/raid1/www/Hosts/bankrupt/TCRLA_Public/151229.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, December 29, 2015, Vol. 16, No. 255
Headlines
A R G E N T I N A
AEROPUERTOS ARGENTINA: S&P Hikes Local Currency Rating to 'CCC+'
B R A Z I L
BRAZIL: Public Debt Rises to Nearly $695 Billion
CAP SA: S&P Puts 'BB+' CCR on CreditWatch Negative
COMPANHIA ENERGETICA: S&P Lowers CCR to 'BB', Outlook Stable
PETROLEO BRASILEIRO: Minister Rules Out Capital Injection for Firm
QGOG CONSTELLATION: S&P Affirms 'B+' CCR, Outlook Stable
SETE BRASIL: S&P Affirms Then Withdraws 'SD' CCR
C A Y M A N I S L A N D S
ALLIERES LTD: Placed Under Voluntary Wind-Up
BELLE AIMEE: Placed Under Voluntary Wind-Up
BINJAI HILL: Commences Liquidation Proceedings
BROOKLANE LIMITED: Placed Under Voluntary Wind-Up
EURO-ARAB FINANCING: Placed Under Voluntary Wind-Up
GREENE BIRCH: Commences Liquidation Proceedings
HAYDN INVESTMENTS: Placed Under Voluntary Wind-Up
KICO FINANCING: Placed Under Voluntary Wind-Up
LEDA CAYMAN: Commences Liquidation Proceedings
LUNA ROSSA: Placed Under Voluntary Wind-Up
MARQUIS LIMITED: Placed Under Voluntary Wind-Up
METIS CAYMAN: Commences Liquidation Proceedings
PANTON MASTER: Commences Liquidation Proceedings
SOUTHWEST ASSURANCE: Commences Liquidation Proceedings
E L S A L V A D O R
EL SALVADOR: S&P Affirms 'B+/B' Sovereign Ratings, Outlook Stable
J A M A I C A
JAMAICA: No Huge Growth Expected From Add'l. Spending, IMF Says
P U E R T O R I C O
DF SERVICING: Seeks to Employ Cuprill as Legal Counsel
DF SERVICING: Hires Carrasquillo as Financial Consultant
DF SERVICING: Case Summary & 20 Largest Unsecured Creditors
DORAL FINANCIAL: Creditors Say $889 Million PR Tax Deal Is Valid
EQUA MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors
S T. K I T T S & N E V I S
BANK OF COMMERCE: Millions in Payouts for Depositors
UAL CORP: Boosts Service to St. Kitts and Nevis
- - - - -
=================
A R G E N T I N A
=================
AEROPUERTOS ARGENTINA: S&P Hikes Local Currency Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its local
currency rating to 'CCC+' from 'CCC-' and affirmed its 'CCC-'
foreign currency rating on AA2000. The outlook remains negative.
The upgrade of the local currency rating to 'CCC+' from 'CCC-'
reflects S&P's view that the company will be able to successfully
cope with an acceleration stress scenario in Argentina that would
require AA2000 to generate enough resources in local currency to
pay down all foreign currency debt. The affirmation of the
foreign currency rating at 'CCC-' reflects the absence of
mitigants that would allow S&P to rate AA2000 above its 'ccc-'
transfer and convertibility (T&C) assessment for Argentina
The 'CCC-' foreign currency rating on AA2000 reflects S&P's belief
that the company won't be able to continue to honor its foreign
currency obligations under potential restrictions to foreign
currency access and/or restrictions on transferring funds abroad.
As a result, the rating is the same as the T&C assessment on
Argentina.
The negative outlook on the ratings mirrors that on the Republic
of Argentina. S&P believes that, if the sovereign is downgraded,
it would take a corresponding action on the company. It also
reflects S&P's views that credit quality for the corporate sector
in the country may continue to be weak, based on a challenging
operating environment (including high inflation and depreciation
of the Argentinean currency), a challenging refinancing scenario,
regulatory risk, and uncertainties regarding the ability to access
foreign currency in the next six months.
For the next two years, absent any acceleration event, S&P expects
AA2000's credit metrics to remain solid (debt to EBITDA in the 1x-
1.5x range). EBITDA margins should be strengthened by the
depreciation of the peso, which will increase revenues due to
dollar-denominated tariffs -- also taking into account some peso-
denominated costs.
AA2000's FCR ratings could be upgraded if Argentina's T&C
assessment is raised from the current 'ccc-', which is the main
limiting factor of AA2000's FCR rating.
Furthermore, if the economic environment for the corporate sector
improves, leading to more predictable and favorable business
conditions for Argentinean companies, S&P could reevaluate
AA2000's business risk.
If S&P perceives that AA2000's ability to pass the stress scenario
is jeopardized by lower cash flow generation, S&P could lower the
local currency rating to the same level of the foreign currency
rating. A downgrade on the foreign currency rating is unlikely
absent an event of default.
===========
B R A Z I L
===========
BRAZIL: Public Debt Rises to Nearly $695 Billion
------------------------------------------------
EFE News reports that Brazil's public debt rose 2.66 percent in
November to nearly BRL2.71 trillion ($694.8 billion), the National
Treasury said.
This figure includes both the domestic and foreign public debt,
but the biggest increase occurred in the former, which rose 2.84
percent last month, according to EFE News.
Brazil's foreign public debt actually fell 0.84 percent to
BRL141.6 billion ($36.3 billion) in November, the report notes.
The drop was a result of the "strengthening of the real against
the currencies that make up the foreign debt basket," and mainly
due to its value against the U.S. dollar, the National Treasury
said, the report relays.
Brazil's public debt stood at BRL2.29 trillion ($587.17 billion)
at the current exchange rate at the end of 2014, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings:
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) to 'BB+' from 'BBB-', Outlook remains Negative;
-- Senior unsecured foreign and local currency bonds to 'BB+'
from 'BBB-';
-- Country Ceiling to 'BBB-' from 'BBB';
-- Short-term foreign currency IDR to 'B' from 'F3'.
CAP SA: S&P Puts 'BB+' CCR on CreditWatch Negative
--------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' corporate
and issue-level ratings on CAP S.A. on CreditWatch with negative
implications.
Ratings on CAP continue to reflect its small scale of operations
and historically low leverage. Nonetheless, lower-than-expected
iron ore prices continue to pressure CAP's profitability and cash
flow generation, resulting in weaker credit metrics for the past
several quarters. Furthermore, steel consumption in Chile has
decelerated slightly in 2015, pressuring steel prices. These
factors were only mitigated by the company's efforts to improve
its cost structure and reduce cash flow needs.
S&P still sees volatility in global iron ore and steel prices,
which could remain at or below current price levels, reflecting
not only the slowdown in demand from China but also the producers'
efforts to reduce costs. Furthermore, there are some
uncertainties regarding potential impact on pellet premiums since
Samarco Mineracao S.A. (BB-/Watch Neg/--) has stopped operating
after one of its tailings dams ruptured. Nonetheless, it seems
unlikely that the hole left by Samarco in the pellet market will
be enough to have a positive impact on pellet premiums. CAP has
made efforts to reduce its mining and steel costs, also
benefitting from the depreciated local currency. However that,
combined with lower capex needs for the coming years, will only
partly compensate for the impact of weaker prices. If current
prices persist, it's unlikely that CAP's financial metrics will
remain in the "intermediate" financial risk category, such as debt
to EBITDA of about 3.0x and funds from operations to debt above
30%.
S&P expects to resolve the CreditWatch in the next 60-90 days as
it reviews the company's forecasts amid weaker iron ore prices and
considering potential countermeasures CAP may take to further
offset these negative factors in its financial metrics and
liquidity. S&P may lower the ratings if its forecast indicates
that CAP will maintain a debt to EBITDA consistently above 3.5x
for 2016, and if further price reduction could impact covenants or
liquidity.
COMPANHIA ENERGETICA: S&P Lowers CCR to 'BB', Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit on Companhia Energetica de Minas Gerais S.A.
(Cemig) and on its operating subsidiaries, Cemig Distribuicao S.A.
(Cemig D) and Cemig Geracao e Transmissao S.A. (Cemig GT), to 'BB'
from 'BB+'. At the same time, S&P lowered its Brazilian national
scale corporate credit rating on the company to 'brAA-' from
'brAA'. The outlook on both scales is stable.
The downgrade reflects S&P's expectation that Cemig's credit
metrics will weaken relative to S&P's expectations, becoming more
aligned with an "aggressive" financial risk profile. Cash
generation remains weak at Cemig D amid higher working capital
needs following the accumulation of regulatory assets (R$1.3
billion as of September 2015), as the depreciation of the
Brazilian Real increased the portion of its dollar-denominated
energy costs from Itaipu. Cemig D is likely to pass on to tariffs
only following the tariff readjustment in May 2016. Also, S&P
expects Cemig GT's operating performance to weaken due to the
termination of concessions, which represent close to a one-third
of its total capacity. Finally, total adjusted debt increased, as
guarantees provided to non-consolidated investments, especially
Belo Monte and Santo Antonio, rose to R$6.0 billion in Sept. 2015
from R$3.1 billion one year earlier.
The ratings on Cemig reflect the group's "satisfactory" business
risk profile and "aggressive" financial risk profile. Although
Cemig is continuing its legal dispute with the government over its
rights to renew the concessions for its hydropower plants with an
installed capacity of about 2,500 megawatts (MW), S&P believes
that the outcome won't jeopardize its competitive position.
Cemig's diversified portfolio of assets in the electricity
generation, transmission, and distribution provides certain
resilience to its operations. S&P's ratings on Cemig D and Cemig
GT mirror the ratings on their parent, because S&P views them as
"core" entities of the group.
PETROLEO BRASILEIRO: Minister Rules Out Capital Injection for Firm
-----------------------------------------------------------------
EFE News reports that Brazil's new finance minister ruled out the
need for a capital injection at state-controlled oil company
Petrobras, which has been embroiled in a massive corruption
scandal and lost a big chunk of its market capitalization.
"I don't think it's necessary to inject money into Petrobras. That
would be an extreme solution and we're far from that," Nelson
Barbosa said in a conference call with the international media, a
day after taking office as Joaquin Levy's replacement, according
to EFE News.
Despite a corruption scandal that has implicated former senior
officials at Petrobras, dozens of politicians -- mostly members of
the ruling Workers Party -- and top executives of leading
Brazilian construction and engineering companies, Barbosa said he
was confident the company would recover, the report notes.
Petrobras, which says it was a victim of the long-running
corruption scheme, has lost BRL200 billion (some $50.15 billion)
in market value since 2010 as a result of the steep drop in global
crude prices and the scandal, the report relays.
Leading Brazilian engineering and construction companies formed a
cartel to systematically divvy up contracts, overcharge the oil
company and bribe corrupt Petrobras executives and politicians
over the course of at least a decade, prosecutors said, the report
discloses.
In a bid to raise cash and pare debt, Petrobras is carrying out a
divestment plan that has included asset sales both in Brazil and
abroad, the report adds.
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 Dec. 22,
2015, Fitch Ratings has downgraded the foreign and local currency
Issuer Default Ratings (IDRs) and outstanding debt ratings for
Petroleo Brasileiro S.A. (Petrobras) to 'BB+' from 'BBB-'.
On Dec. 11, 2015, reported that Moody's Investors Service
("Moody's") downgraded all ratings for Petroleo Brasileiro S.A.
("Petrobras") and ratings based on Petrobras' guarantee, including
the company's senior unsecured debt rating, to Ba3 from Ba2.
Simultaneously, Moody's placed the ratings on review for possible
further downgrade. The company's baseline credit assessment (BCA)
was lowered to b3 from b2. The rating and outlook for the
unguaranteed ratings of Petrobras Argentina are unchanged,
including the (P)B2 senior unsecured, positive.
TCRLA reported that 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.
QGOG CONSTELLATION: S&P Affirms 'B+' CCR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and issue-level ratings on QGOG Constellation S.A. The
outlook remains stable. The recovery rating on the issue-level
rating remains unchanged at '3'.
S&P views QGOG as a project developer and base S&P's ratings on
its ability to meet financial obligations at the holding level
from dividends from its operating subsidiaries. The credit rating
reflects the aggregate quality of the residual distributions from
the company's projects. S&P has made this analytical judgment
because QGOG segregates its assets into special purpose entities
(SPEs) through which it makes extensive use of nonrecourse project
financing or secured financing agreements. S&P views the quality
of cash flow (QCF) of each dividend stream from the asset
portfolio as a key factor in S&P's analysis.
In November 2015, based on information provided by the company, it
emerged from the administrative procedure that Brazilian
Controller General's Office (Controladoria Geral da Uniao) was
analyzing in connection with the ongoing corruption investigation
at Petrobras. S&P views the emergence from this procedure as
rating neutral in the short term because there were no contracts
coming due in the past 12 months. However, S&P expects it will
bolster QGOG's cash flow generation because S&P understands that
the company should be able to resume bidding for charter
agreements with Petrobras.
SETE BRASIL: S&P Affirms Then Withdraws 'SD' CCR
------------------------------------------------
Standard & Poor's Ratings Services affirmed and then withdrew its
global and national scale corporate credit ratings on Sete Brasil
Participacoes S.A. at its request. At the time of the withdrawal,
all corporate credit ratings were 'SD' and the R$1.85 billion
debenture issuance rating was 'brCC' with a negative CreditWatch.
S&P has withdrawn the ratings of the Brazil-based oil rig
investment company Sete Brasil, which remains in the standstill
period regarding its bilateral bridge loans totaling about $3.6
billion, at the issuer's request.
The negative CreditWatch listing on Sete Brasil's debt rating
reflected S&P's view of a high probability of acceleration of the
debentures payment after triggering a cross default with the bank
loans, or the occurrence of a distress exchange on this
obligation. As of the date of this report, acceleration hasn't
happened and the debentures remain current.
==========================
C A Y M A N I S L A N D S
==========================
ALLIERES LTD: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 4, 2015, the shareholders of Allieres Ltd resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-0355
Facsimile: (345)949-0360
BELLE AIMEE: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 30, 2015, the shareholders of Belle Aimee Limited resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 22, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Nishant Roy
560 Broadway Suite 301
New York, NY, 1001
USA
Telephone: +1 (914) 751 7102
BINJAI HILL: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 5, 2015, the shareholders of Binjai Hill Capital 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 liquidator is:
Justin Murray Guy Kendrick
4 Binjai Hill, 589921
Singapore
BROOKLANE LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 4, 2015, the shareholders of Brooklane Limited resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-0355
Facsimile: (345)949-0360
EURO-ARAB FINANCING: Placed Under Voluntary Wind-Up
---------------------------------------------------
The shareholders of Euro-Arab Financing Limited, on Nov. 5, 2015,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-0355
Facsimile: (345)949-0360
GREENE BIRCH: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Greene Birch Ltd., on Nov. 4, 2015,
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:
Steven Horowitz
Commerzbank AG
225 Liberty Street
New York
New York 10281
United States of America
Telephone: +1 (212) 895 6350
e-mail: steven.horowitz@commerzbank.com
HAYDN INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
The shareholders of Haydn Investments Limited, on Nov. 4, 2015,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-0355
Facsimile: (345)949-0360
KICO FINANCING: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Kico Financing Ltd., on Nov. 4, 2015,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Appleby Tower, 4th Floor
71 Fort Street, George Town
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
Telephone: +1 (345) 949-9808
LEDA CAYMAN: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Leda Cayman Limited, on Nov. 3, 2015,
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:
Sanjeev Dave
Harneys Services (Cayman) Limited
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
LUNA ROSSA: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 4, 2015, the sole shareholder of Luna Rossa International
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Appleby Tower, 4th Floor
71 Fort Street, George Town
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
Telephone: +1 (345) 949-9808
MARQUIS LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 4, 2015, the shareholders of Marquis Limited resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 21, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-0355
Facsimile: (345)949-0360
METIS CAYMAN: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 3, 2015, the sole shareholder of Metis Cayman 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 liquidator is:
Sanjeev Dave
Harneys Services (Cayman) Limited
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
PANTON MASTER: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 3, 2015, the members of
Panton Master Fund, L.P. resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
SOUTHWEST ASSURANCE: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 3, 2015, the sole shareholder of Southwest Assurance
Company, Ltd. resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Dec. 23, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Russell Smith
c/o Antoine Powell
BDO CRI (Cayman) Ltd.
Governors Square, Floor 2-Building 3
23 Lime Tree Bay Ave
P.O. Box 31229 Grand Cayman KY1 1205
Cayman Islands
Telephone: (345) 815 4558
====================
E L S A L V A D O R
====================
EL SALVADOR: S&P Affirms 'B+/B' Sovereign Ratings, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term sovereign credit ratings on the Republic of El
Salvador. The outlook remains stable.
RATIONALE
The ratings on El Salvador are mainly based on its limited
monetary and fiscal flexibility, which has led the country to
significantly increase its general government and external debt
burden over the past 10 years. At the same time, the rating
incorporates the country's slow-growing economy and S&P's
assessment of political institutions' capacity to raise the
country's medium-term growth prospects.
S&P finds governability difficult in El Salvador. The ruling
party, Frente Farabundo Marti para la Liberacion Nacional (FMLN),
has little common ground with El Salvador's other major party, the
Alianza Republicana Nacionalista (ARENA), and from the 84-seat
legislature. ARENA holds 35 seats, while FMLN retained its 31,
allowing ARENA to have enough votes to block any legislation that
requires the two-thirds majority (external debt authorization, for
example). Nevertheless, FMLN has been able to draw on the support
of smaller parties for deep reforms that require only 43 votes.
In this regard, in November 2015, FMLN was able to impose a surtax
on corporate profits above $500,000 and to hike excise taxes on
telecom by 5%. These extra revenues will be earmarked for law
enforcement to address the country's high crime rate. Continued
political antagonism imposes a risk in prolonged low growth,
putting pressure on financial sustainability, as well as high
unemployment.
One such risk pertains to El Salvador's pension system. The
country implemented a three-pillar private pension system in 1998.
However, the coverage of the system is narrow, and the transition
costs have significantly increased since 1998. In addition,
administrative costs are high. As a consequence, nearly two
decades after the initial reform, financial obligations steaming
from the current pension system that the state needs to fund still
represent about 2% of GDP. The government is looking to convert
the system into a still undefined framework that would combine the
participation of both a private and a public pension system. As
S&P currently do not expect benefits to be modified, it do not
believe any modifications to the pension scheme will change the
intertemporal solvency of the state, although this reform could
narrow the government's cash deficits. Because there are
distributional aspects to any change, which will directly affect
the constituencies of the FMLN and ARENA differently, S&P do not
expect any reform to take effect for at least the next three
years.
S&P projects that net general government debt will be slightly
below 60% of GDP for 2015-2018. The forecast is based on S&P's
assumptions that primary fiscal deficits will narrow to near
balance, the economy will grow, on average, 2.5%-3% in real terms,
and real interest rates on government debt will not increase. The
tightening of the primary fiscal balance, in turn, will come from
expenditure control, notwithstanding shortfalls in basic services
and infrastructure. S&P's debt stock metric is net of liquid
government fiscal assets. At year-end 2015, S&P projects that
these assets will be less than 2% of GDP, which it finds low for a
fully dollarized economy.
S&P's economic growth forecast for 2016-2018 is mostly driven by
external factors. Lower oil prices and expected continued strong
remittances from the U.S. should help household consumption. Over
time, S&P sees some upside potential if the government's anti-
crime plan ("El Salvador seguro") is successful, as crime
depresses investment, raises business operating costs, and hurts
tourism receipts. Given El Salvador's demographics, S&P expects
the country's per capita GDP to remain above $4,000 and per capita
growth to average just under 2%.
S&P expects that positive growth in remittances and merchandise
exports, in combination with a lower oil import bill, will help
moderate the current account deficit from about 3.5% of GDP for
2015 to 3.3% of GDP in 2018. As a result, S&P projects that the
country's external debt net of public- and financial-sector
external assets will remain less than the sum of its current
account receipts (CARs) through 2018. S&P also expects the
country's gross external financing needs will remain less than its
CARs plus usable reserves.
On the monetary side, complete dollarization has contributed to
lower inflation and stabilized the financial system in El
Salvador. It means, however, that the country has ceded monetary
policy to the U.S. Federal Reserve Bank and has foregone having a
lender of last resort for its banking system.
The banking system is well-capitalized, with reported capital
slightly below 17% of risk-weighted assets as of September 2015.
More than 90% of the banking system, as measured by assets, is
foreign-owned, about half Colombian. Nonperforming loans are
still about 2.4% of total loans in 2015, similar to the previous
year, and they are fully covered by loan loss provisions. The
banking system also remains highly liquid, with liquid assets
about 21% of total assets. Deposits equal slightly below 100% of
loans. About 35% of the loan portfolio is for consumer lending,
followed by housing at 22%. In S&P's Banking Industry Country
Risk Assessment, it assess El Salvador in group '7' (with '1'
being the best ranking and '10' the weakest).
OUTLOOK
The stable outlook signals that S&P sees a less than one-in-three
probability that it will change its rating on El Salvador in the
next 12 months. The outlook is premised on El Salvador's key
fiscal and external metrics not deteriorating from current levels.
S&P could lower the ratings if El Salvador's debt dynamics
deteriorate such that net general government debt surpasses 60% of
GDP, or if rising current account deficits weaken its external
liquidity or international investment position.
On the other hand, S&P could raise the ratings if--either through
reform of the economy, the pension scheme, or public safety--the
government ushers in a virtuous circle of measures that
permanently improves El Salvador's growth potential and, with it,
public finances and external resilience.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee agreed that key rating factors were unchanged.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
RATINGS LIST
Ratings Affirmed
El Salvador (Republic of)
Sovereign Credit Rating B+/Stable/B
Transfer & Convertibility Assessment AAA
Senior Unsecured B+
=============
J A M A I C A
=============
JAMAICA: No Huge Growth Expected From Add'l. Spending, IMF Says
---------------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) has
projected that the expected increase in Government of Jamaica
spending, from money diverted from paying debt, will have little
impact on growth.
The assessment came in the IMF's tenth review of Jamaica's
progress under the four-year Extended Fund Facility (EFF),
according to RJR News.
Jamaica has been allowed to divert J$13 billion from debt
repayment from now to the end of 2017, the report relays.
The money is to be spent on developing irrigation infrastructure,
expanding agro parks, building farm roads and developing drainage,
bridges and secondary road infrastructure; projects which are
expected to yield benefits in the long term, the report notes.
But the IMF said the direct growth impact is likely to be modest,
given the large import content involved in getting the work done,
the report discloses.
It hasn't said how modest the growth will be, but an indication is
given in the fact that even with increased spending, the growth
projections for the next two years remain the same, the report
notes. For this fiscal year it is projected at 1.4%, while for
the next fiscal year it is forecast to be 2.2%, 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.
======================
P U E R T O R I C O
======================
DF SERVICING: Seeks to Employ Cuprill as Legal Counsel
------------------------------------------------------
DF Servicing, LLC, is asking permission from the Bankruptcy Court
to employ Charles A. Cuprill, P.S.C., Law Offices, as its legal
counsel.
The Debtor has retained Cuprill on the basis of a $60,000 retainer
against which the law firm will bill on the basis of $350 per hour
for work performed or to be performed by Charles A.
Cuprill-Hernandez, Esq.; $250 per hour for any associate and $85
for paralegals.
To the best of the Debtor's knowledge, Cuprill is a disinterested
entity as defined in Section 101(14) of the Bankruptcy Code.
With the exception that Cuprill acted as counsel for Costa Bonita
Beach Resort, Inc., a counterclaimaint in this case, neither
Cuprill nor its members have other prior connections with the
Debtor or any insidier, any creditor, or other party-in-interest,
their respective attorneys and accountants, the United States
Trustee or any person employed in the office of the United States
Trustee.
About DF Servicing
Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. The
petitions were signed by Mark Mashburn, the president. Charles A
Cuprill, PSC Law Office, serves as counsel to the Debtors. CPA
Luis R. Carrasquillo & Co, P.S.C., is the financial consultant.
DF SERVICING: Hires Carrasquillo as Financial Consultant
--------------------------------------------------------
DF Servicing, LLC, seeks permission from the Bankruptcy Court to
appoint CPA Luis R. Carrasquillo & Co, P.S.C. as financial
consultant to assist it in the management of financial
restructuring of its affairs by providing advice in strategic
planning and the preparation of the Debtor's plan of
reorganization, disclosure statement and business plan, and
participating in the Debtor's negotiations with its creditors.
The Debtor has retained Carrasquillo on the basis of a $10,000
advance retainer, against which the firm will bill as per its
hourly billing rates:
Professional Position Rate
------------ -------- ----------
CPA Luis R. Carrasquillo Partner $175
CPA Marcelo Gutierrez Senior CPA $125
Other CPA's $90-$125
Lionel Rodriguez Perez Senior Accountant $90
Carmen Callejas Echevarria Senior Accountant $85
Alfredo J. Segarra Senior Accountant $80
Janet Marrero Administrative $45
and Support
Iris L. Franqui Administrative $45
and Support
Carrasquillo represented that it is a disinterested person as
defined in Section 101(14) of the Bankruptcy Code.
Carrasquillo disclosed that it has no prior connections with the
Debtor, its officers, directors and insiders, any other creditor,
or other party-in-interest, the United States Trustee or any
person employed in the office of the United States Trustee, except
that it acted as financial consultant in the case of Costa Bonita
Beach Resort, Inc., a counter-claimant in this case.
About DF Servicing
Engaged in the business of purchase and sale of construction
projects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC
and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. The
petitions were signed by Mark Mashburn, the president. Charles A
Cuprill, PSC Law Office, serves as counsel to the Debtors.
DF SERVICING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
DF Servicing, LLC 15-10253
PO Box 363685
San Juan, PR 00936
DF Tier I, LLC 15-10256
PO Box 363685
San Juan, PR 00936
DF Investments, LLC 15-10254
DF Holdings LLC 15-10255
Type of Business: Purchase and Sale of Construction Projects
Chapter 11 Petition Date: December 24, 2015
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtors' Counsel: Charles Alfred Cuprill, Esq.
CHARLES A CUPRILL, PSC LAW OFFICE
356 Calle Fortaleza, Second Floor
San Juan, PR 00901
Tel: 787 977-0515
Email: ccuprill@cuprill.com
Total Total
Assets Liabilities
---------- ------------
DF Tier I LLC $0 $99.94MM
DF Servicing LLC $0 $159.79MM
The petition was signed by Mark Mashburn, president.
List of DF Tier I LLC's Four Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Bautista Cayman Asset Company Loan $74,533,449
345 California Street
Suite 3300
San Francisco, CA 94104
Bautista Cayman Asset Company Loan $16,126,888
345 California Street
Suite 3300
San Francisco, CA 94104
Bautista Cayman Asset Company Loan $9,288,626
345 California Street
Suite 3300
San Francisco, CA
94104
List of DF Servicing's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Amado Santini Defects Claim $1,655
ASOC Residentes Terra Fees $33,033
Senorial Inc.
Autoridad De Acueductos Y Water and $3,088
Alcantarillado Sewer Services
PO Box 70101
San Juan, PR
00936-8101
Bautista Cayman Asset Company Loans $9,288,626
345 California Street
Suite 3300
San Francisco, CA 94104
Bautista Cayman Asset Company Loans $74,533,449
345 California Street
Suite 3300
San Francisco, CA 94104
Bautista Cayman Asset Company Loans $16,126,888
345 California Street
Suite 3300
San Francisco, CA 94104
Capital Title Services Inc. Services $2,905
33 Resolucion Street, Suite 302
San Juan, PR
00920-2727
Costa Bonita Beach Resort Inc. Counterclaim $9,500,000
PO Box 1788
Sabana Seca, PR
00952
Elizabeth Ortiz Irizarry Defects Claim $7,450
Hillview Condominium Corp. Defects Claim $24,020,000
Cupey Professional
Mal Bldg
359 San Claudio Avenue
San Juan, PR 00926
Miriam Soto Santiago Defects Claim $2,830
Municipality of Ponce Services $84,000
New Garden Design Inc. Landscaping $11,075
O Neill & Borges Legal Services $11,065
Plaza 844 Inc. Defects Claim $26,000,000
PO Box 323138
Winston Churcill
San Juan, PR
00926-6023
PR Electric Power Services $68,685
Terra Senorial Inc. Business $48,126
Thyssenkrupp Elevator Maintenance $5,904
US Security Associates Inc. Services $28,802
US Security Associates Inc. Services $3,764
DORAL FINANCIAL: Creditors Say $889 Million PR Tax Deal Is Valid
----------------------------------------------------------------
Hannah Sheehan at Bankruptcy Law360 reported that bankrupt Doral
Financial Corp. and its creditors sued Puerto Rico's Treasury
secretary on Dec. 17, 2015, seeking a declaration that an
$889 million tax agreement between the company and the
commonwealthfrom 2006 is valid after an appellate court struck
down a similar
deal from 2012.
In an adversary complaint filed as part of Puerto Rico-based
Doral's ongoing bankruptcy proceeding, the company and its
creditors asked the court to determine that it is entitled to the
$889 million tax credit under a 2006 closing agreement.
About Doral Financial
Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank. DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.
On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver. Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.
DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015. The case is assigned to
Judge Shelley C. Chapman.
DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.
The Debtor tapped Ropes & Gray LLP as counsel.
The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors. The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.
On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.
EQUA MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Equa Management, Inc.
Carr. #1, KM. 32.7
Bo. Bairoa
Caguas, PR 00725
Case No.: 15-10189
Chapter 11 Petition Date: December 23, 2015
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Hon. Mildred Caban Flores
Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
FUENTES LAW OFFICES, LLC
PO Box 9022726
San Juan, PR 00902-2726
Tel: (787) 722-5216
Fax: (787) 722-5206
Email: alex@fuentes-law.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by William Casteline, president.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-10189.pdf
=============================
S T. K I T T S & N E V I S
=============================
BANK OF COMMERCE: Millions in Payouts for Depositors
----------------------------------------------------
Caribbean360.com reports that former depositors of the defunct
Bank of Commerce that went into bankruptcy in 1985 will be able to
recover their money within a matter of days.
Prime Minister Dr. Timothy Harris says they'll be getting what
they put in, plus 2.5 per cent on their balances, come December
28, 2015, through the St. Kitts-Nevis-Anguilla National Bank,
according to Caribbean360.com.
The report notes that wrapping up the 2016 Budget debate in the
National Assembly, Mr. Harris said the bank is expected to pay out
EC$18 million (US$6.7 million) to former clients. Between 5,000
and 6,000 people are expected to benefit from the payout.
"This would see a significant contribution in the economy between
December and January, as more people have money to spend for the
Christmas season and the New Year," the report quoted Mr. Harris
as saying.
The report notes that Mr. Harris said that after three decades,
he's pleased that the resolution could come under his Team Unity
Government.
The Bank of Commerce has been in liquidation since May 9, 1985,
following a court order granted in response to a petition filed on
February 2, 1985, by the Social Security Board (SSB), one of the
financial institution's creditors, the report relays.
Earlier this year, Prime Minister Harris said that a court
settlement had finally been reached, the report notes.
As a result, the SSB will receive about EC$1.4 million
(US$518,518) and the government, which had substantial investment
in the bank, will get about EC$1.2 million (US$444,444), the
report adds.
UAL CORP: Boosts Service to St. Kitts and Nevis
-----------------------------------------------
Caribbean360.com reports that airlift into St. Kitts and Nevis is
expanding with another direct flight from North America into the
Robert Llewellyn Bradshaw (RLB) International Airport.
United Airlines made its inaugural flight to St. Kitts and Nevis
from Newark Liberty International Airport in New Jersey, with
about 150 passengers, according to Caribbean360.com. The United
Airlines 737 Dash 800 aircraft is scheduled to have its direct
flight on Saturdays
Government officials, including Prime Minister Dr. Timothy Harris,
Minister of Tourism Lindsay Grant, Minister of Civil Aviation Mark
Brantley and officials from the St. Kitts Tourism Authority were
present to welcome the inaugural flight, the report notes.
Prime Minister Harris said having another flight into the twin-
island federation could not have come at a more opportune time, as
the country is "on the move," the report relays.
"Our tourism plant is growing in leaps and bounds and our economy
is enjoying very strong growth," he said. "You have come when we
are on the uptake and we are happy that you have come to partner
with us. We hope that from here on we will only move from success
to success," the report quoted Prime Minister Harris as saying.
Minister Grant said that as St. Kitts and Nevis moves towards
high-end tourism, it was significant that there were many first-
class passengers on the United Airlines flight, the report notes.
Minister Grant added that St. Kitts and Nevis will continue to
make provisions for tourists with a more discerning taste, the
report relays.
"We have Kittitian Hill, which is scheduled to have 81 rooms by
the end of December. We have the Ocean Terrace Inn, which
recently rebranded 51 rooms. We have the brand new Park Hyatt
hotel coming to St. Kitts, the only Park Hyatt for the Caribbean,
and we are exceptionally proud of that. We have the Embassy
Suites by Hilton and so, over the next two years, the product that
we will deliver to the tourism industry in St. Kitts and Nevis
will be phenomenal," Mr. Grant said, the report relays.
Representative of United Airlines, Darrell Scott, who played a
significant role in bringing the airline to the Caribbean nation,
said the flight from St. Kitts will provide convenient connections
to various destinations across the United States, including
Washington D.C, Boston and Chicago, the report says.
Mr. Scott said St. Kitts "is a very welcomed addition to United's
route map and grows United's Caribbean network to 19
destinations," the report adds.
About UAL Corp.
Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc. United Airlines is the world's second largest air
carrier. The airline flies to Brazil, Korea and Germany.
The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts. Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.
Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006. The company emerged from bankruptcy protection
on Feb. 1, 2006.
* * *
The Troubled Company Reporter, on Aug. 24, 2014, reported that
Standard & Poor's Ratings Services assigned its 'A- (sf)' rating
to United Airlines Inc.'s series 2014-2 class A pass-through
certificates (with an expected maturity of Sept. 3, 2026). At the
same time, S&P assigned its 'BB+ (sf)' rating to the company's
series 2014-2 class B pass-through certificates (with an expected
maturity of Sept. 3, 2022).
The TCR, on July 30, 2014, reported that S&P assigned its
preliminary 'A-(sf)' rating to United Airlines Inc.'s series 2014-
2 class A pass-through certificates (with an expected maturity of
Sept. 3, 2026). At the same time, S&P assigned its preliminary
'BB+ (sf)' rating to the company's series 2014-2 class B pass-
through certificates (with an expected maturity of Sept. 3, 2022).
On the same date, the TCR reported that Fitch Ratings assigned the
following expected ratings to United Airlines' (UAL, rated 'B';
Outlook Positive by Fitch) proposed Pass Through Trusts Series
2014-2: (i) $823,071,000 Class A certificates due in September
2026 'A(EXP)'; and (ii) $238,418,000 Class B certificates due in
September 2022 'BB+(EXP)'.
The TCR, on July 29, 2014, reported that S&P assigned its 'BB-'
issue rating and '1' recovery rating to United Airlines Inc.'s new
$500 million senior secured term loan B due 2021. The '1'
recovery rating indicates S&P's expectation for very high recovery
(90%-100%) in a payment default scenario. At the same, the 'BB-'
issue level rating and '1' recovery rating on the upsized $1.35
billion revolving credit facility due 2019 remain unchanged.
On July 28, 2014, the TCR reported that Moody's Investors Service
assigned a Ba2 rating to the $500 million incremental term loan
facility due 2021 that United Airlines, Inc. ("United") announced
it plans to arrange. The Corporate Family rating of UAL is B2.
***********
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.
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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 * * *