TCRLA_Public/160115.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

            Friday, January 15, 2016, Vol. 17, No. 10


                            Headlines



A R G E N T I N A

GOAL CORP: Moody's Assigns Caa-bf Rating to Global Scale Bond Fund
YPF SA: Extend Exploration Deal in Patagonia


C A Y M A N  I S L A N D S

EXTERNAL CORPORATION: Members Receive Wind-Up Report
INKOSI CORPORATION: Shareholder Receives Wind-Up Report
MAZU ASIA: Shareholder Receives Wind-Up Report
MAZU CAPITAL: Shareholder Receives Wind-Up Report
MBAM ACTIVE: Shareholder Receives Wind-Up Report

MBAM ACTIVE MASTER: Shareholder Receives Wind-Up Report
MONACO CAYMAN: Shareholder Receives Wind-Up Report
MONTFORT INVESTMENT: Shareholders Receive Wind-Up Report
MSPEA CROWN: Members Receive Wind-Up Report
SOL MELIA: Members Receive Wind-Up Report

SOL MELIA FINANCE: Members Receive Wind-Up Report
TRANSNATIONAL ADVISORY: Shareholder Receives Wind-Up Report
VSENSE LIMITED: Shareholders Receive Wind-Up Report
WALRUS CAPITAL: Shareholders Receive Wind-Up Report
WALRUS MASTER: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Foreign Currency Reserves Reach Record US$5.27BB
DOMINICAN REP: Union Head Calls Pres. 'An Employer Who Pays Badly'


P U E R T O    R I C O

PUERTO RICO: Crisis Threatens to Cut Gas, Power Supplies
SPANISH BROADCASTING: Joins FCC'S Television Spectrum Auction


T R I N I D A D  &  T O B A G O

ARCELORMITTAL: Laid-off Workers Not Returning to Jobs on Monday
TRINIDAD & TOBAGO: VAT 'a Tough Pill to Swallow'


                            - - - - -



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A R G E N T I N A
=================


GOAL CORP: Moody's Assigns Caa-bf Rating to Global Scale Bond Fund
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Goal Corp FCI, a new bond fund
managed by Itau Asset Management SGFCI SA. The global scale and
national scale ratings assigned are as follows:

-- Global scale bond fund rating: Caa-bf

-- National scale bond fund rating: Baa-bf.ar

RATINGS RATIONALE

The fund ratings are based on Moody's expectation that Goal Corp,
will typically invest over 70% of portfolio assets in US Dollar
linked government securities. Remaining portfolio assets will
generally be invested in US dollar linked corporate bonds with a
minimum credit quality of A3.ar. The ratings also reflect the
fund's relevant government bond exposure compared to other
Moody's-rated dollar linked funds, which Moody's believes will
generally lead to a credit profile consistent with that of the
Argentinean government (Caa1).

"GOAL Gorp FCI fund will seek to provide investors a return
similar to the official exchange rate yield with an average
duration not to exceed 2.5 years," said Moody's lead analyst
Carlos de Nevares.

The sponsor expects the fund to grow rapidly given strong market
demand for US dollar linked strategies. Itau AM will distribute
this fund to existing institutional, corporates and individual
investors. The fund's custodian is Itau Bank.

The principal methodology used in rating the funds was Moody's
Bond Fund Rating Methodology published in May 2013. Please see the
Credit Policy page on www.moodys.com.ar for a copy of these
methodologies. Other methodologies and factors that may have been
considered in the process of rating this fund can also be found
under Rating Methodologies on Moody's website.

A subisdiary of Banco Itau Argentina S.A., Itau AM SA is among the
largest asset managers in the Argentinean mutual fund industry,
occupying the eighth position in terms of assets under management
(AUM) with a 4.1 % market share. As of December 2015, Ita£ AM SA
had approximately AR$8,077.4 million in AUM or approximately
$598.3 million.


YPF SA: Extend Exploration Deal in Patagonia
----------------------------------------------
EFE News reports that Chile's Empresa Nacional del Petroleo, or
ENAP, and Argentina's YPF have agreed to extend their $165 million
joint exploration contract in Patagonia for 10 years, ENAP said.

The contract covers Argentina's offshore area around the Strait of
Magellan in Santa Cruz and Tierra del Fuego provinces, as well as
federal areas in the offshore basin, according to EFE News.

ENAP Sipetrol Argentina, a unit of ENAP, is exploring for oil in
the offshore areas, the report notes.

The contract's extension will allow the companies to fully
implement the PIAM project, which seeks to maximize production
from existing natural gas reserves and to a lesser extent output
from crude fields, ENAP said, the report relays.

"This new boost allows us to continue making the projected
investments in Argentina and to make progress on our strategic
plan looking out to 2025, which seeks to increase gas and
petroleum production in the Magellan area," ENAP General Manager
Marcelo Tokman said, the report notes.

ENAP and YPF SA signed a 50-50 business contract in 1991 that
covers oil and gas production in the Straits of Magellan region,
located about 2,500 kilometers (1,553 miles) from Santiago, the
report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Nov.
6, 2015, Moody's Affirms YPF S.A Caa1 global scale and Baa1.ar in
the national scale ratings.  At the same time, Moody's Investors
Service has affirmed the rating of its senior unsecured notes at
Caa1 in the global scale, and the rating of its medium-term note
program at (P)Caa1 in the global scale. The outlook was changed to
stable from negative.


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


EXTERNAL CORPORATION: Members Receive Wind-Up Report
----------------------------------------------------
The members of External Corporation received on Dec. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Kebble
          c/o Peter De Vere
          Campbells
          Willow House, Floor 4, Cricket Square
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


INKOSI CORPORATION: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Inkosi Corporation received on Dec. 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Giji Alex
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: (345) 914-4350/ (345) 949-4800
          Facsimile: (345) 949-7164


MAZU ASIA: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Mazu Asia Fund received on Dec. 15, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lanny Lim
          Flat B 9th Floor Mirror Marina, 47 Conduit Road
          Mid-Levels
          Hong Kong


MAZU CAPITAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Mazu Capital Ltd. received on Dec. 15, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lanny Lim
          Flat B 9th Floor Mirror Marina, 47 Conduit Road
          Mid-Levels
          Hong Kong


MBAM ACTIVE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of MBAM Active Enhanced Feeder Fund received on
Dec. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          IMS Liquidations Ltd.
          c/o Anna Yonge or Gary Butler
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635


MBAM ACTIVE MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of MBAM Active Enhanced Master Fund Limited
received on Dec. 23, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          IMS Liquidations Ltd.
          c/o Anna Yonge or Gary Butler
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635


MONACO CAYMAN: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Monaco Cayman Co. received on Dec. 22, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Keith Blake
          c/o Giji Alex
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 914-4350/ (345) 949-4800
          Facsimile: +1 (345) 949-7164


MONTFORT INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Montfort Investment Management received on
Dec. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Roy Dackus
          Lisdoddelaan 78, Amsterdam 1087KA
          Netherlands.
          Telephone: +31 20 670 41 00


MSPEA CROWN: Members Receive Wind-Up Report
-------------------------------------------
The members of MSPEA Crown Holding Limited received on Dec. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SOL MELIA: Members Receive Wind-Up Report
-----------------------------------------
The members of Sol Melia Commercial received on Dec. 23, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SOL MELIA FINANCE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Sol Melia Finance Limited received on Dec. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


TRANSNATIONAL ADVISORY: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Transnational Advisory Buying Company received
on Dec. 30, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          c/o Emily Cacho
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


VSENSE LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Vsense Limited received on Dec. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Chu, Chih-Hao
          6th Floor-1, No. 316, Sec. 1, Neihu Rd.
          Neihu Dist., Taipei City 114, Taiwan (R.O.C.)
          Telephone: + 886-2-2657-2369
          Facsimile: + 886-2-2659-5952


WALRUS CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Walrus Capital Trading, Ltd. received on
Dec. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Exis Capital Management, Inc.
          c/o Andrew Flug
          379 West Broadway
          Suite 338
          New York, New York 10012
          United States of America
          Telephone: +1 (212) 893 7459


WALRUS MASTER: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Walrus Master Fund Limited received on
Dec. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Exis Capital Management, Inc.
          c/o Andrew Flug
          379 West Broadway
          Suite 338
          New York, New York 10012
          United States of America
          Telephone: +1 (212) 893 7459


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


DOMINICAN REP: Foreign Currency Reserves Reach Record US$5.27BB
---------------------------------------------------------------
Dominican Today reports that central banker Hector Valdez Albizu
said the Central Bank's foreign currency reserves have reached a
record US$5.27 billion, noting that the figure would cushion any
impact from an unexpected flight of funds or adverse balance of
payments.

Mr. Albizu said the amount also helps maintain and promote
confidence in the economy and on the local currency's value,
allowing it to deal with possible unwanted fluctuations in the
exchange rate and help ensure the economy's price stability,
according to Dominican Today.

The report notes that Mr. Valdez said the accumulated
international reserves reached a record US$5.27 billion, with net
international reserves of US$5.19 billion and US$3.2 million in
liquid international reserves, or US$404.3 million, US$544.6
million and US$314.4 million more respectively, compared with
2014.

"This equals the levels of gross international reserves reached
during 3.6 months of imports, which exceeds the projection in the
monetary program and the recommendations of the IMF to maintain a
minimum required equivalent to three months of imports reserves,"
the official said, the report relays.

"For these reasons, international agencies and investors as well
as international rating agencies such as Moody's, Standard &
Poor's and Fitch, grant in a special manner a high evaluation for
the levels of International reserves to assign it a country-risk
level classification of sovereign debt and the levels of credit
levels of a nation," Mr. Valdez added, says the report.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.


DOMINICAN REP: Union Head Calls Pres. 'An Employer Who Pays Badly'
------------------------------------------------------------------
Dominican Republic's most outspoken union leader called president
Danilo Medina "an employer who pays badly," when asked why labor
didn't seek out the head  of state to obtain a wage increase this
year.

Rafael 'Pepe' Abreu, president of the national unions grouped in
the CNUS, said when Medina talks he forgets that he also has
workers, according to Dominican Today.

"The President (Medina) when he speaks forgets that he also has
employees earning a minimum wage of around 5,150 pesos.  Since
he's an employer who also pays badly, when he sees the other
employer sector -- the private -- he lacks the quality to adopt a
position as he assumes," the report quoted Mr. Abreu as saying.

Interviewed on NCDN channel 37, Mr. Abreu said while he agrees
with Medina's repeated statement that one cannot live with a
minimum wage of RD$10,000, the chief executive should set an
example and "practice what he preaches, starting at home," by
improving government wages, the report notes.

Mr. Abreu said that while the unions want to take to Medina as an
ally, the business sector is going to reject, the report notes.

                       Wage Hike for Some

The Labor Ministry disclosed a 15 percent hike on the minimum wage
for construction workers and those who provide health services,
rehab and education and other services sectors, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.



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


PUERTO RICO: Crisis Threatens to Cut Gas, Power Supplies
--------------------------------------------------------
Danica Coto at Associated Press reports that Puerto Rico's
government and some institutions face a worsening cash crunch that
threatens to cut off their access to gasoline and electricity amid
the island's economic crisis, officials said.

The U.S. territory reached a tentative deal with Total Petroleum
Puerto Rico Corp. after the company warned it would no longer
supply state vehicles with gasoline because of the government's
$16 million debt, said Danny Hernandez, a spokesman for the
General Services Administration, according to Associated Press.

The deal is good only if the government makes a $3 million payment
and another $4 million payment before month's end, he said, the
report notes.

Puerto Rico's heavily indebted public power company also announced
it would cut electricity to three hospitals and clinics because
they have not paid their multimillion-dollar bills, the report
relays.  Jose Daniel Echevarria, a spokesman with the Electric
Power Authority, said that cuts in service can be avoided only if
the hospitals and clinics agree to a payment plan in upcoming
days, the report notes.

The company already cut off power to the government's Highway and
Transportation Authority last month because of unpaid bills, the
report discloses.  Service was restored when a payment plan was
implemented, the report adds.

The island's worsening financial situation comes as Puerto Rico
struggles through nine years of economic stagnation and faces $72
billion in public debt that the governor says is unpayable and
needs restructuring, the report says.

"We're already seeing the first consequences of this situation,"
Public Affairs Secretary Jesus Manuel Ortiz said at a press
conference, the report notes.  "If we don't address the reality of
this crisis, it will only worsen," Mr. Ortiz added.

The report relays that Mr. Ortiz renewed the government's plea for
the U.S. Congress to give Puerto Rico access to some sort of
bankruptcy mechanism.  The government already faces its first
lawsuit over how it has diverted funds to meet certain bond
payments as its liquidity dwindles.

Members of the U.S. House Committee on Natural Resources are
scheduled to talk about Puerto Rico's economic problems. U.S.
House Speaker Paul Ryan, a Republican from Wisconsin, recently
pledged the House will come up this year with "a responsible
solution" for the island's debt problems.

Meanwhile, the U.S. Supreme Court is hearing an appeal on a ruling
that barred Puerto Rico from giving municipalities the power to
declare bankruptcy.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.


SPANISH BROADCASTING: Joins FCC'S Television Spectrum Auction
-------------------------------------------------------------
Spanish Broadcasting System, Inc. announced its participation in
the FCC's Television Spectrum Incentive Auction with its Miami and
Houston Television stations.

"We have filed applications to participate in the FCC's television
spectrum incentive auction with our Miami television station,
WSBS-CD - Channel 50, and our Houston television station, KTBU -
Channel 42, to potentially generate cash proceeds that are
expected to be created by the auction process.  As participants in
the FCC's television spectrum incentive auction we will be subject
to the FCC's anti-collusion rule, which prohibits certain
communications during a "quiet period."  The quiet period will end
when the FCC issues a public notice announcing the completion of
the reverse and forward auctions, which will likely be sometime in
late 2016.  There can be no assurance that the FCC's television
spectrum incentive auction will be successfully completed and any
potential cash proceeds will be subsequently realized," the
Company states in a press release.

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


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


ARCELORMITTAL: Laid-off Workers Not Returning to Jobs on Monday
---------------------------------------------------------------
Trinidad Express reports that workers at steel giant ArcelorMittal
will not be returning to work on January 18, the company said.

In a published statement, the company sought to correct what it
described as misleading reports about the steel workers, according
to Trinidad Express.

The Steel Workers Union of Trinidad and Tobago (SWUTT) announced
that following a meeting at the Ministry of Labor, St James
Street, San Fernando, the workers sent home by ArcelorMittal last
month would return to work next week, the report relays.

The company confirmed meeting with the union in a press
advertisement, saying that it provided an update on the
developments in, and the continued deterioration of, the economic
and market conditions since December 2015, the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
9, 2015, 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.


TRINIDAD & TOBAGO: VAT 'a Tough Pill to Swallow'
------------------------------------------------
Sandhya Santoo at Trinidad Express reports that the reintroduction
of Value Added Tax (VAT) on certain food items is not an easy pill
for the country to swallow, given increasing levels of
unemployment in the country.

This according to president of the Penal/Debe Chamber of Commerce
Shiva Roopnarine, the report notes.

Mr. Roopnarine believes that the "poor and vulnerable" will have
to bear the burden of the 12.5 per cent VAT, according to Trinidad
Express.

Mr. Roopnarine said: "The price of luxury items that were already
vatable, now only attract 12.5 per cent VAT, will lead to a
reduction in those products.  However the poor and vulnerable in
society will have to bear the greatest burden.  They will
understand the full effect of this in February when they visit the
supermarkets," the report relays.


                            ***********


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 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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