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/raid1/www/Hosts/bankrupt/TCRLA_Public/130717.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, July 17, 2013, Vol. 14, No. 140 Headlines B R A Z I L OGX PETROLEO: Given 2 Months to Choose New Board Members OGX PETROLEO: Default Risk Prompts Moody's to Lower CFR to Ca C A Y M A N I S L A N D S APSON CAPITAL: Shareholders' Final Meeting Set for Aug. 15 CARILLIAM GLOBAL: Shareholders' Final Meeting Set for Aug. 13 CROWN ENTERPRISES: Shareholders' Final Meeting Set for Aug. 13 EASTER: Shareholders' Final Meeting Set for Aug. 13 HARVEST CAYMAN: Shareholders' Final Meeting Set for Aug. 15 MADEIRA POWER: Shareholders' Final Meeting Set for Aug. 13 METCOMP CO: Shareholders' Final Meeting Set for Aug. 13 METCOMP HOLDINGS: Shareholders' Final Meeting Set for Aug. 13 RONYRA WINDSOR: Shareholders' Final Meeting Set for Aug. 20 SAPIC II: Shareholders' Final Meeting Set for Aug. 15 STANDARD PACIFIC: Shareholders' Final Meeting Set for Aug. 2 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: CPAs Also Ask Banks to Lower Lending Rates M E X I C O GRUPO ELEKTRA: Fitch Affirms 'BB-' Rating on US$550MM Senior Notes P U E R T O R I C O PUERTO RICO CABLE: Moody's Rates Proposed Debt Facility 'B2' T R I N I D A D & T O B A G O CARIBBEAN CEMENT: Parent Files Appeal Against Injunction - - - - - =========== B R A Z I L =========== OGX PETROLEO: Given 2 Months to Choose New Board Members -------------------------------------------------------- Luciana Magalhaes at Dow Jones Newswires, citing Brazil's stock market operator BM&FBovespa, reports that Brazilian oil company OGX Petroleo e Gas Participacoes SA, controlled by embattled billionaire Eike Batista, has two months to choose at least one independent member for its board of directors. Without at least one independent board member, it might be impossible to force Mr. Batista to honor a commitment to inject more cash into the struggling company, according to Dow Jones Newswires. The report notes that BM&FBovespa instructed OGX to appoint at least one new board member to meet the requirements for trading on the so-called Novo Mercado. Earlier, the report relays, the oil company's two remaining independent board members stepped down, leaving the board with only four members. BM&FBovespa requires companies trading on the Novo Mercado to have at least five members and that at least one in five of them be independent, the report discloses. In the case of OGX, this is especially important as its independent board members are tasked with deciding whether to demand that the Brazilian tycoon fulfill his commitment to invest an additional $1 billion in the company, the report notes. The report says that OGX confirmed that it has received the notification and said it is taking steps to bring in new board members to meet the requirement. OGX, the flagship of Mr. Batista's EBX group of companies, recently said that four of its five offshore fields aren't economically viable, the report relays. The report notes that the company's shares have fallen 90% in the last 12 months and its bonds are trading at default levels amid market expectations that OGX will soon need to seek a debt restructuring. Mr. Batista is looking for buyers for other companies in the EBX group to raise cash to pay creditors, the report adds. As reported in the Troubled Company Reporter-Latin America on July 4, 2013, 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. OGX PETROLEO: Default Risk Prompts Moody's to Lower CFR to Ca ------------------------------------------------------------- Moody's Investors Service downgraded OGX Petroleo e Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2 and OGX Austria GmbH's senior unsecured notes ratings to Ca from Caa2. The rating outlook remains negative. "The rating downgrade of OGX is driven by diminished expectations that OGX will be able to rely on the $1 billion put option that was granted by its controlling shareholder given the recent departure of all of the company's independent board members," commented Gretchen French, Moody's Vice President. Issuer: OGX Petroleo e Gas Participaaoes S.A. Downgrades: Corporate Family Rating, Downgraded to Ca from Caa2 Issuer: OGX Austria GMBH Downgrades: $2563M 8.5% Senior Unsecured Regular Bond/Debenture, Downgraded to Ca from Caa2 $1063M 8.375% Senior Unsecured Regular Bond/Debenture, Downgraded to Ca from Caa2 Ratings Rationale: OGX's Ca rating reflects high financial leverage relative to the company's production and cash flows and a weak liquidity profile, with impaired asset coverage of its unsecured notes. The rating also reflects weakening corporate governance practices and a highly uncertain outlook for the company, with the risk of a default, debt restructuring or bankruptcy filing. The negative outlook reflects OGX's weak liquidity profile. OGX's Ca ratings could be withdrawn if the company enters into a restructuring process. While unexpected over the near-term given the negative outlook, the Ca 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. ========================== C A Y M A N I S L A N D S ========================== APSON CAPITAL: Shareholders' Final Meeting Set for Aug. 15 ---------------------------------------------------------- The shareholders of Apson Capital will hold their final meeting on Aug. 15, 2013, at 1:50 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CARILLIAM GLOBAL: Shareholders' Final Meeting Set for Aug. 13 ------------------------------------------------------------- The shareholders of Carilliam Global Offshore, Ltd. will hold their final meeting on Aug. 13, 2013, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 CROWN ENTERPRISES: Shareholders' Final Meeting Set for Aug. 13 -------------------------------------------------------------- The shareholders of Crown Enterprises Limited will hold their final meeting on Aug. 13, 2013, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders' Final Meeting Set for Aug. 13 --------------------------------------------------- The shareholders of Easter will hold their final meeting on Aug. 13, 2013, at 9:25 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 HARVEST CAYMAN: Shareholders' Final Meeting Set for Aug. 15 ----------------------------------------------------------- The shareholders of Harvest Cayman Holding Ltd. will hold their final meeting on Aug. 15, 2013, at 1:40 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands MADEIRA POWER: Shareholders' Final Meeting Set for Aug. 13 ---------------------------------------------------------- The shareholders of Madeira Power Limited will hold their final meeting on Aug. 13, 2013, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders' Final Meeting Set for Aug. 13 ------------------------------------------------------- The shareholders of Metcomp Co. will hold their final meeting on Aug. 13, 2013, at 9:05 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders' Final Meeting Set for Aug. 13 ------------------------------------------------------------- The shareholders of Metcomp Holdings will hold their final meeting on Aug. 13, 2013, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholders' Final Meeting Set for Aug. 20 ----------------------------------------------------------- The shareholders of Ronyra Windsor Ltd. will hold their final meeting on Aug. 20, 2013, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David S. Zweig David S. Zweig, Esq. Telephone: (858) 274 1818 Facsimile: (858) 274 8535 c/o Law Firm of David S. Zweig 4425 Bayard Street, Suite 200 San Diego, California 92109 SAPIC II: Shareholders' Final Meeting Set for Aug. 15 ----------------------------------------------------- The shareholders of Sapic II Reference Fund (46) Limited will hold their final meeting on Aug. 15, 2013, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 STANDARD PACIFIC: Shareholders' Final Meeting Set for Aug. 2 ------------------------------------------------------------ The shareholders of Standard Pacific Els Fund, Ltd. will hold their final meeting on Aug. 2, 2013, at 1:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: CPAs Also Ask Banks to Lower Lending Rates ---------------------------------------------------------------- Dominican Today reports that Dominican Republic's certified public accountants grouped in ICPARD said they support the Herrera Industries Association's request for banks to lower lending rates, to materialize the Government's effort to jump start the economy with the release of reserve funds. ICPARD President Pedro Matos asked banks to lower lending rates, since they should be the first to support the Government's effort to spur the economy, according to Dominican Today. Mr. Matos, the report relates, said the release of funds in the reserve is precisely so banks lower rates, and help bolster competitiveness and demand for goods and services. "The banks should take lower lending rates into account as a matter of responsibility to society, reviving the economy and enabling the creation of more jobs," the report quoted Mr. Matos as saying. =========== M E X I C O =========== GRUPO ELEKTRA: Fitch Affirms 'BB-' Rating on US$550MM Senior Notes ------------------------------------------------------------------ Fitch Ratings has affirmed the following ratings of Grupo Elektra, S.A.B. de C.V. (Elektra): -- Foreign and Local Currency Issuer Default Rating (IDR) at 'BB-'; -- Long-term National Scale Rating at 'A(mex)'; -- Short-term National Scale Rating at 'F2(mex)'; -- US$550 million senior notes due 2018 at 'BB-'; -- MXN $3.5 billion long-term Certificados Bursatiles issuances (ELEKTRA13) at 'A(mex)'; -- Short and long-term Certificados Bursatiles program for up to MXN $5 billion at 'F2(mex)' and 'A(mex)', respectively. The Rating Outlook is Stable. Elektra's ratings reflect its operation's geographical diversification; its market position both in the retail and finance business, the latter including Banco Azteca (BAZ; rated 'A+(mex)' by Fitch); as well as the linkage between both operations. The ratings also incorporate the strong cash flow generation coming from the recently acquired payday lending subsidiary, Advance America (AEA), as well as the expectation of the retail division's leverage (total debt from retail and AEA to EBITDA from those operations) to be below 2.5 (x) times over the long term. The ratings are supported by an extensive store network across Mexico and Latin America. The rating also takes into account a decrease in revenues at the Mexican retail division that have been offset by better than expected results at AEA. Grupo Elektra's retail operations are linked to those of BAZ due of its business strategy of selling on credit (approximately 60% of sales). Fitch recently upgraded BAZ's national scale rating by one notch to 'A+(mex)', which is supported by its management expertise in consumer credit, asset quality, strong liquidity and the credit risk of its portfolio. The ratings also take into consideration the controlling ownership by the Salinas family and track record of transactions with related entities. KEY RATING DRIVERS Decline in Retail Offset by AEA: Revenue decline in the Mexican retail business during the last twelve months as of March 31, 2013 was offset by better than expected results in AEA. This reduction was the result of changes in commercialization efforts; however, Elektra has undertaken initiatives that should stabilize retail revenues for the second half of 2013. For the last 12 months (LTM) ended March 31, 2013, retail sales dropped by 8% when compared to previous year's levels. Fitch believes that the retail operation, by diversifying geographically across Latin America, somewhat mitigates revenue concentration (operations in Mexico, both retail and financial, still generate about 75% of the Group's consolidated revenues). Elektra's 2Q12 acquisition of AEA, a pay day lender provider with operations mainly in the United States, has mitigated to some extent lower results from the retail business. Fitch views AEA's business risk profile to be higher than Elektra, but this is balanced by BAZ's recent national scale upgrade. Fitch estimates that, as of 2Q13 LTM, Advance America will generate EBITDA in excess of MXN 2 billion. Improved BAZ Credit Profile: BAZ's ratings consider the bank's improved and sustained profitability after considerable growth of its loan portfolio, exhibiting a rapid recovery after the weak metrics reported in the 2008 and 2009 years during the global financial crisis. The bank's adequate ability to absorb losses, its solid funding structured through an ample, stable, diversified and low-cost base of core customer deposits, as well as a conservative dividend payout policy in recent years, are also part of the bank's ratings fundamentals. BAZ's ratings also consider its broad experience and competitive advantage in consumer finance, the high management costs with which these kind of entities (consumer finance business) operate (cost-to-income ratio of 82.2% in 1Q13), the challenges the bank faces to contain the recent deterioration of its asset quality metrics (non-performing loans/total loans as of March 2013: 8.20%), mainly derived from the rapid growth of new businesses; the concentration of its commercial loan portfolio and its relatively tight capitalization metrics under Fitch's methodologies (slightly deteriorated recently). Banco Azteca has a robust franchise that has resulted in good operating performance and liquidity, supported by its ample base of customer deposits. BAZ specializes on consumer loans (70% of total loans as of 1Q13), although they have gradually diversified through the years. The bank has increased the share of commercial loans, but these remain highly concentrated by borrower. Fitch believes the robust franchise of Baz's holding company (Grupo Elektra) provides an important competitive advantage to the bank and will be crucial to continue expanding its credit activities. The bank's non- performing loans recently exhibited deterioration (reaching post- crisis levels) in response to the rapid growth of new lending business; however, Fitch expects a recovery as the bank is already addressing this matter. Leverage Expected to Decline by 2014 The retail operation's gross leverage (excludings BAZ and other Latin American financial businesses) is expected to end 2013 at around 2.7x-2.8x, which is higher than Fitch's long-term expectation. However, Fitch expects leverage to decline below 2.5x at the end of 2014 as a result of improved results from both retail and AEA and remain on those levels over the long term. Fitch estimates that total debt to EBITDA (1Q13 LTM) is about 3.2x (2.7x for covenant purposes), as AEA started to consolidate at the end of the second quarter of 2012. Fitch believes that gross leverage should approximate to 2.8x as of June 30, 2013 considering some debt repayments during the second quarter of 2013 and 2.4x on a net debt basis. For the LTM ended March 31, 2013, consolidated debt to EBITDA (including bank deposits) has diminished to 8.7x, compared to 8.2x over the same period the previous year. As of March 2013, the retail business' total debt (excluding BAZ and other financial businesses) was MXN$19.8 billion, from MXN$ 13.9 million in the same period the previous year. Most of this increase is explained by the acquisition of AEA in 2Q12. Debt is composed of bank loans, local and international debt issuances and local structured issuances. Furthermore, Fitch estimates off- balance sheet debt related to operating leases at about MXN$17.5 billion. Elektra has paid annual dividends of MXN$522 million in 2013 and Fitch expects this amount to grow moderately going forward. RATING SENSITIVITIES Factors that may, individually or collectively, lead to positive rating actions include a sustained decrease in leverage approximating 2.0x over time, a recovery in retail sales and EBITDA, as well as a sustained improvement in Banco Azteca's credit profile. Future developments that may, individually or collectively, lead to negative rating actions include the prospect of leverage above 2.5x for a prolonged period of time, a breach of covenants, an accelerated increase in debt, without a corresponding increase in EBITDA on the retail division or AEA, any material contingency related to AEA that may arise, a deterioration in Banco Azteca's creditworthiness. Fitch currently rates these entities as follows: Banco Azteca de Guatemala, S.A. -- National long-term rating 'BBB+(gtm)'; -- National short-term rating 'F2(gtm)'. Banco Azteca (Panama), S.A. -- National long-term rating 'BBB(pan)'; -- National short-term rating 'F3(pan)'. Intra Mexicana, a subsidiary of Grupo Elektra -- MXN $3.0 billion Certificados Bursatiles Fiduciarios issuance (DINEXCB-12) by, 'AA-(mex)vra'. ===================== P U E R T O R I C O ===================== PUERTO RICO CABLE: Moody's Rates Proposed Debt Facility 'B2' ------------------------------------------------------------ Moody's Investors Service assigned a B2 corporate family rating and a B3-PD probability of default rating to Puerto Rico Cable Acquisition Company, Inc. (Choice Cable). Moody's also assigned a B2 rating to its proposed first lien credit facility, consisting of a $15 million revolver and a $155 million term loan. Choice Cable expects to use proceeds to refinance existing debt and to fund an approximately $55 million distribution to its equity sponsors. Puerto Rico Cable Acquisition Company Inc Corporate Family Rating, Assigned B2 Probability of Default Rating, Assigned B3-PD $15M First Lien Revolver, Assigned B2, LGD3, 35% $155M First Lien Term Loan, Assigned B2, LGD3, 35% Outlook, Stable Ratings Rationale: The B2 corporate family rating incorporates the company's moderate leverage, estimated at about 4.6 times debt-to-EBITDA pro forma for the transaction, and expectations for operating metrics such as revenue per homes passed and subscriber penetration to remain below stateside US cable operating peers. Geographic concentration and lack of scale constrain the rating, although the company benefits from the management team's experience running other cable operators, which facilitates better pricing on equipment, services, and programming. Moody's anticipates strong positive free cash flow as capital intensity wanes after a period of heavy investment beginning in 2009, and the combination of EBITDA growth and some debt reduction should lead to leverage to the low 4 times range over the next year. Sponsor ownership weighs negatively on the rating; Moody's expects the company to use free cash flow to pay down debt over the next year, but beyond that timeframe a re- leveraging event from either incremental distributions or a sale of the company is likely, with timing somewhat dependent on market conditions. The stable outlook incorporates expectations for positive free cash flow and for leverage to decline with the combination of EBITDA growth and some debt reduction. The outlook also assumes modest revenue growth, driven primarily by gains in high speed data customers and growth in the commercial business. Lack of growth in high speed data subscribers, an acceleration of video subscriber losses, a material weakening in pricing trends or a deterioration of the liquidity profile could warrant a downgrade. The B2 rating could tolerate an increase in leverage to fund an acquisition or sponsor distribution if Moody's expected sustained positive free cash flow and leverage in the mid-5 times debt-to-EBITDA range or better. Geographic concentration, lack of scale, and the sponsor ownership constrain the rating. Upward ratings momentum is unlikely absent a transformative event that meaningfully expanded the company's scale along with a commitment to maintaining a strong credit profile. The principal methodology used in this rating was Global Pay Television - Cable and Direct-to-Home Satellite Operators published in April 2013. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Puerto Rico Cable Acquisition Company, Inc., operating under the brand name Choice Cable TV, provides video, high speed data, and voice services to approximately 115,000 residential and commercial customers in the southern and western regions of Puerto Rico. Its annual revenue is approximately $90 million, and the company is owned by Spectrum Equity, Hicks Muse Capital, and Patriot Media. Executives from Patriot Media, who run RCN Telecom Services LLC (B2 Stable) and Grande Communications Networks LLC (B2 Stable), manage Choice Cable. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN CEMENT: Parent Files Appeal Against Injunction -------------------------------------------------------- RJR News reports that less than three days after a High Court judge granted an injunction blocking its annual general meeting, Trinidad Cement Limited filed an appeal against the decision. TCL is the parent company of Caribbean Cement Limited. The company's notice of appeal contains 14 grounds, according to RJR News. The report relates that TCL did not seek an expedited hearing and was given a hearing date of September 30. RJR News notes that Justice David Harris granted 11 TCL minority shareholders the injunction which forced the annual general meeting which was scheduled for that afternoon to be postponed. The report says that shareholders, who together hold a 5.68 per cent stake in TCL, wanted to nominate five directors to the company's board. 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. *********** 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 * * *