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/raid1/www/Hosts/bankrupt/TCRLA_Public/141119.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, November 19, 2014, Vol. 15, No. 229 Headlines A N T I G U A & B A R B U D A CARIBBEAN DEVELOPMENT: Jolly Harbor Homeowners Face Hike in Fees B R A Z I L PETROLEO BRASILEIRO: Reduces 2014 Oil Production Growth Target C A Y M A N I S L A N D S BH AIRCRAFT: Commences Liquidation Proceedings C. INVESTMENTS: Placed Under Voluntary Wind-Up DELAMBRE LIMITED: Creditors' Proofs of Debt Due Nov. 20 DIA MET: Commences Liquidation Proceedings GLOBAL MANAGED: Shareholder Receives Wind-Up Report INFINIUM GLOBAL: Placed Under Voluntary Wind-Up LION/SILK FUNDING: Shareholder Receives Wind-Up Report NL NIEDERBIPP FUNDING: Creditors' Proofs of Debt Due Nov. 20 NL NIEDERBIPP PROJECT: Creditors' Proofs of Debt Due Nov. 20 PRIME ELITE: Creditors' Proofs of Debt Due Dec. 9 QUALITY EQUALITY: Creditors' Proofs of Debt Due Nov. 20 VMS STRATEGIC: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REP: IDB OKs US$250MM Loan to Support Policy Reforms G U A T E M A L A CENTRAL AMERICA: Fitch Affirms 'BB+' IDR; Outlook Stable J A M A I C A JAMAICA: Consumers Could See Continued Drop in Fuel Prices JAMAICA: Economic Transformation Offers Path to Progress, IMF Says - - - - - =============================== A N T I G U A & B A R B U D A =============================== CARIBBEAN DEVELOPMENT: Jolly Harbor Homeowners Face Hike in Fees ---------------------------------------------------------------- The Daily Observer reports that the debate surrounding an uptick in community charges for tenants at Jolly Harbor continued last week. Residents at the Jolly Harbour complex currently pay community charges of EC$750, but that is set to increase to EC$310 plus ABST, roughly EC$950, by the beginning of next month, notes the report. Ron Maginley, managing director of Caribbean Development Antigua Limited spoke with the Daily Observer regarding the proposed change. Mr. Maginley said the fee goes towards garbage collection, security and other upkeep measures around the property, according to the report. While the homeowners have balked at the idea of a fee increase, claiming that CDL is forcing them to absorb costs incurred by negligent tenants, Mr. Maginley denied the allegations, the report notes. Mr. Maginley said CDL itself has been footing the bill for residents who have failed to pay their community fees for the past few years, the report relates. These arrears allegedly add up to over EC$8 million. A figure, Mr. Maginley claims, far outweighed the CDL's debt to local utility company APUA, the report adds. =========== B R A Z I L =========== PETROLEO BRASILEIRO: Reduces 2014 Oil Production Growth Target -------------------------------------------------------------- Juan Pablo Spinetto and Sabrina at Bloomberg News report that Petroleo Brasileiro SA, the Brazilian oil company that delayed an earnings report amid a corruption investigation, cut its 2014 output growth target because of delays in securing platforms and licenses. Production in Brazil will increase 5.5 percent to 6 percent this year, the Rio de Janeiro-based company known as Petrobras, said in a presentation on its website, according to Bloomberg News. That's below the 7.5 percent annual output rise previously targeted by the company, Bloomberg News notes. The prior forecast allowed for 1 percentage point deviation above or below the goal. Petrobras, which has tumbled 26 percent this year in Sao Paulo to trade close to an eight-month low, is the worst performer among major global oil producers in the past four years amid a multibillion-dollar laundering and bribery case dubbed Car Wash, Bloomberg News discloses. The company has missed its annual production targets for 10 straight years on oil services equipment delays, Bloomberg News notes. The lower-than-expected output forecast stems from delays in construction and delivery of the company's platforms and the connection of some wells, Petrobras said in the presentation, Bloomberg News relays. The producer is also experiencing delays for license approvals, the report added. Financial Losses Petrobras is studying how to recover financial losses uncovered by the probe, Chief Executive Officer Maria das Gracas Foster said in a conference call, Bloomberg News discloses. Petrobras will set up a compliance division as it seeks to increase internal controls, Ms. Foster said, Bloomberg News relays. The company expects to continue increasing fuel prices more frequently next year, helping to improve cash flow, Ms. Foster said, notes Bloomberg News. Petrobras has booked more than US$44 billion in operational losses at its refining unit mainly from selling imported fuel at below-market prices since 2011, says the report. The company said it would release unaudited third-quarter results on Dec. 12, a month later than originally scheduled, because of the corruption probe in Brazil involving a former head of refining, Bloomberg News notes. Petrobras dropped 4.6 percent in Sao Paulo to BRL12.60, the lowest since March 17, Bloomberg News adds. About Petroleo Brasileiro Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 23, 2014, Moody's Investors Service downgraded Petrobras S.A.'s (Petrobras)'s Preferred Shelf (Foreign Currency) rating to (P)Ba1 from (P)Baa3. ========================== C A Y M A N I S L A N D S ========================== BH AIRCRAFT: Commences Liquidation Proceedings ---------------------------------------------- On Oct. 8, 2014, the shareholder of BH Aircraft Leasing and Sales resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 19, 2014, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 C. INVESTMENTS: Placed Under Voluntary Wind-Up ---------------------------------------------- On Sept. 30, 2014, the members of C. Investments 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: Oscar Sustaita Torres Av. De las Fuentes 41-A 902 Tecamachalco, Estado de Mexico CP 53950 DELAMBRE LIMITED: Creditors' Proofs of Debt Due Nov. 20 ------------------------------------------------------- The creditors of Delambre Limited are required to file their proofs of debt by Nov. 20, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 6, 2014. The company's liquidator is: Universal Directors Limited Providence House, Ground Floor East Wing, East Hill Street P.O. Box CB12399 Nassau, Bahamas DIA MET: Commences Liquidation Proceedings ------------------------------------------ On Oct. 1, 2014, the shareholder of Dia Met Minerals (Africa) Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 11, 2014, will be included in the company's dividend distribution. The company's liquidator is: Michael Saville c/o Felicia Connor Telephone: +1 (345) 769 7216 Facsimile: +1 (345) 949 7120 10 Market Street, Box #765 Camana Bay Grand Cayman KY1- 9006 Cayman Islands GLOBAL MANAGED: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Global Managed Futures Strategy CFC received on Nov. 11, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Dec. 13, 2013. 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 INFINIUM GLOBAL: Placed Under Voluntary Wind-Up ----------------------------------------------- On Sept. 2, 2014, the sole shareholder of Infinium Global Opportunities Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Nov. 11, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Ben Gillooly 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: (345) 815-1764 Facsimile: (345) 949-9877 LION/SILK FUNDING: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Lion/Silk Funding Cayman Limited received on Nov. 12, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Oct. 6, 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 NL NIEDERBIPP FUNDING: Creditors' Proofs of Debt Due Nov. 20 ------------------------------------------------------------ The creditors of NL Niederbipp Funding Company Ltd. are required to file their proofs of debt by Nov. 20, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 2, 2014. The company's liquidator is: Westport Services Ltd. c/o Avril Brophy Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands NL NIEDERBIPP PROJECT: Creditors' Proofs of Debt Due Nov. 20 ------------------------------------------------------------ The creditors of NL Niederbipp Project Company Ltd. are required to file their proofs of debt by Nov. 20, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 2, 2014. The company's liquidator is: Westport Services Ltd. c/o Avril Brophy Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands PRIME ELITE: Creditors' Proofs of Debt Due Dec. 9 ------------------------------------------------- The creditors of Prime Elite Company Limited are required to file their proofs of debt by Dec. 9, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 7, 2014. The company's liquidator is: Lion International Management Limited Craigmuir Chambers P.O. Box 71 Road Town, Tortola VG 1110 British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point, 9 Bermudiana Road Hamilton HM 11, Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 QUALITY EQUALITY: Creditors' Proofs of Debt Due Nov. 20 ------------------------------------------------------- The creditors of Quality Equality Limited are required to file their proofs of debt by Nov. 20, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 30, 2014. The company's liquidator is: Citron 2004 Limited Clifton House, 75 Fort Street PO Box 1350, Grand Cayman KY1-1108 Cayman Islands Telephone: + 44 1534 282276 Facsimile: + 44 1534 282400 VMS STRATEGIC: Commences Liquidation Proceedings ------------------------------------------------ On Aug. 31, 2014, the sole shareholder of VMS Strategic Growth Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: David Lui Cheeruse Court, 8th Floor 304 Prince Edward Road, Kowloon City Kowloon, Hong Kong Ng Kwong Kei Flat A, 7th Floor, Tower 1 The Palazzo, 28 Lok King Street Sha Tin, NT Hong Kong =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: IDB OKs US$250MM Loan to Support Policy Reforms -------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a US$250 million loan to support policy reforms that will help boost productivity in the Dominican Republic. The loan will give shape to the "Program to Improve Productivity," which addresses the urgent need to promote reforms that increase the productivity of micro-, small-and medium-sized companies. These firms account for 97 percent of all companies in the Caribbean country and 30 percent of its GDP. The program is important because since the late 1990s productivity in the Dominican economy has been flat compared to that of the United States and other countries of Latin America and the Caribbean. The program aims to help trigger a rise in productivity. The IDB program, a two-stage, policy-reform loan, will help achieve this goal through changes designed to strengthen banking regulation and facilitate financing of such micro-, small-and medium-sized firms. It includes the presentation to Congress of the Law on Reciprocal Guarantees, the streamlining of administrative procedures and the adoption of other measures to enhance the business climate. It will also boost incentives to bring workers and companies out of the underground economy and strengthen government institutions and policies to stimulate productive development and innovation. The IDB financing consists of a US$250 million loan over 17.5 years, with the resources coming from the Bank's ordinary capital. The loan features a grace period of 10.5 years and an interest rate based on LIBOR. ================= G U A T E M A L A ================= CENTRAL AMERICA: Fitch Affirms 'BB+' IDR; Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed The Central America Bottling Corporation's (CBC) ratings: -- Foreign currency long-term Issuer Default Rating (IDR) at 'BB+'; -- Local currency long-term IDR at 'BB+'; -- USD300 million Senior Unsecured Notes due in 2022 at 'BB+'. The Rating Outlook is Stable. CBC's ratings are supported by the company's long track record of operations as an anchor bottler of the PepsiCo system in Central America, the Caribbean and Ecuador, diversified product portfolio of leading beverage brands across its franchised territories, and broad distribution network. The ratings also benefit from the company's good operating performance, stable leverage metrics and adequate liquidity. CBC's ratings are constrained by higher than historical debt levels related to mergers and acquisitions (M&A) and higher-cost investment projects. In addition, the company's operations are exposed to the sovereign ratings where it operates and the volatility of prices in its main raw materials. KEY RATING DRIVERS Market Shares Maintained CBC's ratings continue to reflect its stable market share positions across its operations. In the carbonated soft drink category, which represents around 56% of its total sales volume, the company has maintained a leading position in the markets of Guatemala and Jamaica, and maintained relevant positions in other core markets. In addition, CBC's non-carbonated beverages portfolio, particularly water, juices and nectars, isotonics and tea, hold important positions in most of its markets. Fitch believes that CBC's brand portfolio, distribution network, and management's abilities to design and execute commercial strategies will support its business position in the future. Steady Operating Performance During the first half of 2014, CBC's net sales increased 4% to USD618 million, while total volume increased 15% to 195 million unit cases when compared to the same period of last year. These figures include the effect of the acquisition of Compania de Bebidas Tropical (CBT) in Ecuador since Jan. 2014. Excluding this acquisition, Fitch estimated an increase of around 8% in volume and a decline of 1% in net sales. EBITDA margin was relatively stable and improved to 11.2% from 10.6%. Although the operations of Central America and Ecuador have higher rates of profitability than the Caribbean, for the first six months as of June 30, 2014, the increase in the EBITDA margin of the Caribbean operations contributed to more than offset on the consolidated figures of CBC a slight decline in the EBITDA margins of Central America and Ecuador. Relatively Stable Leverage Despite M&A CBC's ratings incorporate the company's M&A activity during 2014 and the effect on its leverages ratios. During 2014, the company acquired 6% of PepsiCo's equity stake in CBC for USD38 million and used this plus USD13.5 million to acquire 49.5% of Grupo Estrada's equity interest in The Tesalia Springs Company in Ecuador. After these transactions the ownership of CBC is now distributed between Gemcorp (82%), PepsiCo (12%) and Grupo Estrada (5.5%). In addition, the company closed the acquisition of CBT, which was settled with USD35 million and 15% share ownership in the subsidiary that controls the operations in Ecuador. Fitch estimates that pro forma total debt-to-EBITDA and net debt-to- EBITDA, including M&A, should reach approximately 3x and 2.5x, respectively, by year-end 2014. These leverage ratios compare to 3x and 2x at year-end 2013. Fitch's ratings reflect the expectation that CBC's total debt-to- EBITDA and net debt-to-EBITDA will gradually decrease in the next 12 to 18 months to 2.5x and 2x, respectively, through higher EBITDA generation and debt reduction. For the last 12 months as of June 30, 2014, CBC's total debt to EBITDA and net debt to EBITDA estimated by Fitch were 3.3x and 2.7x. The company's total debt as of June 30, 2014 was USD535 million, excluding USD101 million of debt under a lender-of-record structure. Approximately 76% of CBC's total debt was dollar denominated and the currency exposure is partially mitigated by the cash flow generation from its dollar-based operations and the company's cash balances in U.S. dollars. Positive FCF to Resume in 2015 Fitch expects that CBC's planned capital expenditures of approximately USD96 million and dividends payments of USD25 million, will result in negative free cash flow (FCF) generation in 2014. Fitch's expectation incorporates the company generating positive FCF in 2015 as a result of a decrease in the capex program and similar dividends payments as this year. The ratings also incorporates CBC will use a portion of the expected FCF in 2015 for debt reduction. Additionally, Fitch believes the company has the flexibility to manage its FCF considering an estimated capacity of cash flow from operations (CFO) of around USD100 million annually. Adequate Liquidity CBC's liquidity position is adequate with USD56 million of short- term debt and USD45 million in cash and USD46 million of held-to- maturity investments. The company's debt maturity profile is manageable with debt amortizations of USD55 million in 2015, USD75 million in 2016 and USD27 million in 2017. Fitch expects the company will decrease its total debt between USD40 million to USD60 million 2015 with the expected generation of internal cash flow. Exposure to Guatemala's Sovereign Ratings CBC's ratings reflect the risks associated with the economic and political environment of the countries where it operates. Guatemala is CBC's main market in terms of sales and EBITDA generation and the company's operating performance is likely to depend on the stability and economic development of this country. While the recent downgrade in the country ceiling rating of Guatemala to 'BB+' from 'BBB-' did not impact the ratings of CBC, given its stable credit profile and access to cash flow generation from dollar-based economies (Ecuador, El Salvador and Puerto Rico), further deterioration of the country's ratings will likely result in a negative rating action. CBC has also geographically diversified operations in Honduras, Nicaragua, Jamaica, and Trinidad and Tobago. RATING SENSITIVITIES The ratings of CBC could be negatively pressured by the following factors: a downgrade in Guatemala's country ceiling, deterioration of its operating results, negative FCF generation, or significant debt-financed acquisitions that result in a total debt-to-EBITDA above 3x on a sustained basis. Fitch does not foresee positive ratings actions for CBC in the mid-term; however, the combination of lower leverage ratios, better operating performance, solid FCF generation across the cycle and cash flow generation from investment-grade countries will be considered positive to credit quality. ============= J A M A I C A ============= JAMAICA: Consumers Could See Continued Drop in Fuel Prices ---------------------------------------------------------- RJR News reports that Jamaican consumers could see the decline in fuel prices continue into next year. OPEC, the oil producers' cartel, has declared that global demand for oil will be far below its current output level, according to RJR News. Its top producer, Saudi Arabia, kept silent on whether it will cut output to remove surplus oil from the market, the report adds. In a monthly report, OPEC forecast that 2015 demand for its oil will drop to 29.2 million barrels per day or almost one million barrels less than it is currently producing, notes the report. This is the last report before OPEC meets in Vienna on November 27 to discuss whether to respond to the drop in prices by cutting output for the first time since the financial crisis in 2008, the report discloses. In Jamaica, says the report, gasoline prices was said to decline Nov. 13. Petrojam will reduce the price of the fuel by 87 cents, the report discloses. The price of regular diesel will go down J$1.20, while low sulphur diesel will decline by 95 cents, adds the report. 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: Economic Transformation Offers Path to Progress, IMF Says ------------------------------------------------------------------ An International Monetary Fund (IMF) mission led by Jan Kees Martijn visited Jamaica during November 5-14, 2014 to conduct discussions on the sixth review of Jamaica's IMF-supported program under the Extended Fund Facility (EFF). At the conclusion of the mission, Mr. Martijn issued the following statement in Kingston: "Jamaica's economic transformation program offers a path to vibrant, sustained growth and job creation. The government's program is appropriately centered on wide-ranging supply side reforms and a rapid reduction in public debt to support private sector growth. Multi-year fiscal consolidation based on a clear anchor-the primary surplus target-is integral to this effort. "The program is on track and policy implementation remains strong. All program targets through end-September were met. The Fund mission reached preliminary understandings with the authorities on economic policies that will support growth and employment in the months and years ahead. "The economic outlook is improving. Activity is estimated to have expanded by about 1.8 percent year-on-year during April-June 2014. The recent drought is expected to have undercut growth in the July-September quarter, but the economy will pick up steadily, with growth projected at 2 percent in 2015/16. Inflation is likely to remain around 8 percent this year. Unemployment decreased to 13.8 percent in July 2014 from 15.4 percent a year earlier. "Over the course of the past few years, fiscal and external vulnerabilities have been put on a downward path. Under the government's policy program, the current account has strengthened, and net international reserves increased to US$2 billion by end- October (with gross reserves at US$2.5 billion). The authorities remain on track to achieve for the second year in a row an impressive 7.5 percent of GDP central government primary surplus. "The critical challenge ahead will be to sustain the reform momentum and the strong fiscal position, with the understanding that it takes time for the efforts and sacrifices to generate the expected benefits. Wide-ranging efforts will be needed to: * Improve the business climate. Progress has been made and Jamaica has been improving in the World Bank's Doing Business ratings. Legislation has put in place a new insolvency law and flexible work arrangements, while a new system now in place allows all parishes to track the approval of construction permits. Work is still required, though, to streamline the process for construction permits, create a more business friendly public sector by reducing bureaucracy, and to make the energy sector more efficient; * Strengthen social protection by supporting people aiming to move from welfare to work, and maintaining social spending above the program floor; * Maintain the primary surplus of the central government at 7.5 percent of GDP in 2015/16 by building a stronger tax administration and restraining the wage bill through a public sector transformation that raises government efficiency; * Reinforce the legal and regulatory framework for the financial sector, by putting the securities dealers sector on a more sound footing and implementing the newly adopted Banking Services Act. "The IMF's Executive Board is expected to consider the sixth review of Jamaica's IMF-supported program under the EFF in December. Upon approval, SDR45.95 million (about US$68 million) would be made available to Jamaica. "The mission met with the Minister of Finance and Planning, Dr. the Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter, Financial Secretary Devon Rowe, senior government officials, as well as representatives of the private sector and civil society. The mission would like to thank the authorities and technical staff for their cooperation and hospitality." *********** 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 202-362-8552. * * * End of Transmission * * *