/raid1/www/Hosts/bankrupt/TCRLA_Public/140819.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, August 19, 2014, Vol. 15, No. 163
Headlines
A R G E N T I N A
ARGENTINA: Banco Ciudad Backs ADEBA's Failed Plan to Buy Bonds
B R A Z I L
BANCO BMG: Sets $4.4 Billion Plan to Pay Off Bonds, Liabilities
BR PROPERTIES: S&P Affirms 'BB' Global Scale Rating
ELETROPAULO METROPOLITANA: Aneel Rejects $275 Million Appeal
OI SA: Incurs BRL221 Million Net Loss in 3Mo Ended June 2014
C A Y M A N I S L A N D S
BERNOULLI HIGH: Creditors' Proofs of Debt Due Sept. 11
EUROPEAN LOANS: Creditors' Proofs of Debt Due Sept. 2
EUROPEAN LOANS: Shareholder to Hear Wind-Up Report on Sept. 3
G CAPITAL: Creditors' Proofs of Debt Due Sept. 5
G CAPITAL FUND II: Creditors' Proofs of Debt Due Sept. 5
G CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 5
KESTREL FUNDS: Creditors' Proofs of Debt Due Sept. 11
METALLICA DEVELOPMENT: Placed Under Voluntary Wind-Up
STRATEGY FUND: Placed Under Voluntary Wind-Up
TANDEM GLOBAL: Creditors' Proofs of Debt Due Sept. 11
TANDEM GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 11
P E R U
CORPORACION PESQUERA: S&P Lowers CCR to 'B'; on CreditWatch Neg.
P U E R T O R I C O
OFG BANCORP: Reports 2nd Quarter 2014 Results
PUERTO RICO: Prepa Given Until March 31 to Pay Principal
PUERTO RICO: New Debt Law Briefing Dates Set
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Banco Ciudad Backs ADEBA's Failed Plan to Buy Bonds
--------------------------------------------------------------
Buenos Aires Herald reports that Banco Ciudad Vice-President Juan
Curutchet supported the Argentine private banks association
(Adeba)'s failed bid to buy the US$1.6 billion defaulted debt now
in hands of the holdouts.
Mr. Curuchet said that the offer did not have the aim of "making a
profit" and he described the government's criticism to the plan as
"unfair," according to Buenos Aires Herald.
"If we had been able to create a guarantee fund in order to make
'vulture funds' grant the country a stay and extend negotiations,
we would have done it," the report quoted Mr. Curutchet as saying.
"We didn't want any special conditions. We intended to cut such a
deal to defend the Argentine banks and the country's economy," Mr.
Curutchet said, the report notes.
The report discloses that ADEBA's offer was said to consist of
purchasing the entirety of the US$1.66 billion owed to the
"vulture funds," with an initial US$250 million in cash, and the
rest in installments.
The report relays that large companies were reported to have
joined the plan and meetings were held with the holdouts in New
York. Nevertheless, the deal fell through.
The report notes that Economy Minister Axel Kicillof harshly
criticized ADEBA's proposal by saying he didn't see "any
generosity" of the banks since the deal intended to secure the
banks funds with the SEDESA guarantee fund, created in 1995 with
the "deposits of the people after the Tequila crisis. "It's OK if
they think such deal is convenient but they have to use their own
money," the report quoted Mr. Kicillof as saying.
The report relays that Mr. Curutchet said: "There was nothing
weird with the plan so the criticism is unfair. We didn't want to
obtain a profit, the report notes." "The government is making a
mistake by not putting an end to this conflict. Arguing with the
'vulture funds' might benefit Cristina Fernandez de Kirchner's
image now but on the long-term it will hamper the country with
social consequences," Mr. Curutchet added, the report relays.
===========
B R A Z I L
===========
BANCO BMG: Sets $4.4 Billion Plan to Pay Off Bonds, Liabilities
---------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Banco BMG SA
plans to pay off about BRL10 billion ($4.4 billion) in debt and
other liabilities by next year while moving its payroll-lending
book to a joint venture formed with Itau Unibanco Holding SA in
2012.
The firm will redeem BRL1.51 billion in certificates of deposit
and BRL3.34 billion in local bonds guaranteed by the nation's FGC
deposit-insurance fund, Chief Executive Officer Antonio Hermann de
Azevedo said in an interview with Bloomberg News. The bonds were
issued under a pair of programs, known as DPGE I and II, created
to shore up mid-size banks after 2008's global credit crunch,
according to Bloomberg News.
"FGC is a last funding source, and we want to use it only when
it's necessary," Mr. Azevedo told Bloomberg News in a telephone
interview from Sao Paulo. "The FGC funding requires banks to
anchor these bonds with loan portfolio," Mr. Azevedo said.
According to the report, BMG and Itau formed a BRL1 billion-real
joint venture for payroll lending in July 2012. In April, BMG
agreed to offer payroll loans only through that business,
increasing its stake to 40 percent from 30 percent. By September,
BMG will put into the venture all its portfolio of payroll loans,
Mr. Azevedo said, Bloomberg News relays. Its own payroll loan
book was BRL11.6 billion at the end of June, according to a
financial report obtained by Bloomberg News.
The firm plans to retire BRL514 million in asset-backed
receivables funds, known as FIDCs, by September and will buy back
about BRL4.56 billion in loan books it had sold, the report quoted
Mr. Azevedo as saying.
The bank isn't planning to buy back its overseas bonds, which
total BRL2.57 billion, Mr. Azevedo said, Bloomberg News discloses.
Prices on the debt should move to reflect the firm's improving
strength, Mr. Azevedo added.
"Given the liquidity of these bonds, it's a discussion we will
have with investors this semester," Mr. Azevedo said, Bloomberg
News relays.
BMG's second-quarter net income dropped 50 percent to BRL111
million from a year earlier, according to its earnings statement,
notes Bloomberg Bews.
Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had
consolidated assets of R$28.1 billion (US$11.9 billion) and equity
of R$3.4 billion (US$1.4 billion) as of December 31, 2013.
* * *
As reported in the Troubled Company Reporter-Latin America on July
31, 2014, Standard & Poor's Ratings Services affirmed its 'B/B'
global scale 'brBBB-' national scale issuer credit ratings on
Banco BMG S.A. (BMG). At the same time, S&P removed the ratings
from CreditWatch developing. Outlook is stable.
BR PROPERTIES: S&P Affirms 'BB' Global Scale Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
rating on BR Properties. At the same time S&P lowered its
national scale corporate credit and issue-level ratings to 'brAA-'
from 'brAA' and revised the outlook to stable from positive.
"The rating actions reflect our opinion that industry conditions
will remain challenging in the next two years as overcapacity
continues to spread in the office rental markets of Sao Paulo and
Rio de Janeiro," said Standard & Poor's credit analyst Marcus
Fernandes. While interest rates rise amid rising inflation, the
company's coverage ratios will likely remain relatively weak,
which reduces the company's ability to take on new debt, if
needed.
In S&P's base case, it expects average total gross leasable area
(GLA) will drop 40% year over year in 2014 and 39% in 2015,
reflecting the company's sale of its assets in the industrial
segment. S&P expects it to continue lowering its vacancy rates as
it leases the remaining space in JK towers D&E building, and
adjusts its average rent per meter squared to remain in line with
inflation. S&P's base case also includes two premium buildings in
Rio de Janeiro, which should be completed by 2017.
ELETROPAULO METROPOLITANA: Aneel Rejects $275 Million Appeal
------------------------------------------------------------
Leonardo Goy at Reuters reports that Brazil power regulator Aneel
rejected an appeal from electricity distributor AES Corp's Brazil
unit Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.,
maintaining an order to return BRL626 million ($274.6 million) to
customers.
The payment was ordered to compensate for what Aneel sees as an
improper accounting for 246 kilometers of cable investments, which
impacted the size of a previous government-controlled tariff
adjustment, according to Reuters.
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. operates
as an electric power utility concessionaire in Latin America. The
company distributes and sells electric power in 24 cities in the
metropolitan region of Greater Sao Paulo region. The company is
is a subsidiary of The AES Corporation, and is headquartered in
Barueri, Brazil.
As reported in the Troubled Company Reporter-Latin America on
July 1, 2014, Fitch Ratings has downgraded Eletropaulo
Metropolitana de Eletricidade de Sao Paulo S.A.'s (Eletropaulo)
foreign and local currency Issuer Default Ratings (IDRs) to 'BB'
from 'BB+' and long-term National Scale Rating to 'A+(bra)' from
'AA(bra)'. The Rating Outlook for the corporate ratings was
revised to Stable from Negative.
OI SA: Incurs BRL221 Million Net Loss in 3Mo Ended June 2014
------------------------------------------------------------
telegeography.com reports that Oi SA booked a net loss of BRL221
million (US$97 million) in the three months to June 30 2014,
compared to a BRL124 million net loss in the corresponding year-
earlier period and net income of BRL228 million in first quarter
2014. This is the company's first earnings release since
combining assets with parent Portugal Telecom (PT).
With the two companies currently involved in a structural merger
of their respective operations, in a securities filing Oi
attributed the decline in the main to lower EBITDA 'due to lower
non-routine revenue, including the negative impact related to the
sale of the second tranche of mobile towers in Q1,' according to
telegeography.com.
The report notes that revenue in Brazil reached BRL6.93 billion, a
2% year-on-year fall, while PT booked turnover of BRL1.85 billion,
up 9.5%, and consolidated revenue was BRL9.0 billion -- up 0.4% as
a result of the depreciation of the euro versus the Brazilian
real. EBITDA though dropped a significant 21.3% to BRL2.55
billion and net debt surged 52.8% to BRL46.2 billion; CAPEX was
BRL1.67 billion, down 13.3%, the report relays.
In its filing, Oi said that revenue in Brazil was affected by a
reduction in mobile termination rates (MTRs) for mobile voice
services, a decline in fixed (voice) revenue due to slow customer
additions, a drop in fixed-to-mobile tariff plans and lower usage
during the period of the FIFA football World Cup in June-July, the
report discloses.
About Oi S.A.
Oi S.A., through its subsidiaries, provides integrated
telecommunication services for residential customers, companies,
and governmental agencies in Brazil. The company was formerly
known as Brasil Telecom S.A. and changed its name to Oi S.A. in
February 2012. Oi S.A. was founded in 1963 and is headquartered in
Rio de Janeiro, Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 22, 2014, Standard & Poor's Ratings Services lowered its
corporate credit and debt ratings on Oi S.A. to 'BB+' from 'BBB-'
on global scale and to 'brAA+' from 'brAAA' on national scale, and
removed them from CreditWatch with negative implications, where
they were placed on July 4, 2014. The outlook on the corporate
credit ratings is stable.
==========================
C A Y M A N I S L A N D S
==========================
BERNOULLI HIGH: Creditors' Proofs of Debt Due Sept. 11
------------------------------------------------------
The creditors of Bernoulli High Grade CDO II, Ltd. are required to
file their proofs of debt by Sept. 11, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 30, 2014.
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
EUROPEAN LOANS: Creditors' Proofs of Debt Due Sept. 2
-----------------------------------------------------
The creditors of European Loans Funding I Cayman Limited are
required to file their proofs of debt by Sept. 2, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 25, 2014.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
EUROPEAN LOANS: Shareholder to Hear Wind-Up Report on Sept. 3
-------------------------------------------------------------
The shareholder of European Loans Funding I Cayman Limited will
hear on Sept. 3, 2014, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on July 25, 2014.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
G CAPITAL: Creditors' Proofs of Debt Due Sept. 5
------------------------------------------------
The creditors of G Capital Systematic Fund, Ltd are required to
file their proofs of debt by Sept. 5, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 25, 2014.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: +1 (345) 815 1839
Facsimile: +1 (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
G CAPITAL FUND II: Creditors' Proofs of Debt Due Sept. 5
--------------------------------------------------------
The creditors of G Capital Systematic Fund II, Ltd are required to
file their proofs of debt by Sept. 5, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 25, 2014.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: +1 (345) 815 1839
Facsimile: +1 (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
G CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 5
-------------------------------------------------------
The creditors of G Capital Systematic Master Fund, Ltd are
required to file their proofs of debt by Sept. 5, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 25, 2014.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
Telephone: +1 (345) 815 1839
Facsimile: +1 (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
KESTREL FUNDS: Creditors' Proofs of Debt Due Sept. 11
-----------------------------------------------------
The creditors of Kestrel Funds Limited are required to file their
proofs of debt by Sept. 11, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 7, 2014.
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
METALLICA DEVELOPMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On July 15, 2014, the sole shareholder of Metallica Development
Fund Ltd. resolved to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Avalon Ltd.
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
STRATEGY FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 25, 2014, the shareholders of Strategy Fund Management
resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Eva Moore
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town Grand Cayman KY1-1103
Cayman Islands
TANDEM GLOBAL: Creditors' Proofs of Debt Due Sept. 11
-----------------------------------------------------
The creditors of Tandem Global Emerging Markets Fund (Cayman),
Ltd. are required to file their proofs of debt by Sept. 11, 2014,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on July 28, 2014.
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
TANDEM GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 11
------------------------------------------------------------
The creditors of Tandem Global Emerging Markets Master Fund, Ltd
are required to file their proofs of debt by Sept. 11, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 28, 2014.
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
=======
P E R U
=======
CORPORACION PESQUERA: S&P Lowers CCR to 'B'; on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and issue-level rating on Corporacion Pesquera Inca S.A.C.
(Copeinca) to 'B' from 'B+'. S&P is keeping all the ratings on
CreditWatch with negative implications.
The corporate credit rating on Copeinca reflects that of its
parent company, China Fishery Group Ltd. (B/Watch Neg/--; see
Rating On China Fishery Lowered To 'B' From 'B+'; Placed On
CreditWatch Negative, published Aug. 15, 2014). Copeinca is a
core subsidiary of China Fishery, which holds a 100% ownership
interest in the company. "The ongoing integration process of the
group's enlarged Peruvian operations, which should result in
greater synergies and operating efficiency improvements, and the
significant contribution of Copeinca's fishmeal activities to
China Fishery's consolidated revenue base (almost 80% in the
quarter ended June 30, 2014) support our analysis," said Standard
& Poor's credit analyst Juan Patricio Bayona. Going forward, and
to the extent that Copeinca maintains its core subsidiary status,
S&P expects the ratings on it to move in tandem with those on
China Fishery.
The CreditWatch placement mirrors that on China Fishery.
S&P expects to resolve the CreditWatch placement within 90 days,
depending on China Fishery's refinancing prospects and liquidity
profile. In this sense, S&P will continue monitoring Copeinca's
consent solicitation for the amendment of some covenants embedded
in the indenture of its $250 million outstanding notes, which
would release its parent from the obligation of their early
redemption.
======================
P U E R T O R I C O
======================
OFG BANCORP: Reports 2nd Quarter 2014 Results
---------------------------------------------
OFG Bancorp reported results for the second quarter ended June 30,
2014.
Income available to common shareholders totaled $17.8 million, or
$0.38 per share diluted. In the preceding quarter, OFG earned
$20.3 million, or $0.42 per share diluted, which included a pre-
tax gain on the sale of securities of $4.4 million.
In the year ago quarter, OFG earned $34.1 million, or $0.68 per
share diluted, which included a net positive impact of $16.3
million from non-recurring items.
Net interest margin continued strong at 6.10% compared to 5.90% in
the first quarter of 2014.
Puerto Rico government related loan and investment security
balances (excluding obligations of municipalities) declined 15.7%,
to $454.9 million at June 30, 2014, from $539.5 million at March
31, 2014.
A full text copy of the company's financial results is available
free at:
http://is.gd/create.php
OFG Bancorp, a financial holding company, provides various banking
and financial services primarily in Puerto Rico. It operates in
three segments: Banking, Financial Services, and Treasury. The
Banking segment offers checking and savings accounts; mortgage,
commercial, and consumer lending products; financial planning,
insurance, financial service, and investment brokerage; and
corporate and individual trust and retirement services. This
segment operates 55 branches in Puerto Rico.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2014, Standard & Poor's Ratings Services said it lowered
its counterparty credit rating on Puerto Rico-based regional
banking company OFG Bancorp (OFG) to 'B+' from 'BB-'. At the same
time, S&P lowered its counterparty credit rating on OFG's main
bank subsidiary, Oriental Bank, to 'BB' from 'BB+'. S&P removed
the ratings from CreditWatch with negative implications, where it
placed them on July 14, 2014. S&P also lowered its ratings on the
preferred stock by one notch to 'CCC+' from 'B-' given it sees
higher risk of payment deferral. The outlook on both entities is
negative.
PUERTO RICO: Prepa Given Until March 31 to Pay Principal
--------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that lenders to the Puerto Rico Electric Power Authority
(Prepa) gave it a breather instead of enforcing a looming deadline
on the lines of credit the company uses to buy fuel for its power
plants. According to the DealBook, the banks that provide the
credit line gave Prepa until March 31 to make good on principal
repayments that originally came due at the end of July. Prepa
said it would keep paying interest on the total amount due, $671
million, until then, the DealBook related.
PUERTO RICO: New Debt Law Briefing Dates Set
--------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that the U.S. District Court in Puerto Rico wants the
government of Puerto Rico and bond funds affiliated with Franklin
Resources Inc. and Oppenheimer Rochester Funds to make their cases
on the constitutionality of the new Puerto Rico law that allows
government-owned entities to restructure debt outside of federal
bankruptcy court. The District Court told Puerto Rico to file
papers by Sept. 12 supporting its claim that the law is
constitutional so the bond funds can file opposing papers by Oct.
6.
The lawsuit relating to the new law is Franklin California Tax-Fee
Trust v. Commonwealth of Puerto Rico, 14-cv-01518, U.S. District
Court, District of Puerto Rico (San Juan).
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 115297369 -19538107
BATTISTELLA-PREF BTTL4 BZ 115297369 -19538107
BATTISTELLA-RECE BTTL9 BZ 115297369 -19538107
BATTISTELLA-RECP BTTL10 BZ 115297369 -19538107
BATTISTELLA-RI P BTTL2 BZ 115297369 -19538107
BATTISTELLA-RIGH BTTL1 BZ 115297369 -19538107
BOMBRIL BMBBF US 309951278 -57714449.4
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 309951278 -57714449.4
BOMBRIL - RTS BOBR11 BZ 309951278 -57714449.4
BOMBRIL CIRIO SA BOBRON BZ 309951278 -57714449.4
BOMBRIL CIRIO-PF BOBRPN BZ 309951278 -57714449.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 309951278 -57714449.4
BOMBRIL SA-ADR BMBBY US 309951278 -57714449.4
BOMBRIL-PREF BOBR4 BZ 309951278 -57714449.4
BOMBRIL-RGTS PRE BOBR2 BZ 309951278 -57714449.4
BOMBRIL-RIGHTS BOBR1 BZ 309951278 -57714449.4
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 95403660.1 -37550595.1
BUETTNER SA BUETON BZ 95403660.1 -37550595.1
BUETTNER SA-PRF BUETPN BZ 95403660.1 -37550595.1
BUETTNER SA-RT P BUET2 BZ 95403660.1 -37550595.1
BUETTNER SA-RTS BUET1 BZ 95403660.1 -37550595.1
BUETTNER-PREF BUET4 BZ 95403660.1 -37550595.1
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1029019993 -128321599
CAIUA SA ELCON BZ 1029019993 -128321599
CAIUA SA-DVD CMN ELCA11 BZ 1029019993 -128321599
CAIUA SA-DVD COM ELCA12 BZ 1029019993 -128321599
CAIUA SA-PREF ELCPN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCAN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCA5 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCA6 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCBN BZ 1029019993 -128321599
CAIUA SA-RCT PRF ELCA10 BZ 1029019993 -128321599
CAIUA SA-RTS ELCA2 BZ 1029019993 -128321599
CAIVA SERV DE EL 1315Z BZ 1029019993 -128321599
CELGPAR GPAR3 BZ 202489694 -1054621126
CENTRAL COST-ADR CCSA LI 271025064 -37667553.4
CENTRAL COSTAN-B CRCBF US 271025064 -37667553.4
CENTRAL COSTAN-B CNRBF US 271025064 -37667553.4
CENTRAL COSTAN-C CECO3 AR 271025064 -37667553.4
CENTRAL COST-BLK CECOB AR 271025064 -37667553.4
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 73710194.2 -2330089496
COBRASMA SA COBRON BZ 73710194.2 -2330089496
COBRASMA SA-PREF COBRPN BZ 73710194.2 -2330089496
COBRASMA-PREF CBMA4 BZ 73710194.2 -2330089496
D H B DHBI3 BZ 103378506 -180639480
D H B-PREF DHBI4 BZ 103378506 -180639480
DHB IND E COM DHBON BZ 103378506 -180639480
DHB IND E COM-PR DHBPN BZ 103378506 -180639480
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS SA DOCAON BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
EBX BRASIL SA CTMN3 BZ 2670745328 -202996314
ELEC ARG SA-PREF EASA6 AR 945325071 -56471446.1
ELEC ARGENT-ADR EASA LX 945325071 -56471446.1
ELEC DE ARGE-ADR 1262Q US 945325071 -56471446.1
ELECTRICIDAD ARG 3447811Z AR 945325071 -56471446.1
ENDESA - RTS CECOX AR 271025064 -37667553.4
ENDESA COST-ADR CRCNY US 271025064 -37667553.4
ENDESA COSTAN- CECO2 AR 271025064 -37667553.4
ENDESA COSTAN- CECOD AR 271025064 -37667553.4
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ESTRELA SA ESTR3 BZ 76575881.3 -120012837
ESTRELA SA ESTRON BZ 76575881.3 -120012837
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F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 19848769.9 -38798309.5
FERRAGENS HAGA HAGAON BZ 19848769.9 -38798309.5
FERRAGENS HAGA-P HAGAPN BZ 19848769.9 -38798309.5
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 346216965 -42013205.9
GRADIENTE EL-PRA IGBAN BZ 346216965 -42013205.9
GRADIENTE EL-PRB IGBBN BZ 346216965 -42013205.9
GRADIENTE EL-PRC IGBCN BZ 346216965 -42013205.9
GRADIENTE-PREF A IGBR5 BZ 346216965 -42013205.9
GRADIENTE-PREF B IGBR6 BZ 346216965 -42013205.9
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HAGA HAGA3 BZ 19848769.9 -38798309.5
HOTEIS OTHON SA HOOT3 BZ 238958413 -22929896.5
HOTEIS OTHON SA HOTHON BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOOT4 BZ 238958413 -22929896.5
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IGB ELETRONICA IGBR3 BZ 346216965 -42013205.9
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IGUACU CAFE IGCSON BZ 214061113 -63930746.9
IGUACU CAFE IGUCF US 214061113 -63930746.9
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IGUACU CAFE-PR A IGCSAN BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGUAF US 214061113 -63930746.9
IGUACU CAFE-PR B IGUA6 BZ 214061113 -63930746.9
IGUACU CAFE-PR B IGCSBN BZ 214061113 -63930746.9
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
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IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
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INVERS ELEC BUEN IEBAA AR 239575758 -28902145.8
INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8
INVERS ELEC BUEN IEBA AR 239575758 -28902145.8
KARSTEN CTKCF US 161482221 -4141092.01
KARSTEN CTKON BZ 161482221 -4141092.01
KARSTEN SA CTKA3 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA9 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA10 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA1 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA2 BZ 161482221 -4141092.01
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KARSTEN-PREF CTKA4 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPN BZ 161482221 -4141092.01
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LOJAS ARAPUA LOAR3 BZ 38857516.9 -3355978520
LOJAS ARAPUA LOARON BZ 38857516.9 -3355978520
LOJAS ARAPUA-GDR 3429T US 38857516.9 -3355978520
LOJAS ARAPUA-GDR LJPSF US 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOAR4 BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOARPN BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF 52353Z US 38857516.9 -3355978520
LUPATECH SA LUPA3 BZ 584100366 -304853641
LUPATECH SA LUPTF US 584100366 -304853641
LUPATECH SA LUPAF US 584100366 -304853641
LUPATECH SA LUPTQ US 584100366 -304853641
LUPATECH SA -RCT LUPA9 BZ 584100366 -304853641
LUPATECH SA-ADR LUPAY US 584100366 -304853641
LUPATECH SA-ADR LUPAQ US 584100366 -304853641
LUPATECH SA-RT LUPA11 BZ 584100366 -304853641
LUPATECH SA-RTS 1041054D BZ 584100366 -304853641
LUPATECH SA-RTS LUPA1 BZ 584100366 -304853641
MANGELS INDL MGEL3 BZ 186096273 -50186882
MANGELS INDL SA MISAON BZ 186096273 -50186882
MANGELS INDL-PRF MGIRF US 186096273 -50186882
MANGELS INDL-PRF MGEL4 BZ 186096273 -50186882
MANGELS INDL-PRF MISAPN BZ 186096273 -50186882
MINUPAR MNPR3 BZ 90210352.5 -117166643
MINUPAR SA MNPRON BZ 90210352.5 -117166643
MINUPAR SA-PREF MNPRPN BZ 90210352.5 -117166643
MINUPAR-PREF MNPR4 BZ 90210352.5 -117166643
MINUPAR-RCT 9314634Q BZ 90210352.5 -117166643
MINUPAR-RCT 0599564D BZ 90210352.5 -117166643
MINUPAR-RCT MNPR9 BZ 90210352.5 -117166643
MINUPAR-RT 9314542Q BZ 90210352.5 -117166643
MINUPAR-RT 0599562D BZ 90210352.5 -117166643
MINUPAR-RTS MNPR1 BZ 90210352.5 -117166643
NORDON MET NORD3 BZ 10859129.2 -33570700.5
NORDON METAL NORDON BZ 10859129.2 -33570700.5
NORDON MET-RTS NORD1 BZ 10859129.2 -33570700.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
OGX PETROLEO CTCO3 BZ 2104841243 -4244633894
OLEO E GAS P-ADR OGXPY US 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EO 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EU 2104841243 -4244633894
OLEO E GAS P-ADR 8OGB GR 2104841243 -4244633894
OLEO E GAS PART OGXP3 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP5 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP6 BZ 2104841243 -4244633894
OLEO E GAS PART OGXPF US 2104841243 -4244633894
OSX BRASIL - RTS 0701756D BZ 2670745328 -202996314
OSX BRASIL - RTS 0701757D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812903D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812904D BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB1 BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB9 BZ 2670745328 -202996314
OSX BRASIL SA OSXB3 BZ 2670745328 -202996314
OSX BRASIL SA EBXB3 BZ 2670745328 -202996314
OSX BRASIL SA OSXRF US 2670745328 -202996314
OSX BRASIL S-GDR OSXRY US 2670745328 -202996314
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON 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
PETROLERA DEL CO PSUR AR 70120174.9 -27864484
PILMAIQUEN PILMAIQ CI 200140666 -20597929.7
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 21553021.9 -5145184.07
PUYEHUE RIGHT PUYEHUOS CI 21553021.9 -5145184.07
RECRUSUL RCSL3 BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529789Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529793Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163582D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163583D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614675D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614676D BZ 41395863.2 -21007926.7
RECRUSUL - RCT RCSL10 BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529781Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529785Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163579D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163580D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614673D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614674D BZ 41395863.2 -21007926.7
RECRUSUL SA RESLON BZ 41395863.2 -21007926.7
RECRUSUL SA-PREF RESLPN BZ 41395863.2 -21007926.7
RECRUSUL SA-RCT RCSL9 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL1 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL2 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL11 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL12 BZ 41395863.2 -21007926.7
RECRUSUL-PREF RCSL4 BZ 41395863.2 -21007926.7
REDE EMP ENE ELE ELCA4 BZ 1029019993 -128321599
REDE EMP ENE ELE ELCA3 BZ 1029019993 -128321599
REDE EMPRESAS-PR REDE4 BZ 1029019993 -128321599
REDE ENERGIA SA REDE3 BZ 1029019993 -128321599
REDE ENERGIA SA- REDE2 BZ 1029019993 -128321599
REDE ENERGIA-RTS REDE1 BZ 1029019993 -128321599
REDE ENERG-UNIT REDE11 BZ 1029019993 -128321599
REDE ENER-RCT 3907731Q BZ 1029019993 -128321599
REDE ENER-RCT REDE9 BZ 1029019993 -128321599
REDE ENER-RCT REDE10 BZ 1029019993 -128321599
REDE ENER-RT 3907727Q BZ 1029019993 -128321599
REDE ENER-RT 1011624D BZ 1029019993 -128321599
REDE ENER-RT 1011625D BZ 1029019993 -128321599
RENAUXVIEW SA TXRX3 BZ 54394844.4 -90675345.2
RENAUXVIEW SA-PF TXRX4 BZ 54394844.4 -90675345.2
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 20127540.6 -7418183.32
SANSUY SNSY3 BZ 188091749 -164364290
SANSUY SA SNSYON BZ 188091749 -164364290
SANSUY SA-PREF A SNSYAN BZ 188091749 -164364290
SANSUY SA-PREF B SNSYBN BZ 188091749 -164364290
SANSUY-PREF A SNSY5 BZ 188091749 -164364290
SANSUY-PREF B SNSY6 BZ 188091749 -164364290
SCHLOSSER SCLO3 BZ 51334306.9 -58463309
SCHLOSSER SA SCHON BZ 51334306.9 -58463309
SCHLOSSER SA-PRF SCHPN BZ 51334306.9 -58463309
SCHLOSSER-PREF SCLO4 BZ 51334306.9 -58463309
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TEC TOY SA-PF B TOYB6 BZ 33401974.6 -468978.338
TEC TOY SA-PREF TOYDF US 33401974.6 -468978.338
TEC TOY SA-PREF TOYB5 BZ 33401974.6 -468978.338
TEC TOY-RCT 7335626Q BZ 33401974.6 -468978.338
TEC TOY-RCT 7335630Q BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB9 BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB10 BZ 33401974.6 -468978.338
TEC TOY-RT 7335610Q BZ 33401974.6 -468978.338
TEC TOY-RT 7335614Q BZ 33401974.6 -468978.338
TEC TOY-RT TOYB1 BZ 33401974.6 -468978.338
TEC TOY-RT TOYB2 BZ 33401974.6 -468978.338
TECTOY TOYB3 BZ 33401974.6 -468978.338
TECTOY TOYB13 BZ 33401974.6 -468978.338
TECTOY SA TOYBON BZ 33401974.6 -468978.338
TECTOY SA-PREF TOYBPN BZ 33401974.6 -468978.338
TECTOY-PF-RTS5/6 TOYB11 BZ 33401974.6 -468978.338
TECTOY-PREF TOYB4 BZ 33401974.6 -468978.338
TECTOY-RCPT PF B TOYB12 BZ 33401974.6 -468978.338
TEKA TKTQF US 367577608 -421708949
TEKA TEKA3 BZ 367577608 -421708949
TEKA TEKAON BZ 367577608 -421708949
TEKA-ADR TEKAY US 367577608 -421708949
TEKA-ADR TKTPY US 367577608 -421708949
TEKA-ADR TKTQY US 367577608 -421708949
TEKA-PREF TKTPF US 367577608 -421708949
TEKA-PREF TEKA4 BZ 367577608 -421708949
TEKA-PREF TEKAPN BZ 367577608 -421708949
TEKA-RCT TEKA9 BZ 367577608 -421708949
TEKA-RCT TEKA10 BZ 367577608 -421708949
TEKA-RTS TEKA1 BZ 367577608 -421708949
TEKA-RTS TEKA2 BZ 367577608 -421708949
TEXTEIS RENA-RCT TXRX9 BZ 54394844.4 -90675345.2
TEXTEIS RENA-RCT TXRX10 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX1 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX2 BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXON BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXPN BZ 54394844.4 -90675345.2
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
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
WETZEL SA MWET3 BZ 97509409.1 -4549842.72
WETZEL SA MWELON BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWET4 BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWELPN BZ 97509409.1 -4549842.72
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
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.
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, and Peter A.
Chapman, Editors.
Copyright 2014. 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 * * *