TCRLA_Public/130117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

             Thursday, January 17, 2013, Vol. 14, No. 12


                            Headlines



B E R M U D A

D.J.M. (INTERNATIONAL): Member Receives Wind-Up Report
EUREKA INSURANCE: Members' Final Meeting Set for Jan. 18
GENAVCO ENTERPRISES: Members' Final Meeting Set for Jan. 22
OAK HOLDCO: Members' Final Meeting Set for Jan. 22
RUBIS LATIN: Sole Member Receives Wind-Up Report

SBK MARINE: Members' Final Meeting Set for Jan. 16
TULLETT PREBON: Member to Receive Wind-Up Report on Jan. 17
TULLETT PREBON DATA: Member to Receive Wind-Up Report on Jan. 17
WERDENER (DUSSELDORF): Members' Final Meeting Set for Jan. 22


B R A Z I L

MINERVA LUXEMBOURG: Fitch Rates USD500-Mil. Unsecured Notes 'B+'


C A Y M A N  I S L A N D S

ACACIA ASIA: Commences Liquidation Proceedings
DAVIDSON KEMPNER: Commences Liquidation Proceedings
HAV2 (VIII): Commences Liquidation Proceedings
HCP CHONGQING: Commences Liquidation Proceedings
HCP HONG KONG: Commences Liquidation Proceedings

IVY PARTNERS: Commences Liquidation Proceedings
IVY SENTINEL 2/09: Commences Liquidation Proceedings
IVY SENTINEL 3/09: Commences Liquidation Proceedings
IVY SENTINEL 12/08: Commences Liquidation Proceedings
LANAI HOLDING: Commences Liquidation Proceedings

MUMBAI HOLDINGS: Commences Liquidation Proceedings
MYSTIC RE II: Placed Under Voluntary Wind-Up
PALO ALTO: Commences Liquidation Proceedings
SORIN MASTER: Placed Under Voluntary Wind-Up
SORIN OFFSHORE: Placed Under Voluntary Wind-Up

SORIN PLAN: Placed Under Voluntary Wind-Up
TATECH FUNDING: Commences Liquidation Proceedings
TEMPUS ASIAN: Placed Under Voluntary Wind-Up
WITTENHAM INVESTMENT: Placed Under Voluntary Wind-Up


J A M A I C A

* JAMAICA: ECLAC Predicts Job Cuts in 2013


M E X I C O

COMISION DE AGUA: Moody's Downgrades Issuer Rating to 'B2'
* ACAPULCO, MX: Moody's Lowers Issuer Ratings to 'Ba2'
* MEXICALI, MX: Moody's Lowers Issuer Ratings to 'B1'


P U E R T O   R I C O

ALCO CORP: Association Wants Unsecured Priority
ALCO CORP: Nevarez & Sanchez Okayed for Civil Case


V E N E Z U E L A

* VENEZUELA: Moody's Affirms 'B2' Bond Ratings; Outlook Negative


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Kamla Wants to Boost Tobago Flights


X X X X X X X X

Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B E R M U D A
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D.J.M. (INTERNATIONAL): Member Receives Wind-Up Report
------------------------------------------------------
The member of D.J.M. (International) Ltd. received on Jan. 14,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on Dec. 6, 2012.

The company's liquidator is:

         Simon J. Payne
         New Venture House
         3 Mills Creek, Pembroke
         Bermuda


EUREKA INSURANCE: Members' Final Meeting Set for Jan. 18
--------------------------------------------------------
The members of Eureka Insurance Ltd. will hold their final meeting
on Jan. 18, 2013, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 12, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


GENAVCO ENTERPRISES: Members' Final Meeting Set for Jan. 22
-----------------------------------------------------------
The members of Genavco Enterprises Limited will hold their final
meeting on Jan. 22, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 13, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


OAK HOLDCO: Members' Final Meeting Set for Jan. 22
--------------------------------------------------
The members of Oak Holdco Limited will hold their final meeting on
Jan. 22, 2013, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 13, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


RUBIS LATIN: Sole Member Receives Wind-Up Report
------------------------------------------------
The sole member of Rubis Latin America Shipping Ltd. received on
Jan. 15, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 5, 2012.

The company's liquidator is:

         David Rose
         2 Ferry Road
         St. George's
         GE01
         Bermuda


SBK MARINE: Members' Final Meeting Set for Jan. 16
--------------------------------------------------
The members of SBK Marine (Bermuda) Limited will hold their final
meeting on Jan. 16, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 13, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


TULLETT PREBON: Member to Receive Wind-Up Report on Jan. 17
-----------------------------------------------------------
The member of Tullett Prebon Technology Services Ltd. will receive
on Jan. 17, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 10, 2012.

The company's liquidator is:

         Christopher C. Morris
         c/o Century House
         16 Par-la-Ville Road
         Hamilton HM08
         Bermuda


TULLETT PREBON DATA: Member to Receive Wind-Up Report on Jan. 17
----------------------------------------------------------------
The member of Tullett Prebon Data Services Ltd. will receive on
Jan. 17, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 10, 2012.

The company's liquidator is:

         Christopher C. Morris
         c/o Century House
         16 Par-la-Ville Road
         Hamilton HM08
         Bermuda


WERDENER (DUSSELDORF): Members' Final Meeting Set for Jan. 22
-------------------------------------------------------------
The members of Werdener (Dusseldorf) Properties Limited will hold
their final meeting on Jan. 22, 2013, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 13, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda



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B R A Z I L
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MINERVA LUXEMBOURG: Fitch Rates USD500-Mil. Unsecured Notes 'B+'
----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B+/RR4' rating
to Minerva Luxembourg S.A.'s proposed USD500 million senior
unsecured notes due 2023. These notes will be unconditionally
guaranteed by Minerva S.A. Proceeds are expected to be used to
refinance in part or in whole the outstanding notes due 2017, 2019
and 2022, also issued by Minerva Luxemburg S.A.

Minerva's ratings are supported by the company's business position
as the second-largest Brazilian exporter of fresh beef and its
strong liquidity position. Risks include the company's high
product and production concentration in Brazil, which limit its
flexibility to respond to regional bans on exports. Similar to
other Brazilian protein processors, Minerva is exposed to the
unfavorable currency fluctuations and potential disease outbreaks.

For the LTM ending Sept. 30, 2012, Minerva's EBITDA increased by
36% to BRL446 million from BRL328 million during 2011. During the
same period, EBITDA margins increased to 10.5% from 8.2% in 2011.
These improvements fed through to the company's cash flows.
Minerva's cash flow from operations (CFFO) was BRL373 million, a
significant improvement from negative BRL10 million in 2011. Free
cash flow (FCF) was BRL244 million, reversing seven straight years
of negative FCF.

As of Sept. 30, 2012, Minerva had BRL2.6 billion of total debt and
BRL920 million of cash and marketable securities. These levels of
debt and cash compare with 2.1 billion of debt and BRL746 million
of cash as of Dec. 31, 2011. The increase in total debt is
primarily a result of the depreciation of the Brazilian real
versus the U.S. dollar during the year, as about 81% of the
company's debt as of Sept. 30, 2012 was denominated in USD. Per
Minerva's estimation, the total exposure to USD is slightly lower
at 74%, due to existing currency swaps. As of Sept. 30, 2012, the
company's net leverage was 3.8x. This level of leverage was higher
than Fitch's previous expectation of 3.0x for the end of 2012 - a
level consistent with the rating category during a positive moment
in the beef cycle. During December 2012, Minerva issued BRL470
million of equity, which lowered its pro forma net leverage to
2.7x.

Fitch expects Minerva's free cash flow generation to be negative
to neutral in 2013. The company's recently announced plans to
increase expansion capex and to pursue acquisitions in the
Brazilian state of Mato Grosso, Uruguay, Paraguay and Colombia.
While these investments should limit deleveraging, they should
improve the company's business profile. By 2015, the percentage of
Minerva's sales from processed food should increase to about 10%
of revenue from 5% during 2012, while its revenues from operations
outside of Brazil should increase to 20% - 25% from 12% in 2012.

Key Rating Drivers

The ratings are likely to remain stable unless cash flow
generation and leverage ratios trend different than Fitch's
expectations. A positive rating action could be triggered by
additional decreases in leverage to about 2.0x in mid cycle. This
level of debt reduction is unlikely to be achieved in the short-
to-medium term.

A negative rating action could occur if net leverage increases to
4.0x on a normalized basis. This could be as a result of either a
large debt financed acquisition or asset purchases, or as a result
of operational deterioration due to disruptions in exports.

Fitch currently rates Minerva and Minerva Luxembourg as follows:

Minerva:

-- Local currency Issuer Default Rating (IDR) 'B+';
-- Foreign currency IDR 'B+';
-- National scale rating 'BBB+(bra)';
-- BRL200 million outstanding debentures due 2015 'BBB+(bra)'.

Minerva Luxembourg:

-- Local currency IDR 'B+';
-- Foreign currency IDR 'B+';
-- Senior unsecured notes due in 2017, 2019 and 2022 'B+/RR4'.

The Rating Outlook for Minerva and Minerva Luxembourg is Stable.



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


ACACIA ASIA: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 17, 2012, the shareholder of Acacia Asia Panthera Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


DAVIDSON KEMPNER: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 30, 2012, the members of Davidson Kempner Event Driven
Equities International Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

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


HAV2 (VIII): Commences Liquidation Proceedings
----------------------------------------------
On Nov. 7, 2012, the shareholder of HAV2 (VIII) Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HCP CHONGQING: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 31, 2012, the shareholder of HCP Chongqing QBS CO Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HCP HONG KONG: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 31, 2012, the shareholder of HCP Hong Kong Fully Co Ltd 1
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


IVY PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 26, 2012, the members of Ivy Partners Fund I SPV 12/09,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


IVY SENTINEL 2/09: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 25, 2012, the members of Ivy Sentinel International Fund
SPV 2/09, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


IVY SENTINEL 3/09: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 25, 2012, the members of Ivy Sentinel International Fund
SPV 3/09, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


IVY SENTINEL 12/08: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 25, 2012, the members of Ivy Sentinel International Fund
SPV 12/08, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


LANAI HOLDING: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 6, 2012, the members of Lanai Holding Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MUMBAI HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 31, 2012, the shareholders of Mumbai Holdings Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MYSTIC RE II: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Sept. 17, 2012, the
members of Mystic RE II Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Kevin Poole
         Damien Austin
         P.O. Box 10233
         171 Elgin Avenue, George Town
         The Pavilion Building, Cricket Square
         Grand Cayman KY1 -1002
         Cayman Islands
         Telephone: 914-2249
         Facsimile: 949-6021


PALO ALTO: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 7, 2012, the shareholder of Palo Alto Energy Offshore Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 19, 2012, will be included in the company's dividend
distribution.

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


SORIN MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 31, 2012, the sole shareholder of Sorin Master Fund, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SORIN OFFSHORE: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 31, 2012, the sole shareholder of Sorin Offshore Fund,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 11, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SORIN PLAN: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 31, 2012, the sole shareholder of Sorin Plan Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TATECH FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 31, 2012, the shareholder of Tatech Funding Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TEMPUS ASIAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 31, 2012, the shareholders of Tempus Asian Strategies Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         John Schofield
         48 Luk Tei Tong Tsuen
         Mui Wo, Lantau Island
         NT, Hong Kong SAR
         Telephone: 852 2521 1726


WITTENHAM INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 5, 2012, the shareholder of Wittenham Investment
Management Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Paul Henry Smith
         Flat A-B, 3 Floor
         Wyndham Mansion, 32 Wyndham Street
         Hong Kong
         Telephone: 852 3655 0578
         Facsimile: 852 3655 0501



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* JAMAICA: ECLAC Predicts Job Cuts in 2013
------------------------------------------
Jamaica Gleaner reports that the United Nations' regional body,
ECLAC, and the Jamaica Employers' Federation (JEF) separately
warned of possible job cuts in 2013 arising from the expected
austerity measures linked to the pending International Monetary
Fund (IMF) deal.

A new country report by ECLAC, which references the IMF on
numerous occasions, indicates that Jamaica's economic activity
remains so sluggish that even with a deal, flat growth is
predicted in 2013, according to Jamaica Gleaner.

"Growth is projected at 0.1 per cent in 2013, assuming that an
agreement is signed with IMF.  This agreement will likely have a
strong emphasis on fiscal restraint and public-sector reform,
which could lead to job cuts," said the ECLAC country report
released within the context of a growing Latin America, Jamaica
Gleaner notes.

Jamaica Gleaner discloses that Jamaica's unemployment rate
improved from 14.1 per cent in January 2012 to 12.8 per cent July
2012.

"Economic conditions have been worsened by the lack of a new
agreement with the IMF, which would secure international funding
for the balance of payments, as well as other forms of support,"
said ECLAC, Jamaica Gleaner relays.

Jamaica Gleaner notes that JEF President Wayne Chen agreed with
ECLAC, arguing that the body made a "sound observation" based on
empiricism.

Jamaica Gleaner relays that ECLAC also raised concerns that
Jamaica, which is already heavily indebted, continues to fund
nearly half of its budget with new debt.

"It is a matter of concern that while just over 55 per cent of the
Budget is expected to be financed by tax revenue, the remaining 45
per cent is to be financed by a combination of debt raised on the
domestic financial market and overseas borrowing, when debt is
already at very high levels. . . . The Budget was presented on the
understanding that fiscal consolidation was necessary to encourage
growth, but such consolidation is unlikely," ECLAC said, Jamaica
Gleaner relates.

The financial damage caused by Hurricane Sandy in October 2012
represents an additional complication, the UN agency said, Jamaica
Gleaner says.  It commended Jamaica's stable inflation rate but
raised concerns about the slipping exchange rate, Jamaica Gleaner
adds.

ECLAC is one of the United Nations' five regional commissions,
created in 1948 to contribute to the economic development of Latin
America and strengthen economic ties among countries in the region
and with other nations of the world.  Later, the scope of its work
was broadened to include Caribbean nations.



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M E X I C O
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COMISION DE AGUA: Moody's Downgrades Issuer Rating to 'B2'
----------------------------------------------------------
Moody's de Mexico downgraded issuer rating of the Comision de Agua
Potable y Alcantarillado del Municipio de Acapulco (CAPAMA) to B2
(Global Scale, local currency) from Ba3. In addition, CAPAMA's
National Scale rating was downgraded to Ba2.mx from Baa1.mx
(Mexico National Scale). The ratings were placed under review for
a possible downgrade.

At the same time, Moody's affirmed the Baa3/Aa3.mx ratings of
CAPAMA's MXN148 million enhanced loan. The State of Guerrero
(Ba2/A2.mx, Stable) is a joint obligor of this loan.

Ratings Rationale

The rating action was prompted by the downgrade of the ratings of
the Municipality of Acapulco to B2/Ba2.mx from Ba2/A2.mx. The
ratings were placed under review for a possible downgrade. The
rating action reflects Moody's assessment that CAPAMA is
institutionally, operationally and financially linked to the
municipality of Acapulco. As such, in Moody's view CAPAMA's
creditworthiness is equivalent to that of Acapulco.

The Baa3/Aa3.mx ratings of CAPAMA's MXN148 million enhanced loan
from Banorte remain unchanged as these reflect the State of
Guerrero's payment obligation and the uplift provided by its
pledge of 1% of the state's participation transfers as well as the
cash reserves for debt service payment embedded in the structure.

What Could Change The Ratings UP/DOWN

While Moody's does not expect upward pressure on CAPAMA's issuer
ratings, a conclusion of the review of Acapulco's ratings with the
confirmation of its issuer ratings would conclude the review on
CAPAMA's review with the confirmation of its ratings. An
additional downgrade on Acapulco's ratings would trigger a
downgrade on CAPAMA's ratings, given the aforementioned structural
linkages.

An upgrade on the ratings of the State of Guerrero would likely
result in an upgrade on the ratings of the loan. Conversely, the
loan ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations or the ratings
of the State of Guerrero are downgraded.

The principal methodologies used in these ratings were
"Government-Related Issuers: Methodology Update" published in July
2010, "Mapping Moody's National Scale Ratings to Global Scale
Ratings" published in October 2012 and "Enhanced Municipal and
State Loans in Mexico" published in January 2011.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."


* ACAPULCO, MX: Moody's Lowers Issuer Ratings to 'Ba2'
------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Acapulco's issuer
ratings to Ba2.mx (Mexico National Scale) and to B2 (Global Scale,
local currency) from A2.mx and Ba2, respectively. Additionally,
the issuer ratings have been placed under review for possible
downgrade.

At the same time, Moody's downgraded the debt ratings of a MXN 360
million enhanced loan, contracted with Scotiabank to Baa1.mx
(Mexican National Scale) and Ba3 (Global Scale, local currency)
from Aa3.mx and Baa3, respectively.

Ratings Rationale

The downgrade to B2/Ba2.mx from Ba2/A2.mx reflects the default of
Acapulco on a factoring facility from BBVA Bancomer (cadena
productiva) along with a significant liquidity deterioration.
Moody's confirmed the default of a short term credit facility, or
cadena productiva, of roughly MXN 50 million from Bancomer
(approximately 2% of Acapulco's total revenues). Moody's
understands that negotiations with the lender are in progress. The
placement of the ratings under review for a possible downgrade
reflects the uncertainty regarding the outcome of these
negotiations. Moody's also recognizes that the municipality's dire
liquidity position could exert additional pressures in the short
term. Moody's expects to conclude the review in less than three
months.

The ratings downgrade to Ba3/Baa1.mx from Baa3/Aa3.mx of the MXN
360 million enhanced loan from Scotiabank reflects the downgrade
of Acapulco's issuer ratings. The loan enhancements continue to
provide a two notch uplift from the global scale issuer ratings.
The loan ratings are directly linked to the credit quality of the
issuer, ensuring that underlying contract enforcement risks,
economic risks and credit culture risks (for which the issuer
rating acts as a proxy) are embedded in the enhanced loans
ratings.

What Could Change The Ratings UP/DOWN

While it is unlikely that the ratings will be upgraded in the
medium term, the review could conclude with the affirmation of
Acapulco's assigned ratings if the municipality fully pays or
refinances its outstanding obligation without inflicting any loss
to the lenders; continues to fully honor its long-term
obligations; and addresses its financial deterioration.
Conversely, the ratings could be further downgraded if, throughout
the review, Moody's assessment of the expected loss to Acapulco's
creditors is higher than that suggested by the current ratings.

Given the links between the loan and the credit quality of the
obligor, a further downgrade of Acapulco's ratings would trigger a
downgrade on the loan ratings. Conversely, a confirmation of
Acapulco's issuer ratings would result in a confirmation of the
loan ratings. In addition, the ratings could face downward
pressure if debt service coverage levels fall materially below
Moody's expectations.

The principal methodologies used in this rating were The
Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008, Enhanced Municipal and
State Loans in Mexico published in January 2011, and Mapping
Moody's National Scale Ratings to Global Scale Ratings published
in October 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


* MEXICALI, MX: Moody's Lowers Issuer Ratings to 'B1'
-----------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Mexicali to Baa2.mx (Mexico National Scale) and to
B1 (Global Scale, local currency) from A3.mx and Ba3 respectively.
Additionally, the outlook for Mexicali's ratings was revised to
negative from stable.

At the same time, Moody's downgraded the debt ratings of the
municipality's MXN814 million (original face value) enhanced loan,
contracted with Banobras to A2.mx (Mexican National Scale) and Ba2
(Global Scale, local currency) from A1.mx and Ba1, respectively.

Ratings Rationale

The downgrade to B1/Baa2.mx from Ba3/A3.mx reflects the recording
of operating and financial imbalances and the deterioration of an
already tight liquidity position. Gross operating balances
decreased to -12.3% of operating revenues in 2011 from -1.4% in
2009. As a result of this deterioration, the municipality has also
recorded cash financing requirements that averaged 10.7% of total
revenues over the last three years.

Mexicali faces important operating expenditure pressures stemming
from higher general services and rigidities to cut personnel
services. As of September 2012, this trend has not been reverted,
and Moody's expects negative gross operating and consolidated
financial results for year-end 2012. While the municipality plans
to reform regulations related to its civil service to ease
structural rigidities, additional expenditure and income measures,
which are difficult to implement in an electoral year, are needed
in order to reverse the negative trend.

"As a result of the cash financing requirements recorded in the
last few years, liquidity measured by net working capital to total
expenditures stood at a very low -13.5% at the end of 2011.
Mexicali`s low cash balances have led to a substantial increase of
accounts payable and short-term debt," explained María del Carmen
Martínez-Richa, a Moody's Analyst.

Total direct and indirect debt was equivalent to 42% of operating
revenues in 2011, a level in line with B-rated Mexican
municipalities, with short-term debt equivalent to 17.8% of total
debt as of September 2012. Moody's estimates that debt levels will
increase to around 62% of operating revenues. Current liquidity
pressures increase the risks that Mexicali will have difficulty in
paying its outstanding short-term debt in May 2013.

The negative outlook reflects Mexicali's challenges to rebalance
operating and financial performance and to strengthen its very
tight liquidity. The negative outlook also considers Mexicali's
high exposure to short-term debt. Moody's will monitor Mexicali's
capacity to pay this upcoming obligation and avoid further short-
term debt increases.

The ratings downgrade of the MXN 814 million enhanced loan
reflects the downgrade of Mexicali's issuer ratings. While the
loan enhancements continue to provide a two-notch uplift from the
global scale issuer ratings, per Moody's methodology on rating
enhanced loans, the loan ratings are directly linked to the credit
quality of the issuer, which ensures that underlying contract
enforcement risks, economic risks and credit culture risks (for
which the issuer rating acts as a proxy) are embedded in the
enhanced loans ratings.

What Could Change The Ratings UP/DOWN

While currently Moody's does not anticipate upward pressure on the
ratings, if Mexicali increases its gross operating balances,
significantly reduces cash financing requirements and liquidity is
greatly improved, the outlook could be revised back to stable.

Under a scenario where Mexicali's capacity to pay its short-term
debt is weakened further, and the city fails to rebalance
operating and consolidated financial results while continuing to
show very poor liquidity, Moody's would likely downgrade the
municipality's issuer ratings.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Mexicali issuer ratings
would likely result in an upgrade of the ratings on the MXN 814
million enhanced loan. Conversely, a downgrade of Mexicali's
issuer ratings could also exert downward pressure on the debt
ratings of the loan. In addition, the ratings could face downward
pressure if debt service coverage levels fall materially below
Moody's expectations.

Credit ratings incorporate Moody's macroeconomic outlook and its
implications on key variables that may include but not be limited
to interest rates, inflation, economic growth, unemployment,
performance of counterparties, credit availability, sector level
changes in competitive conditions, supply/demand and margins, and
issuer specific changes in capital structure, competitive
positioning, governance, risk profile, and liquidity. Unexpected
changes in such variables may lead to changes in the credit rating
level, potentially by several notches. Further information on the
sensitivity of the rating to specific assumptions is included in
this disclosure.

The methodologies used in this rating were "Regional and Local
Governments Outside the US," published in May 2008, "The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, "Enhanced Municipal and
State Loans in Mexico" published in January 2011 and "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in October 2012.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuerswithin a
country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."



=====================
P U E R T O   R I C O
=====================


ALCO CORP: Association Wants Unsecured Priority
-----------------------------------------------
Association de Camioneros is asking the U.S. Bankruptcy Court for
the District of Puerto Rico to consider in the next hearing its
opposition to Alco Corporation's Chapter 11 Plan.  The Association
is composed of drivers to receive payment once the companies pay
the Association.  The Association also asks that the Court
determine the Debtor's debt as unsecured priority debt.  The
Association relates that the debt was paid with a check that has
no funds, which constitutes a felony in the Commonwealth of Puerto
Rico.

                         About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.

The Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.


ALCO CORP: Nevarez & Sanchez Okayed for Civil Case
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Alco Corporation to employ Jose A. Sanchez Alvarez and
the Law Firm of Nevarez & Sanchez Alvarez PSC as special counsel.

The special counsel is expected to continue its representation in
civil case filed with the Puerto Rico Court of First Instance, in
which the Bankruptcy Court allowed the modification of automatic
stay in order to continue the state court litigation until final
judgment and other matters that may specifically assign.

The hourly rates of the firm's personnel are:

         Mr. Alvarez                     $225
         Laura E. Alonzo-Monrouzeau      $150

To the best of the Debtor's knowledge, Mr. Alvarez and the firm do
not hold nor represent any interest adverse to the Debtor or the
estate in the matters upon which they are to be engaged.

                         About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.

The Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.



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


* VENEZUELA: Moody's Affirms 'B2' Bond Ratings; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service changed Venezuela's outlook to negative
from stable and affirmed the B1 local currency and B2 foreign
currency government bond ratings.

The negative outlook reflects increased political uncertainty and
associated risks to the Venezuelan economy and government finances
following President Chavez's failure to attend his inauguration
ceremony on January 10. Notwithstanding the government's decision
not to call new elections, as was arguably required by the
Constitution, a political transition appears to be imminent -- if
it is not underway already.

Ratings Rationale

Venezuela is heavily exposed to transition risk because of the
weakness of its institutions coupled with the concentration of
power in the person of President Chavez. While this risk is
already incorporated in the current ratings, the negative outlook
reflects the increased likelihood of a downward rating migration
should transition risks crystallize, resulting in a deterioration
of other credit fundamentals.

The current situation has revived the possibility that an
opposition candidate may take over the presidency and with it
begin to usher in economic reforms that could improve Venezuela's
credit picture in the medium term. However, regardless of who
succeeds Chavez, and which part of the political spectrum they
represent, this potential opportunity is outweighed in the shorter
term by risks associated with the political transition.

The transition comes at a particularly challenging time for the
Venezuelan economy, which experienced a marked deterioration in a
number of key macroeconomic indicators last year, particularly the
fiscal deficit. Increased spending in advance of last year's
presidential and regional elections has left the government highly
overextended. Moody's estimates that the 2012 fiscal deficit
equaled nearly 11% of GDP, up from 4% in 2011. While GDP grew by
5.5%, this was driven in large part by the increase in spending.
In addition, the currency is increasingly overvalued, as reflected
in the sharp rise in the black market exchange rate. With Chavez'
successor, whoever he may be, likely to face significant
challenges to his authority, Moody's believes it will be difficult
for him to make the economic policy adjustments necessary to
address these growing imbalances.

The negative outlook also considers the risk of civil unrest. The
longer the current impasse remains, the more likely this becomes.
The opposition will not stand idly by if they perceive the
Chavistas to be attempting to solidify their grasp on power
through extra-constitutional means.

Depending upon the pace at which events unfold going forward, the
rating and outlook could potentially be revisited well before the
expiration of the 12-18 month time horizon normally associated
with an outlook. The rating could face further downward pressure
if the next president fails to implement meaningful policy
adjustments to reduce macroeconomic imbalances and distortions, or
if civil unrest threatens the stability of the government. The
outlook could be stabilized if the new president demonstrates that
he has firmly established his authority and implements changes to
current policies sufficient to stabilize the economy.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



===============================
T R I N I D A D  &  T O B A G O
===============================


CARIBBEAN AIRLINES: Kamla Wants to Boost Tobago Flights
-------------------------------------------------------
Elizabeth Williams at Trinidad Express reports that a plan for the
revival of the tourism sector in Tobago has come not only from the
Tobago House of Assembly, but Prime Minister Kamla Persad-
Bissessar.

Ms. Persad-Bissessar said she has already spoken to State carrier
Caribbean Airlines towards improving the airbridge between
Trinidad and Tobago, according to Trinidad Express.

The report relates that Ms. Persad-Bissessar said while the
service of United Kingdom-based Virgin Atlantic to Tobago was lost
for this summer, there was a ray of hope on the horizon to
revitalize the ailing tourism sector in the sister island.

"I have already spoken with Caribbean Airlines and we will see how
we can pick up the slack, so the people of Tobago will not lose
from this mismanagement of Mr (Orville) London," the report quoted
Ms. Persad- Bissessar as saying.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.



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


Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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 * * *