/raid1/www/Hosts/bankrupt/TCRLA_Public/130716.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
Tuesday, July 16, 2013, Vol. 14, No. 139
Headlines
B R A Z I L
BANCO DO BRASIL: Fitch Affirms Viability Rating at 'bb+'
GOL LINHAS: Receives "Neutral" Rating From Zacks
* ITAU UNIBANCO: Has BRL3.2 Billion Exposure to Eike Batista
C A Y M A N I S L A N D S
APSON CAPITAL: Creditors' Proofs of Debt Due Aug. 12
CROWN ENTERPRISES: Creditors' Proofs of Debt Due Aug. 12
EASTER: Creditors' Proofs of Debt Due Aug. 12
HADAR FUND: Court to Hear Liquidation Proceedings on Aug. 9
HARVEST CAYMAN: Creditors' Proofs of Debt Due Aug. 12
MADEIRA POWER: Creditors' Proofs of Debt Due Aug. 12
METCOMP CO: Creditors' Proofs of Debt Due Aug. 12
METCOMP HOLDINGS: Creditors' Proofs of Debt Due Aug. 12
RIDLEY PARK: Shareholder to Hear Wind-Up Report on July 22
RIDLEY PARK MASTER: Shareholder to Hear Wind-Up Report on July 22
RILLIAM GLOBAL: Creditors' Proofs of Debt Due Aug. 12
RONYRA WINDSOR: Creditors' Proofs of Debt Due Aug. 16
SAPIC II: Creditors' Proofs of Debt Due Aug. 11
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: No Layoffs From Higher Minimum Wage
M E X I C O
BANCO DAVIVIENDA: Moody's Keeps Ba2 Subordinated Debt Rating
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to Ca.mx
DESARROLLADORA HOMEX: Default Cues Moody's to Cut Rating to Ca
MAXCOM TELECOMUNICACIONES: Discloses Agreement on Recapitalization
X X X X X X X X
Large Companies With Insolvent Balance Sheets
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B R A Z I L
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BANCO DO BRASIL: Fitch Affirms Viability Rating at 'bb+'
--------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign and local
currency Issuer Defaults Ratings (IDRs), Support Ratings and
National Ratings of Banco do Brasil S.A. (BdB), Banco Votorantim
S.A. (BV) and Caixa Economica Federal (Caixa). Fitch also affirmed
BdB's and BV's Viability Ratings (VR) at 'bb+' and at 'bb-',
respectively.
The international ratings of BdB and Caixa, which are systemically
important banks in Brazil, are equalized and linked to Brazil's
sovereign ratings, reflecting the support that Fitch expects they
would receive form federal government if necessary.
BdB and Caixa are two of the largest government-owned retail banks
and lenders in Brazil. They have maintained their market share
over the years, despite fierce competition from large private
retail banks. At the first quarter of 2013 (1Q'13), with assets of
BRL1.179 billion and deposits of BRL469 billion, BdB was the
largest bank in the country in terms of assets and deposits (18%
and 27% market share, respectively, in 2012). In the same period,
Caixa's assets and deposits were BRL731 billion and BRL323
billion, ranking as the fourth and second, respectively (12% and
18% market share, respectively, in 2012).
Both banks are present in a wide range of lending segments from
commercial lending to individuals, SMEs and corporates, to lending
for infrastructure projects. BdB is the largest lender in
agricultural lending (62% market share) and payroll deductible
loans (30% market share), while Caixa is by far the largest lender
in mortgage lending (69% market share). They also manage the
collection and payment of benefits in Brazil.
BdB is 58.6% owned by the government and Caixa is fully government
owned. They both fulfill an important public policy role. Their
loan books grew faster than the private banks' average in the
recent years. Average annual loan growth was 20% and 42% for BdB
and Caixa, respectively, between 2010 and 2012. Such aggressive
loan growth reflects the anti-cyclical role performed by both
banks in the recent years and will be tested in an environment of
lower interest rates and high credit costs. Fitch expects that
such fast loan growth will not undermine their current asset
quality ratios in the short and medium term, although the current
environment of lower than average economic growth may put some
pressure to those ratios.
BdB and Caixa's asset quality indicators remained largely stable
in 2012 and 1Q'13, and continue to be slightly better than large
private banks' averages. The banks benefit from relatively higher
exposure to public sector employee client base and payroll
deductible loans. Past due loans over 90 days of both entities are
approximately 2% of gross loans and compare well with local and
international peers. Caixa's impaired loans, which include loans
that are performing but classified in the riskier end of the
internal risk classification of the bank, remain higher than BdB's
(8.7% of gross loans versus 5.8%, respectively, at 1Q'13) and are
driven mainly by its commercial loan book where impaired loans
13.6% versus the 6% of the mortgage lending book.
Both BdB and Caixa have low Fitch Core Capital (FCC) ratios (BdB:
5.8% and Caixa: 4.7%, at 1Q'13) compared to other banks in Brazil
and around the world, which is one of their main weakness. Fitch
notes that current capitalization strategy for both banks
considers a significant use of hybrid instruments that will aid
their compliance with the newly regulatory capital rules (BIS III
compliant) and even result in higher than minimum regulatory
capital ratios; nevertheless, the overall result of such strategy
will not improve their FCC, which is Fitch's cornerstone capital
measure. Despite their franchise, adequate historic profitability,
stable funding and good asset quality ratios, Fitch believes
improvements in capitalization ratios derived from paid in capital
would enhance the credit quality of both banks.
KEY RATING DRIVERS
BdB:
BdB's IDRs and national ratings are linked to the sovereign
ratings of Brazil and reflect the federal government control and
its systemic importance. The probability of the Brazilian
government providing support to BdB is high, which explains its
Support Rating of '2' and its Support Rating Floor of 'BBB'. The
federal government has influence over the strategies of the bank,
which is evidenced by BdB's role during the recent crisis, and in
the governmental economic policies promoting the agribusiness
development, and, more recently, in the widespread reduction in
the domestic interest rates.
BdB's VR factors its strong franchise, wide branch network,
diversified client and earnings base, high liquidity and
satisfactory performance through the economic cycles, while its
capitalization remains low compared to other banks rated 'bbb-' or
higher around the world. Even if a minor improvement is expected
in its FCC ratio due the profits from the Initial Public Offering
of BB Seguridade, a large portion of the capitalization plan of
the bank to comply with new regulatory capital rules in Brazil is
based on the use of hybrid instruments as part of their 'Principal
Tier 1 Capital', which would be neutral to Fitch's FCC ratio.
BV:
BV's IDRs and national ratings are based on the support that Fitch
believes the bank receives from BdB. Fitch considers BV to be
strategically important to BdB, since BV performs important
complementary activities to BdB's operations.
BV's VR is constrained by its recent weak performance, high
leverage and challenges to its asset quality metrics. Also, BV's
VR considers its adequate position within its niche market - the
auto loans segment - and the benefits provided by the ordinary
support of its shareholders in terms of liquidity and funding
availability.
Caixa:
Caixa's ratings are linked to Brazil's sovereign ratings and
reflect the high probability of support, as evidenced by the
capital injections by the National Treasury funding loan growth
over the years, full ownership by the federal government, its
systemic importance, and the crucial role it plays in the
implementation of government economic programs and extension of
credit to lower income population segments. Fitch considers Caixa
a 'public-mission bank', therefore does not assign a VR.
Caixa is one of the main agents financing and/or managing
politically high profile federal government development programs
such as Programa de Aceleracao do Crescimento (the Accelerated
Growth Program focusing on large infrastructure projects),
Programa Minha Casa Minha Vida (a program for mortgage lending),
and Bolsa Familia (an assistance grant made to low-income
families). It also manages a number of large public funds and the
collection of federal lottery proceeds.
The National Treasury injected BRL12 billion of capital and BRL23
billion of hybrid instruments and subordinate debt eligible as
regulatory capital between 2010 and 2012. In June 2013, the
National Treasury injected BRL8 billion as 'Principal Tier 1
Capital', and is expected to transfer further funds until the end
of the year. The regulatory capital ratio is likely to increase by
year-end, despite the expectation of the maintenance of high
dividend payouts (123% of net income in 2012) and loan growth
target of 40% for year-end 2013. Despite such capitalization
strategy, Caixa's FCC remains at 4.7% as of March 2013 and it is
expected to remain around this level, which, in Fitch's view, is
low compared to other similar entities and also considering its
ambitious growth target.
RATING SENSITIVITIES
BdB:
BdB's IDRs would be affected by potential changes in the sovereign
ratings of Brazil and/or in its shareholder's willingness to
provide support. Fitch does not expect a change in the
government's willingness to provide support over the rating
horizon.
BdB's VR would be negatively affected if the FCC ratio falls below
5.5%, asset quality deteriorates to above its historic average on
a sustained basis, and/or profitability weakens beyond Fitch's
expectations undermining its capital base measured by FCC ratio.
Also, positive rating changes to BdB's VR would be dependent on a
significant and sustained improvement of its FCC ratio and the
ability to preserve good asset quality ratios and profitability
levels.
BV:
Although unlikely in the short term, any change in BdB's ratings
or in its willingness or capacity to provide support could result
in changes to BV's IDRs and national ratings.
The VR could benefit from the reversal of its weak performance,
expressed by an ROA above 1%, and from the sustainable improvement
in its performance and credit quality metrics. The VR could be
downgraded if there is further deterioration in credit portfolio,
reduction in capitalization, and weak performance.
Caixa:
Caixa's IDRs would be affected by potential changes in the
sovereign ratings of Brazil and/or in its shareholder's
willingness to provide support. Fitch does not expect a change in
its evaluation of the government's willingness to provide support
over the rating horizon.
Fitch has taken the following rating actions:
Banco do Brasil:
-- Long-term foreign and local currency IDRs affirmed at 'BBB',
Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F2';
-- Viability Rating affirmed at 'bb+';
-- Long-term national rating affirmed at 'AAA(bra)', Outlook
Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '2';
-- Support Rating Floor affirmed at 'BBB'.
Banco Votorantim:
-- Long-term foreign and local currency IDRs affirmed at 'BBB-',
Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
-- Viability Rating affirmed at 'bb-';
-- Long-term national rating affirmed at 'AA+(bra)', Outlook
Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '2';
-- BRL senior unsecured notes due May 2016, foreign currency
rating affirmed at 'BBB-'.
BV Leasing Arrendamento Mercantil S.A.
-- 1st and 2nd debentures issuances, national long-term rating
affirmed at 'AA(bra)'.
Caixa Economica Federal:
-- Long-term foreign and local currency IDRs affirmed at 'BBB',
Outlook Stable;
-- Short-term foreign and local currency IDR affirmed 'F2';
-- Long-term national rating affirmed at 'AAA(bra)', Outlook
Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '2';
-- Support Rating Floor affirmed at 'BBB';
-- Senior unsecured USD notes due 2017 and 2022, long-term
foreign currency rating affirmed at 'BBB'.
GOL LINHAS: Receives "Neutral" Rating From Zacks
------------------------------------------------
Lindsey Winhoffer, citing StockRatingsNetwork, at WatchList News
reports that Gol Linhas Aereas Inteligentes SA's stock had its
"neutral" rating reaffirmed by Zacks in a research report issued
on July 12.
They currently have a $3.50 price objective on the stock. Zacks'
target price would indicate a potential upside of 6.06% from the
company's current price, according to WatchList News.
WatchList News notes that Zacks' analyst wrote, "We maintain our
Neutral recommendation on GOL Linhas. The company commands a
strong position in the Brazilian aviation sector owing to its
constant network enhancement in the U.S. and overseas, fleet
restructuring, focus on customer satisfaction and lucrative
partnerships. The new loyalty program and the initial public
offering of Smiles S.A. are expected to boost the performance
level of the company in the coming months. However, the company's
weaker-than-expected first quarter results dampens our optimistic
outlook. Fluctuating fuel costs, a competitive sector scenario,
imbalance in domestic supply and demand ratio and international
business risks might also weigh on the stock."
WatchList News relates that several other analysts have also
recently commented on the stock.
Analysts at Imperial Capital initiated coverage on shares of Gol
Linhas Aereas Inteligentes SA in a research note to investors on
July 1.
WatchList News says that they set an "outperform" rating and a
$6.00 price target on the stock.
Separately, analysts at Raymond James cut their price target on
shares of Gol Linhas Aereas Inteligentes SA from $7.50 to $6.00 in
a research note to investors, June 18, WatchList News discloses.
Finally, WatchList News relates that analysts at Goldman Sachs
Group Inc. initiated coverage on shares of Gol Linhas Aereas
Inteligentes SA in a research note to investors, June 3.
They set a "neutral" rating and a GBX 5.60 ($0.08) price target on
the stock, WatchList News notes.
The report adds that one analyst has rated the stock with a sell
rating, two have given a hold rating and three have issued a buy
rating to the company. Gol Linhas Aereas Inteligentes SA
presently has an average rating of "Hold" and an average target
price of $6.22, WatchList News notes.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 9, 2013, Standard & Poor's Ratings Services affirmed its 'B'
global-scale corporate credit rating on Gol Linhas Aereas
Inteligentes S.A. (GOL). S&P also affirmed its 'brBBB-' national
scale rating on GOL. At the same time, S&P removed all its
ratings on GOL from CreditWatch, where they were placed with
negative implications on Aug. 15, 2012. The outlook is negative.
* ITAU UNIBANCO: Has BRL3.2 Billion Exposure to Eike Batista
------------------------------------------------------------
Dow Jones Newswires, citing an unnamed source, reports that
Brazil-based Itau Unibanco Holding SA is owed BRL3.2 billion
(US$1.4 billion) by the group controlled by Brazilian tycoon Eike
Batista, and may set aside a small amount of cash to cover
potential losses.
Mr. Batista's industrial group is struggling to stay afloat
financially, after a crisis of credibility triggered by missed
production targets at his flaghsip oil company OGX Petroleo e Gas
Participacoes SA, according to Dow Jones Newswires.
The report notes that the source said Itau's largest loans are to
the group's electric power company, MPX Energia SA (MPXEY,
MPXE3.BR), totaling BRL2.2 billion. Germany's E.ON SE owns 36.2%
of MPX.
Dow Jones Newswires relates that the source said Itau's loans to
the group are guaranteed by shares in one of Mr. Batista's
companies, along with some of the businessman's real-estate
properties and even a slice of Mr. Batista multi-million-dollar
yacht.
The report says that late July 9, Mr. Batista said he's handed
over more assets to guarantee loans with Itau BBA, the investment
bank unit of Itau Unibanco.
Dow Jones Newswires discloses that one of Mr. Batista's holding
companies, Centennial Asset Participacoes Acu SA, will deposit all
of its shares in logistics company LLX Acu Operacoes Portuarias SA
as a guarantee for loans obtained from Itau BBA.
LLX Acu is building a huge seaport and industrial complex in
southeastern Brazil.
The report adds that the source said Itau may set aside some
additional provisions to cover for potential losses in the second
quarter, but this would be relatively small and wouldn't impact
overall guidance on provisions for the full year.
Dow Jones Newswires relays that Itau has said it expects its
provisions this year to be between BRL19 billion and BRL22
billion.
The report says that the EBX group loans account for a small part
of Itau's overall loan portfolio, a fraction of the bank's total
assets of BRL1.03 trillion, as of the end of the first quarter.
Dow Jones Newswires adds that the concerns about Mr. Batista's
group has weighed on Brazilian bank shares in recent days.
==========================
C A Y M A N I S L A N D S
==========================
APSON CAPITAL: Creditors' Proofs of Debt Due Aug. 12
----------------------------------------------------
The creditors of Apson Capital are required to file their proofs
of debt by Aug. 12, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on July 9, 2013.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
CROWN ENTERPRISES: Creditors' Proofs of Debt Due Aug. 12
--------------------------------------------------------
The creditors of Crown Enterprises Limited are required to file
their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 8, 2013.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
EASTER: Creditors' Proofs of Debt Due Aug. 12
---------------------------------------------
The creditors of Easter are required to file their proofs of debt
by Aug. 12, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on July 8, 2013.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
HADAR FUND: Court to Hear Liquidation Proceedings on Aug. 9
-----------------------------------------------------------
A petition to continue the liquidation proceedings of Hadar Fund
Ltd. will be heard before the Grand Court of Cayman Islands on
Aug. 9, 2013, at 10:00 a.m.
The company's liquidators are:
David A.K. Walker
Ian D. Stokoe
PwC Corporate Finance & Recovery (Cayman) Limited
PO Box 25 8, Strathvale House
George Town
Grand Cayman KY1-1104
Cayman Islands
HARVEST CAYMAN: Creditors' Proofs of Debt Due Aug. 12
-----------------------------------------------------
The creditors of Harvest Cayman Holding Ltd. are required to file
their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 10, 2013.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
MADEIRA POWER: Creditors' Proofs of Debt Due Aug. 12
----------------------------------------------------
The creditors of Madeira Power Limited are required to file their
proofs of debt by Aug. 12, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 8, 2013.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
METCOMP CO: Creditors' Proofs of Debt Due Aug. 12
-------------------------------------------------
The creditors of Metcomp Co. are required to file their proofs of
debt by Aug. 12, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on July 5, 2013.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
METCOMP HOLDINGS: Creditors' Proofs of Debt Due Aug. 12
-------------------------------------------------------
The creditors of Metcomp Holdings are required to file their
proofs of debt by Aug. 12, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 5, 2013.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
RIDLEY PARK: Shareholder to Hear Wind-Up Report on July 22
----------------------------------------------------------
The shareholder of Ridley Park Paragon Fund Limited will receive
on July 22, 2013, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o Kassi Desrochers
Telephone: (345) 914 4473/ (345) 949 4800
Facsimile: (345) 949 7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
RIDLEY PARK MASTER: Shareholder to Hear Wind-Up Report on July 22
-----------------------------------------------------------------
The shareholder of Ridley Park Paragon Master Fund Limited will
receive on July 22, 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:
K.D. Blake
c/o Kassi Desrochers
Telephone: (345) 914 4473/ (345) 949 4800
Facsimile: (345) 949 7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
RILLIAM GLOBAL: Creditors' Proofs of Debt Due Aug. 12
-----------------------------------------------------
The creditors of Rilliam Global Offshore, Ltd. are required to
file their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 10, 2013.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
RONYRA WINDSOR: Creditors' Proofs of Debt Due Aug. 16
-----------------------------------------------------
The creditors of Ronyra Windsor Ltd. are required to file their
proofs of debt by Aug. 16, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 1, 2013.
The company's liquidator is:
David S. Zweig, Esq.
Telephone: (858) 274 1818
Facsimile: (858) 274 8535
e-mail: dzweig@zweiglaw.com
c/o Law Firm of David S. Zweig
4425 Bayard Street, Suite 200
San Diego, California 92109
SAPIC II: Creditors' Proofs of Debt Due Aug. 11
-----------------------------------------------
The creditors of Sapic II Reference Fund (46) Limited are required
to file their proofs of debt by Aug. 11, 2013, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on June 25, 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
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D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: No Layoffs From Higher Minimum Wage
---------------------------------------------------------
The Dominican Today reports that Santiago's business and
industrial leaders grouped in the ACIS discarded concerns that the
14% higher minimum wage would lead to layoffs in north region
companies.
ACIS President Sandy Filpo said businesses in Santiago as well as
those of the entire northern region took all precautionary
measures to preserve jobs after the wage increase, according to
The Dominican Today.
"The increase that was approved was a consensus, maybe it wasn't
what employees expected, but this increase was what the
possibility allowed," the report quoted Mr. Filpo as saying.
Mr. Filpo said "they'll have to way for the impact the wage
increase can generate on business, but regardless of that, the
employers were aware of the situation," the report notes.
The report adds that Mr. Filpo said that the companies will make a
great effort to keep jobs and that a higher labor cost doesn't
have a negative impact.
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M E X I C O
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BANCO DAVIVIENDA: Moody's Keeps Ba2 Subordinated Debt Rating
------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Banco
Davivienda S.A., including its standalone bank financial strength
rating (BFSR) of D+, which maps to an unsupported baseline credit
assessment of ba1; its global local currency long- and short-term
deposit ratings of Baa3/Prime-3; foreign currency long- and short-
term deposit ratings of Baa3/Prime-3; foreign currency senior debt
rating of Baa3; and foreign currency subordinated debt rating of
Ba2. At the same time, Moody's changed Davivienda's outlook to
stable, from negative.
Ratings Rationale:
In affirming Davivienda's ratings with a stable outlook, Moody's
noted that the bank's financial metrics, and its earnings and
asset quality in particular, have been largely unaffected by the
incorporation of the bank, insurance, and financial and service
companies acquired from HSBC in El Salvador, Costa Rica and
Honduras. The new subsidiaries represent 16.6% of Davivienda's
consolidated assets.
In the six months period since it took over these operations,
Davivienda has aligned the loan provisions of the subsidiaries to
Colombia's more stringent regulatory requirements, although the
quality of the regional loan book appears to be largely in line
with Davivienda's. The overall increase in the bank's credit
costs, therefore, combines such adjustments with the growth in its
Colombian-based consumer loan book, which also demanded additional
provisions. Moreover, the ongoing operational integration process
has limited earnings contribution from the subsidiaries, a trend
Moody's anticipates will continue over the next quarters, but
which has been largely offset by the strength of Davivienda's
domestic results and growth prospects.
Moody's highlighted that Davivienda's franchise will be
strengthened by the geographic diversification that this regional
expansion entails, together with improving earnings quality, as
management leverages the Central American businesses and completes
the integration process. Nevertheless, the ratings incorporate the
risks related to the bank's presence in less benign and highly
dollarized operating environments in Central America.
Moody's notes that Davivienda's capitalization following the
acquisition remains at a relatively low level when compared
regionally, especially when adjusting for goodwill, and including
recent regulatory changes in Colombia and Moody's own adjustments.
However, because of the ample loan loss reserves and overall
profitability, Davivienda's capitalization is able to withstand
substantial deterioration in asset quality in all its different
jurisdictions, according to Moody's scenario analysis.
The principal methodology used in these ratings was Global Banks
Methodology published in May 2013.
The date of the last Credit Rating Action was February 5, 2013
when Moody's concluded the review of Colombian banks' subordinated
debt ratings.
Davivienda is headquartered in Bogot , Distrito Capital, Colombia
and had $ 27.0 billion in assets, $ 18.5 billion in net loans, $
17.0 billion in deposits, $ 3.0 billion in shareholders' equity,
and net income of $ 130.5 million as of March 31, 2013.
The following ratings assigned to Davivienda were affirmed with a
stable outlook:
Bank Financial Strength Rating of D+
Long term global local currency bank deposit ratings of Baa3
Short term global local currency bank deposit ratings of Prime-3
Long term foreign currency bank deposit ratings of Baa3
Short term foreign currency bank deposit ratings of Prime-3
Long term foreign currency senior unsecured debt ratings of Baa3
Long term foreign currency subordinated debt ratings of Ba2
DESARROLLADORA HOMEX: Moody's Lowers Issuer Rating to Ca.mx
-----------------------------------------------------------
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale issuer rating to Ca.mx, from Caa2.mx (global
scale local currency rating to Ca from Caa2). This rating remains
under review for downgrade.
Ratings Rationale:
This rating action follows Homex's announcement that it did not
make the required payment on its US$250 million 9.5% unsecured
bonds due 2019 during the grace period, which expired on July 11,
2013. This constitutes an event of default under the bond
indenture and triggers a payment acceleration of not only this
bond, but would likely trigger an event of default and an
acceleration of the company's remaining debt, placing a large
burden on the company's already feeble liquidity position and
viability. The Ca rating implies a diminished recovery to
bondholders and other stakeholders.
In its review Moody's will monitor Homex's ability to repay its
short-term obligations, in light of the company's limited access
to external sources of capital. Moody's will also closely monitor
the company's ultimate strategic direction and capital structure
as well as the overall recovery for bondholders once the
restructuring plan is consummated. Homex has limited liquidity and
its cash flows continue to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.
Should the debt restructuring plan result in higher loss severity
for bondholders than the loss reflected in the Ca rating, the
ratings will be downgraded to C.
The following ratings were downgraded and remain under review for
downgrade:
Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating to Ca.mx, from Caa2.mx and global scale local currency
issuer rating to Ca, from Caa2.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52,193 million Mexican Pesos and equity of
approximately $14,771 million Mexican Pesos as of March 31, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
Period of time covered in the financial information used to
determine the rating was December 31, 2009 to March 31, 2013.
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.
DESARROLLADORA HOMEX: Default Cues Moody's to Cut Rating to Ca
--------------------------------------------------------------
Moody's Investors Service downgraded Desarrolladora Homex, S.A.B.
de C.V.'s global scale foreign currency senior unsecured debt
rating to Ca from Caa2. The rating remains under review for
downgrade.
Ratings Rationale:
This rating action follows Homex's announcement that it did not
make the required payment on its US$250 million 9.5% unsecured
bonds due 2019 during the grace period, which expired on July 11,
2013. This constitutes an event of default under the bond
indenture and triggers a payment acceleration of not only this
bond, but would likely trigger an event of default and an
acceleration of the company's remaining debt, placing a large
burden on the company's already feeble liquidity position and
viability. The Ca rating implies a diminished recovery to
bondholders and other stakeholders.
In its review Moody's will monitor Homex's ability to repay its
short-term obligations, in light of the company's limited access
to external sources of capital. Moody's will also closely monitor
the company's ultimate strategic direction and capital structure
as well as the overall recovery for bondholders once the
restructuring plan is consummated. Homex has limited liquidity and
its cash flows continue to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.
Should the debt restructuring plan result in higher loss severity
for bondholders than the loss reflected in the Ca rating, the
ratings will be downgraded to C.
The following ratings were downgraded and remain under review for
downgrade:
Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to Ca, from
Caa2.
The last rating action with respect to Homex took place on May 31,
2013 when Moody's Investors Service downgraded the global scale
foreign currency rating on senior notes issued in the USA to Caa2,
from B2. Concurrently, Moody's de Mexico downgraded the national
scale issuer rating to Caa2.mx, from Ba1.mx and global scale local
currency issuer rating to Caa2, from B2. All ratings remained
under review for downgrade.
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $52,193 million Mexican Pesos and equity of
approximately $14,771 million Mexican Pesos as of March 31, 2013.
Homex is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
MAXCOM TELECOMUNICACIONES: Discloses Agreement on Recapitalization
------------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. has negotiated the terms
of a comprehensive recapitalization and debt restructuring that is
expected to significantly reduce Maxcom's debt service expense and
position Maxcom for growth with a US$45 million capital infusion.
Maxcom, private equity firm Ventura Capital Privado, S.A. de C.V.,
an ad hoc group holding an aggregate amount of approximately US$84
million of Maxcom's 11% Senior Notes due 2014, and certain of its
current equity holders have reached agreement on the terms of a
restructuring and support agreement, a recapitalization agreement,
and agreements to tender.
In connection with the recapitalization, Maxcom has entered into a
recapitalization agreement with Ventura and certain related
parties, pursuant to which the Purchasers have agreed to make a
capital contribution of US$45.0 million dollars and conduct a
tender offer to acquire for cash, at a price equal to Ps.$2.90
(two pesos and 90/100) per CPO, up to 100% (one hundred percent)
of the issued and outstanding shares of Maxcom, subject to the
terms of the recapitalization agreement.
The Purchasers' obligation to consummate the tender offer and make
the capital contribution is subject to a number of conditions,
including: receiving legal and regulatory approvals from the
Mexican Banking and Securities Commission (Comision Nacional
Bancaria y de Valores), the Mexican Ministry of Communications and
Transportation (Secretaria de Comunicaciones y Transportes) and
the Mexican Antitrust Commission (Comision Federal de
Competencia), the absence of certain material adverse effects, the
entry of an acceptable bankruptcy court confirmation order
consistent with the terms of the restructuring and support
agreement and the recapitalization agreement and such order
becoming final.
Pursuant to the terms of the Chapter 11 plan that have been agreed
by and among Maxcom, the Purchasers and the Ad Hoc Group, all
classes of creditors are unimpaired and will be paid in full in
the ordinary course, except for the Senior Notes claims, which
will receive (1) the step-up senior notes (which include the
capitalized interest amount for unpaid interest accrued on the
Senior Notes from (and including) April 15, 2013 through (and
excluding) June 15, 2013, at the rate of 11% per annum), (2) cash
in the amount of unpaid interest accrued on the Senior Notes (A)
from (and including) December 15, 2012 through (and excluding)
April 15, 2013, at the rate of 11% per annum, and (B) from (and
including) June 15, 2013 through (and excluding) the effective
date of the Plan at the rate of 6% per annum, and (3) rights to
purchase equity that is unsubscribed by the Company's current
equity holders pursuant to the terms of the Plan.
The step-up senior notes will: (a) be issued in an aggregate
principal amount of US$200 million, minus the amount of Senior
Notes held in treasury by the Company, plus the capitalized
interest amount; (b) bear interest (i) from the date of issuance
until June 14, 2016, at the annual rate of 6% per annum, (ii) from
June 15, 2016 until June 14, 2018, at the annual rate of 7% per
annum, and (iii) from June 15, 2018 until the maturity date, at
the annual rate of 8% per annum; (c) have a maturity date of June
15, 2020; (d) be secured by the same collateral that currently
secures the Senior Notes; and (e) be unconditionally guaranteed,
jointly and severally and on a senior unsecured basis, by all of
Maxcom's direct and indirect subsidiaries, excluding Fundacion
Maxcom, A.C.
Maxcom's recapitalization and debt restructuring will be
implemented through a voluntary, prepackaged Chapter 11 filing
under the U.S. Bankruptcy Code and an equity tender offer in
accordance with U.S. and Mexican securities laws. Maxcom
commenced solicitation of votes from holders of the Senior Notes
on July 3, 2013.
The Company intends to operate in the ordinary course of business
during the implementation of its recapitalization and debt
restructuring and continue to provide a high level of
responsiveness to its customers, vendors and business partners.
No assurances can be given that a proposed recapitalization and
debt restructuring will be successful or that holders of Maxcom's
debt obligations and/or relevant stakeholders will reach an
agreement. If a consensual, pre-packaged Chapter 11 restructuring
cannot be implemented, Maxcom may be forced to file for bankruptcy
or concurso mercantil without the support of a significant portion
of its creditors. A failure to complete a restructuring, through
a pre-packaged Chapter 11 filing or otherwise, could have a
material adverse effect on the business or the interests of
holders of Maxcom's debt and equity securities.
As previously announced, the Company has engaged Lazard Freres &
Co. LLC and its alliance partner Alfaro, Davila y Rios, S.C. as
its financial advisor and Kirkland & Ellis LLP and Santamarina y
Steta, S.C. as its U.S. and Mexican legal advisors in connection
with its restructuring proceedings and potential Chapter 11 case.
The Ad Hoc Group has retained Cleary Gottlieb Steen & Hamilton LLP
and Cervantes Sainz, S.C., as its U.S. and Mexican legal advisors.
Ventura has retained VACE Partners as its financial advisor, and
Paul Hastings LLP and Jones Day as its U.S. and Mexican legal
advisors, respectively.
About Maxcom
Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.
* * *
Maxcom carries a 'CC' corporate credit rating from Standard &
Poor's Ratings Services and a "Caa1" from Moody's Investors
Service.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3
EDENOR-B DNOR AR 1394532232 -3893195.32
EMP DISTRIB-ADR EDN US 1394532232 -3893195.32
EMP DISTRIB-ADR PWD1 GR 1394532232 -3893195.32
EDENOR-B US$ DNORD AR 1394532232 -3893195.32
EDENOR-B C/E DNORC AR 1394532232 -3893195.32
EMPRESA DISTRI-A 0122196D AR 1394532232 -3893195.32
EMPRESA DISTRI-C 0122368D AR 1394532232 -3893195.32
ENDESA COSTAN-A CECO1 AR 355868838 -87473853.3
ENDESA COSTAN- CECO2 AR 355868838 -87473853.3
CENTRAL COST-BLK CECOB AR 355868838 -87473853.3
ENDESA COSTAN- CECOD AR 355868838 -87473853.3
ENDESA COSTAN- CECOC AR 355868838 -87473853.3
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CENTRAL COSTAN-C CECO3 AR 355868838 -87473853.3
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SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
EDENOR-B EDN AR 1394532232 -3893195.32
EDENOR-B EDNC AR 1394532232 -3893195.32
EDENOR-B EDND AR 1394532232 -3893195.32
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
PETROLERA DEL CO PSUR AR 64304553.9 -1269120.56
BRAZIL
------
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HOTEIS OTHON-PRF HOOT4 BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOTHPN BZ 253308748 -83119368.3
RENAUXVIEW SA TXRX3 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXON BZ 97868151.6 -91899413.1
RENAUXVIEW SA-PF TXRX4 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXPN BZ 97868151.6 -91899413.1
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
ESTRELA SA ESTR3 BZ 72008697.6 -116219949
ESTRELA SA ESTRON BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTR4 BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTRPN BZ 72008697.6 -116219949
WETZEL SA MWET3 BZ 102020563 -6073582.74
WETZEL SA MWELON BZ 102020563 -6073582.74
WETZEL SA-PREF MWET4 BZ 102020563 -6073582.74
WETZEL SA-PREF MWELPN BZ 102020563 -6073582.74
MINUPAR MNPR3 BZ 136398462 -91947867.2
MINUPAR SA MNPRON BZ 136398462 -91947867.2
MINUPAR-PREF MNPR4 BZ 136398462 -91947867.2
MINUPAR SA-PREF MNPRPN BZ 136398462 -91947867.2
NORDON MET NORD3 BZ 12386508.7 -33450200.1
NORDON METAL NORDON BZ 12386508.7 -33450200.1
NORDON MET-RTS NORD1 BZ 12386508.7 -33450200.1
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
RECRUSUL RCSL3 BZ 48003655.5 -18502124.9
RECRUSUL SA RESLON BZ 48003655.5 -18502124.9
RECRUSUL-PREF RCSL4 BZ 48003655.5 -18502124.9
RECRUSUL SA-PREF RESLPN BZ 48003655.5 -18502124.9
PETRO MANGUINHOS RPMG3 BZ 246810937 -224879124
PETRO MANGUINHOS MANGON BZ 246810937 -224879124
PET MANGUINH-PRF RPMG4 BZ 246810937 -224879124
PETRO MANGUIN-PF MANGPN BZ 246810937 -224879124
RIMET REEM3 BZ 103098361 -185417655
RIMET REEMON BZ 103098361 -185417655
RIMET-PREF REEM4 BZ 103098361 -185417655
RIMET-PREF REEMPN BZ 103098361 -185417655
SANSUY SNSY3 BZ 192536335 -145445052
SANSUY SA SNSYON BZ 192536335 -145445052
SANSUY-PREF A SNSY5 BZ 192536335 -145445052
SANSUY SA-PREF A SNSYAN BZ 192536335 -145445052
SANSUY-PREF B SNSY6 BZ 192536335 -145445052
SANSUY SA-PREF B SNSYBN BZ 192536335 -145445052
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
STAROUP SA STARON BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
TEKA TEKA3 BZ 407967021 -392649052
TEKA TEKAON BZ 407967021 -392649052
TEKA-PREF TEKA4 BZ 407967021 -392649052
TEKA-PREF TEKAPN BZ 407967021 -392649052
TEKA-ADR TKTPY US 407967021 -392649052
TEKA-ADR TKTQY US 407967021 -392649052
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 656823700 -17327661.6
VULCABRAS SA VULCON BZ 656823700 -17327661.6
VULCABRAS AZ-PRF VULC4 BZ 656823700 -17327661.6
VULCABRAS SA-PRF VULCPN BZ 656823700 -17327661.6
VULCABRAS-RT PRF VULC11 BZ 656823700 -17327661.6
LOJAS ARAPUA LOAR3 BZ 60020270.1 -3542047972
LOJAS ARAPUA LOARON BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOAR4 BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOARPN BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF 52353Z US 60020270.1 -3542047972
LOJAS ARAPUA-GDR 3429T US 60020270.1 -3542047972
LOJAS ARAPUA-GDR LJPSF US 60020270.1 -3542047972
BATTISTELLA BTTL3 BZ 158330518 -36518145.6
BATTISTELLA-PREF BTTL4 BZ 158330518 -36518145.6
SAUIPE SA PSEGON BZ 23615862 -840174.001
SAUIPE PSEG3 BZ 23615862 -840174.001
SAUIPE SA-PREF PSEGPN BZ 23615862 -840174.001
SAUIPE-PREF PSEG4 BZ 23615862 -840174.001
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
COLOMBIA
--------
PUYEHUE RIGHT PUYEHUOS CI 25722049 -4310587.75
PUYEHUE PUYEH CI 25722049 -4310587.75
***********
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 * * *