TCRLA_Public/150929.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, September 29, 2015, Vol. 16, No. 192


                            Headlines



B R A Z I L

ODEBRECHT OLEO: Bonds Drop as Petrobras Cancels Contract
PETROLEO BRASILEIRO: Bill and Melinda Gates Foundation Sues Firm


C A Y M A N  I S L A N D S

AG CIP: Commences Liquidation Proceedings
AMOIXA LIMITED: Creditors' Proofs of Debt Due Oct. 16
BLACKSTONE CE: Commences Liquidation Proceedings
BLACKSTONE O OFFSHORE: Commences Liquidation Proceedings
BLACKSTONE TRC: Commences Liquidation Proceedings

COLONIAL INVESTMENTS: Placed Under Voluntary Wind-Up
LEILI HOLDINGS: Creditors' Proofs of Debt Due Nov. 13
PRINCESS SARAH: Creditors' Proofs of Debt Due Oct. 5
TOKYO REALTY: Commences Liquidation Proceedings
TRIANGULAR QIM: Commences Liquidation Proceedings

VELO INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 5
WATSON FALL: Creditors' Proofs of Debt Due Oct. 19


C O S T A   R I C A

COSTA RICA: Looks to China for Bond Sale as Budget Deficit Widens


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Foreign Investment Tops US$7.3BB in 3 Years


J A M A I C A

JAMAICA: IMF Approves Another US$39.7 Million Loan
JAMAICA: Revenue Intake Running Ahead of Projections


M E X I C O

* MEXICO: Food Makers Crush Competition Behind Healthy Debt Levels


                            - - - - -


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


ODEBRECHT OLEO: Bonds Drop as Petrobras Cancels Contract
--------------------------------------------------------
Juan Pablo and Spinetto Blake Schmidt at Bloomberg News report
that bonds of the oil services arm of Latin America's largest
construction conglomerate plunged to record lows after Brazil's
state oil company canceled a contract to rent one of its drilling
rigs amid cost reductions.

Odebrecht Offshore Drill Finance's $1.5 billion of bonds due 2022,
which are backed by cash flows coming from four drilling rigs,
fell 12 percent to about 26 cents on the dollar in New York on
Sept. 24.

Another $550 million in perpetual dollar bonds from Odebrecht Oil
& Finance, which rely on cash flows coming from Odebrecht's
upstream oil and gas projects, also declined to a record low 20
cents, according to Bloomberg News.

Bloomberg News notes that Odebrecht Oleo & Gas SA, as the oil
services venture is known, said that it received notification from
Petroleo Brasileiro SA of the termination of its contract for
drill ship ODN Tay IV on Sept. 22. OOG said it is analyzing the
terms of the Petrobras's decision.  The charter contracts for its
other three vessels backing the bonds haven't been altered, it
said, Bloomberg News relates.

Supplying offshore rigs to Petrobras delivers most of the revenue
of OOG, which counts Temasek Holdings Pte as a shareholder. The
company also has a production vessel in the North Sea under a
long-term contract with ConocoPhillips, Chief Executive Officer
Roberto Simoes told Bloomberg News in an interview in May.

Petrobras, as Brazil's flagship oil producer is known, said in an
e-mailed statement the termination was in line with contractual
terms, Bloomberg News relates.

Bloomberg News says that the biggest oil producer in deep waters
is intensifying spending cuts this year amid a collapse in oil
prices and a mushrooming graft scandal in Brazil.  The company is
taking a series of operational and management cost cuts, including
a voluntary plan to reduce working hours for administrative staff,
Petrobras said Sept. 15. Earlier this month, it also canceled five
platform-supply vessels from two separate contractors, Ultrapetrol
Bahamas Ltd. and World Wide Supply AS, Bloomberg News notes.

Bloomberg News discloses that the move by Petrobras underscores
investor concerns about Odebrecht SA, one of Brazil's largest
closely held companies that includes the region's biggest
construction company.  The company's CEO has been jailed since
June in Brazil's biggest-ever corruption scandal after the company
froze new investments in Brazil as a credit crunch tightened
access to financing, Bloomberg News relays.

As part of the scandal, Petrobras banned more than 20 suppliers
facing allegations in the case -- including Odebrecht SA, Camargo
Correa SA and Andrade Gutierrez SA -- from bidding for new
contracts, Bloomberg News notes.  The decision buffeted oil
industry suppliers at a time of slumping prices, Bloomberg News
adds.


PETROLEO BRASILEIRO: Bill and Melinda Gates Foundation Sues Firm
----------------------------------------------------------------
globalinsolvency.com, citing The Wall Street Journal, reports that
the Bill and Melinda Gates Foundation is suing Brazil's Petroleo
Brasileiro SA and its auditor in a New York court, claiming a vast
corruption scheme centered on the state-run oil company caused the
charitable organization to lose tens of millions of dollars.

The foundation, started by the billionaire co-founder of Microsoft
Corp. and his wife, joins a long list of plaintiffs seeking to
recoup money they lost as the scandal hammered the value of their
investments in Petrobras shares, according to
globalinsolvency.com.

The report notes that it is just the latest bad news for the
troubled oil company, which is scrambling to restore its
reputation, rebuild investor confidence and pay down ballooning
debt amid a global slump in oil prices.

Petrobras has long maintained it was a victim of a yearlong bid-
rigging and bribery ring that Brazilian prosecutors say was cooked
up by suppliers and a few crooked insiders who fleeced the oil
company for at least $2 billion, the report relates.

The Gates lawsuit, filed against Petrobras and the Brazilian unit
of PricewaterhouseCoopers LLP or PwC, alleges that corruption at
the oil company was so widespread as to be "institutional" and
that wrongdoing was "willfully ignored" by its auditor, the report
notes.

"The depth and breadth of the fraud within Petrobras is
astounding.  By Petrobras's own admission, the kickback scheme
infected over $80 billion of its contracts, representing
approximately one-third of its total assets," the lawsuit said,
the report notes.

                 About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it 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.

The Troubled Company Reporter-Latin America reported on March 6,
2015, that the deepening investigation into the alleged kickback
scheme at Petrobras has triggered concerns for the Brazilian banks
with exposures not only to the state-controlled oil company, but
also to its large base of suppliers, as well as the broader oil
and gas (O&G) and construction industries, says Moody's Investors
Service.

On March 12, 2015, the TCR-LA reported that Moody's Investors
Service said the corruption investigation into Petrobras will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

Moody's Investors Service has downgraded all ratings for
Petrobras, including a downgrade of the company's senior unsecured
debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating
to the company, the TCRLA reported on Feb. 27, 2015.  Its failure
to estimate its losses from the alleged corruption scheme and
produce audited third-quarter results prompted Moody's to cut its
rating to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.



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


AG CIP: Commences Liquidation Proceedings
-----------------------------------------
On Sept. 1, 2015, the sole shareholder of AG CIP GP 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 liquidator is:

          Joost Schellens
          c/o Intertrust Corporate Services (Cayman) Limited,
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


AMOIXA LIMITED: Creditors' Proofs of Debt Due Oct. 16
-----------------------------------------------------
The creditors of Amoixa Limited are required to file their proofs
of debt by Oct. 16, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 2, 2015.

The company's liquidator is:

          Maricorp Services Ltd.
          Roger L. Nelson
          Telephone: (345)-949-9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


BLACKSTONE CE: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 31, 2015, the sole shareholder of Blackstone CE Offshore
Fund Ltd 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 liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE O OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------------
On Aug. 31, 2015, the sole shareholder of Blackstone O Offshore
Fund Ltd 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 liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE TRC: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 31, 2015, the sole shareholder of Blackstone TRC Offshore
Fund Ltd 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 liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


COLONIAL INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Aug. 28, 2015, the shareholders of Colonial Investments Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 6, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4
          Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


LEILI HOLDINGS: Creditors' Proofs of Debt Due Nov. 13
-----------------------------------------------------
The creditors of Leili Holdings Limited are required to file their
proofs of debt by Nov. 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 27, 2015.

The company's liquidator is:

          Su, Jianguo
          c/o 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, KY1-1208
          Cayman Islands


PRINCESS SARAH: Creditors' Proofs of Debt Due Oct. 5
----------------------------------------------------
The creditors of Princess Sarah Ltd are required to file their
proofs of debt by Oct. 5, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 24, 2015.

The company's liquidator is:

          Vincent Maffei
          4010 Paw Paw Trail, Lake Wales
          FL 33898
          Telephone: (954) 445 8461


TOKYO REALTY: Commences Liquidation Proceedings
-----------------------------------------------
On Aug. 19, 2015, the shareholder of Tokyo Realty Investment
Company II 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 liquidator is:

          Alan De Saram
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          709 122 Mary Street
          P.O. Box Grand Cayman KY1-1107
         Cayman Islands


TRIANGULAR QIM: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 31, 2015, the sole shareholder of Triangular Qim Fund Ltd.
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 liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


VELO INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 5
--------------------------------------------------------
The creditors of Velo International are required to file their
proofs of debt by Oct. 5, 2015, to be included in the company's
dividend distribution.

The members will hold their final meeting on Oct. 7, 2015, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peng Xu of E5
          38 Xiangyuan Road, Gongshu District
          Hangzhou, P.R.
          China


WATSON FALL: Creditors' Proofs of Debt Due Oct. 19
--------------------------------------------------
The creditors of Watson Fall Ltd. are required to file their
proofs of debt by Oct. 19, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 5, 2015.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L Nelson
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


===================
C O S T A   R I C A
===================


COSTA RICA: Looks to China for Bond Sale as Budget Deficit Widens
-----------------------------------------------------------------
Michael D. McDonald at Bloomberg News reports that Costa Rica is
joining Venezuela and Ecuador in turning to China as a potential
source of finance to help the Central American nation cover a
widening fiscal deficit.

President Luis Guillermo Solis's government is in preliminary
talks with China to help cover a deficit that is projected to grow
to 6.9 percent of gross domestic product in 2016 from 5.9 percent
this year, Director of Public Credit Juan Carlos Quiros said,
according to Bloomberg News.

"We are looking to diversify our portfolio," Mr. Quiros said from
his office in San Jose, adding that China bought 12-year Costa
Rican bonds in 2008 with an interest rate of 2 percent, Bloomberg
News notes.  "China is one more option," he added.

Bloomberg News relays that even as China's economy slows, the
country has continued to be seen in Latin America and the
Caribbean as an alternative financing source to global bond sales
and loans from international institutions.  Following a surprise
trip to Beijing earlier this month, Venezuela President Nicolas
Maduro said he secured a $5 billion loan after announcing a
pipeline of loans totaling $20 billion in January, Bloomberg News
notes.  Ecuador, which like Venezuela is struggling with low oil
prices, received $900 million from China earlier this year.
Costa Rica's move comes as a years-long effort to broaden the tax
base to boost revenue remains stalled, Bloomberg News says.

Bloomberg News notes that Mr. Quiros declined to say how much the
country would like to borrow from China.  Costa Rica sold $1
billion of 30-year bonds in March to yield 7.16 percent, Bloomberg
News relays.

Moody's Investors Service cut Costa Rica's credit rating to junk
status last year, putting the $50 billion economy in the same
category as Russia and Portugal.


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Foreign Investment Tops US$7.3BB in 3 Years
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic Export and
Investment Center (CEI-RD) director Jean Alain Rodriguez said
direct foreign investment (FDI) in the country topped US$7.3
billion during the last three years, or 37% of the total received
by the Caribbean.

Mr. Rodriguez said most of the FDI flowed to retailers, industry,
mining and real estate, an average of 57% of the country's total
during that period, according to Dominican Today.  "The Dominican
economy is more dynamic and increasingly diversified, increasing
investment in non-traditional economic sectors such as renewable
energy, infrastructure and logistics," Mr. Rodriguez said, the
report notes.

Speaking in a working breakfast of the young business leaders
grouped in ANJE, Rodriguez said around US$67.6 million have been
invested in exports, which created 40,000 jobs nationwide, the
report relates.  "And we have a projection of 7,000 jobs this
year," Mr. Rodriguez added.

The official added that exports grew an average of 5% yearly, from
US$5.9 billion to US$9.9 billion from 2004 to 2014, a jump of 67%,
the report adds.


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


JAMAICA: IMF Approves Another US$39.7 Million Loan
--------------------------------------------------
Caribbean360.com reports that the International Monetary Fund
(IMF) has given Jamaica a thumbs-up for its economic performance
and has agreed to disburse another US$39.7 million to the
Caribbean island's government.

The announcement from the IMF came after its Executive Board
completed its ninth review of Jamaica's economic performance under
the program which is supported by a four-year arrangement under
the Extended Fund Facility, according to Caribbean360.com.

Following the Board's discussion of the review, Deputy Managing
Director and Acting Chair Min Zhu said the program's performance
was "on track and structural reforms have progressed broadly on
schedule", adding that Jamaican authorities were firmly committed
to the program, the report notes.

"Macroeconomic fundamentals continue to strengthen. Inflation is
at a historical low and the current account is improving, aided by
declining oil prices.  The recent upgrade in the credit ratings
followed by the large international bond placement signaled
improved investor confidence in Jamaica's reform program," he
added, the report relates.

However, the IMF official stated that growth remains weak and
unemployment needs to decrease further, the report notes.

Mr. Min Zhu added that sustained efforts in structural reforms,
including by reducing energy costs, improving the business
environment, and developing critical infrastructure, should help
boost investment and growth, the report notes.

Min Zhu said it was also essential to move forward with public
sector reforms and to continue strengthening fiscal revenue by
reforming customs and tax administration and broadening the tax
base, the report adds.

                            *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


JAMAICA: Revenue Intake Running Ahead of Projections
----------------------------------------------------
RJR News reports that Richard Byles, Co-Chair of Jamaica's
Economic Program Oversight Committee (EPOC), has disclosed that
the Government's revenue intake for the first four months of the
2015/16 fiscal year totaled J$127.2 billion.

This was J$2.9 billion more than the initial projection, according
to RJR News.

Speaking at the monthly EPOC media briefing, Mr. Byles said
Government of Jamaica expenditure for the period was just over J$8
billion below budget, while recurrent expenses were J$3.9 billion
lower than projected, the report notes.

                            *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.



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


* MEXICO: Food Makers Crush Competition Behind Healthy Debt Levels
------------------------------------------------------------------
Adam Williams at Bloomberg News reports that Mexico's largest food
producers are outperforming regional competitors as a slumping
peso boosts profit margins.

Mexico's largest tortilla, bread, mayonnaise and chicken makers
have gained investors an average 14 percent in U.S. dollar terms
this year, compared with an average 15 percent loss for food
companies across Latin America, according to data compiled by
Bloomberg.

Gruma SAB, the world's largest tortilla maker, has returned a
region's best 32 percent, while Industrias Bachoco SAB, Mexico's
largest poultry producer, has returned 24 percent, according to
Bloomberg News.

The peso has dropped 14 percent this year against the U.S. dollar,
which has made exports from Mexico's food companies more
attractive, Bloomberg News relates.  That's helped to swell
margins and keep debt levels from rising, according to Mauricio
Martinez, equity analyst at Mexico City-based Corporativo GBM Sab
de CV. The average gross margin for the four Mexican food makers
in the past quarter was the best in the region, while the average
debt-to-earnings ratio was the lowest, the data show, Bloomberg
News notes.

"All of these companies have a solid debt balance, with none that
have a leverage level considered unsustainable or worrisome,"
Martinez told Bloomberg News in a phone interview from Mexico
City.  "Compared to Brazilian food companies, which are generally
very leveraged, the Mexican companies have very healthy debt
levels," Mr. Martinez added.

                          Buy Ratings

At least 60 percent of analysts surveyed by Bloomberg have a buy
rating on three of Mexico's four largest food companies by market
value: Gruma, Bachoco and Grupo Herdez SAB. Grupo Bimbo SAB, the
world's largest bread maker, has lost investors 9.8 percent this
year in dollar terms and is rated buy or hold by 20 of 23 analysts
surveyed by Bloomberg.  Grupo Herdez, producer and distributor of
foods and condiments such as dressings and mayonnaise, has
returned 6.8 percent, Bloomberg News notes.

Bloomberg News discloses that the fall in the Mexican peso has
benefited the country's principal food companies that sell a large
percentage of their products to U.S. and international consumers
and pay operational expenses in pesos, according to Brian Flores,
senior equity analyst at Interacciones Casa de Bolsa SA in Mexico
City.  The gross margins for Mexico's largest food producers
averaged 40 percent last quarter, compared with 24 percent for six
Brazilian peers, Bloomberg News relays.

The additional financial room generated by the devalued peso has
allowed these companies to pursue opportunities for further
international expansion, Mr. Flores said, Bloomberg News notes.

"These companies are continuing to see a benefit on behalf of the
exchange rate," Mr. Flores said, Bloomberg News relays.  "They
sell an important part of products in dollars in international
markets, which is being reflected in their margins," Mr. Flores
added.


                            ***********


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 2015.  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.


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