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/raid1/www/Hosts/bankrupt/TCRLA_Public/130220.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, February 20, 2013, Vol. 14, No. 36 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Committee Seeks US$90MM of Transfers From Antigua A R G E N T I N A NEWSAN S.A.: Moody's Rates New Class V and IV Notes Issue 'B2' B O L I V I A * BOLIVIA: To Get US$47MM IDB Loan to Improve Urban Restructuring C A Y M A N I S L A N D S BAM OPPORTUNITY: Commences Liquidation Proceedings CG INTERNATIONAL: Placed Under Voluntary Wind-Up ENTERASPEN LIMITED: Placed Under Voluntary Wind-Up EPIC: Commences Liquidation Proceedings J-MEZZ INVESTMENTS: Placed Under Voluntary Wind-Up LOMBARD/APIC MANAGEMENT: Commences Liquidation Proceedings LONGHILL HOLDING: Commences Liquidation Proceedings OAK HILL: Commences Liquidation Proceedings OPTIMAL ASIA: Commences Liquidation Proceedings PRIDE INTERNATIONAL: Commences Liquidation Proceedings PYRENEES GENERAL: Commences Liquidation Proceedings PYRENEES INVESTMENT: Commences Liquidation Proceedings SALIX INVESTMENTS: Placed Under Voluntary Wind-Up SB FINANCE: Commences Liquidation Proceedings SSF III EBISU: Placed Under Voluntary Wind-Up SSF III INVESTMENT: Placed Under Voluntary Wind-Up SSF III YALE: Placed Under Voluntary Wind-Up TRF LIQUIDATING: Commences Liquidation Proceedings VICTORY MARINE: Commences Liquidation Proceedings WW INVESTMENTS: Commences Liquidation Proceedings P A R A G U A Y CRC DRILLING: Case Summary & 20 Largest Unsecured Creditors - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Committee Seeks US$90MM of Transfers From Antigua ----------------------------------------------------------------- Reuters reports that the Official Stanford Investors Committee and the court-appointed receiver of Robert Allen Stanford's financial empire have sued Antigua and Barbuda, the Eastern Caribbean Central Bank and 23 former Stanford Financial Group Co executives, accusing them of assisting in the financier's US$7 billion (GBP4.5 billion) Ponzi scheme. The committee is seeking at least US$90 million of transfers to Antigua, according to the complaint filed on February 15 in the U.S. Federal Court in Dallas, reports Reuters. The committee is also seeking punitive damages. It accuses Antigua and Barbuda of shielding Stanford's activities in exchange for loans that were not repaid and real estate, Reuters notes. The report, citing court documents, discloses that the suit accuses the twin-island nation of being a "'blood brother' to Stanford, and an integral component of Mr. Stanford's fraudulent enterprise." Reuters discloses that Mr. Stanford is appealing his March 2012 conviction and 110-year prison sentence over what prosecutors called a massive fraud centered on the sale of bogus certificates of deposit by his Antigua-based Stanford International Bank. "Stanford used Antigua as a regulatory haven from which to steal customer funds, and Antigua sustained its struggling economy with Stanford's ill-gotten largesse," the committee said in court documents, Reuters relays. The cases are The Official Stanford Investors Committee v. Antigua and Barbuda, 3:13-cv-0760; The Official Stanford Investors Committee v. Bank of Antigua, 3:13-cv-0762; Janvey v. Alvarado, 3:13-cv-0775. The suits were filed in the U.S. District Court, Northern District of Texas in Dallas. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. ================= A R G E N T I N A ================= NEWSAN S.A.: Moody's Rates New Class V and IV Notes Issue 'B2' -------------------------------------------------------------- Moody's Latin America has assigned a B2 global rating and an Aa3.ar Argentina National Scale Rating to Newsan S.A.'s proposed ARS 115 million Class IV and ARS 35 million Class V senior unsecured notes to be issued in the local capital market. At the same time, Moody's affirmed Newsan's B2 corporate family ratings, and assigned a Aa3.ar national scale rating. Finally, Moody's affirmed the B2/Aa3.ar Class II and Class III Senior Unsecured Local Notes and the B2/ Aa3.ar ratings for the ARS 200 million bank credit lines with Banco de la Nacion Argentina. The outlook is negative. The proceeds of the notes will be used to satisfy the company's capital expenditure program and working capital. The following ratings were affected: - Corporate Family Rating, B2 is affirmed - ARS 100 million Class II Senior Unsecured notes, B2 is affirmed. Aa3.ar National Scale Rating is affirmed. - ARS 88 million Class III Senior Unsecured notes, B2 is affirmed. Aa3.ar National Scale Rating is affirmed. - Senior Unsecured Bank Credit Facility, B2 is affirmed. Aa3.ar National Scale Rating is affirmed - Negative Outlook Assignments: - Corporate Family Rating Aa3.ar national scale rating - ARS up to 115 million Class IV Senior Unsecured notes, B2 / Aa3.ar - ARS up to 35 million Class V Senior Unsecured notes, B2 / Aa3.ar Ratings Rationale: The B2 and Aa3.ar ratings reflect Newsan's position as one of the leading consumer electronics manufacturers in Argentina, its diversified product portfolio with market leadership in the television and residential air conditioning segments and its flexible manufacturing base, with five plants located strategically to serve the Argentine consumer market. Additionally, the ratings reflect Newsan's strong revenue growth and Moody's expectations that the company's sales and funds from operations will continue to benefit from the 2010 tax amendment with fiscal benefits for the local electronic manufacturing industry, coupled with consumer financing plans offered by banks and retailers. The ratings also consider Newsan's low leverage for its rating category and its well-established relationships with parts suppliers, one of which is New San's minority shareholder, Sanyo Electric Co., Ltd, acquired by Panasonic (rated Baa3 / Negative). Newsan's key credit negatives include the particularly challenging competitive environment, with its exclusive focus on the Argentine consumer market, relatively small scale in relation to its global peers and high customer concentration. The company's tight liquidity profile, with most of its debt structured in the short term, is also a credit negative, although Moody's acknowledges that Newsan has developed good local banking relationships and expect that the company may have some flexibility with its capital expenditures and dividend payments. The negative rating outlook for Newsan is in line with Moody's negative outlook for the Argentine government's B3 rating. The negative outlook for Newsan reflects Moody's view that the creditworthiness of the company cannot be completely de-linked from the credit quality of the Argentine government and thus their ratings need to closely reflect the risk that Newsan shares with the sovereign. Moody's believes that a weaker sovereign has the potential to create a ratings drag on companies operating within its borders, and therefore it is appropriate to limit the extent to which these issuers can be rated higher than the sovereign, according to Moody's Rating Implementation Guidance "How Sovereign Credit Quality May Affect Other Ratings" published on February 13, 2012. While unlikely at this juncture, the rating could experience upward pressure if Argentina's B3 government bond rating were upgraded. In addition, an upgrade of the ratings could result from a continued strengthening of Newsan's revenues during 2013 while maintaining its operating margins and low leverage. In addition, upward pressure on the ratings could result if Newsan is able to reduce its short term debt exposure, thus improving its liquidity profile. The extension period of the current credit cards installment payment scheme could bring upward pressure on the ratings. Quantitatively, upward momentum could result if Newsan's total adjusted debt to EBITDA is sustained below 2.0 times (1.88 times as of the last twelve months ended September, 2012) and EBITDA margin above 15% (8.0% as of the last twelve months ended September, 2012). Additionally, a more predictable outlook for economic activity in Argentina would be important for ratings upgrade. Ratings could come under downward pressure if there is reduced availability of consumer loans in 2013 or if weaker than expected performance leads to a deterioration in operating margins. Quantitatively, a downgrade could result from a drop in Newsan's EBIT margin to below 5.0% on a three-year average basis or a significant increase in leverage, with total adjusted debt to EBITDA of above 4.0 times. Indications of a weakening market share in the domestic retail market and a further deterioration in Newsan's liquidity profile could also drive negative pressure. In addition, Moody's cautions that a rating downgrade of the sovereign would likely result in negative rating actions for these companies to maintain the issuers' current notching gap relative to the sovereign in the absence of any significant change in their underlying credit quality. The principal methodology used in this rating was the Asian Consumer Electronics Industry Methodology published in December 2010. Headquartered in Buenos Aires, Argentina, New San S.A. manufactures digital consumer electronics products, components and audio and home appliances. With total revenues of ARS 4.5 billion as of the last twelve months ended September 30, 2012 and a widely known brand name in the local retail market, New San is a family- owned company and minority owned by Sanyo Electric Co, Ltd. ============= B O L I V I A ============= * BOLIVIA: To Get US$47MM IDB Loan to Improve Urban Restructuring ----------------------------------------------------------------- The Inter-American Development Bank (IDB) approved a US$47 million loan for Bolivia, to help reduce traffic congestion in the La Ceja area, improving planning capacity, urban management, road infrastructure and decentralizing the services provided to citizens by the Municipal Self-Government of El Alto (GAMEA). As a result of its strategic location bordering the La Paz municipality, La Ceja has become the only location in El Alto where transportation hubs and the main commercial and service activities coincide, particularly those provided by the various levels of government. Living on the outskirts of the city forces most people to travel long distances to reach this commercial and service center, or travel to La Paz. The ensuing concentration of people and vehicles results in heavy congestion. The program proposes urban restructuring through two operations. The first operation will support strategic urban actions at different points in the city. The second operation will finance improvements in infrastructure and urban spaces -- as well as organizing commercial and vehicle activities. It will also help GAMEA strengthen its urban planning and management capacities and provide the city with a medium and long- term vision, and a management system that makes it possible to monitor the progress of infrastructure works undertaken by GAMEA. The IDB's lending consists of $37.6 million from the Ordinary Capital (OC) and US$9.4 million from the concessional Fund for Special Operations (FSO). The OC tranche is for a 30-year term, with a 6 year grace period, and carries a fix interest rate; the FSO component is for a 40-year term, with 40 years of grace, and 0.25 percent interest. ========================== C A Y M A N I S L A N D S ========================== BAM OPPORTUNITY: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 1, 2012, the sole shareholder of Bam Opportunity Offshore Fund SPV, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 17, 2013, 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 CG INTERNATIONAL: Placed Under Voluntary Wind-Up ------------------------------------------------ On Nov. 25, 2012, the shareholders of CG International Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Energy Sky Limited East Point Centre, 20th Floor 555 Hennessy Road Hong Kong Telephone: (582) 2833-8338 Facsimile: (345) 949-8613 ENTERASPEN LIMITED: Placed Under Voluntary Wind-Up -------------------------------------------------- On Nov. 29, 2012, the sole shareholder of Enteraspen Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 27, 2012, will be included in the company's dividend distribution. 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 Telephone: (345) 949-7128 EPIC: Commences Liquidation Proceedings --------------------------------------- On Nov. 29, 2012, the sole shareholder of Epic resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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 J-MEZZ INVESTMENTS: Placed Under Voluntary Wind-Up -------------------------------------------------- On Nov. 21, 2012, the sole shareholder of J-MEZZ Investments GP, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Madeleine Welham 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1750 Facsimile: (345) 949-9877 LOMBARD/APIC MANAGEMENT: Commences Liquidation Proceedings ---------------------------------------------------------- On Nov. 28, 2012, the sole shareholder of Lombard/Apic Management LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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 LONGHILL HOLDING: Commences Liquidation Proceedings --------------------------------------------------- On Nov. 28, 2012, the shareholders of Longhill Holding Company II, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 17, 2013, 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 OAK HILL: Commences Liquidation Proceedings ------------------------------------------- On Nov. 27, 2012, the sole shareholder of Oak Hill Securities Fund II (Offshore II), LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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 OPTIMAL ASIA: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 20, 2012, the sole shareholder of Optimal Asia Pacific Fund resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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; or HSBC International Trustee Limited Compass Point Bermudiana Road, Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 PRIDE INTERNATIONAL: Commences Liquidation Proceedings ------------------------------------------------------ On Nov. 27, 2012, the sole shareholder of Pride International Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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 PYRENEES GENERAL: Commences Liquidation Proceedings --------------------------------------------------- On Nov. 28, 2012, the sole shareholder of Pyrenees General Partner resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PYRENEES INVESTMENT: Commences Liquidation Proceedings ------------------------------------------------------ On Nov. 28, 2012, the sole shareholder of Pyrenees Investment Management resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SALIX INVESTMENTS: Placed Under Voluntary Wind-Up ------------------------------------------------- At an extraordinary general meeting held on Nov. 22, 2012, the shareholders of Salix Investments Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Raymond E. Whittaker FCM Ltd. Governor's Square Ground Floor, West Bay Road P.O. Box 1982 Grand Cayman KY-1104 Cayman Islands SB FINANCE: Commences Liquidation Proceedings --------------------------------------------- On Nov. 28, 2012, the sole shareholder of SB Finance CI-05-WF2 resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 17, 2013, will be included in the company's dividend distribution. The company's liquidator is: Jagjit Toor-Comins BNP Paribas Bank & Trust Cayman Limited PO Box 10632 Royal Bank House, 3rd Floor 24 Shedden Road, George Town Grand Cayman KY1-1006 Cayman Islands SSF III EBISU: Placed Under Voluntary Wind-Up --------------------------------------------- On Nov. 21, 2012, the sole shareholder of SSF III Ebisu Preferred Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Madeleine Welham 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815 1750 Facsimile: (345) 949-9877 SSF III INVESTMENT: Placed Under Voluntary Wind-Up -------------------------------------------------- On Nov. 21, 2012, the sole shareholder of SSF III Investment Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Madeleine Welham 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815 1750 Facsimile: (345) 949-9877 SSF III YALE: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 21, 2012, the sole shareholder of SSF III Yale Holding Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Madeleine Welham 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815 1750 Facsimile: (345) 949-9877 TRF LIQUIDATING: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 28, 2012, the sole shareholder of TRF Liquidating SPV resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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 VICTORY MARINE: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 27, 2012, the sole shareholder of Victory Marine, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, 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 WW INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 27, 2012, the sole member of WW Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 28, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robin Mcghee HSBC Guyerzeller Trust Company SA P.O. Box 2019 1211 Geneva 1 Switzerland c/o Philip C Pedro =============== P A R A G U A Y =============== CRC DRILLING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: CRC Drilling & Blasting, Inc. P.O. Box 800-996 Coto Laurel Ponce, PR 00780 Bankruptcy Case No.: 13-01120 Chapter 11 Petition Date: February 15, 2013 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Patricia I. Varela, Esq. CHARLES A CUPRILL PSC 356 Fortaleza Street Second Floor San Juan, PR 00901 Tel: (787) 977-0515 Fax: (787) 977-0518 E-mail: pvarela@cuprill.com Scheduled Assets: US$1,363,544 Scheduled Liabilities: US$3,913,106 A copy of the Company's list of its 20 largest unsecured creditors, filed together with the petition, is available for free at http://bankrupt.com/misc/prb13-01120.pdf The petition was signed by Carlos Rodriguez Castro, president. *********** 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, Julie Anne L. Toledo, 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 * * *