TCRLA_Public/140925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

          Thursday, September 25, 2014, Vol. 15, No. 190


                            Headlines



A N T I G U A  &   B A R B U D A

ANTIGUA & BARBUDA: Ex Minister Critical of Economic Policies
ANTIGUA & BARBUDA: CBH Boss Dismisses Government's Claims
ANTIGUA & BARBUDA: Seeks Funds to Revive Desalination Plant


B E R M U D A

* BERMUDA: To Host World Insolvency Regulators Conference in 2015


B R A Z I L

CIMENTO TUPI: S&P Retains 'B' Rating Following Proposed Add-On
CIMENTO TUPI: Fitch Rates Reopening of up to USD50MM Bonds 'B/RR4'
BANCO DO BRASIL: Commences Offer to Exchange Jr. Sub. Securities
BRAZIL: Consumer Insolvency Rate Up 17.2% in August
TEGMA GESTAO: Moody's Lowers Rating on BRL200MM Sr. Debts to Ba3


C A Y M A N  I S L A N D S

ALEXANDER ASSET: Creditors' Proofs of Debt Due Sept. 29
AP CAPITAL: Creditors' Proofs of Debt Due Oct. 7
AXIAL CAPITAL: Creditors' Proofs of Debt Due Oct. 1
BUCEPHALE LEGENDS: Creditors' Proofs of Debt Due Oct. 8
FORTY4 FUND: Creditors' Proofs of Debt Due Oct. 8

LONGPOINT RE II: Creditors' Proofs of Debt Due Oct. 8
MFO (CAYMAN): Creditors' Proofs of Debt Due Oct. 7
SPEEDCAST HOLDINGS: Creditors' Proofs of Debt Due Sept. 30
STABLE GROWTH: Creditors' Proofs of Debt Due Sept. 29
SYOSS LIMITED: Creditors' Proofs of Debt Due Sept. 25


C O L O M B I A

COLOMBIA: Peso Declines to Six-Month Low on Oil Revenue Concern


J A M A I C A

NAT'L COMMERCIAL: S&P Revises Outlook to Pos, Affirms B-/B Ratings
JAMAICA: Credit Card Debt Hits New High
JAMAICA: Cash-Flow Deficit to Last Until October


M E X I C O

MORELOS, MEXICO: Moody's Cuts Rating to Ba3/A3.mx; Outlook Neg.


T R I N I D A D  &  T O B A G O

CL FIN'L: T&T Compensates Eastern Caribbean for CLICO Collapse


                            - - - - -


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


ANTIGUA & BARBUDA: Ex Minister Critical of Economic Policies
------------------------------------------------------------
The Daily Observer reports that Antigua & Barbuda's Former finance
minister Harold Lovell said Prime Minister Gaston Browne is
sending the wrong message to creditors when he publicly states
that the debt to gross domestic product (GDP) is as high as 130
per cent.

Mr. Lovell said the official mark is estimated at 100 per cent.

"When you are in government, to make the case that you have such a
high debt to GDP ratio, you are just going to make your
negotiations much more difficult. When you are seeking to get
concessional financing, you are going to pay high interest rates
because you are making the case you are in difficulty," Mr. Lovell
told Observer Radio, according to The Daily Observer.

Last week, Prime Minister Browne told television viewers that he
was prepared to take the "very critical' criticisms from the
international financial institutions such as the World Bank and
the International Monetary Fund (IMF) over plans by his
administration to borrow funds to deal with Antigua & Barbuda's
debt problem, the report notes.

Minister Browne, who came to office in June following the general
election, said he was also prepared to push the country into
becoming the world's second indebted country as he moves to solve
its economic problems.

In January, when the then Baldwin Spencer administration presented
the country's national budget, the debt to GDP was estimated at 87
per cent, The Daily Observer recalls.

But, Minister Browne said his administration has no choice but to
increase the debt in order to deal with the economic problems
confronting the country, the report relates.

"In fact, I think we are going to become the second highest
country in terms of debt to GDP in the world. I think Japan is
just over 200 per cent.  St. Kitts-Nevis is up there at about 150
to 155 per cent and I suspect we may even exceed St Kitts," the
report quoted Minister Browne as saying.

Mr. Lovell was also critical of the government's failure, to date,
to remove personal income tax as it had promised during the
election campaign, the report says.  The former government had
questioned the removal of the income tax, claiming that it was
needed to ensure a stable economy and allow for fiscal stability,
the report notes.

". . . The fact that he (Minister Browne) has not done it is
testament of the fact, because if he believed in it, then he would
have abolished it, increase aggregate demand, increase spending,
drive economic growth and get the money," the report quoted Mr.
Lovell as saying.

However, Chief Of Staff Lionel "Max" Hurst said the government
will abolish personal income tax when the time is right, the
report notes.

"It is clear that we intend to ensure that personal income tax is
abolished.  It is going to be abolished.  But as the Honorable
Gaston Browne has said, we are responsible, we know exactly what
we are doing, timing is everything," the report quoted Mr. Hurst
as saying.

Minister Browne has said his new administration cannot as yet
sustain the short-term revenue lost expected from the decision to
abolish income tax, the report adds.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


ANTIGUA & BARBUDA: CBH Boss Dismisses Government's Claims
---------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda Chief Health
Inspector Lionel Michael is adamant that he will not accept claims
that the Central Board of Health (CBH) did not receive "value for
money" from the private contractors on its payroll, or that the
department exceeded its 2013 budget.

Prime Minister Gaston Browne said there are instances where
private contractors are being paid thousands of dollars, but are
pocketing the funds for themselves, according to The Daily
Observer.

"What some of these individuals do is that they hold onto all of
the monies.  Some of them will probably give a 'coke man' maybe
EC$100 to do the work occasionally.  They are not doing the work
properly, and then they will pocket all of it," Minister Browne
charged, the report notes.

But, speaking on OBSERVER Radio's "Snakepit," Mr. Michael said
contractors are not paid if the work is left uncompleted, the
report relays.

"We have a network of supervisions that back-check the work. If we
are not satisfied with the work, the bill is not signed.  Any bill
that is submitted that is not in accordance with what we have
agreed to, is not signed," the report quoted Mr. Michael as
saying.

While Mr. Michael said he would not speak to the prime minister's
comments directly, he reiterated he is "satisfied" with the work
of the contractors, the report notes.  Mr. Michael also noted the
individuals contracted were not being over paid, the report
relays.

Mr. Michael said the independent contractors must use their pay to
cover wages for workers, tools and machinery, the report
discloses.

Two weeks ago, about 150 contractors, each employing three to four
workers, were temporarily sent packing in a large-scale
retrenchment exercise, the report recalls.

Prime Minister Browne said the termination of the workers would
not only eliminate the wastage of funds, but ultimately result in
more individuals being employed by CBH, the report relates.

In addition, Health Minister Molwyn Joseph, said CBH overspent its
budget by some EC$7 million, the report adds.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


ANTIGUA & BARBUDA: Seeks Funds to Revive Desalination Plant
-----------------------------------------------------------
The Daily Observer reports that talks are reportedly ongoing to
reopen an abandoned desalination plant to provide relief during
extended drought.

Antigua and Barbuda Chief of Staff Lionel "Max" Hurst said the
plan is for private investors to provide the funds to get it back
up and running, according to The Daily Observer.

"We are hopeful that the plant, which was abandoned by (former
finance minister) Mr. (Harold) Lovell and his group in 2004, we
are hopeful that we can bring this back on line in the event we
have another drought like we are having.  It can produce about two
million gallons a day plus electricity," the report quoted Mr.
Hurst as saying.

The nation has been going through an extended drought for about a
year, and nearly all of the water comes from the 4 million gallons
a day bought from the private firm Sembcorp (formerly Enerserve),
which operates a desalination plant, the report notes.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


=============
B E R M U D A
=============


* BERMUDA: To Host World Insolvency Regulators Conference in 2015
-----------------------------------------------------------------
The Royal Gazette reports that Bermuda's Registrar of Companies
(ROC) will host the world's annual meeting of government
insolvency regulators next year.

The International Association of Insolvency Regulators (IAIR)
Conference and Annual General Meeting will bring receivers and
liquidators to the Island for a meeting scheduled for August 31 to
Sept. 3, 2015, according to the report.

Members of the IAIR include government departments/ministries,
agencies and public authorities which have responsibility in their
countries for one or more of insolvency policy and legislation,
insolvency practice and administration, or insolvency regulation,
the report notes.

"The insolvency process is integral to business in Bermuda. People
won't invest in companies in a jurisdiction where there is no way
to protect that investment in the event of a company failure.
There needs to be a process by which investors and creditors are
protected," The Royal Gazette quotes the Registrar of Companies
and Official Receiver Stephen Lowe as saying.  "This is an
important event in the professional calendar of official receivers
and we believe our opportunity to host next year's event will also
showcase the island as an important business centre and a
wonderful environment in which to conduct business."

The official receiver may deal with corporate liquidations, but is
also concerned with personal bankruptcies, the report notes.


===========
B R A Z I L
===========


CIMENTO TUPI: S&P Retains 'B' Rating Following Proposed Add-On
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' issue-level
rating on Cimento Tupi S.A.'s notes due 2018 remains unchanged
following the proposed add-on.

The rating on the notes reflects the credit quality of Cimento
Tupi.  The add-on is part of Cimento Tupi's debt refinancing to
strengthen its financial risk profile by extending debt maturities
and lowering its funding costs.

S&P don't expect Cimento Tupi to increase its gross debt as a
result of the add-on, because it believes the company will use the
proceeds to improve its capital structure by paying down short-
and medium-term debt.  S&P expects that the add-on will lower the
company's interest burden.

RATINGS LIST

Cimento Tupi S.A.
  Corporate credit rating             B/Stable/--
  Sr. unsec. notes                    B


CIMENTO TUPI: Fitch Rates Reopening of up to USD50MM Bonds 'B/RR4'
------------------------------------------------------------------
Fitch Ratings rates Cimento Tupi S.A.'s (Tupi) reopening of up to
USD50 million bonds due 2018 'B/RR4'.  The reopening is an
additional offering of the US$150 million, 9.75% bond due May 11,
2018.  Proceeds from the transaction will be used to repay
existing debt and for general corporate purposes.

KEY RATING DRIVERS

High Leverage

Tupi's Negative Rating Outlook reflects high leverage metrics for
its rating category.  Based on Fitch's methodology, ratios
steadily deteriorated when the company's expansion plans commenced
in 2011, evidenced by net leverage of 3.7x, 6.9x and 7.1x for
2011, 2012 and 2013, respectively.  Since the completion and ramp-
up of its Pedro do Sino plant, cement volumes have increased
however cash flow generation has been weak due to higher operating
costs during the year.  Net leverage remained high at 7.2x as of
LTM June 30, 2014.  Tupi is focused on delevering over the next
several years, however high interest expense is draining cash flow
generation and hindering its decline in leverage.

Liquidity is Weak

Tupi has a poor liquidity position compared to its peers.  As of
June 30, 2014, Tupi had BRL46 million in cash and marketable
securities, and BRL125 million of short-term debt.  Approximately
BRL87 million of the company's short-term debt is with local banks
and is denominated in Brazilian reais.  The level of short-term
debt coverage as measured by cash plus FCF/short-term debt was
0.1x for both LTM June 30, 2014 and 2013, respectively.

Weak Business Profile

Tupi's small production scale and its lack of geographic
diversification heighten the risk of its exposure to the
volatility of the cement industry.  In 2013, Tupi had a 2.6%
market share in the domestic market and 5.8% of market share in
the Southwestern region.  As a result of its small size, Tupi has
a higher cost structure than the larger integrated Brazilian
cement producers.  The strong credit profile of these
conglomerates may allow them to pressure prices during a downturn
in the industry in an attempt to sustain volumes, which would
negatively affect Tupi's cash flow and ability to service its
debt.

No Geographic Diversification

Tupi's production facilities are concentrated solely in the
southeast region of Brazil, with operations in Minas Gerais, Rio
de Janeiro and Sao Paulo.  As a result, revenue is concentrated in
these regions, with 58% of sales derived from retailers and
wholesalers.  The lack of geographic diversification limits Tupi's
growth potential and also its ability to absorb market share loss
from bigger cement players.

Strong Volume Growth Post Plant Expansion

Tupi experienced solid revenue growth of approximately 33% during
the first six months of 2014 over the same period in 2013 driven
by increased cement volume sold and sustained price levels.  Tupi
increased its production capacity to 3.5 million tons from 2.4
million tons last year following the expansion of its Pedro do
Sino plant.  While ramp-up of the plant was hindered by equipment
malfunctions during the third quarter of 2013 resulting in higher
than expected net leverage to end 2013, the plant has been fully
operational since then which has resulted in higher utilization
levels.

Long-term Prospects Favorable, Should Sustain Cement Prices
Cement consumption is projected to grow by around 3% during 2014.
The outlook is more favorable in the medium and longer term.  The
expansion of the real estate segment and infrastructure works
should also favor Tupi's operations.  Nevertheless, profitability
margins should remain relatively flat, as a lot of new capacity is
being added by the leading cement producers.  Tupi's end-market,
which is highly oriented toward the refurbishment and construction
of homes, should not be affected materially by the high level of
infrastructure projects in Brazil, as it is linked more with
unemployment and income levels.

RATING SENSITIVITIES

A rating downgrade could result from the company's inability to
reduce its high leverage position and improve its weak liquidity
position.  A significant deterioration in the company's cash flow
generation and operating margins due to a downward turn in the
Brazilian market or liquidity issues would also pressure the
ratings.

Key considerations for a positive rating action or outlook would
be a faster deleveraging process, coupled with stronger than
expected volume growth and solid operations over the medium term.
Fitch would consider a Stable Outlook if the company is able to
reduce and maintain its net leverage to around 5.0x over the next
six to 12 months.

Fitch currently rates Cimento Tupi as follows:

   -- Foreign currency Issuer Default Rating (IDR) 'B';
   -- Local currency IDR 'B',
   -- Senior unsecured notes due 2018 'B/RR4';
   -- Long-term national rating 'BBB-(bra)'.

The Rating Outlook is Negative.

Tupi's 'B' ratings reflect its small business position, high
leverage and the volatility of its cash flow generation due to the
cyclicality of the cement industry.  Fitch believes the company
will be able to slowly deleverage, as operating cash flow should
be begin to improve as volumes and sales prices increase.  If the
company achieves volumes of around 2.2 million tons, free cash
would likely turn positive, as capital expenditures are projected
to be low and dividends are not expected to be paid.


BANCO DO BRASIL: Commences Offer to Exchange Jr. Sub. Securities
----------------------------------------------------------------
Banco do Brasil S.A., acting through its Grand Cayman Branch,
disclosed the commencement of an offer to exchange any and all of
the Issuer's outstanding 8.50% Perpetual Non-cumulative Junior
Subordinated Securities for Newly-Issued 8.50% Perpetual Non-
cumulative Junior Subordinated Securities.

The Exchange Offer is being made pursuant to the exchange offer
memorandum dated September 23, 2014 and the related letter of
transmittal.

The principal purpose of the Exchange Offer is to acquire all the
outstanding Existing Securities.

A full text copy of the disclosure is available free at:

                         http://is.gd/n3IqHM

As reported in the Troubled Company Reporter-Latin America on June
16, 2014, Standard & Poor's Ratings Services said that its 'B+'
issue rating on Banco do Brasil S.A.'s (BdB; foreign currency:
BBB-/Stable/A-2) remains unchanged on the finalized amount for the
9.0% perpetual hybrid instruments, at US$2.5 billion.  S&P
considers these instruments to have "intermediate" equity content
as it believes they are able to absorb losses while the bank is a
going concern.  S&P don't expect the final amount to weaken the
bank's credit metrics.


BRAZIL: Consumer Insolvency Rate Up 17.2% in August
---------------------------------------------------
Brazil-Arab News Agency reports that Brazilian consumer insolvency
was up 17.2% year-on-year in August, as per a report released by
consulting firm Serasa Experian on September 9. In August from
July, overdue debts declined by 0.2%, but according to Serasa
Experian August had fewer working days than July, which influences
the insolvency calculations, Brazil-Arab News Agency relates.

According to the news agency, the survey said the surge in
insolvency in August was the most dramatic since June 2012 and
reflects Brazil's current economic scenario.  The report, citing a
press release disclosed by Serasa Experian, says the higher
default rate "reflects a more adverse situation this year as
regards the consumers' debts payment capability: higher inflation
rate, high interest and a weakening of the job market."

In August from July, non-banking debt (retail, credit cards and
financing companies) was up 2.9%, debt to banks was down 0.8%,
debt claims were down 18.8% and bounced cheques were down 12.7%.
Year-to-date through August, insolvency is up 2.5% from the same
period of last year, the news agency relays.


TEGMA GESTAO: Moody's Lowers Rating on BRL200MM Sr. Debts to Ba3
----------------------------------------------------------------
Moody's America Latina downgraded Tegma Gestao Logistica S.A.'s
(Tegma) corporate family ratings and its BRL200 million senior
unsecured debentures due in 2018 and 2019 to Ba3 from Ba2 on the
global scale and to A2.br from A1.br on the Brazilian national
scale. The outlook for all ratings was changed to stable from
negative.

Issuer: Tegma Gestao Logistica S.A. (Tegma)

Ratings changed:

- Corporate Family Ratings: to Ba3 from Ba2 (global scale); to
A2.br from A1.br (national scale);

- BRL200 million senior unsecured debentures due in 2018 and 2019
(1st issuance): to Ba3/A2.br from Ba2/A1.br.

Outlook actions:

The outlook for all ratings: changed to stable from negative.

Ratings Rationale

The downgrade in Tegma's ratings reflects the recent deterioration
in the business climate for its auto-shipment business, which
represents 88% of its annual recurring revenues. Under the more
challenging business environment, the company's leverage measured
by the adjusted gross debt to EBITDA ratio is likely to remain
north of our expectations in the 3.5x to 4.0x range at least until
mid 2015. Partially offsetting these pressures is the expected
improvement in the company's liquidity profile and operating
margins with the sale of its underperforming e-commerce logistics
subsidiary, Direct Express, for BRL127 million. The transaction
was completed last August and net proceeds of BRL84 million will
be paid in installments over a nine month period.

Tegma's Ba3 rating continues to reflect its leading position as
the largest logistics company for the automotive industry in
Brazil, supported by medium and long-term contracts and
longstanding relationships with its client base. The rating
considers the company's efficient "asset-light" business model,
which entails relatively stable cash flows and more flexible
operations in face of an eventual market downturn. In addition to
its low revenue diversification, other risk factors include a
track record of aggressive dividend distributions and growth
strategy through leveraged acquisitions.

According to Brazil's national association of vehicle
manufacturers (ANFAVEA), licenses and registrations of light
vehicles in Brazil fell 9.7% in the first eight months of 2014
from year-earlier levels, while production has decreased 18%.
Domestic car sales dropped reflecting a general decline in
consumer confidence and lower consumer finance availability as
Brazil's growth and economic trends deteriorate. The federal
government's decision to reduce certain tax incentives and reduced
exports to Argentina added further pressure in production.

The stable outlook reflects Tegma's adequate liquidity position
with a cash balance of BRL180 million as of June 30 2014 and a
manageable debt maturity profile with no significant refinancing
needs until 2016. The stable outlook also considers Moody's
expectation that the company will use cash proceeds from its
recent asset divesture to reduce gross leverage and maintain a
solid cash balance, while a more challenging environment for the
automotive industry still holds.

A ratings upgrade is unlikely in the near term. Quantitatively an
upgrade pressure would occur if Debt to EBITDA, adjusted according
to Moody's standard adjustments, stays below 3.0 times and Free
Cash Flow Generation becomes positive on a sustainable basis.

Further downward rating pressure could be triggered by a
deterioration in Tegma's liquidity profile, for example due to new
large debt-funded acquisitions and/or excessive dividend payments
that could be otherwise used to improve the company's financial
flexibility. Quantitatively, Tegma's rating could come under
downward pressure if adjusted Debt to EBITDA remains above 4.5
times or if negative free cash flow persists for a prolonged time
without the prospect of improvement over the subsequent 12-18
month period. A significant increase of secured debt in Tegma's
capital could also trigger a downgrade of the rated senior
unsecured debentures.

The principal methodology used in this rating was Global Surface
Transportation and Logistics Companies published in April 2013.

Tegma Gestao Logistica S.A. (Tegma) is a logistics company,
primarily focused on supply chain management and products for the
automotive industry in Brazil and South America. In the last
twelve months ended June 30, 2014, Tegma transported 1.1 million
vehicles representing approximately 28% of Brazil's light vehicle
sales. Tegma also provides delivery services, warehousing,
inventory management and control and other logistic solutions to
the consumer product segment, particularly to the e-commerce
sector. In the twelve months ended June 30, 2014,

Tegma reported consolidated net revenues of BRL1.7 billion (USD750
million).

Tegma's largest shareholder is Transportadora Sinimbu owned by the
Itavema group, which controls approximately 40% of total and
voting shares, followed by Coimex Empreendimentos e Participacoes
Ltd., the holding company of Coimex Group, with a 25% stake.


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


ALEXANDER ASSET: Creditors' Proofs of Debt Due Sept. 29
-------------------------------------------------------
The creditors of Alexander Asset Management Group are required to
file their proofs of debt by Sept. 29, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 26, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


AP CAPITAL: Creditors' Proofs of Debt Due Oct. 7
------------------------------------------------
The creditors of AP Capital Holdings (MA) Inc are required to file
their proofs of debt by Oct. 7, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 28, 2014.

The company's liquidator is:

          Fung Yin Nei Stonassli
          Shui On Centre, Room 301-05, 3rd Floor
          6-8 Harbour Road
          Hong Kong


AXIAL CAPITAL: Creditors' Proofs of Debt Due Oct. 1
---------------------------------------------------
The creditors of Axial Capital Gravity Offshore Fund, Ltd are
required to file their proofs of debt by Oct. 1, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 26, 2014.

The company's liquidator is:

          Ogier
          c/o Daniella Skotnicki
          Telephone :( 345) 815 1861
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BUCEPHALE LEGENDS: Creditors' Proofs of Debt Due Oct. 8
-------------------------------------------------------
The creditors of The Bucephale Legends Fund are required to file
their proofs of debt by Oct. 8, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2014.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


FORTY4 FUND: Creditors' Proofs of Debt Due Oct. 8
-------------------------------------------------
The creditors of The Forty4 Fund Ltd are required to file their
proofs of debt by Oct. 8, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 26, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          DMS House, 2nd Floor,
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


LONGPOINT RE II: Creditors' Proofs of Debt Due Oct. 8
-----------------------------------------------------
The creditors of Longpoint RE II Ltd. are required to file their
proofs of debt by Oct. 8, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 20, 2014.

The company's liquidators are:

          Dena Thompson
          Laura Mclaughlin
          P.O. Box 10233
          171 Elgin Avenue, George Town
          Willow House, 3rd Floor, Cricket Square
          Grand Cayman KY1-1002
          Cayman Islands
          Telephone: 914-2264
          Facsimile: 949-6021


MFO (CAYMAN): Creditors' Proofs of Debt Due Oct. 7
--------------------------------------------------
The creditors of MFO (Cayman) Limited are required to file their
proofs of debt by Oct. 7, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Simon Graham
          Lancaster Trustees
          P.O. Box 260, 2nd Floor, West Wing
          Dorey Court, Admiral Park
          St Peter Port
          Guernsey GY1 4LL
          Telephone: +44 1481 727240


SPEEDCAST HOLDINGS: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------------
The creditors of Speedcast Holdings Limited are required to file
their proofs of debt by Sept. 30, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2014.

The company's liquidator is:

          Ogier
          c/o Pierre Jean Joseph Andre Beylier
          Telephone: +852 3656 6022
          Facsimile: +852 3656 6001
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


STABLE GROWTH: Creditors' Proofs of Debt Due Sept. 29
-----------------------------------------------------
The creditors of Stable Growth Fund are required to file their
proofs of debt by Sept. 29, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 26, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SYOSS LIMITED: Creditors' Proofs of Debt Due Sept. 25
-----------------------------------------------------
The creditors of Syoss Limited are required to file their proofs
of debt by Sept. 25, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 25, 2014.

The company's liquidator is:

          Michelle R. Bodden-Moxam
          Portcullis TrustNet (Cayman) Ltd.,
          The Grand Pavilion Commercial Centre,
          Oleander Way, 802 West Bay Road,
          P.O. Box 32052, Grand Cayman, KY1-1203
          Cayman Islands


===============
C O L O M B I A
===============


COLOMBIA: Peso Declines to Six-Month Low on Oil Revenue Concern
---------------------------------------------------------------
Andrea Jaramillo at Bloomberg News reports that Colombia's
currency fell to a six-month low on concern declining oil prices
will reduce funds entering the South American country and as
policy makers decide this week whether to extend dollar purchases.

On Sept. 24, the peso slipped 0.1 percent to 1,997.1 per dollar at
the close in Bogota, its weakest since March 19, according to
Bloomberg News.  It has fallen 3.8 percent this month, the biggest
drop among 24 emerging-market currencies after the Brazilian real
and the South African rand, Bloomberg News relates.

"Fundamentals are for a weaker peso as we see less export
revenue," Daniel Escobar, the head analyst at Global Securities
brokerage in Bogota, told Bloomberg News in a phone interview.
Crude oil, which has fallen 7.1 percent this year, accounts for
more than 50 percent of Colombia's exports, Bloomberg News notes.

President Juan Manuel Santos said in an interview on Bloomberg
Radio that the peso needs to weaken more to get to a level at
which he feels "absolutely comfortable."  President Santos'
comments came as Colombia's central bank policy makers prepare to
meet Sept. 26 and decide if they will maintain dollar buying after
third-quarter purchases of as much as US$2 billion end, Bloomberg
News discloses.

Finance Minister Mauricio Cardenas, who is also president of the
central bank's board, said in an interview that the currency is
approaching equilibrium and he would favor paring dollar purchases
used to accumulate reserves if the peso's weakness is sustained
for a "prolonged period of time."

                           'Door Open'

Bloomberg News notes that Uribe Escobar, Governor and Managing
Director of Banco de la Republica, said the bank will probably
announce an extension of its dollar purchase program "to leave a
door open" in case the local currency strengthens.  Mr. Escobar
forecasts policy makers will cut the maximum amount the bank would
buy in the fourth quarter by half to US$1 billion, matching the
second-quarter program, Bloomberg News relates.

Alejandro Reyes, the head analyst at the Ultrabursatiles
brokerage, told Bloomberg News in a phone interview from Bogota
that the peso will probably end 2014 at about 2,000 per dollar.
Mr. Reyes said it should stay at that level as speculation that
the U.S. Federal Reserve will raise interest rates reduces demand
for emerging-market assets and as foreign companies repatriate
revenue to avoid paying a net wealth tax Colombia is planning to
extend, Bloomberg News says.

Colombia is seeking to impose a 2.25 percent annual tax on wealth
of more than COP8 billion (US$4 million), with holders of smaller
amounts paying lower rates, Bloomberg News notes.  The tax
legislation requires congressional approval, Bloomberg News
relays.

This week, the central bank will leave the target lending rate at
4.5 percent, according to 25 of 30 economists surveyed by
Bloomberg.  Five of them expect an increase of 0.25 percentage
point to 4.75 percent.

The price on benchmark peso bonds due in July 2024 rose 0.09
centavo to 124 centavos per peso on Sept. 24, according to data
from the central bank.  Yields on the securities fell one basis
point, or 0.01 percentage point, to 6.60 percent.


=============
J A M A I C A
=============


NAT'L COMMERCIAL: S&P Revises Outlook to Pos, Affirms B-/B Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on National
Commercial Bank Jamaica (NCBJ) to positive from stable, following
similar action on the sovereign.  In addition, S&P affirmed its
'B-/B' ratings on the bank.

The Jamaica government has taken difficult initial steps to gain
greater exchange-rate flexibility and fiscal credibility,
including meeting its fiscal targets last year.  It has also
passed laws to strengthen budget management and the autonomy of
the financial sector supervisors.  S&P expects the economy to grow
more than 1% in 2014 and 2%-3% afterwards and the current account
deficit to decline below 7% of GDP in 2014.

Successful adherence to performance targets set in International
Monetary Fund's four-year program for Jamaica and the issuance of
an $800 million external bond earlier this year have supported
market confidence and external liquidity.  Net foreign exchange
reserves have more than doubled in the past 12 months, totaling
more than $2.1 billion.  Nevertheless, local currency depreciation
added to Jamaica's debt burden in 2013 and may do so again in
future because more than half of its total debt is dollar
denominated.

NCBJ is a systemically important financial institution in Jamaica
with a large exposure to sovereign debt, which, according to S&P's
criteria, limits the bank's ratings to the same level as those on
the sovereign.  This is reflected in the bank's 'b' stand-alone
credit profile and 'B-/B' ' ratings, and a positive rating action
on the sovereign would trigger similar action on the bank.  S&P
will also keep monitoring the bank's fundamentals to see if they
have improved amid an eventual strengthening of economy.

The positive outlook reflects S&P's view that if it was to upgrade
the sovereign, it would take a similar rating action NCBJ.  S&P
expects that NCBJ will continue to operate as systemically
important financial institution in the country, although heavily
exposed to sovereign debt and public-sector lending.  Thus, S&P
expects the ratings on the bank to move in tandem with those on
the sovereign.


JAMAICA: Credit Card Debt Hits New High
-----------------------------------------
RJR News reports that credit card debt in Jamaica reached a new
high in June.

The Bank of Jamaica said total credit card debt at the end of the
month was more than J$29 billion, according to RJR News.

The report notes that the level of credit card debt is up J$2
billion since the start of the year.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


JAMAICA: Cash-Flow Deficit to Last Until October
------------------------------------------------
Jamaica Gleaner reports that Jamaica government's cash-flow
deficits are expected to last until October because of a shortfall
in revenues, primarily the result of grants not being drawn from
international lending agencies as planned.

The International Monetary Fund (IMF) has recognized that
disbursement of funds from other lending agencies will be
backloaded, according to Jamaica Gleaner.  It has, therefore,
proposed that money expected to be disbursed this month under
Jamaica's economic support program should now be provided in the
form of direct budgetary support, the report notes.

The report discloses that the arrangement is a departure from the
usual provision whereby funds are provided for balance of payments
support, which help to restore or create access to support from
other creditors and donors.

Disbursement of that tranche, equivalent to US$71 million,
however, is predicated on the IMF management and board approving
the staff review of the fifth test this month, the report relates.

In its June 2014 report, the IMF said the program remained fully
financed and staff's assessment of Jamaica's capacity to repay the
Fund remained broadly unchanged from the last review, the report
notes.

It added that Jamaica's capacity to repay the Fund will continue
to depend on the timely and strong implementation of the ambitious
program, the report relays.  External financing has remained
broadly in line with earlier program assumptions, with
international financial institutions disbursements expected to be
relatively back-loaded in the current fiscal year, the report
says.

However, the shift in the outlook for cash flows will create a
timing problem for the budget in the first half of fiscal year
2014/15, the Fund said, noting that cash flow deficits were
expected until October, including a US$200 million eurobond
payment due in October, and cash surpluses expected thereafter,
Jamaica Gleaner notes.

At the same time, it said, the ability to smooth out the financing
need is severely limited by the constraints on domestic borrowing
imposed by illiquidity in the government-bond market, alongside
the inactive secondary market, Jamaica Gleaner relays.

"To handle this temporary near-term cash-flow need, staff proposed
that the scheduled June and September 2014 purchases under the
extended arrangement should now be provided in the form of direct
budget support," the report quoted the IMF as saying.

                       Separate Memorandum

"As a safeguard, the authorities have agreed to establish a
separate memorandum of understanding between the central bank and
the Government on servicing obligations to the Fund," IMF said,
the report notes.

The IMF said such budget support would help avoid or limit the
need to borrow at expensive rates on international markets or
defer budget spending, and help prevent the unwelcome precedent of
the central bank offering direct credit to the government, the
absence of which has been a critical feature in the Bank of
Jamaica's (BOJ) operational independence, Jamaica Gleaner relays.

A January 2012 IMF working paper by the Monetary and Capital
Markets Department, 'Central Bank Credit to the Government: What
Can We Learn from International Practices?', found, among other
things, that in a large number of emerging and developing
countries, short-term financing is allowed in order to smooth out
tax-revenue fluctuations, the report discloses.

Jamaica Gleaner says that the interest in central bank lending to
the Government has increased recently during the 'great recession'
since a number of governments have turned to central banks for
money as government liabilities increased, tax revenues declined,
and financing for fiscal imbalances from domestic and
international capital markets was expensive or unavailable, the
paper said.

It cited, for example, countries such as Bolivia, which approved
legislation requiring central banks to temporarily grant credit to
the government or public enterprises, or as is the case with
Jamaica and Zambia, used extraordinary legal provisions to finance
a government's payments of external debt, the report notes.

Central banks in countries such as Jamaica, Jordan, Mozambique,
Syria, Uganda and the United Arab Emirates can provide advances to
the government at no cost, the paper said.

The Bank of Jamaica Act stipulates that the central bank may, in
any financial year, make temporary advances to the government,
which shall not exceed in the aggregate 30 per cent of the
country's estimated revenue for that financial year, and be repaid
not later than three months after the end of that financial year,
notes Jamaica Gleaner.

Where such advances are not duly repaid, the power of the Bank to
grant further advances, in any subsequent financial year, shall
not be exercisable unless and until the outstanding advances have
been repaid, the report says.

It also provides that the bank shall not, in any financial year,
purchase or otherwise acquire, on a primary issue, securities
issued or guaranteed by the government of a nominal value
exceeding 40 per cent of the estimated government expenditure in
that financial year, or such other percentage as the House of
Representatives may from time to time by resolution approve, the
report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


MORELOS, MEXICO: Moody's Cuts Rating to Ba3/A3.mx; Outlook Neg.
---------------------------------------------------------------
Moody's de Mexico downgraded the State of Morelos to Ba3/A3.mx
from Ba2/A2.mx. The outlook has been revised to negative from
stable.

At the same time, Moody's downgraded the debt ratings of the
state's MXN 220 million (original face value) enhanced loan,
contracted with BBVA Bancomer, to Baa2/Aa2.mx from Baa1/Aa1.mx.

Rationale For Rating Donwgrade To Ba3/A3.mx From Ba2/A2.mx

The decision to downgrade Morelos' rating is based on: (1) a sharp
deterioration of cash results and liquidity as a result of an
expansionary fiscal policy, and (2) an accelerated increase in
debt levels.

In 2013, Morelos' cash financing deficit further deteriorated to -
12% of total revenue from -7.6%. Similarly, net working capital
passed from -1.4 to -10.3% of total revenue. Both levels are
considerably below the median for Ba2 Mexican states. Moody's
expects Morelos to exhibit negative cash results in 2014 and 2015,
thereby further increasing its debt levels.

Since 2011, the state has embarked in an expansionary policy that
has resulted in debt levels reaching 16.1% of operating revenues
in 2013 from 0.7% in 2010. This year, the state has contracted
additional debt for MXN 1.4 billion. Moody's estimates this
operation will push debt levels to 19.6% of operating revenues at
the end of this year.

The rating downgrade of the MXN 220 million enhanced loan reflects
the downgrade of Morelos' issuer rating. While the loan
enhancements continue to provide a four-notch uplift from the
global scale issuer ratings, per Moody's methodology on rating
enhanced loans, the loan ratings are directly linked to the credit
quality of the issuer, which ensures that underlying contract
enforcement risks, economic risk and credit culture risks (for
which the issuer rating acts as a proxy) are embedded in the
ratings of the enhanced loans.

Rationale For The Negative Outlook

The negative outlook is driven by Moody's views that the state may
be unable to cut its operating or capital expenditures to reverse
its very weak liquidity position within the next 12-18 months.

What Could Change The Rating Up/Down

Given the negative outlook, a rating upgrade is unlikely in the
next 12-18 months. However, the outlook could be stabilized if the
state were to strengthen its liquidity position, correct its cash
financing requirements, and stabilize debt levels. Conversely,
additional cash financing deficits, as well as sharp increases in
debt levels or deteriorations in liquidity, will exert downward
pressure on Morelos' issuer ratings.

The methodologies used in this rating were Regional and Local
Governments published in 1/18/2013, and Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in
6/20/2014.

The period of time covered in the financial information used to
determine State of Morelos' rating is between 1/1/2009 and
12/31/2013.

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 ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


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


CL FIN'L: T&T Compensates Eastern Caribbean for CLICO Collapse
--------------------------------------------------------------
Jamaica Gleaner reports that Trinidad and Tobago Finance Minister
Larry Howai said Trinidad will sell the financially troubled
Colonial Life Insurance Co Limited (CLICO), whose collapse in 2009
sent ripples throughout the Caribbean, only if the price is right.

Minister Howai, speaking at the meeting of the Standing Finance
Committee of the House of Representatives, also said the
government would be paying out TT$258 million before yearend to
several Eastern Caribbean countries for managing the costs
involved in the CLICO fallout, according to Jamaica Gleaner.
Minister Howai said the payment to the Organization of Eastern
Caribbean States was a grant, not a loan.

The report notes that the Standing Finance Committee is discussing
the TT$9.4-billion national budget approved by Parliament earlier
this month.

Minister Howai, the report relays, said the government made no
provisions for Atrius in 2015, the company being established to
take over the assets of the regional insurance company, because it
was no longer pursuing that option.

                          Portfolio Sale

"We expect that we would be disposing of the portfolio by way of a
portfolio sale," the report quoted Minister Howai as saying.

The pending sale was first disclosed in May by the central bank.

The report discloses that opposition legislator Colm Imbert sought
to determine why the government would have had to invest TT$1.5
billion more to purchase the assets of CLICO and to capitalize the
company under the new insurance regime.  The report relates that
Mr. Imbert also wanted to know whether the government was moving
to wind up the company.

"Yes . . . the intention is to sell.  It depends on whether we get
the price that we are looking for. If we do not get the price we
are looking for . . . then it would have to continue to operate
under Section 44," Minister Howai said, adding that the government
was in the process of getting the valuations done and was also
hiring an investment bank as adviser, the report relays.

Asked by Opposition Leader Dr. Keith Rowley whether there were any
assets of CLICO in the Eastern Caribbean countries which could be
taken over, Minister Howai said attempts were made to realise the
assets of CLICO, but that very few of those assets were domiciled
in the Eastern Caribbean states, the report notes.

"So the net effect of what could have been realized would have
been very minimal," Minister Howai said, adding that government
did not ask for any additional assets to be assigned to Trinidad
and Tobago, the report discloses.

Minister Howai said that there had been constraints on the
Trinidad and Tobago banks owning or acquiring banks in the OECS,
but as a condition of disbursement of the TT$258 million, the
Trinidad government asked those countries to remove the
restrictions and put mechanisms in place to strengthen their
regulatory environment so there is no repeat of the CLICO debacle,
the report adds.

                     About CLICO International

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.


                            ***********


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 * * *