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/raid1/www/Hosts/bankrupt/TCRLA_Public/130626.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, June 26, 2013, Vol. 14, No. 125 Headlines A R G E N T I N A AUDIOALERT SRL: Proofs of Claim Verification Deadline on July 31 CTEC SRL: Proofs of Claim Verification Deadline on July 31 LAURA TEXTIL: Proofs of Claim Verification Deadline on June 26 ZENEIXI SA: Proofs of Claim Verification Deadline on July 12 B R A Z I L MMX MINERACAO: Controlled by Batista, May Sell Assets or Shares OSX BRASIL: Denies Debt Default Filing C A Y M A N I S L A N D S 3A WINDRIDER: Members to Hear Wind-Up Report on July 16 ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 9 CHAMP EXPLORER: Shareholders to Hear Wind-Up Report on July 19 GREENHEART CAPITAL: Shareholders to Hear Wind-Up Report on July 10 JADE VIII: Members to Receive Wind-Up Report on July 16 MSR ASIA: Members to Receive Wind-Up Report on July 16 PARVUS EUROPEAN: Members to Hear Wind-Up Report on July 16 PARVUS MASTER: Members to Hear Wind-Up Report on July 16 TACTICAL REBALANCED: Members to Hear Wind-Up Report on July 9 TURNSTONE INTERNATIONAL: Members to Hear Wind-Up Report on July 18 C O L O M B I A * COLOMBIA: IMF OKs Successor Two-Year US$5.84BB Credit Line J A M A I C A JPPC: Sets Redundancy Exercise for June 28 M E X I C O GRUPO ELEKTRA: Moody's Assign Ba3 CFR with a Stable Outlook T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: T&T and Jamaica Commit to Make Deal Work - - - - - ================= A R G E N T I N A ================= AUDIOALERT SRL: Proofs of Claim Verification Deadline on July 31 ---------------------------------------------------------------- Maria Cristina Rodriguez, the court-appointed trustee for Audioalert SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 31, 2013. Ms. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Ms. Rodriguez is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Maria Cristina Rodriguez Av. Corrientes 3169 Argentina CTEC SRL: Proofs of Claim Verification Deadline on July 31 ---------------------------------------------------------- Sergio Diego Hernan, the court-appointed trustee for CTEC SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 31, 2013. Mr. Hernan will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 41, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Hernan is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Sergio Diego Hernan Viamonte 1546 Buenos Aires, Argentina LAURA TEXTIL: Proofs of Claim Verification Deadline on June 26 -------------------------------------------------------------- Maria Catalina Gassi, the court-appointed trustee for Laura Textil SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 26, 2013. Ms. Gassi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 25, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Ms. Gassi is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Maria Catalina Gassi Defensa 898 Buenos Aires, Argentina ZENEIXI SA: Proofs of Claim Verification Deadline on July 12 ------------------------------------------------------------ Juan Carlos Gabriel Toledo, the court-appointed trustee for Zeneixi SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 12, 2013. Mr. Toledo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Toledo is also in charge of administering the company's assets under court supervision and will take part in their disposal to the extent established by law. The Trustee can be reached at: Juan Carlos Gabriel Toledo Viamonte 377 Buenos Aires, Argentina =========== B R A Z I L =========== MMX MINERACAO: Controlled by Batista, May Sell Assets or Shares --------------------------------------------------------------- Luciana Magalhaes at The Wall Street Journal, citing regulatory filings, reports that MMX Mineracao e Metalicos S.A., a mining company controlled by Brazilian billionaire Eike Batista, hired financial advisers to "evaluate business opportunities," including the possible sale of assets or shares currently owned by Mr. Batista. Mr. Batista has been selling off assets in his companies to shore up the group's finances after the conglomerate's flagship oil firm, OGX Petroleo e Gas Participacoes, reported production levels well below expectations, triggering a confidence crisis, according to The Wall Street Journal. The report notes that there have been reports Mr. Batista could sell a stake in his Superporto Sudeste project, in southern Brazil, to Swiss mining multinational Glencore Xtrata. The Wall Street Journal relates that last March, Mr. Batista hired Brazilian investment bank BTG Pactual to develop a strategy for the group including the possible sale of stakes in the group's many start-up companies. Since then Mr. Batista has sold an additional stake in his energy company, MPX LLC, to German utility E.ON SE for around $700 million, as well as stakes in two offshore blocs blocks controlled by OGX to Malaysia's Petroliam Nasional Bhd. for $850 million, the report discloses. OSX BRASIL: Denies Debt Default Filing --------------------------------------- Reuters reports that OSX Brasil SA, the shipbuilding company of billionaire Eike Batista, denied a report it failed to make payments on debt held by Spanish infrastructure group Acciona. The local Folha da S.Paulo newspaper reported that Batista's OSX Brasil was struggling to avoid bankruptcy after it defaulted on some BRL500 million ($222 million) in debt held by Acciona, according to Reuters. "The story on the supposed debt with supplier Acciona that OSX CN failed to honor is false," OSX said in a market filing with regulator CVM, the report notes. The report relates that OSX said its debt payments were up to date. The report notes that OSX shares have sunk 85 percent since the beginning of the year as a series of missed targets and project delays eroded investor confidence in Batista's ability to deliver on his promises. OSX Brasil is a holding company involved in the oil and gas sector. The Company provides equipment and services to the offshore oil and gas industries. ========================== C A Y M A N I S L A N D S ========================== 3A WINDRIDER: Members to Hear Wind-Up Report on July 16 ------------------------------------------------------- The members of 3A Windrider Fund will receive on July 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 9 ------------------------------------------------------------- The members of Anthracite Balanced Company (JR-38) Limited will receive on July 9, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands CHAMP EXPLORER: Shareholders to Hear Wind-Up Report on July 19 -------------------------------------------------------------- The shareholders of Champ Explorer Holdings Limited will receive on July 19, 2013, at 8:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 GREENHEART CAPITAL: Shareholders to Hear Wind-Up Report on July 10 ------------------------------------------------------------------ The shareholders of Greenheart Capital Fund (Offshore) Ltd. will receive on July 10, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Greenheart Capital Partners LLC c/o Barnaby Gowrie Telephone: +1 (345) 914 6365 JADE VIII: Members to Receive Wind-Up Report on July 16 ------------------------------------------------------- The members of Jade VIII, Inc. will receive on July 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MSR ASIA: Members to Receive Wind-Up Report on July 16 ------------------------------------------------------ The members of MSR Asia Acquisitions X, Inc. will receive on July 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PARVUS EUROPEAN: Members to Hear Wind-Up Report on July 16 ---------------------------------------------------------- The members of Parvus European Plus Fund will receive on July 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PARVUS MASTER: Members to Hear Wind-Up Report on July 16 -------------------------------------------------------- The members of Parvus European Plus Master Fund will receive on July 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands TACTICAL REBALANCED: Members to Hear Wind-Up Report on July 9 ------------------------------------------------------------- The members of Tactical Rebalanced Fund Limited will receive on July 9, 2013, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands TURNSTONE INTERNATIONAL: Members to Hear Wind-Up Report on July 18 ------------------------------------------------------------------ The members of Turnstone International Ltd. will receive on July 18, 2013, at 4:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Ronan Guilfoyle Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands =============== C O L O M B I A =============== * COLOMBIA: IMF OKs Successor Two-Year US$5.84BB Credit Line ------------------------------------------------------------ The Executive Board of the International Monetary Fund approved a new two-year arrangement for Colombia under the Flexible Credit Line (FCL) in an amount equivalent to SDR 3.87 billion (about US$5.84 billion). The Colombian authorities indicated that they intend to treat the new arrangement as precautionary and do not intend to draw on the line. Colombia's first FCL was approved on May 11, 2009 and two successor arrangements were approved on May 7, 2010 and May 6, 2011. Following the Executive Board discussion of Colombia, Mr. David Lipton, First Deputy Managing Director and Acting Chairman of the Board, made the following statement: "Colombia has very strong policy frameworks, comprising an inflation-targeting regime, a flexible exchange rate, effective financial sector supervision and regulation, and a fiscal policy guided by a structural balance rule for the central government. The authorities also have a sustained track record of implementation of very strong policies, which have underpinned strong economic performance in recent years. Looking ahead, the authorities are firmly committed to maintaining such policies and to undertaking further initiatives - including the recently - approved tax reform - to bolster growth, reduce inequality, and further increase economic resilience. "Colombia's macroeconomic policies provided resilience to the global financial crisis and supported a strong recovery and gradual rebuilding of policy buffers. The exchange rate has played a key shock-absorbing role, and the financial system has remained stable. The authorities have also taken advantage of strong capital inflows to partially rebuild their international reserve position. "However, risks to the global economic outlook remain elevated, and if they materialized, they would affect Colombia's economy and external accounts. Access to the Fund's Flexible Credit Line (FCL) instruments will continue to play an important role in supporting the authorities' macroeconomic strategy if that were to happen. A successor arrangement, which the authorities intend to continue to treat as precautionary, will help Colombia to effectively manage potential shocks and sustain strong economic performance, while the authorities continue strengthening their policy framework and rebuilding policy buffers." About Flexible Credit Line The FCL was established on March 24, 2009 and further enhanced on Aug. 30, 2010. The FCL is available to countries with very strong fundamentals, policies, and track records of policy implementation and is particularly useful for crisis prevention purposes. FCL arrangements are approved for countries meeting pre-set qualification criteria. The FCL is a renewable credit line, which could be approved for either one or two years. Two-year arrangements involve a review of eligibility after the first year. If the country draws on the credit line, the repayment period is between three and five years. There is no cap on access to Fund resources under the FCL, and access is determined on a case-by- case basis. Qualified countries have the full amount available up- front, with no ongoing conditions. There is flexibility to either draw on the credit line at the time it is approved, or treat it as precautionary. ============= J A M A I C A ============= JPPC: Sets Redundancy Exercise for June 28 ------------------------------------------ RJR News reports that the Jamaica Private Power Company (JPPC) has confirmed that it will reduce its workforce come next week. The company said in a statement that it could no longer delay the restructuring and re-organization of its operations and had no alternative but to carry out the redundancy exercise on June 28, according to RJR News. The report relates that JPPC's management has informed the National Workers' Union of the evaluation process to be used before determining the list of persons who will be impacted. RJR News says that the company denied a claim by the union that it is cutting staff to hire trainees and overseas contractors. Jamaica Private Power Company supplies power to JPS. =========== M E X I C O =========== GRUPO ELEKTRA: Moody's Assign Ba3 CFR with a Stable Outlook ----------------------------------------------------------- Moody's Investors Service assigned a Ba3 corporate family rating to Grupo Elektra, S.A.B. de C.V. The outlook is stable. This is the first time Moody's has rated Grupo Elektra. Ratings Rationale: Grupo Elektra's corporate family rating reflects the company's leading market position in the Mexican retail market. The company has successfully targeted the mid to low income segment of the market following a strategy of offering credit sales (around 60% of sales are credit sales) through its financial services subsidiary. The bank also benefits from a leading position in its market segment. The rating entails Banco Azteca's ability to generate consistently high core earnings and robust interest margins maintaining good asset quality that is reflective of the granular and short-term nature of consumer loan portfolio. The bank's strong loan collection process is also a strength as it leads to high loan recovery rates and small credit losses. Grupo Elektra's strategy has resulted in a consolidated average annual revenue growth of 27% for the last 3 years. Moreover, adjusted average EBITDA margin of 15% for the same period is also strong when compared with retail peers. Constraining the rating is the volatile nature of the company's products portfolio with around 54% of retail revenues being consumer products for which demand varies significantly with economic trends. Also affecting the rating is the high competitive pressure in Elektra's main market, Mexico. Despite Elektra's leading position in its retail format in the Mexican market, the company is closely followed by Coppel and products sold by the company are also offered by different retail formats such as department stores, supermarkets and specialized stores. The company's geographic concentration in Mexico is also a credit negative factor. Banco Azteca's key negative factors include its overall small size (measured by total assets, loan portfolio and total deposits) and its limited business scope as a monoline-type of operation focused on consumer finance for low income segment. Also considered in the rating is Moody's assessment of a weak corporate governance. With revenues for the last twelve months (LTM) ended in March 30, 2013 of MXN72 billion (around $5.5 billion), Grupo Elektra is a relevant player in the Latin American mixed retailers universe. Although Grupo Elektra has presence in several Latin American countries and in the US through its cash advance business, Mexico represents the bulk of its consolidated revenues (around 75%). Main competitors in its home market include Coppel and Famsa which follow a similar retail format. However, the company's merchandise product portfolio comprised mainly of electronics, appliances, furniture and motorcycles exposes it to competitors operating under different retail formats such as department stores, supermarkets and specialized stores. The synergies the company derives from its retail - financial services integrated business model have resulted in strong profitability when compared to its retail peers. This integrated strategy has resulted in a consolidated average annual revenue growth of 27% for the last 3 years. As of March 31, 2013, the company's consolidated EBITDA margin for the LTM including Moody's standard adjustments, was 19.7% which is strong when compared to other Ba rated retail peers. Banco Azteca has also had solid operating results since inception in 2002. Its loan book and deposits have grown consistently supported on ample capitalization and a very good core earnings power. In the consumer finance segment, the bank holds a leading position outperforming other retailer-related banks and consumer-oriented finance companies. Leverage is high for the rating category but Moody's expects the company to lower it to levels more in line with the Ba3 rating. As of March 2013, Debt / EBITDA as adjusted by Moody's was 8.2 times and it expects it to be around the same level by the end of 2013. Moody's notes that this leverage calculation considers debt at the bank, including the sizeable deposits that as of March 31, 2013 its estimate were around MXN77 billion (around $6 billion). Considering only debt at the commercial subsidiary Moody's estimates that adjusted leverage should be around 5.0 times by the end of 2013. Despite the exclusion of debt at the bank level, Elektra's leverage is high for the rating category. Going forward Moody's expects the company to be able to lower adjusted leverage to below 4.5 times, in line with the Ba3 rating assigned. The rating also includes Moody's consideration that the company has a weak corporate governance. Main factors underlying its assessment include family based ownership structure, with the Salinas-Pliego family holding a stake of 72% including the fact that decision making process is highly dependent on a limited number of individuals. Moody's assessment of the company's weak corporate governance also entails its track record of low market transparency and high activity of related party transactions. The outlook is stable reflecting Moody's expectation that the company will be able to execute its organic growth plan while maintaining its strong credit profile and adequate liquidity. The outlook also considers its expectation that the company will reduce leverage to levels more in line with the rating category in the next 12 to 18 months. A ratings upgrade is unlikely over the near to medium term because of the company's high leverage even when considering only commercial debt. Longer term, upward rating pressure could occur as a result of better than expected operating results that will allow the company to have a commercial leverage ratio as adjusted by Moody's below 2.5 times on a sustained basis. The rating could come under pressure if weaker than anticipated operating results lead the company to have an adjusted commercial leverage ratio above 4.5 times and EBITA to interest expense below 3.5 times on a sustained basis. The principal methodology used in this rating was the Global Retail Industry Methodology published in June 2011. Grupo Elektra, based in Mexico City, is a holding company of several retail and financial services companies in several Latin American markets, however Mexico represents the bulk of its operations with around 75% of revenues. The company is controlled by the Salinas Pliego family and has a 28% floating stake trading in the Mexican Stock Exchange and in Spain's Latibex. As of March 31, 2013 Grupo Elektra's consolidated revenues were MXN 72 billion (around $ 5.5 billion) with a 19.7% EBITDA margin as adjusted by Moody's. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: T&T and Jamaica Commit to Make Deal Work ------------------------------------------------------------ Ria Taitt at Trinidad Express reports that Trinidad and Tobago and the Jamaica are committed to making the Caribbean Airlines Limited and Air Jamaica Limited arrangement work. Both countries have set up committees to look at some of the problems affecting the CAL/Air Jamaica arrangement, Minister in the Ministry of Finance Vasant Bharath said, according to Trinidad Express. "The teams would look at the branding issue to determine how we would best represent both brands, Caribbean Airlines and Air Jamaica as essentially one brand in the market place, and whether it is a question of having both logos emblazoned on the aircraft, on whether it would be a question of having a Caribbean Airlines aircraft but with a Jamaica service on certain routes and that would mean Jamaica pilots, Jamaican stewardesses, Jamaican food," the report quoted Mr. Bharath as saying. The report discloses that Mr. Bharath said while both governments are committed to the airline, they had to be realistic about the viability of the organization at some time. Mr. Bharath said Caribbean Airlines had lost market share on many of those routes which had been taken up by low cost carriers, the report relates. The report relays that Mr. Bharath said the government had approved the establishment of an Inter-Ministerial Committee to make Trinidad and Tobago more facilitative to business operations. Caribbean Airlines Limited -- 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. In 2010, Port of Spain and Kingston agreed to a deal that allowed the Jamaica government to own 16% of CAL as part of the conditions for CAL taking over the lucrative routes of Air Jamaica. The deal also allows for Trinidad and Tobago agreeing to a US$300 million transition plan for CAL to acquire and operate six Air Jamaica aircraft and eight of its routes. * * * 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 said 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 noted that Trinidad Express reported that the arrears were built up as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January. *********** 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 * * *