TCRLA_Public/151209.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, December 9, 2015, Vol. 16, No. 243


                            Headlines



B R A Z I L

BANCO PAN: Fitch Cuts Issuer Default Ratings to 'BB'
BTG PACTUAL: Said to Plan Sale of Swiss Private Bank BSI
BTG PACTUAL: Fitch Cuts Issuer Default Ratings (IDRs) to 'BB-'
BRAZIL: Analysts See Economy Contracting 3.50%
BRAZIL: Fitch Says Revenue Sources Will Temper Declines for States

SAMARCO MINERACAO: Moody's Lowers CFR to Caa1; Outlook Negative


C A Y M A N  I S L A N D S

ALPHA SELECT: Commences Liquidation Proceedings
AMP CAYMAN: Commences Liquidation Proceedings
ASHTON-PAULSON: Commences Liquidation Proceedings
B (BV) OFFSHORE: Commences Liquidation Proceedings
BASSETTAKI PROPERTIES: Creditors' Proofs of Debt Due Dec. 10

BLUE SKY: Commences Liquidation Proceedings
CCP MAC: Commences Liquidation Proceedings
COP SPV: Members to Hold Annual Meeting on Dec. 17
GRAND CRU: Creditors' Proofs of Debt Due Dec. 11
H2TR OFFSHORE: Commences Liquidation Proceedings

KREMER LTD: Commences Liquidation Proceedings
MOKSHA CAPITAL: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Affirms 'B+' FC IDR; Outlook Revised to Positive


E L   S A L V A D O R

REGAL FOREST: S&P Raises CCR to 'BB-'; Outlook Remains Stable


M E X I C O

MULTICAT MEXICO 2012-I: S&P Lowers Rating on Class C Notes to D


P U E R T O    R I C O

PUERTO RICO: Gets Supreme Court Review on Debt Restructuring


T R I N I D A D  &  T O B A G O

ARCELORMITTAL: Informs Union of 600 Job Cuts


X X X X X X X X X

LATAM: Fitch Says 2016 Growth Outlook Remains Subdued


                            - - - - -


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


BANCO PAN: Fitch Cuts Issuer Default Ratings to 'BB'
----------------------------------------------------
Fitch Ratings has downgraded Banco Pan S.A.'s (Pan) Issuer Default
Ratings (IDRs) to 'BB' from 'BB+' and maintained the Rating Watch
Negative. The agency also downgraded the ratings on Pan's
subsidiaries (Brazilian Finance & Real Estate S.A. [BFRE],
Brazilian Mortgages Cia Hipotecaria [BM] and Brazilian Securities
Cia de Securitizacao [BS]), maintaining the Rating Watch Negative.
A full list of rating actions follows the end of this release.

KEY RATING DRIVERS

The downgrade of Pan's support-driven IDRs reflects the increasing
difficulties of one of its co-controlling shareholders - Banco BTG
Pactual S.A. (BTG, Long-term IDR 'BB-'/Negative Watch) to provide
support to Pan in case of need. The downgrade of Pan was of lesser
magnitude than BTG Pactual's and its ratings are now above those
of the latter, reflecting the extraordinary support it could
receive from the other co-controlling shareholder, Caixa Economica
Federal (Caixa, Long-term IDR 'BBB-/Negative Watch; National
Rating 'AAA(bra)'/Stable Outlook). Extraordinary support could be
provided in the form of credit lines and long-term funding
agreements, as well as a new strategic orientation, including
management proximity, especially after the difficulties faced by
BTG.

As per Fitch's evaluation, Pan is currently rated two notches
below Caixa's IDR. The agency believes that, given the
difficulties that BTG currently faces, Caixa is the most likely
source of potential support for Pan, if needed, as is stated by
Caixa's management. However, BTG continues to share control of Pan
(controlling shares of 51%) meaning that further reviews of BTG's
ratings can impact Pan's ratings, too.

The Negative Watch reflects possible implications for Pan's
financial flexibility derived from potential contagion from
reputational risk arising from its relationship with BTG. It also
reflects Pan's very complex shareholder structure and the
uncertainties as to how it will be controlled in the future.

Pan's Viability Rating (VR) of 'b' is limited by the still
volatile operating performance of the bank, its operating losses,
improving but still above-average asset quality ratios, and
relatively weak capitalization. The unfavorable market scenario
has not allowed the bank to grow as fast as it would like to and
this has delayed some profitability improvements. Some cost
control measures, such as the reduction of the number of
executives on its executive board, had a positive effect on the
bank's results. The rating has also been placed on Negative Watch
because of the potential for material negative effects on its
intrinsic profile due to the scenario at BTG.

Fitch believes that Pan's subsidiaries (BFRE, BM and BS) will also
have the same support from Caixa in case of need. This is
justified by the subsidiaries' active role, synergies and
integration with Pan. BFRE, BM and BS are fully owned subsidiaries
of Pan, fully consolidated in the bank even as far as regulatory
aspects.

RATING SENSITIVITIES

Pan's IDRs could be downgraded if Fitch sees that Caixa reduces
its willingness or capacity to provide support for Pan. Changes in
credit limits and asset sales agreements' limits provided from
Caixa, or even in Pan's shareholder structure are triggers also to
be monitored. Also, new negative events involving wrongdoing
derived from investigations affecting BTG may undermine Pan's
capacity to generate new business and can trigger additional
downgrades. A downgrade to Pan's VR could be triggered by a longer
than expected breakeven point in operations against a backdrop of
capital ratios falling to low levels.

The ratings could be removed from Rating Watch Negative and
returned to the previous Negative Outlook once Fitch is
comfortable about the stability of the aforementioned financial
aspects of the company and its franchise.

Fitch has taken the following rating actions:

Banco Pan S.A.
-- Long-term foreign and local currency IDRs downgraded to 'BB'
    from 'BB+', Rating Watch Negative Maintained;
-- Short-term foreign and local currency IDRs at 'B', Rating
    Watch Negative Maintained;
-- Support Rating at '3', Rating Watch Negative Maintained;
-- Long-term National Rating downgraded to 'A+(bra)' from 'AA-
    (bra)', Rating Watch Negative Maintained;
-- Short-term National Rating downgraded to 'F1(bra)' from
    'F1+(bra)', Rating Watch Negative Maintained.
-- Viability Rating of 'b' placed on Rating Watch Negative.

Brazilian Finance & Real Estate S.A.
-- Long-term foreign and local currency IDRs downgraded to 'BB'
    from 'BB+', Rating Watch Negative Maintained;
-- Short-term foreign and local currency IDRs at 'B', Rating
    Watch Negative Maintained;
-- Long-term National Rating downgraded to 'A+(bra)' from 'AA-
    (bra)', Rating Watch Negative Maintained;
-- Short-term National Rating downgraded to 'F1(bra)' from
    'F1+(bra)', Rating Watch Negative Maintained.

Brazilian Mortgages Cia Hipotecaria
-- Long-term foreign and local currency IDRs downgraded to 'BB'
    from 'BB+', Rating Watch Negative Maintained;
-- Short-term foreign and local currency IDRs at 'B', Rating
    Watch Negative Maintained;
-- Long-term National Rating downgraded to 'A+(bra)' from 'AA-
    (bra)', Rating Watch Negative Maintained;
-- Short-term National Rating downgraded to 'F1(bra)' from
    'F1+(bra)', Rating Watch Negative Maintained.

Brazilian Securities Cia de Securitizacao
-- Long-term foreign and local currency IDRs downgraded to 'BB'
    from 'BB+', Rating Watch Negative Maintained;
-- Short-term foreign and local currency IDRs at 'B', Rating
    Watch Negative Maintained;
-- Long-term National Rating downgraded to 'A+(bra)' from 'AA-
    (bra)', Rating Watch Negative Maintained;
-- Short-term National Rating downgraded to 'F1(bra)' from
    'F1+(bra)', Rating Watch Negative Maintained.


BTG PACTUAL: Said to Plan Sale of Swiss Private Bank BSI
--------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that Grupo BTG
Pactual SA, the Brazilian bank trying to shore up cash after the
arrest of its billionaire founder, is seeking to sell BSI, the
Swiss private-banking unit it acquired three months ago, according
to a person with knowledge of the situation.

BTG acquired BSI from Italy's Assicurazioni Generali SpA for 1.25
billion Swiss francs ($1.28 billion) in September, Bloomberg News
recalls.

Bloomberg News notes that the transaction boosted BTG's assets
under management to $186.5 billion from $99 billion.

Andre Esteves resigned as BTG's chief executive officer and
chairman on Nov. 29 after being taken into custody on suspicion of
trying to obstruct a corruption probe, Bloomberg News notes.
Mr. Esteves has denied any wrongdoing through his lawyers.

BTG is divesting "non-essential" assets, Chairman Persio Arida
said, notes the report.

The company's assets offer it "plenty of room to maneuver," Edinho
Silva, Brazil's social communication minister, said in an
interview with Bloomberg News.  "It's a solid bank, and up until
now, nothing indicates that there's a crisis at the bank."

Bloomberg News says that a buyer for BSI is more likely to be
found outside of Brazil, as the country's two largest domestic
banks, Itau Unibanco Holding SA and Banco Bradesco SA, already are
engaged in other transactions, said Max Bohm, an analyst at Sao
Paulo-based consulting firm Empiricus Research, Bloomberg News
notes.  "Bradesco's focus is Brazil and Itau's, Latin America."

Among holdings on the block is BTG's stake in retailer Uniao de
Lojas Leader SA, a person with knowledge of the matter said,
Bloomberg News relays.  The most likely buyer of that holding is
the family of founder Newton Gouvea, who died earlier this year,
the person said.  Conversations with the Gouvea family are at an
early stage and may stall over price, the person added.

Also up for sale is a controlling stake in parking-lot company
Allpark Empreendimentos Participacoes e Servicos SA, which could
sell for about BRL1.5 billion, two people with knowledge of the
situation said, adds Bloomberg News.


BTG PACTUAL: Fitch Cuts Issuer Default Ratings (IDRs) to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded Banco BTG Pactual S.A.'s (BTG
Pactual) Issuer Default Ratings (IDRs) to 'BB-' from 'BBB-' and
maintained it on Rating Watch Negative. A full list of rating
actions follows the end of this release.

KEY RATING DRIVERS

The downgrade on BTG Pactual's ratings reflect the deterioration
of the bank's liquidity position and funding franchise, which are
closely related to the reputational damage caused by the arrest of
it former CEO and main shareholder Andre Esteves. The bank has
taken measures (including lending facilities and asset
sales/dispositions) to bolster its liquidity and withstand the
substantial withdrawal of funds. Fitch believes that these
measures, if successfully completed, could help the bank withstand
this turbulent period and restore liquidity to more stable levels.
Even so, the deterioration on the bank's funding franchise seems
clear and its ability to recompose its funding base will be a key
aspect to be monitored over the immediate future. More
importantly, the bank's ability to continue originating business
on its areas of activity will be monitored.

Fitch notes that the changes in the bank's leadership and control,
with the replacement of Mr. Andre Esteves as CEO and Chairman and
the removal of its role as main controller of the bank through a
share swap, is a step in the right direction in terms of corporate
governance, but the image of the bank remains closely connected to
Mr. Esteves. Also, the emergence of accusations and official
investigations related to the bank's business and deals may/will
continue to weigh on the bank's reputation and further weaken its
franchise and financial flexibility.

As such, BTG Pactual's Viability Rating (VR) was downgraded to
'bb-' from 'bbb-' as the bank's company profile has weakened in
Fitch's assessment and its ability to remain a leading investment
bank in Latin America will be stress-tested. Liquidity positions
should benefit from asset sales such as the sale of its stake on
hospital chain Rede D'Or. Also, the settlement of some derivatives
and treasury exposures and the non-renewal of maturing loan
transactions could bring additional comfort in terms of leverage
and capitalization, but the bank is yet challenged to complete
these actions on a timely basis and under reasonable terms and
conditions.

The maintenance of its Rating Watch Negative reflects the
uncertainties surrounding the bank's ability to originate
businesses in the short and medium term and how the bank's
financial profile might be affected by the rapidly changing
scenario. Also, Fitch will monitor the outcomes of ongoing
investigations on Mr. Esteves and wait for a clarification about
accusations about the bank's involvement on corruptions schemes or
any type of wrongdoing.

All the long-term International and National ratings of the
subsidiaries (in Brazil and abroad) included in this review are
based on the support expected from BTG Pactual, hence, the rating
actions on the subsidiaries mirror that on their parent bank.

RATING SENSITIVITIES

BTG Pactual's ratings could be downgraded if the current situation
and new events further undermines its company profile, if the
measures to restore liquidity are not successfully and timely
implemented, or if the bank's businesses start to show signs of a
clear deterioration, which could lead to sizable reduction of its
future earnings, or to a limitation of its ability to continue to
perform its pipeline of business in the short or medium term. A
significant increase on its funding costs that hampers
profitability may also result in additional downgrades.

Similarly, a formal accusation of wrongdoing involving the bank's
operations and transactions could also lead to an additional
downgrade.

The ratings could be removed from Rating Watch Negative and
reverted to its previous Outlook (Negative) once Fitch is
comfortable about the stability of the aforementioned financial
aspects of the company and its franchise.

Any changes in BTG Pactual's ratings or its willingness to support
its subsidiaries would affect the ratings of the subsidiaries.

BTG Pactual is a regional investment bank with a leadership
position in Brazil and a growing franchise in Latin America,
mostly focus on investment banking activities, assets management,
securities and commodities trading and also, recently completed
the acquisition of a private bank in Switzerland dedicated to
serve high net worth people in Europe.

Fitch has taken the following rating actions:

Banco BTG Pactual S.A.

-- Long-term foreign and local currency IDRs downgraded to 'BB-'
    from 'BBB-', Rating Watch Negative Maintained;
-- Short-term foreign and local currency IDRs downgraded to 'B'
    from 'F3', Rating Watch Negative Maintained;
-- Viability Rating downgraded to 'bb-' from 'bbb-', Rating Watch
    Negative Maintained;
-- Long-term National Rating downgraded to 'A-(bra)' from
    'AA(bra)', Rating Watch Negative Maintained;
-- Short-term National Rating downgraded to 'F2(bra)' from
    'F1+(bra)', Rating Watch Negative Maintained;
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF';
-- Senior unsecured notes, due in March 2016, foreign currency
    rating downgraded to 'BB-' from 'BBB-', Rating Watch Negative
    Maintained;
-- Senior unsecured notes, due in July 2016, foreign currency
    rating downgraded to 'BB-' from 'BBB-', Rating Watch Negative
    Maintained;
-- Senior unsecured notes, due in September 2017, foreign
    currency rating downgraded to 'BB-' from 'BBB-', Rating Watch
    Negative
    Maintained;
-- Senior unsecured notes due in January 2020, foreign currency
    rating downgraded to 'BB-' from 'BBB-', Rating Watch Negative
    Maintained;
-- Senior unsecured notes due in January 2034, foreign currency
    rating downgraded to 'BB-' from 'BBB-', Rating Watch Negative
    Maintained;
-- Subordinated notes due in September 2022, foreign currency
    rating downgraded to 'B' from 'BB', Rating Watch Negative
    Maintained;
-- Perpetual non-cumulative junior subordinated notes, foreign
    currency rating downgraded to 'B-' from 'B+', Rating Watch
    Negative Maintained.

BTG Investments LP

-- Long-term foreign and local currency IDRs downgraded to 'B+'
    from 'BB+', Rating Watch Negative Maintained;
-- Support Rating downgraded to '4' from '2', Rating Watch
    Negative Maintained;
-- Senior guaranteed notes downgraded to 'BB-' from 'BBB-',
    Rating Watch Negative Maintained.

BTG Pactual Holding S.A.

-- Long-term foreign and local currency IDRs downgraded to 'BB-'
    from 'BBB-', Rating Watch Negative Maintained;
-- Short-term foreign and local currency IDRs downgraded to 'B'
    from 'F3', Rating Watch Negative Maintained;
-- Long-term National Rating downgraded to 'A-(bra)' from
    'AA(bra)', Rating Watch Negative Maintained;
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF';
-- Short-term National Rating downgraded to 'F2(bra)' from
    'F1+(bra)', Rating Watch Negative Maintained.

Pan Seguros S.A.

-- National Insurer Financial Strength (IFS) downgraded to
    'BBB+(bra)' from 'AA-(bra)', Rating Watch Negative Maintained.

BTG Pactual Colombia S.A.

-- Long-term National Rating downgraded to 'A(col)' from
    'AA+(col)'; Rating Watch Negative Maintained;
-- Short-term National Rating downgraded to 'F1(col)' from
    'F1+(col)', Rating Watch Negative Maintained.


BRAZIL: Analysts See Economy Contracting 3.50%
----------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 3.50 percent this year, with inflation hitting 10.44 percent,
the Central Bank said.

The gross domestic product (GDP) and inflation estimates come from
the Boletin Focus, a weekly Central Bank survey of analysts from
about 100 private financial institutions on the state of the
national economy, according to EFE News.

The report notes that the government started using the survey in
preparing its own forecasts this year.

Analysts revised their projections when they expected the economy
to contract by 3.19 percent and inflation to come in at 10.38
percent in 2015, the report relays.

In 2016, the report says, analysts now expect Latin America's
largest economy to contract by 2.31 percent, with the inflation
rate falling to 6.70 percent.

If the forecasts turn out to be accurate, Brazil will go through
two consecutive years of negative GDP growth for the first time
since 1948, the report notes.

Brazil is in a recession, with GDP contracting for two consecutive
quarters, according to the report.

The South American country's economy contracted by 2.1 percent in
the first half of this year, the report discloses.

Economic growth has also been hampered by the spending cuts
implemented by President Dilma Rousseff's administration to reduce
the budget deficit and control inflation, the report adds.


BRAZIL: Fitch Says Revenue Sources Will Temper Declines for States
------------------------------------------------------------------
According to figures released Dec. 7, 2015, Brazil's GDP continues
to contract. It is now expected to fall 3.7% this year and 2016
has been revised down to a further GDP decline of 2.5%. The impact
of these declines on its states will vary based on their revenue
sources, Fitch Ratings says. States driven by commodities
activities should fare best, followed by those reliant on domestic
demand. States with weak tax collection processes are expected to
fare worst in the group.

Commodities-driven states will continue to benefit from export
growth driven by the depreciation of the Brazilian Real. It fell
by 58% in the year ended October 2015. Export-related activities
are as much as half of some states' economies. Despite being tax
exempt, exports support other economic sectors as well. States
like Espirito Santo, Goias and, to some extent, Santa Catarina
(BBB-/Negative) are in this group. Some are considering raising
tariffs.

Sao Paulo (BBB-/Negative), Minas Gerais and Rio Grande do Sul
exemplify the large states that mostly rely on domestic demand to
generate revenues. They face the same downside risks as the
country. Sao Paulo's proposed tax hike on non-essential products,
for example, will not be big enough to boost tax revenues.
Further, we do not expect significant benefits from the efforts to
curb informal markets and collect delinquent taxes. These states
make up almost 50% of Brazil's economy.

States with the lowest tax collection performance will fare the
worst. Some have already been hurt by low oil prices and
relatively high dependence on federal transfers. Rio de Janeiro
(BB/Negative), Pernambuco and Maranhao (BB/Negative) are in this
group. Rio de Janeiro's economy largely depends on oil royalties
and on oil-related industries. Pernambuco and Maranhao are more
reliant on federal transfers, mainly taxes on industrialized
products (IPI-Imposto sobre Produtos Industrializados) and income
tax (IR-Imposto de Renda).

According to the Brazilian Central Bank, aggregate, nominal ICMS
tax revenues (equivalent to value added tax in other countries)
for the ten largest states rose by only 4.5% in the year ended
September 2015. These states accounted for roughly 80% of the
total ICMS tax collected nationwide. Only Parana (BBB-/Negative)
was able to post real tax growth. It raised tariffs to 18% from
12% on various sectors and reduced some tax exemptions granted to
companies.

All 26 Brazilian states and the Federal District will need to
continue to curb expenditures to cope with much lower revenues. So
far, cost reduction has meant merging some departments and
shutting down others, laying off temporary workers and freezing
state-financed investments. These steps will reduce overall
spending by 20% in 2015.


SAMARCO MINERACAO: Moody's Lowers CFR to Caa1; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from Ba1 the
corporate family rating of Samarco Mineracao S.A. and the ratings
of its senior unsecured notes due 2022, 2023 and 2024.  The
outlook was changed to negative.  This rating action concludes the
review for downgrade initiated on Nov. 10, 2015, following the
accident at the Germano site in Minas Gerais.

Ratings Downgraded:

Issuer: Samarco Mineracao S.A.

  Corporate Family Rating: to Caa1 (from Ba1)
  USD 1,000 million Senior Unsecured Notes due 2022: to Caa1 (from
   Ba1)
  USD 700 million Senior Unsecured Notes due 2023: to Caa1 (from
   Ba1)
  USD 500 million Senior Unsecured Notes due 2024: to Caa1 (from
   Ba1)
  Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

The downgrade to Caa1 reflects the continued uncertainties about
Samarco's ability to resume operations and our concern over
liquidity pressures resulting from fines, penalties and claims
related to the accident with Samarco's dams in the state of Minas
Gerais on Nov. 5, 2015, as well as potential covenant breaches on
its outstanding debt.

Since the accident, Samarco's operations at the mines and
beneficiation plants are suspended and the company's final
products' (pellets) inventories available for sale should finish
in the next few months.  Given the severe environmental
implications from the tailings dam breach at the Germano complex,
Moody's believes it is uncertain whether the company will be able
to regain the license to resume operations in Minas Gerais.
Therefore, Samarco's ability to meet its obligations remains
jeopardized until alternatives are implemented.  Besides, the
extent of the environmental and civil liabilities that the company
could face remains uncertain.

While operations are suspended, the company contemplates
alternatives that include the sale of energy and logistics
services.  Still, Moody's expects the company's liquidity to
remain tight until it is able to resume production, which may
leave the company with insufficient cash flow to service its debt
and other cash needs, including clean up, recovery and
rehabilitation costs. On the other hand, if Samarco is able to
resume production in the short term, it will immediately benefit
from its fully-integrated operations, which has supported its
solid profitability through the years.

The negative outlook reflects pressure on the company's rating
that will persist until its operational and liquidity risks are
resolved.

An upward rating movement would require Samarco to resume
production, or find alternatives that could avoid a liquidity
shortfall, including support from shareholders.  Although
Samarco's shareholders have indicated their support to the company
in the response effort and are committed with the environmental
remediation of affected areas, it is highly uncertain whether
there could be additional financial support.

The ratings could suffer additional negative pressure if there is
material deterioration in the company's liquidity position or
Samarco is unable to meet its financial obligations on a timely
basis or fails to renegotiate existing covenants on its debt
instruments.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Samarco Mineracao S.A. is one of the largest exporters of seaborne
iron ore pellets worldwide with operations located in Espirito
Santo and Minas Gerais, in the Southeast region of Brazil.  The
company has a fully integrated business model with an installed
capacity to produce 30.5 million pellets annually.  In the last
twelve months ended June 2015, Samarco had BRL 7.3 billion (USD
2.7 billion) in revenues spread across clients in North America,
Middle East, North Africa, Asia and Europe, with a 21% global
market share.



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


ALPHA SELECT: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 30, 2015, the sole shareholder of Alpha Select Mac Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


AMP CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 30, 2015, the sole shareholder of AMP Cayman Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


ASHTON-PAULSON: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 28, 2015, the sole shareholder of Ashton-Paulson Master
Fund SPC 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


B (BV) OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 28, 2015, the sole shareholder of B (BV) 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


BASSETTAKI PROPERTIES: Creditors' Proofs of Debt Due Dec. 10
------------------------------------------------------------
The creditors of Bassettaki Properties Ltd. are required to file
their proofs of debt by Dec. 10, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 29, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


BLUE SKY: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 30, 2015, the sole shareholder of Blue Sky Japan Mac 74
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


CCP MAC: Commences Liquidation Proceedings
------------------------------------------
On Oct. 30, 2015, the sole shareholder of CCP Mac Cayman Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


COP SPV: Members to Hold Annual Meeting on Dec. 17
--------------------------------------------------
The members of COP SPV will hold their annual meeting on Dec. 17,
2015, at 2:00 p.m.  Anybody who wants to participate in the
meeting must send their notice of intention by Dec. 15, 2015.

The company's liquidator is:

          Claire Loebell
          c/o Robert Crockett
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman
          Cayman Islands KY1 -1106
          Telephone +1 (345) 814 8986


GRAND CRU: Creditors' Proofs of Debt Due Dec. 11
------------------------------------------------
The creditors of Grand Cru Fund 2 are required to file their
proofs of debt by Dec. 11, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 31, 2015.

The company's liquidator is:

          Stephen Briscoe
          Briscoe Wong Ferrier
          602 The Chinese Bank Building
          61-65 Des Voeux Road Central
          Hong Kong
          Telephone: (852) 2899 2178
         Facsimile: (852) 2899 2948


H2TR OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 28, 2015, the sole shareholder of H2TR 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


KREMER LTD: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 26, 2015, the sole shareholder of Kremer 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:

          Cathlin Rossiter
          c/o Neil Montgomery
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470
          Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands


MOKSHA CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On July 30, 3015, the sole shareholder of Moksha Capital Partners
RE (F) Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815 4558
          BDO CRI (Cayman) Ltd.
          Floor 2-Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands



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


AES ANDRES: Fitch Affirms 'B+' FC IDR; Outlook Revised to Positive
------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks on the Dominican
Republic's generation companies' (GenCos) long-term foreign and
local currency Issuer Default Ratings (IDRs) to Positive from
Stable. See the full list of rating actions at the end of this
release.

KEY RATING DRIVERS

These rating actions follow revision of the Outlooks on the
Dominican Republic's long-term foreign and local currency IDRs to
Positive from Stable. The sovereign rating revisions reflect
country resilience through adverse domestic and external
conditions, improving current account dynamics due to the
increasing diversity of the export structure, and the continued
progress on fiscal consolidation by the Danilo Medina
administration.

The ratings of the Dominican Republic GenCos reflect the
electricity sector's high dependency on transfers from the central
government to service its financial obligations. The Dominican
Republic's power sector is characterized by high electricity
losses (above 30%) and consumption subsidies. The regular delays
in government transfers puts pressure on the working capital needs
of generators and add volatility to their cash flows. This strong
dependence on government transfers links the credit quality of the
distribution and GenCos to that of the sovereign.

As individual debt ratings do not carry Outlooks, they were not
affected by this rating action.

RATING SENSITIVITIES

The IDRs could be affected by a rating action on the sovereign
rating of the Dominican Republic. The Outlook for the Dominican
Republic's foreign and local currency IDRs is currently Positive.

The factors for a positive rating action on the sovereign include:

-- Continued strong investment and growth performance relative to
    peers without increasing macroeconomic imbalances;
-- Sustained fiscal discipline that enhances the credibility of
    fiscal policy;
-- Reduction of external balance sheet vulnerabilities.

FULL LIST OF RATING ACTIONS

AES Andres Dominicana SPV (AES Dominicana)

-- Foreign Currency IDR affirmed at 'B+'

The Outlook is Positive.

AES Andres B.V.

-- Foreign Currency IDR affirmed at 'B+'

The Outlook is Positive.

Empresa Generadora de Electricidad Itabo, S.A.

-- Foreign Currency IDR affirmed at 'B+'
-- Local Currency IDR affirmed at 'B+'

The Outlook is Positive.


=====================
E L   S A L V A D O R
=====================


REGAL FOREST: S&P Raises CCR to 'BB-'; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating to 'BB-' from 'B+' on Regal Forest Holding Co. Ltd.
(Unicomer).  The outlook remains stable.

The upgrade of Unicomer reflects its improved capital structure
because it has refinanced part of its short-term debt, extending
its weighted average maturity to about three years as of Sept. 30,
2015.  S&P expects the company to slightly improve this structure
in the next 12 months.  In addition, Unicomer improved its EBITDA
and EBITDA margins (to 11.7% as of Sept. 30, 2015 vs. 8.9% of the
same period of previous year in 2014) beyond S&P's expectations.
This was due to the company's increased synergies from its
acquisitions of recent years, such as El Gollo in Costa Rica, and
due to higher economies of scale and improved operating
efficiencies after a significant investment in distribution
centers.

Unicomer's business risk profile assessment incorporates S&P's
view that the company generates 40% of its EBITDA in high-risk
countries, such as Jamaica, Guatemala, Honduras, Ecuador, and El
Salvador in the highly fragmented retail industry, especially in
Latin America.  S&P's assessment also reflects the company's lower
revenues than those of its global and regional peers.  These
factors are mitigated by Unicomer's good brand and market position
in the countries where it operates with attractive store locations
and highly differentiated products.  S&P expects Unicomer will
maintain 25%-30% market share in terms of total revenues in the
Central American retail market and 40%-50% in the Caribbean.

S&P expects the company's credit division will continue to be key
for its strategy because more than 60% of its sales come from this
division.  On the other hand, S&P expects this division to hold a
significant share of total debt, which makes Unicomer's operations
more volatile than those of other companies with lesser debt-laden
credit divisions.  Therefore, this factor is a rating weakness for
Unicomer.

S&P's rating on Unicomer also incorporates its controling
shareholder, Milady Associates Ltd. (not rated).  S&P views
Unicomer as a "highly strategic" subsidiary for Milady, because
the former's revenues represent more than 50% of Milady's
revenues, including its consumer finance division.  Therefore,
Unicomer is an integral to the group's strategy.  On the other
hand, Unicomer's non-controling shareholder is El Puerto de
Liverpool, S.A.B. de C.V. (BBB+/Stable/--) with a stake of 50%.


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


MULTICAT MEXICO 2012-I: S&P Lowers Rating on Class C Notes to D
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' (default)
from 'CCC- (sf)' its rating on MultiCat Mexico Ltd.'s series 2012-
I class C notes.  S&P removed the rating on the notes from
CreditWatch, where it had placed it with negative implications on
Oct. 28, 2015.

S&P is downgrading the class C notes because Swiss Reinsurance Co.
Ltd. (Swiss Re) has requested an extension of the maturity of the
notes.  The notes were due to mature Dec. 4, 2015.  Maturity will
now automatically extend by one month each month through to June
2016 unless Swiss Re requests the maturity not to be extended.
This extension will reduce the annual interest spread to 3% from
7.5%.  Even in the event that there is no reduction in principal
following a qualifying event, noteholders will now receive a lower
coupon payment.  In accordance with S&P's criteria "Rating Natural
Peril Catastrophe Bonds: Methodology And Assumptions" and
"Principles For Rating Debt Issues Based On Imputed Promises," S&P
considers this event to be a coupon stepdown and it has therefore
lowered its rating on the class C notes to 'D (sf)'.

The CreditWatch placement of S&P's rating on the class C notes,
which cover losses from hurricanes across an area on the west
coast of Mexico, reflected that a triggering event may have
occurred following Hurricane Patricia making landfall on Oct. 23,
2015, near Manzanillo in Mexico.  On Oct. 29, Swiss Re submitted
an event notice to the calculation agent AIR Worldwide Corp., in
line with S&P's expectations, and asked AIR to generate an event
report.  The extension will allow AIR to publish its event report
before the final legal maturity of the notes.

AIR has 15 business days after the hurricane event parameters date
to publish its event report.  This date is defined as either the
release date of the first tropical cyclone report by the National
Hurricane Center (NHC) containing all the information necessary to
determine if Hurricane Patricia is a covered event, or 120 days
after Hurricane Patricia made landfall.

Based on the event definition in the transaction documents, a
triggering event occurs when the central pressure of the hurricane
is equal to or lower than 932 millibars.  S&P reviewed an update
from the NHC that indicated a reading of 920 millibars at one
station located at 19.4N 105.0W, which falls within the covered
area.  The transaction documents state that noteholders would lose
50% of their principal amount if the central pressure is between
932 and 920 millibars, and 100% if lower than or equal to 920
millibars.


======================
P U E R T O    R I C O
======================


PUERTO RICO: Gets Supreme Court Review on Debt Restructuring
------------------------------------------------------------
Greg Stohr and Michelle Kaske at Bloomberg News report that the
U.S. Supreme Court will consider reinstating a Puerto Rico law
that would let its debt-ridden public utilities restructure their
obligations, agreeing to hear an appeal by the commonwealth as it
tries to navigate out of its fiscal crisis.

The disputed law would affect $22 billion of Puerto Rico's $70
billion in debt, according to Bloomberg News.  That includes $8.2
billion owed by the Puerto Rico Electric Power Authority, known as
Prepa, which is negotiating with its creditors and would gain new
leverage from a ruling upholding the law.  The high court will
decide by June, notes the report.

The case centers on the power of the Puerto Rican government to
fill what it says is a gap in federal bankruptcy law, which bars
filings by the commonwealth's utilities, Bloomberg News relays.

"It is hard to overstate the importance of this issue to the
future of Puerto Rico and its people," the commonwealth argued in
its appeal, Bloomberg News discloses.

Bloomberg News says that the decision to hear the case is a
setback to funds that are battling Puerto Rico in court over $2
billion in Prepa bonds they hold.  They said high court review was
unnecessary given that they have already agreed to a restructuring
plan with Prepa.  The utility is still trying to reach an
agreement with bond-insurance companies, an essential group in
making the accord final, Bloomberg News relays.

"This pending restructuring diminishes, if not eliminates, the
supposed emergency," bondholders led by Franklin California Tax-
Free Trust argued, Bloomberg News notes.

Justice Samuel Alito didn't take part in the action, giving no
reason. His most recent financial disclosure report indicates that
either he or his wife owns shares in a Franklin fund that holds
Puerto Rico municipal bonds, Bloomberg News says.

If Alito doesn't participate when the court rules, Puerto Rico
will need to win the votes of five of the other eight justices,
notes the report.  A 4-4 split would leave intact a lower court
ruling throwing out the Puerto Rico law, says Bloomberg News.

Under federal law, states can authorize bankruptcy filings by
their municipalities, including public utilities, but Puerto Rico
and the District of Columbia can't, notes Bloomberg News.  Puerto
Rico sought to get around that provision in 2014 by passing a
local law known as the Recovery Act, which was modeled after the
federal bankruptcy code.

                          Appeals Court

Bloomberg News recalls that a U.S. appeals court ruled unanimously
in July that federal bankruptcy law bars the Puerto Rico measure.
The three-judge panel said Congress had reserved for itself the
power to decide how Puerto Rican debt should be restructured.

Bloomberg News relays that Puerto Rico contends the lower court
relied on a portion of the federal bankruptcy code that has
nothing to do with the commonwealth.  The appeals court left the
commonwealth "in a 'no man's land' where its public utilities
cannot restructure their debts under either federal law or its own
law," the appeal argued, notes Bloomberg News.

The bondholders say Puerto Rico's utilities aren't alone. Only
about half the states have authorized their municipalities to
declare federal bankruptcy, according to BlueMountain Capital
Management LLP, which has about $400 million in Prepa bonds,
Bloomberg News discloses.

                  QuickTake: Puerto Rico's Slide

The funds also say that since 1946, federal law has barred states
and Puerto Rico from using their own laws to authorize non-
consensual restructurings, Bloomberg News notes.

"For 68 years, the states, the District of Columbia, and Puerto
Rico alike all observed this prohibition," BlueMountain argued.

"None attempted to enact their own municipal bankruptcy law until
Puerto Rico enacted its Recovery Act in 2014," BlueMountain added,
notes the report.

Supreme Court intervention comes amid congressional efforts to
address the Puerto Rico debt crisis, Bloomberg News relays.  The
Obama administration and congressional Democrats say Puerto Rico
should be granted broad bankruptcy powers, while Republicans are
working on proposals that could include a federal financial
control board.

"It's clearly an issue of national importance," said Matt Fabian,
a partner at Concord, Massachusetts-based Municipal Market
Analytics, Bloomberg News discloses.  "So it's not unreasonable
that the court would pick this up," Mr. Fabian added.

Puerto Rico Governor Alejandro Garcia Padilla said in a statement,
"While we are hopeful the Supreme Court will rule in our favor,
this is a lengthy process and Puerto Rico's 3.5 million American
citizens cannot wait any longer for relief." Mr. Padilla added,
"We urge Congress to take action now."

The cases are Puerto Rico v. Franklin California Tax-Free Trust,
15-233, and Acosta-Febo v. Franklin California Tax-Free Trust, 15-
255.

                           *       *       *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2015, Standard & Poor's Ratings Services lowered its
ratings on the Commonwealth of Puerto Rico's tax-backed debt to
'CC' from 'CCC-' and removed the ratings from CreditWatch, where
they had been placed with negative implications July 20.  The
outlook is negative.


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


ARCELORMITTAL: Informs Union of 600 Job Cuts
---------------------------------------------
Trinidad Express reports that some 600 workers of Point Lisas
steel manufacturing company ArcelorMittal were told that they no
longer had a job.

A month after the company stopped steel production citing global
and local economic condition, it informed the representative Steel
Workers Union of Trinidad and Tobago, and the workers would be
laid off, according to Trinidad Express.

The report notes that ArcelorMittal, a leading steel and mining
company operating in 60 countries, has laid off workers at others
international plants over the last year, as a result of depressed
steel prices.

The report, citing a press release, relays that the company said:
"Following the inability to reach agreement with the Steel Workers
Union of Trinidad and Tobago (SWUTT) on a proposal from the
management of ArcelorMittal Point Lisas for workers with accrued
vacation days to proceed on paid vacation, while workers who do
not have vacation leave to engage in alternative functions on a
temporary basis outside of their normal duties, the Company has
had no option but to begin a process of laying-off workers".

The report notes that the company said: "Aware and conscious of
the Christmas season and in the spirit of goodwill and the need of
workers to be in a position to take care of their families,
ArcelorMittal Point Lisas has undertaken the responsibility to
provide the workers with some financial assistance as has been
done on occasions in the past.  Management of ArcelorMittal Point
Lisas is also offering staff members the opportunity to encash a
limited amount of accrued vacation entitlement."

At a meeting, company officials told the union that it was
impossible to keep workers on the plant over a protracted period
without having work for employees to perform, the report relays.

"At a meeting with the Union the Company communicated its decision
to lay off employees.  The Company also informed the Union of its
preference for employees to proceed on vacation as proposed and
left the door open in this regard," the officials added, says the
report.

On November 4, ArcelorMittal Point announced that because of over-
supply of steel in the international market and the drying up of
orders for its Direct Reduced Iron and steel products produced at
the Pt. Lisas plant, it had to shut down operations temporarily,
the report relays.

According to ArcelorMittal, the global steel industry is
experiencing its worst recession in 10 years, comparable to that
experienced in the early 1990s, the report adds.


=================
X X X X X X X X X
=================


LATAM: Fitch Says 2016 Growth Outlook Remains Subdued
-----------------------------------------------------
After a decade-long commodity super cycle, the 2016 growth outlook
for Latin America remains subdued as external and domestic risks
persist, says Fitch Ratings in a new special report. Against this
backdrop, Fitch expects little upward sovereign rating movement in
the region in 2016. To the contrary, negative rating pressures
could increase if countries are unable to adjust to the evolving
external environment. Subdued growth, increased fiscal deficits,
unfavorable debt dynamics, country-specific challenges, and lack
of progress on reforms could put pressure on ratings.

Fitch forecasts a 0.2% contraction in regional GDP for 2016,
compared with an estimated 1% decline in 2015 and an average 3.5%
growth during 2010-2014. Excluding the recessions in Brazil and
Venezuela, growth is expected to recover mildly to 2.3% in 2016,
from 2.2% in 2015, reflecting a subdued recovery for commodity
exporters and some benefit for Central America and Mexico from
firmer U.S. growth.

The weak performance in the region responds to a subdued commodity
price outlook, moderating growth in China, and tighter
international financial conditions. In some cases, political
factors could prevent a pick-up in domestic confidence, clouding
the growth and investment outlook. Intensification of these
dynamics represents a downside risk to growth.

Policy flexibility to respond to slow growth has diminished in the
region. Gradual monetary tightening will likely continue in 2016
as central banks respond to better anchor inflationary
expectations given above-target inflation figures in several
countries, precipitated largely by FX depreciation. The prospects
for fiscal consolidation appear challenging in the face of
sluggish growth, limited commodity price upside and difficulties
in reducing spending. As a result, debt dynamics are likely to
remain unfavorable for most sovereigns.

After deterioration in current account deficits for several
commodity exporters during 2014-15, external imbalances are
expected to decline or stabilize in 2016. On the other hand,
commodity importers continue to have lower deficits compared to
recent years. These trends should facilitate the adjustment of
countries to tighter external financing conditions, especially
amidst a U.S. monetary tightening cycle. However, sources of risk
include lower capital inflows and reduced non-resident
participation in domestic markets. Higher levels of private sector
external indebtedness, especially for investment-grade countries,
also represent a source of vulnerability. Strong international
reserves, flexible currencies and some private sector hedging
mitigate risks.

While a lighter election calendar will prevail in 2016, weak
growth and country-specific issues such as corruption
investigations, reduced popularity of sitting presidents,
legislative gridlock, and protests could increase challenges to
governance and policy adjustments. Furthermore, the outlook for
reforms remains mixed, with some bright spots being Mexico, which
is progressing with its structural reforms and some Andean
countries focused on developing infrastructure.

The majority of Latin America's sovereign ratings currently carry
a Stable Outlook. The number of sovereigns with Positive and
Negative Outlooks are evenly balanced,- two countries, Jamaica and
the Dominican Republic, have a Positive Outlook, and Brazil and
Costa Rica have a Negative Outlook.



                            ***********


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.


                   * * * End of Transmission * * *