TCRLA_Public/130704.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, July 4, 2013, Vol. 14, No. 130


                            Headlines



B R A Z I L

BROOKFIELD INCORPORACOES: Fitch Cuts Issuer Default Rating to B+
COSAN SA: Fitch Affirms 'BB+' FC/LC Issuer Default Rating
LLX ACU: Fitch Downgrades Rating on BRL750MM Debenture to 'B-'
OGX PETROLEO: Moody's Lowers CFR to Caa2 on Poor Performance
OGX PETROLEO: S&P Lowers CCR to 'CCC'; Outlook Negative

OGX PETROLEO: Fitch Views Turbarao Azul Suspension Neutral to Neg.


C A Y M A N  I S L A N D S

ARCH ONE: Creditors' Proofs of Debt Due July 30
BASSO CREDIT: Creditors' Proofs of Debt Due Aug. 1
BASSO CREDIT HOLDING: Creditors' Proofs of Debt Due Aug. 1
BLUEGOLD GLOBAL: Creditors' Proofs of Debt Due Aug. 1
CAPITAL PROPERTIES: Court Enters Wind-Up Order

CENTRAL SPV: Commences Liquidation Proceedings
JF TWO: Creditors' Proofs of Debt Due Aug. 1
MAXIMUM ENTERPRISES: Court Enters Wind-Up Order
ODIN CDO I NO. 2: Commences Liquidation Proceedings
ODIN CDO I NO. 3 Commences Liquidation Proceedings

OLD WORLD: Court Enters Wind-Up Order
RAB GLOBAL: Placed Under Voluntary Wind-Up
RAB GLOBAL (MASTER): Placed Under Voluntary Wind-Up
SIGNUM BRONZE: Commences Liquidation Proceedings
Y&B FUND: Creditors' Proofs of Debt Due Aug. 1


C O S T A  R I C A

BANCO DE COSTA RICA: Moody's Assigns Ba1 Deposit Ratings


M E X I C O

AVANCE Y FORTALECIMIENTO: Moody's Withdraws All Ratings


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Sudden Resignation of CEO Not Surprising
CARIBBEAN CEMENT: Will Have Price Increase
CL FINANCIAL: State Argues Against Clico Payouts


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B R A Z I L
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BROOKFIELD INCORPORACOES: Fitch Cuts Issuer Default Rating to B+
----------------------------------------------------------------
Fitch Ratings has downgraded the long-term foreign and local
currency Issuer Default Ratings (IDRs) of Brookfield Incorporacoes
S.A. (Brookfield Incorporacoes) and its full subsidiary Brookfield
Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield SP) to
'B+' from 'BB-'. Fitch has also downgraded the companies' long-
term national ratings to 'A(bra)' from 'A+(bra)'.

In addition, Fitch has withdrawn the ratings of Brookfield SP. The
ratings are no longer considered relevant to the agency's coverage
following the evaluation of the ratings on the basis of Brookfield
Incorporacoes' consolidated position.

The Outlook for the corporate ratings is Stable. A full list of
rating actions follows at the end of this press release.

KEY RATING DRIVERS

The downgrades reflect the continued weakening of Brookfield
Incorporacoes' operating results above Fitch's initial
expectations. The company's credit metrics deteriorated
considerably in 2012, and Fitch does not expect they will return
to paramaters compatible with the previous ratings in the medium
term. The review process of costs of projects in development and
the internal controls are underway. This makes possible the
recognition of new adjustments, with additional pressure on the
operating margins and the company's financial leverage.

The positive measures recently adopted by Brookfield Incorporacoes
with a view to recover its operating margins are affected by the
long business cycle of the industry. These measures seek to
increase its operational efficiency, the control and integrated
management of project costs, as well as to speed up the homebuyers
transfer to banks and monetize a portion of its long term land
bank. The strong volatility of the real estate industry and its
dependence on favorable macroeconomic conditions were also
incorporated in the analysis. Brookfield Incorporacoes' ratings
continue to be supported by its conservative liquidity position
and by integration and support from the controlling shareholder,
Brookfield Asset Management (BAM, IDR 'BBB'), evidenced by the
BRL400 million capital increase in November 2012.

Cost Overruns & Sales Contract Cancellations Impact Credit Ratios

Brookfield Incorporacoes operating results continue to be strongly
affected by costs above budget and by high cancellations of sales
contracts. In the latest 12 months (LTM) ended March 2013, the
company reported adjusted EBITDA of BRL102 million and adjusted
EBITDA margin of only 3%. These figures compare with BRL667
million and 18.4% reported in 2011, respectively. This reduction
reflects the negative impact of recognition of additional project
costs of BRL332 million and BRL193 million of cancellations of
sales contracts net of resale. The recovery of operating margins
should take longer than initial expectations, making more
difficult the improvement of the company's operating results, once
projects with lower margins are still in the conclusion phase, and
new adjustments may pressure the operating performance.

Leverage Likely to Remain High in 2013

Brookfield Incorporacoes' leverage remains high and is not likely
to reduce to more conservative parameters in the short term. The
higher debt volume to finance its business expansion, combined
with the weak generation of EBITDA, resulted in high net
debt/EBITDA ratio of 29.3x in the LTM ended March 2013, which is
well above Fitch's previous expectations. The company's net
leverage should decline to around 5.0x only in 2014, at the
proportion that the operating margins present some recovery. The
company reported potential sales value (PSV) of BRL3 billion in
2010, BRL3.9 billion in 2011 and BRL3.1 billion in 2012.

The company's total debt was of BRL4 billion at end March 2013
against BRL3.3 billion in 2011. Over the same period, net debt
increased to BRL3 billion, from BRL2.3 billion. This increase
reflected the high volume of project launches and working capital
needs.

Liquidity Supports Ratings

The risk of high financial leverage of Brookfield Incorporacoes is
mitigated by its significant cash position and high volume of
receivables of ready units which can be monetized. At March 31,
2013, the company reported cash and equivalents of BRL954 million
for a total debt of BRL4 billion, of which BRL1.2 billion will
mature in the short term and BRL2.1 billion will mature by the end
of 2014. Considering the corporate debt only, the cash and
equivalents corresponded to 136% of the short-term debt. The
potential liquidity of receivables of concluded and sold units not
linked to debt was of BRL741 million. Brookfield Incorporacoes
also benefits from an adequate access to capital and debt markets
and should continue to be successful in preserving strong
liquidity and lengthening its debt amortization profile.

Cash Flow from Operations Should Remain Negative

Brookfield Incorporacoes operational cash generation should remain
negative in 2013. In LTM ended March 2013, the funds from
operations (FFO) were negative BRL439 million, while cash flow
from operations (CFFO) was negative BRL836 million. Since 2009,
the company has reported negative CFFO due to high working capital
needs to support the business growth. Fitch expects that the
greater volume of project deliveries, from BRL3.5 billion to BRL4
billion of PSV in 2013, combined with measures to speeding up the
transfer of homebuyer credits to the banks, recover the
operational cash generation in 2014.

Still Low SFH Financings

Brookfield Incorporacoes' debt structure remains less conservative
due to the high participation of corporate debt. As of March 31,
2013, the corporate debt accounted for 64% of the total debt, as
the company financed the business expansion manly with debentures
and working capital lines. Fitch expects a more intense
utilization of financings from the Housing Financial System (SFH),
more adequate for the sector, in 2013 and in 2014.

RATING SENSITIVITIES

Brookfield Incorporacoes' ratings could be negatively affected by
new and relevant project cost adjustments above expectations that
negatively affect the company's operating margins and leverage.
Factors that result in liquidity reduction or from an unstable
environment, that impact the sector fundaments, could also
contribute to a downgrade.

Positive rating actions can be taken by a significant reduction of
leverage ratios, combined with a consistent recovery of operating
margins and achievement of positive and robust operating cash flow
from operations and preservation of strong liquidity.

Fitch has taken the following rating actions:

Brookfield Incorporacoes
-- Long-term foreign and local currency IDRs downgraded to
   'B+' from 'BB-';

-- Long Term National Scale rating downgraded to 'A(bra)'
   from 'A+(bra);

-- BRL100 million first debenture issuance due September 2013
   downgraded to 'A(bra)' from 'A+(bra);

-- BRL366 million second debenture issuance, first series of
   BRL285 million due in 2014 and second series of 81 million
   due in 2016, downgraded to 'A(bra)'from 'A+(bra);

-- BRL300 milion third debenture issuance, first series of
   BRL150 million due in 2015 and second series of BRL150
   million due in 2016, downgraded to 'A(bra)'from 'A+(bra)';

-- BRL300 million fourth debenture issuance, first series
   of BRL76.76 million maturing 2015 and second series of
   BRL223.24 million maturing in 2016, downgraded to 'A(bra)'
   from 'A+(bra)'.

Brookfield SP

-- Long-term foreign and local currency IDRs downgraded to
   'B+' from 'BB-' and withdrawn;

-- Long-term National Scale rating downgraded to 'A(bra)'
   from 'A+(bra)' and withdrawn.


COSAN SA: Fitch Affirms 'BB+' FC/LC Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Cosan S.A. Industria e Comercio
(Cosan)'s foreign and local currency Issuer Default Rating (IDR)
at 'BB+'. Fitch has also upgraded Cosan's national long-term
rating to 'AA(bra)' from 'AA-(bra)'.

The corporate Ratings Outlook is Stable.

The upgrade of the Cosan's national scale rating reflects an
improvement in the company's business profile due to its
acquisition of Companhia de Gas de Sao Paulo - Comgas during 2012.
This acquisition should reduce the volatility of the company's
future cash flow generation and has strengthened the company's
international rating of 'BB+' within the rating category. A key
constrain upon the company's rating at the 'BB+' level is the high
level of debt -- BRL5.2 billion -- at the holding company level.

KEY RATING DRIVERS

Stronger Credit Profile with Raizen

Cosan's rating fundamentals have been positively enhanced by the
creation of joint ventures with Shell Brazil Holdings BV. These
joint ventures, Raizen Energia S.A and Raizen Combustiveis S.A,
are both rated 'BBB' by Fitch. Together, they account for 55% of
Cosan's EBITDA.

Lower Exposure to the Volatile Sugar and Ethanol Industry

Cosan's credit quality has strengthened with the acquisition of
the natural gas distributor, Comgas, which now accounts for 29% of
the company's EBITDA. The relatively stable cash flow from this
business is able to partially offset the inherent volatility of
the sugar and ethanol industry. Depending upon sugar and ethanol
prices, approximately 60% of the company's EBITDA should come from
the following portfolio of relatively stable businesses: 29%
natural gas distribution (Comgas), 23% fuel distribution (Raizen
Combustiveis), and 8% logistics (Rumo Logistica).

Expanding Logistic Portfolio May Avoid Further Deleverage Trend

Cosan has successfully reduced its consolidated net leverage
ratios since the acquisition of Comgas. As of March 31, 2013, net
adjusted leverage, on pro-forma basis, is 2.9x, a decline from
3.7x as of March 31, 2012. Without any other acquisition or
relevant investment, Fitch expects the net adjusted leverage
ratios to move toward to 2.5x in the next years. In spite of the
favorable trend, leverage may not decrease, as Cosan seeks to
expand its logistics business.

Improving Operational Performance

Cosan's consolidated pro-forma EBITDA was BRL3.7 billion for the
LTM ended March 31, 2013. The pro-forma analysis considers 12
months of Comgas. The EBITDA compares with a pro-forma EBITDA for
the LTM ended March 31, 2012 of BRL2.8 billion. During the LTM,
Cosan generated BRL2.4 billion of cash flow from operations
(CFFO). With investments of BRL1.7 billion and dividends of BRL375
million, free cash flow was BRL271 million, an increase from
BRL187 million in the prior year. Capex at Comgas will likely
restrict the level of free cash flow going forward. Key drivers of
the increase in Cosan's EBITDA and CFFO were synergies gained
through operational improvements in the company's sugar and
ethanol businesses, as well as its natural gas business.

Solid Liquidity Position and Manageable Debt Amortization Schedule

Cosan's solid liquidity position is a key credit consideration. On
a consolidated basis, as of March 31, 2013, Cosan had BRL1.4
billion of cash and marketable securities and BRL13,1 billion as
total debt, of which BRL1.3 billion is short term debt. At the
holding level, Cosan shows manageable debt service coverage due to
a debt maturity schedule that is evenly distributed, with debt
amortizations of BRL400million in 2014 and BRL160 million from
2015 to 2017. As of March 31, 2013, cash position at the holding
was BRL344 million. The company is expected to receive BRL1
billion of dividends from Raizen during the next three years.

Pending Negotiations On The Acquisition Of ALL Shares; No Cash
Disbursement is Expected

Cosan is also negotiating the purchase of a 5.7% stake in America
Latina Logistica - ALL, for BRL896.5 million. To fund this party,
Cosan is seeking an equity partner so that it will not have to
make a cash payment. The transaction is still dependent approval
of some signatories to ALL's shareholders agreement, the Brazilian
Transport Regulatory Agency (ANTT) and the Brazilian Antitrust
Council (CADE).

RATING SENSITIVITIES

A positive rating action is likely in the medium term horizon if
the company is able to manage the growth of its logistic and
infrastructure business without increasing leverage.

A negative rating action on Raizen's ratings could have an impact
on Cosan's ratings. Factors that could also lead to negative
rating actions include further acquisitions or investments not
contemplated in the current business plan that could result in
leverage levels beyond expectations and/or material refinancing
needs.

Fitch affirms the following ratings

Cosan:
-- Foreign and local currency IDRs at 'BB+';
-- National scale rating upgraded to 'AA(bra)from 'AA-(bra)'.

Cosan Overseas LTD:
-- Foreign currency at IDR 'BB+';
-- Perpetual notes at 'BB+'.

Cosan Luxembourg S.A:
-- Senior Unsecured Notes due in 2018 and 2023 at 'BB+'.


LLX ACU: Fitch Downgrades Rating on BRL750MM Debenture to 'B-'
--------------------------------------------------------------
On June 28, 2013, Fitch Ratings downgraded the rating on LLX Acu
Operacoes Portuarias S.A.'s (LLX Acu) 750 million Brazilian reais
debentures to 'B-(Bra)' from 'BBB+(Bra)' and placed it on Rating
Watch Negative.

The rating action reflects the uncertainty as to the ability of
project's sponsors, LLX Logistica S.A. and Centennial Acu
(Centennial), both part of EBX Group and majority owned by Mr.
Eike Batista, to provide financial support to the project.

Over the short term, the project's financial feasibility relies on
capital injections from LLX Logistica S.A. and Centennial
shareholders. Fitch believes that the project has strong links
with all companies of EBX Group and with its main shareholder,
Eike Batista, who expressed his formal commitment to support the
project. LLX Logistica S.A. has recently announced that it has
hired financial advisors to evaluate possible business
opportunities and corporate transactions involving the company's
assets and its securities. Should LLX Logistica fail in
strengthening its liquidity position in the next three months, the
current rating could be further downgraded.

Key Rating Drivers

-- Parent Exposure: The rating is based on LLX Acu's stand-alone
   credit profile, but is limited by the project's exposure to
   the credit quality of its sponsors LLX Logistica S.A,
   Centennial Asset Participacoes S.A. (Centennial) and
   ultimately, Eike Batista. The sponsors' credit quality is
   currently under scrutiny. Their sister company, OGX Petroleo
   e Gas Participacoes S.A., was recently downgraded to
   'CCC'/'CCC(bra)' by Fitch and the search for strategic
   partners by some of the EBX Group's companies is a clear
   indication of its weakening credit profile (See the Fitch
   release 'Fitch Downgrades OGX to 'CCC/CCC (bra)'; Outlook
   Negative, June 14, 2013). With a 'CCC' rating, default is
   a real possibility for OGX, the Group's most important asset,
   making continued equity support from the sponsors doubtful.

-- Weakened Capital Structure: LLX Acu has still been unable
   to convert short-term bridge loans to long-term, lower-cost
   financing from BNDES, exposing the project to increased
   refinance risk. All of LLX Acu's outstanding debt obligations
   except the debentures are short-term liabilities expiring as
   early as February 2014. LLX Acu is currently negotiating with
   BNDES to convert short-term facilities into long-term.

-- Weaker Revenue Profile: Revenues are under pressure as a
   result of the slow pace of LLX Acu's signing of lease
   contracts with tenants. Furthermore, slowing GDP growth
   in Brazil and decreased demand from China for exports such
   as steel, slag, and coal may have a negative impact upon
   future trade revenues at Brazilian Ports.

-- Construction risk: Liquidity constraints and increased
   CAPEX costs at the Port could result in investment delays
   at LLX Acu, halting future construction, and leading to a
   delay in operating revenue from cargo traffic.

Rating Sensitivities

-- Inadequate Liquidity: LLX Acu's inability to secure additional
   sources of sufficient equity from sponsors or alternative
   providers as well as to refinance its short-term obligations
   that result in the project's default would warrant further
   rating downgrade.

-- Lack of information: Without receipt of additional financial
   information and a viable funding strategy that supports LLX
   Acu's prospects for project completion, the rating would
   further decline.

-- Increasing Capex costs: Above-budget CAPEX and construction
   delays that adversely affect operating cash flow available
   for debt service would negatively impact the rating.

Security
The rated debentures are senior unsecured obligations of LLX Acu
and will be guaranteed on a senior secured basis by LLX Logistica
S.A, Centennial and Mr. Batista.

Credit Update

LLX Acu's port expects expected to enter operations by late 2014
with 17 km of quay, up to 40 berths, and the ability to receive
very large carriers (including Chinamax) thanks to its 26-meter
depth. Construction is progressing on the original schedule. To
date, management reports that they have signed BRL$90 million in
lease contracts.

LLX Acu is a privately controlled mixed-model port belonging to
the Superporto do Acu complex in the State of Rio de Janeiro (RJ).
The Acu Superport (LLX Minas-Rio and LLX Acu) and Industrial Park
is planned to be the largest private port and industrial facility
in Latin America, covering an area of approximately 13,212
hectares, and expected to become one of the world's busiest ports
in cargo tonnage handled. LLX Acu's cash flows are derived from
real estate lease contracts within the industrial park at the
port, and port cargo traffic once the port installations enter
into operations, originally forecast for the second-half of 2014.
With a total original project investment of R$4.1 billion, the
two-terminals are expected to handle iron ore, oil, steel
products, coal and other bulk liquids and solids.


OGX PETROLEO: Moody's Lowers CFR to Caa2 on Poor Performance
------------------------------------------------------------
Moody's Investors Service downgraded OGX Petroleo e Gas
Participacoes S.A.'s Corporate Family Rating to Caa2 from B2 and
OGX Austria GmbH's senior unsecured notes ratings to Caa2 from B2.
The rating outlook is negative. This rating action concludes the
rating review initiated on April 9, 2013.

"The rating downgrade of OGX is driven by weak oil production
response and cash flows, negatively impairing asset coverage of
the company's senior unsecured notes," commented Gretchen French,
Moody's Vice President. "The negative outlook reflects OGX's
constrained liquidity profile through 2014."

Issuer: OGX Petroleo e Gas Participacoes S.A.

Downgrades:

Corporate Family Rating, Downgraded to Caa2 from B2

Outlook Actions:

Outlook, Changed to Negative from Rating Under Review

Issuer: OGX Austria GMBH

Downgrades:

$2563M 8.5% Senior Unsecured Regular Bond/Debenture, Downgraded to
Caa2 from B2

$1063M 8.375% Senior Unsecured Regular Bond/Debenture, Downgraded
to Caa2 from B2

Outlook Actions:

Outlook, Changed to Negative from Rating Under Review

Ratings Rationale:

OGX's Caa2 rating reflects high financial leverage relative to
production and cash flows and a weak liquidity profile. OGX's oil
production levels are materially below original expectations as a
result of higher than anticipated geological complexity of the
Tubarao Azul field, as well as the Tubarao Tigre, Tubarao Gato and
Tubarao Areia fields, of the Campos Basin offshore Brazil. The
future development of these fields has been suspended, with near
term offshore development focus on the Tubarao Martelo field, also
in the Campos Basin.

OGX is expected to have tight liquidity over the next 12-18
months, with the expectation that it will need to pursue
alternative liquidity options in order to meet its operating and
financial obligations. While OGX is expected to complete the sale
of a 40% stake in its Tubarao Martelo field in the coming months,
the company will still need to pursue additional liquidity options
in order to meet its funding needs through 2014. A key source of
liquidity would be the exercise by OGX of its $1 billion put
option that was granted by the company's controlling shareholder,
Mr. Eike Batista, in October 2012. However, it is not clear if Mr.
Batista can meet the full amount of the put obligation. The put
option expires on May 1, 2014 and is conditional upon OGX not
finding more favorable alternatives for its capital needs, as
determined by OGX's independent board members. Other sources of
liquidity could be additional asset sales or joint
venture/partnership arrangements.

Near term obligations include payment obligations to affiliate
company OSX (unrated) related to long-term lease contracts on
three floating, production, storage and offloading units (FPSO),
with only one FPSO, the OSX-3, expected to support cash flow
generation post 2014, assuming the successful development of the
Tubarao Martelo field and given the recent announcement that
production from Tubarao Azul could cease in 2014. OGX will also
make an immediate payment of roughly $449 million to OSX, most of
which will be used for the payment of the construction costs for
the FPSO OSX-3 and wellhead platform WHP-2, that will be used in
the Tubarao Martelo field. OGX is considering redeploying the FPSO
OSX-1 in another field and OSX is pursuing the sale of OSX-2,
which once sold will terminate the lease obligation of OGX.

OGX's Caa2 ratings could be downgraded if the company is not
successful in building a stronger liquidity cushion (visibility to
minimum liquidity of at least $100 million).

While unexpected over the near-term given the negative outlook,
the Caa2 rating could be upgraded if OGX is able to improve its
liquidity profile, while also demonstrating prospects for better
capital productivity and production growth.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry Methodology
published in December 2011.

Based in Rio de Janeiro, Brazil, OGX is an independent exploration
and production company with operations in Latin America.


OGX PETROLEO: S&P Lowers CCR to 'CCC'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on OGX Petroleo e Gas Participacoes S.A. (OGX) to 'CCC'
from 'B-'.  The outlook remains negative.

The downgrade is primarily based on the company's recently
announced sharply lower production development plan.  According to
the announcement, the three wells at the Tubarao Azul field may
cease production by 2014 due to the company's lack of currently
available technology that would economically allow it to further
increase its production curve.  In addition, OGX cancelled the
orders for new oil platforms, and it won't develop the Tubarao
Tigre, Tubarao Gato, and Tubarao Areia fields.  Tubarao Martelo
field will be the only oil field that OGX is planning to  develop.

"In our view, this lower portfolio base will hurt OGX's operating
performance, its liquidity, and its ability to reach production
levels and associated cash generation to cover its debt levels.
The company's liquidity will weaken during next few months because
it will have to pay $449 million to its sister company OSX Brasil
S.A. (OSX), given the cancellations in orders and some contracts
revisions.  We expect OGX to require additional external funding
to soften a cash crunch at the end of 2013 and beginning of 2014,"
S&P said.

"According to our criteria, we assess OGX's management and
governance as "weak," due to negative assessment of the company's
strategic positioning and risk management.  Management's ability
to convert strategic decisions into constructive actions
significantly lag those of its peers, in our view, and OGX has
frequently revised downward, sometimes very abruptly, its
production plans," S&P noted.


OGX PETROLEO: Fitch Views Turbarao Azul Suspension Neutral to Neg.
------------------------------------------------------------------
Fitch Ratings views OGX Petroleo e Gas Participacoes S.A.'s (OGX)
decision to cease the development of its Turbarao Azul Field as
neutral to negative for the company's credit quality given the
already sluggish production performance and tightening liquidity
position. On July 1, 2013, OGX announced its intention to suspend
the development of this field due to technical limitations
resulting from the compartmentalization of the formation, which
makes it uneconomical to develop with today's technologies. The
reduction in anticipated production volumes due to the abandonment
of Turbarao Azul Field will increase the company's cash needs, as
operational expenses are expected to remain largely unchanged
while production volumes are reduced. Fitch currently rates OGX
'CCC/CCC(bra)', with a Negative Outlook.

OGX's liquidity will be pressured by the lease obligations related
to three floating, production, storage and offloading platforms
(FPSOs), OSX-1, OSX-2, and OSX-3, while only one will actually be
producing; OSX-3 at Turbarao Martelo Field. OSX-1 is currently
connected to the three wells which production will be suspended.
OSX-2 is expected to be delivered by year end and OGX will begin
making lease payments for this unit in January 2014. These units
could potentially be used by OGX in another location.

OGX's cash needs could be estimated at approximately USD300
million in 2014, assuming the full exercise of the put option, a
capex of USD1.5 billion (including the USD449 million payment to
OSX), and the collection from Petronas of USD250 million this year
and USD500 million in 2014. The potential underperfomance of
Turbarao Martelo Field (with a targeted level of 5,000 to 7,000
barrels per day), the unavailability of the put option and/or
invoices from Petronas could pressure OGX's credit quality.

OGX's cash needs could be higher, if any of the above mentioned
conditions do not materialize. OGX's outstanding USD3.7 billion
bonds limit the company's ability to raise additional debt. The
company could potentially recur to asset sales to cover any cash
needs.

On June 14, 2013, Fitch downgraded OGX's foreign currency Issuer
Default Rating to 'CCC' from 'B-', due to increased uncertainty
about the willingness and ability of OGX controlling shareholder
Mr. Eike Batista to honor the company's USD1 billion put option.
Funding for OGX's capex program is vital to increasing oil
production, so a default on the put option would further tighten
the company's liquidity position.


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


ARCH ONE: Creditors' Proofs of Debt Due July 30
-----------------------------------------------
The creditors of Arch One Finance Limited are required to file
their proofs of debt by July 30, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2013.

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


BASSO CREDIT: Creditors' Proofs of Debt Due Aug. 1
--------------------------------------------------
The creditors of Basso Credit Opportunities Fund Ltd. are required
to file their proofs of debt by Aug. 1, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o 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


BASSO CREDIT HOLDING: Creditors' Proofs of Debt Due Aug. 1
----------------------------------------------------------
The creditors of Basso Credit Opportunities Holding Fund Ltd. are
required to file their proofs of debt by Aug. 1, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o 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


BLUEGOLD GLOBAL: Creditors' Proofs of Debt Due Aug. 1
-----------------------------------------------------
The creditors of Bluegold Global Fund Inc are required to file
their proofs of debt by Aug. 1, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 4, 2013.

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


CAPITAL PROPERTIES: Court Enters Wind-Up Order
----------------------------------------------
On June 3, 2013, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Capital Properties Ltd.

The company's liquidator is:

          Margot Macinnis
          c/o KRyS Global, Governors Square
          Building 6, 2nd Floor, 23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Noku Mhlanga
          Telephone (345) 947 4700


CENTRAL SPV: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on June 21, 2013, the members of
Central SPV Company Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


JF TWO: Creditors' Proofs of Debt Due Aug. 1
--------------------------------------------
The creditors of JF Two Holdings Corp. are required to file their
proofs of debt by Aug. 1, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 12, 2013.

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


MAXIMUM ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
On June 3, 2013, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Maximum Enterprises Inc.

The company's liquidator is:

          Margot Macinnis
          c/o KRyS Global, Governors Square
          Building 6, 2nd Floor, 23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Noku Mhlanga
          Telephone (345) 947 4700


ODIN CDO I NO. 2: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 20, 2013, the members of
Odin CDO I (Cayman Islands No.2) Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ODIN CDO I NO. 3 Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 20, 2013, the members of
Odin CDO I (Cayman Islands No.3) Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


OLD WORLD: Court Enters Wind-Up Order
-------------------------------------
On June 3, 2013, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Old World Properties Ltd.

The company's liquidators are:

          Kenneth Krys
          Margot MacInnis
          KRyS Global
          Governors Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          PO Box 31237, Grand Cayman, KY1-1205
          Cayman Islands


RAB GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On June 7, 2013, the sole shareholder of RAB Global Mining and
Resources Fund Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          PO Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


RAB GLOBAL (MASTER): Placed Under Voluntary Wind-Up
---------------------------------------------------
On June 10, 2013, the sole shareholder of Rab Global Mining and
Resources (Master) Fund Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          PO Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


SIGNUM BRONZE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on June 20, 2013, the members of
Signum Bronze Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


Y&B FUND: Creditors' Proofs of Debt Due Aug. 1
----------------------------------------------
The creditors of Y&B Fund Limited are required to file their
proofs of debt by Aug. 1, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 7, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o 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



==================
C O S T A  R I C A
==================


BANCO DE COSTA RICA: Moody's Assigns Ba1 Deposit Ratings
--------------------------------------------------------
Moody's Investors Service has assigned a standalone bank financial
strength rating of D+ and a standalone baseline credit assessment
of baa3 to Banco de Costa Rica (BCR), 100% owned by the Republic
of Costa Rica.

Moody's has also assigned Baa3 and Prime-3 long and short term
local currency deposit ratings, respectively, as well as Ba1 and
Not Prime long and short term foreign currency deposit ratings, to
Banco de Costa Rica.

The outlook on all ratings is stable.

The following ratings were assigned to Banco de Costa Rica:

Bank financial strength: D+

Long term local currency deposits: Baa3

Short term local currency deposits: Prime-3

Long term foreign currency deposits: Ba1

Short term foreign currency deposits: Not Prime

Rating Rationale:

Moody's said that the D+ standalone BFSR and baa3 BCA assigned to
Banco de Costa Rica reflect the bank's dominant franchise in both
corporate and retail banking, its well managed and stable asset
quality, as well as its superior local funding access aided by the
government guarantee on its deposit obligations. These
characteristics are also supported by BCR's solid tangible
capitalization and proactive management that is highly focused on
improving the bank's internal controls, risk management, and
corporate governance.

Key constraints to the bank's standalone rating are the
limitations to its profitability as a result of relatively high
operating leverage and a relatively high corporate tax rate of 30%
coupled with additional mandatory transfers to support government-
sponsored programs in line with its public sector mandate.
Nevertheless, the bank's returns have improved during the past two
years owing to good control of credit and operating costs.

Moody's noted the risk that the government could use BCR to lend
to less creditworthy segments of the economy for the purpose of
financial inclusion or to the public sector for its own financial
needs, particularly as the bank has relatively high lending limits
for public sector entities. To date, however, the bank has limited
its public sector lending exposure to around 30% of Tier 1
capital, much closer to the 20% related party lending limit for
private sector banks. Given its close financial and business
linkages with the government, including large securities holdings,
BCR's standalone ratings will be limited by the government's bond
rating, said Moody's.

Other key risks to BCR's standalone creditworthiness are its
large, though diminishing, single borrower concentrations that are
commensurate with a predominantly commercial loan book as well as
exposure to additional credit and foreign exchange risk related to
foreign currency loans made to local currency earners.

The Baa3 long term local currency deposit rating assigned to BCR
reflects the standalone BCA of baa3 as well as Moody's assumption
of full support from the government, its 100% parent, because of
its ownership, the government guarantee of its obligations under
Article 4 of the Financial System Law, as well as its public
mandate and the importance of its deposit and loan franchise. As
BCR's baa3 BCA is equal to the Baa3 government rating, the bank's
supported ratings do not derive any additional uplift at this
time. The assigned Ba1 long term foreign currency deposit rating
is constrained by the Ba1 country ceiling for foreign currency
deposits in Costa Rica.

The principal methodology used in this rating was Moody's Global
Banks methodology published on May 31, 2013.

Banco de Costa Rica was established in 1877 by the Costa Rican
government and is the oldest financial institution in the country.
It is the second largest bank, after Banco Nacional de Costa Rica,
with a market share of 20% in loans and 22% in deposits. BCR is
also a leading securities and insurance broker and pension and
mutual fund manager through its 100%-owned subsidiaries BCR
Valores Puesto de Bolsa S.A., BCR Corredora de Seguros S.A, BCR
Sociedad Administradora de Fondos de Inversion S.A., and BCR
Operadora de Pensiones S.A. BCR reported total consolidated assets
of $7.5 billion (CRC 3.8 trillion), equity of $730 million (CRC
372 billion) and net income of $63 million (CRC 31.9 billion), as
of December 31, 2012. Consolidated figures include those of BICSA
(Ba1, stable), the bank's Panamanian subsidiary.


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


AVANCE Y FORTALECIMIENTO: Moody's Withdraws All Ratings
-------------------------------------------------------
Moody's de Mexico has withdrawn Avance y Fortalecimiento Integral,
S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad No
Regulada's ratings including: (i) long term local currency
corporate family rating (CFR) of Caa1; (ii) long and short term
global local currency (GLC) issuer ratings of Caa1 and Not Prime,
respectively; and (iii) long and short term Mexican National Scale
issuer ratings of Caa1.mx and MX-4. The outlook on all the ratings
before the withdrawal was stable.

Ratings Rationale:

Moody's has withdrawn Avance's ratings for its own business
reasons.

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.

Avance is headquartered in Chihuahua, Chihuahua and reported total
assets of Mx$52.4 million ($4.1 million), gross loans of Mx$36.6
million and shareholders' equity of Mx$13.5 million as of
September 2012.

The period of time covered in the financial information used to
determine Avance's rating is between December 31, 2008 and
September 30, 2012 (source: Moody's and Issuer's financial
statements).

The following ratings assigned to Avance were withdrawn:

Long term local currency corporate family rating of Caa1
Long term global local currency issuer ratings of Caa1
Short term global local currency issuer ratings of Not Prime
Long term Mexican National Scale issuer ratings of Caa1.mx
Short term Mexican National Scale issuer ratings of MX-4


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


CARIBBEAN AIRLINES: Sudden Resignation of CEO Not Surprising
------------------------------------------------------------
RJR News reports that Dr. Omar Davies, Minister of Transport and
Works, said he is not surprised by the sudden resignation of
acting Chief Executive Officer of Caribbean Airlines Limited,
Robert Corbie.

Mr. Corbie released a statement to CAL staff members, indicating
that he tendered his resignation and the Board accepted it with
immediate effect, according to RJR News.

The report discloses that CAL's vice president of operations,
Captain Jagmohan Singh, has been appointed to oversee day-to-day
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.


CARIBBEAN CEMENT: Will Have Price Increase
------------------------------------------
RJR News reports that Caribbean Cement Company Limited said it
will hike the price of cement this July 6.

The price of Carib Cement OPC and Carib Cement Plus products, will
increase by an average of 1 percent, according to RJR News.

The report relates that Carib Cement said, the increase is due to
movements in the exchange rate which has been impacting its input
costs.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


CL FINANCIAL: State Argues Against Clico Payouts
------------------------------------------------
Jensen LaVende at Trinidad Express reports that state attorneys
will continue their arguments as to why 250 policyholders of
failed insurance giant Colonial Life Insurance Company (Trinidad)
Limited (CLICO) should not benefit from a High Court ruling that
they receive 100 per cent of their investments and three per cent
interest per annum from the company.

The attorneys began their arguments before Appeal Court judges led
by Chief Justice Ivor Archie, Gregory Smith and Rajendra Narine,
according to Trinidad Express.

The report notes that the attorneys -- Queen's Counsel Allan
Newman, former attorney general Senior Counsel Russell Martineau,
Kelvin Ramkissoon and Kerry Ann Oliverie -- are arguing against
the March 12 decision of Justice Joan Charles.

The report relates that Justice Charles agreed with the United
Policyholders Group, represented by Queen's Counsel Peter Knox,
former attorney general Senior Counsel Ramesh Lawrence Maharaj,
Vijaya Maharaj and Nyala Badal.

The report discloses that the group contended that the bailout
plan presented by the former People's National Movement
administration amounted to a guarantee that policyholders would be
reimbursed the funds they held in CLICO.

"It is declared that the claimants are the beneficiaries of
legitimate expectations engendered by representations made to them
by or on behalf of the government that (i) the government would
ensure that their funds in CLICO would be safe and that it would
guarantee repayment of all monies due to them; and (ii) the
government would make good the deficit in the Statutory Fund,"
Justice Charles's ruling stated, the report notes.

Trinidad Express adds that Justice Charles rejected the State's
contention that it did not have the money to abide by the PNM's
promise.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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/


                            ***********


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 * * *