and Calder, Attorneys-at-law
The Center, 53rd Floor, 99 Queen's Road Central
Hong Kong
CRESCENT GUNHILL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Crescent Gunhill Offshore Investors Ltd.
received on Dec. 12, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Linburgh Martin
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034 Grand Cayman KYI-1102
Cayman Islands
DERRICK SOLUTIONS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Derrick Solutions Middle East Ltd. received on
Nov. 27, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
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
EXELION GLOBAL: Shareholder Receives Wind-up Report
---------------------------------------------------
The shareholder of Exelion Global Macro Non US Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
FOX-FUTURES: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Fox-Futures, Options & Exchange Investments
Ltd. received on Nov. 30, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
HIGHBRIDGE ASIA: Shareholder Receives Wind-up Report
----------------------------------------------------
The shareholder of Highbridge Asia Opportunities Institutional
Fund, Ltd. received on Dec. 7, 2012, the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
ISLAND DRIVE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Island Drive Offshore, Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
LA CAMPANA: Members Receive Wind-Up Report
------------------------------------------
The members of La Campana Limited received on Nov. 22, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
NEW CHINA: Members Receive Wind-Up Report
-----------------------------------------
The members of New China Land Group Limited received on Dec. 6,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Emil Nguy
3311-3313 Two IFC, 8 Finance Street
Central
Hong Kong
NEWQUANT OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Newquant Offshore Ltd I received on Dec. 10,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Lisa Clarke
c/o Jane Fleming or Lisa Clarke
Telephone: (345) 945-2187/ (345) 945-2197
PO Box 30464 Grand Cayman KY1-1202
Cayman Islands
NEWQUANT OFFSHORE II: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Newquant Offshore Ltd II received on Dec. 10,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Lisa Clarke
c/o Jane Fleming or Lisa Clarke
Telephone: (345) 945-2187/ (345) 945-2197
PO Box 30464 Grand Cayman KY1-1202
Cayman Islands
OLYMPIA SUCDEN: Shareholders Receive Wind-up Report
---------------------------------------------------
The shareholders of Olympia Sucden Commodities Fund Ltd. received
on Dec. 12, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Newington Ltd.
c/o J. Andrew Murray
Telephone: 345 949 9710
P.O. Box 2075, 31 The Strand
Grand Cayman KY1-1105
Cayman Islands
PERCY LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Percy Limited received on Nov. 27, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town
Grand Cayman
Cayman Islands KY1-1102
PIAF INVEST: Shareholders Receive Wind-up Report
------------------------------------------------
The shareholders of Piaf Invest Ltd. received on Nov. 28, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715 Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
STORES INTERNATIONAL: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Stores International Limited received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Jeremy Simon Spratt
c/o Jacqueline Edwards
Telephone: +44 (0) 20 7311 8563
Facsimile: +44 (0) 20 7694 3533
KPMG LLP
8 Salisbury Square
London
SWEET VALLEY: Members Receive Wind-Up Report
--------------------------------------------
The members of Sweet Valley Investments Limited received on
Nov. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
VIVI LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Vivi Limited received on Nov. 27, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town
Grand Cayman
Cayman Islands KY1-1102
===============
C O L O M B I A
===============
* DOMINICAN REP: Strikes Deal on US$1BB Debt With Power Companies
-----------------------------------------------------------------
R. Jimenez Bichara at Dominican Today reports that the Dominican
Republic State-owned Electric utility (CDEEE) Chief Executive
Officer Ruben Jimenez Bichara said that the government had reached
said an agreement with the power companies to be disclosed this
month.
Mr. Bichara spoke after a meeting with President Danilo Medina,
but declined to provide details on the pact, according to
Dominican Today.
The report notes that the government owes the power companies more
than US$1.0 billion.
Mr. Jimenez noted that since he took office, Mr. Medina negotiates
with the power companies to solve the energy crisis and pay the
Government's debt, the report discloses.
===========
M E X I C O
===========
SARE HOLDING: Moody's Confirms 'Caa1' Rating; Outlook Negative
--------------------------------------------------------------
Moody's de Mexico confirmed the national scale senior unsecured
debt rating of Sare Holding, S.A.B. de C.V. at Caa1.mx (global
scale, local currency at Caa1) and the national scale issuer
rating at Caa1.mx (global scale, local currency at Caa1). The
rating outlook is negative. This action concludes Moody's review
for downgrade initiated in October 2012.
Ratings Rationale
On October 9, 2012, Moody's had downgraded and placed Sare's
ratings under review for downgrade. In its ratings review Moody's
focused on Sare's future cash flow generation and its ability to
make timely interest and principal payments on its upcoming debt.
Sare had a scheduled interest payment on its SARE 08 and SARE 08-2
bonds due on December 31, 2012. The company successfully made the
interest payment on time. Nevertheless challenges persist, with
limited liquidity and stressed cash flows which likely implies
difficulty in being able to quickly develop and sell homes.
The negative outlook reflects the stress on Sare's cash flows and
its limited liquidity, and the uncertainty as to how quickly the
company can start developing and selling homes. Furthermore, the
negative rating outlook reflects Moody's expectation that the
company will continue to experience deterioration in its operating
profits and credit metrics. Its liquidity and development
capabilities remain strained as they continue to be tied to the
land sale program.
Moody's Caa1 global local currency and Caa1.mx national scale
ratings reflect Sare's solid position in Mexico City, one of the
most densely populated and highest barrier to entry markets in
Mexico, as well as its solid management team. These positive
factors are offset by the company's weak operating metrics (as
measured by EBITDA/Revenues and Gross Operating Margin), in
comparison to its peers.
Moody's stated that a return to a stable outlook would require
continued progress in the company's land sale program, coupled
with further deleveraging and the re-start of its low-income
housing development projects. On the other hand, any further
deterioration in Sare's current liquidity and credit metrics
coupled with any further debt restructuring or debt covenant
compliance issues will lead to a multiple notch downgrade.
The following ratings were confirmed with a negative outlook:
Sare Holding, S.A.B. de C.V. -- national scale senior unsecured
debt rating at Caa1.mx (global scale, local currency at Caa1);
national scale issuer rating at Caa1.mx (global scale, local
currency at Caa1)
Moody's last action with respect to Sare took place on October 9,
2012, when Moody's downgraded the national scale senior unsecured
debt rating of Sare to Caa1.mx, from B3.mx (global scale, local
currency to Caa1, from B3) and the national scale issuer rating to
Caa1.mx, from B3.mx (global scale, local currency to Caa1, from
B3). Moody's also placed the ratings under review for downgrade..
Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a
fully integrated, diversified homebuilder engaged in the
development, construction, marketing, consulting, and sales of
affordable, middle- and upper-income housing developments in
Mexico. Sare was founded in 1967 and first developed single-family
homes and office buildings in 1977. Sare has an important presence
in Mexico City and nine different states in the country: State of
Mexico, Jalisco, Puebla, Michoacan, Guanajuato, Queretaro,
Quintana Roo, Guerrero and Morelos. Sare Holding, S.A.B. de C.V.
is one of the top eight home developers in Mexico. As of Sept. 30,
2012 Sare reported approximately $5.9 billion Mexican pesos in
assets and $2.7 billion Mexican pesos in total shareholders'
equity.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
-----------
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
CENTRAL COSTAN-B CRCBF US 410955501 -20459083
ENDESA COSTAN-A CECO1 AR 410955501 -20459083
ENDESA COSTAN- CECO2 AR 410955501 -20459083
CENTRAL COST-BLK CECOB AR 410955501 -20459083
ENDESA COSTAN- CECOD AR 410955501 -20459083
ENDESA COSTAN- CECOC AR 410955501 -20459083
ENDESA COSTAN- EDCFF US 410955501 -20459083
CENTRAL COSTAN-C CECO3 AR 410955501 -20459083
CENTRAL COST-ADR CCSA LI 410955501 -20459083
ENDESA COST-ADR CRCNY US 410955501 -20459083
CENTRAL COSTAN-B CNRBF US 410955501 -20459083
SNIAFA SA SNIA AR 11229696.22 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
BRAZIL
------
FABRICA TECID-RT FTRX1 BZ 71426302.46 -70883547.3
TEKA-ADR TEKAY US 341291511.1 -388484677
BOMBRIL BMBBF US 344846084.5 -16082109.1
TEKA TKTQF US 341291511.1 -388484677
TEKA-PREF TKTPF US 341291511.1 -388484677
BATTISTELLA-RIGH BTTL1 BZ 246036232.2 -51251360.7
BATTISTELLA-RI P BTTL2 BZ 246036232.2 -51251360.7
BATTISTELLA-RECE BTTL9 BZ 246036232.2 -51251360.7
BATTISTELLA-RECP BTTL10 BZ 246036232.2 -51251360.7
AGRENCO LTD-BDR AGEN11 BZ 640440282.3 -323456366
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 246810936.7 -224879124
PET MANG-RIGHTS 3678569Q BZ 246810936.7 -224879124
PET MANG-RECEIPT 0229292Q BZ 246810936.7 -224879124
PET MANG-RECEIPT 0229296Q BZ 246810936.7 -224879124
BOMBRIL HOLDING FPXE3 BZ 19416015.78 -489914902
BOMBRIL FPXE4 BZ 19416015.78 -489914902
SANESALTO SNST3 BZ 31802628.1 -2924062.87
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 344846084.5 -16082109.1
BOMBRIL-RIGHTS BOBR1 BZ 344846084.5 -16082109.1
AGRENCO LTD AGRE LX 640440282.3 -323456366
CELGPAR GPAR3 BZ 2657428496 -817505840
RECRUSUL - RT 4529781Q BZ 41094940.32 -21379158.8
RECRUSUL - RT 4529785Q BZ 41094940.32 -21379158.8
RECRUSUL - RCT 4529789Q BZ 41094940.32 -21379158.8
RECRUSUL - RCT 4529793Q BZ 41094940.32 -21379158.8
RECRUSUL-BON RT RCSL11 BZ 41094940.32 -21379158.8
RECRUSUL-BON RT RCSL12 BZ 41094940.32 -21379158.8
BALADARE BLDR3 BZ 159454015.9 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 118475706.5 -73851057.6
TEXTEIS RENAU-RT TXRX2 BZ 118475706.5 -73851057.6
TEXTEIS RENA-RCT TXRX9 BZ 118475706.5 -73851057.6
TEXTEIS RENA-RCT TXRX10 BZ 118475706.5 -73851057.6
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72
CONST BETER SA COBE3 BZ 31374373.74 -1555470.16
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
ALL ORE MINERACA AORE3 BZ 21657457.41 -7184940.82
B&D FOOD CORP BDFC US 14423532 -3506007
PET MANG-RT 4115360Q BZ 246810936.7 -224879124
PET MANG-RT 4115364Q BZ 246810936.7 -224879124
BI CIA SECURITIZ BICS BZ 99573939.68 -140405.614
STEEL - RT STLB1 BZ 21657457.41 -7184940.82
STEEL - RCT ORD STLB9 BZ 21657457.41 -7184940.82
MINUPAR-RT 9314542Q BZ 153054387.9 -2037402.69
MINUPAR-RCT 9314634Q BZ 153054387.9 -2037402.69
CONST LINDEN RT CALI1 BZ 12894010.61 -2805191.16
CONST LINDEN RT CALI2 BZ 12894010.61 -2805191.16
PET MANG-RT 0229249Q BZ 246810936.7 -224879124
PET MANG-RT 0229268Q BZ 246810936.7 -224879124
RECRUSUL - RT 0163579D BZ 41094940.32 -21379158.8
RECRUSUL - RT 0163580D BZ 41094940.32 -21379158.8
RECRUSUL - RCT 0163582D BZ 41094940.32 -21379158.8
RECRUSUL - RCT 0163583D BZ 41094940.32 -21379158.8
PORTX OPERA-GDR PXTPY US 976769402.8 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769402.8 -9407990.35
ALL ORE MINERACA STLB3 BZ 21657457.41 -7184940.82
MINUPAR-RT 0599562D BZ 153054387.9 -2037402.69
MINUPAR-RCT 0599564D BZ 153054387.9 -2037402.69
CONST LINDEN RCT CALI9 BZ 12894010.61 -2805191.16
CONST LINDEN RCT CALI10 BZ 12894010.61 -2805191.16
CONST BETER-PFA COBE5B BZ 31374373.74 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.74 -1555470.16
PET MANG-RT RPMG2 BZ 246810936.7 -224879124
PET MANG-RT RPMG1 BZ 246810936.7 -224879124
PET MANG-RECEIPT RPMG9 BZ 246810936.7 -224879124
PET MANG-RECEIPT RPMG10 BZ 246810936.7 -224879124
RECRUSUL - RT 0614673D BZ 41094940.32 -21379158.8
RECRUSUL - RT 0614674D BZ 41094940.32 -21379158.8
RECRUSUL - RCT 0614675D BZ 41094940.32 -21379158.8
RECRUSUL - RCT 0614676D BZ 41094940.32 -21379158.8
TEKA-RTS TEKA1 BZ 341291511.1 -388484677
TEKA-RTS TEKA2 BZ 341291511.1 -388484677
TEKA-RCT TEKA9 BZ 341291511.1 -388484677
TEKA-RCT TEKA10 BZ 341291511.1 -388484677
MINUPAR-RTS MNPR1 BZ 153054387.9 -2037402.69
MINUPAR-RCT MNPR9 BZ 153054387.9 -2037402.69
RECRUSUL SA-RTS RCSL1 BZ 41094940.32 -21379158.8
RECRUSUL SA-RTS RCSL2 BZ 41094940.32 -21379158.8
RECRUSUL SA-RCT RCSL9 BZ 41094940.32 -21379158.8
RECRUSUL - RCT RCSL10 BZ 41094940.32 -21379158.8
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
BOMBRIL BOBR3 BZ 344846084.5 -16082109.1
BOMBRIL CIRIO SA BOBRON BZ 344846084.5 -16082109.1
BOMBRIL-PREF BOBR4 BZ 344846084.5 -16082109.1
BOMBRIL CIRIO-PF BOBRPN BZ 344846084.5 -16082109.1
BOMBRIL SA-ADR BMBPY US 344846084.5 -16082109.1
BOMBRIL SA-ADR BMBBY US 344846084.5 -16082109.1
BUETTNER BUET3 BZ 106502171.9 -24836079.6
BUETTNER SA BUETON BZ 106502171.9 -24836079.6
BUETTNER-PREF BUET4 BZ 106502171.9 -24836079.6
BUETTNER SA-PRF BUETPN BZ 106502171.9 -24836079.6
BUETTNER SA-RTS BUET1 BZ 106502171.9 -24836079.6
BUETTNER SA-RT P BUET2 BZ 106502171.9 -24836079.6
CAF BRASILIA CAFE3 BZ 160938139.9 -149281089
CAFE BRASILIA SA CSBRON BZ 160938139.9 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938139.9 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938139.9 -149281089
CHIARELLI SA CCHI3 BZ 11165368.88 -88048393.7
CHIARELLI SA CCHON BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHI4 BZ 11165368.88 -88048393.7
CHIARELLI SA-PRF CCHPN BZ 11165368.88 -88048393.7
IGUACU CAFE IGUA3 BZ 290414420.7 -57976224.4
IGUACU CAFE IGCSON BZ 290414420.7 -57976224.4
IGUACU CAFE IGUCF US 290414420.7 -57976224.4
IGUACU CAFE-PR A IGUA5 BZ 290414420.7 -57976224.4
IGUACU CAFE-PR A IGCSAN BZ 290414420.7 -57976224.4
IGUACU CAFE-PR A IGUAF US 290414420.7 -57976224.4
IGUACU CAFE-PR B IGUA6 BZ 290414420.7 -57976224.4
IGUACU CAFE-PR B IGCSBN BZ 290414420.7 -57976224.4
COBRASMA CBMA3 BZ 85057466.09 -2098881762
COBRASMA SA COBRON BZ 85057466.09 -2098881762
COBRASMA-PREF CBMA4 BZ 85057466.09 -2098881762
COBRASMA SA-PREF COBRPN BZ 85057466.09 -2098881762
CONST A LINDEN CALI3 BZ 12894010.61 -2805191.16
CONST A LINDEN LINDON BZ 12894010.61 -2805191.16
CONST A LIND-PRF CALI4 BZ 12894010.61 -2805191.16
CONST A LIND-PRF LINDPN BZ 12894010.61 -2805191.16
CONST BETER SA 1007Q BZ 31374373.74 -1555470.16
CONST BETER SA COBEON BZ 31374373.74 -1555470.16
CONST BETER SA COBE3B BZ 31374373.74 -1555470.16
CONST BETER-PR A 1008Q BZ 31374373.74 -1555470.16
CONST BETER-PR A COBEAN BZ 31374373.74 -1555470.16
CONST BETER-PF A COBE5 BZ 31374373.74 -1555470.16
CONST BETER-PR B 1009Q BZ 31374373.74 -1555470.16
CONST BETER-PR B COBEBN BZ 31374373.74 -1555470.16
CONST BETER-PF B COBE6 BZ 31374373.74 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374373.74 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374373.74 -1555470.16
CONST BETER SA 1COBON BZ 31374373.74 -1555470.16
D H B DHBI3 BZ 138254321.9 -115344519
DHB IND E COM DHBON BZ 138254321.9 -115344519
D H B-PREF DHBI4 BZ 138254321.9 -115344519
DHB IND E COM-PR DHBPN BZ 138254321.9 -115344519
DOCA INVESTIMENT DOCA3 BZ 272567786.7 -202595760
DOCAS SA DOCAON BZ 272567786.7 -202595760
DOCA INVESTI-PFD DOCA4 BZ 272567786.7 -202595760
DOCAS SA-PREF DOCAPN BZ 272567786.7 -202595760
DOCAS SA-RTS PRF DOCA2 BZ 272567786.7 -202595760
FABRICA RENAUX FTRX3 BZ 71426302.46 -70883547.3
FABRICA RENAUX FRNXON BZ 71426302.46 -70883547.3
FABRICA RENAUX-P FTRX4 BZ 71426302.46 -70883547.3
FABRICA RENAUX-P FRNXPN BZ 71426302.46 -70883547.3
HAGA HAGA3 BZ 20081896.26 -49045924.8
FERRAGENS HAGA HAGAON BZ 20081896.26 -49045924.8
FER HAGA-PREF HAGA4 BZ 20081896.26 -49045924.8
FERRAGENS HAGA-P HAGAPN BZ 20081896.26 -49045924.8
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
IGB ELETRONICA IGBR3 BZ 412300918.9 -112050649
GRADIENTE ELETR IGBON BZ 412300918.9 -112050649
GRADIENTE-PREF A IGBR5 BZ 412300918.9 -112050649
GRADIENTE EL-PRA IGBAN BZ 412300918.9 -112050649
GRADIENTE-PREF B IGBR6 BZ 412300918.9 -112050649
GRADIENTE EL-PRB IGBBN BZ 412300918.9 -112050649
GRADIENTE-PREF C IGBR7 BZ 412300918.9 -112050649
GRADIENTE EL-PRC IGBCN BZ 412300918.9 -112050649
HOTEIS OTHON SA HOOT3 BZ 260899978.4 -73596837.4
HOTEIS OTHON SA HOTHON BZ 260899978.4 -73596837.4
HOTEIS OTHON-PRF HOOT4 BZ 260899978.4 -73596837.4
HOTEIS OTHON-PRF HOTHPN BZ 260899978.4 -73596837.4
RENAUXVIEW SA TXRX3 BZ 118475706.5 -73851057.6
TEXTEIS RENAUX RENXON BZ 118475706.5 -73851057.6
RENAUXVIEW SA-PF TXRX4 BZ 118475706.5 -73851057.6
TEXTEIS RENAUX RENXPN BZ 118475706.5 -73851057.6
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
ESTRELA SA ESTR3 BZ 83538938.27 -102223933
ESTRELA SA ESTRON BZ 83538938.27 -102223933
ESTRELA SA-PREF ESTR4 BZ 83538938.27 -102223933
ESTRELA SA-PREF ESTRPN BZ 83538938.27 -102223933
WETZEL SA MWET3 BZ 93591243.36 -7959637.41
WETZEL SA MWELON BZ 93591243.36 -7959637.41
WETZEL SA-PREF MWET4 BZ 93591243.36 -7959637.41
WETZEL SA-PREF MWELPN BZ 93591243.36 -7959637.41
MINUPAR MNPR3 BZ 153054387.9 -2037402.69
MINUPAR SA MNPRON BZ 153054387.9 -2037402.69
MINUPAR-PREF MNPR4 BZ 153054387.9 -2037402.69
MINUPAR SA-PREF MNPRPN BZ 153054387.9 -2037402.69
NORDON MET NORD3 BZ 12234778.35 -30283728.6
NORDON METAL NORDON BZ 12234778.35 -30283728.6
NORDON MET-RTS NORD1 BZ 12234778.35 -30283728.6
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
RECRUSUL RCSL3 BZ 41094940.32 -21379158.8
RECRUSUL SA RESLON BZ 41094940.32 -21379158.8
RECRUSUL-PREF RCSL4 BZ 41094940.32 -21379158.8
RECRUSUL SA-PREF RESLPN BZ 41094940.32 -21379158.8
PETRO MANGUINHOS RPMG3 BZ 246810936.7 -224879124
PETRO MANGUINHOS MANGON BZ 246810936.7 -224879124
PET MANGUINH-PRF RPMG4 BZ 246810936.7 -224879124
PETRO MANGUIN-PF MANGPN BZ 246810936.7 -224879124
RIMET REEM3 BZ 103098360.9 -185417655
RIMET REEMON BZ 103098360.9 -185417655
RIMET-PREF REEM4 BZ 103098360.9 -185417655
RIMET-PREF REEMPN BZ 103098360.9 -185417655
SANSUY SNSY3 BZ 183826187.4 -133218258
SANSUY SA SNSYON BZ 183826187.4 -133218258
SANSUY-PREF A SNSY5 BZ 183826187.4 -133218258
SANSUY SA-PREF A SNSYAN BZ 183826187.4 -133218258
SANSUY-PREF B SNSY6 BZ 183826187.4 -133218258
SANSUY SA-PREF B SNSYBN BZ 183826187.4 -133218258
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
STAROUP SA STARON BZ 27663604.95 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
TEKA TEKA3 BZ 341291511.1 -388484677
TEKA TEKAON BZ 341291511.1 -388484677
TEKA-PREF TEKA4 BZ 341291511.1 -388484677
TEKA-PREF TEKAPN BZ 341291511.1 -388484677
TEKA-ADR TKTPY US 341291511.1 -388484677
TEKA-ADR TKTQY US 341291511.1 -388484677
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
BATTISTELLA BTTL3 BZ 246036232.2 -51251360.7
BATTISTELLA-PREF BTTL4 BZ 246036232.2 -51251360.7
SAUIPE SA PSEGON BZ 18005034.37 -5223527.47
SAUIPE PSEG3 BZ 18005034.37 -5223527.47
SAUIPE SA-PREF PSEGPN BZ 18005034.37 -5223527.47
SAUIPE-PREF PSEG4 BZ 18005034.37 -5223527.47
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.56 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.56 -495721700
COLOMBIA
---------
LA POLAR SA NUEVAPOL CI 623197996 -605184456
PUYEHUE RIGHT PUYEHUOS CI 24251713.88 -3390038.99
LA POLAR-RT LAPOLARO CI 623197996 -605184456
LA POLAR-RT LAPOLAOS CI 623197996 -605184456
LA POLAR SA LAPOLAR CI 623197996 -605184456
PUYEHUE PUYEH CI 24251713.88 -3390038.99
***********
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., Washington, D.C.,
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 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *