/raid1/www/Hosts/bankrupt/TCRLA_Public/130909.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
Monday, September 9, 2013, Vol. 14, No. 178
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Rates Three Debt Securities
GALILEO ARGENTINA: Moody's Assigns B-bf Ratings to 5 Bond Funds
ITAU AM: Moody's Assigns B-bf Ratings to Four Bond Funds
B R A Z I L
* Fitch Concludes Ratings Review of 4 Small and Medium-Sized Banks
C A Y M A N I S L A N D S
AILESBURY INC.: Shareholder to Hear Wind-Up Report on Oct. 4
AMERICAN PRAX: Members' Final Meeting Set for Sept. 17
ARGONAUT WORLDWIDE: Shareholder to Hear Wind-Up Report on Sept. 23
BRIDGEPORT PRAX: Members' Final Meeting Set for Sept. 17
CPC ASIA: Shareholders' Final Meeting Set for October 4
CPC ASIA MASTER: Shareholder to Hear Wind-Up Report on October 4
IAM MINI-FUND: Shareholders' Final Meeting Set for Sept. 30
LP FINANCIAL: Shareholder to Hear Wind-Up Report on Oct. 11
NUEVA IMAGING: Shareholders' Final Meeting Set for Sept. 24
SAKER GLOBAL: Members' Final Meeting Set for Sept. 30
THEOREMA MANAGED: Shareholder to Hear Wind-Up Report on Oct. 4
THEOREMA PORTFOLIO: Shareholder to Hear Wind-Up Report on Oct. 4
VOYAGER ADVANTAGE: Shareholder to Hear Wind-Up Report on Sept. 18
VOYAGER MASTER: Shareholder to Hear Wind-Up Report on Sept. 18
ZEER LTD: Shareholder to Hear Wind-Up Report on Oct. 11
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: President Says Government "Does Magic"
* DOMINICAN REPUBLIC: Business Leaders Agree to More Talks
J A M A I C A
* JAMAICA: Local Banks' Total Asset Base Increased by JM$5 Billion
M E X I C O
ARENDAL S. DE R.L.: Fitch Affirms Issuer Default Rating at 'B'
* MEXICO: To Get US$600MM IDB Financing for Oportunidades Program
X X X X X X X X
BOND PRICING: For the Week From Sept. 2 to Sept. 6, 2013
- - - - -
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A R G E N T I N A
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FIDEICOMISO FINANCIERO: Moody's Rates Three Debt Securities
-----------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XVIII, to be
issued by Equity Trust Company (Argentina) S.A.- acting solely in
its capacity as issuer and trustee.
Moody's notes that the securities contemplated by this transaction
have not yet settled. If any assumptions or factors considered by
Moody's in assigning the ratings change before closing, Moody's
could change the ratings assigned to the notes.
- ARS 73,341,000 in Class A Floating Rate Debt Securities (VRDA
TV) of "Fideicomiso Financiero Pvcred Serie XVIII", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)
- ARS 5,790,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Pvcred Serie XVIII", rated Baa3.ar (sf) (Argentine
National Scale) and B3 (sf) (Global Scale, Local Currency)
- ARS 17,370,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XVIII", rated Caa1.ar (sf) (Argentine National Scale)
and Caa3 (sf) (Global Scale, Local Currency).
Ratings Rationale:
The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
9,775 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.
The VRDA TV will bear a floating interest rate (BADLAR plus
400bps). The VRDA TV's interest rate will never be higher than 25%
or lower than 16%. The VRDB will bear a fixed interest rate of
26%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 18,68% for the
VRDA TV and 12,26% for the VRDB, calculated over the pool's
principal balance and accrued interest as of the cutoff date. The
subordination levels will increase overtime due to the turbo
sequential payment structure.
The transaction also benefits from an estimated 23.21% annual
excess spread, before considering losses, trust expenses, taxes or
prepayments and calculated at the cap of 25% for the VRDA TV.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to May 2013. In assigning the rating to this
transaction, Moody's assumed a lognormal distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred, "Cuotas Bonificadas" and the "Staff" loans, a mean of 16%
and a coefficient of variation of 60%; (b) for the "Cuota Ya" and
"Provenclick" loans, a mean of 25% and a coefficient of variation
of 60% and (c) for "Refinanced" loans, mean of 38% and a
coefficient of variation of 60%. Also, Moody's assumed a lognormal
distribution for prepayments with a mean of 45% and a coefficient
of variation of 70%;
Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.
The model results showed 0.61% expected loss for Class A Floating
Rate Debt Securities, a 10.18% for the for Class B Fixed Rate Debt
Securities and 30.03% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario, the ratings of the Class A Floating Rate
Debt Securities, the Class B and Residual would likely be
downgraded to B1(sf), Caa2(sf) and Ca (sf) respectively.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.
The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.
The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transactions published in May 2013.
Moody's National Scale Credit 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 credit 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.
GALILEO ARGENTINA: Moody's Assigns B-bf Ratings to 5 Bond Funds
---------------------------------------------------------------
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to five fixed-income funds
managed by Galileo Argentina SGFCISA in Argentina. The global
scale and national scale ratings assigned are as follows:
- Galileo Event Driven FCI; rating B-bf/Aa-bf.ar.
- Galileo Argentina FCI; rating B-bf/A-bf.ar.
- Galileo Ahorro FCI; rating B-bf/A-bf.ar.
- Galileo FCI Abierto Pyme FCI; rating B-bf/A-bf.ar.
- Galileo Premium FCI; rating B-bf/A-bf.ar.
Ratings Rationale:
"The fund ratings are based on Moody's evaluation of each of the
funds historical composition and the expectation that the Galileo
will continue to maintain maturity-adjusted weighted average
credit quality profile in similar manner. Looking at the funds'
histories, their maturity-adjusted weighted average credit quality
profiles are comparable to those of similarly rated peers." said
Moody's lead analyst Carlos de Nevares.
The principal methodology used in this rating was the Moody's Bond
Fund Rating Methodology published in May 2013.
Galileo SGFISA, part of a well-known local and independent broker
boutique group, is a middle size asset manager in the Argentinean
mutual fund Industry with 1.13% of market share. As of July 2013
Galileo, manages approximately AR$682 million in Assets under
Management (AUM) or approximately $124 millions
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.
ITAU AM: Moody's Assigns B-bf Ratings to Four Bond Funds
--------------------------------------------------------
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to four fixed-income funds
managed by Itau AM SA SGFCI in Argentina. The global scale and
national scale ratings assigned are as follows:
- Goal Pesos FCI; rating B-bf/Aa-bf.ar.
- Goal Capital Plus FCI rating B-bf/Aa-bf.ar.
- Goal Renta Pesos FCI rating B-bf/A-bf.ar.
- Goal Ahorro Max FCI rating B-bf/A-bf.ar.
Ratings Rationale:
"The fund ratings are based on Moody's evaluation of each of the
funds historical composition and the expectation that Itau will
continue to maintain maturity-adjusted weighted average credit
quality profile in similar manner. Looking at the funds'
histories, their maturity-adjusted weighted average credit quality
profiles are comparable to those of similarly rated peers." said
Moody's lead analyst Carlos de Nevares.
The principal methodology used in this rating was the Moody's Bond
Fund Rating Methodology published in May 2013.
Itau AM SA SGFCI is among the largest Asset manager in the
Argentinean Mutual Fund Industry being a subsidiary of Banco Itau
Argentina S.A., a relevant private bank in Argentina. As of June
2013, Itau had approximately AR$2,999.9 million in Assets under
Management (AUM) or approximately $672.5. millions occupying the
seventh position with a 5.2 % of market share in AUM terms
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.
===========
B R A Z I L
===========
* Fitch Concludes Ratings Review of 4 Small and Medium-Sized Banks
------------------------------------------------------------------
Fitch Ratings has concluded its review of four small and medium-
sized Brazilian banks: Banco Industrial do Brasil S.A. (BIB),
Banco Triangulo S.A. (Tribanco), Banco Fibra S.A. (Fibra, and
Banco Indusval S.A. (BI&P).
Fitch upgraded the Long-Term (LT) National ratings of BIB to
'A(bra)' from 'A-(bra)', Stable Outlook, and its Short-Term
National rating to 'F1(bra)' from 'F2(bra)'. It also upgraded the
LT National rating of Tribanco to 'A-(bra)' from 'BBB+(bra)',
Stable Outlook. At the same time, the agency affirmed all the
ratings of BI&P and Fibra.
The small and medium-sized Brazilian banks reviewed are
institutions with total assets that range from BRL1 billion to
BRL10 billion. These banks have different characteristics:
-- BIB has a long-term well-defined strategy with a focus on
lending to small and medium-sized enterprises (SMEs);
-- Tribanco has concentrated its strategic goals on leveraging
the client relationship built under Martins Group's (a related
company) client network,
-- Fibra and BI&P are implementing a turnaround in their
strategies, aiming to revamp their profitability and strengthen
their franchises after erratic performances over the last
periods.
All of these banks have relevant concentration on the liabilities
side, which is compensated by adequate asset liability management
(ALM) practices, as they show sound gap management and good
liquidity.
The banks' asset quality deteriorated slightly from 2011 on.
Despite the unfavorable scenario, Tribanco's credit profile began
to improve as the institution gradually reduced its operations
with customers that are not part of the distribution chain of the
Martins Group, to which it belongs.
Fibra's retail portfolio experienced rapid growth in 2010, which
was followed by a deterioration in its asset quality beginning in
2011. As a result, the bank virtually closed down its retail
operation, and provisioning expenses are expected to decline over
time. Fitch believes that the loan loss reserves for the existing
stock of loans will remain at a high level and have some impact on
the bank's results in 2013 and 2014.
At BI&P, the deterioration in asset quality led to a boost in loan
loss provisioning expenses to BRL106 million in 2011 and BRL133.4
million at 1H'13. Some strategic adjustments such as a stronger
focus on larger-size companies and capital injections will
continue to contribute to improve results and the cost structure,
and the bank will continue to direct operations to larger size
companies. Non-performing loans (NPL) over 90 days showed slight
growth at 1H'13, due to portfolio adjustments, totaling 3.2% for
small and medium-sized enterprises (SMEs) (2.8% at FYE12) and only
0.5% for Upper middle and low corporate companies (0% at FYE12).
BIB stands out within this group, maintaining good asset quality
despite a strong loan portfolio expansion of 81.5% from December
2009 to December 2012. Stability in the ratio of loans past due
more than 90 days (0.8% at FYE12, 1.5% at FYE11, and a 0.7% in
2010) reflects the bank's conservative appetite for credit risk.
The performance of this group has been tested since 2012, when the
lower levels of economic activity, the significant decline in
average interest rates and the maturing of loan expansions in the
past two years resulted in greater credit costs and tighter
margins. The banks included in this group have more volatile
franchises and a slightly higher risk profile due to
characteristics that include their small size, funding
concentrated in deposits that have higher funding costs, and
narrower profitability, which requires well-defined strategies and
prudence in credit risk management in order to preserve and
enhance their risk profile.
Lending is the main source of revenue for these banks, although
all seek to increase fee income and cross-selling initiatives,
since their size does not enable building a portfolio focused on
some other segment as a source of diversification. This is a
common strategy for medium-sized Brazilian banks classified in
higher rating categories that are close to investment grade. Fitch
believes that it will take some time for such revenues to become
relevant, but considers the trend positive, given an environment
of still relatively lower interest rates. On average, non-interest
revenue represents less than 10% of the total revenue of this
group of peers, compared with the 38% in non-interest revenue
generated by the universe of large banks analyzed by the agency.
Fitch believes that these banks, as well as most of the Brazilian
financial system, will continue facing challenges in 2014 compared
with larger sized institutions (which have greater revenue
diversification), given the current interest rate environment,
with reduced spreads due to the high cost of credit. In 2012 and
1H'13, two of these banks (Fibra and BI&P) reported negative
earnings as a result of adjustments in their business models and
their departure from markets in which they were not competitive.
BIB and Tribanco reported a return on average assets (ROAA) of
1.5% at FYE12 (1.6% at FYE11), comparing favorably with the market
average and other banks with similar ratings throughout the world.
Over the last years, all these banks have presented improvements
that include better diversification in their funding sources,
extending average funding maturities, and greater control of
refinancing risk and sound liquidity management resulting in an
overall improved ALM. The reduction in the portion of deposits
with immediate redemption clauses was another factor that assisted
in extending average funding maturities and increasing the balance
sheet liquidity of this group of banks.
The banks reviewed, including those with less leveraged balance
sheets, have comfortable capital ratios (the average Fitch core
capital ratio of the group was 14.50% at 1H'13, 14.1% at FYE12 and
15.2% at FYE11). The agency expects that capitalization will not
be a limiting factor for growth or generating profits in any of
these banks. Fibra tends to show less favorable capitalization
(the Fitch core capital ratio was 8.61% at 1H'13, 8.54 percent at
FYE12 and 7.53% at FYE11), which is explained by its losses in
recent years, despite the capital injected by shareholders of
about BRL608 million since 2010. The Central Bank of Brazil
recently revised capitalization guidelines based on Basel III
outlines, which, in the medium term, will help improve the capital
base of Brazilian banks, especially through replacing old Tier II
securities with new issues that have a greater capital content.
Considering the current capital ratios and regulatory capital
breakdown for the banks included in this review, these new rules
will not necessarily lead to significant changes in capital
position, except for Fibra, where some room for improvement is
expected.
Key Rating Drivers
BIB
BIB's Issuer Default Ratings (IDRs) were affirmed at 'BB-' and the
Long-Term National rating upgraded to 'A(bra)' from 'A-(bra)',
based on the bank's low risk profile, stable performance, and good
asset quality, liquidity and capitalization. This is supported by
BIB's consistent focus on (SMEs) businesses, its risk culture and
the historically solid quality of its assets, as well as adequate
liquidity. These factors are offset by the bank's small size, its
relatively low profitability and the asset and liability
concentrations inherent to its business model.
Tribanco
Tribanco's Long-Term National rating was upgraded to 'A-(bra)'
from 'BBB+(bra)', reflecting the implicit support from Martins
Comercio e Serviccos de Distribuicao S.A. (Martins; LT National
rating upgraded by Fitchto 'A(bra)' from 'BBB+(bra)'; Outlook
Stable, in August 2013). Fitch sees Tribanco as a strategically
important part of the Martins Group, given its strong integration
with the group's distribution chain. The bank's decision to focus
solely on operations originated within Martins' client network
further strengthens the bank's dependence on Martins' performance
and operations.
The upgrade in Tribanco's LT National rating, which is one grade
below that of Martins, reflects Fitch's view that the bank is
strategically important for Martins' operations and accounts for a
large part of the group's assets, equity and earnings. Moreover,
Tribanco operates with some degree of operational and management
independence, and has its own policies and profit goals, which
Fitch considers positive. Currently, the bank continues to show a
prudent risk profile in the development of its operations and, as
it increasing its penetration with Martins' clientele, its
performance should benefit from that as well.
Fibra
Fibra's LT National Rating was downgraded to 'BBB+(bra)' from 'A-
(bra)' by Fitch and its Outlook maintained at Negative on Aug. 7,
2013. Fibra's downgrade considers the fact that the bank had a
lower than expected performance compared with peers in the same
rating category. This is mainly reflected in its tight
capitalization ratios and negative operating earnings,
attributable to reduced margins, large credit expenses and the
lack of a profitable expansion in its retail operations (payroll
deductible lending, auto financing and retailer direct consumer
credit, all of which are currently being discontinued).
The Negative Outlook reflects Fitch's view that Fibra will
continue to face challenges over the next two years in dealing
with an operating performance in transition. Although the bank
will become less dependent on long-term funding sources, it is
expected to incur greater costs, since it has projects still in
the maturation phase, whose results are not expected to be
relevant in the short and medium terms. Fibra's ratings portray
the asset and liability concentrations typical of medium-sized
banks, as well as high leveraging compared with its peers. On the
other hand, they consider the fact that the bank is part of a
considerably large group, which results in greater than expected
access to foreign and local funding. Moreover, its conservative
liquidity policy reduces its refinancing risk in the capital
market.
BI&P
BI&P's LT National rating reflects the bank's initiative in
recognizing problem loans, as well as the increase in its
capitalization, which will result in an improvement in its capital
and liquidity ratios, as well as better positioning it to develop
its operations. According to Fitch, the focus on large companies,
which have better credit quality and less volatility, is expected
to bring positive results to BI&P, albeit modest, beginning in
2H'13. BI&P is a niche bank, with asset and liability
concentrations. Its main challenges are diversifying funding
sources, improving credit quality and generating positive
earnings. Fitch also believes that the bank will be able to
maintain good liquidity and capitalization compared with its
competitors that have higher ratings, which will benefit its risk
profile.
Ratings Sensitivity
BIB
A potential upgrade in BIB's IDRs would be contingent upon a
higher diversification of its funding, product mix and an
expansion of operations that could reduce concentration on both
the asset and liability side, resulting in more robust
profitability. Should BIB be able to reduce the difference that
separates the bank from its peers in terms of performance and
concentration jointly with an improvement of its overall
franchise, its ratings could be positively affected. Ratings could
be negatively affected by a deterioration in the bank's asset
quality ratios, with a subsequent decline in its performance
(operational ROAA below 1.0%) and a reduction in the bank's
capitalization position (i.e. Fitch core capital ratio below
13.0).
Tribanco
Tribanco's ratings are support-driven, which means that any change
in Martins' ratings should impact Tribanco's ratings. Changes on
the strategic importance of the bank to the group may also lead to
changes in its ratings, although this scenario is considered very
unlikely.
Fibra
A negative rating action is conditioned on additional weakening of
Fibra's asset quality that results in greater than expected
operating losses and that negatively impacts the bank's current
capital base, reducing the Fitch core capital ratio to less than
7.0%. An unexpected deterioration in its liquidity and funding
position could also affect Fibra's ratings.
The Outlook could be revised to Stable should the institution
become able to generate recurring revenue that is capable of
expanding its operating earnings and returning it to profitability
in 2014. The revision of the Outlook to Stable is also conditioned
on a significant and sustained increase in the bank's
capitalization (Fitch core capital ratio above 8.5%), together
with adequate coverage of impaired loans by loan loss reserves and
the maintenance of a comfortable liquidity position.
BI&P
Fitch believes that a consistent generation of positive earnings
and an ROAA above 1%, together with improvement in loan portfolio
quality and a favorable capital structure, could benefit the
ratings of BI&P. A worsening of portfolio quality, added to a
significant decline in capitalization, with a Fitch core capital
ratio below 10%, could negatively impact the ratings.
Fitch has taken the following rating actions:
Industrial:
-- Foreign and Local Currency LT IDRs affirmed at 'BB-'; Outlook
Stable;
-- Foreign and Local Currency Short-Term IDRs affirmed at 'B';
-- Viability Rating affirmed at 'bb-';
-- Long-Term National rating upgraded to 'A(bra)' from 'A-(bra)';
Outlook Stable;
-- Short-Term National rating upgraded to 'F1(bra)' from
'F2(bra)';
-- Support Rating affirmed at '5'.
-- Support rating Floor 'NF';
Tribanco:
-- Long-Term National rating upgraded to 'A-(bra)' from
'BBB+(bra)'; Outlook Stable;
-- Short-Term National rating affirmed at 'F2(bra)' .
Fibra:
-- Long-Term National rating affirmed at 'BBB+(bra)'; Outlook
Negative;
-- Short-Term National rating affirmed at 'F2(bra)' .
BI&P:
-- Long-Term National rating affirmed at 'BBB(bra)'; Outlook
Stable;
-- Short-Term National rating affirmed at 'F3(bra)'.
==========================
C A Y M A N I S L A N D S
==========================
AILESBURY INC.: Shareholder to Hear Wind-Up Report on Oct. 4
------------------------------------------------------------
The shareholder of Ailesbury Incorporated will receive on Oct. 4,
2013, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
AMERICAN PRAX: Members' Final Meeting Set for Sept. 17
------------------------------------------------------
The members of American Prax Real Estate I, Ltd will hold their
final meeting on Sept. 17, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
John Sullivan
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
ARGONAUT WORLDWIDE: Shareholder to Hear Wind-Up Report on Sept. 23
------------------------------------------------------------------
The shareholder of Argonaut Worldwide Equities Fund Ltd will
receive on Sept. 23, 2013, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Kate O'Neill
Telephone: (345) 815 1822
Facsimile: (345) 949 9877
BRIDGEPORT PRAX: Members' Final Meeting Set for Sept. 17
--------------------------------------------------------
The members of Bridgeport Prax Real Estate I, Ltd will hold their
final meeting on Sept. 17, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
John Sullivan
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
CPC ASIA: Shareholders' Final Meeting Set for October 4
-------------------------------------------------------
The shareholders of CPC Asia Opportunities Fund will hold their
final meeting on Oct. 4, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
CPC ASIA MASTER: Shareholder to Hear Wind-Up Report on October 4
----------------------------------------------------------------
The shareholder of CPC Asia Opportunities Master Fund will receive
on Oct. 4, 2013, at 11:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
IAM MINI-FUND: Shareholders' Final Meeting Set for Sept. 30
-----------------------------------------------------------
The shareholders of IAM Mini-Fund 27 Limited will hold their final
meeting on Sept. 30, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mufeed Rajab
c/o Bonnie Willkom
Telephone: 949 5122
Facsimile: 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
LP FINANCIAL: Shareholder to Hear Wind-Up Report on Oct. 11
-----------------------------------------------------------
The shareholder of LP Financial Ltd will receive on Oct. 11, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
NUEVA IMAGING: Shareholders' Final Meeting Set for Sept. 24
-----------------------------------------------------------
The shareholders of Nueva Imaging will hold their final meeting on
Sept. 24, 2013, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Xinping He
1731 Technology Drive, Suite 220
San Jose, CA 95110
Telephone: +1 (408) 453 4074
Facsimile: +1 (408) 453 4029
SAKER GLOBAL: Members' Final Meeting Set for Sept. 30
-----------------------------------------------------
The members of Saker Global Fund will hold their final meeting on
Sept. 30, 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:
Rolf Kung
IFIT Fund Services (Cayman) Ltd
Voltastrasse 61, PO Box 371
CH-8044 Zurich
Switzerland
Telephone: +41 44 366 4016
Facsimile: +41 44 366 4039
e-mail: rhk@ifit.net
THEOREMA MANAGED: Shareholder to Hear Wind-Up Report on Oct. 4
--------------------------------------------------------------
The shareholder of Theorema Managed Portfolio Feeder, Ltd. will
receive on Oct. 4, 2013, at 11:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
THEOREMA PORTFOLIO: Shareholder to Hear Wind-Up Report on Oct. 4
----------------------------------------------------------------
The shareholder of Theorema Managed Portfolio Master, Ltd. will
receive on Oct. 4, 2013, at 11:45 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
VOYAGER ADVANTAGE: Shareholder to Hear Wind-Up Report on Sept. 18
-----------------------------------------------------------------
The shareholder of Voyager Advantage, Ltd. will receive on
Sept. 18, 2013, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jennifer Parsons
Telephone: (345) 815 1820
Facsimile: (345) 949 9877
VOYAGER MASTER: Shareholder to Hear Wind-Up Report on Sept. 18
--------------------------------------------------------------
The shareholder of Voyager Advantage Master Fund, Ltd. will
receive on Sept. 18, 2013, at 3:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jennifer Parsons
Telephone: (345) 815 1820
Facsimile: (345) 949 9877
ZEER LTD: Shareholder to Hear Wind-Up Report on Oct. 11
-------------------------------------------------------
The shareholder of Zeer Ltd will receive on Oct. 11, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: President Says Government "Does Magic"
------------------------------------------------------------
Dominican Today reports that President Danilo Medina said the
government is "doing magic" to maintain macroeconomic stability,
and assured that the State does not spare resources, so that the
government is not able to assume more sacrifices.
President Medina spoke in those terms in response to a request
from the Dominican Agribusiness Board (JAD) Chief Executive
Officer Osmar Benitez to enable exporters to receive a refund of
the taxes paid by presenting fuels as an agricultural input,
according to Dominican Today.
The report relates that the Head of State said the Dominican
economy has higher exemptions.
"If we keep giving new exemptions, the will come a time when the
State is unable to hammer a single nail," President Medina
emphasized after receiving an acknowledgment from the JAD during
the XVI National Meeting of Agricultural Leaders, held in Puerto
Plata, the report notes.
* DOMINICAN REPUBLIC: Business Leaders Agree to More Talks
----------------------------------------------------------
Dominican Today reports that Dominican and Haitian business
leaders agreed to institutionalize the dialogue mechanism as a
permanent forum to discuss trade issues affecting their sectors.
The announcement came after a bilateral meeting at the Foreign
Affairs Ministry as follow-up to the Binational Business Summit
held in Miami August 27, according to Dominican Today.
The report relates that the Dominican Foreign Ministry as well as
Haiti's Office of the Prime Minister Laurent Lamothe reiterated
their governments' support of the dialogue between Haitian and
Dominican entrepreneurs.
"Business meetings reflect the good relations between the two
countries and show how it is possible, through open and frank
dialogue, to arrive at solutions that serve the interests of both
countries," the report quoted Dominican Foreign Minister Carlos
Morales as saying.
The report notes that Mr. Lamothe said by supporting the
institutionalization of a corporate dialogue," our governments are
demonstrating their commitment to the resolution of longstanding
issues affecting trade and investment in our two countries."
The dialogue also comes after months of gridlock over the exports
of Dominican products to Haiti, whose government has imposed bans
on alleged lack of quality, the report adds.
=============
J A M A I C A
=============
* JAMAICA: Local Banks' Total Asset Base Increased by JM$5 Billion
------------------------------------------------------------------
RJR News reports that data from the Bank of Jamaica show the total
asset base of the island's seven commercial banks increased by
nearly JM$5 billion between March and June. The report relates
that as at June 30, the banks held JM$694.3 billion up from
JM$689.9 billion at the end of March.
The report notes that NCB remained at the number one spot holding
JM$284 billion in assets such as cash balances, investments and
loans.
BNS was still the island's second largest commercial bank with
JM$232 billion dollars in assets followed by RBC with JM$53
billion, the report says.
First Caribbean was next controlling JM$48 billion in assets,
First Global JM$33 billion, Citibank JM$21 billion and Sagicor
Bank JM$20 billion, the report adds.
===========
M E X I C O
===========
ARENDAL S. DE R.L.: Fitch Affirms Issuer Default Rating at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Arendal, S. de
R.L. de C.V. (Arendal):
-- Foreign currency long-term Issuer Default Rating (IDR) at 'B';
-- Local currency long-term IDR at 'B';
The Rating Outlook is Stable.
Key Rating Drivers:
The ratings are supported by Arendal's track record and technical
experience in the Mexican heavy construction industry as a
recognized player in the construction of fluid transportation
systems and plants, its participation in both public and private
sector projects across Mexico, and its positive operating
performance despite a challenging economic environment.
Conversely, the ratings are limited by the characteristics of the
industry which is highly linked to economic cycles, project
concentration of revenues and cash flow, as well as the current
process of institutionalization and adoption of adequate corporate
governance practices.
During 2011, 2012 and the beginning of 2013, Arendal was engaged
in the construction of a Federal Penitentiary in the state of
Chiapas, which diversified the company's revenue source, as well
as allowed it to increase operative margins compared to past
years. Nevertheless, Fitch expects that margins will decline in
2013 and 2014 due to the nature of future projects.
Arendal, along with its partner, made an agreement to sell its
interest participation in the Chiapas Penitentiary to Grupo
Financiero Inbursa S.A.B de C.V. (Inbursa) and Impulsora del
Desarrollo y el Empleo en America Latina S.A.B de C.V. (Ideal). At
this time, the prison is in the pre-operative stage and the
company is expecting to receive approximately MXN1,200 million for
its stake in this project during the following months. The company
informed Fitch that the funds are already deposited in a fiduciary
account. Management plans to use a portion of these funds to pay
down liabilities and debt, strengthening the company's balance
sheet position.
The company has a relevant business position in the construction
of pipelines in terms of kilometers built during the last years.
Arendal engages in project contracts that include full or partial
engineering, procurement and construction of pipelines and plants.
Also, the company has the capacity to execute projects across all
the Mexican territory and to manage efficiently its technical and
workforce resources. Arendal's competitive advantage among
industry peers includes an historical completion rate of more than
90% of its project before or on settled dates. Customers and
commercial partners in either public or private sectors recognize
the company's commitment to quality and security requirements.
Fitch considers that these elements will contribute to maintain
its business position in the long term.
Fitch believes that the company participates in an industry
exposed to economic cycles which is reflected in volatility in
sales and operative margins throughout the years. Arendal's long-
term main challenge is the ongoing need to add new projects.
Additionally, the ratings incorporate the high competition between
domestic and foreign companies in the heavy construction industry.
Going forward, the company could enter into joint ventures (JVs)
or consortiums to serve different projects that are expected to
come in line in the near term, which in turn will strengthen its
business profile.
During the past six years, the company has maintained its organic
growth despite the decrease in the level of economic activity in
2008 and 2009, as well as the weak recovery in 2010. Last 12
months (LTM) revenues ended at June 30, 2013 were MXN3,277 million
while operating income reached MXN546 million. Revenues reported
by the company in 2012 amounted MXN3,607 million, while operating
income totaled MXN690 million. Compounded annual growth rate
(CAGR) of revenues and operating income for the last four and a
half years ended June 30, 2013 was 39.5% and 77.8%, respectively.
These factors, in Fitch's opinion, reflect management's commitment
and ability to adjust its operative and business strategies
depending on economic environment.
Fitch considers that revenue diversification expected by the
company's strategies will contribute to a reduction of business
risks and cash flow volatility. Arendal had a mix of revenues
significantly oriented towards the public sector, with the Federal
Government (Secretaria de Seguridad Publica) being its main
customer in the last 30 months and PEMEX in 2010 and 2009. While
this allows the company to maintain a relevant business position
for future projects, it also concentrates the business' operating
generation.
The company's financial position and flexibility is less limited
than in the past, as a result of its business strategy to
diversify to other segments, such as concessions. The total debt
as of June 30, 2013 amounted MXN1,301 million, and around 57% was
guaranteed by the cash flows from projects compared to 92% in the
previous year. As of LTM June 30, 2013, the EBITDA to interest and
total debt to EBITDA ratios were 5.7 times (x) and 2.3x,
respectively, compared to 7.2x and 1.0x at the end of 2012 and
5.6x and 1.9x in 2011.
Arendal's financing strategy is to mainly obtain new indebtedness
with the cash flows coming from a new project allowing the company
to match the payment of a credit with a specific project. Given
that most of the projects have periods of completion that ranges
between 12-18 months, financing associated to the projects have a
short-term tenor, resulting in high concentration of short-term
debt. The liquidity position of the company is limited to timely
collect accounts receivables and availability of credit lines to
support working capital needs.
In Fitch's opinion, Arendal's recent experience in the
construction of the Federal Prison will allow it to gradually
participate in larger infrastructure projects as well as in the
construction of energy projects and plants; furthermore, Arendal
is also expanding its presence for the oil and gas services which
present attractive growth prospects. These projects will require
larger investments in working capital and Capex. Fitch expects
that most of these requirements will be funded with debt; and that
the company's mid-term leverage measured as total debt/EBITDA will
be in the range of 4.5 times (x) to 5.0x.
Rating Sensitivity:
The ratings could be negatively pressured by a combination of the
following factors, among others: deterioration of Arendal's credit
metrics as a result of a downturn in the heavy construction
industry or a decline in its operative performance. Large scale
projects with higher complexity and unfamiliar to Arendal's
current areas of expertise, that could demand additional resources
from the company than originally anticipated. A rating downgrade
could also be driven by limited access to financing sources
affecting the company's liquidity position.
Factors which could lead to a positive rating action include a
combination of stronger credit metrics, improved liquidity
position, and full implementation of corporate governance
practices.
* MEXICO: To Get US$600MM IDB Financing for Oportunidades Program
-----------------------------------------------------------------
The well-known Mexican human development program Opportunities
will receive US$600 million in new financing from the Inter-
American Development Bank (IDB) to strengthen the development of
human capital in education, nutrition, and health in poor families
with the aim of breaking the intergenerational cycle of poverty
and guaranteeing a minimum income to vulnerable households.
The conditional cash transfer program benefits 24.3 million
Mexican citizens, of whom 95.8 percent are women and 68 percent
live in rural areas. The program's targeting methodology includes
a periodically updated survey of household living conditions.
Ninety-eight percent of the loan's resources will finance payments
to beneficiary households that receive transfers in exchange for
meeting certain requirements, such as school attendance and
medical checkups. From 1998 to 2011 the average level of support
in real terms grew 48 percent to 78 percent of the minimum wage.
In 2012, the average beneficiary family received about US$130 per
month.
The project aims to increase enrollment in junior high school and
high school, increase support for these levels, establish payments
for completing school grades, and make connections between
Oportunidades and scholarship programs offered by the Ministry of
Public Education. It will also promote access to health and
nutrition services through consolidation and expansion of the
Comprehensive Nutrition Care Strategy by strengthening health
worker training in the distribution of micronutrient supplements
for children and pregnant women.
Technical assistance will be provided for implementation and
evaluation of program improvements. In addition, the IDB-financed
program will seek to improve coordination between Oportunidades
and the sectors responsible for providing the services that serve
as incentives for receiving cash payments. The IDB has supported
Oportunidades since 2002. During this time the Bank has provided
financing for the program with five loans totaling US$3.8 billion.
The new operation will have an amortization period of 11 years
with a grace period of 11 years. The borrower is the United
States of Mexico, through the Ministry of Finance and Public
Credit (SHCP). The executing agencies are the Ministry of Social
Development and the Ministry of Public Education.
===============
X X X X X X X X
===============
BOND PRICING: For the Week From Sept. 2 to Sept. 6, 2013
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Argentine Republic Government 7.82 12/31/2033 EUR 56
International Bond
Argentine Republic Government
International Bond 7.82 12/31/2033 EUR 55.5
Argentine Republic Government
International Bond 8.28 12/31/2033 USD 55
Provincia de Buenos
Aires/Argentina 10.9 1/26/2021 USD 69.8
Argentine Republic Government
International Bond 8.28 12/31/2033 USD 57.5
Provincia de Buenos
Aires/Argentina 9.38 9/14/2018 USD 68.4
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 51
Banco Macro SA 9.75 12/18/2036 USD 67.8
Provincia de Buenos
Aires/Argentina 9.63 4/18/2028 USD 63
Capex SA 10 3/10/2018 USD 71
Cia Latinoamericana de
Infraestructura & Servicios SA 9.5 12/15/2016 USD 63
Cia de Transporte de
Energia Electrica en Alta 8.88 12/15/2016 USD 47.6
Tension Transe
Provincia de Mendoza
Argentina 5.5 9/4/2018 USD 74
Argentine Republic Government
International Bond 1.18 12/31/2038 ARS 43.7
Argentine Republic
Government International Bond 8.28 12/31/2033 USD 55
Argentine Republic
Government International Bond 7.82 12/31/2033 EUR 45
Cia de Transporte de
Energia Electrica en 9.75 8/15/2021 USD 50
Alta Tension Transe
Argentina Bocon 2 3/15/2014 ARS 32.5
Empresa Distribuidora Y
Comercializadora Norte 9.75 10/25/2022 USD 50
Argentine Republic
Government International Bond 4.33 12/31/2033 JPY 36.5
Argentine Republic
Government International Bond 8.28 12/31/2033 USD 59.9
Cia de Transporte de
Energia Electrica en 9.75 8/15/2021 USD 45.4
Alta Tension Transe
MetroGas SA 8.88 12/31/2018 USD 65.5
Provincia de Buenos
Aires/Argentina 10.9 1/26/2021 USD 70
Empresa Distribuidora Y
Comercializadora Norte 10.5 10/9/2017 USD 51.3
Argentine Republic
Government International Bond 4.33 12/31/2033 JPY 36
Banco Macro SA 9.75 12/18/2036 USD 67.8
City of Buenos
Aires Argentina 3.98 3/15/2018 USD 68.6
Capex SA 10 3/10/2018 USD 67.6
Provincia de Buenos
Aires/Argentina 9.38 9/14/2018 USD 68.8
Provincia de Buenos
Aires/Argentina 9.63 4/18/2028 USD 63
MetroGas SA 8.88 12/31/2018 USD 63.4
Argentine Republic
Government International Bond 0.45 12/31/2038 JPY 8
Banco Macro SA 9.75 12/18/2036 USD 67.8
Provincia de Mendoza Argentina 5.5 9/4/2018 USD 73.5
Provincia del Chaco 4 11/4/2023 USD 53.8
Provincia del Chaco 4 12/4/2026 USD 25.5
Formosa Province of Argentina 5 2/27/2022 USD 61.9
Argentine Republic
Government International Bond 8.28 12/31/2033 USD 61.8
Cia Energetica de Sao Paulo 9.75 1/15/2015 BRL 64.6
Gol Finance 8.75 USD 60
Banco Bonsucesso SA 9.25 11/3/2020 USD 73.5
Sifco SA 11.5 6/6/2016 USD 50.3
Gol Finance 8.75 USD 58.3
Banco Bonsucesso SA 9.25 11/3/2020 USD 72.5
Cia Sud Americana de
Vapores SA 6.4 10/1/2022 CLP 69.8
Almendral
Telecomunicaciones SA 3.5 12/15/2014 CLP 33
Cia Cervecerias Unidas SA 4 12/1/2024 CLP 58.2
Aguas Andinas SA 4.15 12/1/2026 CLP 72.5
Quinenco SA 3.5 7/21/2013 CLP 12.9
Talca Chillan Sociedad
Concesionaria SA 2.75 12/15/2019 CLP 60.8
Empresa de Transporte de
Pasajeros Metro SA 5.5 7/15/2027 CLP 4.58
Hidili Industry International
Development Ltd 8.63 11/4/2015 USD 71.5
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 62.8
Renhe Commercial
Holdings Co Ltd 11.8 5/18/2015 USD 63.1
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
JinkoSolar Holding Co Ltd 4 5/15/2016 USD 66.3
Renhe Commercial
Holdings Co Ltd 13 3/10/2016 USD 56
Hidili Industry International
Development Ltd 8.63 11/4/2015 USD 71.8
Renhe Commercial
Holdings Co Ltd 11.8 5/18/2015 USD 63.8
China Forestry
Holdings Co Ltd 10.3 11/17/2015 USD 37
BES Finance Ltd 5.58 EUR 65.5
Bank Austria Creditanstalt
Finance Cayman Ltd 1.61 EUR 49.7
ERB Hellas Cayman
Islands Ltd 1.8 6/8/2017 EUR 55.2
Bank Austria Creditanstalt
Finance Cayman Ltd 2 1.84 EUR 49.9
BCP Finance Co Ltd 5.54 EUR 41.7
ESFG International Ltd 5.75 EUR 50.8
BCP Finance Co Ltd 4.24 EUR 42.8
BES Finance Ltd 3.03 EUR 74.3
Banco Finantia
International Ltd 2.46 7/26/2017 EUR 44.1
BES Finance Ltd 4.5 EUR 56.4
Caixa Geral De
Depositos Finance 1.02 EUR 34.7
BCP Finance Bank Ltd 5.31 12/10/2023 EUR 66.3
ERB Hellas Cayman
Islands Ltd 9 3/8/2019 EUR 31.9
Banif Finance Ltd 1.58 EUR 44
BCP Finance Bank Ltd 5.01 3/31/2024 EUR 63.5
Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 41.6
Petroleos de Venezuela SA 5.38 4/12/2027 USD 60.2
Venezuela Government
International Bond 7 3/31/2038 USD 67.3
Petroleos de Venezuela SA 5.5 4/12/2037 USD 58.8
Venezuela Government
International Bond 7.65 4/21/2025 USD 74.6
Venezuela Government
International Bond 6 12/9/2020 USD 74.2
Bolivarian Republic of
Venezuela 7 3/31/2038 USD 66.8
***********
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 * * *