TCRLA_Public/130424.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, April 24, 2013, Vol. 14, No. 80


                            Headlines



B R A Z I L

* BRAZIL: Acre Gets US$72MM IDB Loan for Development Program


C A Y M A N  I S L A N D S

AOF II: Commences Liquidation Proceedings
AQUA TURKISH: Creditors' Proofs of Debt Due April 25
CAFFEBENE PHILIPPINES: Placed Under Voluntary Wind-Up
CAFFEBENE VIETNAM: Placed Under Voluntary Wind-Up
CAPITAL TACTICS: Commences Liquidation Proceedings

COPIA MARKET: Creditors' Proofs of Debt Due April 25
COPIA MARKET (CAYMAN): Creditors' Proofs of Debt Due April 25
GOLDENTREE CLO: Creditors' Proofs of Debt Due April 24
GOLDENTREE CLO MASTER: Creditors' Proofs of Debt Due April 24
GRAND CAYMAN ESTATES: Placed Under Voluntary Wind-Up

IPSWICH VI-A: Creditors' Proofs of Debt Due April 25
LINCOLN CORPORATION: Commences Liquidation Proceedings
LOTUS PEAK: Creditors' Proofs of Debt Due April 25
MIRABILIS MULTI STRATEGY: Placed Under Voluntary Wind-Up
MSGI HOLDINGS: Commences Liquidation Proceedings

RDL LIMITED: Commences Liquidation Proceedings
SANTA FEE: Creditors' Proofs of Debt Due April 25
TELEOS INTERNATIONAL: Placed Under Voluntary Wind-Up
TELEOS MASTER: Placed Under Voluntary Wind-Up
TESSERA CAYMAN: Creditors' Proofs of Debt Due April 25


M E X I C O

URBI DESARROLLOS: Fitch Cuts Issuer Default Rating to 'C'


P E R U

BANCO INTERNACIONAL: Fitch Lowers Support Rating Floor to 'BB+'


V E N E N Z U E L A

PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Rating & Revises Outlook





                            - - - - -


===========
B R A Z I L
===========


* BRAZIL: Acre Gets US$72MM IDB Loan for Development Program
------------------------------------------------------------
The Brazilian Amazon state of Acre will receive a $72 million loan
from the Inter-American Development Bank (IDB) to finance the
second phase of its sustainable development program, which seeks
to boost the contribution of the forestry and agroforestry sectors
to economic growth and poverty reduction, while keeping
deforestation under control.

The program, whose first phase also received IDB financing, will
support measures to generate business opportunities in the
protected areas that have been created to enable an
environmentally sustainable supply of forest products (timer, and
non-timber) and ecosystem services. Measures to be supported by
the project include land tenure regularization and development of
a forest concession system.

The project will also provide technical assistance, financial
support and basic infrastructure (rehabilitation of secondary
roads) to help rural producers gain access to viable forestry
value chains. Moreover, the project will support the development
of a $60 million private equity fund, the first in the country to
be supported by a state government. The fund will finance
commercial reforestation projects, paving the way for the creation
of partnerships among the public sector, smallholders, and
competitive value chains to leverage resources to fund land
recovery projects.

In order to ensure sustainability, the program will improve the
capacity building activities of the state government to improve
land titling and administration, environmental licensing,
monitoring and law enforcement, and management of the state
forests. The project will support the streamlining of legislation
and regulations, improvements in administrative processes, and
strengthening technical capacities and facilities as well as the
adoption of new technologies.

As many as 300.000 hectares of state forests are expected to be
auctioned in sealed tender biddings for sustainable forest
management. The bidding conditions will be tailored to support the
state industrial and environmental strategies. In addition, the
project will support 8,000 rural producers to join sustainable
agroforestry value chains by the end of the project. The project
is expected to boost the contribution of the forestry sector to
economic growth by 6 percent and income of rural households by 12
percent.

The IDB loan is for a 25-year term, with a 5.5-year grace period
and an interest rate based on LIBOR. Local counterpart funds total
$48 million. The program will be carried out by the state's
Secretariat for Planning and Coordination (SEPLAN).


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


AOF II: Commences Liquidation Proceedings
-----------------------------------------
On March 8, 2013, the shareholders of AOF II (Cayman Holdings)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mr Robin Lee Mcmahon
          c/o Aisling Clarke
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 814 8986
          E-mail aisling.clarke@ky.ey.com


AQUA TURKISH: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
The creditors of Aqua Turkish Equities Long/Short Fund are
required to file their proofs of debt by April 25, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 8, 2013.

The company's liquidator is:

          Jagjit K. Comins
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, Grand Cayman KY1-1006
          Royal Bank House, 3rd Floor
          24 Shedden Road, George Town
          Cayman Islands


CAFFEBENE PHILIPPINES: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On March 6, 2013, the sole shareholder of Caffebene Philippines
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jae-Hee Lim
          Trade Center ASEM Tower 704
          Samseong 1-dong
          Gangnam-gu, Seoul, Korea
          Telephone: +8 (223) 438 6858
          Facsimile: +8 (226) 001 1057


CAFFEBENE VIETNAM: Placed Under Voluntary Wind-Up
-------------------------------------------------
On March 6, 2013, the sole shareholder of Caffebene Vietnam Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jae-Hee Lim
          Trade Center ASEM Tower 704
          Samseong 1-dong
          Gangnam-gu, Seoul, Korea
          Telephone: +8 (223) 438 6858
          Facsimile: +8 (226) 001 1057


CAPITAL TACTICS: Commences Liquidation Proceedings
--------------------------------------------------
On March 14, 2013, the sole shareholder of Capital Tactics
Opportunity Offshore Fund, Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          William Chesley Davis Parr
          100 Crescent Court, Suite 575
          Dallas Texas 75201
          United States of America
          Telephone: +1 (214) 273 5209


COPIA MARKET: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
The creditors of Copia Market Neutral Fund Ltd. are required to
file their proofs of debt by April 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 10, 2013.

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


COPIA MARKET (CAYMAN): Creditors' Proofs of Debt Due April 25
-------------------------------------------------------------
The creditors of Copia Market Neutral Fund (Cayman) Ltd. are
required to file their proofs of debt by April 25, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 10, 2013.

The company's liquidator is:

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


GOLDENTREE CLO: Creditors' Proofs of Debt Due April 24
------------------------------------------------------
The creditors of Goldentree Clo Debt Recovery Offshore Fund Ltd.
are required to file their proofs of debt by April 24, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 6, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


GOLDENTREE CLO MASTER: Creditors' Proofs of Debt Due April 24
-------------------------------------------------------------
The creditors of Goldentree CLO Debt Recovery Master Fund Ltd. are
required to file their proofs of debt by April 24, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 6, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


GRAND CAYMAN ESTATES: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Feb. 11, 2013, the shareholders of Grand Cayman Estates Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 12, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Naul Bodden
          c/o Travers Thorp Alberga
          Harbour Place 2nd Floor
          103 South Church Street, George Town
          Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 345 946 9622


IPSWICH VI-A: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
The creditors of Ipswich VI-A Holdings Cayman Ltd are required to
file their proofs of debt by April 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


LINCOLN CORPORATION: Commences Liquidation Proceedings
------------------------------------------------------
On March 11, 2013, the sole shareholder of Lincoln Corporation
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Huynh Van Hon
          c/o 549/66, Xo Viet Nghe Tinh Street
          Ward 26, Bihn Thanh District
          Ho Chi Minh City
          Viet Nam
          Telephone: +8 (490).279.3223


LOTUS PEAK: Creditors' Proofs of Debt Due April 25
--------------------------------------------------
The creditors of The Lotus Peak Fund are required to file their
proofs of debt by April 25, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 12, 2013.

The company's liquidator is:

          Ronan Guilfoyle
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


MIRABILIS MULTI STRATEGY: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Feb. 18, 2013, the sole shareholder of Mirabilis Multi Strategy
SPC resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


MSGI HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On March 25, 2013, the shareholders of MSGI Holdings Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

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


RDL LIMITED: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on March 11, 2013, the
shareholders of RDL Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
April 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


SANTA FEE: Creditors' Proofs of Debt Due April 25
-------------------------------------------------
The creditors of Santa Fee Limited are required to file their
proofs of debt by April 25, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


TELEOS INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On March 6, 2013, the sole shareholder of Teleos International,
Ltd. resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Daniel Gressel
          88 Cedar Cliff Road, Riverside, CT 06878
          United States of America


TELEOS MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 6, 2013, the sole shareholder of Teleos Master Fund, Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Daniel Gressel
          88 Cedar Cliff Road, Riverside, CT 06878
          United States of America


TESSERA CAYMAN: Creditors' Proofs of Debt Due April 25
------------------------------------------------------
The creditors of Tessera Cayman are required to file their proofs
of debt by April 25, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 8, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


===========
M E X I C O
===========


URBI DESARROLLOS: Fitch Cuts Issuer Default Rating to 'C'
---------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Urbi
Desarrollos Urbanos, S.A.B. de C.V. (Urbi):

-- Foreign currency Issuer Default Rating (IDR) to 'C' from 'CCC';
-- Local currency IDR to 'C' from 'CCC';
-- National long-term rating to 'C(Mex)' from 'CCC(Mex)';
-- US$150 million senior notes due 2016 to 'C/RR4' from 'CCC/RR4';
-- US$300 million senior notes due 2020 to 'C/RR4' from 'CCC/RR4';
-- US$500 million senior notes due 2022 to 'C/RR4' from 'CCC/RR4';
-- MXN600 million in Certificados Bursatiles (CBs) due in 2014 to
   'C(mex)' from 'CCC(mex)';

Urbi's national short-term rating was affirmed at 'C(mex)'.

KEY RATING DRIVERS

The downgrades follow Urbi's announcement that it did not make the
interest payment due April 19, 2013 on its senior notes due 2016.
The notes contain a 30-day grace period. As a result of the
company's actions, a default or a distressed debt exchange (DDE)
is highly likely, which would likely impose a material reduction
of principal and/or interest vis-a-vis the original contractual
terms of the company's capital markets debt. The Recovery Rating
of 'RR4' reflects an anticipated recovery in the event of default
of between 30% and 50%.

RATING SENSITIVITY

Failure to pay in full the due amount at the end of the grace
period and/or the execution of a DDE will result in a downgrade to
Restricted Default (RD).


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P E R U
=======


BANCO INTERNACIONAL: Fitch Lowers Support Rating Floor to 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Interbank's Viability Rating (VR) to
'bbb' and its Issuer Default Ratings (IDRs) to 'BBB'. The Rating
Outlook was revised to Stable from Positive. In addition, Fitch
revised Interbank's support Rating Floor to 'BB+' from 'BB'.

Fitch upgraded Interbank's VR and IDR ratings because the bank
continued to show strong performance while maintaining excellent
asset quality metrics, strong loan loss reserve coverage and sound
capital levels, while stabilizing its funding profile. Higher
reserve requirements and the need for longer term funding led to
some increase in the bank's loan/deposit ratios, but this has
stabilized at adequate levels, especially in view of better tenor
matches between assets and liabilities.

In Fitch's view, given the strong economic backdrop, significant
growth potential and adequate credit policies and risk management
tools, the bank will maintain its structural strengths and
performance in the foreseeable future.

Interbank's support floor rating was upgraded because over time
the bank heightened its systemic importance (increasing its market
share to about 11% of the banking system's assets) and Peru
improved its ability to support local bank (reflected in the
sovereign rating of 'BBB/BBB+').

KEY RATING DRIVERS

Banco Internacional del Peru S.A.A. (Interbank) has built an
efficient retail franchise and positioned itself as a top
contender in most retail products. Moreover, the bank has not
neglected its corporate lending business, which appears well
focused and competitive, bringing balance and diversification to
Interbank's balance sheet and revenue stream.

Interbank's performance over the last few years and through the
global crisis of 2008 has been consistently strong driven by high
margins, adequate expense control, and moderate credit costs. Risk
management is considered sound, and the portfolio is diversified
into high margin segments.

Interbank has developed and fine-tuned information-intensive
credit scoring models and modern monitoring tools. Credit policies
and origination are conservative while collection efforts are
proactive and effective. An autonomous and dedicated risk
management team helps the bank to maintain a very sound asset
quality. Conservatively defined past-due loans stood at 1.85% at
YE12; this is likely to deteriorate moderately in 2013 due to
portfolio seasoning.

Besides bolstering its capital in 2009 and consistently retaining
55% of its net income, the bank maintains ample reserve coverage
thus creating a strong capital/reserves cushion against unexpected
losses. Along with its strong profitability, this allows Interbank
to confidently face an eventual downturn.

Peru's economy shows strong growth momentum based on sound macro
fundamentals. In addition, a proactive regulator has created a
strong regulatory environment that fosters cautious credit
policies.

Interbank does not have as diversified a deposit base as its
larger competitors; hence, funding costs are somewhat higher. In
addition, the bank shows some concentration from its institutional
funding and relies more on bond issues to fund its loan growth as
a consequence of heavy regulatory reserve requirements on
deposits.

Larger financial institutions and smaller, specialized and quite
aggressive banks and consumer finance companies have somewhat
curbed margin growth. Competition in this high growth market has
heightened, and Interbank competes without compromising its credit
criteria. Growth potential remains sound due to Peru's still low
banking penetration.

Competition and government's efforts to tame growth and curb
inflation prevent margins from returning to pre-crisis levels.
Interbank seeks to underpin its margins and bottom line by cross-
selling its existing customers and seeking operating efficiency.

RATING SENSITIVITIES

Given today's upgrade, further improvement in the bank's ratings
is unlikely in the near term; over the medium to long term, the
ratings could benefit from more diversified funding sources, while
continuing to produce a sound performance and maintaining the
strength of its balance sheet, maintaining adequate asset quality,
capital and reserves.

On the other hand, Interbank's ratings could be downgraded if a
severe decline in asset quality or weak profitability erode its
capital and reserve cushion.

Fitch has taken these rating actions on Interbank:

-- Long-term foreign currency IDR upgraded to 'BBB' from 'BBB-';
   Outlook to Stable from Positive;
-- Short-term foreign currency IDR upgraded to 'F2' from 'F3';
-- Long-term local currency IDR upgraded to 'BBB' from 'BBB-';
   Outlook Stable;
-- Short-term local currency IDR upgraded to 'F2' from 'F3';
-- Viability Rating upgraded to 'bbb' from 'bbb-';
-- Support Rating affirmed at '3';
-- Support Floor revised to 'BB+' from 'BB';
-- Senior Unsecured Debt upgraded to 'BBB' from 'BBB-';
-- Junior Subordinated Debt upgraded to 'BB-' from 'B+'.


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


PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Rating & Revises Outlook
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Petroleos de Venezuela S.A. (PDVSA) to negative from stable.  At
the same time, S&P affirmed its 'B+' foreign and local currency
ratings on PDVSA.

In accordance with S&P's our criteria on government-related
entities and assuming no changes in the current likelihood of
extraordinary support from the government, the outlook revision on
PDVSA reflects the fact that a potential downgrade of Venezuela
would lead to a similar rating action on the company.  This is due
to S&P's assessment that there is an almost certain likelihood
that the government would provide timely and extraordinary support
to PDVSA, in case of financial distress.  S&P continues to assess
PDVSA's stand-alone credit profile (SACP) at 'b+'.  S&P's
assessment of an almost certain likelihood of extraordinary
support is based on:

   -- PDVSA's "critical" role as it contributes about 50% of
      Venezuela's revenues and 90% of the country's exports, and
      plays a key role in meeting the sovereign's political and
      economic objectives; and

   -- Its "integral" link with the government, given its full and
      stable ownership of the company.  S&P also believes that the
      government will provide sufficient and timely credit support
      to the company in all circumstances.

The negative outlook on PDVSA reflects that the outlook on
Venezuela.  S&P could lower the ratings on the company if it
downgrades the sovereign.  A positive rating action is unlikely at
this point.  "We don't expect PDVSA's relationship with the
government to change significantly in the next two to three
years," said Standard & Poor's credit analyst Fabiola Ortiz.  S&P
also believes that the government won't significantly reduce its
strong involvement in the sector or in the company.  Therefore,
the rating on PDVSA rating would likely follow the rating
trajectory on the sovereign.



                            ***********


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.


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